Balchem vs Royal Gold
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KIRA’s take AI analyst
I put Balchem and Royal Gold side by side, using each one’s latest annual report. Here is what stands out:
- 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.
Who comes out ahead
Of the 7 measures where higher (or lower) is clearly better, how many each company leads.
Balchem
BCPC
2/7
Return on equityShare count change
Royal Gold
RGLD
5/7
Revenue growth5-year growthGross marginOperating marginNet margin
Side by side
Best in the row
| 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 |
Ten years
Revenue
Operating margin
Free cash flow
Return on capital
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.