Tearsheet

Royal Gold (RGLD)

Market Price (12/4/2025): $200.99 | Market Cap: $13.2 Bil
Sector: Materials | Industry: Gold

Royal Gold (RGLD)

Market Price (12/4/2025): $200.99
Market Cap: $13.2 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 28%	Trading close to highs Dist 52W High is -2.9%, Dist 3Y High is -2.9%	Expensive valuation multiples P/SPrice/Sales ratio is 15x
1	Attractive operating margins Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is 67%		Not cash flow generative FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is -71%
2	Attractive cash flow generation CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 70%
3	Low stock price volatility Vol 12M is 32%
4	Megatrend and thematic drivers Megatrends include Resource & Commodity Markets. Themes include Precious Metals Investment, and Resource Financing Solutions.

0	Strong revenue growth Rev Chg LTMRevenue Change % Last Twelve Months (LTM) is 28%
1	Attractive operating margins Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is 67%
2	Attractive cash flow generation CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 70%
3	Low stock price volatility Vol 12M is 32%
4	Megatrend and thematic drivers Megatrends include Resource & Commodity Markets. Themes include Precious Metals Investment, and Resource Financing Solutions.
5	Trading close to highs Dist 52W High is -2.9%, Dist 3Y High is -2.9%
6	Expensive valuation multiples P/SPrice/Sales ratio is 15x
7	Not cash flow generative FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is -71%

Valuation, Metrics & Events

	12/4/25	2024	2023	2022	2021
Share Price CYE	$200.99	$130.43	$118.16	$108.71	$100.18
Market Cap CYE ($ Bil)	13.2	8.6	7.8	7.1	6.6
Total Debt ($ Bil)	0.8	0.0	0.2	0.6	0.0
Total Cash ($ Bil)	0.2	0.2	0.1	0.1	0.1
Enterprise Value ($ Bil)	13.8	8.6	8.0	7.7	6.6
Valuation Ratios
P/S TTM	15.4	12.0	13.1	12.2	20.1
P/EBIT TTM	23.0	19.9	25.4	25.5	40.2
P/E TTM	27.5	26.1	33.1	30.9	49.9
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	$200.99	$130.43	$118.16
Market Cap CYE ($ Bil)	13.2	8.6	7.8
Total Debt ($ Bil)	0.8	0.0	0.2
Total Cash ($ Bil)	0.2	0.2	0.1
Enterprise Value ($ Bil)	13.8	8.6	8.0
Valuation Ratios
P/S TTM	15.4	12.0	13.1
P/EBIT TTM	23.0	19.9	25.4
P/E TTM	27.5	26.1	33.1
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

	RGLD	S&P 500
REVENUE GROWTH	VERY GOOD
Rev LTM ($ Bil)	0.9
Rev Chg Q	30.0%	7.1%
Rev Chg LTM	28.1%	6.1%
Rev Chg 3Y Avg	12.3%	5.5%
PROFITABILITY	VERY GOOD
Op Inc LTM ($ Bil)	0.6
CFO LTM ($ Bil)	0.6
Net Inc LTM ($ Bil)	0.5
Op Mgn LTM	66.9%	18.8%
CFO/Rev LTM	70.4%	20.5%
Net Inc Mgn	56.0%	13.1%
VALUATION	VERY HIGH
P/S	15.4	3.2
P/CFO	21.9	15.8
P/FCF	-21.8	20.5
P/E	27.5	23.5
STABILITY	GOOD
Debt/Equity	0.06	0.20
Cash/Assets	0.04	0.07

AI Generated Analysis | Feedback

Metric	Value	Date	Source
Gold Equivalent Ounces (GEOs) Sold	72900	9302025	Link
Revenue from Gold	78%	9302025	Link
Revenue from Silver	12%	9302025	Link
Revenue from Copper	7%	9302025	Link
Total Number of Properties	approximately 175	11072025	Link
Number of Producing Mines	42	11072025	Link
Number of Development Stage Projects	18	11072025	Link

Recent
11/05/2025	Earnings Release	Rev: $252 Mil (A) vs. $254 Mil (E) EPS: 2.06 (A) vs. $2.15 (E)
Upcoming
1/02/2026	Dividend	Amount: $0.48 Payment On: 1/16/2026
2/11/2026	Earnings Release	Rev: - EPS: -

RGLD Stock

Return (1M):

Why The Stock Moved

Qualitative Assessment

AI Generated Analysis | Feedback

Here are the key points for Royal Gold (RGLD) stock movement between August 31, 2025, and December 4, 2025:

1. Gold Price Correction in October 2025
Royal Gold's stock experienced a significant decline of 12.86% in October 2025, primarily attributed to a correction in gold prices. After reaching a historical high just under $4,400 per ounce in mid-October, gold prices adjusted downward to the $3,950 per ounce area, negatively impacting precious metals royalty and streaming companies, including Royal Gold.

2. Q3 2025 Earnings Miss
On November 5, 2025, Royal Gold reported its third-quarter 2025 financial results, which included record revenue and operating cash flow. However, the company missed analyst consensus estimates for both earnings per share (EPS) at $2.06 versus an expected $2.30, and revenue at $250.23 million versus an expected $275.11 million. This earnings miss contributed to negative market sentiment.

3. Completion of Strategic Acquisitions
Royal Gold completed its acquisitions of Sandstorm Gold and Horizon Copper on October 20, 2025. These acquisitions were anticipated to enhance the scale, duration, and diversification of Royal Gold's portfolio, presenting a long-term positive outlook.

4. 25th Consecutive Annual Dividend Increase
On November 18, 2025, Royal Gold announced its 25th consecutive annual increase in the common stock dividend, raising it to $1.90 per share for 2026, a 6% increase over the 2025 dividend. This announcement was perceived as a sign of management's confidence in the company's financial strength, leading to a 4.5% jump in the share price on the day of the news.

