Forensic Analysis · Materials / Mining & Chemicals · as of Aug 15, 2026
U.S. Gold Corp. (USAU)
A forensic read on U.S. Gold Corp. built from its complete SEC filings — financial-health screens, earnings quality, red flags and a price-aware rating. Reproducible math, not opinion.
D · Weak — demands caution
Forensic grade
Safe
Financial health
7.0
Distress distance
Clean
Earnings quality
5
Forensic signals
-13.6
P / E (ttm)
-35.3%
ROE
$252M
Market cap
0.00%
Dividend yield
-30.9%
Revenue growth
This free snapshot doesn't read filing or proxy text, so the auditor-quality and governance checks that can lower a grade were not evaluated (red flags, auditor quality, say on pay, board independence). Those checks only ever lower a grade, so the full analysis can land below the grade above but never above it — treat it as the most favourable reading, not the settled one.
U.S. Gold Corp. earns a D (Weak — demands caution) forensic quality grade, and its balance-sheet distress test reads 7.0, placing it in the Safe zone. 5 forensic signals were flagged in its latest SEC filings, led by accruals ratio (% of noa).
What the filings flag
+123.2%
FY2025→FY2026
Accruals ratio (% of NOA).Net operating assets grew +123.2% relative to their own average in FY2026 — scaled by NOA itself, not by total assets, which is what the Forensic Screens card's own accrual row divides by. Accruals are building sharply — a large slice of profit sits in operating assets, not cash. An accrual is a claim that still has to be collected or written down, so the gap resolves in a later period whichever way it goes. The build is led by payables paid down 22% on the year. A cash-flow measure on the same base disagrees: reported earnings ran in line with operating cash by 3% of net operating assets, against an accruals ratio of 123.2%. The two are computed differently: the accruals ratio is the change in net operating assets over average net operating assets, while the cash-flow figure is net income less operating cash flow over that same average. Read them as two results, not one.
-30.3%
FY2026
Return on invested capital.Return on invested capital is -30.3% in the latest fiscal year and steady — well below its ~8% cost of capital, and it has been across FY2021–FY2026, so reinvested dollars have not been earning their keep.
+21.2%/yr
FY2023–FY2026
Share-count dilution.Diluted share count changed +78% over the last 3 years to FY2026 (+21.2%/yr). The count is growing: more stock was issued than repurchased over this window, so aggregate results grew faster than their per-share equivalents. That's ~21.2% shaved off per-share growth every year — total profit has to grow that much just to keep earnings-per-share flat, and a stake held since FY2023 has been diluted ~44%.
8% of rev
FY2017
Stock-based comp load.Stock-based compensation ran 8% of revenue in FY2017. No cash left the business to pay it, which is why operating cash flow adds it back. Net of repurchases the diluted count still rose about 21.5% a year and that rate is not falling, so total profit has to grow by that much annually before any of it reaches a share. Stock compensation is one source of that issuance; acquisition consideration, equity raises, convertibles and other employee plans also net into the count, and these figures do not separate them.
Key fundamentals
Latest Revenue$17.4M
Revenue Growth YoY-30.9%
Revenue CAGR (3yr)-21.5%
Net Margin-78.5%
Free Cash Flow-$18.2M
Return on Equity-35.3%
Debt / Equity0.02x
The forensic grade and screens above are free — no account needed. Want the AI investment read on top — the 0–100 rating, thesis, bull-vs-bear, red flags and the 12-month scenario, written from U.S. Gold Corp.'s actual 10-K/10-Q/8-K filings?
Data from SEC EDGAR public filings · metrics as of Aug 15, 2026. Forensic signals flag probability, not certainty.
U.S. Gold Corp. (USAU) Stock — Forensic Analysis, Red Flags & Rating | Stockonomy · Stockonomy
FCF ($4M)
FY2012
Shareholder returns.Returned $142,000 to shareholders (buybacks + dividends) in FY2012, but free cash flow was ($4M) after capex — there was no free cash flow to fund the payout from at all, and operating cash flow itself was negative or zero that year too. The entire return is coming from debt or cash reserves, not cash the business itself generated — a harder case than returns merely running ahead of free cash flow, since here there was none to run ahead of.