Royal Gold (RGLD)
Market Price (10/30/2026): $235.77 | Market Cap: $20.0 BilSector: Materials | Industry: Gold
Royal Gold (RGLD)
Market Price (10/30/2026): $235.77Market Cap: $20.0 BilSector: MaterialsIndustry: Gold
Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.
Strong revenue growthRev Chg LTMRevenue Change % Last Twelve Months (LTM) is 94% Attractive operating marginsOp Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is 63% Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 68% Low stock price volatilityVol 12M is 41% Megatrend and thematic driversMegatrends include Resource & Commodity Markets. Themes include Precious Metals Investment, and Resource Financing Solutions. | Key risksRGLD key risks include [1] its lack of control over the third-party mining operations it relies on for revenue and [2] a significant concentration of revenue from a limited number of key properties. |
| Strong revenue growthRev Chg LTMRevenue Change % Last Twelve Months (LTM) is 94% |
| Attractive operating marginsOp Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is 63% |
| Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 68% |
| Low stock price volatilityVol 12M is 41% |
| Megatrend and thematic driversMegatrends include Resource & Commodity Markets. Themes include Precious Metals Investment, and Resource Financing Solutions. |
| Key risksRGLD key risks include [1] its lack of control over the third-party mining operations it relies on for revenue and [2] a significant concentration of revenue from a limited number of key properties. |
Qualitative Assessment
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Royal Gold (RGLD) stock has gained about 20% since 6/30/2026 because of the following key factors:
1. Royal Gold reported robust financial performance for fiscal Q2 2026, which ended June 30, 2026. The company announced on August 5, 2026, a 114.9% year-over-year increase in revenue, reaching $450.5 million (or $468.98 million), surpassing consensus estimates. Additionally, Royal Gold achieved record operating cash flow of $335.2 million, a 119% increase compared to the prior year. This strong operational performance, despite a slight miss in EPS at $2.56 against a $2.72 estimate, focused investor attention on the company's healthy cash generation and improved portfolio diversification.
2. The company significantly strengthened its balance sheet through substantial debt reduction. In fiscal Q2 2026, Royal Gold repaid $200 million on its revolving credit facility. This commitment continued into fiscal Q3 2026 (ended September 30, 2026), with an additional $250 million in debt repayment, reducing the outstanding balance on its revolving credit facility to $150 million. This left $1.25 billion undrawn and available, significantly improving the company's financial flexibility.
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Royal Gold (RGLD) stock has gained about 20% since 6/30/2026 because of the following key factors:
1. Royal Gold reported robust financial performance for fiscal Q2 2026, which ended June 30, 2026. The company announced on August 5, 2026, a 114.9% year-over-year increase in revenue, reaching $450.5 million (or $468.98 million), surpassing consensus estimates. Additionally, Royal Gold achieved record operating cash flow of $335.2 million, a 119% increase compared to the prior year. This strong operational performance, despite a slight miss in EPS at $2.56 against a $2.72 estimate, focused investor attention on the company's healthy cash generation and improved portfolio diversification.
2. The company significantly strengthened its balance sheet through substantial debt reduction. In fiscal Q2 2026, Royal Gold repaid $200 million on its revolving credit facility. This commitment continued into fiscal Q3 2026 (ended September 30, 2026), with an additional $250 million in debt repayment, reducing the outstanding balance on its revolving credit facility to $150 million. This left $1.25 billion undrawn and available, significantly improving the company's financial flexibility.
3. Royal Gold initiated a share repurchase program, signaling confidence and returning capital to shareholders. During fiscal Q3 2026, the company repurchased and cancelled 190,045 shares at an average price of $259.83 per share, for a total consideration of $49 million. This marked the company's first-ever share buyback, underscoring management's positive outlook on the stock's value and its commitment to enhancing shareholder returns.
4. Positive analyst sentiment and increased price targets provided external validation for Royal Gold's performance. Analysts maintained a "Moderate Buy" consensus rating for RGLD, with an average price target ranging from $295.40 to $316.16 during this period. Notably, UBS raised its price target to $285.00 on August 7, 2026, and RBC Capital increased its target to $325.00 on September 16, 2026, while maintaining an "outperform" rating. This supportive analyst outlook contributed to investor confidence.
5. A favorable precious metals market, characterized by historically elevated gold prices, created a positive backdrop. After dipping to an intraday low of $3,955.30 on June 30, 2026, gold prices rebounded in early July and generally remained at historically elevated levels. The average London PM gold fixing price for fiscal Q3 2026 was $4,262 per ounce. This sustained strength in gold prices positively impacted Royal Gold, a royalty and streaming company highly leveraged to precious metal values.
