OR Royalties Inc. is a US-listed company in the gold industry. Its financial year ends in December.
Stock price today
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Model estimate per share
~$15
Valuation models combined (3)
Base case. Range ~$10–$22. Weighted average of 3 models (growth cash-flow model, forward price-to-earnings vs peers, revenue-to-maturity model), the growth cash-flow model counting double.
Price vs value
No Buy/Hold/Sell rating is issued: valued with our growth model, which doesn't carry a Buy/Hold/Sell rating yet.
OR Royalties Inc. valuation: adjust assumptions and compare models →
Who’s trading
What company insiders, investment funds and members of Congress have been doing with the stock, from their own filings.
- Funds112 adding, 115 cuttingOf 44 active managers that changed their stake, 17 added; quarter to June 30, 2026Fund buyers and sellers
The Fundamentalytics view
OR Royalties Inc.'s trailing-twelve-month revenue grew 45.1% year on year, with a free-cash-flow margin of 88.1%. Where it stands out: gross margin of 83.8% ranks 1 of 21 gold companies we cover. Where it lags: stock pay as % of revenue of 3.0% ranks 15 of 18 gold companies we cover.
Current signal Free cash flow diverging from earnings: TTM free cash flow grew 53.7% while net income grew 1166.9%: a 1113pp divergence.
Assembled from SEC-filed figures — the full workings are on this page and in our methodology. Observations, not recommendations.
Highlights
How we pick theseStrengths
- Fast growth. Revenue grew 45.1% over the last 12 months, against a median of 55.1% for gold companies we cover.
- Growth speeding up. The growth rate is 40.8 points higher than a quarter earlier.
- High operating margin. 70.9% of revenue is left as operating profit, against a median of 41.2% for gold companies we cover.
- Margins widening. Operating margin is up 30.0 points on a year ago.
- Strong cash generation. 88.1% of revenue turned into free cash flow, against a median of 28.2% for gold companies we cover.
Things to watch
- Below peers: stock pay as % of revenue. Stock pay as % of revenue of 3.0% ranks 15 of 18 gold companies we cover (median 0.9%).
Latest results
- Earnings per share
- $0.32 against an average estimate of $0.31: beat by 1.9%
- Next report
- November 11, 2026; average EPS estimate $0.27
Price chart
- 1 day+3.0%
- 1 week-1.8%
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Third-party market data · may be delayed
At a glance
Profitability
- Revenue (TTM)
- $277M
- Operating margin
- 70.9%
- Net margin
- 74.3%
- EPS (TTM, diluted)
- $1.09
Growth
- Revenue growth
- +45.1%
- Change in growth rate
- +40.8 pts
- Share count change
- +0.8%
Cash
- Free cash flow (TTM)
- $244M
- FCF margin
- 88.1%
- Stock pay % of revenue
- 3.0%
News & updates
Company announcements, filed results and changes that matter to shareholders.
No recent updates are available for OR from the sources we follow. See filings →
Valuation models
We value OR Royalties Inc. 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. | ~$14 ~$8.9–$18 | Primary model, counts double |
| 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. | ~$10 ~$9.1–$15 | Included |
| Residual income Book value plus the present value of returns above the cost of equity, fading over ten years. | ~$4.0 ~$2.8–$5.5 | Left out: out of range vs price (0.12x) |
| Justified price-to-book Book value times (return on equity - growth) / (cost of equity - growth): steady-state returns. | ~$2.2 ~$1.9–$2.5 | Left out: out of range vs price (0.07x) |
| 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. | — | Does not apply: earnings are positive: price-to-earnings is the better measure |
| Revenue-to-maturity model Revenue grown to maturity with the cash margin moving to the industry's; for companies not yet profitable. | ~$22 ~$18–$26 | Included |
| Combined value Weighted average of the models that apply: the primary model (growth cash-flow model) counts double. Models more than 5x or less than 0.2x the share price, or more than 3x away from the other models' median, are left out. | ~$15 ~$10–$22 | 3 models |
Different models fail in different ways, so where several apply we average them rather than trust one. Peer-based models compare OR Royalties Inc. 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.
Moat
Not assessed: fewer than five years of comparable figures in the filings. AI disruption exposure for this industry: Low.
Forecasts and guidance
Next results: November 11, 2026, after the close. Analysts expect revenue of $90m and EPS of $0.27 (range $0.26 to $0.29) for the quarter.
