RGLD · Financials(mineral royalty traders) · 10 years of annual accounts filed with the SEC · latest fiscal year ended 2025-12-31
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Royal Gold Inc reported revenue of $1.0 billion in fiscal 2025, after growing 10.4% a year over the previous 9 years. Its operating margin widened from 33.3% in 2019 to 61.9%, and it earned 6.5% on its invested capital in the latest year. Of the $3.5 billion its operations generated over 10 years, 20.1% went to dividends and 11.7% to acquisitions; the share count rose 6.2%. On the accounting screens, it passes 3 of 3 Piotroski tests and its Altman Z'' of 4.27 is in the safe zone; none of the six cross-checks between its statements fires.
Revenue, fiscal 20251.0B+10.4% a year over 9 years
Operating margin61.9%gross margin —
Return on invested capital6.5%8.3% on average over 4 years
Free cash flow—
Net debt ÷ EBITDA0.8×net debt 661.7M
Piotroski F-score3/3tests of improvement passed
Is it growing?
Revenue and the operating income it turns into. Growth that does not reach operating income is growth bought with margin.
RevenueOperating income
0500.0M1.0B1.5B
2019Revenue 423.1MOperating income 140.7M
2020Revenue 498.8MOperating income 198.9M
2020
2021Revenue 615.9MOperating income 337.6M
2021Revenue 653.6MOperating income 328.4M
2022Revenue 603.2MOperating income 283.7M
2023Revenue 605.7MOperating income 303.2M
2024Revenue 719.4MOperating income 429.9M
2025
2025Revenue 1.0BOperating income 638.2M
2019202020202021202120222023202420252025
Compound growth a year
3 yrs
5 yrs
9 yrs
Revenue
+19.4%
+9.5%
+10.4%
Operating income
+28.2%
+14.2%
+18.3%
Net income
+24.9%
+11.2%
+19.5%
Earnings per share
+22.5%
+9.9%
+18.7%
Dividend per share
+4.4%
+7.3%
+5.8%
Shares
+1.9%
+1.2%
+0.7%
Falling shares are buybacks: each remaining share owns more of the company.
Does it earn more than its capital costs?
Margins say how much of each sale is kept; return on invested capital says how much the business earns on the money it needs to operate. Growth only creates value when that return is above the cost of the capital.
GrossOperatingNetFree cash flow
0.0%20.0%40.0%60.0%80.0%
2019Operating 33.3%Net 22.2%
2020Operating 39.9%Net 40.0%
2020
2021Operating 54.8%Net 49.1%
2021Operating 50.2%Net 41.9%
2022Operating 47.0%Net 39.6%
2023Operating 50.1%Net 39.5%
2024Operating 59.8%Net 46.2%
2025
2025Operating 61.9%Net 45.2%
2019202020202021202120222023202420252025
Return on invested capital
Return on invested capital
0.0%5.0%10.0%15.0%
2019Return on invested capital 5.0%
2020Return on invested capital 7.6%
2020
2021
2021
2022Return on invested capital 7.5%
2023Return on invested capital 8.2%
2024Return on invested capital 10.8%
2025
2025Return on invested capital 6.5%
2019202020202021202120222023202420252025
Economic profit
Needs a cost of capital, which comes from the valuation below.
Return on equity
6.5%
Return on assets
4.9%
Asset turnover
0.11×
Overheads (SG&A)
4.8% of revenue
Is the profit cash, and where does the cash go?
Net income is an accounting opinion; free cash flow is what was left in the bank after investing. Stock-based pay does not leave the bank — shareholders pay it through dilution — so it is shown taken off as well.
Net incomeFree cash flowAfter stock-based pay
0200.0M400.0M600.0M
2019Net income 93.8M
2020Net income 199.3M
2020
2021Net income 302.5M
2021Net income 274.0M
2022Net income 239.0M
2023Net income 239.4M
2024Net income 332.0M
2025
2025Net income 466.3M
2019202020202021202120222023202420252025
Where 10 years of operating cash went, 2019–2025
3.5B generated by the business. Each band is its share of that total.
Reinvested in the business 0%0
Acquisitions 12%411.3M
Dividends 20%708.0M
Share buybacks 0%0
Kept, or used to pay down debt 68%2.4B
Over the same years it paid 69.3M in stock. The share count rose 6.2%.
