Royal Gold (RGLD) Financials

$240.84 -4.15 (-1.69%)

As of 11:04 AM Eastern

Annual Income Statements for Royal Gold

This table shows Royal Gold's income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	6/30/2015	6/30/2016	6/30/2017	6/30/2018	6/30/2019	6/30/2020	6/30/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Net Income / (Loss) Attributable to Common Shareholders	52	-77	102	-113	94	199	303	239	239	332	466
Consolidated Net Income / (Loss)	53	-82	92	-119	89	196	303	240	240	332	472
Net Income / (Loss) Continuing Operations	53	-82	92	-119	89	196	303	240	240	332	472
Total Pre-Tax Income	62	-22	119	-105	107	193	340	273	282	426	574
Total Operating Income	87	4.82	146	-75	141	199	338	284	303	430	638
Total Gross Profit	245	289	354	375	346	415	523	509	515	622	900
Total Revenue	278	360	441	459	423	499	616	603	606	719	1,030
Operating Revenue	278	360	441	459	423	499	616	603	606	719	1,030
Total Cost of Revenue	33	71	87	84	78	84	93	95	91	98	131
Operating Cost of Revenue	33	71	87	84	78	84	93	95	91	98	131
Total Operating Expenses	157	284	208	450	205	216	219	225	212	192	261
Selling, General & Admin Expense	25	32	33	35	30	30	28	35	40	41	49
Depreciation Expense	93	141	160	164	163	175	184	179	165	144	177
Other Operating Expenses / (Income)	5.45	3.98	1.76	2.27	4.11	3.82	6.74	7.02	7.29	6.62	8.61
Restructuring Charge	-	-	-	-	-	-	-	-	0.00	0.00	27
Total Other Income / (Expense), net	-25	-27	-27	-30	-34	-6.35	36	-11	-21	-3.81	-64
Interest Expense	26	33	36	34	30	9.81	6.42	17	31	9.75	29
Interest & Investment Income	0.88	3.71	9.30	4.17	-4.48	3.46	42	6.33	9.81	6.01	15
Other Income / (Expense), net	-0.18	2.34	0.00	0.00	-	-	-	-	0.00	-0.07	-50
Income Tax Expense	9.57	61	26	15	17	-3.65	37	33	42	94	102
Net Income / (Loss) Attributable to Noncontrolling Interest	0.71	-5.29	-9.11	-6.22	-4.75	-3.09	0.24	0.96	0.69	0.46	5.30
Basic Earnings per Share	$0.80	($1.18)	$1.55	($1.73)	$1.43	$3.04	$4.61	$3.64	$3.64	$5.04	$6.70
Weighted Average Basic Shares Outstanding	65.01M	65.07M	65.15M	65.29M	65.39M	65.52M	65.55M	65.58M	65.61M	65.66M	69.42M
Diluted Earnings per Share	$0.80	($1.18)	$1.55	($1.73)	$1.43	$3.03	$4.60	$3.63	$3.63	$5.04	$6.69
Weighted Average Diluted Shares Outstanding	65.13M	65.07M	65.28M	65.29M	65.51M	65.64M	65.63M	65.66M	65.74M	65.78M	69.56M
Weighted Average Basic & Diluted Shares Outstanding	65M	65.40M	65.50M	65.40M	65.60M	65.59M	65.61M	65.64M	65.69M	65.76M	84.81M
Cash Dividends to Common per Share	$0.87	$0.91	$0.95	$0.99	$1.05	$1.11	$1.18	$1.43	$1.53	$1.65	$1.83

This table shows Royal Gold's income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Period end date	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026
Net Income / (Loss) Attributable to Common Shareholders	49	63	47	81	96	107	113	132	127	94	281
Consolidated Net Income / (Loss)	49	63	47	81	96	108	114	132	132	94	282
Net Income / (Loss) Continuing Operations	49	63	47	81	96	108	114	132	132	94	282
Total Pre-Tax Income	60	76	74	100	118	134	124	143	161	146	307
Total Operating Income	66	80	76	102	119	133	123	142	162	211	297
Total Gross Profit	117	132	127	150	167	178	169	185	221	324	409
Total Revenue	139	153	149	174	194	203	193	210	252	375	469
Operating Revenue	139	153	149	174	194	203	193	210	252	375	469
Total Cost of Revenue	21	21	22	24	27	24	25	24	31	51	60
Operating Cost of Revenue	21	21	22	24	27	24	25	24	31	51	60
Total Operating Expenses	52	52	52	48	48	45	46	44	58	114	112
Selling, General & Admin Expense	9.93	9.74	11	11	10	8.91	11	10	10	18	18
Depreciation Expense	40	40	39	36	36	34	33	31	33	80	91
