Capital allocation remains aggressive, highlighted by a $37.3M share repurchase program in 2025Q4 and a recent spike in capital intensity with a 95.8% CapEx/Revenue ratio in 2026Q1.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 |
|---|
| Cash from Operations | 271.16M | 249.69M | 159.93M | 141.11M | 109.95M | 83.21M | 107.98M | 91.6M | 82.16M | 48.72M | 53.44M | 29.14M | 124.09M | 240.59M |
| Operating CF Margin % | - | 88.54% | 83.66% | 77.01% | 68.51% | 47.18% | 50.54% | 23.33% | 16.75% | 22.85% | 85.27% | 64.16% | 722.32% | - |
| Operating CF Growth % | 248.05% | 56.13% | 13.33% | 28.35% | 32.13% | -22.94% | 17.88% | 11.49% | 68.65% | -8.85% | 83.42% | -76.52% | -48.42% | - |
| Net Income | 253.96M | 209.52M | 16.27M | -36.47M | 85.28M | 60.1M | 16.23M | -234.19M | -105.59M | -42.79M | 41.85M | 28.53M | -2.1M | -28.68M |
| Depreciation & Amortization | 39.83M | 37.61M | 0 | 43.47M | 52.41M | 51.93M | 46.9M | 48.27M | 52.79M | 28.21M | 11.51M | 765K | 120.46M | 0 |
| Stock-Based Compensation | 2.17M | 0 | 6.24M | 0 | 7.12M | 6.06M | 9.36M | 8.32M | 5.79M | 10.52M | 7.38M | 2.91M | 1.44M | 0 |
| Deferred Taxes | 14.5M | 18.98M | 11.18M | 8.05M | 26.69M | 19.37M | 3.76M | -41.2M | -35.97M | -24.15M | -9.36M | 8.19M | 3.29M | 126K |
| Other Non-Cash Items | -44.07M | -31.63M | 128.11M | 127.49M | -58.33M | -50.01M | 29.99M | 315.18M | 167.76M | 77.36M | 2.83M | -8.22M | -1.14M | 268.98M |
| Working Capital Changes | 5.69M | 15.22M | -1.88M | -1.42M | -3.23M | -4.25M | 1.73M | -4.78M | -2.62M | -440K | -775K | -3.04M | 2.13M | 169K |
| Change in Receivables | -2.83M | -123.02K | -1.26M | -3.44M | -4.84M | -44.7K | -4.68M | 4.93M | -8.61M | -1.25M | 1.04M | -2.56M | -562K | 0 |
| Change in Inventory | 0 | 0 | 0 | 0 | 0 | -10.25M | -7.72M | 8.26M | 9.86M | -8.74M | 0 | 0 | 0 | 0 |
| Change in Payables | 1.7M | 2.18M | 0 | 1.49M | 1.69M | 0 | 7.72M | -8.26M | -3.83M | 9.77M | -1.25M | -545K | 0 | 0 |
| Cash from Investing | -70.34M | 1.37M | -75.64M | -165.87M | -381.86M | -213.36M | -223.1M | 7.56M | -65.64M | -877.51M | -15.05M | -140.94M | -111.02M | -142.71M |
| Capital Expenditures | -128.62M | -37.49M | -73.45M | -219.64M | -124.21M | -145.33M | -137.89M | -84.14M | -141.21M | -80.26M | -55.35M | -300K | -1.08M | -5.22M |
| CapEx % of Revenue | 39.55% | 13.3% | 38.42% | 119.87% | 77.4% | 82.4% | 64.55% | 21.43% | 28.79% | 37.64% | 88.32% | 0.66% | 6.3% | - |
| Acquisitions | 17.63M | 0 | 0 | 0 | -133.14M | 0 | -52.21M | 6.8M | 159.38M | -621.43M | 3.63M | 2.7M | -1.59M | 0 |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | 1.02M | 1.04M | -57K | -34.71K | -115M | -49.18M | 4.92M | 57.18M | 3.89M | -1.13M | -8.33M | -6.29M | -77.73M | -138.51M |
| Cash from Financing | -166.55M | -166.07M | -74.87M | 10.8M | 219.24M | -15.37M | 316.86M | -161.91M | -183.15M | 678.94M | 208.2M | 184.03M | 110K | -29.7M |
| Debt Issued (Net) | -74.98M | -96.52M | -49.72M | 35.98M | -266.16M | -654.11K | 51.3M | -10.23M | -123.47M | 447.32M | 50M | 0 | 0 | 0 |
| Equity Issued (Net) | -53.97M | -25.35M | -428K | 9.69M | 289.83M | -24.15M | 81.07M | -143.02M | -31.24M | -1.82M | 177.93M | 4.89M | 197.63M | 12.82M |
| Dividends Paid | -36.66M | -35.44M | -30.65M | -30.11M | -37.93M | -25.46M | -28.91M | -27.45M | -27.81M | -19.32M | -15.32M | -9.83M | 0 | 0 |
| Share Repurchases | -57.81M | -37.28M | -428K | 0 | -22.14M | -24.15M | -3.93M | -143.02M | -31.24M | -1.82M | 0 | 0 | 0 | 0 |
| Other Financing | -935.32K | -8.76M | 5.93M | -4.76M | 233.5M | 34.89M | 213.41M | 18.79M | -619K | 252.76M | -4.42M | 188.98M | -197.52M | -42.53M |
| Net Change in Cash | 32M | 82.74M | 7.89M | -15.7M | -25.15M | -146.53M | 194.3M | -66.04M | -159.44M | -165.54M | 240.74M | 83.34M | 13.77M | 68.18M |
| Free Cash Flow | 142.54M | 212.2M | 86.48M | -78.53M | -14.26M | 11.85M | -29.91M | 7.46M | -59.05M | -31.54M | -1.91M | 28.84M | 123M | 235.37M |
