Gold Royalty Corp. is a US-listed company in the gold industry. Its financial year ends in December.
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Gold Royalty Corp. valuation: adjust assumptions and compare models →
What company insiders, investment funds and members of Congress have been doing with the stock, from their own filings.
Revenue for the twelve months was $16m. Free-cash-flow margin rose to 39.5% from -6225.0% a year earlier. Operating margin widened to 9.9% from -6552.6%. The diluted share count is up 9.7% on a year earlier, which dilutes existing holders. It passes 1 of our 3 financial-health checks.
Our model value for Gold Royalty is under review, so past values are not shown until it is resolved.
Written from the company's filings and our models when each quarter's report arrives. Figures in older notes are as published at the time. Not investment advice.
Gold Royalty Corp.'s trailing-twelve-month revenue grew 54.5% year on year, with a free-cash-flow margin of 39.5%.
Current signal Revenue growth decelerating: TTM revenue growth slowed to 54.5% (-177.0pp vs the prior quarter), the 2nd consecutive quarterly slowdown.
Assembled from SEC-filed figures — the full workings are on this page and in our methodology. Observations, not recommendations.
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Company announcements, filed results and changes that matter to shareholders.
No recent updates are available for GROY from the sources we follow. See filings →
The inputs used by the models below have passed source checks. Individual model values are available below and in the interactive valuator. Their differences are shown explicitly; the platform combined value and recommendation remain withheld.
We value Gold Royalty Corp. as an operating company, with every model that fits that kind of business. Cost of equity 10.8%: the 10-year Treasury yield (4.9%) plus a beta of 1.31 times a 4.5% equity risk premium.
| Model | Value per share | In the combined value? |
|---|---|---|
| Growth cash-flow model Revenue for this year and next from analysts' consensus, then growth fading to 2.5%; the operating margin moving to profitable peers'; investment needed per dollar of growth from peers; reduced by a failure probability. For young or fast-growing companies. The starting margin is normalized to between -100% and 60%; net margin is a proxy when operating income is not tagged. Uses analysts' consensus estimates (third-party data), not our forecasts. | — | Does not apply: This model is withheld pending its input or assumption review. |
| Forward price-to-earnings vs peers Next year's consensus earnings per share times peers' typical (harmonic-mean) forward price-to-earnings. Uses analysts' consensus estimates (third-party data), not our forecasts. | ~$0.7 ~$0.6–$1.0 | Included |
| Residual income Book value plus the present value of returns above the cost of equity, fading over ten years. | ~$0.4 ~$0.1–$0.8 | Left out: out of range vs price (0.16x) |
| Justified price-to-book Book value times (return on equity - growth) / (cost of equity - growth): steady-state returns. | — | Does not apply: This model is withheld pending its input or assumption review. |
| Forward price-to-sales vs peers Next year's consensus sales per share times peers' typical forward price-to-sales; only when earnings are negative. Uses analysts' consensus estimates (third-party data), not our forecasts. | ~$0.3 ~$0.4–$1.1 | Left out: out of range vs price (0.12x) |
| Revenue-to-maturity model Revenue grown to maturity with the cash margin moving to the industry's; for companies not yet profitable. | — | Does not apply: This model is withheld pending its input or assumption review. |
| Combined value Individual source-checked model scenarios are available. The platform combined value and recommendation remain withheld. | — | Combined value withheld. Review the individual models and their assumptions. |
Different models fail in different ways, so where several apply we average them rather than trust one. Peer-based models compare Gold Royalty Corp. with Gold in our coverage, using third-party market data. Model values are estimates under stated assumptions, updated as new filings arrive; not price targets or investment advice. How each model works.
Not assessed: fewer than five years of comparable figures in the filings. AI disruption exposure for this industry: Low.
Next results: November 4, 2026, after the close. Analysts expect revenue of $8m and EPS of $0.02 (range $0.01 to $0.02) for the quarter.
| Fiscal year | EPS | Growth | Revenue | Growth |
|---|---|---|---|---|
| Current | $0.05 | +567% | $33m | +111% |
| Next | $0.10 | +104% | $40m | +20% |
Next year's EPS estimate has moved −9.5% in 90 days, across 6 analysts.
