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Royal Gold, Inc.

RGLD Basic Materials Gold

Royal Gold, Inc.’s revenue for fiscal 2025 (year ended December 2025) was $1.0 billion, up 43.2% from fiscal 2024.

Revenue
+84.4%
EPS
+39.6%
Free cash flow
+98.0%
Total debt
−81.0%

Quarter to September 2026, against a year earlier

262.25 16.17 +6.57%
Market cap
$22.1B
P/E
26.4×
Fwd P/E
19.7×
Dividend yield
0.72%
F-score
4/9
Altman Z
4.51
Beneish M
−2.19
Dividend safety
89/100
Overview Business Profile Earnings & Analysis
Financials
Income Statement Balance Sheet Cash Flow Metrics & Ratios
Segments Valuation Filings

Revenue by segment Fiscal 2025

  • Stream interest
  • Royalty revenue

Every year since 2014 →

Insider Decisions last twelve months

Sold, $m 6.37
Trades a month
Jan 26 Apr 26 Jul 26 Oct 26
Buy — — — — — — — — — — — —
Sell 3 — 1 3 — 1 1 — 1 1 1 —
Insider Ownership 0.13%

Capital & Financial Ratios $m

Size
Market Cap 22,140.00
Revenue ttm 1,759.75
Net income ttm 841.08
Free cash flow ttm 1,214.82
Net debt Q (38.39)
Valuation
P/E 26.41
Forward P/E 19.70
Price / sales 12.61 (above 10: high)
Forward P/S Powerpack
Price / FCF 15.00
Price / book 2.85
Financial health
Current ratio Q 2.40 (at or above 1.5: strong)
Debt / equity Q 0.02 (at or below 0.5: strong)
Interest coverage Q 27.97
Growth
Revenue growth Q +84.38% (above 0%: growing)
Operating income growth Q +87.09% (above 0%: growing)
EPS, this year +46.15% (at or above 15%: strong)
EPS, next year A +19.85% (at or above 15%: strong)
Revenue, next year A +80.79% (at or above 10%: strong)
EPS, past 5 yrs —
EPS, next 5 yrs A +23.07% (at or above 15%: strong)

Green and red mark values outside typical ranges; (Q) is the latest quarter, (A) analysts’ estimates. How we judge →

Valuation vs history

EV/Sales, ten years
EV/Sales is 12.6×, against a ten-year median of 13.5×; over the ten years it ranged from 7.8× in 2016 to 20.9× in 2026.
P/E against its own 10 years 18.78%
10-year low 10-year high
P/S against its own 10 years 40.78%
10-year low 10-year high
P/B against its own 10 years 59.44%
10-year low 10-year high
EV/Sales against its own 10 years 33.85%
10-year low 10-year high
EV/FCF against its own 10 years 30.62%
10-year low 10-year high

Dividends raised every year since 2018

Yield
0.72%
Annual rate
1.90
Payout ratio
19.2%
Growth, 2018–26
+8.35%/yr
  1. 1.00 ’18
  2. 1.06 ’19 +6
  3. 1.12 ’20 +6
  4. 1.20 ’21 +7
  5. 1.40 ’22 +17
  6. 1.50 ’23 +7
  7. 1.60 ’24 +7
  8. 1.80 ’25 +13
  9. 1.90 ’26 +6
paid change on the year, % Powerpack

Assets vs Liabilities $m

2023 2024 2025 Q'26
Cash 104 195 234 185
Receivables 52 65 113 —
Inventory 10 13 26 32
Other — — — —
167 275 377 388
2023 2024 2025 Q'26
Payables 11 11 10 4
ST’ Debt — — — —
Other 19 22 37 35
72 85 121 161

Compound Annual Growth %

10y 5y 3y
Sales 11.10% 10.84% 19.54%
Cash Flow 15.33% 11.60% 19.09%
Earnings 0.00% 9.08% 25.05%
Book Value 12.00% 22.60% 37.80%

