GAU: 92.8% TTM Growth, 0.05 PEG — Gold Cash Flow Meets a Commodity-Price Test
A data-driven look at US-listed Canadian gold producer Galiano Gold: the hard-screen pass, valuation gap versus Eldorado Gold, and the Q3 production, cost, and cash-flow tests that matter next.
Screen check
Galiano Gold Inc. is a Canadian gold producer listed on the NYSE American under GAU. The company owns a 90% interest in the Asanko Gold Mine in Ghana. The market data below is from the Aug. 21, 2026 close unless stated otherwise. 12
| Hard filter | GAU reading | Screen boundary | How to reproduce |
|---|---|---|---|
| Market capitalization | $612.12M on Finviz; StockAnalysis shows $609.85M | < $10B | Both snapshots are far below the channel limit. 13 |
| TTM revenue growth | 92.83% on Finviz; StockAnalysis reports TTM revenue of $530.55M and growth of 122.1% | > 30% | The vendors use different TTM revenue series. Both readings clear the boundary, so they are shown separately rather than blended. 14 |
| PEG ratio | 0.05 | < 1 | Finviz forward P/E 2.82 ÷ EPS next-five-year growth estimate 54.62 = 0.052, rounded to 0.05. PEG is forecast-dependent; StockAnalysis reports PEG as unavailable. 13 |
| TTM operating cash flow | $148.98M | > $0 | StockAnalysis reports the last-twelve-month operating cash flow. TTM free cash flow is only $9.55M after $139.43M of capital expenditure. 5 |
The screen clears all four hard filters under the stated definitions. The result still carries two important limits: GAU is US-listed rather than US-incorporated, and the PEG depends on one vendor's forward-growth estimate. The revenue-growth disagreement also matters. Finviz reports 92.83%, while StockAnalysis reports 122.1%; both are above 30%, but neither should be treated as a blended estimate.
The business behind the screen
Galiano earns revenue by producing and selling gold from the Asanko Gold Mine in Ghana. The Q2 release reported 35,247 ounces sold at a gross average gold price of $4,432 per ounce. The same release reported a net average price of $3,853 per ounce after realized hedging losses. 2
The operating plan has three visible parts. Nkran Cut 3 requires waste stripping before more ore can be reached. Abore and Esaase provide current and prospective ore sources. Exploration at Abore and Esaase is intended to convert and extend mineral resources for the mine's next phase. 2
Galiano produced 34,391 ounces in Q2 and 69,138 ounces in the first half. Management maintained 2026 production guidance of 140,000–160,000 ounces and AISC guidance of $2,300–$2,600 per ounce. 2
Eight quarters of reported financials
The table uses one consistent StockAnalysis quarterly series in USD millions.
NM means the year-over-year comparison is not meaningful because the prior period was a loss or the direction changed. The Q2 2026 company release reports gross revenue of $156.6M and operating cash flow before legal restrictions of $31.9M, while StockAnalysis reports quarterly revenue of $183.75M and operating cash flow of $6.00M. Those are material definition differences, so the figures are not averaged. 26| Fiscal quarter | Revenue | Revenue YoY | Net income | Net income YoY | EPS | OCF |
|---|---|---|---|---|---|---|
| Q2 2026, Jun. 30 | $183.75M | 116.69% | $61.88M | 220.1% | $0.23 | $6.00M |
| Q1 2026, Mar. 31 | $144.63M | 248.72% | $32.69M | NM | $0.12 | $46.69M |
| Q4 2025, Dec. 31 | $40.35M | -2.60% | $16.83M | 1,671.6% | $0.06 | $55.84M |
| Q3 2025, Sep. 30 | $114.20M | 60.55% | -$38.64M | NM | -$0.15 | $40.45M |
| Q2 2025, Jun. 30 | $84.80M | 32.57% | $19.33M | 165.5% | $0.07 | $35.81M |
| Q1 2025, Mar. 31 | $41.47M | 30.85% | -$26.81M | NM | -$0.10 | $25.89M |
| Q4 2024, Dec. 31 | $41.43M | — | $0.95M | NM | $0.00 | $13.81M |
| Q3 2024, Sep. 30 | $71.13M | — | $1.10M | -90.3% | $0.00 | $24.45M |
The quarterly series shows a sharp step-up in revenue and earnings in the first half of 2026, alongside much less consistent quarterly operating cash flow. The Q2 release gives a different current-quarter cash-flow measure because it excludes legal restrictions. That distinction matters when cash conversion is used to judge the growth story.
