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Royal Gold (RGLD) USD

Royal Gold, Inc. acquires and manages precious metal streams and royalties, providing financing to mining projects in exchange for the right to purchase a portion of their future production at a reduced price.

At a glance: strengths & risks
✓Revenue growing (+115% y/y, Q2 2026)✓Profit growing (+79% y/y, Q2 2026)✓Low leverage (0.9x EBITDA)✓Cheaper than own history (EV/EBITDA 13.2 vs avg 19.8)

Sector: Precious-metals royalty

Geography: United States, Canada, Chile

COMM_RGLD

Price chart

234.72 USDDay -3.01%

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
234.72 USD · -3.01%
Market cap
16.3 bn USD

Growth

Δ revenue y/y
114.9%
Δ EBITDA y/y
117.4%

Multiples

P/E (LTM)
22.1x
3y avg: 35.1x
P/B (FY)
2.3x
P/E (ann.)
17.3x
EV/EBITDA (LTM)
13.2x
3y avg: 19.8x
EV/EBITDA (ann.)
11.0x

Cash return

Dividend yield
0.8%
FCF yield (LTM)
-0.7%

Value creation

to target market cap (spot commodity model)
Upside (potential)
-32.2%
↓ details

Liquidity

Daily turnover (listing)
184.7 mln USD

Shares: yahoo_fundamentals_timeseries/RGLD

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)OK450.5
y/y 114.9%
279.9
y/y 97.4%
96.2
y/y 208.8%
376.1
y/y 117.4%
236.4
y/y 78.6%
335.2-117.29449.3
y/y 164.5%
7587.0
y/y 129.4%
12.6%213.4Yahoo Finance
2026-03-31Q1 2026 (3M)OK469.1
y/y 142.5%
297.1
y/y 141.3%
90.9
y/y 175.4%
388.0
y/y 148.5%
281.1
y/y 147.7%
293.6—9489.7
y/y 174.4%
7415.1
y/y 131.5%
15.4%361.5Link
2025-12-31Q4 2025 (3M)OK375.3
y/y 85.3%
210.9
y/y 58.0%
80.0
y/y 137.2%
290.9
y/y 74.0%
93.6
y/y -12.8%
241.7-0.39537.5
y/y 181.2%
7157.1
y/y 129.5%
8.8%698.9Link
2025-09-30Q3 2025 (3M)OK252.1
y/y 30.0%
162.3
y/y 36.6%
32.9
y/y -9.0%
195.2
y/y 25.9%
126.8
y/y 31.8%
174.0-993.54465.1
y/y 35.2%
3406.5
y/y 12.1%
5.0%597.3Link
2025-06-30Q2 2025 (3M)OK209.6
y/y 20.4%
141.8
y/y 38.9%
31.2
y/y -12.9%
173.0
y/y 25.5%
132.3
y/y 63.0%
152.8-112.73572.5
y/y 9.3%
3306.9
y/y 11.4%
16.3%-236.0Link
2025-03-31Q1 2025 (3M)OK193.4
y/y 29.9%
123.1
y/y 63.0%
33.0
y/y -14.9%
156.1
y/y 36.6%
113.5
y/y 140.6%
136.4-58.23458.3
y/y 4.4%
3203.0
y/y 10.0%
14.4%-229.0Link
2024-12-31Q4 2024 (3M)OK202.6
y/y 32.7%
133.4
y/y 67.5%
33.7
y/y -15.8%
167.2
y/y 39.6%
107.4
y/y 71.1%
141.1-46.93392.1
y/y 0.9%
3119.0
y/y 8.0%
10.8%-190.5Link
2024-09-30Q3 2024 (3M)OK193.8
y/y 39.8%
118.8
y/y 81.3%
36.2
y/y -9.8%
155.0
y/y 46.7%
96.2
y/y 95.1%
136.7-3.43301.6
y/y -2.8%
3038.6
y/y 6.6%
4.3%-127.9Link
2024-06-30Q2 2024 (3M)OK174.1
y/y 20.9%
102.1
y/y 42.0%
35.7
y/y -6.9%
137.8
y/y 25.0%
81.2
y/y 28.0%
113.5-50.93269.0
y/y -5.0%
2968.9
y/y 5.1%
11.0%-24.2Link
2024-03-31Q1 2024 (3M)OK148.9
y/y -12.6%
75.5
y/y -12.2%
38.8
y/y -16.3%
114.3
y/y -13.7%
47.2
y/y -26.2%
138.3—3313.3
y/y -5.1%
2911.1
y/y 4.6%
6.5%8.2Link
2023-12-31Q4 2023 (3M)OK152.7
y/y —
79.7
y/y —
40.1
y/y —
119.8
y/y —
62.8
y/y —
101.10.13361.1
y/y —
2888.2
y/y —
8.3%147.4Link
2023-09-30Q3 2023 (3M)OK138.6
y/y —
65.6
y/y —
40.1
y/y —
105.7
y/y —
49.3
y/y —
98.10.03397.2
y/y —
2849.4
y/y —
2.3%217.8Link
2023-06-30Q2 2023 (3M)OK144.0
y/y —
71.9
y/y —
38.4
y/y —
110.3
y/y —
63.4
y/y —
107.9-2.63439.7
y/y —
2823.6
y/y —
9.1%289.4Link
2023-03-31Q1 2023 (3M)OK170.4
y/y —
86.1
y/y —
46.3
y/y —
132.4
y/y —
63.9
y/y —
108.7-0.23491.0
y/y —
2782.6
y/y —
—370.0Link