5. Significant Institutional Share Sale
Russell Investments Group Ltd. disclosed a sale of 41,079 shares of Royal Gold during the second quarter, valued at approximately $13.15 million, as reported on December 3, 2025. The reporting of this substantial institutional selling, exceeding the $5 million threshold, could have contributed to investor sentiment during the period.

Show less

Stock Movement Drivers

Fundamental Drivers

The 11.2% change in RGLD stock from 9/3/2025 to 12/3/2025 was primarily driven by a 7.3% change in the company's Total Revenues ($ Mil).

	9032025	12032025	Change
Stock Price ($)	180.50	200.64	11.16%
Change Contribution By	LTM	LTM
Total Revenues ($ Mil)	799.48	857.71	7.28%
Net Income Margin (%)	56.22%	55.97%	-0.45%
P/E Multiple	26.40	27.48	4.10%
Shares Outstanding (Mil)	65.75	65.76	-0.02%
Cumulative Contribution			11.16%

LTM = Last Twelve Months as of date shown

Market Drivers

9/3/2025 to 12/3/2025

	Return	Correlation
RGLD	11.2%
Market (SPY)	6.2%	32.9%
Sector (XLB)	-2.2%	44.8%

Fundamental Drivers

The 9.6% change in RGLD stock from 6/4/2025 to 12/3/2025 was primarily driven by a 12.3% change in the company's Total Revenues ($ Mil).

	6042025	12032025	Change
Stock Price ($)	183.06	200.64	9.60%
Change Contribution By	LTM	LTM
Total Revenues ($ Mil)	763.93	857.71	12.28%
Net Income Margin (%)	52.15%	55.97%	7.34%
P/E Multiple	30.19	27.48	-8.98%
Shares Outstanding (Mil)	65.71	65.76	-0.09%
Cumulative Contribution			9.60%

LTM = Last Twelve Months as of date shown

Market Drivers

6/4/2025 to 12/3/2025

	Return	Correlation
RGLD	9.6%
Market (SPY)	15.1%	20.8%
Sector (XLB)	1.6%	32.6%

Fundamental Drivers

The 36.7% change in RGLD stock from 12/3/2024 to 12/3/2025 was primarily driven by a 30.4% change in the company's Net Income Margin (%).

	12032024	12032025	Change
Stock Price ($)	146.77	200.64	36.70%
Change Contribution By	LTM	LTM
Total Revenues ($ Mil)	669.50	857.71	28.11%
Net Income Margin (%)	42.93%	55.97%	30.39%
P/E Multiple	33.54	27.48	-18.05%
Shares Outstanding (Mil)	65.67	65.76	-0.14%
Cumulative Contribution			36.70%

LTM = Last Twelve Months as of date shown

Market Drivers

12/3/2024 to 12/3/2025

	Return	Correlation
RGLD	36.7%
Market (SPY)	14.3%	20.9%
Sector (XLB)	-4.3%	32.7%

Fundamental Drivers

The 83.0% change in RGLD stock from 12/4/2022 to 12/3/2025 was primarily driven by a 39.5% change in the company's Total Revenues ($ Mil).

	12042022	12032025	Change
Stock Price ($)	109.66	200.64	82.96%
Change Contribution By	LTM	LTM
Total Revenues ($ Mil)	614.66	857.71	39.54%
Net Income Margin (%)	41.13%	55.97%	36.10%
P/E Multiple	28.45	27.48	-3.40%
Shares Outstanding (Mil)	65.58	65.76	-0.28%
Cumulative Contribution			82.96%

LTM = Last Twelve Months as of date shown

Market Drivers

12/4/2023 to 12/3/2025

	Return	Correlation
RGLD	69.7%
Market (SPY)	53.2%	25.1%
Sector (XLB)	11.8%	37.8%

Return vs. Risk

Price Returns Compared

	2020	2021	2022	2023	2024	2025	Total [1]
Returns
RGLD Return	-12%	0%	9%	9%	10%	53%	76%
Peers Return	19%	-2%	-11%	26%	24%	126%	268%
S&P 500 Return	16%	27%	-19%	24%	23%	16%	112%
Monthly Win Rates [3]
RGLD Win Rate	25%	67%	50%	42%	58%	60%
Peers Win Rate	42%	42%	52%	55%	50%	84%
S&P 500 Win Rate	58%	75%	42%	67%	75%	70%
Max Drawdowns [4]
RGLD Max Drawdown	-43%	-12%	-17%	-8%	-16%	0%
Peers Max Drawdown	-21%	-12%	-28%	-14%	-18%	-2%
S&P 500 Max Drawdown	-31%	-1%	-25%	-1%	-2%	-15%

[1] Cumulative total returns since the beginning of 2020
[2] Peers: IDCC, TFPM, NEM, AEM, B. See RGLD Returns vs. Peers.
[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	RGLD	S&P 500
2022 Inflation Shock	2022 Inflation Shock
2022 Inflation Shock% Loss	% Loss	-40.9%	-25.4%
2022 Inflation Shock% Gain to Breakeven	% Gain to Breakeven	69.2%	34.1%
2022 Inflation ShockTime to Breakeven	Time to Breakeven	729 days	464 days
2020 Covid Pandemic	2020 Covid Pandemic
2020 Covid Pandemic% Loss	% Loss	-43.0%	-33.9%
2020 Covid Pandemic% Gain to Breakeven	% Gain to Breakeven	75.5%	51.3%
2020 Covid PandemicTime to Breakeven	Time to Breakeven	36 days	148 days
2018 Correction	2018 Correction
2018 Correction% Loss	% Loss	-25.5%	-19.8%
2018 Correction% Gain to Breakeven	% Gain to Breakeven	34.3%	24.7%
2018 CorrectionTime to Breakeven	Time to Breakeven	217 days	120 days
2008 Global Financial Crisis	2008 Global Financial Crisis
2008 Global Financial Crisis% Loss	% Loss	-41.7%	-56.8%
2008 Global Financial Crisis% Gain to Breakeven	% Gain to Breakeven	71.6%	131.3%
2008 Global Financial CrisisTime to Breakeven	Time to Breakeven	32 days	1480 days

