Gold Royalty (GROY)


Market Price (8/29/2026): $3.3 | Market Cap: $761.7 MilSector: Materials | Industry: Gold

Gold Royalty (GROY)


Market Price (8/29/2026): $3.3
Market Cap: $761.7 Mil
Sector: Materials
Industry: Gold

Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.

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Strong revenue growth
Rev Chg LTMRevenue Change % Last Twelve Months (LTM) is 82%

Attractive cash flow generation
CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 48%

Megatrend and thematic drivers
Megatrends include Investment in Precious Metals. Themes include Gold as an Inflation Hedge / Store of Value, Diversification & Alternative Assets, and Mining Productivity & Returns.

Expensive valuation multiples
P/SPrice/Sales ratio is 34x, P/EBITPrice/EBIT or Price/(Operating Income) ratio is 101x, P/CFOPrice/(Cash Flow from Operations). CFO is cash before capital expenditures. is 71x, P/EPrice/Earnings or Price/(Net Income) is 511x

Significant share based compensation
SBC/Rev LTMShare Based Compensation / Revenue (Sales), Last Twelve Months (LTM) is 13%

Not cash flow generative
FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is -429%

Yield minus risk free rate is negative
ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -4.2%

Key risks
GROY key risks include [1] its dependence on the performance of third-party operators over whom it has limited control, Show more.

0 Strong revenue growth
Rev Chg LTMRevenue Change % Last Twelve Months (LTM) is 82%
1 Attractive cash flow generation
CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 48%
2 Megatrend and thematic drivers
Megatrends include Investment in Precious Metals. Themes include Gold as an Inflation Hedge / Store of Value, Diversification & Alternative Assets, and Mining Productivity & Returns.
3 Expensive valuation multiples
P/SPrice/Sales ratio is 34x, P/EBITPrice/EBIT or Price/(Operating Income) ratio is 101x, P/CFOPrice/(Cash Flow from Operations). CFO is cash before capital expenditures. is 71x, P/EPrice/Earnings or Price/(Net Income) is 511x
4 Significant share based compensation
SBC/Rev LTMShare Based Compensation / Revenue (Sales), Last Twelve Months (LTM) is 13%
5 Not cash flow generative
FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is -429%
6 Yield minus risk free rate is negative
ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -4.2%
7 Key risks
GROY key risks include [1] its dependence on the performance of third-party operators over whom it has limited control, Show more.

Valuation & Metrics

Price Chart

Why The Stock Moved

Qualitative Assessment

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Updated on 8/19/2026

Gold Royalty (GROY) stock has lost about 5% since 4/30/2026 because of the following key factors:

1. Mixed Fiscal Q2 2026 Earnings with Revenue Miss Counterbalanced by Strong First-Half Performance and Reaffirmed Guidance.

Gold Royalty reported record first-half 2026 revenue of $13.9 million, a 100% increase year-over-year, and record Adjusted EBITDA of $12.6 million, up 212%. For fiscal Q2 2026, which ended June 30, 2026, the company met EPS expectations of $0.01 but its actual revenue of $6.73 million fell significantly short of the $9.41 million analyst consensus by 28.48%. This revenue shortfall contributed to the stock declining approximately 23% during Q2 2026. However, the positive first-half results and management's reaffirmation of its full-year 2026 production guidance of 7,500 to 9,300 gold equivalent ounces, with expectations for stronger performance in the second half, provided a floor for the stock, leading to an overall balanced price movement.

2. Volatility in Gold Prices Amidst Shifting Macroeconomic Expectations.

The price of gold experienced significant volatility during the period, declining approximately 13% during fiscal Q2 2026 from its peak around $5,600 per ounce in January to less than $4,400 per ounce by early August 2026. This decline in the underlying commodity put downward pressure on Gold Royalty's stock. However, gold prices subsequently recovered, rising approximately 10% in August to trade near $4,380-$4,480 per ounce by mid-August. This recovery was influenced by scaled-back bets for Federal Reserve interest rate hikes and ongoing geopolitical risks, such as the Strait of Hormuz crisis. The oscillating gold prices created a dynamic environment where positive and negative drivers offset each other, contributing to GROY's largely stable stock level.

Show more
Updated on 8/19/2026

Gold Royalty (GROY) stock has lost about 5% since 4/30/2026 because of the following key factors:

1. Mixed Fiscal Q2 2026 Earnings with Revenue Miss Counterbalanced by Strong First-Half Performance and Reaffirmed Guidance.

