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Canadian royalty and streaming company holding interests over gold, silver and other mines worldwide.
Canadian royalty and streaming company holding interests over gold, silver and other mines worldwide.
Buys royalties, a cut of a mine's sales, and streams, the right to buy a share of its metal at a fixed low price, from operators that need funding. It runs no mines, so its costs stay small while mine owners carry the operating risk. Its biggest earner is the Canadian Malartic mine in Quebec.
In one line: A smaller Franco-Nevada.
Moat: narrow (scale, distribution). Diversified royalty book gives gold-price exposure without operating or capex risk.
Headquarters: Montreal, Canada · Founded: 2014 · Employees: 27
Size OR Royalties (OR.TO) is a Canada Materials company (Precious Metals) with a market value of $6.81B, the 96th largest of 420 Canada companies the cockpit tracks. Shares closed at C$51.19 on 6 Nov 2026.
Performance Over six months the shares gained 0.2%, against +4.3% for the median peer and +5.2% for the Canada market (cap-weighted) — 9th lowest of 21 in its peer set.
Growth Revenue grew 67.7% over the last twelve months (peer median +59.2%); the operating margin is 76.6% (peer median 45.4%).
Valuation It trades at 29.5× forward earnings against a peer median of 10.5× (most expensive of 21).
Capital Return on invested capital runs 2.1 points above its cost of capital (10.2% WACC).
Next results Next results expected around 11 Nov 2026 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | C$501M | C$388M | C$262M | C$247M | C$218M |
| Revenue growth | — | +48% | +6% | +14% | — |
| Gross profit | C$424M | C$323M | C$207M | C$173M | C$149M |
| EBITDA | C$446M | C$334M | C$223M | C$156M | C$177M |
| Net income | C$391M | C$288M | C$22.3M | -C$48.3M | C$22.2M |
| Free cash flow | -C$125M | C$292M | C$118M | -C$104M | -C$14.3M |
| Capital expenditure | C$544M | C$51.5M | C$101M | C$291M | C$124M |
| Total debt | C$311M | C$6.86M | C$142M | C$200M | C$156M |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| OR Royalties OR.TO | $6.81B | 0% | +68% | 77% | 29.5× | n/a |
| Franco-Nevada FNV.TO | $49.6B | +16% | +72% | 75% | 31.5× | 17.7% |
| Wheaton Precious Metals WPM.TO | $62.3B | +7% | +89% | 73% | 29.9× | n/a |
| Triple Flag Precious Metals TFPM.TO | $6.54B | +1% | +45% | 63% | 24.7× | n/a |
| Royal Gold RGLD | $22.5B | +11% | +94% | 63% | 20.9× | 10.9% |
| Senvest Capital SEC.TO | $762M | +18% | -18% | 628% | n/a | n/a |
| Gold Royalty GROY | $723M | -14% | +82% | 23% | 39.4× | 54.3% |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | OR.TO | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +5.9% | -0.5% | 3rd highest of 21 |
| 6-month return | +0.2% | +4.3% | 9th lowest of 21 |
| Distance from 52-week high | -21.9% | -27.9% | 7th highest of 21 |
| Revenue growth (TTM) | +67.7% | +59.2% | 8th highest of 20 |
| Operating margin | 76.6% | 45.4% | highest of 20 |
| Forward P/E | 29.5× | 10.5× | most expensive of 21 |
| ROIC minus cost of capital | +2.1 pp | +17.7 pp | 4th lowest of 21 |
| EV / EBITDA | 21.8× | 7.6× | most expensive of 19 |
| Net debt / EBITDA | 0.5× | -0.3× | 3rd most indebted of 19 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| OR Royalties OR.TO | Canada | $6.81B | 0% | +68% | 77% | 29.5× | n/a | n/a |
| Artemis Gold ARTG.V | Canada | $6.76B | +18% | +148% | 71% | 11.3× | 6.6% | n/a |
| Triple Flag Precious Metals TFPM.TO | Canada | $6.54B | +1% | +45% | 63% | 24.7× | n/a | n/a |
| B2Gold BTO.TO | Canada | $7.19B | +13% | +72% | 46% | 6.1× | -7.0% | +12.3% |
| Compania de Minas Buenaventura SAA Sponsored ADR BVN | United States | $7.25B | -21% | +64% | 45% | 6.5× | -14.1% | +20.7% |
| Sibanye Stillwater Limited Sponsored ADR SBSW | United States | $6.30B | -29% | +59% | 26% | 5.9× | n/a | n/a |
| OceanaGold OGC.TO | Canada | $6.27B | -5% | +56% | 44% | 7.1× | -5.4% | +29.2% |
| First Majestic Silver AG.TO | Canada | $7.52B | -27% | +96% | 44% | 18.1× | 9.2% | +29.2% |
| Zhaojin Mining Industry 1818.HK | Hong Kong | $7.87B | -42% | +49% | 34% | 17.0× | -2.5% | +17.9% |
| Perseus Mining PRU.AX | Australia | $5.77B | +11% | +13% | 48% | 11.8× | -1.1% | +26.4% |
| Genesis Minerals GMD.AX | Australia | $5.73B | +6% | +89% | 45% | 15.1× | 7.2% | +182.9% |
| SSR Mining SSRM | United States | $5.66B | -17% | +39% | 42% | 8.1× | n/a | n/a |
| DPM Metals DPM.TO | Canada | $8.61B | +18% | +96% | 55% | 10.1× | 5.1% | +8.6% |
| Greatland Resources GGP.AX | Australia | $5.11B | -31% | +118% | 52% | 13.4× | -3.1% | n/a |
| China Gold International Resources CGG.TO | Canada | $9.08B | +10% | +53% | 56% | 9.7× | 5.2% | +10.4% |
| JCHX MINING MANAGEMENT 603979.SS | China | $5.09B | -12% | +23% | 28% | 9.9× | -7.7% | +29.3% |
| Torex Resources TXR.TO | Canada | $5.02B | +16% | +76% | 46% | 7.1× | -3.9% | +11.5% |
| Eldorado Gold ELD.TO | Canada | $9.37B | +11% | +25% | 45% | 7.7× | n/a | n/a |
| K92 Mining KNT.TO | Canada | $4.86B | +10% | +62% | 68% | 11.0× | 0.7% | +31.3% |
| Montage Gold MAU.TO | Canada | $4.79B | +17% | n/a | n/a | 18.4× | n/a | n/a |
| Ramelius Resources RMS.AX | Australia | $4.78B | +3% | -14% | 42% | 19.0× | 13.7% | +10.3% |