OR Royalties Inc. (OR) 10-Year Financial Performance & Capital Metrics

OR • • Industrial / General

Basic MaterialsGoldRoyalty & Streaming CompaniesPrecious Metals Royalty Companies

AboutOR Royalties, Inc. engages in the acquisition, mining, and exploration of precious metals, streams, and other royalties. It holds interests in the Canadian Malartic mine. The company was founded on April 29, 2014 and is headquartered in Montreal, Canada.Show more

Revenue $191M +4.3%
EBITDA $112M +4.4%
Net Income $16M +143.5%
EPS (Diluted) 0.12 +144.4%
Gross Margin 96.48% +3.4%
EBITDA Margin 58.54%
Operating Margin 40.97% +16.5%
Net Margin 8.51% +141.7%
ROE 1.34% +153.2%
ROIC 4.56% +48.6%
Debt/Equity 0.08 -31.5%
Interest Coverage 9.83 +189.0%

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓Company is almost debt free
✓Strong Piotroski F-Score: 8/9
✓FCF machine: 45.2% free cash flow margin
✓Momentum leader: RS Rating 83 (top 17%)
✓High quality earnings: Operating CF exceeds net income
✓Trading near 52-week high

✗Weaknesses

✗Sales declining 13.4% over 5 years
✗Dividend payout exceeds 100% of earnings
✗Low asset turnover indicates capital-intensive operations

Price & Volume

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Growth Metrics

Revenue CAGR

10Y27.24%

5Y-13.41%

3Y2.72%

TTM22.02%

Profit (Net Income) CAGR

10Y-37.08%

5Y-

3Y-

TTM501.7%

EPS CAGR

10Y-43.53%

5Y-

3Y-

TTM434.83%

ROCE

10Y Avg0.69%

5Y Avg4.01%

3Y Avg4.6%

Latest5.53%

Peer Comparison

Precious Metals Royalty Companies

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
OROR Royalties Inc.	7.68B	40.84	340.33	4.33%	61.04%	7.61%	1.13%	0.08
WPMWheaton Precious Metals Corp.	61.52B	135.50	115.81	26.44%	54.72%	12.38%	0.6%	0.00
FNVFranco-Nevada Corporation	46.33B	240.32	83.74	-8.65%	58.82%	11.89%	0.91%
RGLDRoyal Gold, Inc.	21.87B	259.15	51.32	19.11%	56.09%	14.05%	1.95%

