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Royal Gold

RGLD Nasdaq Gold Financials FY2016–FY2025

Royal Gold's revenue rose 43.2% to $1.0 billion in fiscal 2025. Its operating margin was 61.9%, up from 59.8% a year earlier. It paid out $119 million in dividends and buybacks. The diluted share count rose 5.8%.

Last close · Oct 23, 2026

$227.42

3.1%
Value it Compare
Revenue Total sales reported in the income statement.
$1.0B
43.2% vs prior year
Operating margin Operating income as a share of revenue.
61.9%
2.2 pts
Net income Profit after all expenses, interest and tax.
$466M
40.5%
Free cash flow Cash from operations minus capital spending.
—
Return on capital After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
9.7%
1.5 pts
Market cap Last close times the latest diluted share count, so it is approximate.
$19.4B
Oct 23 close
P/E Last close divided by diluted earnings per share over the last four quarters.
25.2x
On $9.04 EPS (TTM)

About these figures. Royal Gold changed its fiscal year end from June 30 to December 31 in 2021, so fiscal 2021 ends in June 2021 and the six months to December 2021 aren't shown. Royal Gold buys streams and royalties on other companies' mines rather than running mines itself; those purchases aren't capital spending on property and equipment, so capital spending, free cash flow and property and equipment are blank.

What Royal Gold does

No business description yet.

Legal name
Royal Gold, Inc
Fiscal year ends
December 31, 2025
Latest annual report
—
Accession · CIK
0000085535-26-000008
0000085535

Revenue and margins

Royal Gold had $1.0B of revenue in fiscal 2025, up 43.2% on the year before.

Revenue
Revenue
Margins, % of revenue
Gross Operating Net FCF
Margins, % of revenue
Gross Operating Net FCF

Net income and earnings per share

Loss periods are shown in red.

Net income
Net income
Diluted EPS
Diluted EPS

Returns on capital

After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.

Return on capital, equity and assets (annual)
Return on capital Return on equity Return on assets

Cash flow

Free cash flow was — in fiscal 2025, — of revenue. Cash from operations minus capital spending.

Free cash flow
Cash from operations vs capital spending
Cash from operations Capital spending
Cash from operations vs capital spending
Cash from operations Capital spending

Dividends, buybacks and share count

Royal Gold returned $119M to shareholders in fiscal 2025. The diluted share count rose 5.8%.

Dividends and buybacks
Dividends Buybacks
Dividends and buybacks
Dividends Buybacks
Diluted shares outstanding (annual)

Value Royal Gold yourself

Change the assumptions and see what they imply per share. These are models, not forecasts or price targets — the answer depends entirely on what you put in.

Discounted cash flow

Value per share

—

Adds net cash of −$662M and divides by 69.6M diluted shares. Ten years of cash flows plus a terminal value, discounted to today.

Earnings multiple

Value per share

—

Reference multiples: today 25.2x · peers 33.3x · sector 20.1x.

Balance sheet

Cash, debt and the ratios that show how comfortably Royal Gold can carry it.

Cash vs debt (incl. leases)
Cash Debt
Fiscal year endFY21FY22FY23FY24FY25
Cash and short-term investments $226M$119M$104M$196M$234M
Debt incl. finance leases —$572M$246M$0.0M$895M
Net debt / EBITDA —1.0x0.3x−0.3x0.8x
Debt / equity —0.2x0.1x0.0x0.1x
Interest coverage 96.2x39.3x10.8x65.2x32.8x
Current ratio 5.7x2.9x2.3x3.2x3.1x
Quick ratio 5.7x2.9x2.3x3.2x3.1x
Total assets $2.7B$3.5B$3.4B$3.4B$9.5B
Total liabilities $148M$781M$460M$261M$2.3B
Shareholders' equity $2.5B$2.7B$2.9B$3.1B$7.2B
Net debt (− = net cash) —$453M$142M−$196M$662M

Insider trades

Open-market purchases and sales by officers, directors and 10% owners, from Form 4 filings. 'Plan' marks trades under a pre-arranged Rule 10b5-1 plan.

