Tearsheet

OR Royalties (OR)

Market Price (12/4/2025): $34.24 | Market Cap: $6.4 Bil
Sector: Materials | Industry: Gold

OR Royalties (OR)

Market Price (12/4/2025): $34.24
Market Cap: $6.4 Bil
Sector: Materials
Industry: Gold

Investment Highlights Why It Matters Which of these 2 stories sounds closer for this stock?

1. Generates cash flow

The stock generated 4% or more of the share price (called cash flow yield), and shows moderate 10-15% or more growth.

2. Riding a trend

Think Tesla during the pandemic of 2020 when EVs were riding a cultural high, or Nvidia in the current AI boom, or even Figma. These companies don’t have enough yield, or, enough growth, or both - however - they are riding a trend. They have momentum. These can be more volatile - they don’t have the floor of strong cash flow

0	Strong revenue growth Rev Chg LTMRevenue Change % Last Twelve Months (LTM) is 33%	Expensive valuation multiples P/SPrice/Sales ratio is 31x, P/EBITPrice/EBIT or Price/(Operating Income) ratio is 41x, P/CFOPrice/(Cash Flow from Operations). CFO is cash before capital expenditures. is 36x, P/EPrice/Earnings or Price/(Net Income) is 51x
1	Attractive operating margins Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is 70%	Valuation getting more expensive P/S 6M Chg %Price/Sales change over 6 months. Declining P/S indicates valuation has become less expensive. is 58%
2	Attractive cash flow generation CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 87%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 46%
3	Low stock price volatility Vol 12M is 35%
4	Megatrend and thematic drivers Megatrends include Strategic Resources & Metals. Themes include Precious Metals Investment, Critical Minerals Supply, and Resource Royalty Financing.

0	Strong revenue growth Rev Chg LTMRevenue Change % Last Twelve Months (LTM) is 33%
1	Attractive operating margins Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is 70%
2	Attractive cash flow generation CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 87%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 46%
3	Low stock price volatility Vol 12M is 35%
4	Megatrend and thematic drivers Megatrends include Strategic Resources & Metals. Themes include Precious Metals Investment, Critical Minerals Supply, and Resource Royalty Financing.
5	Expensive valuation multiples P/SPrice/Sales ratio is 31x, P/EBITPrice/EBIT or Price/(Operating Income) ratio is 41x, P/CFOPrice/(Cash Flow from Operations). CFO is cash before capital expenditures. is 36x, P/EPrice/Earnings or Price/(Net Income) is 51x
6	Valuation getting more expensive P/S 6M Chg %Price/Sales change over 6 months. Declining P/S indicates valuation has become less expensive. is 58%

Valuation, Metrics & Events

	12/4/25	2024	2023	2022	2021
Share Price CYE	$34.24	$18.00	$14.04	$11.72	$11.72
Market Cap CYE ($ Bil)	6.4	3.4	2.6	2.2	2.0
Total Debt ($ Bil)	0.0	0.1	0.2	0.1	0.3
Total Cash ($ Bil)	0.1	0.1	0.1	0.1	0.1
Enterprise Value ($ Bil)	6.4	3.5	2.8	2.3	2.3
Valuation Ratios
P/S TTM	31.1	17.6	14.4	13.6	11.6
P/EBIT TTM	40.7	88.5	-194.2	21.8	20.7
P/E TTM	51.3	207.3	-70.6	-24.9	-111.2
Sector Ratios
P/S TTM (Sector)	1.6	1.3	1.4	1.2	1.5
P/EBIT TTM (Sector)	6.7	6.9	6.7	4.9	6.0
P/E TTM (Sector)	-0.0	9.7	8.0	4.8	7.3

	12/4/25	2024	2023
Share Price CYE	$34.24	$18.00	$14.04
Market Cap CYE ($ Bil)	6.4	3.4	2.6
Total Debt ($ Bil)	0.0	0.1	0.2
Total Cash ($ Bil)	0.1	0.1	0.1
Enterprise Value ($ Bil)	6.4	3.5	2.8
Valuation Ratios
P/S TTM	31.1	17.6	14.4
P/EBIT TTM	40.7	88.5	-194.2
P/E TTM	51.3	207.3	-70.6
Sector Ratios
P/S TTM (Sector)	1.6	1.3	1.4
P/EBIT TTM (Sector)	6.7	6.9	6.7
P/E TTM (Sector)	-0.0	9.7	8.0

	OR	S&P 500
REVENUE GROWTH	VERY GOOD
Rev LTM ($ Bil)	0.2
Rev Chg Q	70.6%	7.1%
Rev Chg LTM	32.7%	6.1%
Rev Chg 3Y Avg	15.9%	5.5%
PROFITABILITY	VERY GOOD
Op Inc LTM ($ Bil)	0.2
CFO LTM ($ Bil)	0.2
Net Inc LTM ($ Bil)	0.1
Op Mgn LTM	70.2%	18.8%
CFO/Rev LTM	86.9%	20.5%
Net Inc Mgn	60.7%	13.1%
VALUATION	VERY HIGH
P/S	31.1	3.2
P/CFO	35.8	15.8
P/FCF	67.7	20.5
P/E	51.3	23.5
STABILITY	GOOD
Debt/Equity	0.00	0.20
Cash/Assets	0.04	0.07

AI Generated Analysis | Feedback

Metric	Value	Date	Source
Gold Equivalent Ounces (GEOs) Earned	20326	9302025	Link
Cash Margin	96.7%	9302025	Link
Number of Producing Assets	22	11062025	Link
Percentage of GEOs from Tier-1 Mining Jurisdictions (2024)	78%	12312024	Link
Percentage of GEOs from Precious Metals	95%	9302025	Link

Recent
11/05/2025	Earnings Release	Rev: $51 Mil (A) vs. $71 Mil (E) EPS: 0.22 (A) vs. $0.19 (E)
Upcoming
12/31/2025	Dividend	Amount: $0.11 Payment On: 1/15/2026
2/18/2026	Earnings Release	Rev: - EPS: -

OR Stock

Return (1M):

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Why The Stock Moved

Qualitative Assessment

AI Generated Analysis | Feedback

Here are the key points for the movement of OR Royalties (OR) stock between approximately August 31, 2025, and December 4, 2025:

1. Strong Q2 and Q3 2025 Financial Results: OR Royalties reported robust financial performance, including record quarterly revenues and significant year-over-year increases in cash flows from operating activities for both the second and third quarters of 2025.

2. Attainment of Debt-Free Status: During the third quarter of 2025, OR Royalties fully repaid its revolving credit facility, achieving a debt-free position for the first time in over ten years. This was supported by a notable $49 million cash payment received from Harmony Gold's acquisition of MAC Copper.

