Royal Gold, Inc. (RGLD) 10-Year Financial Performance & Capital Metrics

RGLD • • Industrial / General

Basic MaterialsGoldRoyalty & Streaming CompaniesPrecious Metals Royalty Companies

AboutRoyal Gold, Inc., together with its subsidiaries, acquires and manages precious metal streams, royalties, and related interests. It focuses on acquiring stream and royalty interests or to finance projects that are in production or in development stage in exchange for stream or royalty interests, which primarily consists of gold, silver, copper, nickel, zinc, lead, and cobalt. As of June 30, 2022, the Company owned interests in 185 properties on five continents, including interests on 41 producing mines and 19 development stage projects. Its stream and royalty interests on properties are located in the United States, Canada, Chile, the Dominican Republic, Australia, Africa, Mexico, and internationally. Royal Gold, Inc. was incorporated in 1981 and is headquartered in Denver, Colorado.Show more

Revenue $713M +19.1%
EBITDA $574M +22.7%
Net Income $332M +38.7%
EPS (Diluted) 5.05 +38.7%
Gross Margin 86.32% +1.7%
EBITDA Margin 80.58% +3.0%
Operating Margin 60.31% +19.0%
Net Margin 46.58% +16.4%
ROE 11.01% +30.0%
ROIC 10.79% +48.2%
Debt/Equity -
Interest Coverage 44.10 +313.0%

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓Strong Piotroski F-Score: 7/9
✓FCF machine: 59.9% free cash flow margin
✓16 consecutive years of dividend growth
✓Momentum leader: RS Rating 83 (top 17%)
✓High quality earnings: Operating CF exceeds net income
✓Healthy 5Y average net margin of 43.7%

