Revenue has contracted significantly over the last four years, falling from $46.4 million in 2021Q2 to $19.1 million in 2025Q2, while operating margins remain highly unstable, recently dipping to -29.8% in 2024Q4.
| Metric | TTM | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 | Dec'04 | Dec'03 | Dec'02 | Dec'01 | Dec'00 | Dec'99 | Dec'98 | Dec'97 | Dec'96 |
|---|
| Sales/Revenue | 83.15M | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Revenue Growth % | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Cost of Goods Sold | 0 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| COGS % of Revenue | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Gross Profit | 38.1M | 14.2M | 28.39M | 25.26M | 31.14M | 17.4M | 6.79M | 4.86M | 31.65M | 74.64M | 108.74M | 103.6M | 66.63M | 52.78M | 76.21M | 23.34M | 139.47M | 92.28M | 81.27M | 70.34M | 118.8M | 697.76M | 409.51M | 284.34M | 214.15M | 156.17M | 122.24M | 128.64M | 0 | 27.8M |
| Gross Margin % | 45.82% | 38.33% | 52.62% | 38.42% | 42.97% | 30.75% | 5.97% | 3.31% | 11.79% | 6.47% | 6.16% | 8.03% | 10.96% | 11.06% | 14.57% | 27.65% | 23.06% | 13.39% | 14.25% | 14.96% | 12.92% | 100% | 100% | 100% | 100% | 100% | 100% | 100% | - | 36.82% |
| Gross Profit Growth % | - | -49.97% | 12.41% | -18.89% | 79.01% | 156.13% | 39.65% | -84.63% | -57.6% | -31.36% | 4.97% | 55.47% | 26.24% | -30.74% | 226.54% | -83.27% | 51.15% | 13.54% | 15.54% | -40.79% | -82.97% | 70.39% | 44.02% | 32.78% | 37.12% | 27.76% | -4.98% | - | -100% | - |
| Operating Expenses | 32.97M | 16.88M | 15.94M | 17.64M | 12.67M | 5.06M | 29.77M | 61.17M | 62.07M | 110.42M | 166.94M | 81.68M | 55.96M | 27.38M | 36.48M | 6.62M | -465.28M | -596.98M | -489.25M | 29.19M | 76.32M | 651.91M | 354.74M | 211.55M | 164.79M | 110.1M | 82.35M | 91.8M | -25.73M | 13.6M |
| OpEx % of Revenue | - | 45.55% | 29.54% | 26.84% | 17.48% | 8.94% | 26.18% | 41.67% | 23.13% | 9.57% | 9.46% | 6.33% | 9.2% | 5.73% | 6.97% | 7.84% | -76.94% | -86.61% | -85.75% | 6.21% | 8.3% | 93.43% | 86.62% | 74.4% | 76.95% | 70.5% | 67.37% | 71.36% | - | 18.01% |
| Selling, General & Admin | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 61.92M | 47.65M | 49.89M | 18.37M | 78.06M | 65.39M | 50.21M | 38.6M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 7.6M |
| SG&A % of Revenue | - | - | - | - | - | - | - | - | - | - | - | - | 10.18% | 9.98% | 9.54% | 21.77% | 12.91% | 9.49% | 8.8% | 8.21% | - | - | - | - | - | - | - | - | - | 10.07% |
| Research & Development | 0 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| R&D % of Revenue | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Operating Expenses | 0 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Operating Income | 5.13M | -2.68M | 12.45M | 7.62M | 18.47M | 12.34M | -22.98M | -56.3M | -30.43M | -35.77M | -58.2M | 21.92M | 10.67M | 25.4M | 39.73M | 16.72M | 0 | 0 | 0 | 41.15M | 42.48M | 45.86M | 54.78M | 72.79M | 49.36M | 46.07M | 39.89M | 36.84M | 25.73M | 14.1M |
| Operating Margin % | 6.17% | -7.23% | 23.08% | 11.59% | 25.48% | 21.8% | -20.21% | -38.36% | -11.34% | -3.1% | -3.3% | 1.7% | 1.75% | 5.32% | 7.59% | 19.81% | - | - | - | 8.75% | 4.62% | 6.57% | 13.38% | 25.6% | 23.05% | 29.5% | 32.63% | 28.64% | - | 18.68% |
| Operating Income Growth % | - | -121.5% | 63.48% | -58.75% | 49.71% | 153.69% | 59.19% | -85.06% | 14.95% | 38.54% | -365.56% | 105.4% | -58% | -36.06% | 137.6% | - | - | - | -100% | -3.12% | -7.36% | -16.28% | -24.75% | 47.47% | 7.14% | 15.5% | 8.26% | 43.17% | 82.5% | - |
