A Business at a Glance
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ROYAL GOLD INC
RGLD
$14.0B
Mkt Cap
$200.96
+0.66%
ROYAL GOLD INC (RGLD) has a current P/E ratio of 30.0, compared to its historical median P/E of 32.9. The stock is currently considered Fair based on its historical valuation range.
ROYAL GOLD INC (RGLD) has a 5-year average return on invested capital (ROIC) of 8.8%. This is below average and may indicate limited pricing power.
ROYAL GOLD INC (RGLD) has a market capitalization of $17.0B. It is classified as a large-cap stock.
Yes, ROYAL GOLD INC (RGLD) pays a dividend with a trailing twelve-month yield of 0.76%.
Based on historical P/E analysis, ROYAL GOLD INC (RGLD) appears fair. The current P/E of 30.0 is 9% below its historical median of 32.9. The estimated fair value CAGR (P/E method) is 21.6%.
ROYAL GOLD INC (RGLD) operates in the Mineral Royalty Traders industry, within the Financials sector.
ROYAL GOLD INC (RGLD) reported annual revenue of $1.0 billion in its most recent fiscal year, based on SEC EDGAR filings.
Royal Gold acquires and manages precious metal streams, royalties, and similar interests on mining properties in production, development, or exploration stages, earning revenue without conducting mining operations or contributing to capital or operating costs. The company's business model is asset-light, generating cash flow through contractual rights to a percentage of production or revenue from partner-operated mines, with a portfolio spanning gold, silver, and copper across geographies including North America, South America, Africa, and Australia. Revenue is derived from two primary segments: streams (approximately 70% of revenue) and royalties (approximately 30%), with streams typically providing more predictable cash flows through fixed or variable payment structures tied to production volumes or metal prices. The company has no visibility into capital allocation or deductions at underlying operations, relying instead on operator guidance and historical performance data to forecast deliveries and sales; unit economics are characterized by high operating leverage, with minimal incremental costs once a stream or royalty is acquired, allowing substantial cash generation at current metal prices. Royal Gold's competitive moat derives from long-term contractual relationships with major mining operators, a diversified portfolio of producing and development-stage assets, and the ability to deploy capital opportunistically to acquire or create new interests, as demonstrated by recent acquisitions including Sandstorm Gold Ltd., Horizon Copper Corp, and a gold stream on the Kansanshi copper-gold mine. The company serves as a financing partner to mining companies seeking capital without diluting equity, while providing investors with exposure to precious metals production and exploration upside without direct mining risk.
【Portfolio growth and cash generation】 Management expects strong cash generation from the expanded portfolio in 2026, with metal sales tracking well against guidance and production ramping at key assets including Kansanshi, Khoemacau, and Platreef. The company plans to rationalize non-core assets acquired through the Sandstorm transaction and convert them into holdings more consistent with its royalty and streaming business model, while maintaining flexibility for changing market conditions. Debt repayment remains a priority, with management expecting to fully repay outstanding balances by the fourth quarter of 2026 based on current metal prices and absent further significant acquisitions. Development projects including Warintza and Hod Maden are advancing, with Warintza targeting full permits by end of 2026 and a final investment decision in 2027, positioning the company for continued long-term growth.
| Metric | Target | Period |
|---|---|---|
| Annual dividend per basic share | $1.90 | Calendar year 2026 |
| Effective tax rate | 17%–22% | Full year 2026 |
| Gold sales from Kansanshi stream | 26,000 oz–31,000 oz | Full year 2026 |
| Silver production from Khoemacau stream | 1,450,000 oz–1,550,000 oz | Full year 2026 |
| Gold production from Xavantina | 40,000 oz–50,000 oz | Full year 2026 |
| Barrick gold production guidance (Pueblo Viejo share) | 350,000 oz–400,000 oz | Full year 2026 |
| Cortez Complex production guidance (100% basis) | 700,000 oz–780,000 oz | Full year 2026 |
Annual dividend per basic share (Calendar year 2026): “We increased our calendar year dividend to $1.90 per basic share, which is paid in quarterly installments throughout calendar year 2026.”
Effective tax rate (Full year 2026): “We continue to expect our effective tax rate for the full year will range between 17% and 22%.”
Gold sales from Kansanshi stream (Full year 2026): “Based on First Quantum's copper production guidance and production to delivery to sales timing, we expect 2026 gold sales attributable to our stream interest of 26,000 oz-31,000 oz, which rises to 38,000 oz-43,000 oz in 2028.”
