Royal Gold, Inc.RGLD
NasdaqGS•Basic Materials•Gold
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.
Royal Gold, Inc. (RGLD) reported trailing twelve months revenue of $1.31B as of March 2026, a 71.0% increase year-over-year. Quarterly revenue reached $469.13M, reflecting continued top-line momentum.
Royal Gold, Inc. generated $633.91M in TTM net income, with quarterly EBITDA of $387.97M. The operating margin contracted from 63.6% to 63.3%, suggesting rising cost pressures or pricing headwinds.
The spread between operating margin (63.3%) and net margin (59.9%) indicates tight cost control with minimal non-operating drag. Net margin has improved from 58.7% a year ago, signaling stronger bottom-line efficiency.
RGLD trades at a P/E of 31.9x (a premium multiple) and a P/S of 15.5x. The price-to-book ratio of 2.7x reflects a moderate premium to book value.
The company generated $293.56M in free cash flow over the trailing twelve months, a 115.3% increase year-over-year, indicating cash generation ability. The balance sheet shows $9.49B in total assets with $595.69M in long-term debt against $7.42B in stockholders equity for a debt-to-equity ratio of 0.1, a conservative capital structure. Data based on the most recent quarterly reports.
Competitive analysis based on 21 quarters of fundamental data
Operating margins are stable at ~62.6%, suggesting durable pricing power and cost discipline.
ROE is positive at ~10.4% on average, adequate but below the threshold typically associated with wide moats.
Free cash flow is consistently positive and growing — a hallmark of a capital-light business that can self-fund growth.
TTM revenue has grown consistently (7 of 7 quarters up), with ~112.6% growth over the period. Strong demand durability.
Data-driven red flags and warnings across 21 quarters
Margins are stable or improving at ~62.9% — no sign of cost or pricing stress.
FCF covers net income by 1.4x on average — earnings are well-supported by cash generation.
D/E ratio is 0.1 — conservative capital structure with low financial risk.
Revenue is stable or growing over recent quarters — demand appears durable.
Free cash flow is consistently positive — the business self-funds without external capital reliance.
Shares outstanding increased 29.0% — significant dilution, likely from stock compensation or capital raises.
Quarterly standardized metrics.
Stock price and market valuation
Revenue and earnings growth across quarters
Assets, cash, debt, and leverage
Price multiples and return ratios
Operating efficiency and return metrics
Free cash flow, earnings quality, and capital allocation