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Stock Movement Drivers
Fundamental Drivers
The 19.2% change in RGLD stock from 6/30/2026 to 10/29/2026 was primarily driven by a 18.4% change in the company's Total Revenues ($ Mil).| (LTM values as of) | 6302026 | 10292026 | Change |
|---|---|---|---|
| Stock Price ($) | 198.73 | 236.83 | 19.2% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 1,306 | 1,547 | 18.4% |
| Net Income Margin (%) | 48.5% | 47.7% | -1.7% |
| P/E Multiple | 26.6 | 27.2 | 2.4% |
| Shares Outstanding (Mil) | 85 | 85 | -0.1% |
| Cumulative Contribution | 19.2% |
Market Drivers
6/30/2026 to 10/29/2026| Return | Correlation | |
|---|---|---|
| RGLD | 19.2% | |
| Market (SPY) | 3.0% | 42.3% |
| Sector (XLB) | 3.3% | 52.7% |
Fundamental Drivers
The -6.4% change in RGLD stock from 3/31/2026 to 10/29/2026 was primarily driven by a -37.7% change in the company's P/E Multiple.| (LTM values as of) | 3312026 | 10292026 | Change |
|---|---|---|---|
| Stock Price ($) | 252.91 | 236.83 | -6.4% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 1,030 | 1,547 | 50.1% |
| Net Income Margin (%) | 45.2% | 47.7% | 5.4% |
| P/E Multiple | 43.7 | 27.2 | -37.7% |
| Shares Outstanding (Mil) | 80 | 85 | -5.1% |
| Cumulative Contribution | -6.4% |
Market Drivers
3/31/2026 to 10/29/2026| Return | Correlation | |
|---|---|---|
| RGLD | -6.4% | |
| Market (SPY) | 18.6% | 49.6% |
| Sector (XLB) | 5.5% | 59.1% |
Fundamental Drivers
The 19.3% change in RGLD stock from 9/30/2025 to 10/29/2026 was primarily driven by a 93.5% change in the company's Total Revenues ($ Mil).| (LTM values as of) | 9302025 | 10292026 | Change |
|---|---|---|---|
| Stock Price ($) | 198.46 | 236.83 | 19.3% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 799 | 1,547 | 93.5% |
| Net Income Margin (%) | 56.2% | 47.7% | -15.2% |
| P/E Multiple | 29.0 | 27.2 | -6.3% |
| Shares Outstanding (Mil) | 66 | 85 | -22.4% |
| Cumulative Contribution | 19.3% |
Market Drivers
9/30/2025 to 10/29/2026| Return | Correlation | |
|---|---|---|
| RGLD | 19.3% | |
| Market (SPY) | 16.4% | 42.2% |
| Sector (XLB) | 18.8% | 59.7% |
Fundamental Drivers
The 130.8% change in RGLD stock from 9/30/2023 to 10/29/2026 was primarily driven by a 154.1% change in the company's Total Revenues ($ Mil).| (LTM values as of) | 9302023 | 10292026 | Change |
|---|---|---|---|
| Stock Price ($) | 102.63 | 236.83 | 130.8% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 609 | 1,547 | 154.1% |
| Net Income Margin (%) | 37.7% | 47.7% | 26.6% |
| P/E Multiple | 29.3 | 27.2 | -7.3% |
| Shares Outstanding (Mil) | 66 | 85 | -22.6% |
| Cumulative Contribution | 130.8% |
Market Drivers
9/30/2023 to 10/29/2026| Return | Correlation | |
|---|---|---|
| RGLD | 130.8% | |
| Market (SPY) | 86.2% | 30.5% |
| Sector (XLB) | 41.0% | 47.0% |
Price Returns Compared
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| RGLD Return | 0% | 9% | 9% | 10% | 70% | 10% | 144% |
| Peers Return | -1% | 3% | -7% | 4% | 128% | 10% | 145% |
| S&P 500 Return | 27% | -19% | 24% | 23% | 16% | 13% | 106% |
Monthly Win Rates [3] | |||||||
| RGLD Win Rate | 67% | 50% | 42% | 58% | 67% | 40% | |
| Peers Win Rate | 50% | 53% | 42% | 50% | 73% | 42% | |
| S&P 500 Win Rate | 75% | 42% | 67% | 75% | 67% | 50% | |
Max Drawdowns [4] | |||||||
| RGLD Max Drawdown | -28% | -41% | -28% | -17% | -19% | -38% | |
| Peers Max Drawdown | -28% | -38% | -35% | -29% | -21% | -34% | |
| S&P 500 Max Drawdown | -5% | -25% | -10% | -8% | -19% | -9% | |
[1] Cumulative total returns since the beginning of 2021
[2] Peers: FNV, TFPM, OR, SSRM. 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] 2026 data is for the year up to 10/29/2026 (YTD)
How Low Can It Go
| Event | RGLD | S&P 500 |
|---|---|---|
| Summer-Fall 2023 Five Percent Yield Shock | ||
| % Loss | -16.3% | -9.5% |
| % Gain to Breakeven | 19.4% | 10.5% |
| Time to Breakeven | 60 days | 24 days |
| 2022 Inflation Shock & Fed Tightening | ||
| % Loss | -15.8% | -24.5% |
| % Gain to Breakeven | 18.7% | 32.4% |
| Time to Breakeven | 45 days | 427 days |
| 2020 COVID-19 Crash | ||
| % Loss | -34.2% | -33.7% |
| % Gain to Breakeven | 51.9% | 50.9% |
| Time to Breakeven | 29 days | 140 days |
| 2016-2017 Trump Reflation Bond Selloff | ||
| % Loss | -22.9% | -3.7% |
| % Gain to Breakeven | 29.7% | 3.9% |
| Time to Breakeven | 152 days | 6 days |
| 2015-2016 China Devaluation / Global Growth Scare | ||
| % Loss | -53.6% | -12.2% |
| % Gain to Breakeven | 115.7% | 13.9% |
| Time to Breakeven | 82 days | 62 days |
| 2014-2016 Oil Price Collapse | ||
| % Loss | -66.6% | -6.8% |
| % Gain to Breakeven | 199.4% | 7.3% |
| Time to Breakeven | 168 days | 15 days |
In The Past
Royal Gold's stock fell -2.8% during the 2025 US Tariff Shock. Such a loss loss requires a 2.9% gain to breakeven.