Generated solely from the company's own reports listed below — not from third-party data. Hallucination risk is low. · Sources: 10-K, Q4 FY2025 Earnings Call, Q3 FY2025 Earnings Call, Q2 FY2025 Earnings Call, Q1 FY2025 Earnings Call
| Metric | TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 |
|---|---|---|---|---|---|---|
| Revenue | 1.3B | 1.0B | 719M | 606M | 603M | 654M |
| Net Income | 634M | 466M | 332M | 239M | 239M | 274M |
| EPS | $8.36 | $6.69 | $5.04 | $3.63 | $3.63 | $4.17 |
| Free Cash Flow | 0 | 705M | 530M | 416M | 417M | 462M |
| ROIC | 8.8% | 8.3% | 10.6% | 7.4% | 7.7% | 10.0% |
| Gross Margin | 68.5% | 69.3% | 65.5% | 56.7% | 53.6% | 51.0% |
| Debt/Equity | 0.08 | 0.13 | 0.00 | 0.09 | 0.21 | 0.12 |
| Dividends/Share | $1.52 | $1.83 | $1.65 | $1.53 | $1.43 | $1.25 |
| Operating Income | 812M | 638M | 430M | 303M | 284M | 328M |
| Operating Margin | 62.2% | 61.9% | 59.8% | 50.1% | 47.0% | 50.2% |
| ROE | 8.5% | 9.1% | 11.1% | 8.5% | 9.0% | 11.3% |
| Shares Outstanding | 85M | 70M | 66M | 66M | 66M | 66M |
| Metric | |||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Income Statement | |||||||||||||
| Revenue | 228M | 245M | 289M | 441M | 459M | 423M | 499M | 654M | 603M | 606M | 719M | 1.0B | 1.3B |
| Gross Margin | 97.7% | 73.8% | 52.3% | 43.6% | 45.6% | 42.2% | 47.3% | 51.0% | 53.6% | 56.7% | 65.5% | 69.3% | 68.5% |
| R&D | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| SG&A | 21M | 25M | 32M | 33M | 35M | 30M | 30M | 29M | 35M | 40M | 41M | 49M | 56M |
| EBIT | 109M | 87M | 4.8M | 146M | -75M | 141M | 199M | 328M | 284M | 303M | 430M | 638M | 812M |
| Op. Margin | 47.7% | 35.7% | 1.7% | 33.1% | -16.2% | 33.3% | 39.9% | 50.2% | 47.0% | 50.1% | 59.8% | 61.9% | 62.2% |
| Net Income | 63M | 52M | -77M | 102M | -113M | 94M | 199M | 274M | 239M | 239M | 332M | 466M | 634M |
| Net Margin | 27.5% | 21.2% | -26.7% | 23.0% | -24.6% | 22.2% | 40.0% | 41.9% | 39.6% | 39.5% | 46.2% | 45.2% | 48.5% |
| Non-Recurring | 0 | 28M | 96M | 0 | 239M | 0 | 1.3M | 0 | 4.3M | 0 | 0 | 0 | 0 |
| Returns on Capital | |||||||||||||
| ROIC | 2.4% | 1.9% | -2.8% | 3.6% | -4.3% | 3.9% | 8.1% | 10.0% | 7.7% | 7.4% | 10.6% | 8.3% | 8.8% |
| ROE | 2.7% | 2.2% | -3.4% | 4.5% | -5.2% | 4.4% | 9.0% | 11.3% | 9.0% | 8.5% | 11.1% | 9.1% | 8.5% |
| ROA | 2.2% | 1.8% | -2.6% | 3.3% | -3.9% | 3.6% | 7.5% | 9.9% | 7.6% | 6.9% | 9.8% | 7.2% | 6.7% |
| Cash Flow | |||||||||||||
| Op. Cash Flow | 147M | 192M | 169M | 267M | 329M | 253M | 341M | 462M | 417M | 416M | 530M | 705M | 862M |
| Free Cash Flow | 147M | 192M | 169M | 267M | 329M | 253M | 341M | 462M | 417M | 416M | 530M | 705M | 0 |
| Owner Earnings | 53M | 93M | 18M | 97M | 157M | 83M | 156M | 267M | 230M | 241M | 373M | 516M | 615M |
| CapEx | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Maint. CapEx | 91M | 93M | 141M | 160M | 164M | 163M | 175M | 189M | 179M | 165M | 144M | 177M | 235M |
| Growth CapEx | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 0 |
| D&A | 91M | 93M | 141M | 160M | 164M | 163M | 175M | 189M | 179M | 165M | 144M | 177M | 235M |
| CapEx/OCF | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 0.0% |
| Capital Allocation | |||||||||||||
| Dividends Paid | 53M | 56M | 59M | 61M | 64M | 67M | 71M | 79M | 92M | 99M | 105M | 119M | 129M |
| Dividend Yield | 1.4% | 1.7% | 1.6% | 1.3% | 1.3% | 1.1% | 1.0% | 1.2% | 1.3% | 1.3% | 1.3% | 1.0% | 0.8% |
