Royal Gold, Inc.
- Open
- 204.59
- Day high
- 207.00
- Day low
- 200.56
- Prev close
- 207.95
- Volume
- 198K
- Mkt cap
- $17.1B
- P/E (TTM)
- 24.0
- EPS (TTM)
- $8.38
- P/B
- 2.3
- P/S
- 13.1
- Yield
- 0.92%
- Per share
- $1.85
- ▼Insiders net selling -$352K over the last 3 months (0 open-market buys, 2 sales)
- 🏛Institutions accumulating (13F)
Royal Gold, Inc. (RGLD) is a Basic Materials company listed on NASDAQ. The stock is up 12% over the past year. Over the trailing 3 months, insiders filed 0 open-market buys and 2 sales (SEC Form 4).
Royal Gold, Inc. (RGLD) financials & analyst ratings
Fundamentals (TTM)
Analyst consensus · 2 analysts
Source: exchange market data + company filings. Figures are trailing-twelve-month or as most recently reported. For informational purposes only — not investment advice.
RGLD earnings date, history & EPS estimates
| Report date | EPS est | EPS actual | Surprise | Revenue | Rev. surprise |
|---|---|---|---|---|---|
| May 7, 2026 | $2.77 | $3.11 | +12.3% | $469M | -0.6% |
| Feb 18, 2026 | $2.68 | $1.92 | -28.4% | $375M | -2.9% |
| Nov 5, 2025 | $2.15 | $2.06 | -4.2% | $252M | -0.8% |
| Aug 6, 2025 | $1.70 | $1.81 | +6.5% | $210M | -1.9% |
| May 7, 2025 | $1.43 | $1.51 | +5.6% | $193M | +6.2% |
| Feb 12, 2025 | $1.46 | $1.63 | +11.6% | $203M | +24.3% |
| May 8, 2024 | $0.94 | $0.91 | -3.2% | $149M | +1.3% |
| Feb 14, 2024 | $0.77 | $0.95 | +23.4% | $153M | +8.9% |
| Nov 1, 2023 | $0.80 | $0.76 | -5.0% | $139M | +2.0% |
| Aug 2, 2023 | $0.88 | $0.88 | +0.0% | $144M | -9.4% |
| May 3, 2023 | $0.99 | $0.96 | -3.0% | $170M | +0.0% |
| Feb 15, 2023 | $0.81 | $0.91 | +12.3% | $163M | -1.5% |
RGLD insider trading activity (SEC Form 4)
| Date | Insider | Type | Shares | Price |
|---|---|---|---|---|
| Jun 16, 2026 | Shefman Randyofficer: SVP & General Counsel | Sell | 500 | $215.85 |
| May 11, 2026 | Shefman Randyofficer: SVP & General Counsel | Sell | 1,000 | $243.74 |
| Mar 12, 2026 | Isto Markdirector | Sell | 2,000 | $274.83 |
| Mar 4, 2026 | Libner Paulofficer: SVP & CFO | Sell | 500 | $283.66 |
| Mar 4, 2026 | Libner Paulofficer: SVP & CFO | Sell | 1,000 | $285.84 |
| Mar 4, 2026 | Libner Paulofficer: SVP & CFO | Sell | 200 | $280.20 |
| Mar 4, 2026 | Libner Paulofficer: SVP & CFO | Sell | 700 | $281.42 |
| Mar 4, 2026 | Libner Paulofficer: SVP & CFO | Sell | 100 | $284.41 |
| Mar 2, 2026 | Libner Paulofficer: SVP & CFO | Tax | 622 | $299.79 |
| Mar 2, 2026 | Breeze Danielofficer: SVP Corp Dev of RGLD Gold AG | Grant | 340 | — |
| Mar 2, 2026 | Crandall David Rofficer: VP, Corporate Secretary & CCO | Tax | 232 | $299.79 |
| Mar 2, 2026 | Crandall David Rofficer: VP, Corporate Secretary & CCO | Tax | 192 | $299.79 |
| Mar 2, 2026 | Libner Paulofficer: SVP & CFO | Tax | 515 | $304.29 |
| Mar 2, 2026 | Raffield Martinofficer: SVP, Operations | Tax | 313 | $299.79 |
| Mar 2, 2026 | Libner Paulofficer: SVP & CFO | Grant | 1,612 | — |
Source: RGLD SEC Form 4 filings, latest Jun 16, 2026. For informational purposes only — not investment advice.