Other Operating Expenses / (Income)	1.67	2.36	1.45	1.58	1.52	2.07	1.76	2.20	2.42	2.23	3.29
Total Other Income / (Expense), net	-5.31	-3.37	-1.18	-1.77	-1.01	0.15	0.86	1.17	-1.84	-64	10
Interest Expense	7.29	6.00	4.61	2.52	1.21	1.42	1.16	1.54	8.62	18	13
Interest & Investment Income	1.97	2.63	3.42	0.74	0.20	1.57	2.01	2.72	6.78	3.23	9.14
Other Income / (Expense), net	-	-	-	-	-	-	0.00	-	-	-	14
Income Tax Expense	11	13	27	19	22	26	10	11	29	53	25
Net Income / (Loss) Attributable to Noncontrolling Interest	0.16	0.18	0.14	0.11	0.09	0.11	0.08	0.13	4.98	0.11	0.58
Basic Earnings per Share	$0.75	$0.95	$0.72	$1.23	$1.46	$1.63	$1.72	$2.01	$1.92	$1.05	$3.31
Weighted Average Basic Shares Outstanding	65.62M	65.61M	65.64M	65.65M	65.67M	65.66M	65.71M	65.75M	65.76M	69.42M	84.72M
Diluted Earnings per Share	$0.75	$0.94	$0.72	$1.23	$1.46	$1.63	$1.72	$2.01	$1.92	$1.04	$3.30
Weighted Average Diluted Shares Outstanding	65.76M	65.74M	65.74M	65.77M	65.80M	65.78M	65.79M	65.82M	65.83M	69.56M	85.02M
Weighted Average Basic & Diluted Shares Outstanding	65.69M	65.69M	65.73M	65.74M	65.76M	65.76M	65.82M	65.83M	84.40M	84.81M	84.87M
Cash Dividends to Common per Share	$0.38	$0.40	$0.40	$0.40	$0.40	$0.45	$0.45	$0.45	$0.45	$0.48	$0.48

This table details how cash moves in and out of Royal Gold's business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	6/30/2015	6/30/2016	6/30/2017	6/30/2018	6/30/2019	6/30/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Net Change in Cash & Equivalents	83	-626	-31	2.90	31	200	-238	-25	-14	91	38
Net Cash From Operating Activities	192	169	267	329	253	341	462	417	416	530	705
Net Cash From Continuing Operating Activities	192	169	267	329	253	341	462	417	416	530	705
Net Income / (Loss) Continuing Operations	53	-82	92	-119	89	196	275	240	240	332	472
Consolidated Net Income / (Loss)	53	-82	92	-119	89	196	275	240	240	332	472
Depreciation Expense	93	141	160	164	163	175	189	179	165	144	177
Non-Cash Adjustments To Reconcile Net Income	37	106	5.11	247	13	10	5.21	15	11	13	56
Changes in Operating Assets and Liabilities, net	-2.78	-8.24	-4.14	22	-28	-41	-7.29	-17	0.10	40	-0.01
Net Cash From Investing Activities	-51	-1,010	-200	-11	-5.60	-153	-417	-923	-2.83	-78	-1,419
Net Cash From Continuing Investing Activities	-51	-1,010	-200	-11	-5.60	-153	-417	-923	-2.83	-78	-1,419
Purchase of Property, Plant & Equipment	-	-	-	-	-	-	-	-922	-2.68	-103	-1,165
Acquisitions	-60	-1,346	-204	-12	-1.06	-156	-400	-	0.00	0.00	-421
Sale and/or Maturity of Investments	-	12	0.00	20	0.00	0.00	8.65	-	0.00	0.00	159
Other Investing Activities, net	9.23	325	3.61	-0.91	-4.54	3.13	-25	-0.72	-0.15	25	7.98
Net Cash From Financing Activities	-58	214	-98	-315	-217	12	-283	481	-427	-360	752
Net Cash From Continuing Financing Activities	-58	214	-98	-315	-217	12	-283	481	-427	-360	752
Repayment of Debt	-2.67	-77	-101	-250	-370	-113	-303	-126	-327	-251	-378
Repurchase of Common Equity	-	-0.35	-2.43	-4.04	-1.60	-	-	-	0.00	0.00	-29
Payment of Dividends	-56	-59	-61	-64	-67	-71	-79	-92	-99	-105	-127
Issuance of Debt	-	350	70	2.83	222	200	100	700	0.00	0.00	1,275
Issuance of Common Equity	0.78	-	0.00	0.00	-	-4.18	-0.97	-1.45	-1.38	-4.62	-5.03
Other Financing Activities, net	0.36	-	-2.52	-	-	-	-	-	0.00	0.00	15

This table details how cash moves in and out of Royal Gold's business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Period end date	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026
Net Change in Cash & Equivalents	-3.26	1.27	34	-64	54	68	45	7.42	-75	61	0.42