Stock Movement Drivers

Fundamental Drivers

The 2.4% change in OR stock from 9/3/2025 to 12/3/2025 was primarily driven by a 65.5% change in the company's Net Income Margin (%).

	9032025	12032025	Change
Stock Price ($)	33.25	34.06	2.43%
Change Contribution By	LTM	LTM
Total Revenues ($ Mil)	214.00	243.65	13.85%
Net Income Margin (%)	36.69%	60.72%	65.51%
P/E Multiple	79.52	43.35	-45.48%
Shares Outstanding (Mil)	187.75	188.31	-0.30%
Cumulative Contribution			2.42%

LTM = Last Twelve Months as of date shown

Market Drivers

9/3/2025 to 12/3/2025

	Return	Correlation
OR	2.4%
Market (SPY)	6.2%	14.9%
Sector (XLB)	-2.2%	25.7%

Fundamental Drivers

The 27.1% change in OR stock from 6/4/2025 to 12/3/2025 was primarily driven by a 297.1% change in the company's Net Income Margin (%).

	6042025	12032025	Change
Stock Price ($)	26.79	34.06	27.12%
Change Contribution By	LTM	LTM
Total Revenues ($ Mil)	201.03	243.65	21.20%
Net Income Margin (%)	15.29%	60.72%	297.12%
P/E Multiple	162.98	43.35	-73.40%
Shares Outstanding (Mil)	186.98	188.31	-0.71%
Cumulative Contribution			27.11%

LTM = Last Twelve Months as of date shown

Market Drivers

6/4/2025 to 12/3/2025

	Return	Correlation
OR	27.1%
Market (SPY)	15.1%	6.9%
Sector (XLB)	1.6%	15.1%

Fundamental Drivers

The 78.1% change in OR stock from 12/3/2024 to 12/3/2025 was primarily driven by a 35.6% change in the company's P/S Multiple.

	12032024	12032025	Change
Stock Price ($)	19.12	34.06	78.13%
Change Contribution By	LTM	LTM
Total Revenues ($ Mil)	183.64	243.65	32.68%
P/S Multiple	19.41	26.32	35.63%
Shares Outstanding (Mil)	186.41	188.31	-1.02%
Cumulative Contribution			78.11%

LTM = Last Twelve Months as of date shown

Market Drivers

12/3/2024 to 12/3/2025

	Return	Correlation
OR	78.1%
Market (SPY)	14.3%	12.4%
Sector (XLB)	-4.3%	18.4%

Fundamental Drivers

The 176.4% change in OR stock from 12/4/2022 to 12/3/2025 was primarily driven by a 84.5% change in the company's P/S Multiple.

	12042022	12032025	Change
Stock Price ($)	12.32	34.06	176.45%
Change Contribution By	LTM	LTM
Total Revenues ($ Mil)	159.64	243.65	52.62%
P/S Multiple	14.27	26.32	84.53%
Shares Outstanding (Mil)	184.84	188.31	-1.88%
Cumulative Contribution			176.35%

LTM = Last Twelve Months as of date shown

Market Drivers

12/4/2023 to 12/3/2025

	Return	Correlation
OR	143.6%
Market (SPY)	53.2%	20.0%
Sector (XLB)	11.8%	27.8%

Return vs. Risk

Price Returns Compared

	2020	2021	2022	2023	2024	2025	Total [1]
Returns
OR Return	33%	-2%	0%	20%	28%	89%	277%
Peers Return	41%	-14%	-6%	-1%	9%	128%	178%
S&P 500 Return	16%	27%	-19%	24%	23%	16%	112%
Monthly Win Rates [3]
OR Win Rate	58%	42%	50%	42%	58%	80%
Peers Win Rate	48%	45%	48%	52%	47%	78%
S&P 500 Win Rate	58%	75%	42%	67%	75%	70%
Max Drawdowns [4]
OR Max Drawdown	-46%	-22%	-24%	-4%	-5%	-1%
Peers Max Drawdown	-27%	-28%	-32%	-22%	-21%	-0%
S&P 500 Max Drawdown	-31%	-1%	-25%	-1%	-2%	-15%

[1] Cumulative total returns since the beginning of 2020
[2] Peers: B, FNV, FSM, NEM, AEM.
[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] 2025 data is for the year up to 12/3/2025 (YTD)

How Low Can It Go

Unique Key	Event	OR	S&P 500
2022 Inflation Shock	2022 Inflation Shock
2022 Inflation Shock% Loss	% Loss	-38.3%	-25.4%
2022 Inflation Shock% Gain to Breakeven	% Gain to Breakeven	62.1%	34.1%
2022 Inflation ShockTime to Breakeven	Time to Breakeven	207 days	464 days
2020 Covid Pandemic	2020 Covid Pandemic
2020 Covid Pandemic% Loss	% Loss	-50.5%	-33.9%
2020 Covid Pandemic% Gain to Breakeven	% Gain to Breakeven	101.9%	51.3%
2020 Covid PandemicTime to Breakeven	Time to Breakeven	116 days	148 days
2018 Correction	2018 Correction
2018 Correction% Loss	% Loss	-50.9%	-19.8%
2018 Correction% Gain to Breakeven	% Gain to Breakeven	103.8%	24.7%
2018 CorrectionTime to Breakeven	Time to Breakeven	932 days	120 days

Compare to B, FNV, FSM, NEM, AEM

In The Past

OR Royalties's stock fell -38.3% during the 2022 Inflation Shock from a high on 6/15/2021. A -38.3% loss requires a 62.1% gain to breakeven.

Preserve Wealth

Limiting losses and compounding gains is essential to preserving wealth over time.

Asset Allocation

Actively managed asset allocation strategies protect wealth. Learn more.

About OR Royalties (OR)

Osisko Gold Royalties Ltd acquires and manages precious metal and other royalties, streams, and offtake and other interests in Canada and internationally. It also owns options on royalty/stream financings; and exclusive rights to participate in future royalty/stream financings on various projects. The company's primary asset is a 5% net smelter return royalty on the Canadian Malartic mine located in Canada. It is also involved in the exploration, evaluation, and development of mining projects. It primarily explores for precious metals, including gold, silver, diamond, and others. The company is headquartered in Montreal, Canada.

AI Generated Analysis | Feedback

It's like Prologis (a major REIT), but for mining royalties instead of industrial real estate.
It's like Barrick Gold (a major gold miner), but OR Royalties doesn't operate mines; it just collects a percentage of the minerals produced by other companies.