Analysts' consensus
| Fiscal year | EPS | Growth | Revenue | Growth |
|---|---|---|---|---|
| Current | $1.29 | +46% | $392m | +41% |
| Next | $1.35 | +5% | $473m | +21% |
Next year's EPS estimate has moved −4.1% in 90 days, across 11 analysts.
How the EPS forecast has moved
The consensus EPS forecast for the current fiscal year is −2.5% on 90 days ago. In the last 30 days, 0 analysts raised OR Royalties Inc.'s forecast and 2 cut it.
Average of analysts' published estimates (third-party data).
View chart data
| Period | Current fiscal year | Next fiscal year |
|---|---|---|
| 90 days ago | $1.32 | $1.41 |
| 60 days ago | $1.33 | $1.39 |
| 30 days ago | $1.32 | $1.38 |
| 7 days ago | $1.28 | $1.34 |
| Now | $1.29 | $1.35 |
Earnings against estimates
| Quarter to | Estimate | Actual | Surprise |
|---|---|---|---|
| Jun 2026 | $0.31 | $0.32 | +1.9% |
| Mar 2026 | $0.34 | $0.40 | +19.1% |
| Dec 2025 | $0.30 | $0.32 | +5.9% |
| Sept 2025 | $0.22 | $0.22 | +2.1% |
Adjusted EPS as companies report it, against the average analyst estimate.
Positioning
- Short interest
- — of tradable shares
- Days to cover
- 3.67 at average volume
- Short interest, 1 month
- −14% to October 15, 2026
- Held by institutions
- 90% of shares
- Held by insiders
- 0.1% of shares
Share-price performance
Market data may be delayedPrice behaviour
- 52-week range
- Not enough history
- From 52-week high
- —
- vs 50-day average
- —
- vs 200-day average
- —
- Volatility (1 year)
- —
- Beta vs S&P 500
- —
OR Royalties Inc. in five measures
Fundamentals
Financial statements
| Fiscal year | 2016 Dec 2016 | 2017 Dec 2017 | 2018 Dec 2018 | 2019 Dec 2019 | 2020 Dec 2020 | 2021 Dec 2021 | 2022 Dec 2022 | 2023 Dec 2023 | 2024 Dec 2024 | 2025 Dec 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Income | ||||||||||
| Revenue | 47 | 164 | 379 | 296 | 159 | 179 | 168 | 183 | 191 | 277 |
| Gross profit | 39 | 46 | 51 | 62 | 78 | 111 | 116 | 129 | 152 | 232 |
| EBITDA | 31 | −33 | −47 | −102 | 66 | 90 | 95 | 65 | 79 | 198 |
| Operating income | 22 | −54 | −88 | −138 | 31 | 90 | 95 | 64 | 78 | 197 |
| Net income | 32 | −33 | −82 | −177 | 13 | −19 | −91 | −37 | 16 | 206 |
| Diluted EPS | $0.30 | — | −$0.52 | — | $0.07 | −$0.11 | −$0.51 | −$0.20 | $0.09 | $1.09 |
| Growth (year on year) | ||||||||||
| Revenue | — | +247.0% | +130.4% | −21.9% | −46.2% | +12.7% | −6.7% | +9.4% | +4.3% | +45.1% |
| EBITDA | — | −206.1% | — | — | — | +36.7% | +5.6% | −31.5% | +21.3% | +149.7% |
| Operating income | — | −347.0% | — | — | — | +187.8% | +5.7% | −31.8% | +21.5% | +151.2% |
| Net income | — | −202.9% | — | — | — | −249.4% | — | — | — | +>999% |
| Diluted EPS | — | — | — | — | — | −249.8% | — | — | — | +>999% |
| Margins | ||||||||||
| Gross margin | 81.8% | 27.9% | 13.6% | 21.1% | 48.8% | 61.8% | 69.0% | 70.5% | 79.4% | 83.8% |
| EBITDA margin | 64.8% | −19.8% | −12.4% | −34.4% | 41.5% | 50.3% | 56.9% | 35.7% | 41.5% | 71.4% |
| Operating margin | 46.4% | −33.0% | −23.1% | −46.7% | 19.5% | 49.9% | 56.5% | 35.2% | 41.0% | 70.9% |
| Net margin | 67.2% | −19.9% | −21.5% | −59.7% | 7.9% | −10.5% | −54.5% | −20.4% | 8.5% | 74.3% |
| Free-cash-flow margin | 85.1% | 22.8% | 16.7% | 23.3% | 50.5% | 47.2% | 50.5% | — | — | — |
| Cash flow | ||||||||||
| Cash from operations | 40 | 38 | 63 | 69 | 81 | 85 | 85 | 138 | 160 | 246 |
| Capital spending | 0 | 0 | 0 | 0 | 0 | 0 | 0 | — | — | — |
| Free cash flow | 40 | 37 | 63 | 69 | 81 | 85 | 85 | — | — | — |