Bought, 12 months

$0.0M

0 insiders

Sold, 12 months

$5.8M

7 insiders

Of sales under plans

49%

$2.8M

DateInsiderTradeSharesPriceValueFiling
Sep 3, 2026 William Holmes HeissenbuttelPresident & CEO, Director Sold plan 7,275 $263.38 $1.9M Form 4
Aug 28, 2026 Randy ShefmanSVP & General Counsel Sold 500 $262.80 $0.1M Form 4
Jun 16, 2026 Randy ShefmanSVP & General Counsel Sold 500 $215.85 $0.1M Form 4
May 11, 2026 Randy ShefmanSVP & General Counsel Sold 1,000 $243.74 $0.2M Form 4
Mar 12, 2026 Mark IstoDirector Sold 2,000 $274.83 $0.5M Form 4
Mar 4, 2026 Paul LibnerSVP & CFO Sold plan 3,200 $283.47 $0.9M Form 4
Mar 2, 2026 Daniel BreezeSVP Corp Dev of RGLD Gold AG Sold 1,400 $300.87 $0.4M Form 4
Feb 20, 2026 William M. HayesDirector Sold 4,173 $277.07 $1.2M Form 4
Dec 17, 2025 Ronald J VanceDirector Sold 300 $218.53 $0.1M Form 4
Dec 11, 2025 Ronald J VanceDirector Sold 500 $218.29 $0.1M Form 4
Dec 4, 2025 Daniel BreezeSVP Corp Dev of RGLD Gold AG Sold 970 $202.23 $0.2M Form 4

Piotroski F-score

Nine pass/fail tests of profitability, funding and efficiency. 8–9 is strong, 0–2 weak.

TestFY23FY24FY25
Net income is positive ✓ ✓ ✓
Cash from operations is positive ✓ ✓ ✓
Return on assets rose ✕ ✓ ✓
Cash from operations exceeds net income ✓ ✓ ✓
Debt fell relative to assets ✓ ✓ ✕
Current ratio rose ✕ ✓ ✕
Share count didn't rise ✕ ✕ ✕
Gross margin rose ✓ ✓ ✓
Revenue rose relative to assets ✕ ✓ ✓
F-score 5 / 98 / 96 / 9
Accruals ratio −5.1%−5.9%−3.7%
Altman Z'' 8.0514.684.29

Similar companies

Each company's latest fiscal year. Fiscal years end in different months, so periods don't line up exactly.

CompanyMarket capGrowthOp. marginFCF marginROICP/EF-score
Royal Gold RGLD $19.4B 43.2% 61.9% — 9.7% 25.2x 6
Coeur Mining CDE $13.9B 96.4% 34.2% 32.2% — — — Compare →
Newmont NEM $114.4B 21.3% — 32.2% 20.6% 12.7x 8 Compare →
Balchem BCPC $5.7B 8.8% 20.2% 16.7% — 33.3x — Compare →
Hawkins HWKN $2.8B 11.2% 11.2% 7.9% 13.1% 34.3x 4 Compare →

10 years of figures

US$ millions unless stated. Hover a ratio's name for its definition.

