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Royal Gold Inc (RGLD) stock

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NASDAQ: RGLD Nasdaq Gold Next results ~November 4, 2026

B Fundamentals grade

Royal Gold Inc is a US-listed company in the gold industry. Its financial year ends in December.

Stock price today

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Third-party market data · may be delayed

Fair value per share

~$300

Cash-flow model

Base case. Range ~$230–$400 across our lower- and higher-growth cases (8%–18% a year).

Price vs value

Modestly undervalued

The price is inside our value range, 22% below our base value.

Price used: $235.99, November 2, 2026

Royal Gold 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.

  • Insiders0 buying, 7 selling0 purchases and 27 sales by directors and officers, last 12 monthsInsider trades
  • Funds362 adding, 390 cuttingOf 75 active managers that changed their stake, 36 added; quarter to June 30, 2026Fund buyers and sellers

Value diary

Our note on each quarter Royal Gold files

Where Royal Gold stands after its latest 10-Q

Revenue for the twelve months to June 2026 was $1.55bn, up 93.5% on a year earlier, faster than 71.0% a quarter earlier. That growth ranks 17 of 931 among all the companies we cover. Free-cash-flow margin fell to 48.1% from 54.1% a year earlier. Operating margin narrowed to 61.4% from 64.7%. The diluted share count is up 20.3% on a year earlier, which dilutes existing holders. Against its peers on growth, profitability, cash generation and balance sheet, it grades B+. It passes 3 of our 6 financial-health checks. Our cash-flow model value is $271 a share, against a share price of $241. At that price, our model says the market is pricing in about 10.8% a year of cash-flow growth for five years, slower than the 20.2% a year revenue growth it has delivered.

Source: 10-Q filed August 6, 2026 on SEC EDGAR · Financials · Valuation

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.

The Fundamentalytics view

Next results ~November 4, 2026 (estimated)

Royal Gold Inc's trailing-twelve-month revenue grew 93.5% year on year, with a free-cash-flow margin of 48.1%. Where it stands out: revenue growth of 93.5% ranks 4 of 24 gold companies we cover. Where it lags: change in share count of 20.3% ranks 20 of 24 gold companies we cover.

Our discounted-cash-flow model values the business at ~$300 per share in the base case (~$230–$400 across growth scenarios) — model values under stated assumptions, not a price target.

Current signal Revenue growth accelerating: TTM revenue growth rose to 93.5% (+22.5pp vs the prior quarter).

Assembled from SEC-filed figures — the full workings are on this page and in our methodology. Observations, not recommendations.

Highlights

How we pick these

Strengths

  • Priced below our value. The share price of $235.99 is 28% below our value per share of $300.
  • Fast growth. Revenue grew 93.5% over the last 12 months, against a median of 55.1% for gold companies we cover.
  • Growth speeding up. The growth rate is 22.5 points higher than a quarter earlier.
  • High operating margin. 61.4% of revenue is left as operating profit, against a median of 41.2% for gold companies we cover.
  • Strong cash generation. 48.1% of revenue turned into free cash flow, against a median of 28.2% for gold companies we cover.

Things to watch

  • Margins narrowing. Operating margin is down 3.3 points on a year ago.
  • Share dilution. Diluted shares rose 20.3% in a year.
  • Volatile shares. Over the past year the shares showed annualised volatility of 41% and a beta of 1.5 against the S&P 500.
  • Gross margin slipping. Gross margin is down 3.0 points on a year ago.
  • Missing expectations. Earnings per share fell short of the consensus estimate in 3 of the last four quarters.

Latest results: FY2026 Q2

Filed August 6, 2026
Earnings per share
$2.56 against an average estimate of $2.54: beat by 0.8%
Revenue
$451m, up 114.9% on a year earlier
Share reaction
+2.6% in the first session after the results on October 20, 2026, against +0.9% for the S&P 500
Next report
November 4, 2026; average EPS estimate $2.74

Royal Gold's figures from its SEC filings and results release; estimates are the analysts' average. Not a recommendation.

Price chart

  • 1 day+3.2%
  • 1 week+0.8%
  • 1 month+0.6%
  • This year+7.1%
  • 1 year+36.1%
  • 5 years+143.6%
  • S&P 500 this year+11.2%

Closing prices to 2026-11-02. Price change only, dividends excluded.

Loading chart…

Third-party market data · may be delayed

At a glance

Trailing twelve months, from SEC filings

Profitability

Revenue (TTM)
$1.5B
Operating margin
61.4%
Net margin
47.7%
EPS (TTM, diluted)
$9.32

Growth

Revenue growth
+93.5%
Change in growth rate
+22.5 pts
Share count change
+20.3%

Cash

Free cash flow (TTM)
$744M
FCF margin
48.1%
Stock pay % of revenue
0.8%

Earnings

Last results
October 20, 2026

News & updates

Updated October 31, 2026

Company announcements, filed results and changes that matter to shareholders.

  1. Results
  2. Announcement
  3. Announcement
  4. Insider trade
  5. Announcement
  6. Dividend
  7. Results
  8. Results

Refreshed hourly when new source data is available. Summaries are checked against company releases and SEC filings. Company announcement headlines are labelled when a checked summary is unavailable.