| Stock-based pay | 6 | 8 | 4 | 6 | 7 | 6 | 5 | 8 | 6 | 8 |
| Free cash flow after stock pay | 35 | 29 | 59 | 63 | 74 | 79 | 79 | — | — | — |
| Balance sheet | ||||||||||
| Cash | 372 | 267 | 128 | — | — | — | — | — | — | — |
| Total debt | 34 | 371 | 259 | 269 | 314 | 321 | 109 | 145 | 94 | 0 |
| Net debt (negative = net cash) | −338 | 104 | 131 | — | — | — | — | — | — | — |
| Diluted shares | 105m | — | 157m | 151m | 162m | 168m | 181m | 185m | 188m | 189m |
| Returned to shareholders | ||||||||||
| Dividends | 12 | 15 | 21 | 21 | 22 | 26 | 29 | 30 | 31 | 35 |
| Total returned | 12 | 15 | 21 | 21 | 22 | 26 | 29 | 30 | 31 | 35 |
Financial health
- Short-term assets cover short-term liabilities $148m of assets due within a year against $33m of liabilities due within a year.
- Short-term assets cover long-term liabilities $148m short-term assets against $102m of longer-dated liabilities.
- More cash than debt Cash or debt not separately reported. Not assessable.
- Debt below 40% of shareholders' equity Debt is 0% of equity.
- Debt burden no higher than five years ago Five-year comparison not available. Not assessable.
- A year's operating cash flow covers at least 20% of debt No debt to cover.
- Operating profit covers interest at least five times over Interest not separately reported. Not assessable.
Dividends, buybacks and capital spending
- Dividends (TTM)
- $34.9M
- Returned to shareholders
- 14%
- of free cash flow
- Diluted share count
- +0.8%
- year over year
- Dividend payout ratio
- 17%
- of net income paid out
- Days sales outstanding
- 4 days
- receivables vs revenue
Competitors: side by side with peers
| Last 12 months unless stated | OR | CMCL | ITRG | DRD | AUGO | ARIS | Median |
|---|---|---|---|---|---|---|---|
| Revenue, last 12 months | $277m | $268m | $244m | $661m | $922m | $928m | $1.8bn |
| Revenue growth, last 12 months | 45.1% | 46.2% | 703.7% | 52.3% | 55.1% | 81.7% | 53.7% |
| Gross margin | 83.8% | 51.2% | 38.8% | 53.5% | 58.0% | 55.3% | 51.2% |
| Operating margin | 70.9% | 41.0% | 27.6% | 51.4% | — | 38.7% | 41.2% |
| Operating margin, 3-year average | — | 22.0% | — | 26.3% | — | — | 26.0% |
| Net margin | 74.3% | 20.6% | −0.9% | 38.1% | −8.6% | 8.4% | 30.0% |
| Cash from operations / revenue | 88.5% | 28.5% | 29.6% | 50.9% | — | 40.2% | 45.3% |
| Free-cash-flow margin | 88.1% | 16.4% | 10.3% | 19.2% | — | 13.9% | 27.1% |
| Free-cash-flow margin, 3-year average | — | 6.5% | — | 13.8% | — | — | 13.8% |
| Stock pay / revenue | 3.0% | — | 0.8% | 0.4% | — | 4.5% | 0.8% |
| Change in share count | 0.8% | 0.4% | 75.5% | 0.4% | 8.4% | 20.5% | 2.9% |
Peer comparison
| Measure | Company | Peer median | Rank |
|---|---|---|---|
| Revenue growth Growth | 45.1% | 55.1% | 16 of 24 |
| Change in growth rate Growth | +40.8pp | +20.4pp | 8 of 23 |
| Gross margin Profitability | 83.8% | 53.5% | 1 of 21 |
| Operating margin Profitability | 70.9% | 41.2% | 2 of 18 |
| Net margin Profitability | 74.3% | 30.4% | 1 of 24 |
| Free-cash-flow margin Cash generation | 88.1% | 28.2% | 1 of 22 |
| Stock pay as % of revenue Cash generation | 3.0% | 0.9% | 15 of 18 |
| Long-term debt as % of assets Balance sheet | 0.0% | 7.3% | 1 of 18 |
| Change in share count Balance sheet | 0.8% | 3.0% | 11 of 24 |
| Days sales outstanding Balance sheet | 4 days | 16 days | 1 of 17 |
Rank 1 = best in the group (for spending, debt and dilution, lower ranks first).
