The company achieved robust operating leverage as revenue growth of 84.7% in 2026Q1 significantly outpaced administrative costs, sustaining a high gross margin of 86.1%.
| 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 |
|---|
| Sales/Revenue | 325.18M | 282M | 191.16M | 183.23M | 160.48M | 176.37M | 213.63M | 392.6M | 490.47M | 213.22M | 62.68M | 45.41M | 17.18M | 0 |
| Revenue Growth % | 51.8% | 47.52% | 4.33% | 14.17% | -9.01% | -17.44% | -45.59% | -19.95% | 130.04% | 240.18% | 38.01% | 164.36% | - | - |
| Cost of Goods Sold | 50.15M | 46.87M | 6.74M | 12.34M | 49.68M | 67.46M | 109.31M | 309.89M | 423.92M | 153.71M | 11.29M | 588K | 0 | 0 |
| COGS % of Revenue | - | 16.62% | 3.52% | 6.73% | 30.96% | 38.25% | 51.17% | 78.93% | 86.43% | 72.09% | 18.01% | 1.29% | - | - |
| Gross Profit | 275.03M | 235.12M | 184.42M | 170.89M | 110.8M | 108.92M | 104.33M | 82.71M | 66.56M | 59.51M | 51.39M | 44.83M | 17.18M | 0 |
| Gross Margin % | 84.58% | 83.38% | 96.48% | 93.27% | 69.04% | 61.75% | 48.83% | 21.07% | 13.57% | 27.91% | 81.99% | 98.71% | 100% | - |
| Gross Profit Growth % | - | 27.49% | 7.91% | 54.24% | 1.73% | 4.4% | 26.14% | 24.27% | 11.85% | 15.8% | 14.63% | 160.94% | - | - |
| Operating Expenses | 36.63M | 29.49M | 106.09M | 106.43M | 20.2M | 20.95M | 62.62M | 265.94M | 22.86M | 45.07M | 25.34M | 28.44M | 14.64M | 8.16M |
| OpEx % of Revenue | - | 10.46% | 55.5% | 58.09% | 12.58% | 11.88% | 29.31% | 67.74% | 4.66% | 21.14% | 40.42% | 62.62% | 85.21% | - |
| Selling, General & Admin | 26.29M | 29.49M | 18.3M | 24.34M | 14.9M | 15.38M | 25.9M | 23.68M | 18.16M | 26.18M | 16.71M | 15.05M | 5.29M | 903K |
| SG&A % of Revenue | - | 10.46% | 9.57% | 13.29% | 9.28% | 8.72% | 12.12% | 6.03% | 3.7% | 12.28% | 26.67% | 33.13% | 30.76% | - |
| Research & Development | 4.84M | 0 | 5.63M | 4.57M | 3.96M | 4.17M | 10.29M | 6.12M | 4.53M | 18.71M | 8.28M | 10.98M | 3.34M | 0 |
| R&D % of Revenue | - | - | 2.95% | 2.5% | 2.47% | 2.36% | 4.82% | 1.56% | 0.92% | 8.77% | 13.21% | 24.18% | 19.47% | - |
| Other Operating Expenses | 1000K | 0 | 82.17M | 77.51M | 1.34M | 1.41M | 26.43M | 236.13M | 0 | 0 | 30.2M | -81K | 1.07M | -12.48M |
| Operating Income | 238.4M | 205.63M | 78.32M | 64.46M | 90.6M | 87.96M | 41.7M | -183.23M | -113.53M | -70.44M | 29.09M | 18.22M | -1.74M | -16.28M |
| Operating Margin % | 73.32% | 72.92% | 40.97% | 35.18% | 56.46% | 49.87% | 19.52% | -46.67% | -23.15% | -33.03% | 46.41% | 40.13% | -10.1% | - |
| Operating Income Growth % | - | 162.54% | 21.5% | -28.85% | 3% | 110.93% | 122.76% | -61.39% | -61.19% | -342.14% | 59.62% | 1150.37% | 89.35% | - |
| EBITDA | 278.35M | 243.24M | 111.9M | 107.17M | 129.22M | 126.72M | 88.61M | -134.96M | -60.74M | -42.23M | 40.6M | 18.99M | 4.9M | -20.45M |
| EBITDA Margin % | 85.6% | 86.26% | 58.54% | 58.49% | 80.52% | 71.85% | 41.48% | -34.38% | -12.38% | -19.8% | 64.77% | 41.81% | 28.54% | - |
| EBITDA Growth % | 113.02% | 117.38% | 4.41% | -17.07% | 1.97% | 43.02% | 165.66% | -122.17% | -43.86% | -204.01% | 113.8% | 287.29% | 123.97% | - |
| D&A (Non-Cash Add-back) | 39.95M | 37.61M | 33.57M | 42.71M | 38.62M | 38.76M | 46.9M | 48.27M | 52.79M | 28.21M | 11.51M | 765K | 6.64M | -4.17M |
