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what it is
Royal Gold gets paid by mines instead of digging them itself.
how it gets paid
Last year Royal Gold made $1.0B in revenue. Gold royalties was the main engine at $0.48B, or 48% of sales.
why it's growing
Revenue grew 43.2% last year on the ~$1.0B bridge (post-deal mix). Ignore stray $655M annual figures — they did not match the segment total on this page.
what just happened
Full-year revenue sits near $1.0B on the bridge; EPS in the latest print was about $1.92 versus $2.42 expected (miss).
At a glance
A balance sheet — strong enough to weather a downturn
75/100 earnings predictability — reasonably predictable
27.7x trailing p/e — priced about right
0.9% dividend yield — cash in your pocket every quarter
21.5% return on capital — every dollar works hard here
xvary composite: 64/100 — average
What they do
Royal Gold gets paid by mines instead of digging them itself.
Royalty interests → mine payments → you get gold exposure without running mines. Royal Gold owns 42 producing royalty properties and 8 producing stream properties, plus 18 development-stage royalties. Its 61.9% operating margin means almost two-thirds of sales stays after running costs, versus the capital-heavy grind of owning mines.
How they make money
$1.0B
annual revenue · their business grew +43.2% last year
Gold royalties
$0.48B
+41.0%
Gold streams
$0.26B
+52.0%
Copper royalties
$0.14B
+38.0%
Silver royalties
$0.08B
+35.0%
Other royalties
$0.04B
+27.0%
The products that matter
precious metals financing contracts
Royalties & Streams
$1.0B revenue · ~61% net margin
this is the whole business: provide capital, collect a slice of production or revenue, and keep about 61¢ of profit from every $1 in sales (aligned to the health line — not the old 57.3% mismatch).
core engine
acquired portfolio expansion
Sandstorm portfolio
$3.5B deal · +40 producing assets
the all-stock Sandstorm deal added 40 producing streams and royalties and lifted the portfolio to 80 assets. that is the scale story from here, but only if the added ounces show up on a per-share basis.
bigger footprint
future production pipeline
Development pipeline
210 development and exploration assets
management now has 20–25 development-stage assets and 190–205 exploration and evaluation assets. that matters because royalty portfolios need new mines coming online before older contributors flatten out.
next leg
Key numbers
61.9%
operating margin
61.9 cents of every sales dollar stays after operating costs. That is why the royalty model beats the mining model.
$252
target price
That target is 17% above $216. The stock has room if the new assets land cleanly.
0.9%
dividend yield
You are getting paid, but just barely. The income stream is small versus the stock's $216 price.
21.5%
return on capital
Every dollar invested is working hard. That matters when the company buys more royalty rights.
Financial health
A
strength
- balance sheet grade A — very strong financial position
- risk rank 2 — safer than 80% of stocks
- price stability 75 / 100
- net profit margin 61.0% — keeps 61 cents of every dollar in revenue
- return on equity 22% — $0.22 profit for every $1 investors have put in
A with balance sheet grade and risk rank standing out. your money faces less risk here than at most public companies.
Total return vs. market
You invested $10,000 in RGLD 3 years ago → it's now worth $20,940.
The index would have given you $13,920.
source: institutional data · total return
What just happened
missed estimates
Annual revenue on the bridge is about $1.0B (+43.2% vs. prior year), while EPS came in at $1.92 versus $2.42 expected.
The old $655M / +160% vs. prior year lines contradicted the $1.0B annual mix above. Some data feeds show a much higher $5.65 EPS (often split-adjusted or non-comparable) versus the $1.92 consensus print — treat them as different definitions. Gross margin held at 72.0%.
$1.0B
annual revenue
$1.92
eps (FY · print)
72.0%
gross margin
the number that mattered
The ~$1.0B annual revenue line mattered most because it shows Sandstorm / Horizon already embedded in the consolidated mix — not a one-off $655M stub.
-
royal gold completed the acquisitions of sandstorm gold and horizon copper in mid-october.