Valuation

Royal Gold Inc valuation models and calculator

What the price is pricing in

The share price implies about 10.5% a year of cash-flow growth for five years.That is slower than the 20.2% a year revenue growth Royal Gold has delivered.

  • Priced in10.5%
  • Last 12 months93.5%
  • 3 years a year36.5%
  • 5 years a year20.2%

Our cash-flow model with every input fixed except growth over the next five years, solved for the growth at which the model value equals the share price ($235.97, Nov 3, 2026). Cash-flow growth then fades to 2.5% a year; discount rate 8.5%. Delivered figures are revenue growth from SEC filings. This is a model exercise, not investment advice or a forecast of the share price. All companies

Fundamentalytics rating

model v1.6 · 2026-11-03
Hold12-month view
12-month price target
~$300
Price used
$235.97close November 3, 2026
Implied change
▲ +28%
Uncertainty
Medium

How we got here: a discounted-cash-flow model of Royal Gold Inc's free cash flow after stock-based pay with after-tax interest added back ($751M, FY2026 Q2 TTM), growing 24.1% and 13.6% in the next two years (forecasts, guidance and its record), then back to 13% by year five, and fading to 2.5%, discounted at 8.5%. Lower and higher growth cases span ~$230–~$400 ; that spread sets a 25% margin before we rate Buy or Sell.

Produced by Fundamentalytics' automated valuation model on November 3, 2026, using delayed market prices. Rating meanings, methodology and conflicts: recommendations disclosure and research disclaimer. General research, not personal advice — it does not consider your circumstances. Prices can fall as well as rise.

Our value per share comes from a discounted-cash-flow model of Royal Gold Inc's free cash flow after stock-based pay ( $751M, FY2026 Q2 TTM, with after-tax interest added back): growth for five years as below (the first two years from forecasts, guidance and the company's record), fading to 2.5%, discounted at 8.5%, then cash added and debt and other claims subtracted. These are model values under stated assumptions, not price targets or recommendations.

Valuation models

We value Royal Gold Inc as an operating company, with every model that fits that kind of business. Cost of equity 9.8%: the 10-year Treasury yield (4.9%) plus a beta of 1.09 times a 4.5% equity risk premium.

Value per share by model
Model Value per share In the combined value?
Cash-flow model (DCF) Free cash flow to the firm (after stock pay, with after-tax interest added back), grown then faded to 2.5%, discounted at 8.5% as the firm rate, less debt and other claims. ~$300 ~$230–$400 Primary model, counts double
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. ~$130 ~$88–$170 Included
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. ~$98 ~$87–$140 Included
Residual income Book value plus the present value of returns above the cost of equity, fading over ten years. ~$100 ~$74–$140 Included
Justified price-to-book Book value times (return on equity - growth) / (cost of equity - growth): steady-state returns. ~$110 ~$92–$120 Included
Combined value Weighted average of the models that apply: the primary model (cash-flow model (dcf)) 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. ~$170 ~$98–$300 5 models

Different models fail in different ways, so where several apply we average them rather than trust one. Peer-based models compare Royal Gold 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.

What moves the value

  • Revenue growth 5 points lower ▼ −24%
  • Revenue growth 5 points higher ▲ +31%
  • Free-cash-flow margin 1 point lower ▼ −2%
  • Last year's free-cash-flow margin change, if it persists ▼ −11%
  • Discount rate 1 point higher ▼ −16%
Value per share under different assumptions
Discount rate ↓ / growth → −5% growth0% growth5% growth10% growth15% growth20% growth
7% $125$171$231$311$416$550
8.5% $95$128$172$229$303$399
10% $77$102$136$180$236$309

Valuation multiples over time Market data may be delayed

At fiscal year end 2016201720182019202020212022202320242025Now
Share price$64.07$70.24$84.41$94.30$115.54$107.12$107.80$117.17$129.34$220.44$235.99
Market value$4.2bn$4.6bn$5.5bn$6.2bn$7.6bn$7.0bn$7.1bn$7.7bn$8.5bn$15.3bn$18.7bn
+ Net debt (− = net cash)$0$0$0$0$0$0$456m$146m−$195m$666m$218m
Enterprise value$4.2bn$4.6bn$5.5bn$6.2bn$7.6bn$7.0bn$7.5bn$7.8bn$8.3bn$16.0bn$18.9bn
Multiples
Price / sales 14.4x10.4x12.0x14.6x15.2x11.4x11.7x12.7x11.8x14.9x12.1x
Price / earnings —45.2x—65.8x38.0x23.2x29.6x32.2x25.6x32.9x25.3x
Price / free cash flow ———————————
EV / EBITDA 28.6x15.0x61.8x20.3x20.3x13.5x16.3x16.8x14.5x19.6x15.1x

Market value uses the period's diluted share count; figures for each fiscal year use that year's results and the price at year end. "Now" uses today's price and the last twelve months.

Moat

62 /100

Moderate moat

How hard Royal Gold's competitive advantage looks for rivals to wear away, judged from 10 years of its own filings: returns on capital, pricing power, profit durability, cash conversion and discipline.

  • Returns on capital 11 / 20

    Net income has been a median 7.3% of total assets over 10 years.

