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Gold Reserve Inc (GRZ) fair value: what the stock is really worth

As of Nov 10, 2026: fair value (intrinsic value) of Gold Reserve Inc stock C$2.90, price C$4.56, that is 36.4% below the price, quality 37 out of 100. Rating: strongly overvalued. The value is an estimate: none of our valuation models currently carries, it draws on revenue and assets compared with similar companies. Updated daily.

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Basic Materials CA · ISIN CA38068N3067

GR Gold Reserve Inc logo Thin data Nov 11, 2026

Gold Reserve Inc

GRZ · V
Very expensive, weak quality

Our calculation puts a fair price 36% below what the stock costs today.

Moderate debt
Profit last quarter 56% below a year ago.
Fair value C$2.90 · Strongly overvalued
Quality 37/100
Weak Growth (revenue 5y −22.2 %/yr in CAD)
Negative free cash flow
Trails peers (0/7)
Narrow moat 7/100 · thin data
Thin data
⟳ CyclicalEstimate
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What runs behind every stock

26 valuation models 8 families, DCF to NCAV 37 quality factors margins, balance sheet, cashflow, debt 6 AI factors moat, what no ratio measures 2,000+ data points verified, per stock, median

69 individual criteria per stock, every one traceable See the method →

Price vs Fair Value

C$7.58 C$0.8200 Fair Value C$2.90 Dec 2020 Nov 2026

White line = price, green steps = our fair value per fiscal year. As of Nov 11, 2026.

How to read this chart

60‑month range C$0.8200 – C$7.58 · fair‑value band C$2.17 – C$3.62 · the C$4.56 price screens above the C$2.90 fair value. As of Nov 11, 2026.

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Company profile

Gold Reserve Ltd. engages in acquiring, exploring, and developing mining projects. The company holds interest in the LMS Gold project located in Alaska, the United States. Gold Reserve Ltd. was founded in 1956 and is based in Pembroke, Bermuda.

Stock analysis

Gold Reserve Inc (GRZ) currently trades at C$4.56, while our estimate is C$2.90, 36% below the price, so the stock looks overvalued today.

Show more

Valuation

None of our valuation models currently carries for this company, usually because of losses or heavy investment. The estimate draws on revenue and assets compared with similar companies and is less precise than a model-based fair value.

Scenario range: C$2.17 (bear) to C$3.62 (bull), the price of C$4.56 sits above it. Bear and bull are the same models on cautious and optimistic assumptions, a range, not a price target.

Quality & growth

The Quality Score stands at 37/100 (below-average quality), in the Basic Materials sector.

Weak Growth: Revenue growth is weak, negative or inconsistent.

Gold Reserve Inc reported revenue of $0 in FY2025 versus $0 in FY2021. Reported net income was −$34.3M in FY2025.

Key figures

Market cap C$746M (≈ $526M) Small · EPS (TTM) C$−0.3300 · Return on equity −42.1% · Return on assets (EBIT) −13.8% (5-year average) · Operating margin −524% · Revenue (TTM) C$210K · Revenue growth (YoY) +9.9% · EPS growth (YoY) −56.0%.

Competitive moat

Our AI-assisted moat analysis scores the competitive advantage at 7 out of 100 (low confidence).

What moves the price

The share trades about 40% below its 52-week high and 187% above its 52-week low, currently below its 200-day average.

For context, the median of 10 Basic Materials peers we cover trades at −13% fair-value upside, at −36%, GRZ screens richer than that median.

Fair Value

Bear C$2.17 Fair Value C$2.90 Bull C$3.62
Price C$4.56 · Downside -36.4%
Estimate. None of our valuation models currently carries for this company, usually because of losses or heavy investment. The estimate draws on revenue and assets compared with similar companies and is less precise than a model-based fair value.

Quality Score breakdown

Overall quality 37/100

It rates the business: profits, how they develop, real cash, balance sheet, investing and share count.

Profitability 25
How much profit the company makes from its sales and capital
Quality Growth 25
Are margins and returns getting better?
Cashflow 25
Do the profits arrive as real cash?
Financial strength 82
Debt, balance sheet and risk of trouble
Investment 52
Does it invest with discipline instead of growing at any price?
Low Volatility 49
How calm the share price moves, does not count
Price momentum 39
Price momentum of the last 3 to 12 months, does not count
Near the 52-week high 75
Distance to the 52-week high, does not count
New shares 3
Buys back shares or issues new ones?