Compare to IDCC, TFPM, NEM, AEM, B

In The Past

Royal Gold's stock fell -40.9% during the 2022 Inflation Shock from a high on 4/1/2022. A -40.9% loss requires a 69.2% 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 Royal Gold (RGLD)

Royal Gold, Inc., together with its subsidiaries, acquires and manages precious metal streams, royalties, and related interests. It focuses on acquiring stream and royalty interests or to finance projects that are in production or in development stage in exchange for stream or royalty interests, which primarily consists of gold, silver, copper, nickel, zinc, lead, and cobalt. As of June 30, 2021, the company owned interests in 187 properties on five continents, including interests on 41 producing mines and 17 development stage projects. Its stream and royalty interests on properties are located in the United States, Canada, Chile, the Dominican Republic, Australia, Africa, Mexico, and internationally. Royal Gold, Inc. was incorporated in 1981 and is headquartered in Denver, Colorado.

AI Generated Analysis | Feedback

Here are 1-2 brief analogies for Royal Gold (RGLD):

A REIT for gold mines.
A McDonald's for mining royalties.

AI Generated Analysis | Feedback

Gold: Royal Gold acquires a percentage of future gold production from mining operations through stream and royalty agreements, which it then sells on the open market.
Silver: Through stream and royalty agreements, Royal Gold acquires a portion of future silver production from mines, which is subsequently sold.
Copper: Royal Gold also obtains a share of future copper production from certain mining projects via stream and royalty agreements, for subsequent sale.

AI Generated Analysis | Feedback

Royal Gold (RGLD) Major Customers

Royal Gold (RGLD) is a precious metals stream and royalty company. It does not operate mines directly. Instead, it generates revenue in two primary ways: through royalty payments received from mine operators and by selling physical metal it receives from its stream agreements. When Royal Gold takes physical delivery of metals (such as gold, silver, copper, or nickel) under its stream agreements, it then sells this metal on the spot market. Therefore, Royal Gold sells primarily to other companies, not directly to individuals. Royal Gold's public filings do not disclose the specific names of its major customers for these physical metal sales. This is common for companies selling commodities into a liquid global market, where sales are often spread across multiple institutional buyers and no single buyer may represent a material concentration requiring individual disclosure. However, the customers are typically large, institutional players in the precious metals market. These generally fall into the following categories:

Bullion Banks and Investment Banks with Commodity Desks: These are major financial institutions that trade physical precious metals, provide financing, and offer storage solutions. They facilitate liquidity in the spot market and serve a wide range of clients from institutional investors to industrial users. Examples of such institutions globally include banks like JPMorgan Chase, HSBC, UBS, or Goldman Sachs, although Royal Gold does not name its specific counterparties.
Precious Metal Refiners and Fabricators: These companies purchase raw or semi-processed precious metals for refining, further processing, and manufacturing into bars, coins, or industrial products for various industries (e.g., jewelry, electronics, dentistry).
Large Commodity Trading Houses: Global firms specializing in the trading of various raw materials, including precious metals, which act as intermediaries between producers and industrial consumers or financial markets.

AI Generated Analysis | Feedback

Barrick Gold Corporation (NYSE: GOLD)
Newmont Corporation (NYSE: NEM)
Teck Resources Limited (NYSE: TECK)
Centerra Gold Inc. (TSX: CG)
Khoemacau Copper Mining (Pty) Ltd.

AI Generated Analysis | Feedback

William H. Heissenbuttel, President and Chief Executive Officer

William H. Heissenbuttel, also known as Bill, was appointed President and Chief Executive Officer of Royal Gold in January 2020. He joined the company in 2006, initially as Manager Corporate Development. His previous roles at Royal Gold include Chief Financial Officer and Vice President Strategy from June 2018 to January 2020, Vice President Corporate Development from 2007 to June 2018, and Vice President Operations from 2015 to 2016. Mr. Heissenbuttel brings over 36 years of corporate finance experience, with 30 years specifically in project and corporate finance within the metals and mining industry. Before his tenure at Royal Gold, he held progressively senior positions at N M Rothschild & Sons (Denver) Inc., ABN AMRO Bank N.V., and Chemical Bank Manufacturers Hanover.

Paul Libner, Senior Vice President and Chief Financial Officer

Paul Libner was promoted to Senior Vice President and Chief Financial Officer in March 2024. He possesses over 27 years of finance and accounting experience. Mr. Libner joined Royal Gold in 2004 and has held various financial leadership roles, including Chief Financial Officer and Treasurer from January 2020 to February 2024, Controller and Treasurer from June 2018 to January 2020, and Controller from 2004 to May 2018. Prior to joining Royal Gold, he gained experience at Ernst & Young.

Martin Raffield, Senior Vice President of Operations

Martin Raffield serves as the Senior Vice President of Operations for Royal Gold. He was a speaker during the company's Third Quarter 2025 earnings call.

Randy Shefman, Senior Vice President and General Counsel

Randy Shefman is the Senior Vice President and General Counsel at Royal Gold.

Dan Breeze, Senior Vice President, Corporate Development of RGLD Gold AG

Dan Breeze was promoted to Senior Vice President, Corporate Development of RGLD Gold AG, a wholly owned subsidiary of Royal Gold, in March 2024. He previously served as Vice President Corporate Development for RGLD Gold AG from January 2019 to February 2024. Mr. Breeze has more than 27 years of technical and commercial experience within international markets and has been a Director of the Denver Gold Group since January 2025.