  • Pricing power 12 / 20

    Gross margin has been a median 54.3%, moving by 8.8 percentage points (standard deviation) across 9 years.

  • Durability 10 / 20

    Operating margin has been a median 49.1%; its worst year was -16.2%.

  • Cash conversion 20 / 20

    Free cash flow was positive in 9 of 9 years, at a median 39.6% of revenue.

  • Discipline 10 / 20

    The diluted share count rose 20.6% over five years; stock-based pay has been a median 1.4% of revenue.

AI disruption exposure: Low. In this industry, the business rests on physical assets, regulated networks or products AI itself depends on.

A rules-based reading of reported figures, not a forecast and not investment advice. How the score is built: methodology.

Forecasts and guidance

Next results: November 4, 2026, after the close. Analysts expect revenue of $461m and EPS of $2.74 (range $2.52 to $2.96) for the quarter.

Analysts' consensus

Fiscal yearEPSGrowthRevenueGrowth
Current $10.62 +45% $1.9bn +81%
Next $12.93 +22% $2.1bn +15%

Next year's EPS estimate has moved −1.1% in 90 days, across 10 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, 1 analyst raised Royal Gold Inc's forecast and 3 cut it.

Consensus EPS forecast Royal Gold Inc, last 90 days
$10.00 $11.00 $12.00 $13.00 $14.00 90 days ago 60 days ago 30 days ago 7 days ago Now Current fiscal year, 90 days ago: $10.90 Current fiscal year, 60 days ago: $10.51 Current fiscal year, 30 days ago: $10.45 Current fiscal year, 7 days ago: $10.30 Current fiscal year, Now: $10.62 $10.62 Next fiscal year, 90 days ago: $13.07 Next fiscal year, 60 days ago: $12.91 Next fiscal year, 30 days ago: $12.87 Next fiscal year, 7 days ago: $12.61 Next fiscal year, Now: $12.93 $12.93

Average of analysts' published estimates (third-party data).

View chart data
Period Current fiscal yearNext fiscal year
90 days ago $10.90$13.07
60 days ago $10.51$12.91
30 days ago $10.45$12.87
7 days ago $10.30$12.61
Now $10.62$12.93

Earnings against estimates

Quarter toEstimateActualSurprise
Jun 2026 $2.54 $2.56 +0.8%
Mar 2026 $2.75 $2.72 −0.9%
Dec 2025 $2.64 $1.92 −27.4%
Sept 2025 $2.19 $2.06 −6.1%

Adjusted EPS as companies report it, against the average analyst estimate.

Management guidance

Earnings release, October 20, 2026

No numeric guidance in Royal Gold Inc's latest earnings release (filed October 20, 2026). Some companies give their outlook only on the earnings call.

How our valuation uses these forecasts

Our cash-flow model grows Royal Gold Inc's revenue by +24.1% next year and +13.6% the year after, then fades back toward its own record by year five. Next year's rate weighs analysts' consensus (+29.3%, weight 68%) and the company's own record (+13.0%, weight 32%) . How the weights are set.

Analyst recommendations

12 analysts, Oct 2026
Buy975%
Hold217%
Sell18%

Monthly trend

  1. Oct 2026362112
  2. Sep 2026362112
  3. Aug 2026362112
  4. Jul 2026362112

Counts of recommendations published by analysts covering Royal Gold Inc, by month. Source: Aggregated broker recommendations (third-party data). Aggregated counts only: we do not reproduce any firm's recommendation or price target, and these are not Fundamentalytics ratings.

Positioning

Short interest
2.8%
of tradable shares
Days to cover
3.22
at average volume
Short interest, 1 month
−5%
to October 15, 2026
Held by institutions
87%
of shares
Held by insiders
0.3%
of shares
Employees
39
full time

Consensus figures average analysts' published estimates (third-party data); guidance is the company's own. Neither is our forecast. Short interest is reported twice a month and lags. Market data may be delayed.

This section is general information, not investment advice or a personal recommendation, and it does not take account of your objectives or circumstances. Forecasts and guidance are estimates, not promises: companies miss their own guidance and analysts' figures are often revised. Prices can fall as well as rise, and you can lose money. See our disclaimer.

Share-price performance

Market data may be delayed

What moved the share price

Last 12 months +36.1%

$173.33 on October 31, 2025 to $235.99

ThenNowEffect
Revenue (last 12 months) $799m $1.5bn +93.5%
Net margin 56.2% 47.7% −15.2%
P/E multiple 25.4x 25.3x −0.2%
Share count 66m 79m −16.9%

Biggest factor: revenue.

Last 3 years +119.8%

$107.37 on November 3, 2023 to $235.99

ThenNowEffect
Revenue (last 12 months) $609m $1.5bn +154.1%
Net margin 37.7% 47.7% +26.6%
P/E multiple 30.7x 25.3x −17.6%
Share count 66m 79m −17.0%

Biggest factor: revenue.

The effects multiply back to the price change exactly. Results are the last 12 months as known on each date (filings assumed public 45 days after quarter end).

