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. In the quarter to June 2026, revenue grew 114.9%, EPS grew 38.3% and free cash flow grew 119.3%, each against the same quarter a year earlier. Dividend growth for ten consecutive years, revenue growth for three.
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Royal Gold, Inc. (RGLD) Altman Z-score
Royal Gold, Inc.'s Altman Z-score for fiscal 2025 is 4.51, 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 | 4.51 | (16.46) |
| FY2024 | 20.97 | 9.84 |
| FY2023 | 11.13 | 4.77 |
| FY2022 | 6.36 | 0.03 |
| FY2022 | 6.34 | (24.86) |
| FY2021 | 31.20 | 20.08 |
| FY2020 | 11.12 | (0.01) |
| FY2019 | 11.13 | 4.34 |
| FY2018 | 6.79 | 2.46 |
| FY2017 | 4.33 | 0.54 |
How fiscal 2025’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Working capital / total assets | 0.03 | — | 0.03 | |
| Retained earnings / total assets | 0.13 | — | 0.18 | |
| EBIT / total assets | 0.07 | — | 0.22 | |
| Market value of equity / total liabilities | 6.62 | — | 3.97 | |
| Sales / total assets | 0.11 | — | 0.11 | |
| Altman Z-score | Safe zone | 4.51 | ||
| Z″ Variant for non-manufacturing and asset-light companies (drops the sales/assets term, uses book equity) | Safe zone | 4.29 | ||
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 |
|---|---|
| FNV Franco-Nevada Corporation compare | 40.7× |
| AU AngloGold Ashanti PLC compare | 7.5× |
| GFI Gold Fields Limited compare | 5.8× |
| CDE Coeur Mining, Inc. compare | 5.0× |
| RGLD Royal Gold, Inc. | 4.5× |
| HMY Harmony Gold Mining Company Limited compare | 4.1× |
| BTG B2Gold Corp compare | 2.9× |
| AUGO Aura Minerals Inc. compare | 2.7× |
| EQX Equinox Gold Corp. compare | 1.6× |
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