Gold Royalty reported record first-half 2026 revenue of $13.9 million, a 100% increase year-over-year, and record Adjusted EBITDA of $12.6 million, up 212%. For fiscal Q2 2026, which ended June 30, 2026, the company met EPS expectations of $0.01 but its actual revenue of $6.73 million fell significantly short of the $9.41 million analyst consensus by 28.48%. This revenue shortfall contributed to the stock declining approximately 23% during Q2 2026. However, the positive first-half results and management's reaffirmation of its full-year 2026 production guidance of 7,500 to 9,300 gold equivalent ounces, with expectations for stronger performance in the second half, provided a floor for the stock, leading to an overall balanced price movement.

2. Volatility in Gold Prices Amidst Shifting Macroeconomic Expectations.

The price of gold experienced significant volatility during the period, declining approximately 13% during fiscal Q2 2026 from its peak around $5,600 per ounce in January to less than $4,400 per ounce by early August 2026. This decline in the underlying commodity put downward pressure on Gold Royalty's stock. However, gold prices subsequently recovered, rising approximately 10% in August to trade near $4,380-$4,480 per ounce by mid-August. This recovery was influenced by scaled-back bets for Federal Reserve interest rate hikes and ongoing geopolitical risks, such as the Strait of Hormuz crisis. The oscillating gold prices created a dynamic environment where positive and negative drivers offset each other, contributing to GROY's largely stable stock level.

3. Incremental Royalty Acquisitions Balanced by Longer-Term Growth Horizon.

Gold Royalty continued its strategy of expanding its portfolio through strategic acquisitions, including an additional 0.2% Net Smelter Return (NSR) royalty on the REN project for $6.25 million in June 2026 and two Nevada NSR royalties for $0.8 million in July 2026. These acquisitions incrementally bolster its asset base. Concurrently, the company highlighted a robust long-term growth outlook, projecting production to reach 28,000 to 34,000 gold equivalent ounces by 2030, a six-fold increase from 2025 levels, with over 70% of this growth expected from already permitted assets. While these strategic moves signal future growth, the market's focus on the long-term nature of these catalysts, combined with immediate-term factors, contributed to the stock maintaining a relatively consistent trading range rather than experiencing a significant breakout.

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Stock Movement Drivers

Fundamental Drivers

The -3.2% change in GROY stock from 4/30/2026 to 8/28/2026 was primarily driven by a -18.5% change in the company's Shares Outstanding (Mil).
(LTM values as of)43020268282026Change
Stock Price ($)3.433.32-3.2%
Change Contribution By: 
Total Revenues ($ Mil)162344.5%
P/S Multiple41.334.0-17.8%
Shares Outstanding (Mil)188231-18.5%
Cumulative Contribution-3.2%

LTM = Last Twelve Months as of date shown

Market Drivers

4/30/2026 to 8/28/2026
ReturnCorrelation
GROY-3.2% 
Market (SPY)7.1%42.1%
Sector (XLB)3.3%53.1%

Fundamental Drivers

The -22.4% change in GROY stock from 1/31/2026 to 8/28/2026 was primarily driven by a -32.8% change in the company's P/S Multiple.
(LTM values as of)13120268282026Change
Stock Price ($)4.283.32-22.4%
Change Contribution By: 
Total Revenues ($ Mil)142356.0%
P/S Multiple50.634.0-32.8%
Shares Outstanding (Mil)171231-26.0%
Cumulative Contribution-22.4%

LTM = Last Twelve Months as of date shown

Market Drivers

1/31/2026 to 8/28/2026
ReturnCorrelation
GROY-22.4% 
Market (SPY)11.5%48.2%
Sector (XLB)8.4%57.0%

Fundamental Drivers

The 29.2% change in GROY stock from 7/31/2025 to 8/28/2026 was primarily driven by a 118.0% change in the company's Total Revenues ($ Mil).
(LTM values as of)73120258282026Change
Stock Price ($)2.573.3229.2%
Change Contribution By: 
Total Revenues ($ Mil)1023118.0%
P/S Multiple42.334.0-19.7%
Shares Outstanding (Mil)170231-26.2%
Cumulative Contribution29.2%

LTM = Last Twelve Months as of date shown

Market Drivers

7/31/2025 to 8/28/2026
ReturnCorrelation
GROY29.2% 
Market (SPY)22.7%32.6%
Sector (XLB)23.0%40.6%

Fundamental Drivers

The 87.6% change in GROY stock from 7/31/2023 to 8/28/2026 was primarily driven by a 439.9% change in the company's Total Revenues ($ Mil).
(LTM values as of)73120238282026Change
Stock Price ($)1.773.3287.6%
Change Contribution By: 
Total Revenues ($ Mil)423439.9%
P/S Multiple61.134.0-44.4%
Shares Outstanding (Mil)144231-37.5%
Cumulative Contribution87.6%

