Revenue performance remains highly erratic, swinging from $525.6K in 2025Q3 to $134.0M in 2025Q4, as the fund's profitability is primarily driven by non-operating investment gains rather than consistent income streams.
ASA Gold and Precious Metals Limited (ASA) annual income statement — 20-year revenue, gross profit & net income history
| Metric | Nov'25 | Nov'24 | Nov'23 | Nov'22 | Nov'21 | Nov'20 | Nov'19 | Nov'18 | Nov'17 | Nov'16 | Nov'15 | Nov'14 | Nov'13 | Nov'12 | Nov'11 | Nov'10 | Nov'09 | Nov'08 | Nov'07 | Nov'06 |
|---|
| Sales/Revenue | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Revenue Growth % | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Cost of Goods Sold | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| COGS % of Revenue | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Gross Profit | 143.06M | 64.03M | 8.25M | 25.9M | 25.11M | 33.3M | 934.23K | -8.29M | -6.57M | -15.21M | 3.07M | -8.05M | -3.83M | 44.55M | 27.78M | 46.33M | 3.21M | 10.72M | 14.2M | 11.08M |
| Gross Margin % | 96.56% | 94.9% | 72.6% | 87.78% | 86.28% | 90.79% | 23.03% | 111.58% | 118.18% | 107.86% | 73.9% | 114.08% | 129.65% | 98.05% | 96.83% | 98.32% | 90.93% | 93.71% | 97.93% | 96.18% |
| Gross Profit Growth % | 123.43% | 676.56% | -68.17% | 3.13% | -24.58% | 3464.16% | 111.27% | -26.07% | 56.78% | -595.02% | 138.17% | -110.1% | -108.6% | 60.39% | -40.05% | 1343.32% | -70.06% | -24.51% | 28.16% | - |
| Operating Expenses | -528.45M | -51.38M | -1.3M | 181.69M | 6.56M | -144.1M | -91.64M | 40.7M | -8.12M | -101.26M | 59.34M | 18.71M | 208.54M | 194.03M | 59.78M | -50.43M | 3.51M | 5.2M | 3.57M | 3.76M |
| OpEx % of Revenue | -356.67% | -76.14% | -11.44% | 615.78% | 22.53% | -392.91% | -2259.42% | -547.99% | 145.96% | 718.02% | 1427.12% | -265.11% | -7057.4% | 427.06% | 208.42% | -107.01% | 99.43% | 45.45% | 24.62% | 32.64% |
| Selling, General & Admin | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 3.26M | 4.84M | 3.35M | 3.57M |
| SG&A % of Revenue | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | 92.35% | 42.31% | 23.1% | 30.99% |
| Research & Development | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| R&D % of Revenue | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Operating Expenses | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Operating Income | 671.51M | 115.41M | 9.54M | -155.79M | 18.56M | 177.4M | 92.57M | -48.99M | 1.55M | 86.05M | -56.26M | -26.75M | -212.37M | -149.49M | -32.01M | 96.76M | -310K | 5.52M | 10.64M | 7.31M |
| Operating Margin % | 453.23% | 171.04% | 84.04% | -528% | 63.76% | 483.7% | 2282.45% | 659.56% | -27.78% | -610.16% | -1353.22% | 379.19% | 7187.05% | -329.01% | -111.58% | 205.33% | -8.78% | 48.25% | 73.38% | 63.45% |
| Operating Income Growth % | 481.87% | 1109.14% | 106.13% | -939.53% | -89.54% | 91.63% | 288.96% | -3270.18% | -98.2% | 252.94% | -110.29% | 87.4% | -42.07% | -367.05% | -133.08% | 31312.14% | -105.62% | -48.12% | 45.55% | - |
| EBITDA | 664.07M | 115.3M | 9.73M | -155.94M | 18.35M | 178.44M | 91.43M | -48.79M | 1.55M | 86.05M | -56.26M | -27.78M | -212.67M | -152.26M | -31.98M | 95.89M | 303.39M | -265.42M | 123.6M | 183.98M |
| EBITDA Margin % | 448.21% | 170.88% | 85.63% | -528.5% | 63.04% | 486.54% | 2254.25% | 656.84% | -27.83% | -610.18% | -1353.16% | 393.65% | 7197.2% | -335.11% | -111.5% | 203.48% | 8594.62% | -2320.1% | 852.41% | 1597.05% |
| EBITDA Growth % | 475.97% | 1085.48% | 106.24% | -949.91% | -89.72% | 95.17% | 287.4% | -3251.94% | -98.2% | 252.95% | -102.55% | 86.94% | -39.68% | -376.08% | -133.35% | -68.39% | 214.31% | -314.74% | -32.82% | - |
