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Royal Gold Inc key statistics and ratios

In fiscal 2025, Royal Gold Inc had return on equity of 9.1%, an operating margin of 61.9%, debt equal to 12.6% of equity and a current ratio of 3.12. Each ratio below is calculated from the figures on its income statement, balance sheet and cash flow pages.

Financial ratios

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

Fiscal year2014Jun 20142015Jun 20152016Jun 20162017Jun 20172018Jun 20182019Jun 20192020Jun 20202021Jun 20212022Dec 20222023Dec 20232024Dec 20242025Dec 2025LTMJun 2026
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%
Operating margin47.7%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 margin27.5%21.2%−26.7%23.0%−24.6%22.2%40.0%49.1%39.6%39.5%46.2%45.2%47.7%
Return on equity2.7%2.2%−3.4%4.5%−5.2%4.4%9.0%12.7%9.1%8.5%11.1%9.1%10.0%
Return on assets2.2%1.8%−2.6%3.3%−3.9%3.6%7.5%11.2%7.7%6.9%9.8%7.2%7.8%
Asset turnover0.080.080.100.140.160.160.190.230.200.180.210.160.16
Current ratio32.7031.926.504.192.454.608.315.712.922.313.233.122.92
Debt to equity13.2%15.7%28.9%27.2%17.6%10.3%13.4%6.0%21.0%8.7%0.0%12.6%5.3%
Interest cover (operating income ÷ interest)—————82.8x———————
Effective tax rate23.5%15.4%—22.2%—16.4%−1.9%10.9%12.1%14.9%22.0%17.8%18.1%
Dividends ÷ net income85.2%107.9%—60.5%—71.9%35.9%25.2%38.5%41.2%31.7%25.4%18.9%

Returns use average equity or assets over the year. Return on equity is left blank when equity is negative or so small that the ratio says nothing (above ±200%); interest cover is left blank above 200 times. Price-based ratios such as P/E are on the valuation page.

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.

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.

Compare with peers

Head to head: AGI vs RGLDEQX vs RGLDEGO vs RGLD

More: Gold stocks compared, Materials sector, rankings of US companies

Figures from Royal Gold Inc's SEC filings (10-K and 10-Q), retrieved October 20, 2026. How we read and check them: methodology and data sources. Not investment advice. Back to Royal Gold Inc.