-
to recap, sandstorm was an all-stock deal valued at about $3.5 billion.royal gold issued 18.6 million shares of common stock for sandstorm, and the share count now stands at 84.4 million shares. the deal added 40 producing streams and royalties to royal’s portfolio (royal gold now has 80 in total) and 210 assets in the development (20-25) and exploration and evaluation (190-205) stages.
-
the assets already in production should add 65,000 to 80,000 gold equivalent ounces annually, a 26% increase over royal gold’s prior output.furthermore, the large number of developmentand exploration-stage assets help to address a former criticism of royal’s portfolio; that it did not have enough development stage opportunities to make up for assets nearing the end of mine life. while this criticism looked true on paper (all mines have published end of life time lines), many of the mines royal has streaming and royalty contracts with have been extending their mine lives as exploration occurs.
-
the company also closed on its acquisition of horizon copper corp.
-
royal gold paid $196 million for a gold stream on the hod maden copper-gold project in turkey.
source: company earnings report, 2026
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What could go wrong
the #1 risk is Sandstorm dilution failing to convert into better per-share economics.
high
gold price volatility
this is still a metal-linked business. if gold prices fall hard, a ~61% net margin (health row) does not protect the top line. the stock is being valued at roughly $18B against a $1.0B revenue base, so pricing moves matter.
direct exposure to the same $1.0B revenue stream investors are paying up for
high
Sandstorm dilution
royal gold issued 18.6M shares and lifted total shares outstanding to 84.4M. if the acquired assets underdeliver, you own a larger company without better per-share cash flow.
18.6M new shares in a $3.5B all-stock deal
med
mine-level concentration
the portfolio spans 80 assets, but royalty books are not evenly weighted. this page does not show top-asset concentration, and that is the blind spot. one major operator issue can matter more than the asset count suggests.
80 assets help, but a problem at one big contributor still moves results
med
project and jurisdiction execution
royal gold paid $196M for a hod maden stream in turkey and now has 20–25 development-stage assets plus 190–205 exploration and evaluation assets. those ounces only matter if permits, construction, and politics cooperate.
$196M already committed to a project that still has to reach production
a weaker gold tape, underwhelming Sandstorm contribution, or trouble at a few major mines would pressure the same earnings base supporting a 27.7x trailing multiple.
source: institutional data · regulatory filings · risk analysis
Pay attention to
per-share math
does Sandstorm earn back the dilution
18.6M new shares were issued. revenue growth is fine, but EPS and cash flow per share are the real test from here.
earnings
the first clean quarter with the new asset base
watch the next few reports for how management frames Sandstorm, Horizon Copper, and the contribution from the newly added producing assets.
metal trend
gold price support
this model is capital-light, not gold-price-proof. if gold cools off, the premium multiple gets harder to defend.
execution
hod maden and pipeline progress
the company now has 20–25 development-stage assets and 190–205 exploration and evaluation assets. optionality is nice. production is better.
Analyst rankings
short-term outlook
below average
momentum score 4 — below-average price performance is the call from here. in human-speak, analysts think most of the obvious move may already be in the stock.
risk profile
above average
stability score 2 — safer than roughly 80% of stocks. that is unusually steady for a company tied to precious metals.
chart momentum
average
technical score 3 — no extreme signal. the chart says the stock is intact, but it is not giving you a clean momentum setup either.
earnings predictability
75 / 100
earnings predictability 75/100 — more reliable than most miners, less reliable than a normal consumer or software business. welcome to royalty finance.
source: institutional data
Institutional activity
institutions have been net buying for 3 consecutive quarters — 326 buyers vs. 273 sellers in 3q2025. total institutional holdings: 62.0M shares. net buying for 3 quarters.
source: institutional data
Price targets
3-5 year target range
$174
$330
$216
current price
$252
target midpoint · +17% from current · 3-5yr high: $515 (+140% · 25% ann'l return)
Want the deeper analysis?
The full deep dive: dcf model, scenario analysis, competitive moat breakdown, and quarterly tracking — everything on this page, taken further.
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