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) Piotroski F-score
Gold Royalty Corp.'s Piotroski F-score for fiscal 2025 is 6 out of 9: 6 of nine tests of profitability, leverage and efficiency passed.
Piotroski F-score, annual
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Annual newest first
| Period | Piotroski F-score | Change (points) |
|---|---|---|
| FY2025 | 6 | — |
How fiscal 2025’s score is made up
| Test | This year | Year before | Result | Points |
|---|---|---|---|---|
| Positive return on assets | (0.53%) | (0.48%) | Fail | 0 |
| Positive operating cash flow | 6.17m | 2.54m | Pass | 1 |
| Rising return on assets | (0.53%) | (0.48%) | Fail | 0 |
| Cash flow above net income | 10.30m | 5.95m | Pass | 1 |
| Falling long-term leverage | 0.00 | 0.07 | Pass | 1 |
| Rising current ratio | 4.88 | 1.52 | Pass | 1 |
| No new shares issued | 174,987,000 | 159,516,000 | Fail | 0 |
| Rising gross margin | 76.44% | 65.63% | Pass | 1 |
| Rising asset turnover | 0.02 | 0.01 | Pass | 1 |
| Piotroski F-score | Mixed | 6 | ||
How the Piotroski F-score works
One point for each of nine tests, this fiscal year against the one before: positive return on assets, positive operating cash flow, rising return on assets, cash flow above net income, falling long-term leverage, a rising current ratio, no new shares issued, a rising gross margin and rising asset turnover. The ratios are the ones on this site, so each can be checked.
Joseph Piotroski (2000) called 8–9 high and 0–1 low; reading it in three bands is the common convention:
| 7–9 | Strong — most fundamentals improved |
|---|---|
| 4–6 | Mixed |
| 0–3 | Weak — most fundamentals deteriorated |
Where this differs from the paper: return on assets is on average rather than beginning-of-year assets, and weighted basic shares stand in for shares issued. The score is shown only when all nine tests can be worked out, which takes three fiscal years; banks and insurers, which report no current assets or gross profit, have none.
Piotroski F-score against peers
| Company | Piotroski F-score |
|---|---|
| CMCL Caledonia Mining Corporation PLC compare | 8 |
| GROY Gold Royalty Corp. | 6 |
| OGG Osisko Gold Group Inc. compare | 4 |
| DC Dakota Gold Corp. compare | — |
| GAU Galiano Gold Inc. compare | — |
| CNL Collective Mining Ltd. compare | — |
| CTGO Contango Silver & Gold Inc. compare | — |
| NFGC New Found Gold Corp. compare | — |
| THM International Tower Hill Mines Ltd compare | — |
What Piotroski F-score is
The Piotroski F-Score tells an investor how many signs of improving profitability, funding and efficiency a company shows against a year earlier.
One point for each of nine tests against a year earlier: positive return on assets, positive operating cash flow, rising return on assets, cash flow above net income, falling long-term leverage, rising current ratio, no new shares issued, rising gross margin, and rising asset turnover