| D&A (Non-Cash Add-back) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 2.53K | 2.53K | 2.53K | 0 | 0 | 0 | 0 | 0 | 303.7M | -270.94M | 112.96M | 176.67M |
| EBIT | 664.07M | 115.3M | 9.73M | -155.94M | 18.35M | 178.44M | 91.43M | -48.79M | 1.74M | 83.26M | -60.28M | -27.78M | -212.67M | -152.26M | -31.98M | 95.89M | -310K | 5.52M | 10.64M | 7.31M |
| Net Interest Income | 3.98M | 2.14M | 2.39M | 2.55M | 2.67M | 1.29M | 2.37M | 1.62M | 1.4M | 1.2M | 1.66M | 2.21M | 4.45M | 5.75M | 5.9M | 4.96M | 0 | 0 | 0 | 0 |
| Interest Income | 3.98M | 2.14M | 2.39M | 2.55M | 2.67M | 1.29M | 2.37M | 1.62M | 1.4M | 1.2M | 1.66M | 2.21M | 4.45M | 5.75M | 5.9M | 4.96M | 0 | 0 | 0 | 0 |
| Interest Expense | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Income/Expense | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Pretax Income | 664.07M | 115.3M | 9.73M | -155.94M | 18.35M | 178.44M | 91.43M | -48.79M | 1.74M | 83.26M | -60.28M | -27.78M | -212.67M | -152.26M | -31.98M | 95.89M | 303.39M | -265.42M | 123.6M | 183.98M |
| Pretax Margin % | 448.21% | 170.88% | 85.63% | -528.5% | 63.04% | 486.54% | 2254.25% | 656.84% | -31.35% | -590.38% | -1449.95% | 393.65% | 7197.2% | -335.11% | -111.5% | 203.48% | 8594.62% | -2320.1% | 852.41% | 1597.05% |
| Income Tax | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -161.14K | 1.55M | 86.05M | -56.26M | 0 | 0 | -153.98M | 0 | 0 | 0 | 0 | 0 | 0 |
| Effective Tax Rate % | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0.33% | 88.76% | 103.35% | 93.32% | 0% | 0% | 101.13% | 0% | 0% | 0% | 0% | 0% | 0% |
| Net Income | 664.07M | 115.3M | 9.73M | -155.94M | 18.35M | 178.44M | 91.43M | -48.79M | 1.74M | 83.26M | -60.28M | -27.78M | -212.67M | -152.26M | -31.98M | 95.89M | 303.39M | -265.42M | 123.6M | 183.98M |
| Net Margin % | 448.21% | 170.88% | 85.63% | -528.5% | 63.04% | 486.54% | 2254.25% | 656.84% | -31.35% | -590.38% | -1449.95% | 393.65% | 7197.2% | -335.11% | -111.5% | 203.48% | 8594.62% | -2320.1% | 852.41% | 1597.05% |
| Net Income Growth % | 475.97% | 1085.48% | 106.24% | -949.91% | -89.72% | 95.17% | 287.4% | -2897.72% | -97.91% | 238.11% | -117.04% | 86.94% | -39.68% | -376.08% | -133.35% | -68.39% | 214.31% | -314.74% | -32.82% | - |
| Net Income (Continuing) | 664.07M | 115.3M | 9.73M | -155.94M | 18.35M | 178.44M | 91.43M | -48.79M | 1.74M | 83.26M | -60.28M | -27.78M | -212.67M | -152.26M | -31.98M | 95.89M | 303.39M | -265.42M | 123.6M | 183.98M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | 35.35 | 6.06 | 0.50 | -8.08 | 0.95 | 9.25 | 4.74 | -2.53 | 0.09 | 4.32 | -2.92 | -1.44 | -11.02 | -7.90 | -1.65 | 4.93 | 15.61 | -12.29 | 4.29 | 6.39 |
| EPS Growth % | 483.33% | 1112% | 106.19% | -950.53% | -89.73% | 95.15% | 287.35% | -2911.11% | -97.92% | 247.95% | -102.78% | 86.93% | -39.49% | -378.79% | -133.47% | -68.42% | 227.01% | -386.48% | -32.86% | - |
| EPS (Basic) | 35.35 | 6.06 | 0.50 | -8.08 | 0.95 | 9.25 | 4.74 | -2.53 | 0.09 | 4.32 | -2.92 | -1.44 | -11.02 | -7.90 | -1.65 | 4.93 | 15.61 | -12.29 | 4.29 | 6.39 |
| Diluted Shares Outstanding | 18.79M | 19.22M | 19.45M | 19.29M | 19.31M | 19.29M | 19.29M | 19.28M | 19.38M | 19.27M | 19.29M | 19.29M | 19.3M | 19.27M | 19.4M | 19.44M | 19.44M | 21.6M | 28.8M | 28.8M |
| Basic Shares Outstanding | 18.79M | 19.22M | 19.45M | 19.29M | 19.29M | 19.29M | 19.29M | 19.28M | 19.29M | 19.27M | 19.29M | 19.29M | 19.3M | 19.27M | 19.4M | 19.44M | 19.44M | 21.6M | 28.8M | 28.8M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Quick answers to the most common questions about buying ASA stock.