| FCF Margin % | 43.83% | 75.25% | 45.24% | -42.86% | -8.89% | 6.72% | -14% | 1.9% | -12.04% | -14.79% | -3.05% | 63.5% | 716.01% | - |
| FCF Growth % | 55.83% | 145.38% | 210.12% | -450.62% | -220.31% | 139.63% | -500.8% | 112.64% | -87.22% | -1550.44% | -106.63% | -76.56% | -47.74% | - |
| FCF per Share | 0.76 | 1.12 | 0.46 | -0.42 | -0.08 | 0.07 | -0.18 | 0.05 | -0.38 | -0.25 | -0.02 | 0.32 | 2.68 | 4.91 |
| FCF Conversion (FCF/Net Income) | 0.56x | 1.19x | 9.83x | -3.77x | -1.26x | -4.50x | 6.40x | -0.39x | -0.78x | -1.15x | 1.27x | 1.01x | 0.07x | -0.53x |
| Interest Paid | 1.37M | 0 | 10.43M | 0 | 14.58M | 12.88M | 17.31M | 15.68M | 21.13M | 4M | 0 | 0 | 0 | 0 |
| Taxes Paid | 621K | 0 | 2.69M | 0 | 1.15M | 965.48K | 1.36M | 797K | 822K | 132K | 0 | 0 | 0 | 0 |
Malartic asset concentration dependency
As reported in recent financial statements, the relationship between net income and operating cash flow shows significant volatility, with OCF/NI ratios fluctuating from 0.98 in 2026Q1 to as high as 6.96 in 2024Q4, suggesting that non-cash depletion charges heavily distort the company's reported earnings quality.
The wide variance in the OCF/NI ratio indicates that net income is an unreliable proxy for cash generation due to the accounting treatment of mineral interests. Investors should monitor these discrepancies, as the underlying cash flow appears more stable than the headline net income figures would otherwise imply.
Based on the provided cash flow data, free cash flow margins have exhibited extreme swings, ranging from a negative 25.9% in 2026Q1 to a peak of 92.4% in 2025Q4, reflecting the lumpy nature of capital deployment into the company's royalty and stream portfolio.
The recent negative FCF in 2026Q1 appears to be a function of aggressive capital allocation rather than operational weakness. This trajectory suggests that while the core business is highly cash-generative, the company's commitment to expanding its asset base creates periodic, significant drains on liquidity.
According to quarterly filings, the company's capital intensity has spiked significantly, with CapEx/Revenue reaching 95.8% in 2026Q1, a sharp departure from the near-zero capital requirements observed in previous periods, indicating a shift toward active acquisition of new royalty interests.
This surge in capital expenditure suggests management is prioritizing long-term reserve replacement over immediate cash preservation. Analysts should investigate whether these investments are yielding expected returns, as the current level of capital intensity is atypical for a pure-play royalty model.
As evidenced by recent cash flow statements, the company has balanced dividend payments with substantial share repurchases, including a $37.3M buyback in 2025Q4, demonstrating a clear intent to return capital to shareholders while simultaneously funding growth through strategic acquisitions.
The simultaneous pursuit of buybacks and asset acquisitions may indicate management's confidence in the company's internal valuation. However, investors should monitor if this dual-track deployment strategy strains liquidity during periods of lower commodity prices or reduced production at the Malartic complex.
Quick answers to the most common questions about buying OR stock.
OR Royalties Inc. (OR) generated $249.7M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
OR Royalties Inc. (OR) generated $212.2M in free cash flow in 2025. Free cash flow is the cash left over after capital expenditures, which can be used to pay dividends, repurchase shares, or pay down debt.
OR Royalties Inc. (OR) spent $37.5M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.
In 2025, OR Royalties Inc. (OR) returned $35.4M to shareholders via cash dividends and spent $37.3M on share repurchases. This shows the company's commitment to returning capital to its equity investors.