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Osisko Gold Royalties (OR) USD

At a glance: strengths & risks
✓Revenue growing (+45%)✓Profit growing (+1167%)✓Margins improving (59%→84%)✓Net cash balance sheet

Sector: Precious-metals royalty

Geography: Canada, United States

COMM_OR

Price chart

33.36 USDDay 1.68%

Key metrics

Net debt (table and EV/EBITDA): |short-term borrowings| + |long-term borrowings| + |other financial liabilities| when extracted + |non-controlling interest| when extracted − |cash and equivalents|; amounts in millions of the reporting currency.

Market

Price
33.36 USD · 1.68%
Market cap
6.3 bn USD

Growth

Δ revenue y/y
126.4%
Δ EBITDA y/y
149.7%

Multiples

P/E (LTM)
21.6x
P/B (FY)
5.1x
P/E (ann.)
25.7x
EV/EBITDA (LTM)
19.5x
EV/EBITDA (ann.)
18.3x

Cash return

Dividend yield
0.4%
FCF yield (LTM)
4.5%

Value creation

to target market cap (spot commodity model)
Upside (potential)
-42.6%
↓ details

Liquidity

Daily turnover (listing)
23.8 mln USD

Shares: yahoo_fundamentals_timeseries/OR

Financial results

Monetary columns are in M USD, one decimal; scale (K/M/B/T) keeps values readable. For the period (default) shows P&L and cash flow for that row’s reporting window: quarterly amounts when the feed uses quarter-duration facts (typical US 10-Q revenue and income), quarterly cash flows after stripping YTD where only cumulative tags exist, and an implied Q4 on 31 Dec FY rows (P&L: FY minus Q1–Q3; operating / investing cash flow: FY 12m minus 9M YTD to 30 Sep when sourced from SEC builder evidence) so they match 10-Q scale. Some issuers still use cumulative YTD minus the prior row in the same calendar year. As reported shows values stored on each row (e.g. full-year on FY). Balance sheet is always as reported. Source JSON may use millions etc.; conversion uses amounts_unit per row.