| EBITDA | 19.8M | 4.9M | 20.24M | 18.66M | 29.67M | 23.25M | -14.45M | -50.01M | -23.61M | -23.3M | -51.22M | 26.89M | 12.83M | 45.67M | 53.15M | 28.48M | 74.52M | 14.2M | 66.44M | 44.16M | 46.31M | 45.86M | 54.78M | 72.79M | 49.36M | 46.07M | 39.89M | 36.84M | 30.88M | 14.9M |
| EBITDA Margin % | 23.81% | 13.23% | 37.51% | 28.39% | 40.94% | 41.1% | -12.7% | -34.07% | -8.8% | -2.02% | -2.9% | 2.09% | 2.11% | 9.57% | 10.16% | 33.74% | 12.32% | 2.06% | 11.65% | 9.39% | 5.04% | 6.57% | 13.38% | 25.6% | 23.05% | 29.5% | 32.63% | 28.64% | - | 19.74% |
| EBITDA Growth % | -42.63% | -75.78% | 8.47% | -37.11% | 27.6% | 260.98% | 71.12% | -111.81% | -1.34% | 54.51% | -290.5% | 109.55% | -71.91% | -14.06% | 86.63% | -61.79% | 424.71% | -78.62% | 50.45% | -4.64% | 0.99% | -16.28% | -24.75% | 47.47% | 7.14% | 15.5% | 8.26% | 19.31% | 107.24% | - |
| D&A (Non-Cash Add-back) | 14.67M | 7.58M | 7.79M | 11.04M | 11.21M | 10.92M | 8.53M | 6.29M | 6.81M | 12.48M | 6.99M | 4.97M | 2.16M | 20.27M | 13.42M | 11.76M | 3.62M | 4.64M | 3.22M | 3.01M | 3.83M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 800K |
| EBIT | -9.22M | -17.35M | 11.75M | -22.86M | 19.8M | 12.43M | -15.81M | 178.23M | -29.59M | 7.25M | -290.74M | 19.62M | 12.63M | 197.99M | 17.46M | 52.11M | 70.9M | 9.57M | 63.22M | 57.14M | 51.2M | 45.86M | 55.14M | 72.79M | 49.36M | 46.07M | 39.89M | 36.84M | 30.88M | 0 |
| Net Interest Income | 2.97M | 926.91K | 2.06M | 2.24M | -1.31M | -1.29M | 24.09K | -1.05M | -7.07M | -21.16M | -19.59M | -13.3M | -9.54M | 0 | 0 | 0 | 4.46M | 20.69M | 10.31M | 3.59M | -8.72M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Income | 7.47M | 3.54M | 3.79M | 4.11M | 659.74K | 505.5K | 1.06M | 886.53K | 952.95K | 3.12M | 4.6M | 0 | 0 | 0 | 0 | 0 | 7.39M | 23.16M | 12.93M | 6.46M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Expense | 4.5M | 2.62M | 1.73M | 1.87M | 1.97M | 1.79M | 1.04M | 1.94M | 8.02M | 24.29M | 24.18M | 13.3M | 9.54M | 0 | 0 | 0 | 2.93M | 2.47M | 2.62M | 2.87M | 8.72M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Income/Expense | 0 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Pretax Income | -13.72M | -19.97M | 10.01M | -24.72M | 17.84M | 10.64M | -16.85M | 176.29M | -37.62M | -17.03M | -314.92M | 6.33M | 3.09M | 197.99M | 17.46M | 52.11M | 67.97M | 7.09M | 60.6M | 54.27M | 42.48M | 32.78M | 49.95M | 47.26M | 44.5M | 40.84M | 34.39M | 32.2M | 25.73M | 14.1M |
| Pretax Margin % | -16.5% | -53.89% | 18.56% | -37.61% | 24.61% | 18.81% | -14.82% | 120.09% | -14.02% | -1.48% | -17.85% | 0.49% | 0.51% | 41.47% | 3.34% | 61.74% | 11.24% | 1.03% | 10.62% | 11.54% | 4.62% | 4.7% | 12.2% | 16.62% | 20.78% | 26.15% | 28.13% | 25.03% | - | 18.68% |
| Income Tax | 7.77M | 1.31M | 8.64M | -566.62K | 10.34M | 10.44M | 1.63M | 58.42M | 8.48M | 7.15M | -50.03M | 2.18M | -976.12K | -2.62M | 6.08M | 6.97M | 24.16M | 13.82M | 8.14M | 8.58M | 3.04M | -4.17M | 836.02K | -3.5M | -772.05K | 1.69M | -989.58K | 619.2K | 1.29M | 0 |
| Effective Tax Rate % | -56.61% | -6.54% | 86.28% | 2.29% | 57.99% | 98.1% | -9.65% | 33.14% | -22.54% | -41.98% | 15.89% | 34.42% | -31.56% | -1.32% | 34.82% | 13.37% | 35.54% | 194.88% | 13.43% | 15.81% | 7.16% | -12.72% | 1.67% | -7.4% | -1.74% | 4.13% | -2.88% | 1.92% | 5% | 0% |