AI Generated Analysis | Feedback

Precious Metals Royalties: These are financial interests entitling OR Royalties to a percentage of the gross or net revenues from the production of gold, silver, and other precious metals at various mining operations.
Precious Metals Streams: These are agreements to purchase a fixed percentage of future gold or silver production from specific mines at a predetermined, typically discounted, price.

AI Generated Analysis | Feedback

OR Royalties sells primarily to other companies. Its major customers are:

Lundin Mining Corporation (TSX: LUN)
Orla Mining Ltd. (NYSE: OLA)
Kinross Gold Corporation (NYSE: KGC)

AI Generated Analysis | Feedback

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AI Generated Analysis | Feedback

Jason Attew, President, Chief Executive Officer and Director

Mr. Attew is a mining industry veteran with over 25 years of experience in the sector. He previously served as President, CEO, and Director of Liberty Gold Corp and Gold Standard Ventures Corp. Before joining OR Royalties, he was the Chief Financial Officer at Goldcorp Inc., where he was responsible for leading finance and investor relations operations, and also for corporate development and strategy, which concluded with the US$32 billion merger with Newmont Corporation. Mr. Attew possesses extensive international capital markets experience from his 16 years in investment banking with the BMO Global Metals and Mining Group, where he played a key role in structuring and raising significant growth capital, as well as advising on transformative mergers and acquisitions.

Frédéric Ruel, Chief Financial Officer and Vice President, Finance

Mr. Ruel brings over 20 years of experience in financial reporting, with more than 12 years dedicated to the mining industry. Prior to his role at OR Royalties Inc., he held the position of Director, Corporate Reporting for Canadian Malartic Partnership, Osisko Mining Corporation, and Consolidated Thompson Iron Mines. He began his career as an auditor at a leading Canadian accounting firm.

André Le Bel, Vice President, Legal Affairs and Corporate Secretary

Mr. Le Bel was appointed Vice President of Legal Affairs and Corporate Secretary of OR Royalties Inc. in February 2015. From November 2007 to June 2014, he served as Vice-President of Legal Affairs and Corporate Secretary of Osisko Mining Corporation. His prior experience includes serving as Vice President Legal affairs with Iamgold Corporation from November 2006 to October 2007, and as Senior Legal Counsel and Assistant Corporate Secretary of Cambior Inc. before that.

Iain Farmer, Vice President, Corporate Development

Mr. Farmer has over a decade of experience in the mining industry. Most recently, he served as Director of Evaluations for OR Royalties Inc., where his responsibilities included the financial and technical evaluation of investments, as well as the origination and execution of transactions. Before joining OR Royalties Inc., Mr. Farmer worked in equity research, covering the mining sector.

Heather Taylor, Vice President, Sustainability and Communications

Ms. Taylor joined OR Royalties Inc. in early 2021 and has more than 15 years of capital markets experience, specializing in the global metals and mining industry. She most recently served as Head of Business Development at Nexa Resources, where she oversaw and executed the company's M&A strategy. Previously, she managed investor relations at Nevsun Resources, a company that was acquired by Zijin Mining for $1.9 billion.

AI Generated Analysis | Feedback

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AI Generated Analysis | Feedback

OR Royalties (symbol: OR) operates primarily in the acquisition and management of precious metal royalties and streams.

The addressable market for these services can be viewed in two ways:

Mining Royalty Sector (Global): The mining royalty sector has seen significant growth, with the combined market capitalizations of royalty companies skyrocketing to approximately US$70 billion. This figure represents the collective valuation of companies specializing in royalties and streams within the mining industry.
Global Mining Market: The broader market from which royalties and streams are generated is the global mining market. This market was valued at an estimated US$1.96 trillion in 2024 and is projected to grow to US$2.06 trillion in 2025.

AI Generated Analysis | Feedback

Here are 3-5 expected drivers of future revenue growth for OR Royalties (symbol: OR) over the next 2-3 years:

Growth in Gold Equivalent Ounces (GEOs) from Existing and Development Assets: OR Royalties anticipates a significant increase in gold equivalent ounces (GEOs) from its portfolio. The company projects 110,000-125,000 GEOs by 2029, representing approximately 40% growth over 2025 levels, stemming from existing assets, expansions, and development projects. For example, the Namdini mine reached its first gold pour in November 2024, adding to the producing assets. Other development projects like Cascabel, with first production targeted for as early as 2028, and the Cariboo gold project, with potential first gold production by the second half of 2027, are expected to contribute to future GEO deliveries.
Strategic Acquisitions of New Royalties and Streams: A core part of OR Royalties' business model is the acquisition of new royalties and streams. The company's robust balance sheet and strong cash flow generation enable it to pursue inorganic growth through further acquisitions. Recent examples include the acquisition of a 100% silver stream on Orla Mining's South Railroad project, which is anticipated to commence production by 2027. The company also acquired a 1.8% gross revenue royalty on Spartan Resources' Dalgaranga Gold project in Western Australia, expected to close in Q4 2024.
Favorable Precious Metal and Commodity Prices: As a royalty and streaming company, OR Royalties' revenue is directly influenced by commodity prices. Elevated precious metal prices, particularly gold, have historically contributed to record annual revenues. Strong commodity prices were cited as a significant factor in the company's strong revenue growth in recent quarters.
Operational Performance and Ramp-up of Existing Royalty Assets: Continued strong performance from cornerstone assets, such as the 5% net smelter return royalty on Agnico Eagle's Canadian Malartic Mine, remains a crucial revenue driver. Additionally, contributions from newer assets like the CSA copper stream are expected to positively impact the commodity mix and revenue.

AI Generated Analysis | Feedback

Capital Allocation Decisions (2021-2025)

Share Repurchases

    OR Royalties has a consistent track record of returning capital to shareholders through both dividends and share repurchases.
    Between 2019 and 2024, 24% of the company's earned Gold Equivalent Ounces (GEOs) were allocated to dividends and stock buybacks.


Share Issuance

    In 2025, OR Royalties announced that it has ceased the granting of Options.
    Shares were issued through the exercise of share options and a share purchase plan, totaling $8,889 in Q2 2025 and $11,476 in Q3 2025.
    Following a name change and new CUSIP number as of May 8, 2025, the company's dividend reinvestment plan (DRIP) continues to offer a 3% discount for participants.


Inbound Investments

    OR Royalties increased its revolving credit facility to $650.0 million, with an additional uncommitted accordion of up to $200.0 million, and extended its maturity date to May 30, 2029.
    The credit facility was converted from a Canadian dollar to a United States dollar denominated facility.
    As of September 30, 2025, the revolving credit facility was fully repaid and undrawn.