AI Generated Analysis | Feedback

null

AI Generated Analysis | Feedback

Royal Gold, Inc. (symbol: RGLD) is a streaming and royalty company that acquires and manages interests in precious metals, primarily gold, silver, and copper, from various mining operations worldwide. Its addressable markets are therefore the global markets for these commodities.

The estimated sizes for Royal Gold's main addressable markets are as follows:

Gold: The global gold market was valued at approximately USD 291.68 billion in 2024. This market is projected to grow to about USD 400 billion by the end of 2030, with a compound annual growth rate (CAGR) of 6.51% during the forecast period of 2025-2030. Another projection estimates the market could reach USD 457.91 billion by 2032, growing at a CAGR of 5.8% from 2024 to 2032.
Silver: The global silver market size was valued at approximately USD 87.12 billion in 2024 and is projected to reach USD 202.07 billion by 2033, exhibiting a CAGR of 9.86% from 2025 to 2033. Other estimates for the global silver market size in 2024 include USD 22.50 billion, with a forecast to reach USD 34.94 billion by 2034 at a CAGR of 4.50%.
Copper: The global copper market size was estimated at approximately USD 241.88 billion in 2024 and is projected to reach USD 339.95 billion by 2030, growing at a CAGR of 6.5% from 2025 to 2030. Other sources indicate the global copper market size was around USD 236.09 billion in 2024, expected to reach USD 362.28 billion by 2032 with a CAGR of 5.6%.

AI Generated Analysis | Feedback

Royal Gold (RGLD) is expected to drive future revenue growth over the next 2-3 years through several key factors:

Higher Commodity Prices: Elevated and forecasted increases in gold, silver, and copper prices are significant revenue drivers. Royal Gold's Q3 2025 record revenue was partly attributed to higher gold and silver prices, and analysts project gold prices to remain strong, with some forecasts targeting $4,200-$4,700 by early 2026 and long-term averages around $4,000 per ounce by mid-2026.
Strategic Acquisitions and Portfolio Expansion: Recent strategic acquisitions, including Sandstorm Gold, Horizon Copper, and the Constancia stream transaction, have expanded and diversified Royal Gold's portfolio. These additions are anticipated to enhance revenue and cash flow, positioning the company for continued growth and market appreciation.
Mine Life Extensions and Increased Production from Key Assets: The extension of the Mount Milligan mine life from 2036 to 2045 is expected to provide long-term revenue generation from a significant asset. Additionally, higher production from assets like Peñasquito and the anticipated increase in gold production from Pueblo Viejo (targeting 800,000 ounces in 2026 post-expansion) are vital for future revenue growth.
Contribution from New Producing Assets: Royal Gold has begun to recognize revenue from newly operational assets, such as the Cote Gold and Contango at Mancha. These new streams and royalties contribute to the company's diversified revenue profile and are expected to bolster growth in the coming years. The new Kansanshi gold stream is also highlighted as a growth factor.

AI Generated Analysis | Feedback

Share Issuance

In October 2025, Royal Gold issued approximately 18.6 million common shares to Sandstorm Gold Ltd. shareholders as part of the acquisition of Sandstorm Gold Ltd., increasing its outstanding share count to approximately 84.4 million shares.

Outbound Investments

Royal Gold completed the acquisition of Sandstorm Gold Ltd. for an equity value of approximately $3.5 billion and Horizon Copper Corp. for approximately $196 million in cash, with both transactions closing in October 2025.
In 2025, Royal Gold secured a $1 billion gold stream on the Kansanshi mine in Zambia, financing this primarily with an $825 million draw on its revolving credit facility and $175 million from cash resources.
In July 2022, Royal Gold acquired Great Bear Royalties for $200 million.

Better Bets than Royal Gold (RGLD)

	RGLD	Better Performance than RGLD
Metric	Value	INDUSTRY: Gold
Rev Chg LTM	28.1%	AU (54.6%), FNV (41.1%), AEM (35.2%), KGC (32.9%), AGI (31.3%)
Rev Chg 3Y Avg	12.3%	KGC (29.5%), AU (26.4%), AEM (26.0%), PAAS (24.5%), NEM (23.9%)
Op Mgn LTM	66.9%	OR (70.2%), FNV (69.1%)
CFO/Rev LTM	70.4%	ORLA (101.2%), OR (86.9%), FNV (84.7%)
FCF/Rev LTM	-70.8%	KGC (34.8%), AEM (34.5%), NEM (28.5%), AU (23.3%), FNV (-55.4%)
Total Yield	4.5%	AU (11.3%), B (9.2%), NEM (9.0%), KGC (6.3%), AEM (4.9%)
P/S	15.4	B (2.6), AU (3.0), NEM (4.3), KGC (4.7), AEM (8.0)
P/Op Inc	23.0	B (6.7), AU (8.3), NEM (9.9), KGC (11.6), AEM (16.2)

	RGLD	Better Performance than RGLD
Metric	Value	SECTOR: Materials
Rev Chg LTM	28.1%	AU (54.6%), FNV (41.1%), AEM (35.2%), KGC (32.9%), TECK (29.1%)
Rev Chg 3Y Avg	12.3%	SW (55.9%), KGC (29.5%), AU (26.4%), AEM (26.0%), NEM (23.9%)
Op Mgn LTM	66.9%	MSB (79.0%), OR (70.2%), FNV (69.1%)
CFO/Rev LTM	70.4%	MSB (409.8%), ORLA (101.2%), OR (86.9%), FNV (84.7%), TFPM (83.4%)
FCF/Rev LTM	-70.8%	AEM (34.5%), NEM (28.5%), SCCO (28.2%), LIN (15.2%), SHW (10.4%)
Total Yield	4.5%	B (9.2%), NEM (9.0%), SCCO (6.1%), AEM (4.9%), CRH (4.6%)
P/S	15.4	SHW (3.7), NEM (4.3), LIN (6.7), AEM (8.0), SCCO (8.1)
P/Op Inc	23.0	B (6.7), NEM (9.9), CRH (15.8), SCCO (16.1), AEM (16.2)