Profit & Loss

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Sales/Revenue+	45.41M	62.68M	213.22M	490.47M	392.6M	213.63M	176.37M	160.48M	183.23M	191.16M
Revenue Growth %	1.64%	0.38%	2.4%	1.3%	-0.2%	-0.46%	-0.17%	-0.09%	0.14%	0.04%
Cost of Goods Sold+	588K	11.29M	153.71M	423.92M	309.89M	109.31M	67.46M	49.68M	12.34M	6.74M
COGS % of Revenue	0.01%	0.18%	0.72%	0.86%	0.79%	0.51%	0.38%	0.31%	0.07%	0.04%
Gross Profit+	44.83M	51.39M	59.51M	66.56M	82.71M	104.33M	108.92M	110.8M	170.89M	184.42M
Gross Margin %	0.99%	0.82%	0.28%	0.14%	0.21%	0.49%	0.62%	0.69%	0.93%	0.96%
Gross Profit Growth %	1.61%	0.15%	0.16%	0.12%	0.24%	0.26%	0.04%	0.02%	0.54%	0.08%
Operating Expenses+	28.44M	25.34M	45.07M	22.86M	265.94M	62.62M	20.95M	20.2M	106.43M	106.09M
OpEx % of Revenue	0.63%	0.4%	0.21%	0.05%	0.68%	0.29%	0.12%	0.13%	0.58%	0.56%
Selling, General & Admin	15.05M	16.71M	26.18M	18.16M	23.68M	25.9M	15.38M	14.9M	24.34M	18.3M
SG&A % of Revenue	0.33%	0.27%	0.12%	0.04%	0.06%	0.12%	0.09%	0.09%	0.13%	0.1%
Research & Development	10.98M	8.28M	18.71M	4.53M	6.12M	10.29M	4.17M	3.96M	4.57M	5.63M
R&D % of Revenue	0.24%	0.13%	0.09%	0.01%	0.02%	0.05%	0.02%	0.02%	0.02%	0.03%
Other Operating Expenses	-81K	30.2M	0	0	236.13M	26.43M	1.41M	1.34M	77.51M	82.17M
Operating Income+	18.22M	29.09M	-70.44M	-113.53M	-183.23M	41.7M	87.96M	90.6M	64.46M	78.32M
Operating Margin %	0.4%	0.46%	-0.33%	-0.23%	-0.47%	0.2%	0.5%	0.56%	0.35%	0.41%
Operating Income Growth %	11.5%	0.6%	-3.42%	-0.61%	-0.61%	1.23%	1.11%	0.03%	-0.29%	0.22%
EBITDA+	18.99M	40.6M	-42.23M	-60.74M	-134.96M	88.61M	126.72M	129.22M	107.17M	111.9M
EBITDA Margin %	0.42%	0.65%	-0.2%	-0.12%	-0.34%	0.41%	0.72%	0.81%	0.58%	0.59%
EBITDA Growth %	2.87%	1.14%	-2.04%	-0.44%	-1.22%	1.66%	0.43%	0.02%	-0.17%	0.04%
D&A (Non-Cash Add-back)	765K	11.51M	28.21M	52.79M	48.27M	46.9M	38.76M	38.62M	42.71M	33.57M
EBIT	37.33M	55.01M	-57.55M	-114.74M	-251.05M	53.27M	99.13M	99.81M	-13.61M	38.11M
Net Interest Income+	3.45M	-175K	-4.13M	-21.24M	-18.92M	-21.55M	-15.45M	-12.57M	-12.12M	-3.81M
Interest Income	4.05M	3.26M	4.25M	4.76M	4.63M	4.58M	3.39M	9.77M	6.83M	4.15M
Interest Expense	609K	3.44M	8.38M	26M	23.55M	26.13M	18.85M	22.34M	18.95M	7.97M
Other Income/Expense	18.5M	22.49M	4.5M	-27.2M	-91.37M	-14.56M	-7.53M	-7.25M	-92.1M	-48.18M
Pretax Income+	36.72M	51.58M	-65.94M	-140.74M	-274.6M	27.14M	80.43M	83.35M	-27.64M	30.14M
Pretax Margin %	0.81%	0.82%	-0.31%	-0.29%	-0.7%	0.13%	0.46%	0.52%	-0.15%	0.16%
Income Tax+	8.19M	9.72M	-23.15M	-35.15M	-40.4M	10.91M	20.33M	20.51M	9.79M	13.88M
Effective Tax Rate %	0.78%	0.82%	0.64%	0.75%	0.85%	0.62%	-0.23%	-1.05%	1.35%	0.54%
Net Income+	28.75M	42.11M	-42.5M	-105.59M	-234.19M	16.88M	-18.47M	-87.5M	-37.43M	16.27M
Net Margin %	0.63%	0.67%	-0.2%	-0.22%	-0.6%	0.08%	-0.1%	-0.55%	-0.2%	0.09%
Net Income Growth %	-0.98%	0.46%	-2.01%	-1.48%	-1.22%	1.07%	-2.09%	-3.74%	0.57%	1.43%
Net Income (Continuing)	28.53M	41.85M	-42.79M	-105.59M	-234.19M	16.23M	60.1M	62.84M	-37.43M	16.27M
Discontinued Operations	0	0	0	0	0	0	-104.55M	-197.82M	0	0
Minority Interest	1.4M	1.87M	0	0	0	112.67M	145.46M	0	0	0
EPS (Diluted)+	0.32	0.40	-0.33	-0.67	-1.55	0.10	-0.11	-0.49	-0.27	0.12
EPS Growth %	-0.99%	0.25%	-1.82%	-1.03%	-1.31%	1.06%	-2.1%	-3.45%	0.45%	1.44%
EPS (Basic)	0.33	0.40	-0.33	-0.67	-1.55	0.10	-0.11	-0.49	-0.27	0.13
Diluted Shares Outstanding	88.94M	104.82M	127.94M	156.62M	151.27M	162.43M	167.63M	180.65M	185.04M	187.58M
Basic Shares Outstanding	87.86M	104.67M	127.94M	156.62M	151.27M	162.3M	167.63M	180.4M	185.04M	186.29M
Dividend Payout Ratio	0.34%	0.36%	-	-	-	1.71%	-	-	-	1.88%