LTM = Last Twelve Months as of date shown

Market Drivers

7/31/2023 to 8/28/2026
ReturnCorrelation
GROY87.6% 
Market (SPY)74.0%23.0%
Sector (XLB)31.0%32.3%

Return vs. Risk

Price Returns Compared

 202120222023202420252026Total [1]
Returns
GROY Return37%-52%-36%-18%234%-15%-2%
Peers Return-9%0%-6%8%116%22%145%
S&P 500 Return27%-19%24%23%16%13%106%

Monthly Win Rates [3]
GROY Win Rate70%25%25%50%83%38% 
Peers Win Rate48%51%40%52%75%48% 
S&P 500 Win Rate75%42%67%75%67%50% 

Max Drawdowns [4]
GROY Max Drawdown--57%-53%-46%-22%-52% 
Peers Max Drawdown-32%-41%-37%-21%-21%-35% 
S&P 500 Max Drawdown-5%-25%-10%-8%-19%-9% 


[1] Cumulative total returns since the beginning of 2021
[2] Peers: FNV, RGLD, OR, TFPM, MTA.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2026 data is for the year up to 8/28/2026 (YTD)

How Low Can It Go

EventGROYS&P 500
2024 Yen Carry Trade Unwind
  % Loss-17.6%-7.8%
  % Gain to Breakeven21.3%8.5%
  Time to Breakeven72 days18 days
Summer-Fall 2023 Five Percent Yield Shock
  % Loss-34.1%-9.5%
  % Gain to Breakeven51.6%10.5%
  Time to Breakeven154 days24 days
2023 SVB Regional Banking Crisis
  % Loss-25.4%-6.7%
  % Gain to Breakeven34.1%7.1%
  Time to Breakeven718 days31 days
2022 Inflation Shock & Fed Tightening
  % Loss-56.6%-24.5%
  % Gain to Breakeven130.3%32.4%
  Time to Breakeven1188 days427 days

Compare to FNV, RGLD, OR, TFPM, MTA

In The Past

Gold Royalty's stock fell -9.8% during the 2025 US Tariff Shock. Such a loss loss requires a 10.9% gain to breakeven.

Preserve Wealth

Limiting losses and compounding gains is essential to preserving wealth.

Asset Allocation

Actively managed asset allocation strategies protect wealth. Learn more.

EventGROYS&P 500
Summer-Fall 2023 Five Percent Yield Shock
  % Loss-34.1%-9.5%
  % Gain to Breakeven51.6%10.5%
  Time to Breakeven154 days24 days
2023 SVB Regional Banking Crisis
  % Loss-25.4%-6.7%
  % Gain to Breakeven34.1%7.1%
  Time to Breakeven718 days31 days
2022 Inflation Shock & Fed Tightening
  % Loss-56.6%-24.5%
  % Gain to Breakeven130.3%32.4%
  Time to Breakeven1188 days427 days

Compare to FNV, RGLD, OR, TFPM, MTA

In The Past

Gold Royalty's stock fell -9.8% during the 2025 US Tariff Shock. Such a loss loss requires a 10.9% gain to breakeven.

Preserve Wealth

Limiting losses and compounding gains is essential to preserving wealth.

Asset Allocation

Actively managed asset allocation strategies protect wealth. Learn more.

About Gold Royalty (GROY)

Gold Royalty Corp. (GROY) is a precious metals-focused royalty company that provides specialized financing solutions to the metals and mining industry. Instead of directly operating mines, GROY's core business involves strategically acquiring royalties, streams, and similar interests in mining projects. This business model allows the company to participate in the value of mineral production without incurring the direct operational costs and risks associated with mining itself.

The company's primary "product" is the acquisition of these royalty interests. Specifically, its portfolio consists of net smelter return (NSR) royalties, which typically range from 0.5% to 2.0% on the revenue generated from a mine. By providing capital to mining companies in exchange for these future revenue streams, GROY offers an alternative financing avenue for miners while building a diversified portfolio of assets for its own investors. These interests span various stages of a mine's life cycle, from exploration to production.

GROY's main customers are the mining companies that seek financing, exchanging future production percentages for upfront capital. Its market for acquiring these assets is the precious metals mining industry, with its current portfolio concentrating on 17 gold properties located across the Americas. For investors, GROY serves as a vehicle to gain exposure to gold production and exploration upside through a diversified, lower-risk royalty model, aiming to deliver attractive returns over varying time horizons.

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A Real Estate Investment Trust (REIT), but for gold mines.