Earnings Trends EPS, adjusted, against the consensus

Q2 FY26 Estimate 2.62 Actual 2.56

Earnings per share against the consensus, by quarter
Quarter Estimate Reported Result
Q3 FY25 2.30 2.06 Miss by 0.24
Q4 FY25 2.68 1.92 Miss by 0.76
Q1 FY26 2.86 3.11 Beat by 0.25
Q2 FY26 2.62 2.56 Miss by 0.06
Q3 FY26 2.92 — Reports 4 November 2026

EPS $

Mar Jun Sep Dec Year
’26 3.30 2.78 2.68 — —
’25 1.72 2.01 1.92 1.16 6.69
’24 0.72 1.23 1.46 1.63 5.04
’23 0.97 0.97 0.75 0.95 3.63
’22 — — 0.70 0.86 3.63
’22 1.00 1.08 1.07 1.04 3.64
’21 0.82 1.24 1.63 0.91 4.61
Fiscal quarters ending in the months shown.

Revenue $m

Mar Jun Sep Dec Year
’26 469 451 465 — —
’25 193 210 252 375 1,030
’24 149 174 194 203 719
’23 170 144 139 153 606
’22 — — 131 163 603
’22 162 146 174 169 603
’21 143 168 147 158 616
Fiscal quarters ending in the months shown.

Operating Cash Flow $m

Mar Jun Sep Dec Year
’26 294 335 344 — —
’25 136 153 174 242 705
’24 138 114 137 141 530
’23 109 108 98 101 416
’22 — — 95 101 417
’22 101 120 130 148 417
’21 92 121 94 100 407
Fiscal quarters ending in the months shown.

Free Cash Flow $m

Mar Jun Sep Dec Year
’26 294 335 344 — —
’25 136 153 174 242 864
’24 138 114 137 141 530
’23 109 108 98 101 416
’22 — — 95 101 417
’22 101 120 130 148 417
’21 92 121 94 100 407
Fiscal quarters ending in the months shown.

Valuation

The price implies free cash flow after share-based pay growing 4.0% a year for ten years. It grew 14.2% a year over the last ten.

Implied
4.0%
10 years, reported
14.2%
Open the model

Target Price Range

Analyst price targets

Recommendation Rating

1.7
1Buy 2 3Hold 4 5Sell

Ten years at a glance Fiscal years to December

Ten-year view Analyst estimates Powerpack
Group Line 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 TTM Sep ’26 Trend 10 yrs 2026e 2027e 2028e Next 3/yr
Income, $m
Income, $m Revenue 360 441 459 423 499 616 603 606 719 1,030 1,760 +12.4% 1,863 2,136 2,285 +30.4%
Gross margin, % 80.27 80.20 81.74 81.67 83.18 84.92 84.31 85.06 86.44 87.29 86.73 +7.0 pt
EBT (22) 119 (105) 107 193 340 273 282 426 574 1,035 n/m
EBT margin, % (6.05) 26.97 (22.78) 25.19 38.61 55.15 45.24 46.58 59.23 55.69 58.82 +61.7 pt
Net income (82) 92 (119) 89 196 0 240 240 332 472 841 n/m
Per share, $
Per share, $ Revenue 5.53 6.77 7.03 6.47 7.61 9.40 9.20 9.23 10.96 14.84 20.80 +11.6%
Earnings (1.27) 1.42 (1.83) 1.36 3.00 4.62 3.64 3.64 5.04 6.70 9.93 n/m
Cash flow 2.60 4.10 5.04 3.87 5.20 6.21 6.36 6.34 8.06 10.15 14.36 +16.3%
Capex 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 2.29 0.00 n/m
Free cash flow 2.60 4.10 5.04 3.87 5.20 6.21 6.36 6.34 8.06 12.44 14.36 +19.0%
Book value 35.13 35.61 32.80 33.19 35.13 0.00 41.99 44.21 47.69 103.79 91.88 +12.8%
Shares, m 65 65 65 65 66 66 66 66 66 69 81 +0.7%
Valuation, ×
Valuation, × P/E 0.00 50.11 0.00 70.83 40.89 24.80 32.10 32.91 26.16 32.64 26.41 31.0
P/S 13.03 11.55 13.16 15.66 16.33 12.14 12.70 12.98 12.03 14.98 12.61 13.5
P/B 2.05 2.20 2.82 3.05 3.54 2.99 2.78 2.71 2.76 2.14 2.85 2.7
EV/Sales 14.37 12.69 13.73 15.88 16.29 11.79 13.45 13.21 12.04 15.67 12.62 13.9
EV/FCF 23.09 14.28 13.24 18.84 16.58 17.83 19.45 19.25 16.35 22.90 15.01 18.2
Cash, $m
Cash, $m Operating cash flow 169 267 329 253 341 407 417 416 530 705 1,215 +17.2%
Capex (1,346) (204) (12) (1) (156) (168) (922) — — 159 265 n/m
Free cash flow 169 267 329 253 341 407 417 416 530 864 1,215 +19.8%
Balance, $m
Balance, $m Working capital 142 109 74 121 319 155 122 95 190 257 226 +6.8%
Net debt 484 500 262 95 (19) (144) 453 142 (195) 662 (38) +3.5%
Shareholders’ equity 2,286 2,320 2,141 2,170 2,302 2,601 2,753 2,901 3,131 7,205 7,775 +13.6%
Returns, %
Returns, % ROA (2.58) 3.29 (3.92) 3.59 7.51 0.00 6.76 6.94 9.83 7.23 12.14 +9.8 pt
ROIC 0.11 3.23 (1.94) 3.88 5.45 0.00 5.53 6.23 9.15 5.07 8.82 +5.0 pt
ROE (3.28) 4.41 (5.07) 4.35 8.91 0.00 8.70 8.47 11.01 9.04 15.00 +12.3 pt
People
People Employees 21 23 23 23 27 28 31 30 30 39 — +7.1%
Revenue/emp, $m 17.13 19.17 19.96 18.39 18.47 21.99 19.46 20.19 23.98 26.42 — +4.9%
Negative figures in brackets.
estimates

