Revenue growth has accelerated to 76.3% YoY in 2026Q1 with gross margins stabilizing above 68%, but net income is heavily distorted by non-operating items, as seen in 2026Q2 where net margin of 121.0% is nearly double the operating margin of 65.3%.
Triple Flag Precious Metals Corp. (TFPM) annual income statement — 10-year revenue, gross profit & net income history
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 |
|---|
| Sales/Revenue | 488.37M | 395.51M | 268.99M | 204.02M | 151.88M | 150.42M | 112.59M | 59.15M | 43.04M | 40.99M | 0 |
| Revenue Growth % | 50.63% | 47.03% | 31.84% | 34.33% | 0.97% | 33.6% | 90.35% | 37.42% | 5% | - | - |
| Cost of Goods Sold | 125.23M | 128.32M | 38.23M | 101.95M | 64.88M | 67.17M | 62.49M | 46.95M | 41.8M | 4.44M | 0 |
| COGS % of Revenue | - | 32.44% | 14.21% | 49.97% | 42.72% | 44.65% | 55.5% | 79.38% | 97.13% | 10.82% | - |
| Gross Profit | 363.14M | 267.19M | 230.76M | 102.08M | 87M | 83.25M | 50.1M | 12.19M | 1.24M | 36.55M | 0 |
| Gross Margin % | 74.36% | 67.56% | 85.79% | 50.03% | 57.28% | 55.35% | 44.5% | 20.62% | 2.87% | 89.18% | - |
| Gross Profit Growth % | - | 15.79% | 126.07% | 17.32% | 4.51% | 66.18% | 310.84% | 885.77% | -96.62% | - | - |
| Operating Expenses | 48.7M | 32.57M | 248.75M | 61.14M | 22.9M | 14.51M | 15.44M | 43.28M | 5.45M | 65.3M | 6.72M |
| OpEx % of Revenue | - | 8.23% | 92.47% | 29.97% | 15.08% | 9.65% | 13.71% | 73.17% | 12.66% | 159.31% | - |
| Selling, General & Admin | 31.78M | 32.57M | 25.16M | 20.09M | 15.52M | 12.21M | 7.11M | 10.78M | 5.45M | 4.79M | 4.52M |
| SG&A % of Revenue | - | 8.23% | 9.35% | 9.85% | 10.22% | 8.12% | 6.32% | 18.23% | 12.66% | 11.69% | - |
| Research & Development | 0 | 0 | 3.4M | 4.22M | 2.98M | 771K | 0 | 0 | 331.2K | 0 | 0 |
| R&D % of Revenue | - | - | 1.27% | 2.07% | 1.96% | 0.51% | - | - | 0.77% | - | - |
| Other Operating Expenses | 1.09M | 0 | 220.18M | 36.83M | 4.41M | 1.52M | 8.32M | 32.5M | 30K | 0 | 0 |
| Operating Income | 314.44M | 234.62M | -17.98M | 40.93M | 64.11M | 68.74M | 34.66M | -31.09M | -4.21M | -28.68M | -4.52M |
| Operating Margin % | 64.39% | 59.32% | -6.69% | 20.06% | 42.21% | 45.7% | 30.79% | -52.56% | -9.78% | -69.97% | - |
| Operating Income Growth % | - | 1404.62% | -143.94% | -36.15% | -6.75% | 98.32% | 211.5% | -638.41% | 85.32% | -534.59% | - |
| EBITDA | 457.65M | 315.59M | 164.96M | 106.41M | 114.57M | 122.81M | 88.29M | 10.87M | 30.3M | 31.76M | 0 |
| EBITDA Margin % | 93.71% | 79.79% | 61.33% | 52.16% | 75.43% | 81.65% | 78.42% | 18.38% | 70.39% | 77.48% | - |
| EBITDA Growth % | 81.08% | 91.31% | 55.03% | -7.12% | -6.72% | 39.1% | 712.26% | -64.12% | -4.61% | - | - |