Like a landlord, but for gold mines – it collects a percentage of gold sales instead of rent.

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  • Royalty Interests: Gold Royalty acquires financial agreements that provide a percentage of revenue, production, or profit from mining operations, such as Net Smelter Return (NSR) royalties.
  • Stream Interests: The company purchases a fixed percentage of a mine's future production at a pre-determined price.
  • Other Similar Interests: Gold Royalty acquires various other types of financial agreements and interests to provide capital to the metals and mining industry.

AI Analysis | Feedback

Gold Royalty Corp. (GROY) operates as a precious metals-focused royalty company. Its business model involves providing financing solutions to the metals and mining industry by acquiring royalty interests, streams, and similar rights from mining companies. In exchange for this capital, Gold Royalty receives a percentage of future revenue or production (a royalty) from the mines.

Therefore, Gold Royalty Corp. does not sell a traditional product or service to "customers" in the typical sense. Instead, its revenue is generated through royalty payments made by the mining companies that operate the properties on which Gold Royalty holds an interest. In this context, the entities that make these ongoing payments and thus generate revenue for GROY are the operating mining companies.

The provided background information states that Gold Royalty Corp. has net smelter return royalties on 17 gold properties located in the Americas. However, it does not identify the specific names of the mining companies that own or operate these properties and are responsible for making the royalty payments to Gold Royalty Corp. Without this information, it is not possible to list Gold Royalty Corp.'s major customer companies by name.

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David Garofalo, Chief Executive Officer, President, Chairman and Director

Mr. Garofalo has served as Chief Executive Officer, President, and Chairman of Gold Royalty Corp. since August 2020, and is a founder of the company. He has over 30 years of leadership experience in the natural resources sector. Prior to joining Gold Royalty, he served as President, Chief Executive Officer, and a director of Goldcorp Inc., a gold production company, until its sale to Newmont Corporation in April 2019. He also served as President, Chief Executive Officer, and a director of Hudbay Minerals Inc. from 2010 to 2015. Earlier in his career, Mr. Garofalo held various senior executive positions, including Senior Vice President, Finance and Chief Financial Officer, and a director of Agnico-Eagle Limited from 1998 to 2010. He was recognized as Mining Person of the Year by The Northern Miner in 2012 and Canada's Chief Financial Officer of the Year by Financial Executives International Canada in 2009.

Andrew Gubbels, Chief Financial Officer

Mr. Gubbels was appointed Chief Financial Officer of Gold Royalty Corp. effective January 1, 2023. He was a founding executive at Aris Gold Corporation, where he held the position of Senior Vice President, Corporate Development, prior to joining Gold Royalty. Mr. Gubbels' previous experience includes serving as Head of Americas Metals & Mining at UBS Investment Bank and as an executive in the Mergers & Acquisitions department at CIBC World Markets. He was also a key early executive in the founding team of Gold Royalty Corp.

John W. Griffith, Chief Development Officer

Mr. Griffith has served as the Chief Development Officer of Gold Royalty Corp. since September 2020. He brings nearly 30 years of financial services sector experience, including 26 years of global investment banking expertise. Previously, he was a Managing Director and the Head of Americas Metals & Mining Investment Banking for Bank of America, a role he held from 2006 to May 2020. He has extensive experience advising senior management and executive board members on M&A, capital markets, investor relations, risk management, and general advisory within the global mining industry.

Samuel Mah, Vice President, Evaluations

Mr. Mah serves as the Vice President of Evaluations for Gold Royalty Corp. In this role, he is responsible for leading the technical and economic due diligence on potential assets for the company. He is an experienced mining engineer.

Jackie Przybylowski, Vice President, Capital Markets

Ms. Przybylowski manages investor relations and capital-raising activities for Gold Royalty Corp. She is a CFA and P.Eng.

AI Analysis | Feedback

The key risks to Gold Royalty Corp. (GROY) are:

  1. Commodity Price Fluctuations: As a precious metals-focused royalty company, Gold Royalty Corp.'s revenue and profitability are directly tied to the market prices of gold and other precious metals. Fluctuations in these commodity prices, influenced by economic and market factors, can significantly impact the company's financial performance.
  2. Reliance on Operators and Lack of Operational Control: Gold Royalty Corp. derives its revenue from royalties on properties operated by third-party mining companies. This business model means the company has limited control over the operational success, exploration, development, permitting, infrastructure, or technical aspects of these underlying mining projects. Consequently, its performance is dependent on the management and operational execution of these external operators.
  3. Asset Concentration and Execution Risk at Mine Level: While royalty companies generally benefit from diversification, Gold Royalty Corp. faces a risk related to its reliance on a few key assets for its projected growth. Setbacks or operational challenges at these cornerstone projects can significantly impact the company's overall revenue and the achievement of its Gold Equivalent Ounces (GEOs) guidance.