Net Cash From Operating Activities	98	101	138	114	137	141	136	153	174	242	294
Net Cash From Continuing Operating Activities	98	101	138	114	137	141	136	153	174	242	294
Net Income / (Loss) Continuing Operations	49	63	47	81	96	108	114	132	132	94	282
Consolidated Net Income / (Loss)	49	63	47	81	96	108	114	132	132	94	282
Depreciation Expense	40	40	39	36	36	34	33	31	33	80	91
Non-Cash Adjustments To Reconcile Net Income	3.37	2.52	2.76	3.67	3.64	2.83	3.46	2.93	-1.67	51	-15
Changes in Operating Assets and Liabilities, net	5.15	-4.48	49	-7.22	0.51	-3.04	-14	-14	11	16	-64
Net Cash From Investing Activities	-0.01	-0.00	24	-51	-3.43	-47	-58	-113	-986	-262	34
Net Cash From Continuing Investing Activities	-0.01	-0.00	24	-51	-3.43	-47	-58	-113	-994	-254	34
Purchase of Property, Plant & Equipment	-0.01	-	-1.10	-51	-3.43	-47	-58	-113	-994	-0.27	0.00
Acquisitions	-	-	-	-	-	-	0.00	-	-	-	-15
Sale and/or Maturity of Investments	-	-	-	-	-	-	0.00	-	-	-	49
Other Investing Activities, net	0.00	-0.00	25	0.22	-0.01	-0.03	-0.05	-0.02	-0.09	8.14	-0.17
Net Cash From Financing Activities	-101	-100	-128	-126	-80	-27	-33	-33	737	81	-327
Net Cash From Continuing Financing Activities	-101	-100	-128	-126	-80	-27	-33	-33	737	81	-327
Repayment of Debt	-75	-77	-100	-100	-50	-0.64	0.00	-	-50	-328	-300
Payment of Dividends	-25	-25	-26	-26	-26	-26	-30	-30	-37	-30	-42
Issuance of Common Equity	-	-	-	-	-	-	-3.01	-	-	-	-5.58
Other Financing Activities, net	-	-	-	-	-	-	0.00	-	-	-	20

This table presents Royal Gold's assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	6/30/2015	6/30/2016	6/30/2017	6/30/2018	6/30/2019	6/30/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Total Assets	2,917	3,070	3,094	2,682	2,544	2,766	2,757	3,535	3,361	3,392	9,538
Total Current Assets	797	168	144	126	155	362	216	186	167	275	377
Cash & Equivalents	743	117	86	89	119	319	144	119	104	195	234
Inventories, net	2.29	9.49	7.88	9.31	11	12	12	13	9.79	13	26
Prepaid Expenses	1.51	0.61	0.82	1.35	0.39	1.23	1.84	2.12	1.91	2.22	4.89
Current Deferred & Refundable Income Taxes	6.42	23	22	0.04	2.70	2.44	4.92	3.07	2.68	1.14	2.11
Other Current Assets	38	18	27	26	21	28	54	49	49	63	111
Plant, Property, & Equipment, net	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Noncurrent Assets	2,120	2,902	2,950	2,556	2,389	2,404	2,541	3,349	3,194	3,117	9,160
Long-Term Investments	-	-	-	-	-	-	-	-	-	0.01	474
Other Noncurrent Operating Assets	2,120	2,902	2,950	2,556	2,389	2,404	2,541	3,349	3,194	3,117	8,686
Total Liabilities & Shareholders' Equity	2,917	3,070	3,094	2,682	2,544	2,766	2,757	3,535	3,361	3,392	9,538
Total Liabilities	501	784	774	541	374	464	156	781	460	261	2,332
Total Current Liabilities	25	26	34	51	34	44	61	64	72	85	121
Accounts Payable	4.91	4.11	3.91	9.09	2.89	2.48	6.48	6.69	11	11	10
Dividends Payable	14	15	16	16	17	18	23	25	26	30	40
Current Deferred & Payable Income Tax Liabilities	-	3.18	9.08	22	6.97	13	19	16	16	23	33
Other Current Liabilities	5.72	3.55	5.62	4.41	6.37	9.38	13	16	19	22	37
Total Noncurrent Liabilities	476	758	740	489	340	421	94	717	388	176	2,211
Long-Term Debt	314	601	586	351	215	300	0.00	572	246	0.00	895
Noncurrent Deferred Revenue	-	-	-	-	-	-	-	-	0.00	25	69
Noncurrent Deferred & Payable Income Tax Liabilities	162	151	147	125	126	112	88	138	134	132	1,191
Other Noncurrent Operating Liabilities	0.69	6.44	6.39	14	0.00	8.31	6.69	7.74	7.73	18	56
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	2,416	2,286	2,320	2,141	2,170	2,302	2,601	2,753	2,901	3,131	7,205
Total Preferred & Common Equity	2,353	2,229	2,275	2,102	2,137	2,272	2,589	2,741	2,888	3,119	7,157