| Share Buybacks | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Buyback Yield | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 0.0% |
| Stock-Based Comp | 2.6M | 5.1M | 10M | 10.0M | 8.3M | 6.6M | 9.1M | 6.1M | 8.4M | 9.7M | 12M | 12M | 12M |
| Debt Repayment | 1.3M | 864K | 75M | 95M | 250M | 370M | 115M | 300M | 125M | 325M | 250M | 375M | 375M |
| Balance Sheet | |||||||||||||
| Net Debt | -348M | -435M | 484M | 500M | 262M | 95M | -81M | 156M | 453M | 142M | -195M | 610M | 362M |
| Cash & Equiv. | 660M | 743M | 117M | 86M | 89M | 119M | 382M | 144M | 119M | 104M | 195M | 234M | 234M |
| Long-Term Debt | 312M | 314M | 601M | 586M | 351M | 215M | 300M | 300M | 572M | 246M | 0 | 895M | 596M |
| Debt/Equity | 0.13 | 0.13 | 0.27 | 0.26 | 0.17 | 0.10 | 0.13 | 0.12 | 0.21 | 0.09 | 0.00 | 0.13 | 0.08 |
| Interest Coverage | 10.2 | 8.2 | 0.3 | 7.7 | -4.6 | 13.2 | 40.6 | N/A | 39.3 | 10.8 | 65.2 | 32.8 | 32.8 |
| Equity | 2.4B | 2.4B | 2.2B | 2.3B | 2.1B | 2.1B | 2.3B | 2.6B | 2.7B | 2.9B | 3.1B | 7.2B | 7.4B |
| Total Assets | 2.9B | 2.9B | 3.1B | 3.1B | 2.7B | 2.5B | 2.8B | 2.8B | 3.5B | 3.4B | 3.4B | 9.5B | 9.5B |
| Total Liabilities | 519M | 501M | 784M | 774M | 541M | 374M | 464M | 156M | 781M | 460M | 261M | 2.3B | 2.0B |
| Intangibles | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Retained Earnings | 190M | 185M | 49M | 88M | -90M | -66M | 61M | 382M | 527M | 667M | 890M | 1.2B | 1.5B |
| Working Capital | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Current Assets | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Current Liabilities | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Per Share Data | |||||||||||||
| EPS | 0.96 | 0.80 | -1.18 | 1.55 | -1.73 | 1.43 | 3.03 | 4.17 | 3.63 | 3.63 | 5.04 | 6.69 | 8.36 |
| Owner EPS | 0.82 | 1.44 | 0.28 | 1.48 | 2.40 | 1.27 | 2.37 | 4.06 | 3.49 | 3.66 | 5.66 | 7.40 | 7.25 |
| Book Value | 36.09 | 36.23 | 34.09 | 34.74 | 32.15 | 32.57 | 34.54 | 39.39 | 41.64 | 43.79 | 47.34 | 102.69 | 87.46 |
| Cash Flow/Share | 2.26 | 2.96 | 2.59 | 4.07 | 5.03 | 3.86 | 5.18 | 7.03 | 6.34 | 6.30 | 8.04 | 10.11 | 10.25 |
| Dividends/Share | 0.83 | 0.87 | 0.91 | 0.95 | 0.99 | 1.05 | 1.11 | 1.25 | 1.43 | 1.53 | 1.65 | 1.83 | 1.52 |
| Shares Out. | 65.3M | 65.0M | 65.4M | 65.5M | 65.4M | 65.6M | 65.8M | 65.7M | 65.8M | 66.0M | 65.9M | 69.7M | 84.8M |
| Valuation | |||||||||||||
| P/E Ratio | 57.8 | 40.7 | N/A | 48.1 | N/A | 79.0 | 33.1 | 23.8 | 29.6 | 32.8 | 26.2 | 34.8 | 24.0 |
| P/FCF | 24.6 | 11.0 | 22.1 | 18.3 | 15.2 | 29.3 | 19.4 | 14.1 | 16.9 | 18.9 | 16.4 | 23.0 | N/A |
| EV/EBIT | 30.1 | 19.4 | 878.7 | 36.9 | N/A | 53.3 | 32.8 | 20.3 | 26.5 | 26.0 | 19.8 | 26.2 | 21.4 |
| Price/Book | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 2.5 | 2.6 | 2.7 | 2.8 | 2.3 | 2.3 |
| Price/Sales | 16.6 | 13.2 | 12.6 | 10.6 | 10.9 | 15.0 | 14.6 | 10.4 | 11.5 | 12.6 | 11.7 | 11.7 | 13.0 |
| FCF Yield | 4.1% | 9.1% | 4.5% | 5.5% | 6.6% | 3.4% | 5.2% | 7.1% | 5.9% | 5.3% | 6.1% | 4.3% | N/A |
| Market Cap | 3.6B | 2.1B | 3.7B | 4.9B | 5.0B | 7.4B | 6.6B | 6.5B | 7.1B | 7.8B | 8.7B | 16.2B | 17.0B |
| Avg. Price | 57.89 | 49.65 | 55.49 | 71.28 | 76.27 | 96.73 | 110.45 | 103.47 | 105.69 | 115.85 | 127.68 | 172.25 | 200.96 |
| Year-End Price | 55.48 | 32.53 | 57.33 | 74.63 | 76.44 | 112.94 | 100.34 | 99.24 | 107.30 | 118.92 | 132.11 | 232.82 | 200.96 |
ROYAL GOLD INC passes 5 of 9 quality checks, suggesting mixed fundamentals.