Net debt structure (leases included, IFRS 16) 2026-06-30

Long-term debt (incl. LT leases)396
− Cash & equivalents182
Net debt213

Net debt / LTM EBITDA: 0.2x

Revenue & EBITDA

RevenueEBITDA

Quarterly values ($ mln)

01002003004005002024 q12024 q22024 q32024 q42025 q12025 q22025 q32025 q42026 q12026 q2

Year-over-year change

-50%0%50%100%150%2024 q12024 q22024 q32024 q42025 q12025 q22025 q32025 q42026 q12026 q2

Cash flow

Operating and investing cash flow (OCF + ICF) ($ mln)

-1 000-750-500-25002505002024 q12024 q22024 q32024 q42025 q12025 q22025 q32025 q42026 q12026 q2

Net debt / cash ($ mln)

-400-20002004006008002024 q12024 q22024 q32024 q42025 q12025 q22025 q32025 q42026 q12026 q2

Profit and cash

Profit is cash-backed
In a typical year of 2021–2025 operating cash flow came to 1.59x of reported net profit; after capex, 0.15x.
year20212022202320242025
cash flow / profit0.82x1.75x1.74x1.59x1.51x
accruals, % of assets1.9%-5.1%-5.2%-5.8%-2.5%
Last twelve months (to 2026-06-30): 1.42x of profit came back as operating cash flow.
net debt / EBITDA 0.9x · capex 2.6x of depreciation · share count +1.5% a year
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.

Research & reviews

Our earnings breakdowns and investment notes on this issuer.

All research →

Key-commodity price — Gold

Current 4 022spot vs LTM -10%

Commodity-player potential

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

Upside: -32.2% ▲ +0.6 pp 1d

Main driver: Gold -5% vs LTM; revenue ×0.93 vs costs ×1.04; EBITDA 1 250→1 023; at 12.0× EV/EBITDA → -32%.

Product prices — moves vs the LTM average

CommodityShareSpotLTM3-yrvs LTM, $3y vs LTM
Gold (rev)+80%4 022.014 242.243 393.37-5%-20%
Silver (rev)+20%54.5762.3044.98-12%-28%

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

1 · Reported baseline (LTM)
LTM revenue1 533
LTM EBITDA1 250
LTM cash costs (revenue − EBITDA)282
2 · Revenue projection
Revenue multiplier — spot×0.934 (-7%)
= Spot revenue1 431
Revenue multiplier — 3y price×0.784 (-22%)
= 3-year-price revenue1 202
3 · Costs projection
Cost multiplier — spot×1.040 (+4%)
= Spot cash costs294
Cost multiplier — 3y price×1.040 (+4%)
= 3-year-price cash costs294
4 · EBITDA projection (revenue − costs)
= Spot EBITDA1 137
= 3-year-price EBITDA908
Conservative EBITDA = min(spot, avg)1 023
5 · Valuation → target market cap
Historical EV/projected-EBITDA (75th pct)12.0x
Target EV = EV/EBITDA × conservative EBITDA12 274
Net debt213
Target market cap = EV − net debt12 061
Current market cap17 801

Upside = target market cap ÷ current − 1 = -32.2%

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 Q3139161-14.0%106124-15.0%
2023 Q4149161-7.4%120124-3.4%
2024 Q1149159-6.3%114124-8.2%
2024 Q2174171+1.5%138138-0.1%
2024 Q3194182+6.5%155148+4.8%
2024 Q4203200+1.5%167164+2.0%
2025 Q1193213-9.1%156176-11.1%
2025 Q2210236-11.3%173198-12.8%
2025 Q3252246+2.4%195208-6.2%
2025 Q4361301+19.9%291258+12.6%
2026 Q1469390+20.2%388339+14.5%
2026 Q2451387+16.4%376324+16.0%

Revenue growth & acceleration

Growth accelerating ▲
Last-year revenue growth +43% vs +19% the year before — a +24.5 pp move. 3-year CAGR +20%.
revenue growth by year: 2023 +0% · 2024 +19% · 2025 +43%
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 13.6x · target 75th pct (3y) 16.5x · LTM avg 19.0x

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

Peer comparison

Group: materials (global). Every peer trades on the same market, so no adjustment is needed.