Open the full quality analysis →

Revenue & earnings trend

Growth Quality ⓘGrowth is valuable only when reinvestment earns attractive returns (Aswath Damodaran): sustainable growth depends on return on capital, reinvestment and efficiency. Basis: total company revenue over the periods shown on the cards (3Y/5Y/all years), not per share, so a merger can show up as a growth jump; per-share earnings growth is in the value-creation card. 0/100
Revenue growth is weak, negative or inconsistent.
Revenue growth 5 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
−22.2%
Revenue growth 22 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
−0.4%
Profit margin (trend) ⓘOperating margin then vs now, from reported annual statements. A falling margin after a boom year is the classic peak-earnings signal: the growth rate then leans on an inflated base.
−59.0% (2006) → −383.7% (2011)
What shareholders gained per year ⓘWe only publish this rate when it is defensible. Reason: fiscal 2025 is a loss year, no rate is defined from a loss
not computed

GRZ screens overvalued: fair value 36% below the price. Compare with Newmont Corporation →

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Peer GroupⓘHow this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.Gold · 286 stocks

Beats the industry median on 0/6 measures
Overall it trails its industry peers.
Valuation
Quality Score 37 · Below median
Fair Value upside −36.4% · Below median
Profitability
Return on assets −43.5% · Bottom 25%
Growth and dividend
Revenue growth (quarter YoY) 9.9% · Below median
Balance sheet
Debt / equity 0.73× · Highest 25%

Valuation Multiplesvs Gold median · lower = cheaper

P/B 12.43× · Priciest 25%

Strength profile in five axes (Snowflake)

VALUEFUTUREPASTHEALTHDIVIDEND
This stock
VALUEFUTUREPASTHEALTHDIVIDEND
Sector peers
VALUE (fair-value potential)0 · sector 5
FUTURE (revenue growth)50 · sector 80
PAST (return on equity)0 · sector 0
HEALTH (low debt)63 · sector 99
DIVIDEND (yield)0 · sector 24

VALUE 0: the price sits above our fair-value range.

Context: sector, industry, market

Values & ESG

Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.

None of the checked exposures detected

Similar stocks

10 more Gold stocks, each showing price versus our Fair Value estimate.

Stock Price Fair Value vs Fair Value Compare
Agnico Eagle Mines Limited AEM $190.46 $220.88 +16% vs GRZ
Newmont Corporation NEM $119.96 $137.68 +15% vs GRZ
Royal Gold, Inc RGLD $274.57 $259.27 −6% vs GRZ
AngloGold Ashanti plc AU $93.85 $88.58 −6% vs GRZ
Shandong Gold Mining Co 600547 ¥27.00 ¥23.61 −13% vs GRZ
Kinross Gold Corporation KGC $21.53 $18.00 −16% vs GRZ
Franco-Nevada Corporation FNV $255.79 $212.28 −17% vs GRZ
Wheaton Precious Metals Corp WPM $136.62 $87.64 −36% vs GRZ
Northern Star Resources Limited NST A$26.73 A$16.87 −37% vs GRZ
Zijin Mining Group 601899 ¥28.18 ¥15.62 −45% vs GRZ

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Gold Reserve Inc: fair value per Fair Value Calculator

Cite: Fair Value Calculator (2026). "Gold Reserve Inc Fair Value". https://www.fairvalue-calculator.com/stock/GRZ