Outbound Investments

    In 2024, OR Royalties committed and/or deployed over US$287.7 million across three new transactions to add high-quality assets to its portfolio.
    A significant investment includes approximately $225 million (total investment by Osisko Bermuda Limited) for a 6% Gold Stream on the Cascabel Gold Stream, which was part of a syndicated $750 million transaction.
    OR Royalties International Ltd. acquired a 100% silver stream on Orla Mining Ltd.'s South Railroad project in Nevada, United States, for a total cash consideration of $13.0 million, reported in Q2 2025.
    Another key investment in 2024 was the acquisition of a 1.8% gross revenue royalty on Spartan Resources Limited’s Dalgaranga Gold project and a 1.35% GRR on additional regional exploration licenses for a combined consideration of US$50.0 million.

Better Bets than OR Royalties (OR)

	OR	Better Performance than OR
Metric	Value	INDUSTRY: Gold
Rev Chg LTM	32.7%	EQX (85.6%), AU (54.6%), FNV (41.1%), AEM (35.2%), KGC (32.9%)
Rev Chg 3Y Avg	15.9%	KGC (29.5%), AU (26.4%), AEM (26.0%), PAAS (24.5%), NEM (23.9%)
Op Mgn LTM	70.2%
CFO/Rev LTM	86.9%	ORLA (101.2%)
FCF/Rev LTM	46.0%
Total Yield	2.4%	AU (11.3%), B (9.2%), NEM (9.0%), AEM (4.9%), FNV (2.4%)
P/S	31.0	B (2.6), AU (3.0), NEM (4.3), AEM (8.0), FNV (27.8)
P/Op Inc	44.1	B (6.7), AU (8.3), NEM (9.9), AEM (16.2), FNV (40.2)

	OR	Better Performance than OR
Metric	Value	SECTOR: Materials
Rev Chg LTM	32.7%	AU (54.6%), IP (42.7%), FNV (41.1%), AEM (35.2%), KGC (32.9%)
Rev Chg 3Y Avg	15.9%	SW (55.9%), KGC (29.5%), AU (26.4%), AEM (26.0%), NEM (23.9%)
Op Mgn LTM	70.2%	MSB (79.0%)
CFO/Rev LTM	86.9%	MSB (409.8%), ORLA (101.2%)
FCF/Rev LTM	46.0%	MSB (409.8%)
Total Yield	2.4%	NEM (9.0%), SCCO (6.1%), AEM (4.9%), LIN (4.2%), SHW (3.9%)
P/S	31.0	SHW (3.7), NEM (4.3), LIN (6.7), AEM (8.0), SCCO (8.1)
P/Op Inc	44.1	NEM (9.9), SCCO (16.1), AEM (16.2), SHW (23.2), LIN (25.0)

	OR	Better Performance than OR
Metric	Value	ALL OTHER SECTORS
Rev Chg LTM	32.7%	APP (86.4%), NVDA (71.6%), MU (48.9%), PLTR (47.2%), LLY (36.8%)
Rev Chg 3Y Avg	15.9%	NVDA (92.0%), AVGO (24.0%), LLY (23.4%), BRK-B (19.8%), META (17.3%)
Op Mgn LTM	70.2%	VICI (92.6%), IBKR (85.5%), SAFE (80.5%), TPL (75.8%), GLPI (72.7%)
CFO/Rev LTM	86.9%	NLY (167.8%), IBKR (162.0%), XP (145.7%), RY (135.4%), RPRX (102.4%)
FCF/Rev LTM	46.0%	BAC (57.3%), V (53.9%), MA (52.5%), APP (50.6%), PLTR (46.0%)
Total Yield	2.4%	GOOGL (4.6%), META (3.5%), MSFT (3.4%), AMZN (3.0%), AAPL (3.0%)
P/S	31.0	AMZN (3.5), GOOGL (7.6), AAPL (9.3), MSFT (13.1), NVDA (23.3)
P/Op Inc	44.1	GOOGL (23.7), MSFT (28.3), AAPL (29.1), AMZN (30.7), NVDA (40.1)

		Best Bets In Materials Sector
	OR
What You Pay
P/E	51.0
P/EBIT	40.5
What You Get
Rev Chg Q	70.6%
Rev Chg LTM	32.7%
Rev Chg 3Y Avg	15.9%
FCF/Rev 3Y Avg	12.5%

[1] Choosing top 10 best bets from each sector quarterly is an alpha producing strategy vs sector benchmark
[2] Historical annualized return of 11%, alpha of 1.8%, and sharpe of 0.46

Latest Trefis Analyses

	Title	Topic	Date
0	DASHBOARDS
1	Would You Still Hold OR Royalties Stock If It Fell 30%?	Return
2	OR Dip Buy Analysis
3	Things To Be Wary Of When Buying OR Royalties Stock	Buy or Fear
4	OR Royalties (OR) Valuation Ratios Comparison	Financials
5	Fundamental Metrics: ...
6	ARTICLES
7	Small Cap Stocks Trading At 52-Week High		October 1st, 2025

	Title
0	DASHBOARDS
1	Would You Still Hold OR Royalties Stock If It Fell 30%?
2	OR Dip Buy Analysis
3	Things To Be Wary Of When Buying OR Royalties Stock
4	OR Royalties (OR) Valuation Ratios Comparison
5	Fundamental Metrics: ...
6	ARTICLES
7	Small Cap Stocks Trading At 52-Week High

Trade Ideas

Select past ideas related to OR. For more, see Trefis Trade Ideas.

Unique Key	Date	Ticker	Company	Category	Trade Strategy	6M Fwd Rtn	12M Fwd Rtn	12M Max DD
DD_11212025_Dip_Buyer_High_FCF_Yield_ExInd_DE_RevG	11212025	DD	DuPont de Nemours	Dip Buy	DB \| FCF Yield \| Low D/EDip Buy with High Free Cash Flow Yield Buying dips for companies with significant free cash flow yield (FCF / Market Cap) and reasonable debt / market cap	3.1%	3.1%	-0.2%
CF_11212025_Monopoly_xInd_xCD_Getting_Cheaper	11212025	CF	CF Industries	Monopoly	MY \| Getting CheaperMonopoly-Like with P/S Decline Large cap with monopoly-like margins or cash flow generation and getting cheaper based on P/S multiple	0.5%	0.5%	-1.1%
HL_11212025_Quality_Momentum_RoomToRun_10%	11212025	HL	Hecla Mining	Quality	Q \| Momentum \| UpsideQuality Stocks with Momentum and Upside Buying quality stocks with strong momentum but still having room to run	30.9%	30.9%	0.0%
CDE_11072025_Dip_Buyer_ValueBuy	11072025	CDE	Coeur Mining	Dip Buy	DB \| P/E OPMDip Buy with Low PE and High Margin Buying dips for companies with tame PE and meaningfully high operating margin	12.7%	12.7%	-5.7%
ATR_10312025_Dip_Buyer_ValueBuy	10312025	ATR	AptarGroup	Dip Buy	DB \| P/E OPMDip Buy with Low PE and High Margin Buying dips for companies with tame PE and meaningfully high operating margin	4.8%	4.8%	-2.5%