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AI Analysis | Feedback

The addressable market for Gold Royalty Corp. (GROY), a precious metals-focused royalty company providing financing solutions by acquiring royalties and streams, can be understood within the broader gold mining market, particularly in the Americas, where the company focuses its operations.

The North America gold mining market provides the overarching addressable market for Gold Royalty's services. This market was estimated at USD 43.5 billion in 2024 and is projected to grow to USD 63.0 billion by 2035, exhibiting a compound annual growth rate (CAGR) of 3.4% during the forecast period of 2025-2035. The United States specifically held a 35.1% share within the North American market, valued at approximately USD 12 billion in 2024. By 2037, the North American market is anticipated to exceed USD 163.65 billion.

In terms of the specific financing solutions offered by royalty and streaming companies like Gold Royalty, these entities collectively financed over USD 5 billion in mining projects globally by 2025. Historically, North and South America have been central to streaming and royalty transactions, accounting for approximately 50% of all such deals. This indicates a significant portion of the global royalty and streaming financing market is concentrated in Gold Royalty's target regions.

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Here are 3-5 expected drivers of future revenue growth for Gold Royalty (GROY) over the next 2-3 years:

  1. Ramp-up and Full Production of Key Royalty Assets: A significant driver of revenue growth is expected from several mines underlying Gold Royalty's interests, such as Côté Gold, Vareš, and Borborema, as they transition into or ramp up to full commercial production in 2025 and beyond. Analysts project robust year-over-year revenue increases for 2025, primarily fueled by these new mines reaching higher production levels.
  2. Strategic Acquisitions of New Royalties and Streams: Gold Royalty's business model is centered on acquiring royalties and streams, and this strategy is expected to continue driving revenue growth. Recent acquisitions, including the Pedra Branca royalty and additional Borborema royalties, are anticipated to contribute significantly to revenue in 2026 and beyond. The company's "royalty generator model" also provides a consistent pipeline for future growth opportunities.
  3. Favorable Gold Prices: As a company primarily focused on precious metals royalties, sustained or increasing gold prices directly translate into higher revenue for Gold Royalty from its net smelter return (NSR) royalties. The gold price has shown strong performance, achieving nominal all-time highs in various currencies, and is expected to remain a contributing factor to revenue growth.
  4. Exploration Success by Operating Partners: Gold Royalty benefits from exploration efforts conducted by its operating partners on properties where it holds royalties, without incurring the associated costs. Successful exploration can lead to increased mineral resources and extended mine lives, ultimately enhancing Gold Royalty's long-term revenue potential.
  5. Diversification into Other Metals: While predominantly gold-focused, Gold Royalty has expanded its portfolio to include royalties on other metals, such as the copper component of the Pedra Branca royalty and the Vareš stream. This diversification allows the company to capitalize on strong commodity prices beyond gold, further broadening its revenue base.

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Share Issuance

  • In March 2021, Gold Royalty Corp. completed its Initial Public Offering (IPO) on the NYSE American, raising US$90 million through the issuance of 18 million units.
  • The company closed a bought deal public offering on May 31, 2024, issuing 20,058,300 units at US$1.72 per unit, for aggregate gross proceeds of approximately US$34.5 million.
  • On December 11, 2025, Gold Royalty Corp. closed another bought deal public offering, issuing 25,875,000 common shares at US$4.00 per share, resulting in aggregate gross proceeds of US$103.5 million.
  • As part of the US$45 million acquisition of an additional net smelter royalty on the Borborema gold mine in January 2026, Gold Royalty Corp. issued 3,571,429 common shares, valued at US$4.20 per share.

Inbound Investments

  • Gold Royalty Corp. raised US$90 million through its Initial Public Offering (IPO) on the NYSE American in March 2021, which served as initial capital for its acquisition strategy.
  • In April 2024, the company entered into a three-year mutual cooperation agreement with Taurus Mining Royalty Fund L.P., allowing both parties to co-invest in precious metals royalties and streams, with each having the option to invest between 25% and 50% in select asset transactions valued at US$30 million or more.
  • Taurus Mining Royalty Fund L.P. acquired an economic interest of one-half of the Borborema royalty from Gold Royalty for US$22.5 million in cash in January 2026.
  • In December 2023, Gold Royalty announced a US$40 million strategic convertible debenture financing with Queen's Road Capital and Taurus Funds Management, coinciding with a US$31 million royalty and gold-linked loan investment in Aura's Borborema Project.