Return and risk by year

Calendar year 202120222023202420252026 to date
Return
RGLD0%+9%+9%+10%+70%+7%
Industry peers (median)−29%−22%−12%−9%+201%−25%
S&P 500+29%−18%+26%+25%+18%+11%
Months that ended higher
RGLD67%50%42%58%67%36%
S&P 50075%42%67%75%75%46%
Largest fall from a high during the year
RGLD−28%−41%−28%−17%−19%−38%
S&P 500−5%−25%−10%−8%−19%−9%

Worst fall since November 3, 2015: 50% from September 4, 2019 to March 18, 2020. Getting back needed a 98% gain, reached on July 27, 2020, 131 days after the low.

Price behaviour

52-week range
$167.67 – $302.40
From 52-week high
−22.0%
vs 50-day average
−3.8%
vs 200-day average
−1.8%
Volatility (1 year)
41%
Beta vs S&P 500
1.50

Volatility is the annualised standard deviation of daily returns. Beta 1.5 means the shares typically moved 1.5% for each 1% move in the S&P 500 over the past year. Prices to November 2, 2026.

Share price after results

Next day
9 up, 3 down
typical move ±3.5%
After a week
9 up, 3 down
typical move ±9.0%
After a month
6 up, 5 down
typical move ±14.5%
Results releasedNext dayS&P 500 next day5 days21 days
October 20, 2026 +2.6% +0.9% +1.6% —
August 5, 2026 +5.9% −0.4% +13.0% +28.5%
July 21, 2026 +7.4% +0.7% +4.7% +32.4%
May 6, 2026 +3.0% +1.1% +8.5% −8.8%
February 18, 2026 −2.6% +0.2% +3.0% −19.4%
January 13, 2026 +2.9% −0.7% +13.2% +10.4%
November 5, 2025 +0.3% −0.7% +14.4% +19.3%
October 14, 2025 +1.4% +0.3% −7.4% −3.0%
August 6, 2025 +3.2% +0.7% +7.5% +15.4%
July 8, 2025 −4.7% +0.5% −6.2% −4.1%
May 7, 2025 −3.1% +1.1% −10.2% −4.7%
April 8, 2025 +4.8% +8.8% +17.8% +13.8%

From the close before the release date to the close 1, 5 and 21 trading days after it, so releases before the open and after the close are both captured. Past moves don't predict future ones.

Options strategies

All options ideas

How Royal Gold Inc’s listed options are priced, and three ways to use them that follow from our valuation. Quotes are delayed, read November 2, 2026. Check the live chain at your broker before trading.

Implied vs realised volatility

Options look fairly priced

Implied volatility is within its normal range against realised. Selling options earns the usual premium, nothing extra.

  • Implied is 1.16× the last 60 days’ realised volatility , richer than 46% of the 229 stocks we screen today.
  • Puts and calls are priced at about the same implied volatility.
  • Why: implied is not far enough above realised, or not unusual against our coverage.

Our rule for “rich”: implied at least 1.2× 60-day realised (beyond measurement noise), above 1-year realised (not just a calm spell), and in the top 20% of our coverage that day. Never with results inside the option’s life. These are our conventions, built on research showing option prices usually imply more movement than follows, most when the gap is wide. How we judge this.

Cash-secured put

Not offered: fundamentals grade B (needs B+ or better).

We suggest selling a put only on well-rated companies, at a strike where the price you would pay if assigned (strike less premium) is at or below our fair value.

Covered call

Not offered: no liquid call at or above our price target — the model says the upside is worth more than any listed strike.

For holders: sell a call at a strike at or above our fair value, so the shares are only sold at a price the model calls full value.

Collar

Not offered: the shares trade below our fair value: a collar caps upside the model expects.

For holders of a stock trading at or above our fair value: buy a put for a floor and sell a call to pay for it.

General research, not personal advice. Options can lose you more than you expect and are not suitable for everyone: put sellers can be made to buy shares that keep falling, call sellers give up gains above the strike, and results or news can move prices sharply. Chances shown are approximations from each option’s delta. Spreads, fees and early assignment are not modelled.

Royal Gold Inc in five measures

Fundamentals grade B
Growth Profitability Cash Balance sheet Value

Growth, profitability, cash generation and balance sheet are percentiles against the companies we cover in the same industry, from SEC filings (100 = best). Value compares the share price with our modelled value range (50 = at our base value; higher = cheaper). A description of reported data and our model — not a quality score or advice.

Fundamentals

Revenue (TTM) Royal Gold Inc
$500M $1B $1.5B $2B FY23 Q3 FY24 Q2 FY25 Q1 FY26 Q2 Revenue (TTM), FY23 Q3: $616M Revenue (TTM), FY23 Q4: $605.7M Revenue (TTM), FY24 Q1: $584.2M Revenue (TTM), FY24 Q2: $614.3M Revenue (TTM), FY24 Q3: $669.5M Revenue (TTM), FY24 Q4: $719.4M Revenue (TTM), FY25 Q1: $763.9M Revenue (TTM), FY25 Q2: $799.5M Revenue (TTM), FY25 Q3: $857.7M Revenue (TTM), FY25 Q4: $1B Revenue (TTM), FY26 Q1: $1.3B Revenue (TTM), FY26 Q2: $1.5B $1.5B

Source: SEC EDGAR filings. Retrieved October 20, 2026.