The consensus EPS forecast for the current fiscal year is −10.2% on 90 days ago. In the last 30 days, 0 analysts raised Gold Royalty Corp.'s forecast and 0 cut it.
Average of analysts' published estimates (third-party data).
| Period | Current fiscal year | Next fiscal year |
|---|---|---|
| 90 days ago | $0.05 | $0.10 |
| 60 days ago | $0.06 | $0.10 |
| 30 days ago | $0.05 | $0.10 |
| 7 days ago | $0.05 | $0.09 |
| Now | $0.05 | $0.10 |
| Quarter to | Estimate | Actual | Surprise |
|---|---|---|---|
| Jun 2026 | $0.01 | $0.01 | 0.0% |
| Mar 2026 | $0.01 | $0.01 | −28.6% |
| Dec 2025 | −$0.00 | $0.00 | +100.0% |
| Sept 2025 | −$0.01 | $0.00 | +100.0% |
Adjusted EPS as companies report it, against the average analyst estimate.
Source: SEC EDGAR filings. Retrieved November 1, 2026.
| Period | Revenue (TTM) |
|---|---|
| FY21 Q3 | $192K |
| FY22 Q3 | $3.9M |
| FY23 Q4 | $3M |
| FY24 Q4 | $10.1M |
| FY25 Q4 | $15.6M |
Source: SEC EDGAR filings. Retrieved November 1, 2026.
| Period | Operating margin (TTM) |
|---|---|
| FY21 Q3 | -6552.6% |
| FY22 Q3 | -544.0% |
| FY23 Q4 | -1016.1% |
| FY24 Q4 | -40.2% |
| FY25 Q4 | 9.9% |
Source: SEC EDGAR filings. Retrieved November 1, 2026.
| Period | FCF margin (TTM) |
|---|---|
| FY21 Q3 | -6225.0% |
| FY22 Q3 | -489.1% |
| FY23 Q4 | -225.6% |
| FY24 Q4 | 25.2% |
| FY25 Q4 | 39.5% |
| Fiscal year | 2021 Sept 2021 | 2022 Sept 2022 | 2023 Dec 2023 | 2024 Dec 2024 | 2025 Dec 2025 |
|---|---|---|---|---|---|
| Income | |||||
| Revenue | 0 | 4 | 3 | 10 | 16 |
| Gross profit | 0 | 2 | 2 | 7 | 12 |
| EBITDA | −12 | −20 | −30 | −1 | 4 |
| Operating income | −13 | −21 | −31 | −4 | 2 |
| Net income | −15 | −17 | −27 | −3 | −4 |
| Diluted EPS | −$0.11 | −$0.14 | −$0.18 | −$0.02 | −$0.02 |
| Growth (year on year) | |||||
| Revenue | — | +>999% | −22.7% | +231.5% | +54.5% |
| Margins | |||||
| Gross margin | 14.6% | 55.5% | 69.1% | 65.6% | 76.4% |
| EBITDA margin | <−999% | −499.4% | −985.1% | −8.5% | 26.9% |
| Operating margin | <−999% | −544.0% | <−999% | −40.2% | 9.9% |
| Net margin | <−999% | −439.8% | −877.8% | −33.8% | −26.5% |
| Free-cash-flow margin | <−999% | −489.1% | −225.6% | 25.2% | 39.5% |
| Cash flow | |||||
| Cash from operations | −12 | −19 | −7 | 3 | 6 |
| Capital spending | 0 | 0 | 0 | 0 | 0 |
| Free cash flow | −12 | −19 | −7 | 3 | 6 |
| Balance sheet | |||||
| Cash | — | — | 1 | 2 | 12 |
| Total debt | 0 | 0 | 0 | 0 | 0 |
| Net debt (negative = net cash) | — | — | −1 | −2 | −12 |
| Diluted shares | 134m | 128m | 145m | 160m | 175m |
| Returned to shareholders | |||||
| Dividends | — | 4 | 3 | — | — |
| Total returned | — | 4 | 3 | — | — |
| Quarter | 2022 Q4 Dec 2022 |
|---|---|
| Income | |
| Revenue | 582 |
| Gross profit | 366 |
| EBITDA | −3,464 |
| Operating income | −3,680 |
| Net income | −2,204 |
| Diluted EPS | −$0.02 |
| Margins | |
| Gross margin | 62.9% |
| EBITDA margin | −595.2% |
| Operating margin | −632.3% |