Outbound Investments

  • Gold Royalty Corp. acquired Ely Gold Royalties and Abitibi Royalties, significantly expanding its royalty portfolio and incorporating a royalty generator model.
  • In 2023, the company acquired Elemental Altus Royalties Corp., enhancing its scale and diversification with royalties on high-quality assets across the Americas.
  • Gold Royalty made a C$2 million strategic investment for a 12.5% interest in Prospector Royalty Corp. (PRC) in August 2021, alongside a royalty referral arrangement.
  • In May 2024, Gold Royalty announced the acquisition of a copper stream on the Vares Silver Project for US$50 million, paid with US$45 million in cash and the issuance of 2,906,977 shares.
  • The company completed the acquisition of a royalty on the Pedra Branca copper and gold mine in December 2025.
  • In January 2026, Gold Royalty agreed to acquire an additional net smelter royalty on the Borborema gold mine for US$45 million, paid as US$30 million in cash and 3,571,429 common shares.

Capital Expenditures

  • As a royalty company, Gold Royalty Corp.'s capital expenditures primarily focus on acquiring new royalty and stream interests, rather than direct mine development or operations.
  • In 2025, Gold Royalty reported capital expenditures of US$2.12 million, which was less than its free cash flow of US$5.14 million.
  • The company upsized its revolving credit facility to US$150 million in February 2026, including a US$125 million secured revolving credit line and a US$25 million accordion feature, to provide financial flexibility for future acquisition strategies and investments.

Better Bets vs. Gold Royalty (GROY)

Peer Outperformance in Gold

GROY has trailed 100% of its 31 Gold peers over 5Y. Gold ranks 3rd of 15 industries in Materials by median 5Y return. That makes it one of the strongest corners of the sector.
Share of Gold constituents that GROY has outperformed, by holding period. Peers without a full price history over a given window are excluded from that window.
1Y
8%
of 38 industry peers · 1.2% return
3Y
30%
of 37 industry peers · 118.4% return
5Y
0%
of 31 industry peers · -21.1% return
No Gold peer with a comparable growth profile has beaten GROY by more than 20pp over 5Y.
Median price return by industry across the Materials sector, ranked by 5Y. Gold is GROY's own industry. Use this to see which corners of the sector have carried the returns.
Industry Names 1Y med3Y med5Y med Top 3 by 5Y
Copper 7 114.3%88.9%310.6% COPR 1027% · TGB 422% · HBM 378%
Silver 6 164.4%304.6%167.4% AYA 254% · HL 243% · SVM 201%
Gold ← 32 50.6%194.2%155.5% IAG 758% · CNL 533% · KGC 464%
Steel 13 25.9%47.1%125.1% AMR 511% · HCC 431% · NWPX 337%
Aluminum 3 103.9%132.2%49.5% CENX 276% · KALU 49% · AA 20%
Diversified Metals & Mining 24 4.7%-1.8%48.9% ATLX 224900% · USAR 60269% · FMST 939%
Construction Materials 7 -14.0%27.8%42.5% USLM 308% · CRH 91% · VMC 52%
Metal, Glass & Plastic Containers 11 -2.8%4.9%5.6% KRT 173% · MYE 67% · GEF 58%
Precious Metals & Minerals 9 46.3%151.7%-6.4% ASM 625% · PPTA 383% · ELE 114%
Paper & Plastic Packaging Products & Materials 7 11.1%13.1%-6.7% PKG 84% · CCK 14% · SON 5%
Specialty Chemicals 40 11.2%-0.8%-14.1% LWLG 758% · ODC 482% · NEU 194%
Commodity Chemicals 13 26.3%13.9%-15.2% HWKN 226% · MEOH 75% · LXU 63%
Diversified Chemicals 4 5.6%-28.3%-26.4% CBT 69% · ASH -6% · CC -47%
Fertilizers & Agricultural Chemicals 10 -6.1%-2.3%-36.4% CF 209% · CTVA 100% · NTR 43%
Paper Products 3 -14.1%-50.9%-95.4% CLW -36% · ITP -95% · MERC -96%
Median of constituents with a full price history over each window. Top names are unfiltered by size in this render.