See the full RGLD insider & 13F page →Royal Gold, Inc. company profile
Overview
Royal Gold, Inc. (NASDAQ:RGLD) is a precious metals streaming and royalty company founded in 1981 and headquartered in Denver, Colorado. The company has evolved from a traditional mining operation into one of the leading precious metals streaming and royalty companies globally. Royal Gold operates a unique business model where it provides upfront capital to mining companies in exchange for the right to purchase a portion of future metal production at predetermined prices (streams) or receive a percentage of revenue from mining operations (royalties). As of 2024, the company owns interests in 185 properties across five continents, including 41 producing mines and 19 development-stage projects, making it a significant player in the precious metals financing sector.
Business
Royal Gold operates in the precious metals streaming and royalty industry, which serves as an alternative financing mechanism for mining companies. The company's core business involves acquiring stream agreements and royalty interests on mining properties worldwide. Stream agreements are contracts where Royal Gold provides upfront capital to mining companies in exchange for the right to purchase a predetermined percentage of future metal production at a fixed price, typically significantly below market rates. For example, Royal Gold might pay 20% of the spot price for gold delivered under a stream agreement. This provides mining companies with immediate capital while giving Royal Gold access to metals at attractive prices. Royalty interests are agreements where Royal Gold receives a percentage of gross revenue or net smelter returns from mining operations without having to pay for the actual metals. These agreements typically range from 1-5% of revenue and require no ongoing capital investment from Royal Gold. The company's portfolio spans multiple metals and geographic regions: 1. Gold streams and royalties comprise approximately 76% of total revenue, representing the company's primary focus on precious metals in politically stable jurisdictions. 2. Silver interests account for roughly 12% of revenue, often acquired as byproducts of gold-focused transactions or through dedicated silver streaming agreements. 3. Copper and other base metals represent about 12% of revenue, including recent strategic acquisitions like the Cactus copper royalty in Arizona. The company's geographic diversification includes significant exposure to North America (United States and Canada), which generates approximately 60% of total revenue, along with operations in Chile, Australia, the Dominican Republic, Africa, and Mexico. Key producing assets include major mines such as Pueblo Viejo, Mount Milligan, Cortez, and Andacollo, with the top four properties contributing approximately 55% of total revenue.
Revenue model
Royal Gold generates revenue through two primary business models that require minimal ongoing operational involvement. The company's streaming revenue model accounts for approximately 69% of total revenue, where Royal Gold purchases metals from partner mines at predetermined prices typically ranging from 18-22% of spot market prices. The royalty revenue model contributes about 31% of revenue, providing the company with a percentage of gross revenue from mining operations without requiring metal purchases. The company's customers are primarily large-scale mining companies and mine operators who need upfront capital for mine development, expansion, or operational improvements. These include major mining corporations like Barrick Gold, Newmont, Centerra Gold, and Kinross Gold, as well as mid-tier producers seeking non-dilutive financing alternatives to equity raises or traditional debt. Royal Gold's profitability is influenced by several key factors that can expand or contract margins. Commodity price increases directly benefit the company since royalty payments rise with higher metal prices, while stream agreements provide metals at fixed low prices that can be sold at market rates. Production increases at partner mines boost both stream volumes and royalty payments. Currency fluctuations can impact margins since many international operations report costs in local currencies while metals are priced in US dollars. Factors that can pressure margins include mine production disruptions due to operational issues, labor strikes, or regulatory challenges, which directly reduce Royal Gold's revenue. Declining ore grades at mature mines can reduce metal output over time. Geopolitical risks in certain jurisdictions may affect mine operations or create sovereign risk concerns. Environmental or safety incidents at partner mines can halt production temporarily or permanently. The company mitigates these risks through geographic diversification across politically stable jurisdictions and maintaining a portfolio of over 180 properties to reduce dependence on any single asset.