Preserve Wealth
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Asset Allocation
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| Event | RGLD | S&P 500 |
|---|---|---|
| 2020 COVID-19 Crash | ||
| % Loss | -34.2% | -33.7% |
| % Gain to Breakeven | 51.9% | 50.9% |
| Time to Breakeven | 29 days | 140 days |
| 2016-2017 Trump Reflation Bond Selloff | ||
| % Loss | -22.9% | -3.7% |
| % Gain to Breakeven | 29.7% | 3.9% |
| Time to Breakeven | 152 days | 6 days |
| 2015-2016 China Devaluation / Global Growth Scare | ||
| % Loss | -53.6% | -12.2% |
| % Gain to Breakeven | 115.7% | 13.9% |
| Time to Breakeven | 82 days | 62 days |
| 2014-2016 Oil Price Collapse | ||
| % Loss | -66.6% | -6.8% |
| % Gain to Breakeven | 199.4% | 7.3% |
| Time to Breakeven | 168 days | 15 days |
| 2013 Taper Tantrum | ||
| % Loss | -27.4% | -0.2% |
| % Gain to Breakeven | 37.7% | 0.2% |
| Time to Breakeven | 44 days | 1 days |
| 2008-2009 Global Financial Crisis | ||
| % Loss | -23.6% | -53.4% |
| % Gain to Breakeven | 30.8% | 114.4% |
| Time to Breakeven | 8 days | 1085 days |
In The Past
Royal Gold's stock fell -2.8% during the 2025 US Tariff Shock. Such a loss loss requires a 2.9% 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 Royal Gold (RGLD)
Royal Gold (RGLD) operates as a unique investment company within the global mining sector. Rather than directly owning and operating mines, the company specializes in acquiring and managing precious metal "stream" and "royalty" interests. This involves providing upfront financing to mining companies for projects that are either already in production or in development. In return for its capital, Royal Gold receives a percentage of the future metal production (a stream) or a portion of the revenue generated from the sale of metals (a royalty), allowing it to participate in the upside of metal prices and mining output without the significant operational costs and risks of direct mining.
The company's primary interests are diversified across a range of precious and base metals, including gold, silver, copper, nickel, zinc, lead, and cobalt. As of mid-2021, Royal Gold's extensive portfolio encompassed interests in 187 properties spread across five continents, featuring 41 producing mines and 17 development stage projects. Its interests are geographically widespread, with properties in key mining regions such as the United States, Canada, Chile, the Dominican Republic, Australia, Africa, and Mexico, effectively serving mining companies worldwide that require capital to advance their operations.
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Here are a few brief analogies for Royal Gold (RGLD):
Royal Gold is like a specialized real estate investment trust (REIT), but for mineral properties. Instead of owning buildings and collecting rent, they provide capital to mining companies and receive a percentage of the metals produced from those mines.
Think of it like a publishing house that gives authors an advance and then receives a percentage of every book sold. Royal Gold provides upfront financing to mining companies and gets a share of the gold, silver, and other metals they produce.
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- Precious Metal Stream Interests: Rights to purchase a fixed percentage of future metal production from mines in exchange for upfront payments and ongoing per-unit payments.
- Royalty Interests: Rights to receive a percentage of revenue or production from mining operations.
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Royal Gold (RGLD) operates as a streaming and royalty company. Its business model involves providing upfront financing to mining companies in exchange for a percentage of future metal production (a "stream") or a percentage of future revenue (a "royalty"). Royal Gold does not operate mines itself.
When Royal Gold receives physical metals (primarily gold, silver, copper, and other base metals) from its stream agreements, it then sells these commodities into the global market. Therefore, Royal Gold primarily sells to other companies.
However, due to the nature of selling fungible commodities into a highly liquid, global market, Royal Gold typically does not have "major customers" in the traditional sense (i.e., specific companies that account for a significant portion of its sales revenue). Its sales are broadly distributed to various participants in the metals market, which typically include:
- Refiners
- Smelters
- Metal traders and brokers
These transactions are business-to-business (B2B), but specific customer names are generally not disclosed by Royal Gold because they are not material to its operations, given the commodity nature of its sales.
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Mr. Heissenbuttel has served as President and Chief Executive Officer of Royal Gold since January 2020. He joined the company in 2006 and has held various roles including Chief Financial Officer and Vice President Strategy, Vice President Corporate Development, and Vice President Operations. With over 36 years of corporate finance experience, including 30 years in the metals and mining industry, he previously held senior positions at N M Rothschild & Sons (Denver) Inc., ABN AMRO Bank N.V., and Chemical Bank Manufacturers Hanover.