Latest Trefis Analyses

TitleDate
0DASHBOARDS 
1Can Gold Royalty Stock Hold Up When Markets Turn?10/17/2025
Title
0ARTICLES

Recent Active Movers

Peer Comparisons

Peers to compare with:

Financials

GROYFNVRGLDORTFPMMTAMedian
NameGold Roy.Franco-N.Royal Go.OR Royal.Triple F.Metalla . 
Mkt Price3.32266.16262.8537.4034.0010.5435.70
Mkt Cap0.851.322.37.07.01.07.0
Rev LTM232,3171,54736348916426
Op Inc LTM51,7539742783033290
FCF LTM-9789151-92215528
FCF 3Y Avg-5714426526175-185
CFO LTM111,7771,0443033955349
CFO 3Y Avg41,2826872102751243

Growth & Margins

GROYFNVRGLDORTFPMMTAMedian
NameGold Roy.Franco-N.Royal Go.OR Royal.Triple F.Metalla . 
Rev Chg LTM82.3%73.6%93.5%69.5%50.7%91.1%77.9%
Rev Chg 3Y Avg78.3%27.8%41.5%30.2%39.9%70.1%40.7%
Rev Chg Q76.1%57.3%114.9%62.1%37.3%93.8%69.1%
QoQ Delta Rev Chg LTM14.8%10.0%18.4%11.5%7.7%19.3%13.2%
Op Inc Chg LTM399.4%93.4%88.3%90.0%79.7%237.2%91.7%
Op Inc Chg 3Y Avg172.4%39.0%52.4%51.1%63.1%102.5%57.7%
Op Mgn LTM22.9%75.7%63.0%76.6%62.0%16.8%62.5%
Op Mgn 3Y Avg-21.9%68.5%60.1%66.0%52.9%-37.0%56.5%
QoQ Delta Op Mgn LTM2.8%1.3%-1.2%1.6%2.4%12.8%2.0%
CFO/Rev LTM47.9%76.7%67.5%83.6%80.9%34.7%72.1%
CFO/Rev 3Y Avg17.8%81.3%70.6%82.1%78.8%-4.3%74.7%
FCF/Rev LTM-429.1%38.5%3.3%-25.3%43.9%34.7%19.0%
FCF/Rev 3Y Avg-528.9%3.5%37.1%19.8%54.2%-60.6%11.7%

Valuation

GROYFNVRGLDORTFPMMTAMedian
NameGold Roy.Franco-N.Royal Go.OR Royal.Triple F.Metalla . 
Mkt Cap0.851.322.37.07.01.07.0
P/S34.022.214.419.414.463.120.8
P/Op Inc148.129.322.925.323.2375.527.3
P/EBIT101.127.223.220.915.6421.325.2
P/E510.534.730.224.817.0-2,238.627.5
P/CFO70.928.921.323.217.7181.726.0
Total Yield0.2%3.5%3.9%4.6%6.4%-0.0%3.7%
Dividend Yield0.0%0.6%0.6%0.5%0.5%0.0%0.5%
FCF Yield 3Y Avg-16.6%0.4%2.7%1.0%3.9%-1.1%0.7%
D/E0.00.00.00.00.00.00.0
Net D/E-0.0-0.00.00.00.00.00.0

Returns

GROYFNVRGLDORTFPMMTAMedian
NameGold Roy.Franco-N.Royal Go.OR Royal.Triple F.Metalla . 
1M Rtn27.2%24.2%34.5%26.8%18.5%43.0%27.0%
3M Rtn2.2%15.6%17.4%1.3%7.5%34.1%11.6%
6M Rtn-28.9%-4.8%-12.0%-20.8%-17.5%16.5%-14.7%
12M Rtn1.2%45.4%50.6%20.5%28.1%103.1%36.7%
3Y Rtn118.4%90.5%139.7%182.0%153.1%145.7%142.7%
1M Excs Rtn19.7%16.6%25.8%18.2%11.0%34.6%19.0%
3M Excs Rtn0.4%13.9%15.6%-0.5%5.8%32.4%9.8%
6M Excs Rtn-41.0%-16.9%-24.1%-32.9%-29.6%4.4%-26.9%
12M Excs Rtn-18.1%25.4%30.8%2.1%11.0%91.0%18.2%
3Y Excs Rtn47.5%21.5%71.5%107.3%76.7%77.1%74.1%

Comparison Analyses

null

Financials

Segment Financials

Revenue by Segment
$ Mil2025202420232022
Investment in royalties, streaming and similar interests161034
Total161034


Price Behavior

Price Behavior
Market Price$3.32 
Market Cap ($ Bil)0.8 
First Trading Date03/09/2021 
Distance from 52W High-36.3% 
   50 Days200 Days
DMA Price$2.85$3.62
DMA Trenddowndown
Distance from DMA16.4%-8.3%
 3M1YR
Volatility48.8%55.1%
Downside Capture125.47188.19
Upside Capture125.74151.08
Correlation (SPY)40.7%34.2%
GROY Betas & Captures as of 7/31/2026