| Net margin | −378.7% |
| Cash flow | |
| Cash from operations | −4,530 |
| Last 12 months unless stated | GROY | IDR | ITRG | CMCL | OR | DRD | Median |
|---|---|---|---|---|---|---|---|
| Revenue, last 12 months | $16m | $51m | $244m | $268m | $277m | $661m | $1.8bn |
| Revenue growth, last 12 months | 54.5% | 66.8% | 703.7% | 46.2% | 45.1% | 52.3% | 54.5% |
| Revenue growth, 3-year average | — | 63.0% | — | 27.0% | — | — | 35.2% |
| Revenue growth, latest quarter | — | 13.2% | — | 13.8% | — | — | 14.5% |
| Gross margin | 76.4% | 64.1% | 38.8% | 51.2% | 83.8% | 53.5% | 51.3% |
| Operating margin | 9.9% | 45.1% | 27.6% | 41.0% | 70.9% | 51.4% | 41.1% |
| Operating margin, 3-year average | — | 32.5% | — | 22.0% | — | 26.3% | 26.0% |
| Net margin | −26.5% | 44.0% | −0.9% | 20.6% | 74.3% | 38.1% | 29.6% |
| Cash from operations / revenue | 39.5% | 52.7% | 29.6% | 28.5% | 88.5% | 50.9% | 45.2% |
| Free-cash-flow margin | 39.5% | 33.0% | 10.3% | 16.4% | 88.1% | 19.2% | 27.6% |
| Free-cash-flow margin, 3-year average | — | 28.2% | — | 6.5% | — | 13.8% | 13.8% |
| Stock pay / revenue | — | 1.6% | 0.8% | — | 3.0% | 0.4% | 0.8% |
| Change in share count | 9.7% | 14.4% | 75.5% | 0.4% | 0.8% | 0.4% | 3.0% |
| Manager | Value | Shares | Share of 13F value | Shares QoQ |
|---|---|---|---|---|
| Blackrock, Inc. | $18.5M | 6.7M | 11.6% | ▲ 16.9% |
| Regal Partners Ltd | $15.8M | 5.7M | 9.9% | 0.0% |
| Van Eck Associates Corp | $14.7M | 5.3M | 9.2% | ▼ 0.4% |
| Two Sigma Investments, LP | $14.3M | 5.2M | 9.0% | ▲ 11.6% |
| Morgan Stanley | $13.1M | 4.7M | 8.2% | ▼ 20.4% |
| Amundi | $9.7M | 3.5M | 6.1% | ▲ 16.7% |
| Renaissance Technologies LLC | $7.7M | 2.8M | 4.8% | ▲ 38.4% |
| D. E. Shaw & Co., Inc. | $6.4M | 2.3M | 4.0% | ▼ 41.7% |
| Bank Of Montreal | $6M | 2.2M | 3.7% | ▲ 11.7% |
| Groupe La Francaise | $5M | 1.8M | 3.1% | ▲ 5.9% |
| Jpmorgan Chase & Co | $4.8M | 1.8M | 3.0% | ▼ 15.1% |
| Citadel Advisors LLC | $3.6M | 1.3M | 2.2% | ▲ 38.6% |
From Form 13F filings with the SEC ( quarterly data sets), as reported by each manager for June 30, 2026 and filed up to 45 days later. 13F reports cover long US-listed positions of managers above $100M only, so this is not Gold Royalty Corp.'s complete shareholder register. Values are as reported by the filers .
From insiders' Form 4 filings with the SEC. Excludes awards, option exercises and shares withheld for tax. "Pre-set plan" means the filing marks the trade as made under a Rule 10b5-1 plan. See every insider trade since five years ago, on a price chart.
| Data | Last updated | Source |
|---|---|---|
| Share price | Exchange closing prices | |
| Financial statements | SEC 10-K and 10-Q filings | |
| News and updates | Company releases and SEC 8-K filings | |
| Analyst estimates | Aggregated analyst estimates | |
| Valuation and scores | Our models, from the filed figures |
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