GSG · Financials(commodity contracts brokers & dealers) · 10 years of annual accounts filed with the SEC · latest fiscal year ended 2025-12-31
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iShares S&P Gsci Commodity-Indexed Trust reported revenue of $42.5 million in fiscal 2025, after growing 38.3% a year over the previous 9 years. Its operating margin widened from -222.4% in 2016 to 80.5%. On the accounting screens, it passes 0 of 1 Piotroski tests; 1 of the six cross-checks between its statements fires.
Revenue, fiscal 202542.5M+38.3% a year over 9 years
Operating margin80.5%gross margin —
Return on invested capital—
Free cash flow—
Net debt ÷ EBITDA—net debt —
Piotroski F-score0/1tests of improvement passed
Is it growing?
Revenue and the operating income it turns into. Growth that does not reach operating income is growth bought with margin.
RevenueOperating income
-20M020M40M60M
2016Revenue 2.3MOperating income -5.1M
2017Revenue 9.7MOperating income -160,492
2018Revenue 24.5MOperating income 12.6M
2019Revenue 21.4MOperating income 13.0M
2020Revenue 3.7MOperating income -2.3M
2021Revenue 426,034Operating income -10.4M
2022Revenue 22.3MOperating income 7.5M
2023Revenue 52.6MOperating income 43.7M
2024Revenue 51.3MOperating income 43.1M
2025Revenue 42.5MOperating income 34.3M
2016201720182019202020212022202320242025
Compound growth a year
3 yrs
5 yrs
9 yrs
Revenue
+24.0%
+62.6%
+38.3%
Operating income
+65.7%
—
—
Net income
-47.4%
—
-4.2%
Falling shares are buybacks: each remaining share owns more of the company.
Does it earn more than its capital costs?
Margins say how much of each sale is kept; return on invested capital says how much the business earns on the money it needs to operate. Growth only creates value when that return is above the cost of the capital.
GrossOperatingNetFree cash flow
-25000%0%25000%50000%75000%100000%
2016Operating -222.4%Net 3646.4%
2017Operating -1.7%Net 828.4%
2018Operating 51.3%Net -776.4%
2019Operating 60.9%Net 817.7%
2020Operating -60.8%Net -4905.8%
2021Operating -2437.6%Net 85910.7%
2022Operating 33.7%Net 1752.0%
2023Operating 83.0%Net -126.6%
2024Operating 84.2%Net 136.6%
2025Operating 80.5%Net 133.9%
2016201720182019202020212022202320242025
Return on invested capital
Economic profit
Needs a cost of capital, which comes from the valuation below.
Return on equity
—
Return on assets
—
Asset turnover
—
Is the profit cash, and where does the cash go?
Net income is an accounting opinion; free cash flow is what was left in the bank after investing. Stock-based pay does not leave the bank — shareholders pay it through dilution — so it is shown taken off as well.
Net incomeFree cash flowAfter stock-based pay
-200M0200M400M
2016Net income 83.7M
2017Net income 80.4M
2018Net income -190.2M
2019Net income 174.9M
2020Net income -183.6M
2021Net income 366.0M
2022Net income 390.8M
2023Net income -66.5M
2024Net income 70.0M
2025Net income 57.0M
2016201720182019202020212022202320242025
Where 10 years of operating cash went, 2016–2025
359.4M generated by the business. Each band is its share of that total.
Reinvested in the business 0%0
Acquisitions 0%0
Dividends 0%0
Share buybacks 0%0
Kept, or used to pay down debt 100%359.4M
Per share
Shares outstanding
Debt and liquidity
Debt is not bad in itself; debt the business cannot service in a bad year is. Net debt is debt minus cash, and below zero the company holds more cash than it owes.
Net debt ÷ EBITDA
—
Interest coverage
— operating income ÷ interest
Current ratio
— current assets ÷ current liabilities
Cash conversion cycle
—
Three classic screens of the accounts
Each asks a different question of the same statements — is it improving, does it look like a company heading for distress, do the accounts resemble ones that were manipulated. None is a verdict; each shows what moves it.
Piotroski F-score
Is the business improving? Nine yes-or-no tests, this year against last.
0of 1 tests passed
–ProfitableReturn on assets above zero — not reportedno data
✕Cash from operationsOperating cash flow above zerofailed
–Profitability improvedReturn on assets higher than a year before — not reportedno data
–Profit backed by cashOperating cash flow above net income (low accruals) — not reportedno data
–Less long-term debtLong-term debt as a share of assets fell — not reportedno data
–More liquidCurrent ratio higher than a year before — not reportedno data
–No new sharesShare count did not grow — not reportedno data
–Better gross marginGross margin higher than a year before — not reportedno data
–Sells more per assetAsset turnover higher than a year before — not reportedno data
Where it misleads: it measures change, not level. An excellent business that stood still for a year scores low; a poor one recovering from a disaster scores high.
Altman Z''-score
Does the balance sheet look like those of companies that went bankrupt?
The accounts lack a line it needs (retained earnings, current assets or liabilities).
Beneish M-score
Do the accounts resemble those of companies that manipulated their earnings?
The accounts lack too many of the lines it needs.
Where the statements disagree
Cross-checks between the income statement, the balance sheet and the cash flow for the latest year, each with the benign reading and the worrying one.
Reported profit comfortably exceeds the cash generated (57M against -58M).
Benign
Growth consuming working capital, or the seasonality of the year-end.
Worrying
Profit held up by accounting entries that do not turn into money.
What is it worth, under which assumptions?
A company is worth the cash it will generate, brought back to today. This model projects revenue with growth that fades over the years, applies a free cash flow margin, and discounts the result at the cost of capital. Every assumption says where it came from, and all of them can be changed.
The SEC accounts lack the lines needed for revenue, free cash flow or the share count, so there is no DCF for this company.
What it has filed lately
The last twelve months at the SEC, most important first: annual and quarterly reports, events, large holders and insiders.
Accounts from the company's own SEC filings; lines some companies do not report are shown as a dash rather than estimated. The risk-free rate is the 10-year US Treasury yield. A DCF is a way of making assumptions explicit, not a forecast: it states what the company would be worth if the assumptions held. The scores are screens that point where to look, not verdicts. Nothing here is a recommendation to buy or sell.