Frequently asked questions

Is Gold Reserve Inc (GRZ) overvalued or undervalued?
As of Nov 11, 2026, our estimate of fair value is C$2.90 versus a price of C$4.56, about 36% lower (overvalued).
What is the fair value of GRZ?
Our estimate for Gold Reserve Inc is C$2.90 (as of Nov 11, 2026), built from audited fundamentals. The current price: C$4.56.
What is the quality score of GRZ?
Gold Reserve Inc has a Quality Score of 37/100. It measures business quality (profitability, growth, cash flow, balance-sheet strength, investment discipline, share issuance). Market factors such as price momentum and volatility do not enter the number; they are shown separately in the detail view.
What is the price target for Gold Reserve Inc (GRZ)?
Our calculated price target is the estimate of C$2.90 (as of Nov 11, 2026). Cautious scenario C$2.17, optimistic scenario C$3.62. It is an estimate from revenue and assets compared with similar companies, because none of our valuation models currently carries, not an analyst target.
What is the Gold Reserve Inc stock forecast for 2026?
Our estimate puts fair value at C$2.90, about 36% lower versus a price of C$4.56 (overvalued). Cautious scenario C$2.17, optimistic scenario C$3.62. The calculation is refreshed regularly with new filings.
What is the revenue of Gold Reserve Inc (GRZ)?
Gold Reserve Inc reported trailing-twelve-month revenue of about C$210K (latest available figure, as of Nov 11, 2026).
What is the intrinsic value of Gold Reserve Inc (GRZ)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Gold Reserve Inc it is C$2.90 per share (as of Nov 11, 2026), against a price of C$4.56.
Is Gold Reserve Inc stock overvalued or undervalued in 2026?
As of Nov 11, 2026, GRZ trades above its calculated fair value: price C$4.56, fair value C$2.90, a gap of about −36% (overvalued). The calculation is refreshed with each new quarterly report, so the verdict can change during the year.
Is fair value the same as the market price of GRZ?
No. The price is what the market pays today (C$4.56); the fair value is what the company's own numbers justify (C$2.90). For Gold Reserve Inc the two are C$1.66 per share apart. That gap is exactly why we show both numbers side by side.
How much is Gold Reserve Inc worth?
The market values Gold Reserve Inc at about C$746M (market capitalisation, as of Nov 11, 2026). Per share that is C$4.56; our models calculate a fair value of C$2.90 per share.
What do the bullish and bearish scenarios say about GRZ?
Our models span a range for Gold Reserve Inc: cautious scenario C$2.17, base C$2.90, optimistic C$3.62 per share (as of Nov 11, 2026, price C$4.56). The range comes from different growth and margin assumptions, not from analyst opinions.
How solid is the balance sheet of Gold Reserve Inc (GRZ)?
Balance-sheet figures for Gold Reserve Inc (as of Nov 11, 2026): return on equity −42.1%, debt of 0.73 per unit of equity. They feed the Quality Score of 37/100, which measures business quality independently of the share price.
How far is GRZ from its 52-week high?
Gold Reserve Inc trades at C$4.56, about 40% below its 52-week high of C$7.58 and 187% above the low of C$1.59 (as of Nov 10, 2026). Distance from the high says nothing about value: that is what the fair value of C$2.90 is for.
Which stocks are comparable to Gold Reserve Inc?
From the same area (Basic Materials) we also value Newmont Corporation, Zijin Mining Group, Agnico Eagle Mines Limited, Wheaton Precious Metals Corp, among others. Each of them has its own fair-value calculation on this site using the same models, so the comparison is like for like.
Is Gold Reserve Inc stock attractive at the current price?
The data as of Nov 11, 2026: price C$4.56, calculated fair value C$2.90 (−36%), Quality Score 37/100. Whether that fits your horizon and risk tolerance is your call. We provide the calculation, not investment advice.
Is it still worth investing in stocks now?
The global stock market currently sits 15.1% above its aggregate fair value. Gold Reserve Inc itself currently trades above fair value. An expensive market is no reason to stay out and no reason to buy everything at once: keep a broad savings plan running, buy single stocks only with money you can do without, and hold part of your money liquid while the market is high. The full picture including sectors is on is it worth investing now.
What is the share price of Gold Reserve Inc (GRZ)?
The closing price on Nov 10, 2026 was C$4.56. Our estimate is C$2.90, about 36% lower (overvalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Gold Reserve Inc right now?
The price sits above even our optimistic bull case (C$3.62). The favourable scenario is already priced in. Weak quality (37/100) and above fair value at the same time, the margin of safety is missing on both counts. The large gap to fair value rests on thin data (low evidence): fewer applicable models and a shorter history. Read it with extra caution.

Key figures of Gold Reserve Inc

How large is the market capitalisation of Gold Reserve Inc (GRZ)?
The market capitalisation of Gold Reserve Inc is C$746M (≈ $526M). The stock-market value of the whole company: share price times number of shares. It is what the market asks for the entire business today.
What are the earnings per share of Gold Reserve Inc (GRZ)?
Earnings per share at Gold Reserve Inc are C$−0.3300. Earnings per share over the last twelve months: total profit spread across every single share.
What is the return on equity of Gold Reserve Inc (GRZ)?
The return on equity (ROE) of Gold Reserve Inc is −42.1% (last twelve months). Profit relative to shareholders' equity, how efficiently the company works with its owners' money.
What is the EBIT return on assets of Gold Reserve Inc (GRZ)?
On an EBIT basis the return on assets of Gold Reserve Inc is −13.8% (avg 5y). Operating profit (EBIT) relative to everything the company owns, as a multi-year average. It describes the business model rather than one good or bad year.
What is the operating margin of Gold Reserve Inc (GRZ)?
The operating margin of Gold Reserve Inc is −524% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Gold Reserve Inc (GRZ)?
Revenue at Gold Reserve Inc is growing +9.9% versus a year earlier. How much revenue grew versus a year earlier (YoY). The 3-year average next to it puts the single year in context.
How fast are earnings growing at Gold Reserve Inc (GRZ)?
Earnings per share at Gold Reserve Inc are growing −56.0% versus a year earlier. How much earnings per share grew versus a year earlier.
How much free cash flow does Gold Reserve Inc (GRZ) generate?
The free cash flow of Gold Reserve Inc is −C$30.1M (fiscal year 2025). The cash truly left after running and investing in the business, this is what pays dividends and buybacks.
How much net cash does Gold Reserve Inc (GRZ) hold?
Gold Reserve Inc holds more cash than debt, C$8.5M net (fiscal year 2023). The company holds more cash than debt, a safety cushion.
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