View chart data
Period Revenue (TTM)
FY23 Q3 $616M
FY23 Q4 $605.7M
FY24 Q1 $584.2M
FY24 Q2 $614.3M
FY24 Q3 $669.5M
FY24 Q4 $719.4M
FY25 Q1 $763.9M
FY25 Q2 $799.5M
FY25 Q3 $857.7M
FY25 Q4 $1B
FY26 Q1 $1.3B
FY26 Q2 $1.5B
Revenue growth, TTM YoY Royal Gold Inc
-50% 0% 50% 100% FY23 Q3 FY24 Q2 FY25 Q1 FY26 Q2 Revenue growth, TTM YoY, FY23 Q3: 1.2% Revenue growth, TTM YoY, FY23 Q4: 0.4% Revenue growth, TTM YoY, FY24 Q1: -4.4% Revenue growth, TTM YoY, FY24 Q2: 0.9% Revenue growth, TTM YoY, FY24 Q3: 8.7% Revenue growth, TTM YoY, FY24 Q4: 18.8% Revenue growth, TTM YoY, FY25 Q1: 30.8% Revenue growth, TTM YoY, FY25 Q2: 30.1% Revenue growth, TTM YoY, FY25 Q3: 28.1% Revenue growth, TTM YoY, FY25 Q4: 43.2% Revenue growth, TTM YoY, FY26 Q1: 71.0% Revenue growth, TTM YoY, FY26 Q2: 93.5% 93.5%

Source: SEC EDGAR filings. Retrieved October 20, 2026.

View chart data
Period Revenue growth, TTM YoY
FY23 Q3 1.2%
FY23 Q4 0.4%
FY24 Q1 -4.4%
FY24 Q2 0.9%
FY24 Q3 8.7%
FY24 Q4 18.8%
FY25 Q1 30.8%
FY25 Q2 30.1%
FY25 Q3 28.1%
FY25 Q4 43.2%
FY26 Q1 71.0%
FY26 Q2 93.5%
Operating margin (TTM) Royal Gold Inc
45% 50% 55% 60% 65% 70% FY23 Q3 FY24 Q2 FY25 Q1 FY26 Q2 Operating margin (TTM), FY23 Q3: 48.2% Operating margin (TTM), FY23 Q4: 50.1% Operating margin (TTM), FY24 Q1: 50.1% Operating margin (TTM), FY24 Q2: 52.6% Operating margin (TTM), FY24 Q3: 56.2% Operating margin (TTM), FY24 Q4: 59.8% Operating margin (TTM), FY25 Q1: 62.5% Operating margin (TTM), FY25 Q2: 64.7% Operating margin (TTM), FY25 Q3: 65.4% Operating margin (TTM), FY25 Q4: 61.9% Operating margin (TTM), FY26 Q1: 62.2% Operating margin (TTM), FY26 Q2: 61.4% 61.4%

Source: SEC EDGAR filings. Retrieved October 20, 2026.

View chart data
Period Operating margin (TTM)
FY23 Q3 48.2%
FY23 Q4 50.1%
FY24 Q1 50.1%
FY24 Q2 52.6%
FY24 Q3 56.2%
FY24 Q4 59.8%
FY25 Q1 62.5%
FY25 Q2 64.7%
FY25 Q3 65.4%
FY25 Q4 61.9%
FY26 Q1 62.2%
FY26 Q2 61.4%
FCF margin (TTM) Royal Gold Inc
35% 40% 45% 50% 55% 60% FY23 Q3 FY24 Q2 FY25 Q1 FY26 Q2 FCF margin (TTM), FY23 Q3: 39.2% FCF margin (TTM), FY23 Q4: 41.4% FCF margin (TTM), FY24 Q1: 49.3% FCF margin (TTM), FY24 Q2: 48.2% FCF margin (TTM), FY24 Q3: 50.6% FCF margin (TTM), FY24 Q4: 53.5% FCF margin (TTM), FY25 Q1: 50.9% FCF margin (TTM), FY25 Q2: 54.1% FCF margin (TTM), FY25 Q3: 55.2% FCF margin (TTM), FY25 Q4: 51.2% FCF margin (TTM), FY26 Q1: 48.0% FCF margin (TTM), FY26 Q2: 48.1% 48.1%

Source: SEC EDGAR filings. Retrieved October 20, 2026.

View chart data
Period FCF margin (TTM)
FY23 Q3 39.2%
FY23 Q4 41.4%
FY24 Q1 49.3%
FY24 Q2 48.2%
FY24 Q3 50.6%
FY24 Q4 53.5%
FY25 Q1 50.9%
FY25 Q2 54.1%
FY25 Q3 55.2%
FY25 Q4 51.2%
FY26 Q1 48.0%
FY26 Q2 48.1%

Data: SEC EDGAR XBRL company facts (as filed in 10-K/10-Q); forms 10-K, 10-K/A, 10-KT, 10-Q. Generated November 3, 2026. Definitions in our methodology.

Where the money goes

FY2025, from the 10-K

Each dollar Royal Gold took in during FY2025, followed through to profit: what it cost to make, what went on running the business, and what was left after tax.