	RGLD	Better Performance than RGLD
Metric	Value	ALL OTHER SECTORS
Rev Chg LTM	28.1%	NVDA (71.6%), MU (48.9%), PLTR (47.2%), LLY (36.8%), AMD (31.8%)
Rev Chg 3Y Avg	12.3%	NVDA (92.0%), AVGO (24.0%), BRK-B (19.8%), META (17.3%), MSFT (13.2%)
Op Mgn LTM	66.9%	VICI (92.6%), IBKR (85.5%), TPL (75.8%), GLPI (72.7%), VRSN (67.6%)
CFO/Rev LTM	70.4%	IBKR (162.0%), RY (135.4%), RPRX (102.4%), ARES (85.1%), TPL (72.3%)
FCF/Rev LTM	-70.8%	NVDA (43.6%), MSFT (26.6%), AAPL (23.5%), GOOGL (19.1%), AMZN (2.0%)
Total Yield	4.5%	XOM (10.3%), JNJ (8.4%), JPM (6.7%), BRK-B (6.2%), GOOGL (4.6%)
P/S	15.4	AMZN (3.5), GOOGL (7.6), AAPL (9.3), META (9.8), MSFT (13.1)
P/Op Inc	23.0	XOM (12.4), V (16.6), HD (16.8), JNJ (18.5), META (22.6)

		Best Bets In Materials Sector
	RGLD
What You Pay
P/E	27.5
P/EBIT	23.0
What You Get
Rev Chg Q	30.0%
Rev Chg LTM	28.1%
Rev Chg 3Y Avg	12.3%
FCF/Rev 3Y Avg	9.3%

[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 Royal Gold Stock If It Fell 30%?	Return
2	How Does Royal Gold Stock Stack Up Against Its Peers?	Peer Comparison
3	RGLD Dip Buy Analysis
4	Royal Gold (RGLD) Operating Cash Flow Comparison	Financials
5	Royal Gold (RGLD) Net Income Comparison	Financials
6	Royal Gold (RGLD) Operating Income Comparison	Financials
7	Royal Gold (RGLD) Revenue Comparison	Financials
8	Royal Gold vs. InterDigital: Neither Seems Like A Good Bet	Peer Comparison
9	Royal Gold Price Volatility	Volatility
10	Fundamental Metrics: ...
11	ARTICLES
12	Royal Gold Stock May Still Have Room to Run		October 29th, 2025

	Title
0	DASHBOARDS
1	Would You Still Hold Royal Gold Stock If It Fell 30%?
2	How Does Royal Gold Stock Stack Up Against Its Peers?
3	RGLD Dip Buy Analysis
4	Royal Gold (RGLD) Operating Cash Flow Comparison
5	Royal Gold (RGLD) Net Income Comparison
6	Royal Gold (RGLD) Operating Income Comparison
7	Royal Gold (RGLD) Revenue Comparison
8	Royal Gold vs. InterDigital: Neither Seems Like A Good Bet
9	Royal Gold Price Volatility
10	Fundamental Metrics: ...
11	ARTICLES
12	Royal Gold Stock May Still Have Room to Run

Trade Ideas

Select past ideas related to RGLD. 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%
IDCC_11142025_Quality_Momentum_RoomToRun_10%	11142025	IDCC	InterDigital	Quality	Q \| Momentum \| UpsideQuality Stocks with Momentum and Upside Buying quality stocks with strong momentum but still having room to run	-3.1%	-3.1%	-6.0%
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%
RGLD_10242025_Quality_Momentum_RoomToRun_10%	10242025	RGLD	Royal Gold	Quality	Q \| Momentum \| UpsideQuality Stocks with Momentum and Upside Buying quality stocks with strong momentum but still having room to run	9.7%	9.7%	-7.3%
RGLD_2292020_Dip_Buyer_FCFYield	02292020	RGLD	Royal Gold	Dip Buy	DB \| FCFY OPMDip Buy with High FCF Yield and High Margin Buying dips for companies with high FCF yield and meaningfully high operating margin	41.1%	8.6%	-27.8%

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%
IDCC_11142025_Quality_Momentum_RoomToRun_10%	11142025	IDCC	InterDigital	Quality	Q \| Momentum \| UpsideQuality Stocks with Momentum and Upside Buying quality stocks with strong momentum but still having room to run	-3.1%	-3.1%	-6.0%
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%
RGLD_10242025_Quality_Momentum_RoomToRun_10%	10242025	RGLD	Royal Gold	Quality	Q \| Momentum \| UpsideQuality Stocks with Momentum and Upside Buying quality stocks with strong momentum but still having room to run	9.7%	9.7%	-7.3%
RGLD_2292020_Dip_Buyer_FCFYield	02292020	RGLD	Royal Gold	Dip Buy	DB \| FCFY OPMDip Buy with High FCF Yield and High Margin Buying dips for companies with high FCF yield and meaningfully high operating margin	41.1%	8.6%	-27.8%

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 Royal Gold

Peers to compare with:

Financials

	RGLD	IDCC	TFPM	NEM	AEM	B	Median
Name	Royal Go.	InterDig.	Triple F.	Newmont	Agnico E.	Barrick .
Mkt Price	200.64	341.84	32.48	89.65	169.18	40.50	129.42
Mkt Cap	13.2	8.8	6.7	98.3	85.0	69.5	41.3
Rev LTM	858	929	344	21,503	10,568	13,824	5,748
Op Inc LTM	574	576	193	9,359	5,223	5,351	2,899
FCF LTM	-607	590	72	6,122	3,645	-	590
FCF 3Y Avg	12	383	107	2,636	2,041	-	383
CFO LTM	604	673	287	9,224	5,837	-	673
CFO 3Y Avg	503	441	209	5,616	3,883	-	503