Unique Key	Date	Ticker	Company	Category	Trade Strategy	6M Fwd Rtn	12M Fwd Rtn	12M Max DD
DD_11212025_Dip_Buyer_High_FCF_Yield_ExInd_DE_RevG	11212025	DD	DuPont de Nemours	Dip Buy	DB \| FCF Yield \| Low D/EDip Buy with High Free Cash Flow Yield Buying dips for companies with significant free cash flow yield (FCF / Market Cap) and reasonable debt / market cap	3.1%	3.1%	-0.2%
CF_11212025_Monopoly_xInd_xCD_Getting_Cheaper	11212025	CF	CF Industries	Monopoly	MY \| Getting CheaperMonopoly-Like with P/S Decline Large cap with monopoly-like margins or cash flow generation and getting cheaper based on P/S multiple	0.5%	0.5%	-1.1%
HL_11212025_Quality_Momentum_RoomToRun_10%	11212025	HL	Hecla Mining	Quality	Q \| Momentum \| UpsideQuality Stocks with Momentum and Upside Buying quality stocks with strong momentum but still having room to run	30.9%	30.9%	0.0%
CDE_11072025_Dip_Buyer_ValueBuy	11072025	CDE	Coeur Mining	Dip Buy	DB \| P/E OPMDip Buy with Low PE and High Margin Buying dips for companies with tame PE and meaningfully high operating margin	12.7%	12.7%	-5.7%
ATR_10312025_Dip_Buyer_ValueBuy	10312025	ATR	AptarGroup	Dip Buy	DB \| P/E OPMDip Buy with Low PE and High Margin Buying dips for companies with tame PE and meaningfully high operating margin	4.8%	4.8%	-2.5%

Recent Active Movers

1 Day Top Gainers

Ticker	Company	Mkt Cap (B)	1D Rtn	YTD Rtn
MPLT	MapLight Therapeutics	0.7	31.3%
AEVA	Aeva Technologies	0.8	25.7%	188.2%
DC	Dakota Gold	0.6	19.7%	150.9%
SERV	Serve Robotics	0.7	18.2%	-12.6%
ACDC	ProFrac	0.7	17.6%	-45.0%
HY	Hyster Yale	0.6	15.6%	-29.9%
AEO	American Eagle Outfitters	4.1	15.1%	49.7%
BEAM	Beam Therapeutics	2.7	14.4%	7.8%
GOSS	Gossamer Bio	0.8	14.4%	278.1%
FTRE	Fortrea	1.3	14.4%	-21.8%

1 Day Top Losers

Ticker	Company	Mkt Cap (B)	1D Rtn	YTD Rtn
PSTG	Pure Storage	22.6	-27.3%	12.1%
GTLB	GitLab	6.3	-12.8%	-32.9%
CTEV	Claritev	0.7	-11.3%
FBYD	Falcons Beyond Global	0.7	-11.2%	131.2%
ACHC	Acadia Healthcare	1.3	-10.9%	-63.0%
ULS	UL Solutions	16.0	-10.7%	60.4%
HPK	HighPeak Energy	0.7	-10.6%	-59.8%
OS	OneStream	3.5	-10.4%	-35.0%
ARE	Alexandria Real Estate Equities	8.2	-10.1%	-47.9%
THO	Thor Industries	5.3	-9.5%	6.6%

1 Week Top Gainers

Ticker	Company	Mkt Cap (B)	1W Rtn	YTD Rtn
HPP	Hudson Pacific Properties	6.3	641.5%	-34.3%
TLRY	Tilray Brands	7.5	618.1%	-46.9%
TMC	TMC The Metals	2.8	42.2%	589.3%
VERA	Vera Therapeutics	2.6	40.2%	-2.4%
ARWR	Arrowhead Pharmaceuticals	9.0	39.1%	246.1%
TE	T1 Energy	0.7	37.4%
MPLT	MapLight Therapeutics	0.7	32.1%
AEVA	Aeva Technologies	0.8	31.1%	188.2%
AMKR	Amkor Technology	10.9	30.2%	73.4%
DC	Dakota Gold	0.6	30.2%	150.9%

1 Week Top Losers

Ticker	Company	Mkt Cap (B)	1W Rtn	YTD Rtn
JANX	Janux Therapeutics	1.1	-50.7%	-68.0%
VTYX	Ventyx Biosciences	0.6	-25.0%	258.0%
CTEV	Claritev	0.7	-23.5%
AMBA	Ambarella	3.0	-22.9%	-3.6%
FULC	Fulcrum Therapeutics	0.6	-21.5%	92.8%
PD	PagerDuty	1.1	-20.5%	-33.9%
NTNX	Nutanix	12.7	-19.3%	-22.4%
CNK	Cinemark	2.6	-18.0%	-25.2%
PSTG	Pure Storage	22.6	-17.2%	12.1%
ZS	Zscaler	38.1	-15.9%	35.1%

1 Month Top Gainers

Ticker	Company	Mkt Cap (B)	1M Rtn	YTD Rtn
OLMA	Olema Pharmaceuticals	2.3	223.6%	367.4%
COGT	Cogent Biosciences	5.4	152.6%	402.1%
CDTX	Cidara Therapeutics	5.9	115.1%	722.1%
IRWD	Ironwood Pharmaceuticals	0.6	100.5%	-15.8%
TERN	Terns Pharmaceuticals	2.5	95.9%	396.2%
FRGE	Forge Global	0.6	90.3%	217.8%
SGML	Sigma Lithium	1.1	87.3%	-10.6%
INSP	Inspire Medical Systems	4.0	82.8%	-27.3%
NPCE	NeuroPace	0.6	77.2%	48.9%
ALMS	Alumis	0.6	71.9%	-0.3%

1 Month Top Losers

Ticker	Company	Mkt Cap (B)	1M Rtn	YTD Rtn
UP	Wheels Up Experience	0.4	-52.7%	-62.4%
CCOI	Cogent Communications	0.9	-51.9%	-72.9%
SMR	NuScale Power	3.0	-50.7%	12.3%
FRMI	Fermi	10.3	-47.5%
AMSC	American Superconductor	1.4	-47.2%	30.1%
TLRY	Tilray Brands	7.5	-46.1%	-46.9%
BTDR	Bitdeer Technologies	2.4	-44.8%	-41.8%
EXOD	Exodus Movement	0.4	-43.1%	-53.3%
STUB	Stubhub	3.5	-39.8%
METC	Ramaco Resources	1.0	-39.4%	66.9%

