iShares S&P GSCI Commodity-Indexed Trust
$34.12
−0.07 (−0.20%) · delayed · Nov 13, 2026
Five-year price
52w $22.47 to $37.75
- Market cap
- $1.5B
- Enterprise value
- $1.5B
- P/E
- 27.1×
- 67.8× on 3y avg EPS
- EV / EBIT
- 45.0×
- FCF yield
- −3.8%
- ROIC
- —
- Debt / equity
- —
- Piotroski F
- —
Value scorecard · FY2025
Does it pass the value tests?
Quality
33
- –ROIC > 12% (5y avg)5y avg ROIC n/a
- –ROE > 15% (5y avg)5y avg ROE n/a
- ○Stable operating marginsMargin volatility 1003.4% (σ, 5y)
- ○Earnings convert to cashFCF / net income 21% (5y avg)
- ●Growing revenueRevenue CAGR 5y 62.6%
- –Shrinking share countDiluted shares n/a over 5y
Value
0
- ○P/E below 15P/E 27.1
- ○EV/EBIT below 12EV/EBIT 45.0
- ○FCF yield above 6%FCF yield -3.8%
- –Price below Graham NumberGraham Number n/a
- –P/B below 3P/B n/a
Safety
n/a
- –Debt / equity below 0.5D/E n/a
- ●Debt payable in < 4 yrs of earningsNet debt $0.0B
- –Interest coverage > 8xCoverage n/ax
- –Current ratio > 1.5Current ratio n/a
- –Piotroski F-score ≥ 6F-score n/a/9
Graham Defensive
20
- ○Adequate size (revenue > $2B)Revenue $0.0B
- –Strong condition (current ratio ≥ 2)Current ratio n/a
- ○Earnings stability (no loss, 10y)10 years of data
- ○Uninterrupted dividendsDividends paid every year on record
- ●Earnings growth ≥ 33% (10y, 3y avgs)EPS growth 695%
- ○Moderate P/E (≤ 15 on 3y avg EPS)P/E (3y avg) 67.8
- –P/E × P/B ≤ 22.5Product n/a
Valuation lab
What do you have to believe?
Starting cash flow
Net debt $0.00 · 45M shares · 5y revenue CAGR 62.6%
Intrinsic value
$84.69
Price
$34.12
Margin of safety
60%
What the price implies
The market is paying for 7.9% annual cash-flow growth for 10 years at a 9.0% discount rate.
Terminal value share
70% of the value sits beyond year 10. That means the answer depends mostly on the long-run assumptions.
Financial statements
A decade of the record.
USD millions · fiscal years · source: SEC 10-K XBRL
| Line item | FY16 | FY17 | FY18 | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | 2 | 10 | 24 | 21 | 4 | 0 | 22 | 53 | 51 | 43 |
| Gross profit | — | — | — | — | — | — | — | — | — | — |
| Operating income | (5) | (0) | 13 | 13 | (2) | (10) | 8 | 44 | 43 | 34 |
| Operating margin | -222.4% | -1.7% | 51.3% | 60.9% | -60.8% | -2437.6% | 33.7% | 83.0% | 84.2% | 80.5% |
| Pre-tax income | — | — | — | — | — | — | — | — | — | — |
| Income tax | — | — | — | — | — | — | — | — | — | — |
| Net income | 84 | 80 | (190) | 175 | (184) | 366 | 391 | (67) | 70 | 57 |
| EPS (diluted) | 1.43 | 1.05 | -2.29 | 2.79 | -3.09 | 4.51 | 4.82 | -1.28 | 1.53 | 1.26 |
| Diluted shares | — | — | — | — | — | — | — | — | — | — |
Who owns it
Superinvestors
Filings wire