Paul K. Libner, Senior Vice President and Chief Financial OfficerMr. Libner was promoted to Senior Vice President and Chief Financial Officer in March 2024, having previously served as Chief Financial Officer and Treasurer since January 2020. He joined Royal Gold in 2004, serving as Controller and Treasurer, and then as Controller. Before joining Royal Gold, he began his career with Ernst & Young, providing audit and business advisory services, and later held various finance and accounting roles within the financial services industry.
Dr. Martin Raffield, PhD, Senior Vice President, OperationsDr. Raffield was promoted to Senior Vice President, Operations in March 2024, after joining Royal Gold in January 2022 as Vice President, Operations. His experience prior to Royal Gold includes operating an independent consulting company, serving as Executive Vice President and Chief Operating Officer of Harte Gold Corp., and holding Executive Vice President and Chief Technical Officer, and Senior Vice President, Project Development and Technical Services roles at Golden Star Resources.
Daniel Breeze, Senior Vice President, Corporate Development, RGLD Gold AGMr. Breeze has been the Senior Vice President, Corporate Development of Royal Gold's wholly-owned subsidiary, RGLD Gold AG, since March 2024. He previously served as Vice President Corporate Development for RGLD Gold AG from January 2019 to February 2024. Before joining Royal Gold, Mr. Breeze worked for Bank of Montreal as Managing Director, Equities, focusing on the mining sector, and was also with UBS Investment Bank's Equities Group. He began his career in geotechnical and mining at Golder Associates.
Randy Shefman, Senior Vice President and General CounselMr. Shefman serves as Senior Vice President and General Counsel. He joined Royal Gold in 2011 as Associate General Counsel. With 20 years of legal experience, he has handled international transactions in the mining, oil and gas, and power sectors. Prior to Royal Gold, he practiced law with several regional and international law firms, including LeBouef Lamb Greene & MacRae, Holland & Hart, and Hogan Lovells.
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Royal Gold (symbol: RGLD) acquires and manages precious metal streams, royalties, and related interests across various commodities. While the market size for "streams and royalties" as a specific financial product is not readily quantifiable, the addressable markets for the main underlying commodities that drive Royal Gold's revenue are substantial on a global scale.
The estimated global market sizes for these commodities are as follows:
- Gold: The global gold market was valued at approximately USD 3.2 trillion in 2023.
- Silver: The global silver market had a valuation of approximately USD 28.9 billion in 2023.
- Copper: The global copper market size was valued at approximately USD 308.67 billion in 2023.
- Nickel: The global nickel alloys market size was valued at approximately USD 12.8 billion in 2023.
- Zinc: The global zinc metal market size was valued at approximately USD 39.2 billion in 2023.
- Lead: The global lead market size was evaluated at approximately USD 24 billion in 2023.
- Cobalt: Cobalt demand reached close to 200 kilotonnes (kt) globally in 2023, with the global cobalt market generating a revenue of approximately USD 16.96 billion in 2024.
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Royal Gold, Inc. (RGLD) is positioned for future revenue growth over the next 2-3 years through a combination of strategic portfolio enhancements, increased production from key assets, and a favorable precious metal price environment.
Here are 3-5 expected drivers of future revenue growth:
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Strategic Acquisitions and Portfolio Expansion: Royal Gold has recently completed significant acquisitions, including Sandstorm Gold, Horizon Copper, and a gold stream on the Kansanshi mine, which have materially boosted its cash flow and revenue. The integration of these newly acquired portfolios is largely complete and is expected to enhance long-term portfolio diversification and duration, contributing significantly to future revenue streams.
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Increased Production and Development at Principal Properties: Growth is anticipated from the ramp-up and expansion of several key operating assets and development projects. This includes the expansion at Pueblo Viejo, which is expected to increase revenue generation, including anticipated increases in silver recoveries in late 2025. The Khoemacau expansion project, with first concentrate production expected in 2028 and projected silver production attributable to Royal Gold of 1.45 million to 1.55 million ounces in 2026, will also be a significant contributor. Additionally, commercial production at the Back River (Goose Project) commenced in October 2025, with anticipated gold production estimates of approximately 250,000 ounces in 2026 and 330,000 ounces in 2027. The blended royalty rate at Cortez is also expected to increase, averaging 3.5% to 4% over production in 2026, up from 2.6% in 2025. Contributions from the Kansanshi gold stream are projected at 26,000 to 31,000 attributable gold ounces in 2026. Exploration success, such as at Fourmile, also presents future upside potential.
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Favorable Precious Metal Price Environment: Sustained strong prices for gold, silver, and copper are a direct driver of Royal Gold's revenue. The company's stream and royalty model provides high leverage to commodity price movements. In 2025, higher average metal prices were a major factor in revenue increases, with gold, silver, and copper prices showing significant year-over-year growth in Q4 2025, and strong gold prices supporting an adjusted EBITDA margin of 82%.
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Capital Allocation Decisions of Royal Gold (RGLD) Over the Last 3-5 Years
Share Repurchases
- Royal Gold reported a buyback yield of 0.0% for the latest twelve months and for fiscal years ending June 2020 to 2024, indicating no significant share repurchases during this period.
