Price as of close on Nov 3, 2026 · Financials updated Sep 30, 2026
Basics
Sector
Basic Materials
Industry
Gold
Country
United States
Market cap
19.6B USD
Enterprise value
20.4B USD
Full-time employees
39
Overall health
Strength:lower risk than most peers: a steadier share price, more short-term liquidity and less debt relative to equitylower risk: a steadier share price, more liquidity and less debt vs equity
Drawback:its shares are priced higher than most peers relative to what it earnspriced higher than peers for its earnings
Ranks #105 of 1,217 basic materials companies (top 9%)
Shareholders being diluted. Shares outstanding up 29% from December 2022 to July 2026.
Royal Gold had 29% more shares at July 2026 than at December 2022, mostly from issuing stock (for pay, acquisitions or fundraising). Each existing share now owns a smaller slice of the business.Royal Gold had 29% more shares at July 2026 than at December 2022, mostly from issuing stock. Each existing share now owns a smaller slice of the business.
Profit isn't fully turning into cash. Free cash flow is only 0.1% of reported profit.
Free cash flow is only 0.1% of reported profit. That usually means heavy spending on facilities and equipment, or cash tied up in inventory and unpaid bills. Worth checking whether it's a phase of investment or a lasting pattern.
Operating margin at a 6-year high.62% in FY Dec 2025, the best of the last 6 years.
Royal Gold kept 62% of revenue as operating profit in FY Dec 2025, its highest in the 6 years of filings we have.
Profits growing faster than sales. Since FY Dec 2022: revenue +71%, operating profit +125%.
Since FY Dec 2022, Royal Gold's revenue grew 71% while operating profit grew 125%: each extra dollar of sales is adding more profit.
Valuation, growth and profitability scores: higher is better. Risk: 0 is lower, 2 is higher. Risk is a relative proxy, not a bankruptcy probability. Scores depend on available sector peers.
Questions investors ask about Royal Gold
Is Royal Gold getting weaker?
Its latest SEC filing (Aug 6, 2026) got stronger: debt down 34%. Its overall score is unchanged at 76/100 since Oct 28, 2026.
How is Royal Gold valued vs its peers?
Priced higher than most peers relative to what it earns. Valuation scores 38/100 against 1,371 basic materials peers.Free cash flow yield 0.0% vs a peer median of 2.6% (weaker than 62% of peers).Free cash flow yield 0.0% vs peers 2.6% (weaker than 62% of peers).
Is Royal Gold growing?
Yes, faster than most of its peers. Growth scores 94/100 against 1,371 basic materials peers.3-year revenue growth 36.5% vs a peer median of -0.0% (stronger than 95% of peers).3-year revenue growth 36.5% vs peers -0.0% (stronger than 95% of peers).
How profitable is Royal Gold?
More profitable than most of its peers. Profitability scores 88/100 against 1,371 basic materials peers.Operating margin 61.4% vs a peer median of 7.6% (stronger than 95% of peers).Operating margin 61.4% vs peers 7.6% (stronger than 95% of peers).
How risky is Royal Gold?
Lower risk relative to 1,371 basic materials peers, judged on debt, liquidity and share-price swings.Debt / equity 0.05× vs a peer median of 0.36× (stronger than 82% of peers).Debt / equity 0.05× vs peers 0.36× (stronger than 82% of peers). A relative measure, not a bankruptcy probability.
Latest filing: what changed
Quarter ended Jun 30, 2026 · filed Aug 6, 2026 · compared with the quarter ended Mar 31, 2026
Got stronger
Debt down 34%
Previous quarter
Latest quarter
Change
Revenue (12 months)
1.3B USD
1.5B USD
+18.4%
Net income (12 months)
633.9M USD
738.0M USD
+16.4%
Operating margin
62.2%
61.4%
−0.8 pts
Debt
595.7M USD
395.9M USD
−33.5%
Cash
234.1M USD
182.5M USD
−22.1%
Shares outstanding
84.9M
84.7M
−0.2%
From the company’s own SEC filings, as filed. Twelve-month figures roll forward one quarter at a time.
Industry valuation context
Sector: Basic Materials · 121 companies
Valuations in Basic Materials are near the top of their range since 2016.
84% of months since 2016 were valued lower than now.
43% of companies are in the most expensive fifth of their own price-to-sales history.
Over 24 months, company values +23% and earnings +13% (medians): prices and earnings moved broadly together.
Median price-to-sales is −9% vs the whole market, against a usual −27%.
2016Shaded: most expensive fifth of its range2026
Shown for Basic Materials: too few Gold companies have a long enough history of their own.
This is a cyclical group: after a downturn, trailing earnings and sales fall faster than prices, which can make valuations look high near a cycle's low.
Describes valuations since 2016; it does not predict prices. US companies worth $1B+, from SEC filings and month-end prices, as of Aug 2026. Today's companies and industry labels are used throughout. Measured on earnings, EBITDA, sales and free cash flow yields. How this works
Financials
Fiscal years from SEC annual filings · change vs the prior year
Key ratios
FY 2021
FY 2022
FY 2023
FY 2024
FY 2025
Change
Gross margin
—
53.6%
56.7%
65.5%
69.3%
▲ 3.8 pts
Operating margin
50.2%
47.0%
50.1%
59.8%
61.9%
▲ 2.2 pts
Net margin
41.9%
39.6%
39.5%
46.2%
45.2%
▼ 0.9 pts
Return on assets (ROA)
9.9%
6.8%
7.1%
9.8%
4.9%
▼ 4.9 pts
Return on equity (ROE)
10.6%
8.7%
8.3%
10.6%
6.5%
▼ 4.1 pts
Current ratio
3.52×
2.92×
2.31×
3.23×
3.12×
▼ 3.4%
Debt to equity
—
0.21×
0.09×
0.00×
0.13×
—
RGLD price history
Price history is added with the daily price update and will appear after the next one.