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Royalty and streaming company that finances mines in exchange for a share of their future gold, silver and other metal production.
Royalty and streaming company that finances mines in exchange for a share of their future gold, silver and other metal production.
Pays mine owners an upfront sum, then collects a share of revenue or a set quantity of metal at a low fixed price, without paying the mine's running costs, so mine output and metal prices both drive income. A few large mines, such as Mount Milligan, Pueblo Viejo and Cortez, matter most. It agreed in 2025 to buy Sandstorm Gold, another royalty company.
Moat: narrow (scale, distribution). Long operating history and a diversified royalty book let it compete for premier project-financing deals.
Headquarters: Denver, Colorado, United States · Founded: 1981 · Employees: 39
Size Royal Gold (RGLD) is a United States Materials company (Precious Metals) with a market value of $22.5B, the 461st largest of 3,117 United States companies the cockpit tracks. Shares closed at $265.81 on 6 Nov 2026.
Performance Over six months the shares gained 11.3%, against -12.9% for the median peer and -1.1% for the United States market (cap-weighted) — 3rd highest of 21 in its peer set.
Growth Revenue grew 93.5% over the last twelve months (peer median +38.8%); the operating margin is 63.0% (peer median 47.2%).
Valuation It trades at 20.9× forward earnings against a peer median of 11.9× (2nd most expensive of 21).
Price implies For today's price to make sense, revenue must grow about 11% a year for seven years (Req g). Recent delivered growth is +16%, so the hurdle is -5 pp: the price already allows for a slowdown.
Capital Return on invested capital runs 3.0 points above its cost of capital (7.1% WACC).
Short interest Short interest is 2.5% of the free float (15 Oct 2026).
Next results Next results expected around 17 Feb 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | $1.55B | $1.03B | $719M | $606M | $603M |
| Revenue growth | — | +43% | +19% | 0% | — |
| Gross profit | $1.03B | $714M | $471M | $343M | $323M |
| EBITDA | $1.27B | $842M | $574M | $468M | $467M |
| Net income | $738M | $466M | $332M | $239M | $239M |
| Free cash flow | $585,000 | -$460M | $427M | $413M | -$505M |
| Capital expenditure | $1.04B | $1.16B | $103M | $2.68M | $922M |
| Total debt | $396M | $933M | $4.97M | $252M | $578M |
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 |
|---|---|---|---|---|---|---|
| Royal Gold RGLD | $22.5B | +11% | +94% | 63% | 20.9× | 10.9% |
| 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 |
| OR Royalties OR.TO | $6.81B | 0% | +68% | 77% | 29.5× | n/a |
| 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 | RGLD | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +15.0% | +0.2% | 2nd highest of 21 |
| 6-month return | +11.3% | -12.9% | 3rd highest of 21 |
| Distance from 52-week high | -13.2% | -36.8% | 2nd highest of 21 |
| Revenue growth (TTM) | +93.5% | +38.8% | 4th highest of 21 |
| Operating margin | 63.0% | 47.2% | 4th highest of 21 |
| Forward P/E | 20.9× | 11.9× | 2nd most expensive of 21 |
| Growth the price implies (Req g, 7 yrs) | 10.9% | 1.4% | 6th most demanding of 20 |
| Growth delivered (Del g) | +15.6% | +19.1% | 6th lowest of 20 |
| Hurdle (Req g minus delivered) | -4.7 pp | -17.6 pp | 3rd most demanding of 20 |
| ROIC minus cost of capital | +3.0 pp | +13.0 pp | 4th lowest of 20 |
| EV / EBITDA | 17.7× | 8.4× | 3rd most expensive of 16 |
| Net debt / EBITDA | 0.2× | -0.3× | most indebted of 16 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Royal Gold RGLD | United States | $22.5B | +11% | +94% | 63% | 20.9× | 10.9% | +15.6% |
| Fresnillo FRES.L | United Kingdom | $24.9B | -31% | +48% | 59% | 11.8× | -8.2% | +12.6% |
| Northern Star Resources NST.AX | Australia | $25.3B | +19% | +19% | 35% | 17.8× | 17.5% | +22.5% |
| Kinross Gold K.TO | Canada | $26.4B | -25% | +30% | 51% | 8.5× | -3.9% | +11.8% |
| Evolution Mining EVN.AX | Australia | $18.3B | -4% | +28% | 42% | 13.4× | 10.8% | +24.4% |
| Pan American Silver PAAS.TO | Canada | $17.2B | -26% | +37% | 39% | 9.5× | 4.4% | +23.0% |
| Lundin Gold LUG.TO | Canada | $17.0B | +7% | +36% | 65% | 16.0× | 9.9% | +39.0% |
| Shandong Gold Mining 600547.SS | China | $16.5B | -24% | +12% | 13% | 18.9× | -5.6% | +10.6% |
| Gold Fields Limited Sponsored ADR GFI | United States | $31.5B | -13% | +71% | 53% | 9.2× | -14.1% | +17.7% |
| Coeur Mining CDE | United States | $15.9B | -17% | +117% | 35% | 12.1× | 10.9% | +21.6% |
| Zhongjin Gold 600489.SS | China | $15.1B | -20% | +25% | 13% | 11.4× | -5.9% | +10.5% |
| Endeavour Mining EDV.TO | Canada | $13.7B | -10% | +27% | 47% | 9.3× | -6.5% | +25.4% |
| Equinox Gold EQX.TO | Canada | $13.5B | -17% | +63% | 36% | 9.7× | 21.0% | +17.5% |
| Alamos Gold AGI.TO | Canada | $13.4B | -22% | +41% | 57% | 11.3× | 7.8% | +20.3% |
| Chifeng Jilong Gold Mining 600988.SS | China | $11.6B | -2% | +23% | 43% | 17.4× | -5.7% | +22.6% |
| Zijin Gold International 2259.HK | Hong Kong | $46.6B | -19% | +106% | 54% | 15.7× | 17.3% | +43.4% |
| Anglogold Ashanti AU | United States | $47.0B | -13% | +139% | 51% | 11.7× | -7.7% | +17.4% |
| IAMGOLD IMG.TO | Canada | $10.8B | +6% | +83% | 48% | 9.1× | 1.4% | +19.1% |
| Franco-Nevada FNV.TO | Canada | $49.6B | +16% | +72% | 75% | 31.5× | 17.7% | +13.3% |
| Shanjin International Gold 000975.SZ | China | $10.2B | -6% | -4% | 36% | 15.2× | -5.7% | +16.7% |
| G Mining Ventures GMIN.TO | Canada | $9.98B | -10% | +72% | 66% | 19.4× | n/a | n/a |