| D&A (Non-Cash Add-back) | 38.48M | 80.97M | 182.95M | 65.48M | 50.46M | 54.07M | 53.63M | 41.96M | 34.51M | 60.44M | 4.52M |
| EBIT | 448.96M | 278.36M | 22.1M | 43.71M | 63.19M | 58.39M | 72.55M | -28.81M | 4.95M | -28.68M | 0 |
| Net Interest Income | -2.18M | -3.52M | -5.07M | -4.12M | -1.41M | -5.67M | -9.86M | -8.38M | -2.35M | 0 | 0 |
| Interest Income | 0 | 771.27K | 545K | 3.2M | 1.9M | 750K | 530K | 354K | 578K | 0 | 0 |
| Interest Expense | 2.18M | 4.29M | 5.62M | 7.32M | 3.31M | 6.42M | 10.39M | 8.73M | 2.93M | 0 | 0 |
| Other Income/Expense | 132.33M | 39.45M | 5.21M | -4.54M | -4.23M | -16.78M | 27.5M | -6.46M | 6.23M | -68.43K | -2.2M |
| Pretax Income | 446.78M | 274.07M | -12.77M | 36.39M | 59.88M | 51.96M | 62.16M | -37.54M | 2.02M | -28.75M | -6.72M |
| Pretax Margin % | 91.48% | 69.3% | -4.75% | 17.84% | 39.42% | 34.54% | 55.21% | -63.47% | 4.68% | -70.13% | - |
| Income Tax | 35.24M | 29.87M | 10.31M | 107K | 4.79M | 6.44M | 6.59M | 3.85M | 3.41M | 216.09K | -138.19K |
| Effective Tax Rate % | 7.89% | 10.9% | -80.77% | 0.29% | 8% | 12.39% | 10.61% | -10.26% | 169.3% | -0.75% | 2.06% |
| Net Income | 411.54M | 244.21M | -23.08M | 36.28M | 55.09M | 45.53M | 55.56M | -13.75M | -32K | -28.96M | -6.58M |
| Net Margin % | 84.27% | 61.74% | -8.58% | 17.78% | 36.27% | 30.27% | 49.35% | -23.25% | -0.07% | -70.66% | - |
| Net Income Growth % | 139.01% | 1157.9% | -163.62% | -34.14% | 21% | -18.07% | 504.02% | -42878.13% | 99.89% | -340.29% | - |
| Net Income (Continuing) | 411.54M | 244.21M | -23.08M | 36.28M | 55.09M | 45.53M | 55.56M | -41.39M | -1.4M | -28.96M | -6.58M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 27.64M | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | 1.99 | 1.20 | -0.11 | 0.18 | 0.35 | 0.31 | 0.36 | -0.09 | -0.00 | -0.41 | -0.09 |
| EPS Growth % | 129.89% | 1190.91% | -161.11% | -48.57% | 12.9% | -13.89% | 505.86% | - | 99.95% | -340.22% | - |
| EPS (Basic) | - | 1.20 | -0.11 | 0.18 | 0.35 | 0.31 | 0.36 | -0.09 | -0.00 | -0.41 | -0.09 |
| Diluted Shares Outstanding | 206.92M | 204.07M | 201.3M | 199.52M | 155.95M | 148.03M | 155.13M | 155.13M | 155.13M | 71.57M | 71.57M |
| Basic Shares Outstanding | 206.3M | 203.62M | 201.3M | 199.33M | 155.95M | 148.03M | 155.13M | 155.13M | 155.13M | 71.57M | 71.57M |
| Dividend Payout Ratio | - | 19.1% | - | 113.86% | 55.2% | 32.59% | - | - | - | - | - |
Quick answers to the most common questions about buying TFPM stock.
For fiscal year 2025, Triple Flag Precious Metals Corp. (TFPM) reported total revenue of $395.5M.
Triple Flag Precious Metals Corp. (TFPM) is profitable, generating $244.2M in net income for the fiscal year ending 2025 with a net profit margin of 61.7%.