Growth & Margins

	RGLD	IDCC	TFPM	NEM	AEM	B	Median
Name	Royal Go.	InterDig.	Triple F.	Newmont	Agnico E.	Barrick .
Rev Chg LTM	28.1%	28.8%	39.5%	26.6%	35.2%	16.9%	28.4%
Rev Chg 3Y Avg	12.3%	27.1%	33.5%	23.9%	26.0%	5.9%	24.9%
Rev Chg Q	30.0%	28.0%	26.9%	20.0%	41.9%	16.4%	27.4%
QoQ Delta Rev Chg LTM	7.3%	4.0%	6.1%	4.5%	9.4%	3.9%	5.3%
Op Mgn LTM	66.9%	62.0%	56.0%	43.5%	49.4%	38.7%	52.7%
Op Mgn 3Y Avg	57.3%	48.6%	46.4%	23.9%	36.0%	29.4%	41.2%
QoQ Delta Op Mgn LTM	2.2%	1.6%	4.0%	4.5%	3.6%	3.2%	3.4%
CFO/Rev LTM	70.4%	72.5%	83.4%	42.9%	55.2%	-	70.4%
CFO/Rev 3Y Avg	70.3%	62.0%	79.2%	32.6%	45.6%	-	62.0%
FCF/Rev LTM	-70.8%	63.6%	21.0%	28.5%	34.5%	-	28.5%
FCF/Rev 3Y Avg	9.3%	54.2%	44.5%	13.8%	22.7%	-	22.7%

Valuation

	RGLD	IDCC	TFPM	NEM	AEM	B	Median
Name	Royal Go.	InterDig.	Triple F.	Newmont	Agnico E.	Barrick .
Mkt Cap	13.2	8.8	6.7	98.3	85.0	69.5	41.3
P/S	15.4	9.6	17.5	4.3	8.0	2.6	8.8
P/EBIT	23.0	14.5	26.2	8.9	16.2	6.3	15.4
P/E	27.5	17.9	29.5	12.9	24.6	12.9	21.2
P/CFO	21.8	13.2	21.0	10.0	14.5	-	14.5
Total Yield	4.5%	6.2%	3.4%	9.0%	4.9%	9.2%	5.6%
Dividend Yield	0.9%	0.6%	0.0%	1.2%	0.8%	1.4%	0.9%
FCF Yield 3Y Avg	1.0%	11.0%	3.2%	3.6%	3.9%	-	3.6%
D/E	0.1	0.1	0.0	0.1	0.0	0.0	0.0
Net D/E	0.0	-0.1	-0.0	-0.0	-0.0	0.0	-0.0

Returns

	RGLD	IDCC	TFPM	NEM	AEM	B	Median
Name	Royal Go.	InterDig.	Triple F.	Newmont	Agnico E.	Barrick .
1M Rtn	14.9%	-13.8%	16.2%	10.2%	4.3%	23.0%	12.5%
3M Rtn	11.2%	20.3%	19.3%	19.6%	14.0%	50.0%	19.4%
6M Rtn	9.6%	53.7%	33.4%	63.2%	37.6%	103.1%	45.6%
12M Rtn	36.7%	72.6%	95.0%	119.3%	99.3%	134.8%	97.1%
3Y Rtn	83.0%	613.5%	149.4%	102.1%	250.1%	155.4%	152.4%
1M Excs Rtn	14.9%	-13.8%	16.2%	10.2%	4.4%	23.1%	12.5%
3M Excs Rtn	6.1%	13.6%	15.3%	14.7%	8.9%	44.0%	14.2%
6M Excs Rtn	-5.1%	38.9%	18.7%	48.5%	22.8%	88.4%	30.9%
12M Excs Rtn	25.1%	62.7%	82.5%	103.8%	89.4%	122.9%	85.9%
3Y Excs Rtn	24.9%	566.6%	118.8%	49.2%	204.6%	109.7%	114.2%

Comparison Analyses

	Title
0	How Does Royal Gold Stock Stack Up Against Its Peers?
1	Royal Gold vs. InterDigital: Neither Seems Like A Good Bet
2	With 45% Gains On The Table, RGLD May Outshine CLF
3	Why RGLD With 45% Upside May Beat AA?
4	Why X With 0.0% Upside May Beat RGLD?
5	Royal Gold vs. Knight Transportation: Similar Market Cap, But Knight Transportation Is A Better Bet
6	Royal Gold vs. Bausch Health Companies: Similar Market Cap, But Royal Gold Is A Better Bet
7	Royal Gold vs. Axalta Coating Systems: Similar Market Cap, But Royal Gold Is A Better Bet
8	Royal Gold vs. Donaldson: Similar Market Cap, Similar Bets
9	Royal Gold vs. Wex: Similar Market Cap, But Wex Is A Better Bet