Valuation against a larger gold producer
GAU's Finviz snapshot can be compared with Eldorado Gold, or EGO, a larger Canadian gold producer with a $11.95B market capitalization. EGO is a valuation anchor, not a candidate for this channel's small-cap screen. Both rows below use the same Finviz snapshot dated Aug. 21, 2026. 17
| Metric | GAU | EGO |
|---|---|---|
| Market cap | $612.12M | $11.95B |
| Trailing P/E | 8.87 | 16.11 |
| Forward P/E | 2.82 | 8.46 |
| PEG | 0.05 | 0.18 |
| P/S | 1.03 | 5.88 |
| EV/EBITDA | 1.80 | 11.38 |
| P/FCF | 16.19 | Not reported |
GAU screens at lower headline multiples than EGO. StockAnalysis shows a different GAU snapshot: trailing P/E 8.38, forward P/E 3.51, P/S 1.15, EV/EBITDA 2.56, and P/FCF 63.85. The difference is large enough to make vendor choice part of the valuation work. 3
The spread against EGO may reflect production scale, mine life, asset quality, jurisdiction, capital needs, and calculation methods. The table establishes a comparison; it does not establish that GAU deserves EGO's multiple or that the lower multiple is a sufficient margin of safety.
Balance sheet and cash conversion
Galiano's Q2 release reported $80.025M of cash and cash equivalents, $25.922M of restricted cash, and no debt as of June 30, 2026. The restricted cash related to a garnishee order involving the Ghanaian operating subsidiary. 2
StockAnalysis reports $83.48M of cash and short-term investments, $74.58M of total debt, and $8.90M of net cash. The vendor's debt figure equals the $18.28M current lease balance plus the $56.30M long-term lease balance in its balance sheet. This is a lease-inclusive measure, while the company release's "no debt" statement uses a different debt definition. 8
| Metric at or for June 30, 2026 | Company release | StockAnalysis | Reading |
|---|---|---|---|
| Cash and equivalents | $80.025M | $80.03M | Similar unrestricted-cash figure. 28 |
| Restricted cash | $25.922M | Not shown | The company says the balance relates to the Ghana garnishee order. 2 |
| Debt | None under company definition | $74.58M lease-inclusive total debt | Use the definition that matches the source before comparing debt. 28 |
| Net cash/(debt) | Not reported | $8.90M net cash | StockAnalysis subtracts lease-inclusive debt from cash and short-term investments. 8 |
| Current ratio | Not reported | 1.23 | StockAnalysis also reports $44.99M of working capital. 3 |
| TTM operating cash flow | Not reported | $148.98M | Positive OCF clears the screen. 5 |
| TTM capital expenditure | Not reported | -$139.43M | Mine development absorbs most TTM OCF. 5 |
| TTM free cash flow | Not reported | $9.55M | Positive OCF and thin FCF are separate conclusions. 5 |
The screen's positive-OCF test therefore says little by itself about distributable cash. The next report should show whether production growth can continue after Nkran Cut 3 spending without pushing free cash flow negative or reducing available cash.
Growth catalysts and the next checks
- Second-half production: H1 production of 69,138 ounces reached the upper end of the company's 60,000–70,000-ounce indicative H1 range. The remaining 70,862 ounces needed to reach the low end of full-year guidance is a simple arithmetic checkpoint for H2. 2
- Nkran Cut 3: Q2 waste mined reached 6.1 million tonnes, 30% above Q1, and capitalized development pre-stripping costs reached $35.6M year to date. Additional equipment was expected in Q3. The next report should show whether the added equipment increases mining rates without lifting AISC above the $2,600/oz full-year ceiling. 2
- Resource replacement: Galiano drilled 4,564 meters at Abore and 13,749 meters at Esaase during Q2. The stated goals were to convert inferred resources at Esaase and test deeper Abore mineralization. The next meaningful checkpoint is a disclosed resource, reserve, or drilling update rather than the meter count alone. 2
- Gold-price exposure: Q2's gross average sales price was $4,432/oz, versus $3,853/oz after realized hedging losses, with AISC at $2,473/oz. A repeat net realized price below $2,473/oz would remove the reported per-ounce spread before other corporate costs. 2
Risks with monitorable triggers
- Production miss: After H1, GAU needs 70,862 ounces in H2 to reach 140,000 ounces for 2026. A Q3 result below 35,431 ounces would leave Q4 needing more than 35,431 ounces to reach the low end. The risk threshold is therefore Q3 production below 35,431 ounces, followed by a Q4 catch-up requirement. 2