Who owns it
Funds buying and selling- Reported value
- $4.1B
- Institutions reporting
- 243
- Shares held vs prior quarter
- ▼ 1.9%
- Positions opened / closed
- 27 / 31
| Manager | Value | Shares | Share of 13F value | Shares QoQ |
|---|---|---|---|---|
| Edgepoint Investment Group Inc. | $581M | 18.4M | 14.3% | ▼ 5.6% |
| Van Eck Associates Corp | $351M | 11.1M | 8.6% | ▲ 5.9% |
| Price T Rowe Associates Inc | $252M | 8.0M | 6.2% | ▼ 15.4% |
| Mirae Asset Global Etfs Holdings Ltd. | $231M | 7.3M | 5.7% | ▲ 3.3% |
| T. Rowe Price Investment Management, Inc. | $212M | 6.7M | 5.2% | ▲ 6.0% |
| Vanguard Capital Management LLC | $175M | 5.5M | 4.3% | ▲ 0.9% |
| Tidal Investments LLC | $105M | 3.3M | 2.6% | ▲ 21.3% |
| Elliott Investment Management L.P. | $98.4M | 3.1M | 2.4% | 0.0% |
| Picton Mahoney Asset Management | $97.6M | 3.1M | 2.4% | ▼ 7.5% |
| Invesco Ltd. | $83.2M | 2.6M | 2.0% | ▲ 23.9% |
| Mackenzie Financial Corp | $81.7M | 1.8M | 2.0% | ▼ 11.9% |
| Royal Bank Of Canada | $81.6M | 2.6M | 2.0% | ▼ 4.3% |
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 OR Royalties Inc.'s complete shareholder register. Values are as reported by the filers .
Insider trading activity
Full insider history and chartFrom 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.
Earnings dates and SEC filings
Data status
| Data | Last updated | Source |
|---|---|---|
| Share price | Exchange closing prices | |
| News and updates | Company releases and SEC 8-K filings | |
| Analyst estimates | Aggregated analyst estimates | |
| Valuation and scores | Our models, from the filed figures |
OR Royalties Inc. in brief
- What does OR Royalties Inc. do?
- OR Royalties Inc. is a US-listed company in the gold industry. Its financial year ends in December.
- What is OR Royalties Inc.'s stock ticker?
- OR Royalties Inc. trades under the ticker OR on NYSE. This page brings together its financial statements, valuation models, ownership and recent company updates.
- What is OR Royalties Inc.'s revenue, and how fast is it growing?
- Over its most recent trailing twelve months, OR Royalties Inc. reported revenue of $277M, 45.1% higher than a year earlier, according to its SEC filings.
- What is OR Royalties Inc.'s free cash flow?
- OR Royalties Inc.'s free-cash-flow margin is 88.1% of revenue over the trailing twelve months, ranking 1 of the 22 gold companies we cover.
- Who are OR Royalties Inc.'s largest institutional shareholders?
- By value reported in 13F filings for June 30, 2026, the largest reported holders are Edgepoint Investment Group Inc., Van Eck Associates Corp and Price T Rowe Associates Inc. 13F reports cover long US-listed positions of managers above $100M, filed up to 45 days after quarter end.
- Does OR Royalties Inc. pay a dividend?
- Yes: OR Royalties Inc. paid $34.9M in dividends over the trailing twelve months and a payout ratio of 16.9%.
- How much debt does OR Royalties Inc. have?
- OR Royalties Inc.'s debt-to-equity ratio is 0.0%, from its latest balance sheet. The financial health section below sets out its other solvency checks.
- Who are OR Royalties Inc.'s competitors?
- In our Gold peer group, the companies closest to OR Royalties Inc. are Caledonia Mining Corp plc, Integra Resources Corp., Drdgold LTD, Aura Minerals Inc. and Aris Mining Corp. The side-by-side comparison below sets their revenue, margins and growth against OR Royalties Inc.'s.
- When is OR Royalties Inc.'s next earnings date?
- Around November 11, 2026, estimated from the spacing of its past results announcements (8-K filings). That is an estimate, not a confirmed date — OR Royalties Inc. announces its own schedule.
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