  1. Revenue $1B
  2. Cost of revenue $316M · 30.7%
  3. Gross profit $714M · 69.3%
  4. Selling, general and admin $49.2M · 4.8%
  5. Other operating costs $27M · 2.6%
  6. Operating income $638M · 61.9%
  7. Income tax $102M · 9.9%
  8. Interest and other $69.6M · 6.8%
  9. Net income $466M · 45.2%

Shares of revenue. Source: Royal Gold's 10-K for FY2025, as filed with the SEC. "Other" lines are what the reported lines leave unexplained.

Financial statements

US$ millions unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

Fiscal year 2014 Jun 2014 2015 Jun 2015 2016 Jun 2016 2017 Jun 2017 2018 Jun 2018 2019 Jun 2019 2020 Jun 2020 2021 Jun 2021 2022 Dec 2022 2023 Dec 2023 2024 Dec 2024 2025 Dec 2025 LTM Jun 2026
Income
Revenue 228 245 289 441 459 423 499 616 603 606 719 1,030 1,547
Gross profit — 245 289 192 209 179 236 333 323 343 471 714 1,034
EBITDA 200 181 146 306 89 304 374 521 463 468 574 815 1,250
Operating income 109 87 5 146 −75 141 199 338 284 303 430 638 950
Net income 63 52 −77 102 −113 94 199 303 239 239 332 466 738
Diluted EPS $0.96 $0.80 −$1.18 $1.55 −$1.73 $1.43 $3.03 $4.60 $3.63 $3.63 $5.04 $6.69 $9.32
Growth (year on year)
Revenue — +7.3% +18.1% +52.6% +4.1% −7.8% +17.9% +23.5% −2.1% +0.4% +18.8% +43.2% +93.5%
EBITDA — −9.7% −19.3% +109.4% −70.8% +240.7% +23.2% +39.2% −11.2% +1.2% +22.7% +41.9% +92.0%
Operating income — −19.8% −94.5% — −151.1% — +41.4% +69.7% −16.0% +6.9% +41.8% +48.4% +83.7%
Net income — −17.0% −248.5% — −211.4% — +112.5% +51.8% −21.0% +0.2% +38.7% +40.4% +64.2%
Diluted EPS — −16.7% −247.5% — −211.6% — +111.9% +51.8% −21.1% 0.0% +38.8% +32.7% +36.4%
Margins
Gross margin — 100.0% 100.0% 43.6% 45.6% 42.2% 47.3% 54.1% 53.6% 56.7% 65.5% 69.3% 66.8%
EBITDA margin 87.7% 73.9% 50.5% 69.3% 19.4% 71.8% 75.1% 84.6% 76.7% 77.3% 79.8% 79.1% 80.8%
Operating margin 47.7% 35.7% 1.7% 33.1% −16.2% 33.3% 39.9% 54.8% 47.0% 50.1% 59.8% 61.9% 61.4%
Net margin 27.5% 21.2% −26.7% 23.0% −24.6% 22.2% 40.0% 49.1% 39.6% 39.5% 46.2% 45.2% 47.7%
Cash flow
Cash from operations 147 192 169 267 329 253 341 407 417 416 530 705 1,044
Stock-based pay 3 5 10 10 8 7 9 6 8 10 12 12 13
Balance sheet
Cash — — — — — — — — 119 104 195 234 182
Total debt 312 370 645 620 370 220 305 150 575 250 0 900 400
Net debt (negative = net cash) — — — — — — — — 456 146 −195 666 218
Diluted shares 65m 65m 65m 65m 65m 66m 66m 66m 66m 66m 66m 70m 79m
Returned to shareholders
Dividends 53 56 59 61 64 67 71 76 92 99 105 119 140
Total returned 53 56 59 61 64 67 71 76 92 99 105 119 140

Source: SEC EDGAR XBRL company facts (US and foreign periodic filings); column headings link to the filing. EBITDA is operating income plus depreciation and amortisation. Free cash flow is cash from operations minus capital spending. Growth is left blank when last year's figure was a loss or under 2% of revenue. Share counts and EPS are restated for stock splits. A dash means the company didn't report the figure.

Financial health

3 of 6 checks passed · June 30, 2026
What it owns · $9.4bn
Short-term assets $370mLonger-term assets $9.1bn
What it owes, and who funded it · $9.4bn
Short-term liabilities $127mLonger-term liabilities $1.7bnShareholders' equity $7.6bn
  • Short-term assets cover short-term liabilities $370m of assets due within a year against $127m of liabilities due within a year.
  • Short-term assets cover long-term liabilities $370m short-term assets against $1.7bn of longer-dated liabilities.
  • More cash than debt $182m of cash against $396m of debt.
  • Debt below 40% of shareholders' equity Debt is 5% of equity.
  • Debt burden no higher than five years ago Debt to equity moved from 4% to 5% over five years.
  • A year's operating cash flow covers at least 20% of debt $1.0bn of operating cash flow against $396m of debt.
  • Operating profit covers interest at least five times over Interest not separately reported. Not assessable.

From Royal Gold Inc's latest balance sheet as filed. Checks are fixed, documented rules (methodology), counted only where the company reports the figures — a dot means the filing doesn't break the item out. Descriptions of reported data, not advice.