DatePeriodStatusRevenueM USDOperating profitM USDD&AM USDEBITDAM USDNet profitM USDOperating CFM USDCapex + M&AM USDAssetsM USDEquityM USDROE (annualized)Net debtM USDSource
2026-06-30Q2 2026 (3M)OK97.8
y/y 126.4%
75.3
y/y 154.0%
12.8
y/y 127.0%
88.2
y/y 149.7%
61.4
y/y 165.1%
83.2-201.71855.8
y/y 79.8%
1483.9
y/y 60.7%
16.6%139.4Link
2026-03-31Q1 2026 (3M)OK102.8
y/y 87.3%
80.2
y/y 108.3%
11.0
y/y 36.8%
91.2
y/y 96.0%
73.6
y/y 187.0%
71.9-98.51604.7
y/y 15.6%
1473.2
y/y 21.4%
20.3%-93.7Link
2025-12-31Q4 2025 (3M)PARTIAL128.0
y/y 121.9%
95.2
y/y 272.0%
15.8
y/y 59.7%
111.0
y/y 212.8%
98.0
y/y 1237.7%
116.9-9.11566.5
y/y 13.7%
1432.0
y/y 20.4%
14.6%-51.8Link
2025-09-30Q3 2025 (3M)OK51.3
y/y 22.6%
33.4
y/y 22.3%
7.5
y/y 4.5%
40.9
y/y 18.6%
59.3
y/y 344.0%
45.9-9.71510.4
y/y 10.6%
1390.3
y/y 14.5%
6.8%-51.5Link
2025-06-30Q2 2025 (3M)OK43.2
y/y -8.8%
29.6
y/y —
5.7
y/y -27.8%
35.3
y/y —
23.2
y/y —
36.8-12.81032.1
y/y -25.3%
923.4
y/y -24.0%
8.7%-6.0Link
2025-03-31Q1 2025 (3M)OK54.9
y/y 23.9%
38.5
y/y -10.4%
8.0
y/y -7.2%
46.5
y/y -9.9%
25.6
y/y 133.0%
46.1-5.31388.7
y/y -2.8%
1213.9
y/y -0.9%
8.5%12.4Link
2024-12-31Q4 2024 (3M)OK57.7
y/y 17.3%
25.6
y/y 141.7%
9.9
y/y -6.1%
35.5
y/y 68.0%
7.3
y/y 110.9%
50.5-63.61377.6
y/y -7.3%
1189.0
y/y -4.7%
1.4%52.0Link
2024-09-30Q3 2024 (3M)OK41.8
y/y -9.1%
27.3
y/y 257.3%
7.2
y/y -43.7%
34.5
y/y 69.1%
13.4
y/y —
34.5-10.51365.7
y/y -15.3%
1214.5
y/y -5.7%
1.5%21.4Link
2024-06-30Q2 2024 (3M)OK47.3
y/y 5.6%
-17.6
y/y -184.6%
7.8
y/y -20.3%
-9.7
y/y -131.8%
-15.4
y/y -215.8%
38.20.01381.1
y/y -14.9%
1214.3
y/y -6.3%
-5.1%37.0Link
2024-03-31Q1 2024 (3M)OK44.3
y/y 0.4%
43.0
y/y 69.0%
8.7
y/y 20.7%
51.7
y/y 58.4%
11.0
y/y -28.8%
36.80.01428.6
y/y -4.0%
1224.3
y/y -6.1%
3.6%65.0Link
2023-12-31Q4 2023 (3M)OK49.2
y/y —
10.6
y/y —
10.5
y/y —
21.1
y/y —
-67.2
y/y —
38.111.41486.5
y/y —
1247.9
y/y —
-3.0%99.9Link
2023-09-30Q3 2023 (3M)OK46.0
y/y —
7.6
y/y —
12.8
y/y —
20.4
y/y —
-14.8
y/y —
32.2-19.81612.7
y/y —
1287.7
y/y —
-1.5%187.4Link
2023-06-30Q2 2023 (3M)OK44.8
y/y —
20.8
y/y —
9.8
y/y —
30.6
y/y —
13.3
y/y —
35.1-157.71623.8
y/y —
1295.5
y/y —
4.1%191.3Link
2023-03-31Q1 2023 (3M)OK44.2
y/y —
25.5
y/y —
7.2
y/y —
32.6
y/y —
15.4
y/y —
33.70.01488.6
y/y —
1303.6
y/y —
—17.8Link

Net debt structure (leases included, IFRS 16) 2026-03-31

Short-term debt (incl. ST leases)1
− Cash & equivalents95
Net debt-94

Net debt / LTM EBITDA: -0.3x

Revenue & EBITDA

RevenueEBITDA

Quarterly values ($ mln)

-500501001502024 q12024 q22024 q32024 q42025 q12025 q22025 q32025 q42026 q12026 q2

Year-over-year change

-200%-100%0%100%200%2024 q12024 q22024 q32024 q42025 q12025 q22025 q32025 q42026 q12026 q2

Cash flow

FCF ($ mln)

-300-200-10001002002024 q12024 q22024 q32024 q42025 q12025 q22025 q32025 q42026 q12026 q2

Net debt / cash ($ mln)

-100-500501001502024 q12024 q22024 q32024 q42025 q12025 q22025 q32025 q42026 q12026 q2

Profit and cash

Worth a look
In a typical year of 2021–2025 operating cash flow came to 5.51x of reported net profit; after capex, 3.16x. Loss years (2023) are left out of the ratio.
year202320242025
cash flow / profit—9.83x1.19x
accruals, % of assets-11.8%-10.4%-2.5%
Last twelve months (to 2025-Q3): 1.09x of profit came back as operating cash flow.
net debt / EBITDA -0.2x · capex 0.6x of depreciation
● Capex is 59% of depreciation - the asset base is being consumed faster than replaced.
Read from the reported annual statements: cash flow / profit is the median of the yearly operating cash flow over net profit for the years shown; accruals are (profit − operating cash flow) / assets, the classic gap between what was booked and what was collected. A gap can be growth in working capital, capitalised costs, revaluations or profit from associates — the panel points at it, the statements explain it. Not investment advice.

