Gold Resource Corporation (GORO) vs Gold Royalty Corp. (GROY)

Gold Resource Corporation and Gold Royalty Corp. are both Gold companies. Gold Royalty Corp. is the larger, with a market value of $720.5M against $498.1M — 1.4× the size. Gold Resource Corporation trades at the lower P/E: 54.2× against 780×. Gold Resource Corporation grew revenue faster over the last twelve months: 234.6% against 82.3%. Gold Resource Corporation has the higher net margin (24.2% vs 6.65%) and the lower return on invested capital (0.00% vs 0.52%). Across the 19 metrics below, Gold Resource Corporation leads on 13 and Gold Royalty Corp. on 6.

Valuation

Metric GORO GROY Gold median
P/E 54.19 780.00 17.98
P/S 1.61 31.92 3.83
P/B n/m 0.99 2.42
Price to free cash flow 20.89 n/m 15.50
EV/EBITDA 2.88 62.43 6.72
EV/Sales 1.55 31.30 3.73
Earnings yield 1.85% 0.13% 1.19%
Free cash flow yield 4.79% (8.24%) 0.81%

Profitability

Metric GORO GROY Gold median
Gross margin 35.22% 71.17% 49.13%
Operating margin 45.20% 26.32% 21.90%
Net margin 24.24% 6.65% 9.65%
Free cash flow margin 7.70% 47.92% 0.00%
Return on equity 527.59% 0.23% 0.12%
Return on assets 31.77% 0.19% 0.10%
Return on invested capital 0.00% 0.52% 0.26%

Growth

Metric GORO GROY Gold median
Revenue growth (TTM) 234.60% 82.28% 68.15%
EPS growth (last fiscal year) 91.80% 0.00% 60.15%
Revenue growth, 5-year CAGR 1.92% 141.00% 15.33%
Net income growth, 5-year CAGR 0.00% 0.00% 0.00%

Health

Metric GORO GROY Gold median
Debt to equity 0.00 0.00 0.03
Current ratio 0.49 4.80 3.34
Net debt to EBITDA (0.81) (3.24) (0.15)

Dividend

Metric GORO GROY Gold median
Dividend yield — — 0.79%
Payout ratio — — 0.15

Size

Metric GORO GROY Gold median
Market cap 498.10m 720.53m 1.12b

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