✗Weaknesses

✗Low asset turnover indicates capital-intensive operations

Price & Volume

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Growth Metrics

Revenue CAGR

10Y10.09%

5Y7.56%

3Y3.38%

TTM28.72%

Profit (Net Income) CAGR

10Y20.38%

5Y10.74%

3Y6.61%

TTM67.05%

EPS CAGR

10Y20.23%

5Y10.76%

3Y6.51%

TTM66.59%

ROCE

10Y Avg7.49%

5Y Avg11.26%

3Y Avg10.4%

Latest13.04%

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

	Jun 2016	Jun 2017	Jun 2018	Jun 2019	Jun 2020	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Sales/Revenue+	355.81M	439.05M	456.77M	418.94M	495M	615.86M	645.17M	596.18M	598.42M	712.77M
Revenue Growth %	0.31%	0.23%	0.04%	-0.08%	0.18%	0.24%	0.05%	-0.08%	0%	0.19%
Cost of Goods Sold+	70.98M	87.27M	83.84M	77.53M	83.89M	283.21M	98.47M	94.64M	90.52M	97.51M
COGS % of Revenue	0.2%	0.2%	0.18%	0.19%	0.17%	0.46%	0.15%	0.16%	0.15%	0.14%
Gross Profit+	284.83M	351.79M	372.94M	341.41M	411.11M	332.65M	546.7M	501.54M	507.9M	615.26M
Gross Margin %	0.8%	0.8%	0.82%	0.81%	0.83%	0.54%	0.85%	0.84%	0.85%	0.86%
Gross Profit Growth %	0.19%	0.24%	0.06%	-0.08%	0.2%	-0.19%	0.64%	-0.08%	0.01%	0.21%
Operating Expenses+	280.02M	205.85M	447.47M	200.7M	212.16M	-4.96M	218.32M	217.83M	204.7M	185.36M
OpEx % of Revenue	0.79%	0.47%	0.98%	0.48%	0.43%	-0.01%	0.34%	0.37%	0.34%	0.26%
Selling, General & Admin	40.32M	46.21M	44.41M	37.65M	35.38M	28.39M	29.31M	34.61M	39.76M	40.93M
SG&A % of Revenue	0.11%	0.11%	0.1%	0.09%	0.07%	0.05%	0.05%	0.06%	0.07%	0.06%
Research & Development	0	0	0	0	0	0	0	0	0	0
R&D % of Revenue	-	-	-	-	-	-	-	-	-	-
Other Operating Expenses	239.7M	159.64M	403.06M	163.06M	176.78M	-33.34M	189.01M	183.22M	164.94M	144.43M
Operating Income+	100.93M	145.94M	-74.53M	140.71M	198.94M	337.6M	328.39M	283.71M	303.2M	429.9M
Operating Margin %	0.28%	0.33%	-0.16%	0.34%	0.4%	0.55%	0.51%	0.48%	0.51%	0.6%
Operating Income Growth %	-0.13%	0.45%	-1.51%	2.89%	0.41%	0.7%	-0.03%	-0.14%	0.07%	0.42%