Production & Reserves

Physical operating metrics — supplementary, not part of the financial statements

Gold

Proved reserves
134.10 mln gold ounces
2025
Annual production
0.08 mln ounces
2025

Production, mln ounces

0.0820220.0520230.0820240.082025

Proved reserves

YearReserves, mln gold ounces
2025134.10
2024136

Production

YearProduction, mln ouncesper day, mln ounces
20260.02 * (3M)
+19.5%		0.00
20250.08
+0.1%		0.00
20240.08
+73.2%		0.00
20230.05
−41.9%		0.00
20220.080.00
20210.50 * (9M)0.00
20200.00 * (3M)0.00

* partial year

EI1 ___NASDAQ_press_comm (NASDAQ / SEC filings)

Key-commodity price — Gold

Current 4 376spot vs LTM +3%

Commodity-player potential

Target market cap from conservative EBITDA and the historical EV/EBITDA

Upside: -42.6% ▲ +0.0 pp 1d

Main driver: Gold +3% vs LTM; revenue ×1.03 vs costs ×1.04; EBITDA 345→305; at 12.0× EV/EBITDA → -43%.

Product prices — moves vs the LTM average

CommodityShareSpotLTM3-yrvs LTM, $3y vs LTM
Gold (rev)+100%4 375.604 242.243 238.53+3%-24%

How it is calculated — revenue → costs → EBITDA → target market cap

1 · Reported baseline (LTM)
LTM revenue380
LTM EBITDA345
LTM cash costs (revenue − EBITDA)35
2 · Revenue projection
Revenue multiplier — spot×1.031 (+3%)
= Spot revenue392
Revenue multiplier — 3y price×0.763 (-24%)
= 3-year-price revenue290
3 · Costs projection
Cost multiplier — spot×1.040 (+4%)
= Spot cash costs36
Cost multiplier — 3y price×1.040 (+4%)
= 3-year-price cash costs36
4 · EBITDA projection (revenue − costs)
= Spot EBITDA356
= 3-year-price EBITDA254
Conservative EBITDA = min(spot, avg)305
5 · Valuation → target market cap
Historical EV/projected-EBITDA (75th pct)12.0x
Target EV = EV/EBITDA × conservative EBITDA3 657
Net debt139
Target market cap = EV − net debt3 517
Current market cap6 126

Upside = target market cap ÷ current − 1 = -42.6%

Spot model vs reported — what the spot model projected (trailing-LTM base brought to the period × the period's commodity-price move) against the actual report, per reported period (quarter, half-year or full year — per the filer's calendar); amounts in USD mln. green = reported above projection, pink = below.

PeriodAct. revModel revΔ revAct. EBITDAModel EBITDAΔ EBITDA
2023 Q34646-0.2%2036-43.3%
2023 Q44947+3.8%2132-34.9%
2024 Q14449-9.9%5229+79.0%
2024 Q24754-12.4%-1039-125.3%
2024 Q34256-24.9%3529+18.3%
2024 Q45855+5.4%3533+7.7%
2025 Q15557-3.7%4337+17.8%
2025 Q24364-32.6%3539-9.4%
2025 Q35161-15.4%4148-14.8%
2025 Q412870+82.5%11457+101.3%
2026 Q110398+5.3%9986+15.0%
2026 Q29893+4.8%9084+7.4%

Revenue growth & acceleration

Growth accelerating ▲
Last-year revenue growth +45% vs +4% the year before — a +40.8 pp move. 3-year CAGR +15%.
revenue growth by year: 2023 +1% · 2024 +4% · 2025 +45%
The growth-acceleration signal behind the GARP+acceleration strategy — it favours companies whose revenue growth is speeding up and flags those slowing down (the second derivative of growth).

