Latest Ratios: P/E Ratio 37.8x · EV/EBITDA 26.4x · ROE 9.0%. (1996–2025 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 | $21.5B | $15.5B | $8.7B | $8.0B | $7.4B | $6.9B | $7.0B | $8.2B | $6.7B | $6.1B | $5.1B |
| Enterprise Value | $22.2B | $16.2B | $8.5B | $8.1B | $7.9B | $6.8B | $6.8B | $8.1B | $6.8B | $6.3B | $5.6B |
| P/E Ratio → | 37.78 | 33.23 | 26.11 | 33.23 | 31.05 | 25.17 | 23.12 | 41.03 | 71.67 | — | 50.43 |
| P/S Ratio | 20.82 | 15.01 | 12.17 | 13.29 | 12.41 | 10.70 | 11.33 | 16.49 | 16.03 | 13.27 | 11.62 |
| P/B Ratio | 2.44 | 2.15 | 2.77 | 2.74 | 2.69 | 2.65 | 2.79 | 3.54 | 3.09 | 2.83 | 2.20 |
| P/FCF | — | — | 20.32 | 19.25 | — | 28.89 | 29.21 | 44.17 | 26.63 | 19.12 | 80.83 |
| P/OCF | 30.44 | 21.94 | 16.38 | 19.12 | 17.73 | 16.96 | 17.14 | 23.95 | 26.52 | 18.43 | 19.12 |
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 | — | 15.72 | 11.90 | 13.52 | 13.17 | 10.48 | 10.97 | 16.45 | 16.25 | 13.84 | 12.76 |
| EV / EBITDA | 26.36 | 19.24 | 14.76 | 17.29 | 16.82 | 13.07 | 12.96 | 21.67 | 22.41 | 19.25 | 18.34 |
| EV / EBIT | 33.38 | 27.11 | 19.46 | 26.06 | 27.77 | 20.64 | 19.52 | 40.93 | 48.39 | — | 38.39 |
| EV / FCF | — | — | 19.86 | 19.59 | — | 28.29 | 28.26 | 44.07 | 27.01 | 19.95 | 88.75 |
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 | 69.3% | 69.3% | 86.3% | 84.9% | 84.1% | 84.7% | 54.0% | 83.1% | 81.5% | 81.6% | 80.1% |
| Operating Margin | 64.5% | 64.5% | 60.3% | 50.7% | 47.6% | 50.9% | 54.8% | 40.2% | 33.6% | -16.3% | 33.2% |
| Net Profit Margin | 45.2% | 45.2% | 46.6% | 40.0% | 40.1% | 42.5% | 49.1% | 40.3% | 22.4% | -24.8% | 23.1% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 9.0% | 9.0% | 11.0% | 8.5% | 8.9% | 10.7% | 12.6% | 8.9% | 4.4% | -5.1% | 4.4% |
| ROA | 7.2% | 7.2% | 9.8% | 6.9% | 7.6% | 10.1% | 11.2% | 7.5% | 3.6% | -3.9% | 3.3% |
| ROIC | 9.2% | 9.2% | 10.8% | 7.3% | 7.5% | 10.4% | 11.1% | 6.6% | 4.5% | -2.1% | 3.9% |
| ROCE | 10.4% | 10.4% | 13.0% | 9.0% | 9.2% | 12.4% | 12.7% | 7.6% | 5.5% | -2.6% | 4.8% |
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 | 0.13 | 0.13 | — | 0.08 | 0.21 | — | — | 0.13 | 0.10 | 0.16 | 0.25 |
| Debt / EBITDA | 1.15 | 1.15 | — | 0.53 | 1.22 | — | — | 0.80 | 0.71 | 1.07 | 1.92 |
| Net Debt / Equity | — | 0.10 | -0.06 | 0.05 | 0.16 | -0.06 | -0.09 | -0.01 | 0.04 | 0.12 | 0.22 |
| Net Debt / EBITDA | 0.87 | 0.87 | -0.34 | 0.30 | 0.97 | -0.28 | -0.43 | -0.05 | 0.31 | 0.80 | 1.64 |
| Debt / FCF | — | — | -0.46 | 0.34 | — | -0.60 | -0.95 | -0.10 | 0.38 | 0.83 | 7.93 |
| Interest Coverage | 25.52 | 25.52 | 44.71 | 10.93 | 28.29 | 631.30 | 104.87 | 28.42 | 4.75 | -2.18 | 4.01 |
