Gold Royalty Corp.
GROY Basic Materials Gold
Gold Royalty Corp.’s revenue for fiscal 2025 (year ended December 2025) was $15.6 million, up 54.5% from fiscal 2024. In the quarter to June 2026, revenue grew 76.1%, EPS grew 257.1%, free cash flow grew 246.0% and total debt fell 99.9%, each against the same quarter a year earlier. Operating cash flow growth for three consecutive years.
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Gold Royalty Corp. (GROY) Altman Z-score
Gold Royalty Corp.'s Altman Z-score for fiscal 2025 is 3.35, in the safe zone (above 2.99).
Altman Z-score, annual
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Annual newest first
| Period | Altman Z-score | Change (points) |
|---|---|---|
| FY2025 | 3.35 | 2.85 |
| FY2024 | 0.51 | 0.04 |
| FY2023 | 0.47 | (0.66) |
| FY2022 | 1.13 | (0.53) |
| FY2021 | 1.66 | — |
How fiscal 2025’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Working capital / total assets | 0.02 | — | 0.03 | |
| Retained earnings / total assets | (0.09) | — | −0.13 | |
| EBIT / total assets | 0.00 | — | 0.01 | |
| Market value of equity / total liabilities | 5.72 | — | 3.43 | |
| Sales / total assets | 0.02 | — | 0.02 | |
| Altman Z-score | Safe zone | 3.35 | ||
| Z″ Variant for non-manufacturing and asset-light companies (drops the sales/assets term, uses book equity) | Safe zone | 5.79 | ||
How the Altman Z-score works
Z = 1.2 × working capital ÷ total assets + 1.4 × retained earnings ÷ total assets + 3.3 × EBIT ÷ total assets + 0.6 × market value of equity ÷ total liabilities + 1.0 × revenue ÷ total assets (Altman, 1968). The market value of equity is the close on the last trading day of the fiscal year times weighted basic shares.
Z″ = 6.56 × working capital ÷ total assets + 3.26 × retained earnings ÷ total assets + 6.72 × EBIT ÷ total assets + 1.05 × book equity ÷ total liabilities (Altman, Hartzell and Peck, 1995), the variant for non-manufacturing and asset-light companies.
| Zone | Z | Z″ |
|---|---|---|
| Safe zone | above 2.99 | above 2.60 |
| Grey zone | 1.81–2.99 | 1.10–2.60 |
| Distress zone | below 1.81 | below 1.10 |
Not worked out for banks, insurers and REITs, whose balance sheets the model does not describe, nor when a figure is missing or there is no share price in the week to the fiscal year end.
Altman Z-score against peers
| Company | Altman Z-score |
|---|---|
| CMCL Caledonia Mining Corporation PLC compare | 3.8× |
| NFGC New Found Gold Corp. compare | 3.8× |
| GROY Gold Royalty Corp. | 3.4× |
| GAU Galiano Gold Inc. compare | 0.7× |
| OGG Osisko Gold Group Inc. compare | 0.0× |
| DC Dakota Gold Corp. compare | — |
| CNL Collective Mining Ltd. compare | — |
| CTGO Contango Silver & Gold Inc. compare | — |
| THM International Tower Hill Mines Ltd compare | — |
What Altman Z-score is
The Altman Z-Score weighs working capital, retained earnings, operating profit, market value and sales against assets and debts to gauge the risk of distress.
1.2 × working capital ÷ total assets + 1.4 × retained earnings ÷ total assets + 3.3 × EBIT ÷ total assets + 0.6 × market value of equity ÷ total liabilities + 1.0 × revenue ÷ total assets