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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✓Cheaper than own history (EV/EBITDA 19.4 vs avg 30.0)

Sector: Precious-metals royalty

Geography: Canada, United States

COMM_OR

Price chart

29.05 USDDay -1.49%

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
29.05 USD · -1.49%
Market cap
5.5 bn USD

Growth

Δ revenue y/y
87.3%
Δ EBITDA y/y
96.0%

Multiples

P/E (LTM)
21.6x
3y avg: 123.9x
P/B (FY)
4.4x
P/E (ann.)
18.7x
EV/EBITDA (LTM)
19.4x
3y avg: 30.0x
EV/EBITDA (ann.)
14.8x

Cash return

Dividend yield
0.4%
FCF yield (LTM)
2.8%

Value creation

to target market cap (spot commodity model)
Upside (potential)
-51.3%
↓ details

Liquidity

Daily turnover (listing)
21.1 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
2026-03-31Q1 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—1566.5
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)PARTIAL57.7
y/y 17.3%
25.6
y/y 141.7%
9.9
y/y -23.6%
35.5
y/y 50.8%
7.3
y/y 110.9%
50.5-63.61377.6
y/y -7.3%
1189.0
y/y -4.7%
1.4%55.9Link
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)PARTIAL49.2
y/y —
10.6
y/y —
12.9
y/y —
23.5
y/y —
-67.2
y/y —
38.1—1486.5
y/y —
1247.9
y/y —
-3.0%98.7Link
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

Revenue & EBITDA

RevenueEBITDA

Quarterly values ($ mln)

-500501001502023 q42024 q12024 q22024 q32024 q42025 q12025 q22025 q32025 q42026 q1

Year-over-year change

-200%-100%0%100%200%2023 q42024 q12024 q22024 q32024 q42025 q12025 q22025 q32025 q42026 q1

Cash flow

FCF ($ mln)

-500501001502023 q42024 q12024 q22024 q32024 q42025 q12025 q22025 q32025 q42026 q1

Net debt / cash ($ mln)

-100-500501002023 q42024 q12024 q22024 q32024 q42025 q12025 q22025 q32025 q42026 q1

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

0.0020200.5020210.0820220.0520230.0820240.0820250.022026

Proved reserves

YearReserves, mln gold ounces
2025134.10
2024136

Production

YearProduction, mln ouncesper day
20260.02 * (3M)
+19.5%		249.0
20250.08
+0.1%		221.0
20240.08
+73.2%		221.0
20230.05
−41.9%		128.0
20220.08
−83.9%		220.0
20210.501 369
20200.00 * (3M)39.0

* partial year

EI1 ___NASDAQ_press_comm (NASDAQ / SEC filings)

Key-commodity price — Gold

Current 4 050spot vs LTM -5%

Commodity-player potential

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

Upside: -51.3% ▲ +0.2 pp 1d

Main driver: Gold -5% vs LTM; revenue ×0.95 vs costs ×1.04; EBITDA 290→241; at 12.0× EV/EBITDA → -51%.

Product prices — moves vs the LTM average

CommodityShareSpotLTM3-yrvs LTM, $3y vs LTM
Gold (rev)+100%4 050.274 246.023 189.61-5%-25%

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

1 · Reported baseline (LTM)
LTM revenue325
LTM EBITDA290
LTM cash costs (revenue − EBITDA)35
2 · Revenue projection
Revenue multiplier — spot×0.954 (-5%)
= Spot revenue310
Revenue multiplier — 3y price×0.751 (-25%)
= 3-year-price revenue244
3 · Costs projection
Cost multiplier — spot×1.040 (+4%)
= Spot cash costs37
Cost multiplier — 3y price×1.040 (+4%)
= 3-year-price cash costs37
4 · EBITDA projection (revenue − costs)
= Spot EBITDA273
= 3-year-price EBITDA208
Conservative EBITDA = min(spot, avg)241
5 · Valuation → target market cap
Historical EV/projected-EBITDA (75th pct)12.0x
Target EV = EV/EBITDA × conservative EBITDA2 886
Net debt-52
Target market cap = EV − net debt2 938
Current market cap6 034

Upside = target market cap ÷ current − 1 = -51.3%

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 Q24549-9.2%3138-20.1%
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%

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 17.6x · 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 19.4x EV/EBITDA.
What is Osisko Gold Royalties (OR)'s P/B ratio?
Osisko Gold Royalties (OR) trades at a P/B of 4.4x.
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 20.3%.
What is Osisko Gold Royalties (OR)'s market capitalization?
Osisko Gold Royalties (OR)'s market cap is 5.5 bn USD.