Profitable, but burning cash. Reports a profit, but free cash flow is negative.
Vox Royalty reports a profit but its free cash flow is negative: it spent more on investment and running the business than it brought in. That's common for companies building capacity, but it means the profit isn't yet turning into cash.
Stock-based pay is a large cost. Stock pay was 17% of revenue in 2025.
Vox Royalty paid employees $2M in stock in 2025, 17% of its $12M revenue. It doesn't use cash, so it flatters cash flow, but it is a real cost to shareholders through dilution.
Earnings turned from a loss to a profit. Profit per share this year after a loss last year.
Vox Royalty made a profit per share in its latest year after a loss the year before.
Valuation signals disagree.Cheaper than 88% of peers on operating cash profit (EBITDA), but only 0% on free cash flow.Cheaper than 88% of peers on operating cash profit, but only 0% on free cash flow.
Relative to its operating cash profit (EBITDA), Vox Royalty looks cheaper than 88% of peers; relative to its free cash flow, cheaper than only 0%. The valuation score blends the two, so look at which measure fits this business best.Relative to its operating cash profit, Vox Royalty looks cheaper than 88% of peers; relative to its free cash flow, cheaper than only 0%. The valuation score blends the two, so look at which measure fits this business best.
Since last year: No major changeValuation also moves with the share price every day.
Why it changed since the Oct 27, 2026 close: Score 61 → 66
Share price -8.4%+5
Each step re-scores the company against its peers as they were on Oct 28, 2026; the parts add up to the change. Price effects on EBITDA yield are approximate.
Sector-normalized EBITDA, earnings, and free cash flow yields.
Earnings yield1.9%
SEC filings (IFRS mapped) · 12 months to Dec 2025Reported value30% base weight · Z-score -0.48Sector median: 0.0364 · MAD: 0.0364
EBITDA yield19.1%
Yahoo Finance fallback · SEC enterprise value unavailable (debt or EBITDA not reported in standard form) · trailing 12 monthsReported value50% base weight · Z-score 2.03Sector median: 0.0854 · MAD: 0.0520
Free cash flow yield-10.9%
Yahoo Finance fallback · SEC cash flow or share count unavailable · trailing 12 months · operating cash flow − capital spendingNegative (a loss or cash outflow), so it counts as zero whatever the share price20% base weight · Z-score -1.00Sector median: 0.0261 · MAD: 0.0261
Return on invested capital, operating margin, and return on assets.
Operating margin14.1%
Yahoo Finance fallback · SEC operating income not reported in standard form · fiscal year to Dec 2025Reported value33% base weight · Z-score 1.06Sector median: 0.0757 · MAD: 0.0617
Return on assets4.8%
SEC filings (IFRS mapped) · 12 months to Dec 2025Reported value33% base weight · Z-score 0.86Sector median: 0.0249 · MAD: 0.0265
Return on invested capital39.5%
Yahoo Finance fallback · SEC operating income or invested capital unavailable · trailing 12 monthsReported value33% base weight · Z-score 5.70Sector median: 0.0675 · MAD: 0.0575
Other data (not scored)
Gross margin83.7%
SEC filings (IFRS mapped) · 12 months to Dec 2025Outlier capped at sector 5th/95th percentileInformational · 0% composite weightSector median: 0.2138 · MAD: 0.1202
Return on equity5.5%
SEC filings (IFRS mapped) · 12 months to Dec 2025Reported valueInformational · 0% composite weightSector median: 0.0537 · MAD: 0.0694
Missing · left out of the score · no sector data, so not countedNot counted · remaining weights rescaledSector median: 0.3578 · MAD: 0.2929
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 Vox Royalty
Is Vox Royalty getting weaker?
Its latest SEC filing (Mar 30, 2026) got stronger: turned profitable over the last 12 months; net margin rose 63.8 points to 48.9%. Its overall score is 77/100, up 1 since Oct 28, 2026.
How is Vox Royalty valued vs its peers?
Priced lower than most peers relative to what it earns. Valuation scores 66/100 against 1,371 basic materials peers.EBITDA yield 19.1% vs a peer median of 8.5% (stronger than 88% of peers).EBITDA yield 19.1% vs peers 8.5% (stronger than 88% of peers).Free cash flow yield -10.9% vs a peer median of 2.6% (weaker than 100% of peers).Free cash flow yield -10.9% vs peers 2.6% (weaker than 100% of peers).
Is Vox Royalty growing?
Yes, faster than most of its peers. Growth scores 87/100 against 1,371 basic materials peers.3-year revenue growth 12.3% vs a peer median of -0.0% (stronger than 83% of peers).3-year revenue growth 12.3% vs peers -0.0% (stronger than 83% of peers).
How profitable is Vox Royalty?
More profitable than most of its peers. Profitability scores 87/100 against 1,371 basic materials peers.Return on invested capital 39.5% vs a peer median of 6.7% (stronger than 95% of peers).Return on invested capital 39.5% vs peers 6.7% (stronger than 95% of peers).
How risky is Vox Royalty?
Lower risk relative to 1,371 basic materials peers, judged on debt, liquidity and share-price swings.Current ratio 2.73× vs a peer median of 1.76× (stronger than 74% of peers).Current ratio 2.73× vs peers 1.76× (stronger than 74% of peers). A relative measure, not a bankruptcy probability.
Latest filing: what changed
Year ended Dec 31, 2025 · filed Mar 30, 2026 · compared with the year ended Dec 31, 2024
Got stronger
Turned profitable over the last 12 months
Net margin rose 63.8 points to 48.9%
Previous year
Latest year
Change
Revenue (12 months)
11.0M USD
12.0M USD
+9.0%
Net income (12 months)
−1.6M USD
5.9M USD
turned positive
Cash
8.8M USD
8.1M USD
−7.6%
From the company’s own SEC filings, as filed. Twelve-month figures roll forward one year 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
Vox Royalty looks cheaper than most of its peers on our valuation measures, while the Basic Materials sector as a whole is valued high by its own standards since 2016. Both can be true at once.
Shown for Basic Materials: too few Other Precious Metals & Mining 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
73.4%
78.3%
81.1%
71.6%
83.7%
▲ 12 pts
Net margin
-113.2%
3.9%
-0.8%
-14.9%
48.9%
▲ 64 pts
Return on assets (ROA)
-15.1%
0.8%
-0.2%
-3.2%
4.8%
▲ 8.0 pts
Return on equity (ROE)
-20.0%
0.9%
-0.2%
-3.8%
5.5%
▲ 9.3 pts
Current ratio
4.22×
2.28×
4.57×
4.19×
2.73×
▼ 35%
VOXR price history
Price history is added with the daily price update and will appear after the next one.