EBITDA+	340.63M	305.58M	328.52M	303.76M	375.72M	521.17M	517.4M	466.93M	468.14M	574.33M
EBITDA Margin %	0.96%	0.7%	0.72%	0.73%	0.76%	0.85%	0.8%	0.78%	0.78%	0.81%
EBITDA Growth %	0.63%	-0.1%	0.08%	-0.08%	0.24%	0.39%	-0.01%	-0.1%	0%	0.23%
D&A (Non-Cash Add-back)	239.7M	159.64M	403.06M	163.06M	176.78M	183.57M	189.01M	183.22M	164.94M	144.43M
EBIT	4.82M	145.94M	-74.53M	140.71M	198.94M	346.06M	328.39M	283.71M	303.2M	429.9M
Net Interest Income+	-28.91M	-27.08M	-30.04M	-27.33M	-4.95M	-857K	519K	-2.17M	-18.45M	-3.74M
Interest Income	3.71M	9.3M	4.17M	2.32M	2.05M	2.44M	0	7.83M	9.95M	6.01M
Interest Expense	32.63M	36.38M	34.21M	29.65M	7M	3.3M	-519K	10M	28.4M	9.75M
Other Income/Expense	-26.57M	-27.08M	-30.04M	-34.13M	-6.35M	2.04M	-224K	-10.84M	-21.06M	-3.81M
Pretax Income+	-21.76M	118.87M	-104.58M	106.58M	192.6M	339.64M	328.16M	272.87M	282.14M	426.09M
Pretax Margin %	-0.06%	0.27%	-0.23%	0.25%	0.39%	0.55%	0.51%	0.46%	0.47%	0.6%
Income Tax+	60.68M	26.44M	14.77M	17.5M	-3.65M	36.87M	53.22M	32.93M	42.01M	93.61M
Effective Tax Rate %	3.55%	0.85%	1.08%	0.88%	1.04%	0.89%	0.84%	0.88%	0.85%	0.78%
Net Income+	-77.15M	101.53M	-113.13M	93.83M	199.34M	302.53M	274.04M	238.98M	239.44M	332.02M
Net Margin %	-0.22%	0.23%	-0.25%	0.22%	0.4%	0.49%	0.42%	0.4%	0.4%	0.47%
Net Income Growth %	-2.48%	2.32%	-2.11%	1.83%	1.12%	0.52%	-0.09%	-0.13%	0%	0.39%
Net Income (Continuing)	-82.44M	92.42M	-119.35M	89.08M	196.25M	302.78M	274.94M	239.94M	240.13M	332.48M
Discontinued Operations	0	0	0	0	0	0	0	0	0	0
Minority Interest	56.87M	44.89M	39.1M	33.77M	29.9M	12.65M	12.47M	12.38M	12.42M	12.25M
EPS (Diluted)+	-1.19	1.55	-1.73	1.43	3.03	4.60	4.18	3.63	3.64	5.05
EPS Growth %	-2.49%	2.3%	-2.12%	1.83%	1.12%	0.52%	-0.09%	-0.13%	0%	0.39%
EPS (Basic)	-1.19	1.56	-1.73	1.43	3.04	4.61	4.16	3.64	3.65	5.06
Diluted Shares Outstanding	65.07M	65.28M	65.29M	65.51M	65.64M	65.63M	65.63M	65.66M	65.74M	65.8M
Basic Shares Outstanding	65.07M	65.15M	65.29M	65.39M	65.52M	65.55M	65.63M	65.58M	65.61M	65.67M
Dividend Payout Ratio	-	-	-	-	-	-	-	-	-	0.32%