Balance Sheet

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Total Current Assets+	265.46M	510.74M	352.93M	197.6M	108.29M	335.19M	152.93M	104.79M	63.55M	63.81M
Cash & Short-Term Investments	258.71M	501.35M	333.7M	184.26M	99.42M	306.02M	115.7M	90.55M	57.4M	59.1M
Cash Only	258.51M	499.25M	333.7M	174.26M	83.46M	302.52M	115.7M	90.55M	51.2M	59.1M
Short-Term Investments	200K	2.1M	0	10M	15.97M	3.5M	0	0	6.2M	0
Accounts Receivable	2.13M	1.47M	924K	12.32M	4.88M	1.04M	1.38M	2.01M	4.75M	3.11M
Days Sales Outstanding	17.12	8.57	1.58	9.17	4.54	1.78	2.85	4.57	9.46	5.93
Inventory	0	0	9.86M	0	1.28M	10.03M	18.6M	13K	10K	0
Days Inventory Outstanding	-	-	23.41	-	1.5	33.48	100.62	0.1	0.3	-
Other Current Assets	4.39M	7.92M	8.45M	0	0	11.85M	13.31M	9.69M	0	0
Total Non-Current Assets+	815.97M	905.57M	2.16B	2.04B	1.42B	2.06B	2.22B	1.89B	1.42B	1.31B
Property, Plant & Equipment	97.06M	100.3M	102.18M	95M	1.14B	1.65B	1.79B	1.39B	1.18B	1.12B
Fixed Asset Turnover	0.47x	0.62x	2.09x	5.16x	0.35x	0.13x	0.10x	0.12x	0.16x	0.17x
Goodwill	111.2M	111.2M	111.2M	111.2M	85.76M	111.2M	111.2M	111.2M	84.08M	77.28M
Intangible Assets	449.44M	494.77M	1.58B	0	0	0	0	0	0	0
Long-Term Investments	149.5M	191.31M	372.57M	414.51M	136.41M	276.73M	294.36M	393.27M	157.78M	117.31M
Other Non-Current Assets	0	0	1.69M	1.42B	34.34M	25.82M	18.04M	1.84M	1.39M	1.29M
Total Assets+	1.08B	1.42B	2.52B	2.23B	1.53B	2.4B	2.37B	2B	1.49B	1.38B
Asset Turnover	0.04x	0.04x	0.08x	0.22x	0.26x	0.09x	0.07x	0.08x	0.12x	0.14x
Asset Growth %	3.01%	0.31%	0.78%	-0.11%	-0.32%	0.57%	-0.01%	-0.16%	-0.26%	-0.07%
Total Current Liabilities+	16.52M	15.86M	28.83M	23M	21.54M	109.55M	346.28M	17.87M	15.46M	14.62M
Accounts Payable	927K	1.39M	411K	217K	5.27M	12.77M	9.68M	648K	2.37M	1.38M
Days Payables Outstanding	575.43	45.06	0.98	0.19	6.21	42.65	52.37	4.76	70.22	74.65
Short-Term Debt	0	0	0	0	613.84K	49.87M	294.89M	0	0	0
Deferred Revenue (Current)	0	0	0	0	0	0	0	0	0	0
Other Current Liabilities	1.26M	4.27M	14.93M	13.03M	15.66M	36.52M	34.9M	13.87M	0	0
Current Ratio	16.07x	32.21x	12.24x	8.59x	5.03x	3.06x	0.44x	5.87x	4.11x	4.37x
Quick Ratio	16.07x	32.21x	11.90x	8.59x	4.97x	2.97x	0.39x	5.86x	4.11x	4.37x
Cash Conversion Cycle	-	-	24.02	-	-0.17	-7.39	51.11	-0.1	-60.46	-
Total Non-Current Liabilities+	127.68M	186.14M	593.11M	440.05M	353.01M	446.53M	244.28M	241.22M	223.08M	174.06M
Long-Term Debt	0	45.78M	464.31M	352.77M	269.17M	350.56M	115.54M	147.95M	145.08M	93.9M
Capital Lease Obligations	0	0	0	0	7.2M	9.95M	0	6.7M	5.2M	3.93M
Deferred Tax Liabilities	118.77M	127.93M	126.76M	87.28M	61.2M	0	0	0	72.8M	76.23M
Other Non-Current Liabilities	8.91M	140.36M	128.8M	0	15.45M	86.01M	128.74M	86.57M	0	0
Total Liabilities	144.19M	202M	621.94M	463.05M	374.55M	556.07M	590.56M	259.09M	238.54M	188.68M
Total Debt+	0	45.78M	464.31M	352.77M	276.98M	411.8M	410.44M	155.57M	151.13M	98.68M
Net Debt	-258.51M	-453.47M	130.6M	178.5M	193.52M	109.27M	294.74M	65.02M	99.93M	39.59M
Debt / Equity	-	0.04x	0.25x	0.20x	0.24x	0.22x	0.23x	0.09x	0.12x	0.08x
Debt / EBITDA	-	1.13x	-	-	-	4.65x	3.24x	1.20x	1.41x	0.88x
Net Debt / EBITDA	-13.61x	-11.17x	-	-	-	1.23x	2.33x	0.50x	0.93x	0.35x
Interest Coverage	29.92x	8.47x	-8.40x	-4.37x	-7.78x	1.60x	4.67x	4.06x	3.40x	9.83x
Total Equity+	937.24M	1.21B	1.89B	1.77B	1.15B	1.84B	1.78B	1.74B	1.25B	1.19B
Equity Growth %	2.56%	0.3%	0.56%	-0.06%	-0.35%	0.6%	-0.03%	-0.02%	-0.28%	-0.05%
Book Value per Share	10.54	11.58	14.81	11.31	7.61	11.33	10.62	9.62	6.74	6.34
Total Shareholders' Equity	935.84M	1.21B	1.89B	1.77B	1.15B	1.73B	1.63B	1.74B	1.25B	1.19B
Common Stock	745.01M	908.89M	1.63B	1.61B	1.28B	1.78B	1.78B	2.08B	1.66B	1.68B
Retained Earnings	203.8M	250.31M	202.5M	69.2M	-192.55M	-174.46M	-283.04M	-463.59M	-388.49M	-408.71M
Treasury Stock	0	0	0	0	0	0	0	0	0	0
Accumulated OCI	-41.2M	7.84M	-2.88M	23.5M	37.9M	84.62M	91.43M	47.43M	-84.82M	-141.84M
Minority Interest	1.4M	1.87M	0	0	0	112.67M	145.46M	0	0	0

