Latest Ratios: P/E Ratio -125.8x · EV/EBITDA 157.6x · ROE -0.7%. (2020–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|---|
| Market Cap | $711M | $707M | $193M | $213M | $326M | $168M | — |
| Enterprise Value | $698M | $695M | $241M | $244M | $328M | $158M | — |
| P/E Ratio → | -125.85 | — | — | — | — | — | — |
| P/S Ratio | 45.52 | 45.29 | 19.10 | 69.80 | 82.58 | 873.88 | — |
| P/B Ratio | 0.74 | 1.01 | 0.35 | 0.41 | 0.61 | 0.74 | — |
| P/FCF | — | — | — | — | — | — | — |
| P/OCF | 115.17 | 114.58 | 75.90 | — | — | — | — |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 44.50 | 23.83 | 80.17 | 83.25 | 822.53 | — |
| EV / EBITDA | 157.62 | 156.80 | — | — | — | — | — |
| EV / EBIT | 412.21 | 176.71 | — | — | — | — | — |
| EV / FCF | — | — | — | — | — | — | — |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|---|
| Gross Margin | 76.4% | 76.4% | 65.6% | 51.0% | 55.5% | 12.2% | — |
| Operating Margin | 10.9% | 10.9% | -40.2% | -287.9% | -442.1% | -6553.1% | — |
| Net Profit Margin | -26.5% | -26.5% | -33.8% | -877.8% | -439.8% | -9079.1% | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|---|
| ROE | -0.7% | -0.7% | -0.6% | -5.1% | -4.6% | -15.5% | — |
| ROA | -0.5% | -0.5% | -0.5% | -3.9% | -3.6% | -12.5% | -253.6% |
| ROIC | 0.2% | 0.2% | -0.5% | -1.2% | -3.5% | -8.8% | — |
| ROCE | 0.2% | 0.2% | -0.6% | -1.3% | -3.7% | -9.2% | — |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|---|
| Debt / Equity | 0.00 | 0.00 | 0.09 | 0.06 | 0.02 | 0.00 | — |
| Debt / EBITDA | 0.02 | 0.02 | — | — | — | — | — |
| Net Debt / Equity | — | -0.02 | 0.09 | 0.06 | 0.00 | -0.04 | — |
| Net Debt / EBITDA | -2.78 | -2.78 | — | — | — | — | — |
| Debt / FCF | — | — | — | — | — | — | -113.41 |
| Interest Coverage | 0.48 | 0.48 | -0.17 | -4.77 | -27.55 | — | — |
Net cash position: cash ($12M) exceeds total debt ($101000)
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|---|
| Current Ratio | 4.88 | 4.88 | 1.52 | 1.44 | 2.35 | 1.92 | 0.27 |
| Quick Ratio | 4.88 | 4.88 | 1.52 | 1.44 | 2.35 | 1.92 | 0.27 |
| Cash Ratio | 3.02 | 3.02 | 0.64 | 0.46 | 1.98 | 1.59 | 0.19 |
| Asset Turnover | — | 0.02 | 0.01 | 0.00 | 0.01 | 0.00 | — |
| Inventory Turnover | — | — | — | — | — | — | — |
| Days Sales Outstanding | — | 200.88 | 122.47 | 450.38 | 130.67 | 782.72 | — |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|---|
| Dividend Yield | — | — | — | 1.2% | 1.2% | — | — |
| Payout Ratio | — | — | — | — | — | — | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|---|
| Earnings Yield | — | — | — | — | — | — | — |
| FCF Yield | — | — | — | — | — | — | — |
| Buyback Yield | 0.0% | 0.0% | 0.0% | 0.0% | 0.3% | 0.0% | — |
| Total Shareholder Yield | 0.0% | 0.0% | 0.0% | 1.2% | 1.5% | 0.0% | — |
| Shares Outstanding | — | $175M | $160M | $145M | $128M | $34M | $41M |
Includes 30+ ratios · 6 years · Updated daily
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10-year return with dividends reinvested.
Compare growth, multiples, and margins vs sector.
Quick answers to the most common questions about buying GROY stock.
Gold Royalty Corp.'s current P/E ratio is -125.8x. This places it at the 50th percentile of its historical range.
Gold Royalty Corp.'s current EV/EBITDA is 157.6x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA.
Gold Royalty Corp.'s return on equity (ROE) is -0.7%. The historical average is -5.3%.