Competitive moat
Royal Gold possesses a moderately strong economic moat built primarily around its established relationships with major mining companies and its substantial capital base for new transactions. The company's competitive advantages include its track record and reputation in the streaming and royalty sector, which provides preferential access to high-quality deal flow from mining companies seeking non-dilutive financing. With over 40 years of operating history and $1.2 billion in available liquidity, Royal Gold can compete effectively for large transactions in the $100-300 million range. The company benefits from high switching costs once streaming and royalty agreements are established, as these contracts typically run for the life of mine operations and cannot be easily terminated by mining partners. The passive income nature of the business model creates predictable cash flows without requiring ongoing operational management or capital expenditure at mine sites. However, Royal Gold's moat faces several competitive pressures. The streaming and royalty industry has attracted significant competition from companies like Franco-Nevada, Wheaton Precious Metals, and newer entrants backed by private equity capital. Capital availability is the primary competitive weapon in this industry, and well-funded competitors can bid aggressively for attractive assets. The company also faces competition from traditional financing sources including banks, equipment financing companies, and direct equity investment from mining-focused private equity funds. Potential disruption could come from changes in mining industry financing preferences, such as improved access to traditional debt markets or increased use of alternative financing structures like metal prepayment facilities. Additionally, consolidation among mining companies could reduce the number of potential transaction partners, while the development of new mining technologies or extraction methods could alter the economics of traditional streaming and royalty arrangements.
Risks & safety
Royal Gold demonstrates a strong margin of safety with robust financial metrics and conservative capital structure positioning. • Liquidity and Solvency: The company maintains exceptional financial flexibility with $195 million in cash, zero debt as of Q4 2024, and $1.2 billion in total available liquidity through its revolving credit facility. No meaningful solvency risk exists. • Cash Generation: Strong operating cash flow of $530 million in fiscal 2024 with free cash flow of $427 million demonstrates the business model's cash-generative nature. The company has no significant capital expenditure requirements. • Valuation Metrics: Trading at 20.2x trailing earnings and 12.6x EV/EBITDA, representing reasonable but not compelling valuation levels for a royalty company. Price-to-book ratio of 2.8x reflects premium to tangible assets. • Dividend Coverage: Strong dividend coverage with 24 consecutive years of dividend increases, supported by predictable cash flows from long-term contracts. • Portfolio Diversification: Geographic and asset diversification across 185 properties reduces single-asset concentration risk, though top four properties still represent 55% of revenue.
Recent development
Over the past few years, Royal Gold has executed several strategic initiatives to strengthen its portfolio and financial position. The company has focused on debt reduction and balance sheet optimization, completely eliminating its revolving credit facility debt by 2024 after repaying over $325 million since 2022. This positions the company with maximum financial flexibility for future acquisitions. Portfolio expansion has been a key priority, with the company adding multiple new revenue-generating assets. Recent additions include first production and royalty payments from Mara Rosa, Cote Gold, Manh Choh, Wonder North, and Bellevue mines. The company also acquired strategic royalty interests in the Back River Gold District for $51 million and purchased a 2.5% copper royalty on the Cactus Project in Arizona for $55 million, representing its first significant copper-focused acquisition. Operational optimization at existing properties has driven improved performance. The Mount Milligan mine life extension agreement with Centerra Gold provides additional cash consideration and extends operations to 2035. Pueblo Viejo has undergone throughput expansion with expected improvements in silver recovery by Q4 2025 and gold recovery by end of 2026. The Goldrush project at Cortez officially opened, though production ramp-up continues. Geographic and commodity diversification remains a strategic focus, with the company maintaining exposure across North America, South America, Australia, and Africa while gradually increasing exposure to copper and other base metals alongside its core gold and silver focus. The company continues to target transactions in the $100-300 million range, focusing on precious metals opportunities in politically stable, mining-friendly jurisdictions.
RGLD company profile · for informational purposes only — not investment advice.
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