Triple Flag Precious Metals Corp. (TFPM) reported an operating income of $234.6M, resulting in an operating profit margin of 59.3%. This margin reflects the operational efficiency of the business before interest and taxes.
Triple Flag Precious Metals Corp. (TFPM) generated $267.2M in gross profit for the year, representing a gross profit margin of 67.6%. This demonstrates the company's core pricing power and production efficiency.
Key Metrics
Top Statement Risk
Non-Recurring Income Volatility
Robust Growth Driven by Commodity Tailwinds
Revenue growth has accelerated significantly, with the last two quarters showing 37.3% and 76.3% year-over-year growth, indicating a powerful tailwind from precious metal prices and production increases across its royalty portfolio.
The acceleration in revenue growth from the mid-teens in early 2024 to sustained high-double-digit rates in 2025-2026 appears to be driven by a combination of higher realized gold and silver prices and potentially increased production from underlying assets. This trajectory suggests the company's revenue is highly leveraged to commodity cycles, which explains the sharp inflection from the near-zero growth seen in 2024Q4. The growth durability is likely tied to the life-of-mine nature of its royalties, but investors should note the inherent price sensitivity.
Structural Margin Expansion and High Quality
Gross margins have expanded from a low of 49.8% in 2024Q3 to a consistent range above 68% in recent quarters, driven by a favorable commodity price mix and a shift in revenue composition toward higher-margin streaming assets.
The significant improvement in gross margin, from 57.8% in 2024Q1 to 68.3% in 2026Q2, suggests a structural shift in the revenue mix towards lower-cost streaming agreements or a more favorable pricing environment for the metals it receives. This margin profile is now competitive with the peer average, indicating the company is monetizing its portfolio effectively. The volatility in the gross margin line, particularly the dip to 49.8% in 2024Q3, warrants monitoring as it may indicate sensitivity to specific mine-level costs or non-recurring charges embedded in COGS.
Net Income Distorted by Non-Operating Items
While operating performance is strong, net income and EPS volatility are extreme, as seen in 2026Q2 where net margin was 121% versus an operating margin of 65.3%, indicating significant non-operating gains that obscure core earnings power.
The disparity between operating income and net income, particularly the 121% net margin in 2026Q2, points to substantial non-operating gains, likely from fair value adjustments on financial instruments or derivative settlements common in the streaming sector. This high volatility in reported EPS, which grew 171.4% year-over-year in the latest quarter, makes the metric less useful for predicting normalized earnings. Analysts should focus on operating income as a cleaner proxy for the recurring profitability of the royalty and streaming portfolio, as management expense discipline appears solid with minimal SG&A relative to revenue.
2025 Marks a Clear Operational Breakout
The most significant inflection occurred in 2025Q1, where revenue growth surged to 43% and operating margin expanded to 54.2%, signaling the successful scaling of the portfolio and benefit from a favorable commodity cycle.
This period represents a durable shift in the company's scale and profitability, moving from sub-$100M quarterly revenue to consistently above $120M, with operating margins stabilizing above 60%. The inflection appears driven by the full-year impact of asset acquisitions and higher metal prices, which have compounded to create a new earnings baseline. The lasting impact is evident in the sustained high operating cash flow generation, allowing the company to fund its streaming portfolio without dilutive capital raises, as evidenced by the lack of significant stock-based compensation post-2025Q1.
Valuation premium vs. Non-Recurring Earnings Risk
The reported EPS growth of 171.4% in 2026Q2 is heavily inflated by non-operating items, and the company trades at a premium P/E multiple relative to peers, which may not be justified if these volatile gains prove non-recurring.
A skeptical analysis would focus on the quality of the earnings beat. The EPS figure includes significant, non-cash gains that flow through net income but not operating income. If these are indeed mark-to-market gains, they are subject to reversal and do not represent distributable cash. Furthermore, while the operating margin is strong, it is slightly below the peer median, yet the company's reported P/E is likely higher due to the non-recurring earnings boost. This creates a risk of multiple compression if the market re-rates the stock on a normalized earnings basis, stripping out the volatile financial gains.