For fiscal year 2025, ASA Gold and Precious Metals Limited (ASA) reported total revenue of $1.0M. This represents a 0.0% increase compared to $1.0M in 2006.
ASA Gold and Precious Metals Limited (ASA) is profitable, generating $664.1M in net income for the fiscal year ending 2025 with a net profit margin of 448.2%.
ASA Gold and Precious Metals Limited (ASA) reported an operating income of $671.5M, resulting in an operating profit margin of 453.2%. This margin reflects the operational efficiency of the business before interest and taxes.
ASA Gold and Precious Metals Limited (ASA) generated $143.1M in gross profit for the year, representing a gross profit margin of 96.6%. This demonstrates the company's core pricing power and production efficiency.
Key Metrics
Top Statement Risk
NAV discount and volatility
Metrics are mathematically derived from official filings.
Revenue Volatility Driven by Markets
As evidenced by the quarterly income statements, ASA's top-line performance exhibits extreme volatility, with revenue swinging from $525.6K in 2025Q3 to $134.0M in 2025Q4, reflecting the fund's heavy reliance on mark-to-market valuation changes rather than consistent, recurring operational income streams from its mining portfolio.
The erratic revenue trajectory suggests that the fund's performance is tethered to the underlying spot prices of precious metals and the valuation of its junior mining holdings. Investors should interpret these figures as a reflection of market sentiment toward the mining sector rather than a measure of sustainable business growth.
Non-Operating Gains Distort Earnings
Based on the reported financial data, ASA's net income is heavily skewed by unrealized investment gains, as seen in the 2025Q4 net income of $441.1M, which significantly outpaces traditional investment income and highlights the speculative nature of the fund's reported bottom-line profitability.
The disconnect between net income and recurring dividend income suggests that earnings quality is low, as these gains are subject to immediate reversal during market downturns. Analysts should focus on net investment income to gauge the fund's true cash-generating capacity, rather than the headline net income figures.
Fixed Costs Amidst Variable Returns
According to the provided income statements, ASA maintains a lean operating structure with minimal SG&A expenses, yet the lack of consistent revenue generation means that even modest administrative costs can disproportionately impact the fund's operating margins during periods of market stagnation or asset depreciation.
The absence of significant R&D or COGS highlights the fund's nature as an investment vehicle, but the variability in operating margins suggests that management's expense discipline is secondary to the performance of the underlying portfolio. Future cost pressures may arise if activist-driven governance changes lead to increased legal or proxy-related expenditures.
Structural Risks and NAV Discount
While the income statement shows periods of high profitability, the persistent discount to Net Asset Value, as noted in recent market context, suggests that the market remains skeptical of the fund's ability to convert its portfolio gains into tangible value for shareholders.
Short-sellers may focus on the potential for margin compression if the fund's assets under management decline while fixed costs remain static. The reliance on unrealized gains warrants further investigation into whether the current valuation accurately reflects the liquidity risks inherent in the fund's micro-cap mining holdings.