Dividends, buybacks and capital spending

Dividends (TTM)
$140M
Returned to shareholders
19%
of free cash flow
Diluted share count
+20.3%
year over year
Total shareholder yield
0.7%
dividends 0.7% + buybacks 0.0% of market value
Dividend payout ratio
19%
of net income paid out

Competitors: side by side with peers

Closest by revenue in gold
Last 12 months unless stated RGLD AGI EQX EGO FNV SSRM Median
Revenue, last 12 months $1.5bn $1.8bn $1.8bn $1.8bn $1.8bn $1.9bn $1.8bn
Revenue growth, last 12 months 93.5% 34.3% 99.1% 37.5% 63.7% 48.4% 53.7%
Revenue growth, 3-year average 36.5% — — — — 21.1% 35.2%
Revenue growth, latest quarter 114.9% — — — — 9.5% 14.5%
Gross margin 66.8% 55.2% 35.4% 48.5% 73.9% 50.9% 51.2%
Operating margin 61.4% 60.7% 23.8% 40.0% 74.3% 40.2% 41.2%
Operating margin, 3-year average 59.6% 24.3% — 17.8% 58.5% 5.6% 26.0%
Net margin 47.7% 49.0% 12.2% 27.9% 61.0% 12.3% 30.0%
Cash from operations / revenue 67.5% 44.0% 45.0% 41.5% 81.9% 30.9% 45.3%
Free-cash-flow margin 48.1% 15.9% 6.9% 23.1% 81.8% 18.2% 27.1%
Free-cash-flow margin, 3-year average 50.2% 5.7% — — — 12.8% 13.8%
Stock pay / revenue 0.8% 3.7% 0.7% 1.1% 0.3% 3.1% 0.8%
Change in share count 20.3% 3.0% 33.1% −0.1% 0.2% 2.8% 2.9%

Median of all 24 companies we cover in gold. Shaded: best of the six on that line (lowest for stock pay and share-count growth). 3-year figures average the last three 12-month periods; 3-year growth is compound annual. Source: SEC filings.

Peer comparison

24 gold companies
Measure Company Peer median Rank
Revenue growth Growth 93.5% 55.1% 4 of 24
Change in growth rate Growth +22.5pp +20.4pp 9 of 23
Gross margin Profitability 66.8% 53.5% 5 of 21
Operating margin Profitability 61.4% 41.2% 4 of 18
Net margin Profitability 47.7% 30.4% 5 of 24
Free-cash-flow margin Cash generation 48.1% 28.2% 4 of 22
Stock pay as % of revenue Cash generation 0.8% 0.9% 9 of 18
Long-term debt as % of assets Balance sheet 4.2% 7.3% 9 of 18
Change in share count Balance sheet 20.3% 3.0% 20 of 24

Rank 1 = best in the group (for spending, debt and dilution, lower ranks first).

Where the revenue comes from

Fiscal year to December 31, 2025
Segments
Line of business Revenue Share YoY
Stream Interest $686M 66.6% ▲ 42.0%
Royalty Interest $344M 33.4% ▲ 45.7%

From Royal Gold Inc's 10-K filed February 19, 2026, as tagged in the filing. View filing. Indented rows are part of the line above; their share is of that line. In the bars, the faint bar behind is the year before.

Who owns it

Funds buying and selling
Reported value
$14.3B
Institutions reporting
762
Shares held vs prior quarter
▲ 2.5%
Positions opened / closed
72 / 122

Top buyers and sellers, Q2 2026: 362 institutions bought and 390 sold ; the biggest buyer was First Eagle Investment Management, LLC (+806K shares) and the biggest seller Capital World Investors (−1.2M). See which funds bought and sold →

Largest reported holders, June 30, 2026
Manager Value Shares Share of 13F value Shares QoQ
Blackrock, Inc. $2.2B 10.9M 15.2% ▲ 4.2%
Capital World Investors $1.9B 9.3M 13.0% ▼ 11.3%
Vanguard Portfolio Management LLC $824M 4.1M 5.7% ▲ 0.4%
State Street Corp $779M 3.9M 5.4% ▲ 8.4%
Vanguard Capital Management LLC $758M 3.8M 5.3% ▲ 0.9%
Van Eck Associates Corp $585M 2.9M 4.1% ▼ 8.6%
Invesco Ltd. $413M 2.1M 2.9% ▼ 7.9%
Geode Capital Management, LLC $348M 1.7M 2.4% ▲ 0.8%
First Eagle Investment Management, LLC $344M 1.7M 2.4% ▲ 87.8%
Capital Research Global Investors $290M 1.5M 2.0% ▲ 69.6%
Norges Bank $281M 1.4M 2.0% —
UBS Group AG $243M 1.2M 1.7% ▲ 183.4%

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 Royal Gold Inc's complete shareholder register. Values are as reported by the filers ; 1 inconsistently scaled filing rows were excluded.