Share Issuance
- In July 2025, Royal Gold entered a merger agreement to acquire Sandstorm Gold Ltd. in an all-share transaction valued at approximately $3.5 billion, resulting in the issuance of Royal Gold shares to Sandstorm shareholders.
Outbound Investments
- In July 2025, Royal Gold announced agreements to acquire Sandstorm Gold Ltd. for approximately $3.5 billion, primarily through Royal Gold shares, and Horizon Copper Corp. for $196 million in cash, significantly expanding and diversifying its portfolio.
- In May 2025, the company acquired a gold stream agreement and a net smelter return royalty agreement on the Warintza Project in Ecuador for a total cash consideration of $200 million.
- Royal Gold also acquired a gold stream on the producing Kansanshi mine, which proved to be a meaningful acquisition and contributed to revenue starting in the fourth quarter of 2025.
Capital Expenditures
- As a precious metals streaming and royalty company, Royal Gold's business model is focused on acquiring and managing royalty and stream interests, thus generally minimizing the operational risks and capital expenditures typically associated with direct mining activities.
Peer Outperformance in Gold
| Ticker | Name | Rev Growth 3Y Avg | P/E | 1Y | 3Y | 5Y | 5Y Gap |
|---|---|---|---|---|---|---|---|
| RGLD | Royal Gold | 41.5% | 27.2x | 35.1% | 130.2% | 153.3% | — |
| OGC | OceanaGold | 38.0% | 6.5x | 16.3% | 386.2% | 365.0% | +212pp |
| Industry | Names | 1Y med | 3Y med | 5Y med | Top 3 by 5Y |
|---|---|---|---|---|---|
| Copper | 7 | 44.6% | 115.7% | 144.8% | SCCO 294% · TGB 273% · HBM 239% |
| Steel | 14 | 26.9% | 47.8% | 141.7% | STLD 313% · HCC 295% · RS 226% |
| Gold ← | 36 | 6.4% | 167.5% | 105.3% | IAG 504% · OGC 365% · AGI 302% |
| Silver | 6 | 26.4% | 247.2% | 78.5% | AYA 228% · HL 155% · EXK 54% |
| Aluminum | 3 | 20.7% | 134.8% | 47.8% | CENX 162% · AA -9% |
| Construction Materials | 6 | -12.9% | 34.2% | 46.8% | USLM 370% · CRH 101% · VMC 53% |
| Metal, Glass & Plastic Containers | 11 | 4.6% | 10.8% | 6.5% | GEF 50% · ATR 15% · SLGN 6% |
| Paper & Plastic Packaging Products & Materials | 7 | 21.1% | 23.2% | 0.3% | PKG 115% · CCK 20% · SON 4% |
| Diversified Metals & Mining | 23 | -51.5% | -4.4% | -1.7% | USAR 35202% · MTRN 241% · MP 23% |
| Diversified Chemicals | 3 | 9.5% | 6.1% | -14.4% | CBT 54% · ASH -14% |
| Specialty Chemicals | 41 | 13.6% | 11.2% | -16.9% | NEU 161% · ESI 67% · SXT 52% |
| Commodity Chemicals | 13 | 5.0% | -17.3% | -34.0% | HWKN 339% · MEOH 52% · DOW -21% |
| Precious Metals & Minerals | 8 | -10.2% | 141.0% | -47.0% | PPTA 279% |
| Fertilizers & Agricultural Chemicals | 10 | -45.8% | -55.3% | -61.1% | CF 131% · NTR 16% · SMG -49% |
| Paper Products | 4 | -37.6% | -62.1% | -83.0% |
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Peer Comparisons
| Peers to compare with: |
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 33.30 |
| Mkt Cap | 6.3 |
| Rev LTM | 1,547 |
| Op Inc LTM | 817 |
| FCF LTM | 133 |
| FCF 3Y Avg | 190 |
| CFO LTM | 496 |
| CFO 3Y Avg | 340 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | 69.5% |
| Rev Chg 3Y Avg | 30.2% |
| Rev Chg Q | 57.3% |
| QoQ Delta Rev Chg LTM | 10.0% |
| Op Inc Chg LTM | 90.0% |
| Op Inc Chg 3Y Avg | 52.4% |
| Op Mgn LTM | 63.0% |
| Op Mgn 3Y Avg | 60.1% |
| QoQ Delta Op Mgn LTM | 1.3% |
| CFO/Rev LTM | 74.2% |
| CFO/Rev 3Y Avg | 74.7% |
| FCF/Rev LTM | 9.9% |