Preferred Stock	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Common Equity	2,353	2,229	2,275	2,102	2,137	2,272	2,589	2,741	2,888	3,119	7,157
Common Stock	2,171	2,180	2,186	2,193	2,202	2,211	2,207	2,214	2,222	2,229	5,929
Retained Earnings	185	49	88	-90	-66	61	382	527	667	890	1,227
Accumulated Other Comprehensive Income / (Loss)	-3.29	-	0.88	-1.20	-	-	-	-	-	0.00	0.99
Noncontrolling Interest	63	57	45	39	34	30	12	12	12	12	48

This table presents Royal Gold's assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric	Q3 2022	Q1 2023	Q2 2023	Q3 2023	Q1 2024	Q2 2024	Q3 2024	Q1 2025	Q2 2025	Q3 2025	Q1 2026
Period end date	9/30/2022	3/31/2023	6/30/2023	9/30/2023	3/31/2024	6/30/2024	9/30/2024	3/31/2025	6/30/2025	9/30/2025	3/31/2026
Total Assets	3,377	3,491	3,440	3,397	3,313	3,269	3,302	3,458	3,572	4,465	9,490
Total Current Assets	182	189	165	164	193	133	202	316	342	287	412
Cash & Equivalents	122	127	106	103	138	74	128	241	248	173	234
Inventories, net	14	12	11	9.85	11	11	12	15	13	21	31
Prepaid Expenses	2.32	2.09	2.38	2.04	1.82	2.39	2.30	2.08	1.93	3.01	4.36
Current Deferred & Refundable Income Taxes	15	1.72	9.60	14	3.11	5.64	10	1.37	14	21	0.11
Other Current Assets	28	47	36	35	39	40	50	58	65	70	143
Plant, Property, & Equipment, net	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Noncurrent Assets	3,195	3,302	3,274	3,233	3,120	3,136	3,100	3,142	3,230	4,178	9,077
Long-Term Investments	-	-	-	-	-	-	-	-	-	-	411
Other Noncurrent Operating Assets	3,195	3,302	3,274	3,233	3,120	3,136	3,100	3,142	3,230	4,178	8,666
Total Liabilities & Shareholders' Equity	3,377	3,491	3,440	3,397	3,313	3,269	3,302	3,458	3,572	4,465	9,490
Total Liabilities	657	696	604	535	390	288	251	243	253	1,049	2,027
Total Current Liabilities	64	55	63	71	77	122	86	67	76	100	117
Accounts Payable	7.33	7.85	8.55	8.63	12	13	13	2.46	5.51	6.05	7.27
Dividends Payable	23	25	25	25	26	26	26	30	30	30	40
Current Deferred & Payable Income Tax Liabilities	22	8.23	16	22	22	18	30	15	24	41	32
Other Current Liabilities	12	14	14	15	17	15	16	19	17	23	37
Total Noncurrent Liabilities	592	641	541	465	313	165	164	176	177	949	1,910
Long-Term Debt	446	497	396	321	146	0.00	0.00	-	-	770	596
Noncurrent Deferred Revenue	-	-	-	-	25	25	25	25	25	25	69
Noncurrent Deferred & Payable Income Tax Liabilities	140	137	136	136	134	133	133	132	132	131	1,188
Other Noncurrent Operating Liabilities	5.85	7.50	9.08	8.16	7.68	7.09	6.52	20	21	23	58
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	2,720	2,795	2,836	2,862	2,923	2,981	3,051	3,215	3,319	3,417	7,462
Total Preferred & Common Equity	2,708	2,783	2,824	2,849	2,911	2,969	3,039	3,203	3,307	3,406	7,415
Preferred Stock	-	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Common Equity	2,708	2,783	2,824	2,849	2,911	2,969	3,039	3,203	3,307	3,406	7,415
Common Stock	2,212	2,216	2,218	2,219	2,224	2,227	2,226	2,229	2,230	2,233	5,947
Retained Earnings	496	567	605	630	687	742	812	974	1,077	1,174	1,468
Accumulated Other Comprehensive Income / (Loss)	-	-	-	-	-	-	-	-	-	-	0.00
Noncontrolling Interest	12	12	12	12	12	12	12	12	12	10	47

This table displays calculated financial ratios and metrics derived from Royal Gold's official financial filings.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	6/30/2015	6/30/2016	6/30/2017	6/30/2018	6/30/2019	6/30/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	17.23%	29.41%	22.52%	4.14%	-7.84%	17.91%	31.02%	-7.71%	0.42%	18.77%	43.24%
EBITDA Growth	-6.89%	-16.29%	98.08%	-67.37%	206.17%	17.34%	38.20%	-10.58%	1.19%	22.68%	33.26%