Cash Flow

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Cash from Operations+	29.14M	53.44M	48.72M	82.16M	91.6M	107.98M	83.21M	109.95M	141.11M	159.93M
Operating CF Margin %	0.64%	0.85%	0.23%	0.17%	0.23%	0.51%	0.47%	0.69%	0.77%	0.84%
Operating CF Growth %	-0.77%	0.83%	-0.09%	0.69%	0.11%	0.18%	-0.23%	0.32%	0.28%	0.13%
Net Income	28.53M	41.85M	-42.79M	-105.59M	-234.19M	16.23M	60.1M	85.28M	-36.47M	16.27M
Depreciation & Amortization	765K	11.51M	28.21M	52.79M	48.27M	46.9M	51.93M	52.41M	43.47M	0
Stock-Based Compensation	2.91M	7.38M	10.52M	5.79M	8.32M	9.36M	6.06M	7.12M	0	6.24M
Deferred Taxes	8.19M	-9.36M	-24.15M	-35.97M	-41.2M	3.76M	19.37M	26.69M	8.05M	11.18M
Other Non-Cash Items	-8.22M	2.83M	77.36M	167.76M	315.18M	29.99M	-50.01M	-58.33M	127.49M	128.11M
Working Capital Changes	-3.04M	-775K	-440K	-2.62M	-4.78M	1.73M	-4.25M	-3.23M	-1.42M	-1.88M
Change in Receivables	-2.56M	1.04M	-1.25M	-8.61M	4.93M	-4.68M	-44.7K	-4.84M	-3.44M	-1.26M
Change in Inventory	0	0	-8.74M	9.86M	8.26M	-7.72M	-10.25M	0	0	0
Change in Payables	-545K	-1.25M	9.77M	-3.83M	-8.26M	7.72M	0	1.69M	1.49M	0
Cash from Investing+	-140.94M	-15.05M	-877.51M	-65.64M	7.56M	-223.1M	-213.36M	-381.86M	-165.87M	-75.64M
Capital Expenditures	-300K	-55.35M	-80.26M	-141.21M	-84.14M	-137.89M	-145.33M	-124.21M	-219.64M	-73.45M
CapEx % of Revenue	0.01%	0.88%	0.38%	0.29%	0.21%	0.65%	0.82%	0.77%	1.2%	0.38%
Acquisitions	-	-	-	-	-	-	-	-	-	-
Investments	-	-	-	-	-	-	-	-	-	-
Other Investing	-6.29M	-8.33M	-1.13M	3.89M	57.18M	4.92M	-49.18M	-115M	-34.71K	-57K
Cash from Financing+	184.03M	208.2M	678.94M	-183.15M	-161.91M	316.86M	-15.37M	219.24M	10.8M	-74.87M
Debt Issued (Net)	-	-	-	-	-	-	-	-	-	-
Equity Issued (Net)	-	-	-	-	-	-	-	-	-	-
Dividends Paid	-9.83M	-15.32M	-19.32M	-27.81M	-27.45M	-28.91M	-25.46M	-37.93M	-30.11M	-30.65M
Share Repurchases	-	-	-	-	-	-	-	-	-	-
Other Financing	188.98M	-4.42M	252.76M	-619K	18.79M	213.41M	34.89M	233.5M	-4.76M	5.93M
Net Change in Cash	-	-	-	-	-	-	-	-	-	-
Free Cash Flow+	28.84M	-1.91M	-31.54M	-59.05M	7.46M	-29.91M	11.85M	-14.26M	-78.53M	86.48M
FCF Margin %	0.63%	-0.03%	-0.15%	-0.12%	0.02%	-0.14%	0.07%	-0.09%	-0.43%	0.45%
FCF Growth %	-0.77%	-1.07%	-15.5%	-0.87%	1.13%	-5.01%	1.4%	-2.2%	-4.51%	2.1%
FCF per Share	0.32	-0.02	-0.25	-0.38	0.05	-0.18	0.07	-0.08	-0.42	0.46
FCF Conversion (FCF/Net Income)	1.01x	1.27x	-1.15x	-0.78x	-0.39x	6.40x	-4.50x	-1.26x	-3.77x	9.83x
Interest Paid	0	0	4M	21.13M	15.68M	17.31M	12.88M	14.58M	0	10.43M
Taxes Paid	0	0	132K	822K	797K	1.36M	965.48K	1.15M	0	2.69M