Financials

Annual
Quarterly

$ Mil \| FY: 12/31	LTM	2024	2023	2022	2021	2020
Period End	9/30/2025	12/31/2024	12/31/2023	12/31/2022	6/30/2021	6/30/2020
Filing Date	11/6/2025	2/13/2025	2/15/2024	2/16/2023	8/12/2021	8/6/2020
Key Financials
Total Revenue	858	719	606	603	343	499
EBITDA	705	580	478	469	271	378
Operating Income	574	430	303	288	171	200
Net Income	480	332	239	239	138	199
EPS	7.28	5.04	3.64	3.64	2.11	3.04
Growth Rates
Total Revenue Growth	28.1%	18.8%	0.4%	75.9%	-44.3%	17.9%
EBITDA Growth	32.0%	21.4%	1.9%	72.9%	-48.8%	26.2%
Operating Income Growth	52.5%	41.8%	5.3%	68.1%	-43.6%	42.3%
Net Income Growth	67.0%	38.7%	0.2%	72.8%	-54.3%	112.5%
Margins
EBITDA Margin	82.2%	80.7%	78.9%	77.7%	79.1%	75.7%
Operating Income Margin	66.9%	59.8%	50.1%	47.7%	50.0%	40.2%
Net Income Margin	56.0%	46.2%	39.5%	39.6%	40.3%	40.0%
Cash & Debt
Total Cash	173	195	104	119	144	319
Total Debt	770	0	246	572	7	300
Net Debt / (Cash)	597	-195	142	453	-137	-19
Cash Flows
Net Cash from Operations	604	530	416	417	249	341
Free Cash from Operations	-607	427	413	-505	-32	185
Returns to Shareholders
Dividends	115	105	99	92	39	71
Share Repurchases	5	5	1	1	1	4

$ 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	11/6/2025	8/7/2025	5/8/2025	2/13/2025	11/7/2024	8/8/2024	5/9/2024	2/15/2024	11/2/2023	8/3/2023	5/4/2023	2/16/2023
Key Financials Quarterly
Total Revenue	252	210	193	203	194	174	149	153	139	144	170	163
Ebitda	202	176	158	169	155	139	118	122	108	112	135	125
Operating Income	175	142	123	133	119	102	76	80	66	72	86	78
Net Income	127	132	113	107	96	81	47	63	49	63	64	56
EPS	1.92	2.01	1.72	1.63	1.46	1.23	0.72	0.95	0.75	0.97	0.97	0.86
Key Financials TTM
Total Revenue TTM	858	799	764	719	670	614	584	606	616	609	611	603
Ebitda TTM	705	658	621	580	534	486	460	478	480	476	474	469
Operating Income TTM	574	517	477	430	376	323	293	303	301	297	293	288
Net Income TTM	480	449	398	332	287	240	223	239	233	229	237	239
Growth Rates Quarterly
Total Revenue Growth	30.0%	20.4%	29.9%	32.7%	39.8%	20.9%	-12.6%	-6.3%	5.5%	-1.6%	5.0%	-6.6%
EBITDA Growth	30.2%	26.8%	34.3%	37.9%	44.2%	23.2%	-13.1%	-1.7%	4.0%	1.5%	4.1%	-10.4%
Operating Income Growth	47.4%	38.9%	63.0%	67.5%	81.3%	42.0%	-12.2%	2.5%	6.1%	5.9%	6.8%	-11.1%
Net Income Growth	31.8%	63.0%	140.6%	71.1%	95.1%	28.0%	-26.2%	11.4%	7.7%	-10.8%	-2.7%	-19.7%
Margins Quarterly
EBITDA Margin	80.1%	83.8%	81.7%	83.3%	80.1%	79.6%	79.1%	80.2%	77.7%	78.1%	79.5%	76.4%
Operating Income Margin	69.5%	67.7%	63.6%	65.9%	61.3%	58.6%	50.7%	52.2%	47.3%	49.9%	50.5%	47.7%
Net Income Margin	50.3%	63.1%	58.7%	53.0%	49.7%	46.6%	31.7%	41.1%	35.6%	44.0%	37.5%	34.6%
Cash & Debt
Total Cash	173	248	241	195	128	74	138	104	103	106	127	119
Total Debt	770	0	0	0	0	50	146	246	321	396	497	572
Net Debt / (Cash)	597	-248	-241	-195	-128	-24	8	142	218	289	370	453
Cash Flows Quarterly
FCF from Operations	174	153	136	141	137	114	138	101	98	108	109	101
Cash Flows TTM
FCF from Operations TTM	604	567	528	530	490	451	445	416	416	413	425	417
Returns to Shareholders Quarterly
Dividends	30	30	30	26	26	26	26	25	25	25	25	23
Share Repurchases	0	1	3	0	3	0	1	0	-0	-0	0	0
Return on Invested Capital (ROIC) Quarterly
ROIC	20.3%	26.5%	22.7%	21.1%	18.5%	15.0%	8.6%	11.1%	8.8%	11.1%	10.7%	9.5%
Return on Invested Capital (ROIC) TTM
ROIC TTM	17.5%	22.6%	20.1%	16.5%	14.0%	11.4%	10.6%	10.9%	10.5%	10.1%	9.9%	9.5%

Segment Financials

Revenue by Segment

$ Mil	2024	2023	2022	2021
Stream interests	418	418	227	360
Royalty interests	187	185	116	139
Total	606	603	343	499

Price Behavior

Price Behavior

Market Price	$200.64
Market Cap ($ Bil)	13.2
First Trading Date	03/26/1990
Distance from 52W High	-2.9%
	50 Days	200 Days
DMA Price	$190.13	$174.57
DMA Trend	up	up
Distance from DMA	5.5%	14.9%
	3M	1YR
Volatility	36.0%	32.4%
Downside Capture	154.34	32.67
Upside Capture	160.56	58.93
Correlation (SPY)	32.4%	21.0%

RGLD Betas & Captures as of 11/30/2025

	1M	2M	3M	6M	1Y	3Y
Beta	1.94	0.96	0.89	0.63	0.34	0.45
Up Beta	1.30	0.99	0.92	0.71	0.30	0.30
Down Beta	0.69	-0.68	-0.34	-0.16	0.25	0.45
Up Capture	362%	160%	167%	93%	49%	29%
Bmk +ve Days	13	26	39	74	142	427
Stock +ve Days	12	23	36	68	140	414
Down Capture	162%	162%	129%	96%	41%	74%
Bmk -ve Days	7	16	24	52	107	323
Stock -ve Days	8	19	27	58	109	337