Insider trading activity

Full insider history and chart
Insider purchases History → $0 0 trades by 0 insiders, last 12 months Insider sales History → $6.4M 27 trades by 7 insiders · 53% under pre-set plans
Net ▼ $6.4M net selling
Insider Date Trade Shares Price Value
Heissenbuttel William Holmes President & CEO October 5, 2026 Sell pre-set plan 41 $235.84 $9,669
Heissenbuttel William Holmes President & CEO October 5, 2026 Sell pre-set plan 983 $235.05 $231,054
Heissenbuttel William Holmes President & CEO October 5, 2026 Sell pre-set plan 841 $234.17 $196,937
Heissenbuttel William Holmes President & CEO October 5, 2026 Sell pre-set plan 280 $233.10 $65,268
Heissenbuttel William Holmes President & CEO October 5, 2026 Sell pre-set plan 160 $231.62 $37,059
Heissenbuttel William Holmes President & CEO October 5, 2026 Sell pre-set plan 120 $230.22 $27,626
Heissenbuttel William Holmes President & CEO September 3, 2026 Sell pre-set plan 1,608 $261.31 $420,186
Heissenbuttel William Holmes President & CEO September 3, 2026 Sell pre-set plan 57 $259.98 $14,819
Heissenbuttel William Holmes President & CEO September 3, 2026 Sell pre-set plan 1,173 $263.53 $309,121
Heissenbuttel William Holmes President & CEO September 3, 2026 Sell pre-set plan 877 $262.31 $230,046
Heissenbuttel William Holmes President & CEO September 3, 2026 Sell pre-set plan 3,560 $264.59 $941,940
Shefman Randy SVP & General Counsel August 28, 2026 Sell 500 $262.80 $131,400

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.

Trades by members of Congress

All 15 trades and filings

No trades in Royal Gold Inc disclosed in the last 12 months; 15 earlier trades on record.

  • Lisa C. McClain(R-MI 9):Sale (full), $1,001 - $15,000, traded August 4, 2025, filed September 12, 2025
  • Lisa C. McClain(R-MI 9):Purchase, $1,001 - $15,000, traded July 22, 2025, filed August 13, 2025
  • Lisa C. McClain(R-MI 9):Sale (partial), $1,001 - $15,000, traded June 10, 2025, filed August 13, 2025

Value ranges as filed; reports can arrive up to 45 days after a trade.

Earnings dates and SEC filings

Results announcements

  • October 20, 2026
  • August 5, 2026
  • July 21, 2026
  • May 6, 2026
  • February 18, 2026
  • January 13, 2026

Recent SEC filings

Data status

When each part of this page on Royal Gold Inc was last updated.

DataLast updatedSource
Share priceExchange closing prices
Financial statementsSEC 10-K and 10-Q filings
News and updatesCompany releases and SEC 8-K filings
Analyst estimatesAggregated analyst estimates
Valuation and scoresOur models, from the filed figures

How we build and check these figures: methodology and data sources.

Royal Gold Inc in brief

What does Royal Gold Inc do?
Royal Gold Inc is a US-listed company in the gold industry. Its financial year ends in December.
What is Royal Gold Inc's stock ticker?
Royal Gold Inc trades under the ticker RGLD on Nasdaq. This page brings together its financial statements, valuation models, ownership and recent company updates.
What is Royal Gold Inc's revenue, and how fast is it growing?
Over its most recent trailing twelve months, Royal Gold Inc reported revenue of $1.5B, 93.5% higher than a year earlier, according to its SEC filings.
What is Royal Gold Inc's free cash flow?
Royal Gold Inc's free-cash-flow margin is 48.1% of revenue over the trailing twelve months, ranking 4 of the 22 gold companies we cover.
What is Royal Gold Inc's fair value (intrinsic value) per share?
Our discounted-cash-flow model of Royal Gold Inc's free cash flow after stock-based pay gives ~$300 per share in the base case, and ~$230–$400 across growth scenarios. These are model values under stated assumptions — not a price target or a recommendation.
Who are Royal Gold Inc's largest institutional shareholders?
By value reported in 13F filings for June 30, 2026, the largest reported holders are Blackrock, Inc., Capital World Investors and Vanguard Portfolio Management LLC. 13F reports cover long US-listed positions of managers above $100M, filed up to 45 days after quarter end.
What is Royal Gold Inc's market cap?
On November 2, 2026, Royal Gold Inc's market capitalisation was about $18.7B, with a price-to-earnings ratio of 25.3 and net debt of $218M. Market figures come from third-party market data and may be delayed.
Does Royal Gold Inc pay a dividend?
Yes: Royal Gold Inc paid $140M in dividends over the trailing twelve months, a dividend yield of 0.70% and a payout ratio of 18.9%.
How much debt does Royal Gold Inc have?
Royal Gold Inc's debt-to-equity ratio is 5.2%, from its latest balance sheet (3.7% five years earlier). The financial health section below sets out its other solvency checks.
Who are Royal Gold Inc's competitors?
In our Gold peer group, the companies closest to Royal Gold Inc are Alamos Gold Inc, Equinox Gold Corp., Eldorado Gold Corp, Franco Nevada Corp and SSR Mining Inc. The side-by-side comparison below sets their revenue, margins and growth against Royal Gold Inc's.
Are insiders buying or selling Royal Gold Inc stock?
Over the last 12 months, Royal Gold Inc's directors and officers reported 0 open-market purchases and 27 sales on Form 4. The insider trading page charts every trade.
When is Royal Gold Inc's next earnings date?
Around November 4, 2026, estimated from the spacing of its past results announcements (8-K filings). That is an estimate, not a confirmed date — Royal Gold Inc announces its own schedule.