All 10 years →

Fiscal years to Dec 2025 · latest quarter Sep 2026 · fundamentals updated 5 Nov 2026

Business profile

Updated

Royal Gold acquires and manages interests in mining projects, principally precious metal streams and royalties. Rather than operating mines, it provides money to mining companies or buys existing interests. In return, it obtains rights tied to the metal those mines produce or the revenue they generate.

A stream is an agreement under which Royal Gold makes an upfront payment for the right to buy some of a mine’s future metal production at a contractually specified price. It can then sell that metal. A royalty gives Royal Gold a right to a share of production or revenue, sometimes after specified costs are deducted. The company holds interests in projects that are producing, being developed or being explored.

Where the money comes from and where it goes Fiscal 2025

Fiscal 2025: revenue by segment, and margins
Stream interest 686 66.62%
Royalty revenue 344 33.38%
Gross margin 87.29%
Operating margin 61.93%
Pre-tax margin 55.69%

Revenue by segment since 2014

Royal Gold, Inc. vs peers in Gold (Q) = latest quarter vs a year earlier

Company Market cap P/E Fwd P/E Revenue growth (Q) EPS growth (Q) FCF growth (Q) Gross margin (Q) EBIT margin (Q) Compare
WPM Wheaton Precious Metals Corp. $60.2B 29.3× 25.4× +84.65% (above 0%: growing) +87.50% (above 0%: growing) −5,847.95% (below 0%: shrinking) 74.03% 71.79% Compare
FNV Franco-Nevada Corporation $48.4B 32.9× 29.0× +57.26% (above 0%: growing) +43.75% (above 0%: growing) +143.18% (above 0%: growing) 77.64% 76.73% Compare
AU AngloGold Ashanti PLC $44.7B 11.9× 10.0× +26.95% (above 0%: growing) +49.24% (above 0%: growing) +41.62% (above 0%: growing) 54.86% 50.77% Compare
GFI Gold Fields Limited $33.5B 22.5× 7.2× +8.27% (above 0%: growing) n/m +754.13% (above 0%: growing) 37.73% 0.00% Compare
RGLD Royal Gold, Inc. $22.1B 26.4× 19.7× +84.38% (above 0%: growing) +39.58% (above 0%: growing) +97.96% (above 0%: growing) 86.59% 65.35%
CDE Coeur Mining, Inc. $15.0B 15.8× 11.5× +77.37% (above 0%: growing) −73.81% (below 0%: shrinking) +104.47% (above 0%: growing) 0.00% 17.74% Compare
EQX Equinox Gold Corp. $13.2B 10.9× 9.3× +169.33% (above 0%: growing) +480.00% (above 0%: growing) −103.64% (below 0%: shrinking) 39.20% 32.14% Compare
HMY Harmony Gold Mining Company Limited $10.6B 52.0× 4.8× −3.10% (below 0%: shrinking) n/m +265.24% (above 0%: growing) 26.37% 0.00% Compare
BTG B2Gold Corp $7.0B 8.8× 6.0× +14.03% (above 0%: growing) +158.33% (above 0%: growing) +462.54% (above 0%: growing) 39.06% 66.07% Compare
Median of peers $24.3B 19.1× 9.7× +42.11% +68.37% +123.82% 39.13% 41.46%