Recent Active Movers

1 Day Top Gainers

Ticker	Company	Mkt Cap (B)	1D Rtn	YTD Rtn
MPLT	MapLight Therapeutics	0.7	31.3%
AEVA	Aeva Technologies	0.8	25.7%	188.2%
DC	Dakota Gold	0.6	19.7%	150.9%
SERV	Serve Robotics	0.7	18.2%	-12.6%
ACDC	ProFrac	0.7	17.6%	-45.0%
HY	Hyster Yale	0.6	15.6%	-29.9%
AEO	American Eagle Outfitters	4.1	15.1%	49.7%
BEAM	Beam Therapeutics	2.7	14.4%	7.8%
GOSS	Gossamer Bio	0.8	14.4%	278.1%
FTRE	Fortrea	1.3	14.4%	-21.8%

1 Day Top Losers

Ticker	Company	Mkt Cap (B)	1D Rtn	YTD Rtn
PSTG	Pure Storage	22.6	-27.3%	12.1%
GTLB	GitLab	6.3	-12.8%	-32.9%
CTEV	Claritev	0.7	-11.3%
FBYD	Falcons Beyond Global	0.7	-11.2%	131.2%
ACHC	Acadia Healthcare	1.3	-10.9%	-63.0%
ULS	UL Solutions	16.0	-10.7%	60.4%
HPK	HighPeak Energy	0.7	-10.6%	-59.8%
OS	OneStream	3.5	-10.4%	-35.0%
ARE	Alexandria Real Estate Equities	8.2	-10.1%	-47.9%
THO	Thor Industries	5.3	-9.5%	6.6%

1 Week Top Gainers

Ticker	Company	Mkt Cap (B)	1W Rtn	YTD Rtn
HPP	Hudson Pacific Properties	6.3	641.5%	-34.3%
TLRY	Tilray Brands	7.5	618.1%	-46.9%
TMC	TMC The Metals	2.8	42.2%	589.3%
VERA	Vera Therapeutics	2.6	40.2%	-2.4%
ARWR	Arrowhead Pharmaceuticals	9.0	39.1%	246.1%
TE	T1 Energy	0.7	37.4%
MPLT	MapLight Therapeutics	0.7	32.1%
AEVA	Aeva Technologies	0.8	31.1%	188.2%
AMKR	Amkor Technology	10.9	30.2%	73.4%
DC	Dakota Gold	0.6	30.2%	150.9%

1 Week Top Losers

Ticker	Company	Mkt Cap (B)	1W Rtn	YTD Rtn
JANX	Janux Therapeutics	1.1	-50.7%	-68.0%
VTYX	Ventyx Biosciences	0.6	-25.0%	258.0%
CTEV	Claritev	0.7	-23.5%
AMBA	Ambarella	3.0	-22.9%	-3.6%
FULC	Fulcrum Therapeutics	0.6	-21.5%	92.8%
PD	PagerDuty	1.1	-20.5%	-33.9%
NTNX	Nutanix	12.7	-19.3%	-22.4%
CNK	Cinemark	2.6	-18.0%	-25.2%
PSTG	Pure Storage	22.6	-17.2%	12.1%
ZS	Zscaler	38.1	-15.9%	35.1%

Peer Comparisons for OR Royalties

Peers to compare with:

Financials

	OR	B	FNV	FSM	NEM	AEM	Median
Name	OR Royal.	Barrick .	Franco-N.	Fortuna .	Newmont	Agnico E.
Mkt Price	34.06	40.50	202.45	9.55	89.65	169.18	65.08
Mkt Cap	6.4	69.5	39.0	2.9	98.3	85.0	54.3
Rev LTM	244	13,824	1,546	1,352	21,503	10,568	6,057
Op Inc LTM	171	5,351	1,069	426	9,359	5,223	3,146
FCF LTM	112	-	-856	226	6,122	3,645	226
FCF 3Y Avg	33	-	-16	124	2,636	2,041	124
CFO LTM	212	-	1,310	455	9,224	5,837	1,310
CFO 3Y Avg	166	-	1,056	339	5,616	3,883	1,056

Growth & Margins

	OR	B	FNV	FSM	NEM	AEM	Median
Name	OR Royal.	Barrick .	Franco-N.	Fortuna .	Newmont	Agnico E.
Rev Chg LTM	32.7%	16.9%	41.1%	68.1%	26.6%	35.2%	33.9%
Rev Chg 3Y Avg	15.9%	5.9%	7.7%	26.7%	23.9%	26.0%	19.9%
Rev Chg Q	70.6%	16.4%	76.9%	38.3%	20.0%	41.9%	40.1%
QoQ Delta Rev Chg LTM	13.9%	3.9%	15.9%	5.4%	4.5%	9.4%	7.4%
Op Mgn LTM	70.2%	38.7%	69.1%	31.5%	43.5%	49.4%	46.5%
Op Mgn 3Y Avg	58.3%	29.4%	64.1%	22.0%	23.9%	36.0%	32.7%
QoQ Delta Op Mgn LTM	1.8%	3.2%	0.8%	2.9%	4.5%	3.6%	3.1%
CFO/Rev LTM	86.9%	-	84.7%	33.7%	42.9%	55.2%	55.2%
CFO/Rev 3Y Avg	81.1%	-	81.3%	35.4%	32.6%	45.6%	45.6%
FCF/Rev LTM	46.0%	-	-55.4%	16.7%	28.5%	34.5%	28.5%
FCF/Rev 3Y Avg	12.5%	-	4.6%	11.7%	13.8%	22.7%	12.5%

Valuation

	OR	B	FNV	FSM	NEM	AEM	Median
Name	OR Royal.	Barrick .	Franco-N.	Fortuna .	Newmont	Agnico E.
Mkt Cap	6.4	69.5	39.0	2.9	98.3	85.0	54.3
P/S	31.0	2.6	27.8	2.0	4.3	8.0	6.2
P/EBIT	40.5	6.3	36.7	5.9	8.9	16.2	12.5
P/E	51.0	12.9	46.7	11.9	12.9	24.6	18.7
P/CFO	35.6	-	32.8	6.0	10.0	14.5	14.5
Total Yield	2.4%	9.2%	2.4%	8.4%	9.0%	4.9%	6.7%
Dividend Yield	0.4%	1.4%	0.3%	0.0%	1.2%	0.8%	0.6%
FCF Yield 3Y Avg	-0.3%	-	0.4%	6.2%	3.6%	3.9%	3.6%
D/E	0.0	0.0	0.0	0.1	0.1	0.0	0.0
Net D/E	-0.0	0.0	-0.0	-0.1	-0.0	-0.0	-0.0