EBIT Growth	-16.47%	-91.78%	1,939.44%	-151.07%	288.78%	41.39%	65.06%	-13.61%	6.87%	41.79%	36.83%
NOPAT Growth	-11.28%	-95.43%	3,266.10%	-145.98%	325.41%	72.37%	35.72%	-9.32%	3.44%	29.99%	56.33%
Net Income Growth	-17.01%	-256.49%	212.11%	-229.13%	174.64%	120.31%	40.10%	-12.73%	0.08%	38.46%	41.84%
EPS Growth	-16.67%	-247.50%	231.36%	-211.61%	182.66%	111.89%	37.62%	-12.95%	0.00%	38.84%	32.74%
Operating Cash Flow Growth	24.74%	-11.86%	57.61%	23.22%	-23.01%	34.60%	35.54%	-9.64%	-0.37%	27.35%	33.11%
Free Cash Flow Firm Growth	62.20%	-829.89%	107.90%	485.88%	-30.08%	-27.80%	-47.62%	-620.25%	183.92%	4.39%	-998.62%
Invested Capital Growth	-1.67%	39.60%	1.84%	-14.68%	-5.66%	0.83%	7.77%	30.25%	-5.02%	-3.37%	150.68%
Revenue Q/Q Growth	1.25%	6.06%	3.48%	1.62%	-0.13%	0.86%	7.26%	-0.21%	-1.67%	7.45%	20.14%
EBITDA Q/Q Growth	-1.15%	7.53%	3.53%	4.32%	1.29%	1.88%	2.15%	6.25%	-0.61%	9.00%	10.66%
EBIT Q/Q Growth	-4.46%	85.01%	4.36%	2.14%	3.29%	1.97%	2.25%	8.26%	2.10%	14.29%	4.89%
NOPAT Q/Q Growth	-7.86%	24.51%	1.72%	2.14%	2.17%	5.38%	-8.98%	21.20%	2.22%	14.24%	8.11%
Net Income Q/Q Growth	-3.59%	3.63%	-1.33%	5.67%	1.67%	13.41%	-10.50%	20.18%	2.68%	15.48%	-2.84%
EPS Q/Q Growth	-3.61%	7.09%	-1.27%	5.98%	-0.69%	12.64%	-10.90%	20.60%	2.54%	15.86%	-8.10%
Operating Cash Flow Q/Q Growth	2.67%	2.89%	6.91%	3.49%	-1.84%	6.00%	6.29%	9.68%	0.01%	8.16%	16.66%
Free Cash Flow Firm Q/Q Growth	27.33%	-1.99%	97.46%	-0.77%	1.82%	-17.09%	-73.38%	19.89%	95.36%	-2.16%	-547.47%
Invested Capital Q/Q Growth	-1.53%	-0.53%	-1.52%	-1.62%	-1.80%	0.28%	10.95%	5.35%	-1.15%	0.54%	83.84%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	87.97%	80.27%	80.20%	81.74%	81.67%	83.18%	84.93%	84.31%	85.06%	86.45%	87.29%
EBITDA Margin	69.29%	44.82%	72.46%	22.70%	75.42%	75.05%	79.16%	76.70%	77.29%	79.83%	74.26%
Operating Margin	31.38%	1.34%	33.11%	-16.24%	33.26%	39.88%	50.25%	47.03%	50.06%	59.76%	61.93%
EBIT Margin	31.31%	1.99%	33.11%	-16.24%	33.26%	39.88%	50.25%	47.03%	50.06%	59.76%	57.08%
Profit (Net Income) Margin	18.95%	-22.91%	20.97%	-26.00%	21.06%	39.34%	42.07%	39.78%	39.64%	46.22%	45.76%
Tax Burden Percent	84.63%	378.89%	77.76%	114.13%	83.58%	101.90%	83.78%	87.93%	85.11%	78.03%	82.18%
Interest Burden Percent	71.50%	-304.05%	81.45%	140.31%	75.74%	96.81%	99.93%	96.18%	93.05%	99.11%	97.57%
Effective Tax Rate	15.37%	0.00%	22.24%	0.00%	16.42%	-1.90%	16.22%	12.07%	14.89%	21.97%	17.82%
Return on Invested Capital (ROIC)	3.67%	0.14%	4.04%	-1.99%	5.00%	8.84%	11.51%	8.74%	8.19%	11.12%	10.09%
ROIC Less NNEP Spread (ROIC-NNEP)	9.20%	-219.45%	-0.11%	-18.89%	-9.59%	-2.70%	11.82%	3.40%	2.64%	-258.32%	-159.61%
Return on Net Nonoperating Assets (RNNOA)	-1.47%	-3.65%	-0.02%	-3.37%	-0.87%	-0.07%	-0.29%	0.23%	0.30%	-0.09%	-0.96%
Return on Equity (ROE)	2.20%	-3.51%	4.01%	-5.35%	4.13%	8.78%	11.21%	8.96%	8.49%	11.02%	9.12%
Cash Return on Invested Capital (CROIC)	5.36%	-32.91%	2.21%	13.86%	10.83%	8.02%	4.03%	-17.54%	13.35%	14.55%	-75.85%
Operating Return on Assets (OROA)	3.00%	0.24%	4.74%	-2.58%	5.38%	7.49%	11.89%	9.02%	8.79%	12.73%	9.10%
Return on Assets (ROA)	1.81%	-2.75%	3.00%	-4.13%	3.41%	7.39%	9.96%	7.63%	6.96%	9.85%	7.29%
Return on Common Equity (ROCE)	2.16%	-3.42%	3.92%	-5.25%	4.06%	8.65%	11.12%	8.92%	8.46%	10.98%	9.07%
Return on Equity Simple (ROE_SIMPLE)	2.24%	-3.70%	4.06%	-5.68%	4.17%	8.64%	10.62%	8.75%	8.31%	10.66%	0.00%
Net Operating Profit after Tax (NOPAT)	74	3.37	113	-52	118	203	275	249	258	335	524
NOPAT Margin	26.56%	0.94%	25.74%	-11.37%	27.80%	40.64%	42.10%	41.36%	42.60%	46.63%	50.89%