All 46 Gold stocks →

From the latest earnings call

Updated

  • CEO William Heissenbuttel said Royal Gold became debt-free after repaying its remaining revolver balance in October, leaving its full credit facility available.
  • Operations chief Martin Raffield said Royal Gold raised its full-year guidance for other metals and expects silver and copper sales at or above their guidance ranges.

Largest institutional holders 13F, quarter to 30 June 2026

Held by institutions 84.69%
Held by the ten largest 54.54%
Holder Shares Stake Change
Capital Group 11.43m 13.50% −1.02m
BlackRock 10.91m 12.89% +437.95k
Vanguard 8.59m 10.15% +67.30k
State Street 3.90m 4.61% +304.11k
VanEck 2.93m 3.46% −274.20k
Invesco 2.07m 2.44% −176.78k
Geode Capital Management 1.74m 2.06% +13.49k
First Eagle Investment Management, LLC 1.72m 2.04% +805.96k
UBS 1.47m 1.73% +786.02k
Norges Bank 1.41m 1.66% +1.41m
13F filings for the quarter to 30 June 2026: long positions in US-listed shares reported by managers with $100m or more, ~45 days after the quarter.

Pay and ownership Proxy statement filed 3 April 2026

Chief executive’s pay

Year Total pay Actually paid $100 invested
2025 5.23m 3.95m 190.80
2024 4.18m 1.55m 111.90
2023 4.28m 4.42m 101.40
2022 3.06m 3.54m 93.30
2021 3.15m 2.70m 86.00
Total pay is as the Summary Compensation Table states it; actually paid revalues the year’s share awards at its end, as the SEC’s pay-versus-performance rule asks. $100 invested is what $100 in the company’s shares at the start of the earliest year shown was worth at each year’s end. Read the proxy statement

Royal Gold, Inc. (RGLD) Latest News

5 Nov

Impact 3 · · GuruFocus.com
Impact 3 · · The Motley Fool transcript

4 Nov

Impact 4 · · Business Wire

28 Oct

Impact 3 · · Zacks

26 Oct

Impact 3 · · Trefis

20 Oct

Impact 3 · · Business Wire

15 Oct

Impact 4 · · MarketBeat

8 Oct

Impact 3 · · Simply Wall St.

7 Oct

Impact 4 · · MarketBeat

30 Sep

Impact 3 · · Zacks

28 Sep

Impact 4 · · MarketBeat

16 Sep

Impact 4 ·

9 Sep

Impact 4 ·
Impact 3 ·

26 Aug

Impact 4 ·

15 Aug

Impact 4 ·

12 Aug

Impact 3 · · The Motley Fool transcript

7 Aug

Impact 4 ·
Impact 3 ·
Impact 3 · · MarketBeat transcript

5 Aug

Impact 4 ·

17 Jul

Impact 3 ·

16 Jul

Impact 4 · · MarketBeat

23 Jun

Impact 3 · · Insider Monkey

16 Jun

Impact 3 ·

28 May

Impact 4 · · Simply Wall St.

26 May

Impact 3 · · Insider Monkey

22 May

Impact 3 · · Zacks

19 May

Impact 3 · · MT Newswires
Impact 3 · · Insider Monkey

RGLD metrics, ten years each

stockrow.com/RGLD · Data as of Nov 5, 2026 · For information only; not investment advice. · © 2026 stockrow.com