EV/EBITDA — LTM vs projected

Projected EV/EBITDA 18.6x · target 75th pct (3y) 28.9x · LTM avg 34.9x

EV/EBITDA (LTM)EV/EBITDA (projected)target 75th pct (projected, 3y)

Dividends

Paid (completed)

DatePer shareDetailsStatusSource
2026-06-300.065 USDEx-dividend: 0.065 USD per sharePaidYahoo Finance (ex-div)
2026-03-310.055 USDEx-dividend: 0.055 USD per sharePaidYahoo Finance (ex-div)
2025-06-300.055 USDEx-dividend: 0.055 USD per sharePaidYahoo Finance (ex-div)
2025-03-310.045 USDEx-dividend: 0.045 USD per sharePaidYahoo Finance (ex-div)
2024-12-310.045 USDEx-dividend: 0.045 USD per sharePaidYahoo Finance (ex-div)
2024-09-270.048 USDEx-dividend: 0.048 USD per sharePaidYahoo Finance (ex-div)
2024-06-280.047 USDEx-dividend: 0.047 USD per sharePaidYahoo Finance (ex-div)
2024-03-270.044 USDEx-dividend: 0.044 USD per sharePaidYahoo Finance (ex-div)
2023-12-280.045 USDEx-dividend: 0.045 USD per sharePaidYahoo Finance (ex-div)
2023-09-280.044 USDEx-dividend: 0.044 USD per sharePaidYahoo Finance (ex-div)
2023-06-290.045 USDEx-dividend: 0.045 USD per sharePaidYahoo Finance (ex-div)
2023-03-300.041 USDEx-dividend: 0.041 USD per sharePaidYahoo Finance (ex-div)
2022-12-290.04 USDEx-dividend: 0.04 USD per sharePaidYahoo Finance (ex-div)
2022-09-280.04 USDEx-dividend: 0.04 USD per sharePaidYahoo Finance (ex-div)
2022-06-290.043 USDEx-dividend: 0.043 USD per sharePaidYahoo Finance (ex-div)
2022-03-300.044 USDEx-dividend: 0.044 USD per sharePaidYahoo Finance (ex-div)
2021-12-300.043 USDEx-dividend: 0.043 USD per sharePaidYahoo Finance (ex-div)
2021-09-280.044 USDEx-dividend: 0.044 USD per sharePaidYahoo Finance (ex-div)

KASE: status follows wording in the news headline (paid vs intends to pay). Yahoo: amounts are cash dividends per share on ex-dividend dates (UTC calendar date). stockscope.uz (UZ): amounts are per share in UZS by publication date (not necessarily ex-div).

Reporting forms detected in loaded periods: ✓ ✓ ✓ (Balance sheet / Profit or loss (P&L) / Cash flows)

Financial results, valuation multiples (P/E, P/B, EV/EBITDA), profitability and dividend yield of Osisko Gold Royalties (OR) — from primary filings.

OR Royalties Inc. acquires and manages precious metal royalties, streams, and other interests, primarily holding a net smelter return royalty on the Canadian Malartic complex. The company also engages in exploration and development of mining properties.

Frequently asked questions

What is Osisko Gold Royalties (OR)'s P/E ratio?
Osisko Gold Royalties (OR) trades at a P/E of 21.6x (price to trailing 12-month earnings).
What is Osisko Gold Royalties (OR)'s EV/EBITDA?
Osisko Gold Royalties (OR) trades at 19.5x EV/EBITDA.
What is Osisko Gold Royalties (OR)'s P/B ratio?
Osisko Gold Royalties (OR) trades at a P/B of 5.1x.
What is Osisko Gold Royalties (OR)'s dividend yield?
Osisko Gold Royalties (OR)'s trailing 12-month dividend yield is 0.4%.
What is Osisko Gold Royalties (OR)'s return on equity (ROE)?
Osisko Gold Royalties (OR)'s ROE is 16.6%.
What is Osisko Gold Royalties (OR)'s market capitalization?
Osisko Gold Royalties (OR)'s market cap is 6.3 bn USD.

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