- Cost inflation: H1 AISC was $2,418/oz, Q2 AISC was $2,473/oz, and full-year guidance tops out at $2,600/oz. A quarterly or full-year AISC reading above $2,600/oz would break the current guidance range. Ghana's sliding-scale royalty framework already increased Q2 royalties by $12.6M year over year. 2
- Cash conversion: TTM OCF of $148.98M was almost fully absorbed by $139.43M of capital expenditure, leaving $9.55M of FCF. A TTM FCF balance below zero, or another quarter in which the company's operating cash flow before legal restrictions falls below Q2's $31.9M while capex remains near its TTM run rate, would weaken the cash-flow case. 25
- Restricted cash and Ghana exposure: $25.922M was restricted at June 30 because of the garnishee order involving the Ghanaian subsidiary. If the restriction remains in place or grows at the next report, available liquidity will remain below the headline cash-plus-restricted-cash total. 2
- Lease-inclusive leverage: StockAnalysis reports $74.58M of lease-inclusive debt against $83.48M of cash and short-term investments. If that cash-and-investment figure falls below $74.58M, the vendor-defined net-cash position becomes net debt. 8
- Dilution: StockAnalysis reports 261.59M shares outstanding, up 2.81% year over year and 0.02% quarter over quarter. A further year-over-year increase above 2% is a practical watch threshold because per-share growth would then trail the operating result more visibly. 3
- Ownership and trading signals: Finviz reports 2.48% insider ownership, 61.48% institutional ownership, 0.00% insider transactions, and -1.58% institutional transactions. StockAnalysis reports 0.48% insider ownership and 62.80% institutional ownership. The differing aggregates should be monitored as source snapshots rather than combined into one cap-table estimate. 13
Price, analysts, and ownership
GAU closed at $2.34 on Aug. 21. Finviz lists a 52-week range of $1.66–$3.62, YTD performance of -7.51%, one-year performance of +11.43%, and average volume of 3.24M shares. Short float was 1.37%, or 3.49M shares. 1
| Market and expectations field | Latest reported reading |
|---|---|
| Price and date | $2.34 at the Aug. 21, 2026 close. 1 |
| 52-week range | $1.66–$3.62. 1 |
| Performance | -7.51% YTD; +11.43% over one year. 1 |
| Average volume | 3.24M shares; Aug. 21 volume was 2.565M. 1 |
| Analyst consensus | StockAnalysis: Buy, six analysts, average 12-month target $4.25. Its displayed low, average, median, and high are all $4.25, so it does not provide a useful target range. 9 |
| Recent individual targets | BMO Capital: $2.90 Hold on Aug. 7; H.C. Wainwright: $4.25 Buy on Aug. 10; Freedom Capital Markets: $3.50 Buy after a May 19 change. 9 |
| Finviz target snapshot | $4.11 target and 1.33 recommendation score. 1 |
| Ownership | Finviz: 2.48% insiders and 61.48% institutions. StockAnalysis: 0.48% insiders and 62.80% institutions. 13 |
| Named insider activity | No named recent insider purchase or sale was verified in the accessible sources; Finviz shows aggregate insider transactions of 0.00%. 1 |
The analyst data contains a wide practical spread even though StockAnalysis's summary display shows only $4.25. The BMO $2.90 target and Hold rating provide a useful counterweight to the higher targets. The market has also already repriced from the 52-week high: the Aug. 21 close was 35.36% below $3.62. 1
The next report to watch
The Aug. 6 earnings release is historical. No accessible source verified a new Q3 earnings date for this article, so the next date remains unconfirmed. The next report should be read against four numbers: Q3 production relative to 35,431 ounces, AISC relative to $2,600/oz, operating cash flow before legal restrictions relative to $31.9M, and the status of the $25.922M restricted-cash balance.
GAU earns a place on a research watchlist because the hard screen clears under both reported TTM-growth readings, the mine has delivered strong first-half production, and the headline valuation is low against EGO. The decision still turns on whether H2 production arrives without breaching the AISC ceiling and whether heavy mine spending converts positive operating cash flow into more than minimal free cash flow. Those are the next facts to verify rather than conclusions to assume. 25
References
- 1Finviz GAU quote
finviz.com
- 2
- 3Galiano Gold statistics
stockanalysis.com
- 4Galiano Gold overview
stockanalysis.com
- 5Galiano Gold cash-flow statement
stockanalysis.com
- 6Galiano Gold quarterly financials
stockanalysis.com
- 7Finviz EGO quote
finviz.com
- 8Galiano Gold balance sheet
stockanalysis.com
- 9Galiano Gold forecast
stockanalysis.com
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