Returns

	OR	B	FNV	FSM	NEM	AEM	Median
Name	OR Royal.	Barrick .	Franco-N.	Fortuna .	Newmont	Agnico E.
1M Rtn	6.9%	23.0%	7.8%	16.2%	10.2%	4.3%	9.0%
3M Rtn	2.4%	50.0%	6.8%	22.8%	19.6%	14.0%	16.8%
6M Rtn	27.1%	103.1%	14.8%	41.7%	63.2%	37.6%	39.6%
12M Rtn	78.1%	134.8%	66.7%	92.2%	119.3%	99.3%	95.7%
3Y Rtn	176.4%	155.4%	43.6%	144.9%	102.1%	250.1%	150.1%
1M Excs Rtn	7.0%	23.1%	7.8%	16.2%	10.2%	4.4%	9.0%
3M Excs Rtn	-3.6%	44.0%	1.2%	20.0%	14.7%	8.9%	11.8%
6M Excs Rtn	12.4%	88.4%	0.1%	27.0%	48.5%	22.8%	24.9%
12M Excs Rtn	63.7%	122.9%	53.2%	86.2%	103.8%	89.4%	87.8%
3Y Excs Rtn	117.1%	109.7%	-22.8%	103.2%	49.2%	204.6%	106.5%

Financials

Annual
Quarterly

$ Mil \| FY: 12/31	LTM	2024	2023	2022	2021	2020	2019
Period End	9/30/2025	12/31/2024	12/31/2023	12/31/2022	12/31/2021	12/31/2020	12/31/2019
Filing Date	11/5/2025	3/28/2025	3/28/2024	3/30/2023	3/18/2022	3/31/2021	3/27/2020
Key Financials
Total Revenue	244	191	183	160	176	168	301
EBITDA	222	72	29	138	138	79	-155
Operating Income	171	129	72	92	90	53	40
Net Income	148	16	-37	-87	-18	13	-179
EPS	0.79	0.09	-0.20	-0.49	-0.11	0.08	-1.19
Growth Rates
Total Revenue Growth	32.7%	4.3%	14.2%	-9.0%	5.3%	-44.3%	-16.5%
EBITDA Growth	1913.7%	146.3%	-79.0%	0.4%	75.5%	150.6%	-241.3%
Operating Income Growth	43.9%	78.7%	-21.3%	1.9%	69.3%	32.2%	25.8%
Net Income Growth	451.4%	143.5%	57.2%	-373.6%	-239.6%	107.4%	-131.3%
Margins
EBITDA Margin	91.3%	37.5%	15.9%	86.3%	78.2%	46.9%	-51.6%
Operating Income Margin	70.2%	67.6%	39.5%	57.3%	51.2%	31.8%	13.4%
Net Income Margin	60.7%	8.5%	-20.4%	-54.5%	-10.5%	7.9%	-59.7%
Cash & Debt
Total Cash	57	59	57	67	91	240	99
Total Debt	5	99	151	115	322	323	267
Net Debt / (Cash)	-52	40	94	48	231	83	169
Cash Flows
Net Cash from Operations	212	160	138	81	83	85	70
Free Cash from Operations	112	86	-79	-11	12	-23	6
Returns to Shareholders
Dividends	33	31	30	28	25	23	21
Share Repurchases	-0	0	-0	16	24	3	109

$ Mil \| FY: 12/31	2025Q3	2025Q2	2025Q1	2024Q4	2024Q3	2024Q2	2024Q1	2023Q4	2023Q3	2023Q2	2023Q1	2022Q4
Period End	9/30/2025	6/30/2025	3/31/2025	12/31/2024	9/30/2024	6/30/2024	3/31/2024	12/31/2023	9/30/2023	6/30/2023	3/31/2023	12/31/2022
Filing Date	11/5/2025	8/5/2025	5/7/2025	3/28/2025	11/6/2024	8/7/2024	5/8/2024	3/28/2024	11/9/2023	8/10/2023	5/11/2023	3/30/2023
Key Financials Quarterly
Total Revenue	72	60	55	57	42	47	45	49	46	46	44	46
Ebitda	103	48	43	27	28	-12	29	-33	0	29	34	34
Operating Income	52	41	39	39	27	32	31	28	8	11	25	28
Net Income	83	32	26	7	13	-15	11	-51	-15	14	15	16
EPS	0.44	0.17	0.14	0.04	0.07	-0.08	0.06	-0.27	-0.08	0.08	0.08	0.09
Key Financials TTM
Total Revenue TTM	244	214	201	191	184	187	186	185	182	175	170	166
Ebitda TTM	222	147	86	72	11	-17	25	30	98	140	145	143
Operating Income TTM	171	146	137	129	119	99	78	73	72	86	97	96
Net Income TTM	148	79	31	16	-42	-70	-41	-37	30	-71	-72	-87
Growth Rates Quarterly
Total Revenue Growth	70.6%	27.4%	21.9%	15.3%	-8.1%	3.8%	2.3%	5.9%	16.4%	14.1%	8.5%	16.8%
EBITDA Growth	268.5%	499.3%	51.4%	181.1%	5807.3%	-141.7%	-15.7%	-197.9%	-98.9%	-15.5%	6.6%	-7.9%
Operating Income Growth	90.3%	29.6%	24.3%	36.5%	256.6%	186.2%	22.0%	1.1%	-63.0%	-51.0%	5.8%	24.0%
Net Income Growth	517.8%	309.9%	129.6%	113.9%	191.1%	-213.7%	-27.5%	-426.1%	87.3%	1.8%	5802.7%	194.6%
Margins Quarterly
EBITDA Margin	144.5%	80.3%	78.8%	47.9%	66.9%	-25.6%	63.5%	-68.0%	1.0%	63.7%	77.0%	73.5%
Operating Income Margin	72.9%	68.6%	70.1%	68.5%	65.3%	67.5%	68.8%	57.9%	16.8%	24.5%	57.6%	60.6%
Net Income Margin	115.7%	53.6%	46.7%	12.5%	31.9%	-32.5%	24.8%	-104.2%	-32.2%	29.7%	35.0%	33.8%
Cash & Debt
Total Cash	57	50	63	59	55	51	59	57	57	56	89	67
Total Debt	5	41	80	99	65	85	118	151	238	248	106	115
Net Debt / (Cash)	-52	-8	17	40	10	34	59	94	181	192	17	48
Cash Flows Quarterly
FCF from Operations	65	51	46	50	35	38	37	38	32	36	34	36
Cash Flows TTM
FCF from Operations TTM	212	182	169	160	148	146	143	139	137	133	97	83
Returns to Shareholders Quarterly
Dividends	10	8	8	8	8	7	8	8	8	7	7	7
Share Repurchases	-0	-0	-0	-0	0	-0	-0	-0	-0	-0	-0	1
Return on Invested Capital (ROIC) Quarterly
ROIC	11.4%	8.2%	7.3%	4.2%	4.6%	5.3%	4.8%	6.6%	1.5%	2.0%	4.4%	5.9%
Return on Invested Capital (ROIC) TTM
ROIC TTM	8.5%	6.4%	5.6%	4.3%	7.1%	5.9%	4.6%	4.2%	3.1%	3.6%	4.4%	4.4%