Balance Sheet

	Jun 2016	Jun 2017	Jun 2018	Jun 2019	Jun 2020	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Total Current Assets+	167.94M	143.61M	125.81M	154.68M	362.15M	297.13M	216M	185.83M	167.43M	275.29M
Cash & Short-Term Investments	116.63M	85.85M	88.75M	119.47M	319.13M	225.92M	143.55M	118.59M	104.17M	195.5M
Cash Only	116.63M	85.85M	88.75M	119.47M	319.13M	225.92M	143.55M	118.59M	104.17M	195.5M
Short-Term Investments	0	0	0	0	0	0	0	0	0	0
Accounts Receivable	41.21M	49.05M	26.4M	23.43M	30.12M	51.76M	54.09M	52.47M	51.56M	64.6M
Days Sales Outstanding	42.27	40.78	21.09	20.42	22.21	30.68	30.6	32.12	31.45	33.08
Inventory	9.49M	7.88M	9.31M	11.38M	11.67M	17.68M	11.61M	12.66M	9.79M	12.97M
Days Inventory Outstanding	48.8	32.97	40.54	53.57	50.78	22.79	43.03	48.81	39.47	48.56
Other Current Assets	614K	822K	1.35M	389K	0	0	4.92M	0	1.91M	2.22M
Total Non-Current Assets+	2.9B	2.95B	2.56B	2.39B	2.4B	2.35B	2.54B	3.35B	3.19B	3.12B
Property, Plant & Equipment	2.85B	2.89B	2.5B	2.34B	2.32B	2.26B	0	3.24B	3.08B	3.04B
Fixed Asset Turnover	0.12x	0.15x	0.18x	0.18x	0.21x	0.27x	-	0.18x	0.19x	0.23x
Goodwill	0	0	0	0	0	0	0	0	0	0
Intangible Assets	0	0	0	0	0	0	0	0	0	0
Long-Term Investments	0	0	0	0	0	0	2.45B	0	0	0
Other Non-Current Assets	53.7M	58.2M	55.09M	50.16M	85.22M	92.31M	95.55M	111.29M	118.06M	74.04M
Total Assets+	3.07B	3.09B	2.68B	2.54B	2.77B	2.65B	2.76B	3.53B	3.36B	3.39B
Asset Turnover	0.12x	0.14x	0.17x	0.16x	0.18x	0.23x	0.23x	0.17x	0.18x	0.21x
Asset Growth %	0.05%	0.01%	-0.13%	-0.05%	0.09%	-0.04%	0.04%	0.28%	-0.05%	0.01%
Total Current Liabilities+	25.86M	34.28M	51.38M	33.61M	43.55M	52.08M	61.43M	63.59M	72.42M	85.15M
Accounts Payable	4.11M	3.91M	9.09M	2.89M	2.48M	6.4M	6.47M	6.69M	11.44M	10.58M
Days Payables Outstanding	21.16	16.35	39.57	13.6	10.81	8.25	24	25.79	46.13	39.59
Short-Term Debt	0	0	0	0	0	0	0	0	0	0
Deferred Revenue (Current)	0	0	0	0	0	0	0	0	0	0
Other Current Liabilities	21.74M	30.38M	42.29M	30.72M	9.38M	11.53M	48.48M	16.21M	19.13M	21.79M
Current Ratio	6.50x	4.19x	2.45x	4.60x	8.31x	5.71x	3.52x	2.92x	2.31x	3.23x
Quick Ratio	6.13x	3.96x	2.27x	4.26x	8.05x	5.37x	3.33x	2.72x	2.18x	3.08x
Cash Conversion Cycle	69.91	57.41	22.05	60.38	62.18	45.22	49.62	55.15	24.78	42.04
Total Non-Current Liabilities+	757.99M	739.52M	489.36M	340.09M	420.61M	96.11M	94.39M	717.47M	387.99M	175.77M
Long-Term Debt	600.68M	586.17M	351.03M	214.55M	300.44M	0	0	571.57M	245.97M	0
Capital Lease Obligations	0	0	0	0	0	0	0	0	0	0
Deferred Tax Liabilities	133.87M	121.33M	91.15M	88.96M	86.44M	88M	0	138.16M	134.3M	132.31M
Other Non-Current Liabilities	23.43M	32.02M	47.19M	36.57M	33.73M	8.11M	94.39M	7.74M	7.73M	43.47M
Total Liabilities	783.84M	773.8M	540.75M	373.7M	464.17M	148.19M	155.82M	781.05M	460.42M	260.92M
Total Debt+	600.68M	586.17M	351.03M	214.55M	300.44M	0	0	571.57M	245.97M	0
Net Debt	484.05M	500.32M	262.28M	95.08M	-18.69M	-225.92M	-143.55M	452.99M	141.8M	-195.5M
Debt / Equity	0.26x	0.25x	0.16x	0.10x	0.13x	-	-	0.21x	0.08x	-
Debt / EBITDA	1.76x	1.92x	1.07x	0.71x	0.80x	-	-	1.22x	0.53x	-
Net Debt / EBITDA	1.42x	1.64x	0.80x	0.31x	-0.05x	-0.43x	-0.28x	0.97x	0.30x	-0.34x
Interest Coverage	3.09x	4.01x	-2.18x	4.75x	28.42x	102.30x	-	28.37x	10.68x	44.10x
Total Equity+	2.29B	2.32B	2.14B	2.17B	2.3B	2.5B	2.6B	2.75B	2.9B	3.13B
Equity Growth %	-0.05%	0.02%	-0.08%	0.01%	0.06%	0.09%	0.04%	0.06%	0.05%	0.08%
Book Value per Share	35.13	35.54	32.80	33.13	35.07	38.15	39.64	41.93	44.12	47.59
Total Shareholders' Equity	2.23B	2.28B	2.1B	2.14B	2.27B	2.49B	2.59B	2.74B	2.89B	3.12B
Common Stock	651K	652K	654K	655K	655K	656K	656K	656K	656K	657K
Retained Earnings	48.58M	88.05M	-89.9M	-65.75M	61.13M	286.25M	381.93M	527.31M	666.52M	889.99M
Treasury Stock	0	0	0	0	0	0	0	0	0	0
Accumulated OCI	0	879K	-1.2M	0	0	0	0	0	0	0
Minority Interest	56.87M	44.89M	39.1M	33.77M	29.9M	12.65M	12.47M	12.38M	12.42M	12.25M