| FCF/Rev 3Y Avg | 28.5% |
Valuation
| Median | |
|---|---|
| Name | |
| Mkt Cap | 6.3 |
| P/S | 12.9 |
| P/Op Inc | 20.5 |
| P/EBIT | 18.6 |
| P/E | 24.6 |
| P/CFO | 17.2 |
| Total Yield | 4.4% |
| Dividend Yield | 0.6% |
| FCF Yield 3Y Avg | 3.3% |
| D/E | 0.0 |
| Net D/E | 0.0 |
Returns
| Median | |
|---|---|
| Name | |
| 1M Rtn | -6.1% |
| 3M Rtn | 5.4% |
| 6M Rtn | -2.4% |
| 12M Rtn | 24.9% |
| 3Y Rtn | 129.1% |
| 1M Excs Rtn | -4.2% |
| 3M Excs Rtn | 6.4% |
| 6M Excs Rtn | -9.7% |
| 12M Excs Rtn | 11.8% |
| 3Y Excs Rtn | 41.5% |
Comparison Analyses
Price Behavior
| Market Price | $236.83 | |
| Market Cap ($ Bil) | 20.1 | |
| First Trading Date | 03/26/1990 | |
| Distance from 52W High | -21.7% | |
| 50 Days | 200 Days | |
| DMA Price | $246.24 | $240.47 |
| DMA Trend | up | indeterminate |
| Distance from DMA | -3.8% | -1.5% |
| 3M | 1YR | |
| Volatility | 37.4% | 40.9% |
| Downside Capture | 113.61 | 158.90 |
| Upside Capture | 204.66 | 173.43 |
| Correlation (S&P 500) | 42.2% | 47.4% |
| 1M | 2M | 3M | 6M | 1Y | 3Y | |
|---|---|---|---|---|---|---|
| Beta | 1.77 | 1.38 | 1.32 | 1.48 | 1.34 | 0.66 |
| Up Beta | 0.17 | -0.30 | 0.94 | 1.29 | 1.24 | 0.47 |
| Down Beta | 5.63 | 4.70 | 2.40 | 2.29 | 0.84 | 0.54 |
| Up Capture | 109% | 213% | 161% | 100% | 200% | 77% |
| Bmk +ve Days | 6 | 16 | 27 | 66 | 132 | 424 |
| Stock +ve Days | 7 | 21 | 29 | 53 | 127 | 408 |
| Down Capture | 249% | 66% | 71% | 158% | 133% | 92% |
| Bmk -ve Days | 16 | 26 | 37 | 60 | 120 | 328 |
| Stock -ve Days | 14 | 20 | 34 | 72 | 124 | 343 |
[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 RGLD | |
|---|---|---|---|---|
| RGLD | 32.4% | 40.9% | 0.78 | - |
| Sector ETF (XLB) | 19.6% | 17.8% | 0.84 | 61.8% |
| Equity (SPY) | 13.0% | 12.7% | 0.67 | 46.1% |
| Gold (GLD) | 1.2% | 28.4% | 0.03 | 78.0% |
| Commodities (DBC) | 49.5% | 20.6% | 1.83 | 5.5% |
| Real Estate (VNQ) | 7.2% | 14.0% | 0.25 | 26.6% |
| Bitcoin (BTCUSD) | -29.5% | 43.4% | -0.69 | 34.1% |
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 RGLD | |
|---|---|---|---|---|
| RGLD | 20.5% | 32.4% | 0.62 | - |
| Sector ETF (XLB) | 6.3% | 19.1% | 0.22 | 43.6% |
| Equity (SPY) | 12.6% | 17.1% | 0.55 | 29.5% |
| Gold (GLD) | 17.2% | 18.9% | 0.73 | 70.2% |
| Commodities (DBC) | 9.4% | 19.5% | 0.36 | 19.2% |
| Real Estate (VNQ) | 1.0% | 18.9% | -0.06 | 32.3% |
| Bitcoin (BTCUSD) | 5.1% | 51.6% | 0.28 | 17.7% |
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 RGLD | |
|---|---|---|---|---|
| RGLD | 14.3% | 33.4% | 0.48 | - |
| Sector ETF (XLB) | 10.5% | 20.7% | 0.45 | 32.8% |
| Equity (SPY) | 15.4% | 17.9% | 0.73 | 23.2% |
| Gold (GLD) | 11.8% | 16.4% | 0.58 | 64.4% |
| Commodities (DBC) | 8.1% | 18.1% | 0.36 | 18.8% |
| Real Estate (VNQ) | 5.2% | 20.7% | 0.21 | 23.7% |
| Bitcoin (BTCUSD) | 62.3% | 66.2% | 1.02 | 13.5% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Earnings Returns History
Updated 10/29/2026| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 10/20/2026 | 1.2% | -0.8% | |
| 8/5/2026 | 4.4% | 13.3% | 25.4% |
| 5/6/2026 | -1.8% | 3.4% | -13.0% |
| 2/18/2026 | -0.5% | 3.2% | -13.1% |
| 11/5/2025 | 2.5% | 10.8% | 19.3% |
| 8/6/2025 | 0.7% | 7.6% | 12.7% |
| 5/7/2025 | -2.2% | -9.3% | -3.7% |
| 2/13/2025 | -4.3% | -3.3% | 1.0% |
| ... | |||
| SUMMARY STATS | |||
| # Positive | 15 | 15 | 13 |
| # Negative | 10 | 10 | 11 |
| Median Positive | 1.6% | 3.2% | 4.4% |
| Median Negative | -1.2% | -4.1% | -8.3% |