| EBIT | 290.88M | 205.63M | 38.11M | -13.61M | 99.81M | 99.13M | 53.27M | -251.05M | -114.74M | -57.55M | 55.01M | 37.33M | 1.24M | -8.16M |
| Net Interest Income | 1.77M | -461.57K | -3.81M | -12.12M | -12.57M | -15.45M | -21.55M | -18.92M | -21.24M | -4.13M | -175K | 3.45M | 2.07M | 0 |
| Interest Income | 5.28M | 4.09M | 4.15M | 6.83M | 9.77M | 3.39M | 4.58M | 4.63M | 4.76M | 4.25M | 3.26M | 4.05M | 2.12M | 1.34M |
| Interest Expense | 3.51M | 4.55M | 7.97M | 18.95M | 22.34M | 18.85M | 26.13M | 23.55M | 26M | 8.38M | 3.44M | 609K | 43K | 0 |
| Other Income/Expense | 57.04M | 39.78M | -48.18M | -92.1M | -7.25M | -7.53M | -14.56M | -91.37M | -27.2M | 4.5M | 22.49M | 18.5M | 2.93M | -12.27M |
| Pretax Income | 295.44M | 245.41M | 30.14M | -27.64M | 83.35M | 80.43M | 27.14M | -274.6M | -140.74M | -65.94M | 51.58M | 36.72M | 1.2M | -28.56M |
| Pretax Margin % | 90.86% | 87.03% | 15.77% | -15.08% | 51.94% | 45.6% | 12.71% | -69.94% | -28.69% | -30.92% | 82.29% | 80.86% | 6.96% | - |
| Income Tax | 41.48M | 35.89M | 13.88M | 9.79M | 20.51M | 20.33M | 10.91M | -40.4M | -35.15M | -23.15M | 9.72M | 8.19M | 3.29M | 126K |
| Effective Tax Rate % | 14.04% | 14.62% | 46.03% | -35.42% | 24.61% | 25.28% | 40.21% | 14.71% | 24.97% | 35.11% | 18.85% | 22.31% | 275.17% | -0.44% |
| Net Income | 253.96M | 209.52M | 16.27M | -37.43M | -87.5M | -18.47M | 16.88M | -234.19M | -105.59M | -42.5M | 42.11M | 28.75M | 1.67B | -455.1M |
| Net Margin % | 78.1% | 74.3% | 8.51% | -20.43% | -54.52% | -10.47% | 7.9% | -59.65% | -21.53% | -19.93% | 67.19% | 63.3% | 9739.61% | - |
| Net Income Growth % | 620.22% | 1188.04% | 143.46% | 57.23% | -373.65% | -209.47% | 107.21% | -121.8% | -148.43% | -200.92% | 46.49% | -98.28% | 467.65% | - |
| Net Income (Continuing) | 253.96M | 209.52M | 16.27M | -37.43M | 62.84M | 60.1M | 16.23M | -234.19M | -105.59M | -42.79M | 41.85M | 28.53M | -2.1M | -28.68M |
| Discontinued Operations | 0 | 0 | 0 | 0 | -197.82M | -104.55M | 0 | 0 | 0 | 0 | 0 | 0 | 1.68B | -426.42M |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 145.46M | 112.67M | 0 | 0 | 0 | 1.87M | 1.4M | 0 | 0 |
| EPS (Diluted) | 1.35 | 1.11 | 0.12 | -0.27 | -0.49 | -0.11 | 0.10 | -1.55 | -0.67 | -0.33 | 0.40 | 0.32 | 36.40 | -9.50 |
| EPS Growth % | 707.06% | 825% | 144.44% | 44.9% | -345.45% | -210% | 106.45% | -131.34% | -103.03% | -182.5% | 25% | -99.12% | 483.16% | - |
| EPS (Basic) | - | 1.12 | 0.13 | -0.27 | -0.49 | -0.11 | 0.10 | -1.55 | -0.67 | -0.33 | 0.40 | 0.33 | 36.40 | -9.50 |
| Diluted Shares Outstanding | 188.68M | 189.15M | 187.58M | 185.04M | 180.65M | 167.63M | 162.43M | 151.27M | 156.62M | 127.94M | 104.82M | 88.94M | 45.96M | 47.9M |
| Basic Shares Outstanding | 187.61M | 187.78M | 186.29M | 185.04M | 180.4M | 167.63M | 162.3M | 151.27M | 156.62M | 127.94M | 104.67M | 87.86M | 45.96M | 47.9M |
| Dividend Payout Ratio | - | 16.92% | 188.42% | - | - | - | 171.33% | - | - | - | 36.37% | 34.21% | - | - |
Asset Concentration at Malartic