Cash Flow

	Jun 2016	Jun 2017	Jun 2018	Jun 2019	Jun 2020	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Cash from Operations+	169.31M	266.85M	328.82M	253.17M	340.75M	407.15M	461.87M	417.35M	415.79M	529.5M
Operating CF Margin %	0.48%	0.61%	0.72%	0.6%	0.69%	0.66%	0.72%	0.7%	0.69%	0.74%
Operating CF Growth %	-0.12%	0.58%	0.23%	-0.23%	0.35%	0.19%	0.13%	-0.1%	-0%	0.27%
Net Income	-82.44M	92.42M	-119.35M	89.08M	196.25M	302.78M	274.04M	239.94M	239.44M	332.48M
Depreciation & Amortization	237.36M	159.64M	403.06M	169.86M	175.36M	143.65M	189.01M	184.72M	164.94M	144.43M
Stock-Based Compensation	10.04M	9.98M	8.28M	6.62M	9.12M	5.73M	6.05M	8.41M	9.7M	11.89M
Deferred Taxes	-4.98M	1.56M	-32.84M	-1.75M	-32.4M	456K	0	-19.84M	-6.47M	8.35M
Other Non-Cash Items	249.95M	168.59M	417.91M	185.14M	176.34M	144.62M	1.79M	185.7M	1.62M	1.01M
Working Capital Changes	-3.26M	-5.7M	54.83M	-25.93M	-8.56M	-46.43M	-9.03M	3.12M	6.57M	31.34M
Change in Receivables	19.51M	-6.88M	530K	5.62M	-6.96M	-19.55M	-9.77M	4.68M	911K	-13.04M
Change in Inventory	-7.2M	1.61M	-1.43M	-2.07M	-291K	-6.01M	2.29M	-1.05M	2.87M	-3.19M
Change in Payables	-849K	-206K	5.17M	-6.43M	-275K	3.24M	0	211K	4.76M	-9.11M
Cash from Investing+	-1.01B	-200.12M	-10.59M	-5.59M	-152.86M	-116.74M	-416.97M	-922.88M	-2.83M	-77.68M
Capital Expenditures	-1.35B	-203.72M	-11.81M	-1.05M	-155.99M	-168.15M	-400.38M	-922.15M	-2.68M	-102.56M
CapEx % of Revenue	3.78%	0.46%	0.03%	0%	0.32%	0.27%	0.62%	1.55%	0%	0.14%
Acquisitions	-	-	-	-	-	-	-	-	-	-
Investments	-	-	-	-	-	-	-	-	-	-
Other Investing	324.69M	3.6M	19.09M	-967K	3.59M	-18.54M	-16.59M	-721K	-151K	24.88M
Cash from Financing+	213.99M	-97.52M	-315.33M	-216.85M	11.76M	-383.63M	-283.21M	480.57M	-427.38M	-360.49M
Debt Issued (Net)	-	-	-	-	-	-	-	-	-	-
Equity Issued (Net)	-	-	-	-	-	-	-	-	-	-
Dividends Paid	-58.72M	-61.4M	-64.12M	-67.48M	-71.47M	-76.1M	-78.74M	-91.92M	-98.57M	-105.24M
Share Repurchases	-	-	-	-	-	-	-	-	-	-
Other Financing	348.06M	61.3M	2.83M	222.23M	202.41M	-1.06M	100.53M	698.94M	-3.81M	-635K
Net Change in Cash	-	-	-	-	-	-	-	-	-	-
Free Cash Flow+	-1.18B	63.13M	317.01M	252.11M	184.77M	239M	61.49M	-504.81M	413.11M	426.94M
FCF Margin %	-3.31%	0.14%	0.69%	0.6%	0.37%	0.39%	0.1%	-0.85%	0.69%	0.6%
FCF Growth %	-9.94%	1.05%	4.02%	-0.2%	-0.27%	0.29%	-0.74%	-9.21%	1.82%	0.03%
FCF per Share	-18.08	0.97	4.86	3.85	2.81	3.64	0.94	-7.69	6.28	6.49
FCF Conversion (FCF/Net Income)	-2.19x	2.63x	-2.91x	2.70x	1.71x	1.35x	1.69x	1.75x	1.74x	1.59x
Interest Paid	-	-	-	-	-	-	-	-	-	6.59M
Taxes Paid	-	-	-	-	-	-	-	-	-	72.11M

