Latest Ratios: P/E Ratio 32.5x · EV/EBITDA 27.3x · ROE 18.6%. (2013–2025 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 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $6.8B | $6.7B | $3.4B | $2.6B | $2.2B | $2.1B | $2.1B | $1.5B | $1.4B | $1.5B | $1.0B |
| Enterprise Value | $6.6B | $6.6B | $3.4B | $2.7B | $2.2B | $2.3B | $2.2B | $1.7B | $1.6B | $1.6B | $565M |
| P/E Ratio → | 32.50 | 31.88 | 201.11 | — | — | — | 126.80 | — | — | — | 24.30 |
| P/S Ratio | 23.98 | 23.74 | 17.76 | 14.42 | 13.59 | 11.64 | 9.64 | 3.74 | 2.80 | 6.94 | 16.26 |
| P/B Ratio | 4.78 | 4.69 | 4.11 | 2.12 | 1.26 | 1.15 | 1.12 | 1.28 | 0.78 | 0.78 | 0.84 |
| P/FCF | 31.87 | 31.55 | 56.50 | — | — | 173.22 | — | 196.81 | — | — | — |
| P/OCF | 27.09 | 26.81 | 30.55 | 18.72 | 19.83 | 24.68 | 19.07 | 16.04 | 16.74 | 30.36 | 19.06 |
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 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 23.27 | 17.91 | 14.97 | 13.99 | 13.31 | 10.15 | 4.23 | 3.17 | 7.55 | 9.02 |
| EV / EBITDA | 27.26 | 26.97 | 21.02 | 25.59 | 17.38 | 18.53 | 24.48 | — | — | — | 13.93 |
| EV / EBIT | 32.24 | 31.91 | 89.82 | — | 22.50 | 23.69 | 40.71 | — | — | — | 10.28 |
| EV / FCF | — | 30.92 | 56.96 | — | — | 198.08 | — | 222.74 | — | — | — |
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 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 83.4% | 83.4% | 79.4% | 93.3% | 69.0% | 61.8% | 48.8% | 21.1% | 24.3% | 41.1% | 99.8% |
| Operating Margin | 72.9% | 72.9% | 67.6% | 35.2% | 56.5% | 49.9% | 19.5% | -46.7% | -23.1% | -33.0% | 46.4% |
| Net Profit Margin | 74.3% | 74.3% | 8.5% | -20.4% | -54.5% | -10.5% | 7.9% | -59.7% | -21.5% | -19.9% | 67.2% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 18.6% | 18.6% | 1.6% | -2.5% | -5.0% | -1.0% | 1.1% | -16.0% | -5.8% | -2.7% | 3.9% |
| ROA | 16.6% | 16.6% | 1.3% | -2.1% | -4.0% | -0.8% | 0.9% | -12.5% | -4.4% | -2.2% | 3.4% |
| ROIC | 14.4% | 14.4% | 8.8% | 3.1% | 3.5% | 3.3% | 1.9% | -8.3% | -4.3% | -3.8% | 3.0% |
| ROCE | 16.5% | 16.5% | 10.7% | 3.7% | 4.5% | 4.1% | 2.2% | -9.9% | -4.8% | -3.6% | 2.4% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 0.01 | 0.01 | 0.08 | 0.12 | 0.09 | 0.23 | 0.22 | 0.24 | 0.20 | 0.25 | 0.04 |
| Debt / EBITDA | 0.04 | 0.04 | 0.42 | 1.41 | 1.20 | 3.24 | 4.65 | — | — | — | 1.13 |
| Net Debt / Equity | — | -0.09 | 0.03 | 0.08 | 0.04 | 0.17 | 0.06 | 0.17 | 0.10 | 0.07 | -0.37 |
| Net Debt / EBITDA | -0.55 | -0.55 | 0.17 | 0.93 | 0.50 | 2.33 | 1.23 | — | — | — | -11.17 |
| Debt / FCF | — | -0.63 | 0.46 | — | — | 24.86 | — | 25.93 | — | — | — |
| Interest Coverage | 45.20 | 45.20 | 6.88 | -0.72 | 4.47 | 5.26 | 2.04 | -10.66 | -4.41 | -6.86 | 16.02 |
Net cash position: cash ($142M) exceeds total debt ($9M)
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 4.53 | 4.53 | 4.37 | 4.11 | 5.87 | 0.44 | 3.06 | 5.03 | 8.59 | 12.24 | 32.21 |
| Quick Ratio | 4.53 | 4.53 | 4.37 | 4.11 | 5.86 | 0.39 | 2.97 | 4.97 | 8.59 | 11.90 | 32.21 |
| Cash Ratio | 4.36 | 4.36 | 4.04 | 3.71 | 5.07 | 0.33 | 2.79 | 4.62 | 8.01 | 11.57 | 31.62 |
| Asset Turnover | — | 0.18 | 0.20 | 0.12 | 0.08 | 0.07 | 0.09 | 0.26 | 0.22 | 0.08 | 0.04 |
| Inventory Turnover | — | — | — | 1233.50 | 3821.84 | 3.63 | 10.90 | 242.66 | — | 15.59 | — |
| Days Sales Outstanding | — | 4.17 | 4.12 | 9.46 | 4.57 | 2.85 | 1.78 | 4.54 | 9.17 | 1.58 | 8.57 |
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 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | 0.5% | 0.5% | 0.6% | 1.1% | 1.7% | 1.2% | 1.4% | 1.9% | 2.0% | 1.3% | 1.5% |
| Payout Ratio | 16.9% | 16.9% | 130.9% | — | — | — | 171.3% | — | — | — | 36.4% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 3.1% | 3.1% | 0.5% | — | — | — | 0.8% | — | — | — | 4.1% |
| FCF Yield | 3.1% | 3.2% | 1.8% | — | — | 0.6% | — | 0.5% | — | — | — |
| Buyback Yield | 0.6% | 0.6% | 0.0% | 0.0% | 1.0% | 1.2% | 0.2% | 9.7% | 2.3% | 0.1% | 0.0% |
| Total Shareholder Yield | 1.1% | 1.1% | 0.6% | 1.1% | 2.8% | 2.4% | 1.6% | 11.6% | 4.3% | 1.4% | 1.5% |
| Shares Outstanding | — | $189M | $188M | $185M | $181M | $168M | $162M | $151M | $157M | $128M | $105M |
Includes 30+ ratios · 13 years · Updated daily
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Quick answers to the most common questions about buying OR stock.