According to the most recent quarterly financial statements, OR achieved a significant revenue expansion of 84.7% year-over-year in 2026Q1, signaling that the transition to underground mining at the Odyssey project is successfully driving higher gold equivalent ounce production volumes across the company's core royalty portfolio.
The sharp acceleration in top-line growth suggests that the company is moving past the initial development phase of its primary assets. Investors should monitor whether this momentum is sustainable as the mine plan matures, as the current growth rate appears to be significantly outperforming historical trends.
As reported in the latest income statement data, OR maintained a robust gross margin of 86.1% in 2026Q1, which underscores the inherent scalability of the royalty business model where the company remains largely insulated from the inflationary pressures impacting traditional mining operators' cost structures.
The ability to sustain margins above 80% consistently suggests that the company possesses significant pricing power and operational efficiency. This structural advantage implies that OR is well-positioned to capture the full benefit of rising gold prices without the corresponding increase in extraction-related expenses.
Based on the provided financial figures, OR's operating income has scaled impressively to $79.1M in 2026Q1, demonstrating that the company's fixed-cost base is effectively leveraged as revenue growth of 47.52% significantly outpaces the growth of corporate overhead and administrative expenses over the observed period.
This trend suggests that management has successfully maintained expense discipline while scaling the business. The widening gap between revenue and operating costs implies a high degree of operational gearing, which may lead to further margin expansion if production volumes continue to trend upward.
While the company's financial performance appears strong, the extreme geographic and asset concentration at the Canadian Malartic complex, as noted in recent filings, creates a binary risk profile where any operational disruption at this single site could disproportionately impact the company's entire revenue stream.
Investors should consider that the current valuation may be overly optimistic regarding the long-term stability of this specific asset. The reliance on a single mining complex suggests that the company's future cash flows are highly sensitive to the technical and regulatory outcomes of one specific operator.
Quick answers to the most common questions about buying OR stock.
For fiscal year 2025, OR Royalties Inc. (OR) reported total revenue of $282.0M.
OR Royalties Inc. (OR) is profitable, generating $209.5M in net income for the fiscal year ending 2025 with a net profit margin of 74.3%.
OR Royalties Inc. (OR) reported an operating income of $205.6M, resulting in an operating profit margin of 72.9%. This margin reflects the operational efficiency of the business before interest and taxes.
OR Royalties Inc. (OR) generated $235.1M in gross profit for the year, representing a gross profit margin of 83.4%. This demonstrates the company's core pricing power and production efficiency.