Key Ratios

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Return on Equity (ROE)	4.79%	3.91%	-2.73%	-5.76%	-16.02%	1.13%	-1.02%	-4.98%	-2.51%	1.34%
Return on Invested Capital (ROIC)	3.56%	3.03%	-3.79%	-4.28%	-8.34%	1.9%	3.28%	3.51%	3.07%	4.56%
Gross Margin	98.71%	81.99%	27.91%	13.57%	21.07%	48.83%	61.75%	69.04%	93.27%	96.48%
Net Margin	63.3%	67.19%	-19.93%	-21.53%	-59.65%	7.9%	-10.47%	-54.52%	-20.43%	8.51%
Debt / Equity	-	0.04x	0.25x	0.20x	0.24x	0.22x	0.23x	0.09x	0.12x	0.08x
Interest Coverage	29.92x	8.47x	-8.40x	-4.37x	-7.78x	1.60x	4.67x	4.06x	3.40x	9.83x
FCF Conversion	1.01x	1.27x	-1.15x	-0.78x	-0.39x	6.40x	-4.50x	-1.26x	-3.77x	9.83x
Revenue Growth	164.36%	38.01%	240.18%	130.04%	-19.95%	-45.59%	-17.44%	-9.01%	14.17%	4.33%

Revenue by Geography

	2024
Australia	20.05M
Australia Growth	-

Frequently Asked Questions

Valuation & Price

OR Royalties Inc. (OR) has a price-to-earnings (P/E) ratio of 340.3x. This suggests investors expect higher future growth.

Growth & Financials

OR Royalties Inc. (OR) reported $242.0M in revenue for fiscal year 2024.

OR Royalties Inc. (OR) grew revenue by 4.3% over the past year. Growth has been modest.

Yes, OR Royalties Inc. (OR) is profitable, generating $147.7M in net income for fiscal year 2024 (8.5% net margin).

Dividend & Returns

Yes, OR Royalties Inc. (OR) pays a dividend with a yield of 0.40%. This makes it attractive for income-focused investors.

OR Royalties Inc. (OR) has a return on equity (ROE) of 1.3%. This is below average, suggesting room for improvement.

OR Royalties Inc. (OR) generated $113.0M in free cash flow for fiscal year 2024. Positive FCF indicates the company can fund dividends, buybacks, or reinvestment.

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