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 | 3.12 | 3.12 | 3.23 | 2.31 | 2.92 | 3.52 | 5.71 | 8.31 | 4.60 | 2.45 | 4.19 |
| Quick Ratio | 2.91 | 2.91 | 3.08 | 2.18 | 2.72 | 3.33 | 5.37 | 8.05 | 4.26 | 2.27 | 3.96 |
| Cash Ratio | 1.93 | 1.93 | 2.30 | 1.44 | 1.86 | 2.34 | 4.34 | 7.33 | 3.55 | 1.73 | 2.50 |
| Asset Turnover | — | 0.11 | 0.21 | 0.18 | 0.17 | 0.23 | 0.23 | 0.18 | 0.16 | 0.17 | 0.14 |
| Inventory Turnover | 12.23 | 12.23 | 7.52 | 9.25 | 7.48 | 8.48 | 16.02 | 7.19 | 6.81 | 9.00 | 11.07 |
| Days Sales Outstanding | — | 40.01 | 33.08 | 31.45 | 32.12 | 30.60 | 30.68 | 22.21 | 20.42 | 21.09 | 40.78 |
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 | 0.7% | 0.8% | 1.2% | 1.2% | 1.2% | 1.1% | 1.1% | 0.9% | 1.0% | 1.1% | 1.2% |
| Payout Ratio | 25.4% | 25.4% | 31.7% | 41.2% | 38.5% | 28.7% | 25.2% | 35.9% | 71.9% | — | 60.5% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 2.6% | 3.0% | 3.8% | 3.0% | 3.2% | 4.0% | 4.3% | 2.4% | 1.4% | — | 2.0% |
| FCF Yield | — | — | 4.9% | 5.2% | — | 3.5% | 3.4% | 2.3% | 3.8% | 5.2% | 1.2% |
| Buyback Yield | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.1% | 0.0% |
| Total Shareholder Yield | 0.7% | 0.8% | 1.2% | 1.2% | 1.2% | 1.1% | 1.1% | 0.9% | 1.0% | 1.1% | 1.3% |
| Shares Outstanding | — | $70M | $66M | $66M | $66M | $66M | $66M | $66M | $66M | $65M | $65M |
Includes 30+ ratios · 30 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 RGLD stock.
Royal Gold, Inc.'s current P/E ratio is 37.8x. The historical average is 44.2x. This places it at the 46th percentile of its historical range.
Royal Gold, Inc.'s current EV/EBITDA is 26.4x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 19.7x.
Royal Gold, Inc.'s return on equity (ROE) is 9.0%. The historical average is 6.5%.
Based on historical data, Royal Gold, Inc. is trading at a P/E of 37.8x. This is at the 46th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
Royal Gold, Inc.'s current dividend yield is 0.67% with a payout ratio of 25.4%.
Royal Gold, Inc. has 69.3% gross margin and 64.5% operating margin. Operating margin above 20% indicates strong pricing power and cost efficiency.
Royal Gold, Inc.'s Debt/EBITDA ratio is 1.1x, indicating moderate leverage. A ratio below 2x is generally considered financially healthy.
Key Metrics
Top Statement Risk
Gold price and revenue concentration
Metrics are mathematically derived from official filings.
Premium Pricing for Stream Growth
RGLD trades at 35.0x trailing earnings and 24.5x EV/EBITDA, a premium to peers like WPM and FNV, reflecting expectations of continued gold-driven growth, as per current market data.