| Max Positive | 4.4% | 13.3% | 25.4% |
| Max Negative | -4.9% | -11.1% | -13.4% |
| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 10/20/2026 | 1.2% | -0.8% | |
| 8/5/2026 | 4.4% | 13.3% | 25.4% |
| 5/6/2026 | -1.8% | 3.4% | -13.0% |
| 2/18/2026 | -0.5% | 3.2% | -13.1% |
| 11/5/2025 | 2.5% | 10.8% | 19.3% |
| 8/6/2025 | 0.7% | 7.6% | 12.7% |
| 5/7/2025 | -2.2% | -9.3% | -3.7% |
| 2/13/2025 | -4.3% | -3.3% | 1.0% |
| 11/7/2024 | 1.8% | -5.1% | 0.7% |
| 8/8/2024 | -0.4% | 2.4% | 4.4% |
| 5/9/2024 | 1.6% | 5.7% | 0.2% |
| 2/15/2024 | -0.6% | -2.3% | 0.8% |
| 11/2/2023 | 1.9% | 0.8% | 17.3% |
| 8/3/2023 | 0.7% | 0.6% | -1.0% |
| 5/4/2023 | 4.3% | 2.1% | -10.2% |
| 2/16/2023 | -0.4% | -4.6% | 1.8% |
| 11/3/2022 | -4.9% | 9.3% | 23.5% |
| 8/4/2022 | -0.0% | -1.2% | -11.9% |
| 5/5/2022 | -1.8% | -11.1% | -13.4% |
| 2/17/2022 | 1.1% | 1.4% | 17.2% |
| 11/4/2021 | 1.2% | 2.2% | -5.7% |
| 8/12/2021 | 2.0% | -3.7% | -3.7% |
| 5/6/2021 | 0.3% | 2.0% | 2.0% |
| 2/4/2021 | 1.5% | 6.1% | -0.1% |
| 11/5/2020 | 2.6% | -4.8% | -8.3% |
| SUMMARY STATS | |||
| # Positive | 15 | 15 | 13 |
| # Negative | 10 | 10 | 11 |
| Median Positive | 1.6% | 3.2% | 4.4% |
| Median Negative | -1.2% | -4.1% | -8.3% |
| Max Positive | 4.4% | 13.3% | 25.4% |
| Max Negative | -4.9% | -11.1% | -13.4% |
SEC Filings
Expand for More| Report Date | Filing Date | Filing |
|---|---|---|
| 06/30/2026 | 08/06/2026 | 10-Q |
| 03/31/2026 | 05/07/2026 | 10-Q |
| 12/31/2025 | 02/19/2026 | 10-K |
| 09/30/2025 | 11/06/2025 | 10-Q |
| 06/30/2025 | 08/07/2025 | 10-Q |
| 03/31/2025 | 05/08/2025 | 10-Q |
| 12/31/2024 | 02/13/2025 | 10-K |
| 09/30/2024 | 11/07/2024 | 10-Q |
| 06/30/2024 | 08/08/2024 | 10-Q |
| 03/31/2024 | 05/09/2024 | 10-Q |
| 12/31/2023 | 02/15/2024 | 10-K |
| 09/30/2023 | 11/02/2023 | 10-Q |
| 06/30/2023 | 08/03/2023 | 10-Q |
| 03/31/2023 | 05/04/2023 | 10-Q |
| 12/31/2022 | 02/16/2023 | 10-K |
| 09/30/2022 | 11/03/2022 | 10-Q |
| Report Date | Filing Date | Filing |
|---|---|---|
| 06/30/2026 | 08/06/2026 | 10-Q |
| 03/31/2026 | 05/07/2026 | 10-Q |
| 12/31/2025 | 02/19/2026 | 10-K |
| 09/30/2025 | 11/06/2025 | 10-Q |
| 06/30/2025 | 08/07/2025 | 10-Q |
| 03/31/2025 | 05/08/2025 | 10-Q |
| 12/31/2024 | 02/13/2025 | 10-K |
| 09/30/2024 | 11/07/2024 | 10-Q |
| 06/30/2024 | 08/08/2024 | 10-Q |
| 03/31/2024 | 05/09/2024 | 10-Q |
| 12/31/2023 | 02/15/2024 | 10-K |
| 09/30/2023 | 11/02/2023 | 10-Q |
| 06/30/2023 | 08/03/2023 | 10-Q |
| 03/31/2023 | 05/04/2023 | 10-Q |
| 12/31/2022 | 02/16/2023 | 10-K |
| 09/30/2022 | 11/03/2022 | 10-Q |
| 06/30/2022 | 08/04/2022 | 10-Q |
| 03/31/2022 | 05/05/2022 | 10-Q |
| 12/31/2021 | 02/17/2022 | 10-KT |
| 09/30/2021 | 11/04/2021 | 10-Q |
| 06/30/2021 | 08/12/2021 | 10-K |
| 03/31/2021 | 05/06/2021 | 10-Q |
| 12/31/2020 | 02/04/2021 | 10-Q |
| 09/30/2020 | 11/05/2020 | 10-Q |
| 06/30/2020 | 08/06/2020 | 10-K |
| 03/31/2020 | 05/07/2020 | 10-Q |
| 12/31/2019 | 02/06/2020 | 10-Q |
| 09/30/2019 | 11/07/2019 | 10-Q |
Insider Activity
Updated 10/6/2026| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Heissenbuttel, William Holmes | President & CEO | Direct | Sell | 10062026 | 234.07 | 2,425 | 567,614 | 13,848,849 | Form |
| 2 | Heissenbuttel, William Holmes | President & CEO | Direct | Sell | 9082026 | 263.38 | 7,275 | 1,916,112 | 30,953,313 | Form |
| 3 | Shefman, Randy | SVP & General Counsel | Direct | Sell | 8282026 | 262.80 | 500 | 131,400 | 2,123,950 | Form |