Download CSV
Fiscal yearFY16FY17FY18FY19FY20FY21FY22FY23FY24FY25
Income statement
Revenue $289M $441M $459M $423M $499M $616M $603M $606M $719M $1.0B
Gross profit $289M $192M $209M $179M $236M $333M $323M $343M $471M $714M
Operating income $4.8M $146M −$74.5M $141M $199M $338M $284M $303M $430M $638M
Interest expense $17.7M $19.0M $16.0M $1.7M $4.9M $3.5M $7.2M $28.1M $6.6M $19.5M
Pretax income −$21.8M $119M −$105M $107M $193M $340M $273M $282M $426M $574M
Income tax $60.7M $26.4M $14.8M $17.5M −$3.7M $36.9M $32.9M $42.0M $93.6M $102M
Net income −$77.1M $102M −$113M $93.8M $199M $303M $239M $239M $332M $466M
Diluted EPS −$1.18 $1.55 −$1.73 $1.43 $3.03 $4.60 $3.63 $3.63 $5.04 $6.69
Diluted shares 0.07B 0.07B 0.07B 0.07B 0.07B 0.07B 0.07B 0.07B 0.07B 0.07B
Cash flow
Cash from operations $169M $267M $329M $253M $341M $407M $417M $416M $530M $705M
Depreciation and amortization $141M $160M $164M $163M $175M $184M $179M $165M $144M $177M
Stock-based compensation $10.0M $10.0M $8.3M $6.6M $9.1M $5.7M $8.4M $9.7M $11.9M $11.8M
Acquisitions $1.3B $204M $11.8M $1.1M $156M $168M $0.0M $0.0M $0.0M $411M
Share buybacks $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M
Dividends paid $58.7M $61.4M $64.1M $67.5M $71.5M $76.1M $91.9M $98.6M $105M $119M
Dividends and buybacks $58.7M $61.4M $64.1M $67.5M $71.5M $76.1M $91.9M $98.6M $105M $119M
Balance sheet
Cash and short-term investments $117M $85.8M $88.8M $120M $319M $226M $119M $104M $196M $234M
Total debt $601M $586M $351M $215M $300M — $572M $246M $0.0M $895M
Finance lease liabilities $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M
Current assets $168M $144M $126M $155M $362M $297M $186M $167M $275M $377M
Current liabilities $25.9M $34.3M $51.4M $33.6M $43.6M $52.1M $63.6M $72.4M $85.2M $121M
Inventory $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M
Total assets $3.1B $3.1B $2.7B $2.5B $2.8B $2.7B $3.5B $3.4B $3.4B $9.5B
Total liabilities $784M $774M $541M $374M $464M $148M $781M $460M $261M $2.3B
Shareholders' equity $2.2B $2.3B $2.1B $2.1B $2.3B $2.5B $2.7B $2.9B $3.1B $7.2B
Margins
Gross margin 100.0% 43.6% 45.6% 42.2% 47.3% 54.1% 53.6% 56.7% 65.5% 69.3%
Operating margin 1.7% 33.1% −16.2% 33.3% 39.9% 54.8% 47.0% 50.1% 59.8% 61.9%
EBITDA margin 50.5% 69.3% 19.4% 71.8% 75.1% 84.6% 76.7% 77.3% 79.8% 79.1%
Net margin −26.7% 23.0% −24.7% 22.2% 40.0% 49.1% 39.6% 39.5% 46.2% 45.3%
Returns
Return on capital 0.2% 4.1% −2.3% 5.0% 8.8% — — 8.3% 11.2% 9.7%
Return on capital employed 0.2% 4.8% −2.6% 5.5% 7.6% 12.7% 9.4% 9.0% 13.0% 10.0%
Return on equity −3.4% 4.5% −5.2% 4.4% 9.0% 12.7% 9.1% 8.5% 11.1% 9.1%
Return on assets −2.6% 3.3% −3.9% 3.6% 7.5% 11.2% 7.7% 6.9% 9.8% 7.2%
Growth
Revenue growth 18.1% 52.6% 4.1% −7.8% 17.9% 23.5% −2.1% 0.4% 18.8% 43.2%
Net income growth −248.5% — −211.4% — 112.5% 51.8% −21.0% 0.2% 38.7% 40.4%
EPS growth −247.5% — −211.6% — 111.9% 51.8% −21.1% 0.0% 38.8% 32.7%
Share count change −0.1% 0.3% 0.0% 0.3% 0.2% −0.0% 0.1% 0.1% 0.1% 5.8%
Financial health
Net debt / EBITDA 3.3x 1.6x 2.9x 0.3x −0.1x — 1.0x 0.3x −0.3x 0.8x
Debt / equity 0.3x 0.3x 0.2x 0.1x 0.1x — 0.2x 0.1x 0.0x 0.1x
Interest coverage 0.3x 7.7x −4.6x 82.8x 40.6x 96.2x 39.3x 10.8x 65.2x 32.8x
Current ratio 6.5x 4.2x 2.5x 4.6x 8.3x 5.7x 2.9x 2.3x 3.2x 3.1x
Quick ratio 6.5x 4.2x 2.5x 4.6x 8.3x 5.7x 2.9x 2.3x 3.2x 3.1x
Capital allocation
Stock comp / revenue 3.5% 2.3% 1.8% 1.6% 1.8% 0.9% 1.4% 1.6% 1.7% 1.2%
Quality scores
Piotroski F-score 4.0 6.0 5.0 7.0 7.0 — — 5.0 8.0 6.0
Altman Z'' 3.4 3.8 4.0 6.7 6.5 19.6 5.0 8.1 14.7 4.3
Accruals ratio −8.2% −5.4% −15.3% −6.1% −5.3% −3.9% −5.8% −5.1% −5.9% −3.7%

Source: SEC EDGAR XBRL filings (CIK 0000085535). Data updated October 14, 2026. Quarterly fourth quarters are the full year minus the first nine months. For information only — not investment advice. Check the original filings before relying on any figure.

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