OR Royalties Inc.
OR Royalties Inc.’s revenue for fiscal 2025 (year ended December 2025) was $277.4 million, up 45.1% from fiscal 2024. In the quarter to June 2026, revenue grew 62.1%, EPS grew 94.1% and free cash flow grew 61.9%, each against the same quarter a year earlier. Revenue growth for three consecutive years, operating cash flow growth for three.
Follow OR
OR Royalties Inc. (OR) Altman Z-score
OR Royalties Inc.'s Altman Z-score for fiscal 2025 is 30.10, in the safe zone (above 2.99).
Altman Z-score, annual
Embed this chart
Annual newest first
| Period | Altman Z-score | Change (points) |
|---|---|---|
| FY2025 | 30.10 | 19.42 |
| FY2024 | 10.68 | 4.09 |
| FY2023 | 6.59 | (0.01) |
| FY2022 | 6.59 | 4.21 |
| FY2021 | 2.38 | (0.75) |
| FY2020 | 3.13 | 0.77 |
| FY2019 | 2.36 | (0.14) |
| FY2018 | 2.50 | 0.39 |
| FY2017 | 2.11 | (2.67) |
| FY2016 | 4.78 | — |
How fiscal 2025’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Working capital / total assets | 0.07 | — | 0.09 | |
| Retained earnings / total assets | (0.17) | — | −0.24 | |
| EBIT / total assets | 0.13 | — | 0.41 | |
| Market value of equity / total liabilities | 49.43 | — | 29.66 | |
| Sales / total assets | 0.18 | — | 0.18 | |
| Altman Z-score | Safe zone | 30.10 | ||
| Z″ Variant for non-manufacturing and asset-light companies (drops the sales/assets term, uses book equity) | Safe zone | 11.95 | ||
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 |
|---|---|
| OR OR Royalties Inc. | 30.1× |
| FSM Fortuna Mining Corp. compare | 4.4× |
| HMY Harmony Gold Mining Company Limited compare | 4.1× |
| BTG B2Gold Corp compare | 2.9× |
| AUGO Aura Minerals Inc. compare | 2.7× |
| ARIS Aris Mining Corporation compare | 2.6× |
| SSRM Silver Standard Resources Inc. compare | 2.3× |
| EQX Equinox Gold Corp. compare | 1.6× |
| NG Novagold Resources Inc. 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