CompanyMarketCap, $bnEV/EBITDA
Barrick Mining Corporationglobal68.35.2x
BHP Groupglobal205.66.6x
Valeglobal54.26.7x
Zijin Miningglobal112.86.9x
Rio Tintoglobal142.47.2x
Newmont Corporationglobal127.67.7x
Agnico Eagle Minesglobal94.18.9x
Freeport-McMoRanglobal98.711.6x
Glencoreglobal87.312.8x
Southern Copperglobal168.815.4x
Nucor Corporationglobal60.415.8x
Wheaton Precious Metalsglobal60.023.3x
Group median8.3x
Group average10.7x
This companyglobal16.813.2x

Group median 8.3x; this company 13.2x — a 59% premium.

Group average 10.7x; against the average this company is at a 24% premium. The average sits 28% above the median: Wheaton Precious Metals (23.3x) skews the group.

At the adjusted group median the market cap would be -39% versus today.

The gap and the implied upside are measured against the median: one richly priced peer moves an average, not a median. The market adjustment uses our coverage medians (US 20.9x, Russia 3.7x, South Africa 5.0x, Kazakhstan 4.7x, India 18.8x, Indonesia 5.1x); it is about where a name is listed, not what it does. Peer multiples come from the nightly rebuild of 2026-10-22; the company's own is live.

Dividends

Paid (completed)

DatePer shareDetailsStatusSource
2026-10-020.475 USDEx-dividend: 0.475 USD per sharePaidYahoo Finance (ex-div)
2026-07-020.475 USDEx-dividend: 0.475 USD per sharePaidYahoo Finance (ex-div)
2026-04-020.475 USDEx-dividend: 0.475 USD per sharePaidYahoo Finance (ex-div)
2026-01-020.475 USDEx-dividend: 0.475 USD per sharePaidYahoo Finance (ex-div)
2025-10-030.45 USDEx-dividend: 0.45 USD per sharePaidYahoo Finance (ex-div)
2025-07-030.45 USDEx-dividend: 0.45 USD per sharePaidYahoo Finance (ex-div)
2025-04-040.45 USDEx-dividend: 0.45 USD per sharePaidYahoo Finance (ex-div)
2025-01-030.45 USDEx-dividend: 0.45 USD per sharePaidYahoo Finance (ex-div)
2024-10-040.4 USDEx-dividend: 0.4 USD per sharePaidYahoo Finance (ex-div)
2024-07-050.4 USDEx-dividend: 0.4 USD per sharePaidYahoo Finance (ex-div)
2024-04-040.4 USDEx-dividend: 0.4 USD per sharePaidYahoo Finance (ex-div)
2024-01-040.4 USDEx-dividend: 0.4 USD per sharePaidYahoo Finance (ex-div)
2023-10-050.375 USDEx-dividend: 0.375 USD per sharePaidYahoo Finance (ex-div)
2023-07-060.375 USDEx-dividend: 0.375 USD per sharePaidYahoo Finance (ex-div)
2023-04-050.375 USDEx-dividend: 0.375 USD per sharePaidYahoo Finance (ex-div)
2023-01-050.375 USDEx-dividend: 0.375 USD per sharePaidYahoo Finance (ex-div)
2022-10-060.35 USDEx-dividend: 0.35 USD per sharePaidYahoo Finance (ex-div)
2022-06-300.35 USDEx-dividend: 0.35 USD per sharePaidYahoo Finance (ex-div)
2022-03-310.35 USDEx-dividend: 0.35 USD per sharePaidYahoo Finance (ex-div)
2022-01-060.35 USDEx-dividend: 0.35 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 Royal Gold (RGLD) — from primary filings.

Frequently asked questions

What is Royal Gold (RGLD)'s P/E ratio?
Royal Gold (RGLD) trades at a P/E of 22.1x (price to trailing 12-month earnings).
What is Royal Gold (RGLD)'s EV/EBITDA?
Royal Gold (RGLD) trades at 13.2x EV/EBITDA.
What is Royal Gold (RGLD)'s P/B ratio?
Royal Gold (RGLD) trades at a P/B of 2.3x.
What is Royal Gold (RGLD)'s dividend yield?
Royal Gold (RGLD)'s trailing 12-month dividend yield is 0.8%.
What is Royal Gold (RGLD)'s return on equity (ROE)?
Royal Gold (RGLD)'s ROE is 12.6%.
What is Royal Gold (RGLD)'s market capitalization?
Royal Gold (RGLD)'s market cap is 16.3 bn USD.

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