Based on historical data, Gold Royalty Corp. is trading at a P/E of -125.8x. This is at the 50th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
Gold Royalty Corp. has 76.4% gross margin and 10.9% operating margin. Operating margin between 10-20% is typical for established companies.
Gold Royalty Corp.'s Debt/EBITDA ratio is 0.0x, indicating low leverage. A ratio below 2x is generally considered financially healthy.
Key Metrics
Top Statement Risk
Single-asset cash flow concentration
Growth Premium vs. Peer Cash Flow Discount
GROY trades at a significant premium to peers on a P/S basis (50.89x) but at a deep discount on P/B (0.83x), suggesting the market values its growth optionality but discounts its current earnings power and asset base.
The forward P/E of 69.02x and EV/EBITDA of 31.40x indicate the market is pricing in substantial future earnings growth, likely tied to the maturation of the Odyssey project. However, the P/B ratio below 1.0x, compared to peers like Royal Gold (2.54x) and Franco-Nevada (6.74x), implies skepticism about the carrying value of GROY's royalty assets or a belief that its current returns on equity do not justify the book value. This valuation dichotomy suggests GROY is priced as a high-growth junior, not a mature royalty compounder.
Gross Margin Strength Masked by Net Losses
While GROY's gross margin of 69.3% in Q2 2026 is structurally high, the persistent negative net margin of -26.5% on a TTM basis indicates that corporate overhead and non-cash charges are overwhelming operating profits.
The wide gap between gross margin (69.3%) and operating margin (27.7%) in the latest quarter confirms that general and administrative expenses are a significant fixed-cost burden relative to the current revenue scale. The negative net margin, despite positive operating income, is likely driven by non-cash depletion and amortization of royalty interests, which are accounting charges rather than cash outflows. Investors should focus on the operating margin trend as the best indicator of the business model's true earning power as revenue scales.
Returns Inflect Positive but Remain Minimal
ROE and ROIC have recently turned positive at 0.2% for Q2 2026, a significant improvement from negative levels, but remain far below the double-digit returns generated by established peers like Wheaton Precious (23.0% ROE).
The shift from negative to marginally positive returns on capital suggests the portfolio is beginning to generate returns above its cost of capital, but the magnitude is negligible. This is consistent with a company in the early stages of cash flow generation from its development assets. The primary driver of this inflection appears to be revenue growth outpacing the growth in the equity and asset base, rather than a dramatic improvement in operational efficiency.
Debt-Free Structure Amplifies Equity Volatility
GROY's debt-to-equity ratio of 0.00 and interest coverage of 18.39x in Q2 2026 indicate a fortress-like balance sheet with no financial leverage, which is a key differentiator from more leveraged mining peers.
The complete absence of financial debt eliminates refinancing risk and interest expense, which is a structural advantage for a cyclical royalty business. However, this zero-leverage position also means all investment risk and return is borne by equity holders, amplifying the volatility of returns on equity. The high interest coverage ratio is a function of minimal interest expense rather than robust EBITDA, and should be interpreted in the context of the company's current low earnings base.
Robust Liquidity Buffer Supports Strategic Optionality
A current ratio of 4.80 and a quick ratio of 4.80 in Q2 2026, based on reported financials, indicate a very strong liquidity position that provides ample runway for operations and future acquisitions without needing external financing.
The high liquidity ratio, driven by a cash balance of $11.3M against minimal current liabilities, suggests the company is well-positioned to weather operational delays or a downturn in gold prices. This strong cash position is a direct result of recent capital raises and provides management with significant strategic optionality. However, the lack of inventory makes the quick ratio identical to the current ratio, which is typical for a royalty company but underscores that its liquidity is entirely dependent on cash and receivables.
The Misleading Power of the P/E Ratio
The P/E ratio is the most commonly misapplied metric for GROY, as the negative TTM P/E of -140.68x obscures the company's positive operating cash flow and the non-cash nature of its primary earnings drag.
For a royalty company like GROY, the P/E ratio is distorted by large, non-cash depletion and amortization charges that reduce net income but do not affect cash flow. The negative P/E suggests unprofitability, while the company is actually generating positive operating cash flow (OCF/NI ratio of 2.09x). A more appropriate metric is EV/EBITDA or Price/Operating Cash Flow, which better reflects the cash-generating ability of the royalty portfolio and is less affected by acquisition accounting. Investors relying solely on the P/E may incorrectly dismiss the company's improving cash flow profile.