The forward P/E of 22.1x implies the market expects significant earnings growth, consistent with the recent revenue surge. However, the PEG of 4.5 suggests that the growth is already priced in, leaving little room for disappointment. Compared to peers, RGLD's multiples are lower than WPM and FNV on a forward basis, which may indicate a relative value opportunity if gold prices remain elevated.
Margin Compression Amidst Expansion
Gross margin fell from 87.2% in 2025Q1 to 64.6% in 2026Q2, while operating margin held near 62%, indicating cost pressures that may be transitory, as reported in financial statements.
The decline in gross margin is notable, but operating margin has remained relatively stable, suggesting that the company is managing other costs effectively. The net margin of 52.5% in 2026Q2 is strong, though it was impacted by a one-time tax charge in 2025Q4. Investors should monitor whether margin compression persists as the company integrates recent acquisitions.
Returns Diluted by Acquisition
ROIC dipped to 2.7% in 2026Q2 from 3.7% a year earlier, as the $993.5M acquisition expanded the asset base faster than earnings, based on reported figures.
The acquisition of streaming assets nearly tripled total assets, temporarily depressing returns on capital. While ROE and ROA have also declined, this is likely a short-term effect as the new assets begin to generate revenue. The company's historical returns were higher, and if gold prices remain strong, returns should recover as the acquired assets contribute fully.
Working Capital Efficiency Improves
Cash conversion cycle shortened to 44 days in 2026Q2 from 56 days in 2025Q1, driven by faster collection and lower inventory days, as per quarterly data.
The improvement in CCC is driven by a reduction in DSO from 29 to 30 days (stable) and a significant drop in DIO from 51 to 18 days, while DPO remains low. This suggests better management of working capital, though the low DPO indicates limited supplier leverage. Asset turnover remains low at 0.05x, typical for a royalty model with a large asset base.
Leverage Rises but Coverage Strong
Debt-to-EBITDA increased to 1.05x in 2026Q2 from zero a year earlier, yet interest coverage remains high at 25.7x, indicating comfortable debt service, as reported in financial statements.
The company took on $395.9M in debt to finance the acquisition, but the low D/E ratio of 0.05 and strong interest coverage suggest minimal financial risk. However, if gold prices decline, EBITDA could fall, potentially increasing leverage ratios. Investors should monitor the company's ability to integrate the acquisition and maintain cash flows.
Liquidity Remains Robust
Current ratio stands at 2.92 in 2026Q2, down from 4.49 a year earlier, but still ample, with quick ratio at 2.68, as per latest balance sheet data.
The decline in liquidity ratios is due to cash outflows for the acquisition, but the company still holds $182.5M in cash and has strong operating cash flow. The current ratio remains well above 1, indicating the company can meet short-term obligations. The low inventory dependence (DIO of 18 days) further supports liquidity.
Relative Value Among Streaming Peers
RGLD's forward P/E of 22.1x is lower than WPM's 40.5x and FNV's 41.1x, while its ROE of 3.1% trails peers, suggesting a discount for lower returns, as per peer data.
RGLD trades at a discount to its closest peers on forward earnings, which may reflect its lower ROE and ROIC. However, its net margin of 52.5% is comparable to peers, and its dividend yield of 0.7% is slightly higher. The gap in returns may narrow as the acquired assets contribute, potentially making RGLD an attractive relative play.
Misapplied Metric: P/E on Royalty Income
P/E is often misapplied to royalty companies because it ignores the non-cash nature of depletion and the high cash conversion, as seen in RGLD's FCF margin of 139.5%.
For royalty and streaming companies, earnings understate cash generation due to significant non-cash depletion charges. RGLD's operating cash flow is 2.66 times net income, making P/E misleadingly high. Investors should use EV/EBITDA or price-to-cash flow to better capture the economic value. RGLD's EV/EBITDA of 24.5x is more reasonable and comparable to peers.