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

1Y 5Y 10Y

Based On 1-Year Data

		Comparison of RGLD With Other Asset Classes (Last 1Y)
	RGLD	Sector ETF	Equity	Gold	Commodities	Real Estate	Bitcoin
Annualized Return	39.2%	-4.2%	15.3%	58.9%	4.6%	-5.8%	-3.1%
Annualized Volatility	32.2%	20.1%	19.7%	19.4%	15.9%	17.8%	35.7%
Sharpe Ratio	1.05	-0.32	0.60	2.26	0.09	-0.48	0.04
Correlation With Other Assets		32.7%	20.9%	67.8%	20.9%	26.6%	16.8%

ETFs used for asset classes: Sector ETF = XLB, Equity = SPY, Gold = GLD, Commodities = DBC, Real Estate = VNQ, and Bitcoin = BTCUSD
Smart multi-asset allocation framework can stack odds in your favor. Learn How

Based On 5-Year Data

		Comparison of RGLD With Other Asset Classes (Last 5Y)
	RGLD	Sector ETF	Equity	Gold	Commodities	Real Estate	Bitcoin
Annualized Return	14.7%	6.3%	15.0%	17.9%	11.9%	4.9%	37.1%
Annualized Volatility	29.3%	18.9%	17.1%	15.5%	18.9%	19.0%	49.1%
Sharpe Ratio	0.50	0.24	0.71	0.93	0.52	0.17	0.64
Correlation With Other Assets		39.5%	27.9%	66.9%	25.5%	33.9%	14.6%

Based On 10-Year Data

		Comparison of RGLD With Other Asset Classes (Last 10Y)
	RGLD	Sector ETF	Equity	Gold	Commodities	Real Estate	Bitcoin
Annualized Return	20.2%	9.0%	14.5%	14.2%	5.6%	5.4%	76.3%
Annualized Volatility	34.7%	20.8%	18.0%	14.8%	17.7%	20.9%	55.9%
Sharpe Ratio	0.63	0.39	0.69	0.79	0.25	0.23	0.95
Correlation With Other Assets		29.1%	19.8%	62.7%	23.0%	23.0%	12.5%

Short Interest

Short Interest: As Of Date	11142025
Short Interest: Shares Quantity	2,888,888
Short Interest: % Change Since 10312025	23.3%
Average Daily Volume	1,081,157
Days-to-Cover Short Interest	2.67
Basic Shares Quantity	65,761,896
Short % of Basic Shares	4.4%

Returns Analyses

	Title
0	Would You Still Hold Royal Gold Stock If It Fell 30%?
1	Royal Gold Stock Return Comparison
2	Royal Gold Total Shareholder Return (TSR): ...% in 2023 and 0.0% 3-yr returns (above peer average)
3	Royal Gold (RGLD) Stock Return: AI Predicts RGLD Average and Excess Return After a Fall or Rise

SEC Filings

Expand for More

Report Date	Filing Date	Filing
9302025	11062025	10-Q 9/30/2025
6302025	8072025	10-Q 6/30/2025
3312025	5082025	10-Q 3/31/2025
12312024	2132025	10-K 12/31/2024
9302024	11072024	10-Q 9/30/2024
6302024	8082024	10-Q 6/30/2024
3312024	5092024	10-Q 3/31/2024
12312023	2152024	10-K 12/31/2023
9302023	11022023	10-Q 9/30/2023
6302023	8032023	10-Q 6/30/2023
3312023	5042023	10-Q 3/31/2023
12312022	2162023	10-K 12/31/2022
9302022	11032022	10-Q 9/30/2022
6302022	8042022	10-Q 6/30/2022
3312022	5052022	10-Q 3/31/2022
12312021	2172022	10-KT 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

Prefer one of these to Trefis? Tell us why.

Royal Gold (RGLD)

Market Price (12/4/2025): $200.99 | Market Cap: $13.2 BilSector: Materials | Industry: Gold

Royal Gold (RGLD)

Market Price (12/4/2025): $200.99Market Cap: $13.2 BilSector: MaterialsIndustry: Gold

Valuation, Metrics & Events

RGLD Stock

Why The Stock Moved

Qualitative Assessment

Stock Movement Drivers

Fundamental Drivers

Market Drivers

Fundamental Drivers

Market Drivers

Fundamental Drivers

Market Drivers

Fundamental Drivers

Market Drivers

Return vs. Risk

Price Returns Compared

How Low Can It Go

In The Past

Preserve Wealth

Asset Allocation

About Royal Gold (RGLD)

Royal Gold (RGLD) Major Customers

Share Issuance

Outbound Investments

Interactive Breakdown

Better Bets than Royal Gold (RGLD)

Latest Trefis Analyses

Trade Ideas

Recent Active Movers

1 Day Top Gainers

1 Day Top Losers

1 Week Top Gainers

1 Week Top Losers

1 Month Top Gainers

1 Month Top Losers

Recent Active Movers

1 Day Top Gainers

1 Day Top Losers

1 Week Top Gainers

1 Week Top Losers

More From Trefis

Research & Analysis

Invest in Strategies

Wealth Management

Peer Comparisons for Royal Gold

Financials

Growth & Margins

Valuation

Returns

Comparison Analyses

FDIC Bank Data

Bank Capital

Bank Deposits

Bank Assets

Bank Loans

Financials

Segment Financials

Price Behavior

Based On 1-Year Data

Based On 5-Year Data

Based On 10-Year Data

Short Interest

Returns Analyses

Earnings Returns History

SEC Filings

Insider Activity

Industry Resources

External Quote Links

Market Price (12/4/2025): $200.99 | Market Cap: $13.2 Bil
Sector: Materials | Industry: Gold

Market Price (12/4/2025): $200.99
Market Cap: $13.2 Bil
Sector: Materials
Industry: Gold