| Net Income | -22.23M | -21.61M | 1.37M | -24.15M | 7.69M | 351.28K | -18.63M | 117.93M | -46.87M | -25.86M | -515.11M | -683.65K | 9.53M | 199.74M | 12.39M | 30.29M | 42.71M | -7.51M | 50.11M | 38.03M | 32.89M | 36.95M | 49.12M | 50.76M | 45.27M | 39.15M | 30.57M | 31.58M | 24.45M | 13.3M |
| Net Margin % | -26.73% | -58.32% | 2.53% | -36.74% | 10.61% | 0.62% | -16.38% | 80.34% | -17.46% | -2.24% | -29.2% | -0.05% | 1.57% | 41.84% | 2.37% | 35.89% | 7.06% | -1.09% | 8.78% | 8.09% | 3.58% | 5.3% | 11.99% | 17.85% | 21.14% | 25.07% | 25.01% | 24.55% | - | 17.62% |
| Net Income Growth % | 10.87% | -1682.05% | 105.66% | -414.06% | 2088.93% | 101.89% | -115.79% | 351.63% | -81.25% | 94.98% | -75247.09% | -107.17% | -95.23% | 1512.07% | -59.09% | -29.09% | 669.02% | -114.98% | 31.76% | 15.63% | -10.98% | -24.77% | -3.23% | 12.12% | 15.63% | 28.08% | -3.2% | 29.18% | 83.8% | - |
| Net Income (Continuing) | -21.49M | -21.28M | 1.37M | -24.16M | 7.49M | 201.82K | -18.48M | 117.87M | -46.1M | -24.19M | -264.9M | 4.15M | 4.07M | 200.61M | 11.38M | 45.14M | 43.81M | -6.73M | 52.46M | 45.69M | 39.44M | 36.95M | 49.44M | 50.76M | 45.27M | 39.15M | 35.38M | 31.58M | 24.45M | 13.3M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 8.4M | 8.05M | 7.21M | 7.35M | 6.93M | 7.18M | 8.4M | 8.03M | 2.17M | 1.91M | 2.01M | 1.22M | 182K | 6.16M | 2.58M | 4.68M | 5.66M | 4.51M | 5.87M | 26.19M | 21.06M | 29.31M | 4.86M | 5.75M | 3.12M | 3.78M | 2.97M | 2.48M | 2.86M | 0 |
| EPS (Diluted) | -1.49 | -1.46 | 0.09 | -1.63 | 0.51 | 0.03 | -1.48 | 9.41 | -3.74 | -2.05 | -40.79 | -0.05 | 0.76 | 15.98 | 0.97 | 4.25 | 7.03 | -1.23 | 8.26 | 6.26 | 6.01 | 5.46 | 7.03 | 7.94 | 6.77 | 5.62 | 4.61 | 4.45 | 3.73 | 3.00 |
| EPS Growth % | 11.15% | -1685.23% | 105.65% | -419.61% | 1721.43% | 101.89% | -115.73% | 351.6% | -82.44% | 94.97% | -75019.71% | -107.14% | -95.24% | 1547.42% | -77.18% | -39.54% | 671.54% | -114.89% | 31.95% | 4.16% | 10.07% | -22.33% | -11.46% | 17.28% | 20.46% | 21.91% | 3.6% | 19.3% | 24.33% | - |
| EPS (Basic) | - | -1.46 | 0.09 | -1.63 | 0.52 | 0.03 | -1.48 | 9.41 | -3.74 | -2.05 | -40.79 | -0.05 | 0.76 | 15.98 | 0.97 | 4.25 | 7.03 | -1.23 | 8.40 | 6.30 | 6.04 | 5.52 | 7.03 | 7.94 | 7.26 | 6.55 | 5.24 | 5.01 | 4.08 | 3.00 |
| Diluted Shares Outstanding | 14.95M | 14.82M | 14.82M | 14.81M | 14.91M | 12.55M | 12.54M | 12.53M | 12.54M | 12.63M | 12.63M | 12.59M | 12.55M | 12.51M | 12.51M | 7.17M | 6.07M | 6.08M | 6.08M | 6.08M | 5.5M | 6.77M | 7.04M | 6.4M | 6.68M | 6.97M | 6.63M | 7.1M | 6.4M | 4.43M |
| Basic Shares Outstanding | 14.95M | 14.82M | 14.82M | 14.81M | 14.78M | 12.55M | 12.54M | 12.53M | 12.54M | 12.63M | 12.63M | 12.58M | 12.55M | 12.51M | 12.51M | 7.17M | 6.07M | 6.08M | 5.98M | 6.03M | 5.44M | 6.7M | 7.04M | 6.39M | 6.24M | 5.98M | 5.84M | 6.3M | 5.85M | 4.43M |
| Dividend Payout Ratio | - | - | 250.43% | - | - | - | - | - | - | - | - | - | 161.13% | 6.85% | 103.1% | - | - | - | - | - | - | - | - | - | - | - | - | 0.98% | 2.34% | - |
Operator solvency and production
As evidenced by the historical income statement data, Scully Royalty has experienced a significant top-line decline, with quarterly revenue falling from a peak of $46.4 million in 2021Q2 to just $19.1 million in 2025Q2, reflecting a challenging environment for its core royalty and merchant banking segments.