| 4 | Shefman, Randy | SVP & General Counsel | Direct | Sell | 6162026 | 215.85 | 500 | 107,925 | 1,852,425 | Form |
| 5 | Shefman, Randy | SVP & General Counsel | Direct | Sell | 5112026 | 243.74 | 1,000 | 243,740 | 2,213,647 | Form |
| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Heissenbuttel, William Holmes | President & CEO | Direct | Sell | 10062026 | 234.07 | 2,425 | 567,614 | 13,848,849 | Form |
| 2 | Heissenbuttel, William Holmes | President & CEO | Direct | Sell | 9082026 | 263.38 | 7,275 | 1,916,112 | 30,953,313 | Form |
| 3 | Shefman, Randy | SVP & General Counsel | Direct | Sell | 8282026 | 262.80 | 500 | 131,400 | 2,123,950 | Form |
| 4 | Shefman, Randy | SVP & General Counsel | Direct | Sell | 6162026 | 215.85 | 500 | 107,925 | 1,852,425 | Form |
| 5 | Shefman, Randy | SVP & General Counsel | Direct | Sell | 5112026 | 243.74 | 1,000 | 243,740 | 2,213,647 | Form |
| 6 | Isto, Mark | Direct | Sell | 3122026 | 274.83 | 2,000 | 549,660 | 5,508,418 | Form | |
| 7 | Libner, Paul | SVP & CFO | Direct | Sell | 3042026 | 283.47 | 3,200 | 907,119 | 4,526,240 | Form |
| 8 | Breeze, Daniel | SVP Corp Dev of RGLD Gold AG | Direct | Sell | 3022026 | 300.87 | 1,400 | 421,211 | 6,059,421 | Form |
| 9 | Hayes, William M | Direct | Sell | 2232026 | 277.07 | 4,173 | 1,156,213 | 1,698,162 | Form | |
| 10 | Vance, Ronald J | Family Trust | Sell | 12172025 | 218.53 | 300 | 65,559 | 1,841,771 | Form | |
| 11 | Vance, Ronald J | Family Trust | Sell | 12122025 | 218.29 | 500 | 109,145 | 1,905,235 | Form | |
| 12 | Breeze, Daniel | SVP Corp Dev of RGLD Gold AG | Direct | Sell | 12042025 | 202.23 | 970 | 196,163 | 3,925,082 | Form |
Investor Activity (13F)
Updated Oct 30, 2026Active managers (13F portfolio over $250M, at least 3 holdings) with a position over $5M that is either over 10% of their portfolio or held in a concentrated book of 50 or fewer total positions. Index/ETF, sovereign, bank, community-bank and charitable/donor-advised filers are excluded.
| Active Manager | Value | % of Portfolio | Total Positions | QoQ | Filing |
|---|---|---|---|---|---|
| Hatch Cove Capital, LLC | $18.6 Mil | 7.1% | 19 | Hold | 13F |
| Muhlenkamp & Co Inc | $22.4 Mil | 5.9% | 29 | Hold | 13F |
| America First Investment Advisors, LLC | $27.3 Mil | 5.1% | 41 | TRIM -26.2% | 13F |
| Thomist Capital Management, LP | $9.5 Mil | 3.2% | 43 | New | 13F |
| Kopernik Global Investors, LLC | $21.9 Mil | 1.5% | 27 | TRIM -58.9% | 13F |
| Active Manager | Value | % of Portfolio | Total Positions | QoQ | Filing |
|---|---|---|---|---|---|
| America First Investment Advisors, LLC | $27.3 Mil | 5.1% | 41 | TRIM -26.2% | 13F |
| Muhlenkamp & Co Inc | $22.4 Mil | 5.9% | 29 | Hold | 13F |
| Kopernik Global Investors, LLC | $21.9 Mil | 1.5% | 27 | TRIM -58.9% | 13F |
| Hatch Cove Capital, LLC | $18.6 Mil | 7.1% | 19 | Hold | 13F |
| Thomist Capital Management, LP | $9.5 Mil | 3.2% | 43 | New | 13F |
Industry Resources
| Materials Resources |
| Chemical & Engineering News (C&EN) |
| Mining.com |
| Plastics News |
| Gold Resources |
| Kitco News |
| World Gold Council |
| Mining Journal |
External Quote Links
| Y Finance | Barrons |
| TradingView | Morningstar |
| SeekingAlpha | ValueLine |
| Motley Fool | Robinhood |
| CNBC | Etrade |
| MarketWatch | Unusual Whales |
| YCharts | Perplexity Finance |
| FinViz |
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