Net Nonoperating Expense Percent (NNEP)	-5.53%	219.60%	4.15%	16.91%	14.59%	11.54%	-0.31%	5.34%	5.55%	269.44%	169.69%
Return On Investment Capital (ROIC_SIMPLE)	-	-	-	-	-	-	10.58%	7.50%	8.20%	10.71%	6.47%
Cost of Revenue to Revenue	12.03%	19.73%	19.80%	18.26%	18.33%	16.82%	15.07%	15.69%	14.94%	13.56%	12.71%
SG&A Expenses to Revenue	8.95%	8.82%	7.57%	7.73%	7.21%	6.05%	4.48%	5.74%	6.56%	5.69%	4.77%
R&D to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Expenses to Revenue	56.59%	78.93%	47.10%	97.97%	48.41%	43.30%	34.69%	37.28%	35.00%	26.69%	25.36%
Earnings before Interest and Taxes (EBIT)	87	7.16	146	-75	141	199	328	284	303	430	588
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	193	161	319	104	319	374	517	463	468	574	765
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	1.52	1.92	2.06	2.69	2.96	3.41	2.56	2.62	2.71	2.77	2.62
Price to Tangible Book Value (P/TBV)	1.52	1.92	2.06	2.69	2.96	3.41	2.56	2.62	2.71	2.77	2.62
Price to Revenue (P/Rev)	12.89	11.88	10.64	12.30	14.93	15.53	10.14	11.92	12.91	12.01	18.17
Price to Earnings (P/E)	68.96	0.00	46.21	0.00	67.32	38.86	24.18	30.08	32.66	26.03	40.15
Dividend Yield	1.58%	1.39%	1.31%	1.14%	1.07%	0.92%	1.19%	1.28%	1.26%	1.22%	0.81%
Earnings Yield	1.45%	0.00%	2.16%	0.00%	1.49%	2.57%	4.14%	3.32%	3.06%	3.84%	2.49%
Enterprise Value to Invested Capital (EV/IC)	1.61	1.73	1.85	2.46	2.82	3.37	2.62	2.37	2.60	2.85	2.55
Enterprise Value to Revenue (EV/Rev)	11.55	13.39	11.88	12.96	15.24	15.55	9.94	12.69	13.17	11.76	18.40
Enterprise Value to EBITDA (EV/EBITDA)	16.67	29.87	16.40	57.10	20.20	20.72	12.55	16.55	17.03	14.73	24.77
Enterprise Value to EBIT (EV/EBIT)	36.89	672.98	35.88	0.00	45.81	38.99	19.78	26.98	26.30	19.67	32.23
Enterprise Value to NOPAT (EV/NOPAT)	43.49	1,428.52	46.15	0.00	54.81	38.27	23.60	30.68	30.90	25.21	36.15
Enterprise Value to Operating Cash Flow (EV/OCF)	16.72	28.44	19.63	18.09	25.46	22.77	14.06	18.34	19.18	15.97	26.90
Enterprise Value to Free Cash Flow (EV/FCFF)	29.80	0.00	84.25	16.34	25.31	42.20	67.44	0.00	18.97	19.27	0.00
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	0.13	0.26	0.25	0.16	0.10	0.13	0.00	0.21	0.08	0.00	0.12
Long-Term Debt to Equity	0.13	0.26	0.25	0.16	0.10	0.13	0.00	0.21	0.08	0.00	0.12
Financial Leverage	-0.16	0.02	0.22	0.18	0.09	0.03	-0.02	0.07	0.11	0.00	0.01
Leverage Ratio	1.21	1.27	1.34	1.29	1.21	1.19	1.13	1.18	1.22	1.12	1.25
Compound Leverage Factor	0.87	-3.87	1.09	1.82	0.92	1.15	1.13	1.13	1.13	1.11	1.22
Debt to Total Capital	11.50%	20.81%	20.17%	14.08%	9.00%	11.54%	0.00%	17.19%	7.82%	0.00%	11.05%
Short-Term Debt to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Long-Term Debt to Total Capital	11.50%	20.81%	20.17%	14.08%	9.00%	11.54%	0.00%	17.19%	7.82%	0.00%	11.05%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	2.30%	1.97%	1.54%	1.57%	1.42%	1.15%	0.48%	0.37%	0.39%	0.39%	0.60%
Common Equity to Total Capital	86.20%	77.22%	78.29%	84.35%	89.59%	87.31%	99.52%	82.44%	91.79%	99.61%	88.35%
Debt to EBITDA	1.63	3.73	1.84	3.37	0.67	0.80	0.00	1.24	0.53	0.00	1.17
Net Debt to EBITDA	-2.26	3.00	1.57	2.52	0.30	-0.05	0.00	0.98	0.30	0.00	0.25
Long-Term Debt to EBITDA	1.63	3.73	1.84	3.37	0.67	0.80	0.00	1.24	0.53	0.00	1.17
Debt to NOPAT	4.25	178.18	5.17	-6.73	1.82	1.48	0.00	2.29	0.95	0.00	1.71
Net Debt to NOPAT	-5.90	143.58	4.41	-5.03	0.81	-0.09	0.00	1.82	0.55	0.00	0.36
Long-Term Debt to NOPAT	4.25	178.18	5.17	-6.73	1.82	1.48	0.00	2.29	0.95	0.00	1.71
Altman Z-Score	4.89	3.47	4.02	6.33	10.51	10.60	26.40	6.21	10.98	20.94	5.34