OR Royalties Inc.'s current P/E ratio is 32.5x. The historical average is 42.8x. This places it at the 80th percentile of its historical range.
OR Royalties Inc.'s current EV/EBITDA is 27.3x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 30.7x.
OR Royalties Inc.'s return on equity (ROE) is 18.6%. The historical average is 10.7%.
Based on historical data, OR Royalties Inc. is trading at a P/E of 32.5x. This is at the 80th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
OR Royalties Inc.'s current dividend yield is 0.52% with a payout ratio of 16.9%.
OR Royalties Inc. has 83.4% gross margin and 72.9% operating margin. Operating margin above 20% indicates strong pricing power and cost efficiency.
OR Royalties Inc.'s Debt/EBITDA ratio is 0.0x, indicating low leverage. A ratio below 2x is generally considered financially healthy.
Key Metrics
Top Statement Risk
Extreme capital deployment volatility
Premium to Peers Reflects Growth Inflection
OR's forward P/E of 21.42 and PEG ratio of 0.57 suggest the market is pricing in significant future earnings acceleration, creating a compelling growth-at-a-reasonable-price profile relative to larger, more mature peers.
The PEG ratio of 0.57 indicates the stock appears undervalued relative to its projected earnings growth rate, a sharp contrast to peers like RGLD and FNV with PEGs above 1.7. This implies the market may be underappreciating the pace of OR's royalty stream expansion or is applying a material discount for its smaller scale and perceived risk profile. The valuation premium to EMX and GROY is justified by OR's tangible profitability, but the discount to WPM warrants investigation into whether it reflects structural growth limits or a temporary market opportunity.
Elite Margins Mask Volatile Net Earnings
OR maintains industry-leading operating margins consistently above 70%, yet extreme swings in net margin, from 115.7% in Q3 2025 to -32.5% in Q2 2024, indicate significant non-operational or non-recurring items that obscure core earning power.
The gross margin profile averaging around 84% is structurally superior to the 60-70% range of peers WPM and FNV, reflecting the pure royalty model's minimal direct costs. However, the wide dispersion in net margin suggests investors should focus on operating margin as the most reliable indicator of recurring profitability. The negative FCF margin of -2.0% in Q2 2026, despite strong operating income, appears to be a direct consequence of the large-scale acquisition activity noted in the cash flow analysis, not a deterioration in operational economics.
Low ROIC Drives Efficiency Mandate
OR's ROIC has fluctuated between a low of -0.9% and a high of 4.4% over the past ten quarters, suggesting that recent revenue acceleration has yet to translate into meaningfully higher returns on the substantial capital base invested in royalty assets.
The current ROIC of 3.7% in Q2 2026, while improving, remains far below peers like WPM (17.4%) and FNV (16.6%). This persistent gap indicates that OR's asset base, heavily weighted towards long-term royalty rights, requires significantly more deployed capital to generate a unit of profit. The low ROIC underscores a key tension: while the business generates immense gross margins, the return on the required investment is not yet in line with industry leaders, making future capital allocation efficiency critical for long-term value creation.
Leverage Emerges, But Coverage Is Robust
Following a dramatic increase in debt to $219.3M in Q2 2026, the company's interest coverage ratio remains exceptionally strong at 24.15, indicating the new debt load is serviceable given its potent operating cash flow generation.
The shift from a near-zero debt profile to a D/E ratio of 0.15 represents a significant strategic change in capital structure. While the debt increase coincides with a reduction in cash reserves, the interest coverage ratio, despite falling from over 100x, is still very healthy and suggests the leverage is manageable. Investors should monitor whether this new debt level becomes a platform for further acquisition-driven growth or if the company will prioritize deleveraging, as the current coverage provides ample flexibility for either path.
The Misleading Allure of the P/E Ratio
The TTM P/E ratio of 35.06 is particularly misleading for OR because volatile, non-cash items can cause quarterly earnings to swing wildly, making the multiple an unreliable gauge of valuation at any given point.
For a royalty company with lumpy revenue recognition and large non-cash adjustments, the P/E ratio can distort reality—illustrated by Q3 2025 where net margin was 115.7%. A more appropriate metric is the P/FCF ratio of 34.39 or the EV/EBITDA multiple of 29.45, which better isolate operating performance from accounting noise. Analysts should also adjust for the company's episodic capital deployment, as free cash flow can be temporarily negative during acquisition periods, making trailing multiples unreliable without normalizing for these strategic investment cycles.