The consistent downward trajectory in revenue suggests that the company's reliance on cyclical commodity markets and transactional merchant banking is failing to provide a stable growth floor. Investors should monitor whether this contraction is a result of structural mine production issues or a deliberate reduction in non-core industrial activities.
Based on the provided financial records, gross margins have exhibited extreme instability, fluctuating from a low of 7.8% in 2021Q4 to a high of 57.5% in 2023Q4, which highlights the inherent difficulty in maintaining profitability across the company's disparate royalty and industrial business units.
The wide variance in gross margins suggests that the industrial and medical supply segments are likely diluting the high-margin royalty income, creating a drag on overall performance. This lack of margin consistency appears to be a primary factor in the company's inability to sustain positive net income across multiple reporting periods.
According to the reported income statements, the company's operating margin has frequently dipped into negative territory, including a -29.8% margin in 2024Q4, indicating that the firm lacks the necessary operating leverage to scale its income effectively during periods of revenue contraction or stagnant growth.
The inability to maintain positive operating income suggests that fixed overhead costs remain disproportionately high relative to the current revenue base. This structure implies that the company may be over-resourced for its current level of activity, warranting further investigation into the necessity of its current corporate cost structure.
As reported in financial statements, net income has been characterized by extreme swings, such as the -$20.1 million loss in 2024Q2 followed by a return to profitability in subsequent periods, suggesting that non-operating items or asset impairments are significantly distorting the company's true underlying earnings power.
The frequent divergence between operating income and net income indicates that investors should be cautious of relying on headline EPS figures. The presence of large, non-recurring charges appears to be a recurring theme that complicates the assessment of the company's core financial health.
While the royalty interest in the Scully mine provides a high-quality asset base, the company's decision to maintain non-core industrial and merchant banking operations, as shown in the financial data, creates a persistent conglomerate discount that likely masks the true value of its primary royalty stream.
Short-sellers would likely focus on the negative net margins and the potential for further asset impairments within the merchant banking portfolio. The current structure appears to prioritize complexity over shareholder value, and until the company pivots toward a pure-play royalty model, the market may continue to apply a significant valuation discount.
Quick answers to the most common questions about buying SRL stock.
Scully Royalty Ltd. (SRL) reported a net loss of $21.6M for the fiscal year ending 2024.
Scully Royalty Ltd. (SRL) reported an operating income of $-2.7M, resulting in an operating profit margin of -7.2%. This margin reflects the operational efficiency of the business before interest and taxes.
Scully Royalty Ltd. (SRL) generated $14.2M in gross profit for the year, representing a gross profit margin of 38.3%. This demonstrates the company's core pricing power and production efficiency.