Balchem vs Royal Gold
Add, change or remove companies; up to four.
The short version
- Balchem is the larger business, with $1.0B of revenue in fiscal 2025 against $1.0B for Royal Gold.
- Royal Gold grew revenue faster (43.2%, against 8.8%).
- Royal Gold kept more of each dollar of sales as operating profit (61.9% operating margin, against 20.2%).
- Investors pay more for each dollar of Balchem’s earnings: a P/E of 33.3x against 25.2x for Royal Gold.
| Latest fiscal year | BCPC · FY25 | RGLD · FY25 |
|---|---|---|
| Size | ||
| Market cap | $5.7B | $19.4B |
| Revenue | $1.0B | $1.0B |
| Free cash flow | $173M | — |
| Net income | $155M | $466M |
| Growth | ||
| Revenue growth | 8.8% | 43.2% |
| 5-year growth | 8.1% | 15.6% |
| Share count change | −0.4% | 5.8% |
| Profitability | ||
| Gross margin | 35.7% | 69.3% |
| Operating margin | 20.2% | 61.9% |
| Net margin | 14.9% | 45.3% |
| FCF margin | 16.7% | — |
| Return on capital | — | 9.7% |
| Return on equity | 12.9% | 9.1% |
| Balance sheet | ||
| Net debt | — | $662M |
| Net debt / EBITDA | — | 0.8x |
| Dividends and buybacks | $136M | $119M |
| Valuation & quality | ||
| P/E | 33.3x | 25.2x |
| Piotroski F-score | — | 6 |
Revenue
FY16
BCPC $553M
RGLD $289M
FY17
BCPC $595M
RGLD $441M
FY18
BCPC $644M
RGLD $459M
FY19
BCPC $644M
RGLD $423M
FY20
BCPC $704M
RGLD $499M
FY21
BCPC $799M
RGLD $616M
FY22
BCPC $942M
RGLD $603M
FY23
BCPC $922M
RGLD $606M
FY24
BCPC $954M
RGLD $719M
FY25
BCPC $1.0B
RGLD $1.0B
BCPC
RGLD
Operating margin
FY16
BCPC 16.4%
RGLD 1.7%
FY17
BCPC 16.3%
RGLD 33.1%
FY18
BCPC 16.6%
RGLD −16.2%
FY19
BCPC 15.9%
RGLD 33.3%
FY20
BCPC 15.8%
RGLD 39.9%
FY21
BCPC 16.0%
RGLD 54.8%
FY22
BCPC 15.4%
RGLD 47.0%
FY23
BCPC 17.3%
RGLD 50.1%
FY24
BCPC 19.2%
RGLD 59.8%
FY25
BCPC 20.2%
RGLD 61.9%
BCPC
RGLD
Free cash flow
FY16
BCPC $84.6M
RGLD —
FY17
BCPC $83.1M
RGLD —
FY18
BCPC $99.5M
RGLD —
FY19
BCPC $98.7M
RGLD —
FY20
BCPC $118M
RGLD —
FY21
BCPC $124M
RGLD —
FY22
BCPC $89.5M
RGLD —
FY23
BCPC $146M
RGLD —
FY24
BCPC $146M
RGLD —
FY25
BCPC $173M
RGLD —
BCPC
RGLD
Return on capital
FY16
BCPC 8.9%
RGLD 0.2%
FY17
BCPC 14.3%
RGLD 4.1%
FY18
BCPC 12.1%
RGLD −2.3%
FY19
BCPC —
RGLD 5.0%
FY20
BCPC —
RGLD 8.8%
FY21
BCPC —
RGLD —
FY22
BCPC —
RGLD —
FY23
BCPC —
RGLD 8.3%
FY24
BCPC —
RGLD 11.2%
FY25
BCPC —
RGLD 9.7%
BCPC
RGLD
Each company's latest fiscal year; fiscal years end in different months. The best value in each row is highlighted where higher (or lower) is clearly better. Not investment advice.