Key Ratios

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Return on Equity (ROE)	-3.28%	4.41%	-5.07%	4.35%	8.91%	12.59%	10.74%	8.93%	8.47%	11.01%
Return on Invested Capital (ROIC)	3.18%	3.92%	-2.14%	4.52%	6.56%	11.1%	10.4%	7.51%	7.28%	10.79%
Gross Margin	80.05%	80.12%	81.65%	81.49%	83.05%	54.01%	84.74%	84.13%	84.87%	86.32%
Net Margin	-21.68%	23.12%	-24.77%	22.4%	40.27%	49.12%	42.48%	40.09%	40.01%	46.58%
Debt / Equity	0.26x	0.25x	0.16x	0.10x	0.13x	-	-	0.21x	0.08x	-
Interest Coverage	3.09x	4.01x	-2.18x	4.75x	28.42x	102.30x	-	28.37x	10.68x	44.10x
FCF Conversion	-2.19x	2.63x	-2.91x	2.70x	1.71x	1.35x	1.69x	1.75x	1.74x	1.59x
Revenue Growth	30.54%	23.39%	4.04%	-8.28%	18.15%	24.42%	4.76%	-7.59%	0.38%	19.11%

Revenue by Segment

	2014	2015	2016	2017	2018	2019	2020	2022	2023	2024
Royalty Interest	-	-	-	-	-	-	-	-	-	236.1M
Royalty Interest Growth	-	-	-	-	-	-	-	-	-	-
Stream interests	-	-	-	-	-	-	-	417.79M	418.28M	-
Stream interests Growth	-	-	-	-	-	-	-	-	0.12%	-
Royalty interests	-	-	-	-	-	-	-	185.41M	187.44M	-
Royalty interests Growth	-	-	-	-	-	-	-	-	1.09%	-
Stream Interest	-	-	-	-	305.82M	359.87M	423.99M	-	-	-
Stream Interest Growth	-	-	-	-	-	17.67%	17.82%	-	-	-
Royalty Interest	-	-	-	-	117.23M	138.95M	191.87M	-	-	-
Royalty Interest Growth	-	-	-	-	-	18.53%	38.08%	-	-	-

Revenue by Geography

	2014	2015	2016	2017	2018	2019	2020	2022	2023	2024
D	-	39.68M	91.59M	95.06M	-	-	-	-	-	-
D Growth	-	-	130.80%	3.78%	-	-	-	-	-	-
C	94.1M	49.24M	60.25M	57.41M	-	-	-	-	-	-
C Growth	-	-47.67%	22.35%	-4.71%	-	-	-	-	-	-
M	43.01M	35.27M	41.95M	42.96M	-	-	-	-	-	-
M Growth	-	-18.00%	18.94%	2.42%	-	-	-	-	-	-
U	42.67M	35.48M	35.28M	39.5M	-	-	-	-	-	-
U Growth	-	-16.85%	-0.57%	11.94%	-	-	-	-	-	-
Africa	3.08M	23.35M	25.43M	29.8M	-	-	-	-	-	-
Africa Growth	-	659.22%	8.95%	17.18%	-	-	-	-	-	-
X	9.66M	7.92M	8.65M	11.54M	-	-	-	-	-	-
X Growth	-	-17.98%	9.14%	33.43%	-	-	-	-	-	-

Frequently Asked Questions

Valuation & Price

Royal Gold, Inc. (RGLD) has a price-to-earnings (P/E) ratio of 51.3x. This suggests investors expect higher future growth.

Growth & Financials

Royal Gold, Inc. (RGLD) reported $855.9M in revenue for fiscal year 2024. This represents a 225% increase from $263.1M in 2011.

Royal Gold, Inc. (RGLD) grew revenue by 19.1% over the past year. This is strong growth.

Yes, Royal Gold, Inc. (RGLD) is profitable, generating $480.1M in net income for fiscal year 2024 (46.6% net margin).

Dividend & Returns

Yes, Royal Gold, Inc. (RGLD) pays a dividend with a yield of 0.62%. This makes it attractive for income-focused investors.

Royal Gold, Inc. (RGLD) has a return on equity (ROE) of 11.0%. This is reasonable for most industries.

Royal Gold, Inc. (RGLD) generated $557.3M in free cash flow for fiscal year 2024. Positive FCF indicates the company can fund dividends, buybacks, or reinvestment.

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