Per share
Earnings per shareFree cash flow per shareDividend per share
$0.00$2.00$4.00$6.00$8.00
2019Earnings per share $1.43Dividend per share $1.03
2020Earnings per share $3.04Dividend per share $1.09
2020
2021Earnings per share $4.61Dividend per share $1.16
2021Earnings per share $4.18Dividend per share $1.20
2022Earnings per share $3.64Dividend per share $1.40
2023Earnings per share $3.64Dividend per share $1.50
2024Earnings per share $5.05Dividend per share $1.60
2025
2025Earnings per share $6.70Dividend per share $1.70
2019202020202021202120222023202420252025
Shares outstanding
Diluted shares
65.0M70.0M75.0M80.0M85.0M
2019Diluted shares 65.5M
2020Diluted shares 65.6M
2020
2021Diluted shares 65.6M
2021Diluted shares 65.6M
2022Diluted shares 65.7M
2023Diluted shares 65.7M
2024Diluted shares 65.8M
2025Diluted shares 84.5M
2025Diluted shares 69.6M
2019202020202021202120222023202420252025
How strong is the balance sheet?
Debt is not bad in itself; debt the business cannot service in a bad year is. Net debt is debt minus cash, and below zero the company holds more cash than it owes.
Net debt
-250.0M0250.0M500.0M750.0M
2019Net debt 95.1M
2020Net debt -18.7M
2020
2021
2021
2022Net debt 453.0M
2023Net debt 141.8M
2024Net debt -195.5M
2025
2025Net debt 661.7M
2019202020202021202120222023202420252025
Net debt ÷ EBITDA
0.8×
Interest coverage
— operating income ÷ interest
Current ratio
3.12 current assets ÷ current liabilities
Cash conversion cycle
—
Three classic screens of the accounts
Each asks a different question of the same statements — is it improving, does it look like a company heading for distress, do the accounts resemble ones that were manipulated. None is a verdict; each shows what moves it.
Piotroski F-score
Is the business improving? Nine yes-or-no tests, this year against last.
3of 3 tests passed
–ProfitableReturn on assets above zero — not reportedno data
✓Cash from operationsOperating cash flow above zeropassed
–Profitability improvedReturn on assets higher than a year before — not reportedno data
✓Profit backed by cashOperating cash flow above net income (low accruals)passed
–Less long-term debtLong-term debt as a share of assets fell — not reportedno data
–More liquidCurrent ratio higher than a year before — not reportedno data
✓No new sharesShare count did not growpassed
–Better gross marginGross margin higher than a year before — not reportedno data
–Sells more per assetAsset turnover higher than a year before — not reportedno data
Where it misleads: it measures change, not level. An excellent business that stood still for a year scores low; a poor one recovering from a disaster scores high.
Altman Z''-score
Does the balance sheet look like those of companies that went bankrupt?
4.27safe zone
1.12.6
Working capital ÷ assets 0.03 × 6.56+0.18
Retained earnings ÷ assets 0.13 × 3.26+0.42
Operating income ÷ assets 0.07 × 6.72+0.45
Equity ÷ liabilities 3.07 × 1.05+3.22
Where it misleads: buybacks. A company that returns so much cash that its equity turns small or negative sinks the last two ratios without being anywhere near bankruptcy. Banks and insurers do not fit the model at all.
Beneish M-score
Do the accounts resemble those of companies that manipulated their earnings?
The accounts lack too many of the lines it needs.
Where the statements disagree
Cross-checks between the income statement, the balance sheet and the cash flow for the latest year, each with the benign reading and the worrying one.
None of the six cross-checks fires for the latest year: receivables and inventory move with revenue, profit turns into cash, investment keeps up with depreciation, the tax rate is ordinary and debt is moderate.
What is it worth, under which assumptions?
A company is worth the cash it will generate, brought back to today. This model projects revenue with growth that fades over the years, applies a free cash flow margin, and discounts the result at the cost of capital. Every assumption says where it came from, and all of them can be changed.
The SEC accounts lack the lines needed for revenue, free cash flow or the share count, so there is no DCF for this company.
What it has filed lately
The last twelve months at the SEC, most important first: annual and quarterly reports, events, large holders and insiders.
Every Form 4 filed in the last twelve months, read line by line: 6 filings by 3 people. Open-market purchases and sales are counted apart from awards, option exercises and shares withheld for taxes.
Bought on the open market—none in the period
Sold on the open market$2.4M8 sale(s) by 2 insider(s)
Under pre-arranged plans62%of the sales followed a 10b5-1 plan set months earlier
A Form 4 says what happened, when, how many shares and at what price. It does not say why: a sale can be diversification, a tax bill or a plan fixed months earlier, and an award is pay, not a purchase. Nothing here is a reason to buy or sell anything.
Which large funds report holding it
From the Form 13F of the 28 institutions followed on this site, as of the end of their last reported quarter. A 13F is filed up to 45 days later and shows only long positions in US-listed shares.
Accounts from the company's own SEC filings; lines some companies do not report are shown as a dash rather than estimated. The risk-free rate is the 10-year US Treasury yield. A DCF is a way of making assumptions explicit, not a forecast: it states what the company would be worth if the assumptions held. The scores are screens that point where to look, not verdicts. Nothing here is a recommendation to buy or sell.