 1M2M3M6M1Y3Y
Beta0.831.521.671.871.430.80
Up Beta1.161.351.231.661.360.60
Down Beta0.432.032.081.540.930.94
Up Capture39%66%82%134%195%63%
Bmk +ve Days11223567138427
Stock +ve Days9192959129341
Down Capture131%187%217%209%144%96%
Bmk -ve Days11212859114326
Stock -ve Days11212759112350

[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
Based On 1-Year Data
Annualized
Return
Annualized
Volatility
Sharpe
Ratio
Correlation
with GROY
GROY0.9%54.9%0.21-
Sector ETF (XLB)17.2%17.8%0.7443.6%
Equity (SPY)20.1%12.8%1.1634.2%
Gold (GLD)30.9%29.0%0.9265.7%
Commodities (DBC)39.9%20.3%1.549.3%
Real Estate (VNQ)9.9%13.7%0.4417.6%
Bitcoin (BTCUSD)-27.5%43.6%-0.6128.3%

Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 5-Year Data
Annualized
Return
Annualized
Volatility
Sharpe
Ratio
Correlation
with GROY
GROY-5.2%56.6%0.12-
Sector ETF (XLB)6.9%19.1%0.2536.0%
Equity (SPY)13.1%17.2%0.5927.2%
Gold (GLD)19.7%18.7%0.8548.6%
Commodities (DBC)11.5%19.6%0.4616.5%
Real Estate (VNQ)2.0%18.9%0.0024.0%
Bitcoin (BTCUSD)10.4%52.6%0.3818.2%

Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 10-Year Data
Annualized
Return
Annualized
Volatility
Sharpe
Ratio
Correlation
with GROY
GROY-1.0%59.1%0.20-
Sector ETF (XLB)10.2%20.7%0.4434.1%
Equity (SPY)15.2%17.9%0.7226.0%
Gold (GLD)12.2%16.3%0.6143.7%
Commodities (DBC)7.3%18.0%0.3315.9%
Real Estate (VNQ)5.0%20.7%0.2022.1%
Bitcoin (BTCUSD)64.0%66.1%1.0417.9%

Smart multi-asset allocation framework can stack odds in your favor. Learn How

Short Interest

Short Interest: As Of Date8142026
Short Interest: Shares Quantity8.1 Mil
Short Interest: % Change Since 7312026-5.8%
Average Daily Volume2.7 Mil
Days-to-Cover Short Interest3.0 days
Basic Shares Quantity230.8 Mil
Short % of Basic Shares3.5%

Earnings Returns History

Updated 6/3/2026
Expand for More
 Forward Returns
Earnings Date1D Returns5D Returns21D Returns
SUMMARY STATS   
# Positive000
# Negative000
Median Positive   
Median Negative   
Max Positive   
Max Negative   
Collapse to Preview
 Forward Returns
Earnings Date1D Returns5D Returns21D Returns
SUMMARY STATS   
# Positive000
# Negative000
Median Positive   
Median Negative   
Max Positive   
Max Negative   

SEC Filings

Expand for More
Report DateFiling DateFiling
06/30/202608/05/20266-K
03/31/202605/07/20266-K
12/31/202503/19/202620-F
09/30/202511/06/20256-K
06/30/202508/06/20256-K
03/31/202505/08/20256-K
12/31/202403/20/202520-F
09/30/202411/05/20246-K
06/30/202408/13/20246-K
03/31/202405/14/20246-K
12/31/202303/28/202420-F
09/30/202311/14/20236-K
06/30/202308/10/20236-K
03/31/202305/11/20236-K
12/31/202203/27/202320-F
09/30/202212/27/202220-F
Collapse to Preview
Report DateFiling DateFiling
06/30/202608/05/20266-K
03/31/202605/07/20266-K
12/31/202503/19/202620-F
09/30/202511/06/20256-K
06/30/202508/06/20256-K
03/31/202505/08/20256-K
12/31/202403/20/202520-F
09/30/202411/05/20246-K
06/30/202408/13/20246-K
03/31/202405/14/20246-K
12/31/202303/28/202420-F
09/30/202311/14/20236-K
06/30/202308/10/20236-K
03/31/202305/11/20236-K
12/31/202203/27/202320-F
09/30/202212/27/202220-F
06/30/202208/15/20226-K
03/31/202205/16/20226-K
12/31/202102/14/20226-K
09/30/202112/23/202120-F
06/30/202108/12/20216-K
03/31/202105/14/20216-K
12/31/202003/09/2021424B4
Core Cache Last Updated: 8/28/2026