Noncontrolling Interest Sharing Ratio	1.68%	2.55%	2.21%	1.88%	1.69%	1.42%	0.86%	0.46%	0.44%	0.41%	0.59%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	31.92	6.50	4.19	2.45	4.60	8.31	3.52	2.92	2.31	3.23	3.12
Quick Ratio	30.00	4.51	2.50	1.73	3.55	7.33	2.34	1.86	1.44	2.30	1.93
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	108	-787	62	364	255	184	96	-501	420	439	-3,944
Operating Cash Flow to CapEx	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	45.26%	0.00%	516.27%	60.51%
Free Cash Flow to Firm to Interest Expense	4.19	-24.11	1.71	10.64	8.59	18.73	16.74	-29.18	13.62	45.02	-135.89
Operating Cash Flow to Interest Expense	7.48	5.19	7.34	9.61	8.54	34.72	80.28	24.31	13.47	54.31	24.29
Operating Cash Flow Less CapEx to Interest Expense	7.48	5.19	7.34	9.61	8.54	34.72	80.28	-29.40	13.47	43.79	-15.85
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.10	0.12	0.14	0.16	0.16	0.19	0.24	0.19	0.18	0.21	0.16
Accounts Receivable Turnover	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Inventory Turnover	0.00	12.05	10.05	9.75	7.49	7.28	8.46	7.80	8.07	8.57	6.74
Fixed Asset Turnover	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Accounts Payable Turnover	7.60	15.73	21.76	12.90	12.94	31.22	21.98	14.38	9.99	8.86	12.69
Days Sales Outstanding (DSO)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Days Inventory Outstanding (DIO)	0.00	30.28	36.33	37.43	48.70	50.15	43.14	46.79	45.25	42.60	54.16
Days Payable Outstanding (DPO)	48.06	23.20	16.78	28.29	28.20	11.69	16.60	25.38	36.55	41.21	28.77
Cash Conversion Cycle (CCC)	-48.06	7.07	19.55	9.13	20.50	38.46	26.54	21.41	8.70	1.39	25.39
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	1,995	2,785	2,836	2,420	2,283	2,302	2,481	3,231	3,069	2,965	7,434
Invested Capital Turnover	0.14	0.15	0.16	0.17	0.18	0.22	0.27	0.21	0.19	0.24	0.20
Increase / (Decrease) in Invested Capital	-34	790	51	-416	-137	19	179	750	-162	-103	4,468
Enterprise Value (EV)	3,211	4,816	5,237	5,950	6,445	7,758	6,494	7,655	7,975	8,458	18,957
Market Capitalization	3,583	4,275	4,692	5,648	6,317	7,746	6,625	7,189	7,820	8,641	18,721
Book Value per Share	$36.10	$34.15	$34.82	$32.12	$32.61	$34.65	$39.44	$41.76	$43.97	$47.50	$84.80
Tangible Book Value per Share	$36.10	$34.15	$34.82	$32.12	$32.61	$34.65	$39.44	$41.76	$43.97	$47.50	$84.80
Total Capital	2,730	2,887	2,906	2,492	2,385	2,603	2,601	3,325	3,147	3,131	8,101
Total Debt	314	601	586	351	215	300	0.00	572	246	0.00	895
Total Long-Term Debt	314	601	586	351	215	300	0.00	572	246	0.00	895
Net Debt	-435	484	500	262	95	-19	-144	453	142	-195	188
Capital Expenditures (CapEx)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	922	0.00	103	1,165
Debt-free, Cash-free Net Working Capital (DFCFNWC)	23	25	23	-14	1.59	-0.53	11	3.66	-9.16	-5.36	23
Debt-free Net Working Capital (DFNWC)	772	142	109	74	121	319	155	122	95	190	257
Net Working Capital (NWC)	772	142	109	74	121	319	155	122	95	190	257
Net Nonoperating Expense (NNE)	21	86	21	67	29	6.47	0.19	9.53	18	2.97	53
Net Nonoperating Obligations (NNO)	-421	499	516	279	112	-0.33	-121	478	168	-166	228
Total Depreciation and Amortization (D&A)	106	154	173	179	178	175	189	179	165	144	177
Debt-free, Cash-free Net Working Capital to Revenue	8.25%	7.08%	5.33%	-3.12%	0.38%	-0.11%	1.69%	0.61%	-1.51%	-0.75%	2.21%
Debt-free Net Working Capital to Revenue	277.70%	39.49%	24.80%	16.21%	28.62%	63.87%	23.65%	20.27%	15.68%	26.43%	24.89%
Net Working Capital to Revenue	277.70%	39.49%	24.80%	16.21%	28.62%	63.87%	23.65%	20.27%	15.68%	26.43%	24.89%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$0.80	($1.18)	$1.55	($1.73)	$1.43	$3.04	$0.00	$3.64	$3.64	$5.04	$6.70