Segment Financials

Revenue by Segment

$ Mil	2024	2020
Acquiring and managing precious metals and other royalties, streams and other interests	183
Royalties, streams and other interests		301
Total	183	301

Assets by Segment

$ Mil	2024	2023	2022	2021	2020
Acquiring and managing precious metals and other royalties, streams and other interests	1,486	1,471
Intersegment transactions			-19	-11
Mining exploration, evaluation and development			551	629	259
Royalties, streams and other interests			1,327	1,262	1,231
Total	1,486	1,471	1,859	1,880	1,491

Price Behavior

Price Behavior

Market Price	$34.06
Market Cap ($ Bil)	6.4
First Trading Date	07/07/2014
Distance from 52W High	-16.6%
	50 Days	200 Days
DMA Price	$35.13	$28.04
DMA Trend	up	indeterminate
Distance from DMA	-3.1%	21.5%
	3M	1YR
Volatility	41.4%	35.0%
Downside Capture	136.39	0.44
Upside Capture	109.34	57.01
Correlation (SPY)	15.7%	12.6%

OR Betas & Captures as of 11/30/2025

	1M	2M	3M	6M	1Y	3Y
Beta	1.37	0.40	0.49	0.24	0.22	0.35
Up Beta	0.59	0.20	-0.25	-0.07	0.24	0.21
Down Beta	1.27	-1.02	-0.65	-0.47	0.13	0.34
Up Capture	216%	38%	130%	95%	46%	29%
Bmk +ve Days	13	26	39	74	142	427
Stock +ve Days	10	21	38	77	145	411
Down Capture	127%	148%	118%	34%	-1%	53%
Bmk -ve Days	7	16	24	52	107	323
Stock -ve Days	10	21	25	48	103	332

[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively

1Y 5Y 10Y

Based On 1-Year Data

		Comparison of OR With Other Asset Classes (Last 1Y)
	OR	Sector ETF	Equity	Gold	Commodities	Real Estate	Bitcoin
Annualized Return	77.9%	-4.2%	15.3%	58.9%	4.6%	-5.8%	-3.1%
Annualized Volatility	34.8%	20.1%	19.7%	19.4%	15.9%	17.8%	35.7%
Sharpe Ratio	1.70	-0.32	0.60	2.26	0.09	-0.48	0.04
Correlation With Other Assets		18.3%	12.4%	69.0%	20.5%	12.5%	14.6%

ETFs used for asset classes: Sector ETF = XLB, Equity = SPY, Gold = GLD, Commodities = DBC, Real Estate = VNQ, and Bitcoin = BTCUSD
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Based On 5-Year Data

		Comparison of OR With Other Asset Classes (Last 5Y)
	OR	Sector ETF	Equity	Gold	Commodities	Real Estate	Bitcoin
Annualized Return	28.2%	6.3%	15.0%	17.9%	11.9%	4.9%	37.1%
Annualized Volatility	33.7%	18.9%	17.1%	15.5%	18.9%	19.0%	49.1%
Sharpe Ratio	0.81	0.24	0.71	0.93	0.52	0.17	0.64
Correlation With Other Assets		36.1%	25.0%	66.2%	27.0%	26.8%	16.1%

Based On 10-Year Data

		Comparison of OR With Other Asset Classes (Last 10Y)
	OR	Sector ETF	Equity	Gold	Commodities	Real Estate	Bitcoin
Annualized Return	11.7%	9.0%	14.5%	14.2%	5.6%	5.4%	76.3%
Annualized Volatility	37.6%	20.8%	18.0%	14.8%	17.7%	20.9%	55.9%
Sharpe Ratio	0.41	0.39	0.69	0.79	0.25	0.23	0.95
Correlation With Other Assets		25.4%	18.1%	59.6%	21.5%	18.7%	13.7%

Short Interest

Short Interest: As Of Date	11142025
Short Interest: Shares Quantity	2,868,300
Short Interest: % Change Since 10312025	-22.0%
Average Daily Volume	1,122,293
Days-to-Cover Short Interest	2.56
Basic Shares Quantity	188,312,000
Short % of Basic Shares	1.5%

Returns Analyses

	Title
0	Would You Still Hold OR Royalties Stock If It Fell 30%?

SEC Filings

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Report Date	Filing Date	Filing
9302025	11052025	6-K 9/30/2025
6302025	8052025	6-K 6/30/2025
3312025	5072025	6-K 3/31/2025
12312024	3282025	40-F 12/31/2024
9302024	11062024	6-K 9/30/2024
6302024	8072024	6-K 6/30/2024
3312024	5082024	6-K 3/31/2024
12312023	3282024	40-F 12/31/2023
9302023	11092023	6-K 9/30/2023
6302023	8102023	6-K 6/30/2023
3312023	5112023	6-K 3/31/2023
12312022	3302023	40-F 12/31/2022
9302022	11092022	6-K 9/30/2022
6302022	8102022	6-K 6/30/2022
3312022	5122022	6-K 3/31/2022
12312021	3182022	40-F 12/31/2021

External Quote Links

0	Y Finance	Barrons
1	TradingView	Morningstar
2	SeekingAlpha	ValueLine
3	Motley Fool	Robinhood
4	CNBC	Etrade
5	MarketWatch	Unusual Whales
6	YCharts	Perplexity Finance
7	FinViz

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OR Royalties (OR)

Market Price (12/4/2025): $34.24 | Market Cap: $6.4 BilSector: Materials | Industry: Gold

OR Royalties (OR)

Market Price (12/4/2025): $34.24Market Cap: $6.4 BilSector: MaterialsIndustry: Gold

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Market Price (12/4/2025): $34.24 | Market Cap: $6.4 Bil
Sector: Materials | Industry: Gold

Market Price (12/4/2025): $34.24
Market Cap: $6.4 Bil
Sector: Materials
Industry: Gold