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Royal Gold, Inc.
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$17.5B
Market Cap
33.2
P/E
0.68
PEG
10.1%
ROCE
9.1%
ROE
0.13
D/E
65.1%
OPM
-16.7%
% from 52W High
82
α RS
🔍 RGLD is showing a high-conviction setup because it matches 7 of 39 tracked screener presets, RS Rating is 82, and it's within 16.7% of its 52-week high. Net: Broad signal stack, not a recommendation. ? Conviction RS Rating 52W High
Sources
Conviction 7/39 · RS Rating 82 · 16.7% from 52W high
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🌏 Global Investor Returns
Currency-adjusted total returns for RGLD including FX impact
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📈 Price History
Ratio Health
Excellent
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By Category
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About

Royal Gold, Inc., together with its subsidiaries, acquires and manages precious metal streams, royalties, and related interests in North America, South and Central America, Europe, the Middle East, Africa, and the Australia Pacific. It operates through Acquisition and Management of Stream Interests and Acquisition and Management of Royalty Interests segments. The company engages in the acquisition of existing stream and royalty interests; and the financing of projects that are in production, development, or in the exploration stage in exchange for stream or royalty interests, which consists of gold, silver, copper, nickel, zinc, lead, molybdenum, diamonds, uranium, iron, platinum, palladium, rhodium, lithium, titanium, cobalt, barite, tungsten, and coal. Its properties are located in Canada, Chile, the Dominican Republic, the United States, Zambia, Australia, Ghana, Brazil, Mexico, Bolivia, Argentina, Nicaragua, Macedonia, Botswana, Spain, and internationally. Royal Gold, Inc. was incorporated in 1981 and is based in Denver, Colorado.

Key Ratios Snapshot
📈 Growth Pattern
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⭐ Superinvestors Holding RGLD
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Manager Shares Value % of Fund Period
Jim Simons Renaissance Technologies LLC 83.4K $21.2M 0.03% Mar 2026

SEC Form 13F data. 45-day lag from quarter end.

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📊 MIXED Royal Gold posts record Q1 2026 revenue of $469M, adjusted net income $233M.
Revenue & Profitability
Revenue was $469 million, up 143% year-over-year. Net income was $281 million (up 148%), operating cash flow $294 million (up 115%). Adjusted net income was a record $233 million, or $2.72 per share (up 80%). Dividends of $40 million were paid at an annual rate of $1.90 per share. The company repaid $300 million on its revolver, ending the quarter with $1.1 billion in total available liquidity.
Outlook
Management is encouraged by sector investment opportunities, including larger-scale deals like Kansanshi and new markets such as Australia. They believe the flight to operating companies in a rising gold price environment may compress margins for operators due to higher energy costs, highlighting Royal Gold's stable cost structure. The company expects to fully repay its revolver by Q4 2026 at current metal prices.
Growth Drivers
Key growth levers include: first revenue from Platreef expected in the current quarter; Greenstone's updated technical report targeting 320,000 ounces of gold per year; Khoemacau expansion to 130,000 tonnes of copper per year by 2028; Wassa investment by Zijin Mining; and Solaris receiving technical EIA approval for Warintza. The company also benefits from strong performance at Antamina, Caserones, and Chapada.
Balance Sheet & CapEx
Not discussed in this earnings call as a separate CapEx guidance figure. Notable financial commitments include $100 million outstanding for the warrants acquisition ($50 million paid in April, $50 million due in May) and funding of Royal Gold's 30% share of Hod Maden project costs, which are expected to be low while the strategic review continues.
Margins
Adjusted EBITDA margin remained high at 83% for the quarter, reflecting low and stable cash G&A. G&A expense was $17.5 million (expected to be the highest quarter), with full-year G&A guidance of $50-$60 million. DD&A increased to $944 per GEO from $488 per GEO last year. The effective tax rate was 8% in Q1 (19.5% excluding a discrete benefit), with full-year guidance of 17%-22%.
Key Risks
Risks flagged include the ongoing strategic review of Hod Maden by SSR, which may delay project advancement. Operators may face margin compression from rising energy costs, though Royal Gold is not directly affected. Deferred silver ounces at Pueblo Viejo remain outstanding, with no near-term recovery expected. The company also holds a non-core block of Entrée Resources shares with uncertain strategic value.
Generated by AI · Q1 2026 results · Not investment advice
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✓ 📞 Earnings Call Transcripts (5 quarters) submit a missing quarter
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📞 Earnings Call Transcripts (5)
Q2 2026 Q2 2026 2026-08-06
Record quarterly revenue, cash flow, and net income were driven by portfolio expansion, higher metal prices, and strong asset performance. Portfolio diversification reduced risk, while robust liquidity enabled debt repayment, dividends, and share buybacks. Guidance remains strong, with copper and other metals trending above expectations.
Q1 2026 Q1 2026 2026-05-07
Record quarterly revenue, earnings, and cash flow driven by higher metal prices and expanded portfolio, with strong performance across royalty and stream segments. Liquidity strengthened, new capital tools added, and 2026 guidance reaffirmed.
Q4 2025 Q4 2025 2026-02-19
Record 2025 results with revenue up 43% and adjusted net income up 47% year-over-year, driven by major acquisitions and strong gold prices. Q4 saw significant one-time costs, but integration is complete and debt repayment is ahead of schedule.
Q3 2025 Q3 2025 2025-11-06
Record Q3 results driven by strong gold and silver prices, portfolio expansion, and key acquisitions. Revenue and cash flow hit new highs, with integration of Sandstorm and Horizon underway. Guidance maintained, with further details expected at the March investor day.
Q2 2025 Q2 2025 2025-08-07
Record quarterly revenue, earnings, and cash flow driven by strong gold prices and strategic acquisitions. Portfolio diversification increased with new assets and the Sandstorm/Horizon deal, while guidance and liquidity remain robust. Debt repayment prioritized over buybacks.
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Financial Model
Projections are built from each company's audited annual financials (Income Statement, Balance Sheet, Cash Flow) over the last 5 fiscal years. Forward assumptions — revenue growth %, EBITDA margin, D&A (USD millions), interest expense, tax rate, and capex — are AI-generated using historical context and refreshed twice a year: after the December results season and after the September/Q4 results season.

DCF Valuation
Fair Value = Σ(FCFt / (1+WACC)t) + Terminal Value. Terminal Value uses the Gordon Growth Model: FCF5 × (1+g) / (WACC−g). Default WACC: 10% (US risk-free ~4.5%, equity risk premium ~5.5%). Default terminal growth: 3% (long-run US nominal GDP proxy).

CAGR Tracker
Expected 5-year CAGR = (DCF Fair Value / Current Price)1/5 − 1. Assumes fair value is reached in exactly 5 years — a mechanical estimate only.

Data Sources & Limitations
Financial statements sourced from public filings. Prices updated daily. Forward assumptions are AI-generated. All monetary values in USD millions. Non-US ADR companies may have currency conversion inaccuracies. Models are point-in-time and do not update intra-quarter or account for M&A, macro shocks, or extraordinary items.

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Investment Risk:
Investing in securities, including US equities and ETFs, involves inherent risks including the potential loss of principal. All investments are subject to market fluctuations, economic conditions, regulatory changes, and other factors that may affect their value. Past performance is not indicative of future results. This analysis is provided for informational and educational purposes only and should not be construed as investment advice under any circumstances.

No Investment Recommendation:
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Information Sources:
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