ROYAL GOLD INC trades at 30.0x trailing earnings, compared to its 15-year median P/E of 32.9x, suggesting it is currently Fair relative to its historical range. On a free-cash-flow basis, the stock trades at 19.9x vs a median of 18.6x. The company's 5-year average ROIC is 8.8% with a gross margin of 59.2%. Total shareholder yield (dividends) is 0.8%. At current prices, the estimated annualized return to fair value is +10.3%.
ROYAL GOLD INC (RGLD) has a net profit margin of 45.2%. This is a strong margin indicating high profitability.
ROYAL GOLD INC (RGLD) generated $705 million in free cash flow in its most recent fiscal year. Positive free cash flow supports dividends, buybacks, and debt reduction.
ROYAL GOLD INC (RGLD) has a debt-to-equity ratio of 0.13. This indicates a conservatively financed balance sheet.
ROYAL GOLD INC (RGLD) reported earnings per share (EPS) of $6.69 in its most recent fiscal year.
ROYAL GOLD INC (RGLD) has a return on equity (ROE) of 9.1%. This indicates moderate shareholder returns.
ROYAL GOLD INC (RGLD) has a 5-year average gross margin of 59.2%. This high margin suggests strong pricing power and a potential competitive moat.
The Ledger Terminal provides 17 years of financial data for ROYAL GOLD INC (RGLD), sourced directly from SEC EDGAR filings. This includes income statements, balance sheets, cash flow statements, and key financial ratios.
ROYAL GOLD INC (RGLD) has a book value per share of $102.69, based on its most recent annual SEC filing.
Based on recent SEC filings and earnings disclosures, Management expects strong cash generation from the expanded portfolio in 2026, with metal sales tracking well against guidance and production ramping at key assets including Kansanshi, Khoemacau, and Platreef. The company plans to rationalize non-core assets acquired through the Sandstorm transaction and convert them into holdings more consistent with its royalty and streaming business model, while maintaining flexibility for changing market conditions. Debt repayment remains a priority, with management expecting to fully repay outstanding balances by the fourth quarter of 2026 based on current metal prices and absent further significant acquisitions. Development projects including Warintza and Hod Maden are advancing, with Warintza targeting full permits by end of 2026 and a final investment decision in 2027, positioning the company for continued long-term growth.
Based on recent SEC filings and earnings calls, ROYAL GOLD INC (RGLD) has provided the following forward guidance: Annual dividend per basic share: $1.90 (Calendar year 2026); Effective tax rate: 17%–22% (Full year 2026); Gold sales from Kansanshi stream: 26,000 oz–31,000 oz (Full year 2026); Silver production from Khoemacau stream: 1,450,000 oz–1,550,000 oz (Full year 2026); Gold production from Xavantina: 40,000 oz–50,000 oz (Full year 2026), plus 2 additional metrics.
Silver production from Khoemacau stream (Full year 2026): “We expect silver production to our account of 1,450,000 oz-1,550,000 oz in 2026.”
Gold production from Xavantina (Full year 2026): “Ero expects 2026 gold production to range between 40,000 oz -50,000 oz.”
Barrick gold production guidance (Pueblo Viejo share) (Full year 2026): “Barrick also reported guidance for its share of gold production of 350,000 oz-400,000 oz in 2026.”
Cortez Complex production guidance (100% basis) (Full year 2026): “Barrick also reported 2026 production guidance for the Cortez Complex of approximately 700,000 oz-780,000 oz on a 100% basis.”