Adjusted Weighted Average Basic Shares Outstanding	65.01M	65.07M	65.15M	65.29M	65.39M	65.52M	0.00	65.58M	65.61M	65.66M	69.42M
Adjusted Diluted Earnings per Share	$0.80	($1.18)	$1.55	($1.73)	$1.43	$3.03	$0.00	$3.63	$3.63	$5.04	$6.69
Adjusted Weighted Average Diluted Shares Outstanding	65.13M	65.07M	65.28M	65.29M	65.51M	65.64M	0.00	65.66M	65.74M	65.78M	69.56M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$1.43	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	65.19M	65.27M	65.34M	65.51M	65.56M	65.59M	0.00	65.64M	65.69M	65.76M	84.81M
Normalized Net Operating Profit after Tax (NOPAT)	100	72	113	115	118	140	275	253	258	335	546
Normalized NOPAT Margin	36.09%	20.12%	25.74%	25.14%	27.80%	28.11%	42.10%	41.98%	42.60%	46.63%	53.00%
Pre Tax Income Margin	22.39%	-6.05%	26.97%	-22.78%	25.19%	38.61%	50.21%	45.24%	46.58%	59.23%	55.69%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	3.39	0.22	4.01	-2.18	4.75	20.27	57.08	16.52	9.82	44.10	20.27
NOPAT to Interest Expense	2.87	0.10	3.12	-1.52	3.97	20.66	47.82	14.53	8.36	34.41	18.07
EBIT Less CapEx to Interest Expense	3.39	0.22	4.01	-2.18	4.75	20.27	57.08	-37.18	9.82	33.58	-19.87
NOPAT Less CapEx to Interest Expense	2.87	0.10	3.12	-1.52	3.97	20.66	47.82	-39.18	8.36	23.89	-22.06
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	106.41%	-71.23%	66.43%	-53.72%	75.75%	36.42%	28.64%	38.31%	41.05%	31.65%	26.86%
Augmented Payout Ratio	106.41%	-71.66%	69.05%	-57.11%	77.54%	36.42%	28.64%	38.31%	41.05%	31.65%	32.99%

This table displays calculated financial ratios and metrics derived from Royal Gold's official financial filings.

Metric	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Period end date	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026
DEI Shares Outstanding	-	-	-	-	-	-	-	-	-	-	84,810,098.00
DEI Adjusted Shares Outstanding	-	-	-	-	-	-	-	-	-	-	84,810,098.00
DEI Earnings Per Adjusted Shares Outstanding	-	-	-	-	-	-	-	-	-	-	3.31
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	5.47%	-6.33%	-12.61%	20.86%	39.84%	32.68%	29.91%	20.42%	30.04%	85.29%	142.52%
EBITDA Growth	6.16%	-2.34%	-13.67%	24.95%	46.71%	39.58%	36.59%	25.51%	25.95%	74.00%	157.57%
EBIT Growth	6.13%	8.49%	-12.24%	41.99%	81.27%	67.46%	63.01%	38.95%	36.60%	58.02%	152.78%
NOPAT Growth	7.99%	9.36%	-30.32%	18.78%	80.37%	63.36%	134.68%	58.77%	37.22%	25.71%	141.61%
Net Income Growth	7.76%	11.04%	-26.16%	27.86%	94.61%	70.77%	140.08%	62.90%	36.83%	-12.84%	148.03%
EPS Growth	7.14%	10.59%	-25.77%	26.80%	94.67%	73.40%	138.89%	63.41%	31.51%	-36.20%	91.86%
Operating Cash Flow Growth	3.30%	0.06%	27.27%	5.18%	39.27%	39.53%	-1.38%	34.61%	27.31%	71.36%	115.27%
Free Cash Flow Firm Growth	102.12%	133.04%	144.04%	138.89%	1,418.91%	-7.58%	-76.16%	-94.29%	-481.20%	-2,155.44%	-6,362.33%
Invested Capital Growth	1.22%	-5.02%	-7.26%	-5.29%	-4.99%	-3.37%	1.56%	3.93%	37.10%	150.68%	148.09%
Revenue Q/Q Growth	-3.77%	10.14%	-2.47%	16.92%	11.34%	4.50%	-4.50%	8.38%	20.24%	48.90%	24.99%
EBITDA Q/Q Growth	-4.21%	13.35%	-4.58%	20.60%	12.47%	7.84%	-6.63%	10.82%	12.86%	48.99%	38.22%
EBIT Q/Q Growth	-8.81%	21.55%	-5.23%	35.16%	16.42%	12.28%	-7.74%	15.21%	14.46%	29.89%	47.58%
NOPAT Q/Q Growth	-22.69%	22.06%	-26.89%	72.19%	17.40%	10.54%	5.03%	16.49%	1.46%	1.27%	101.85%
Net Income Q/Q Growth	-22.17%	27.20%	-24.86%	71.89%	18.46%	11.62%	5.63%	16.64%	-0.51%	-28.90%	200.59%
EPS Q/Q Growth	-22.68%	25.33%	-23.40%	70.83%	18.70%	11.64%	5.52%	16.86%	-4.48%	-45.83%	217.31%
Operating Cash Flow Q/Q Growth	-9.08%	3.02%	36.80%	-17.91%	20.38%	3.22%	-3.32%	12.05%	13.85%	38.93%	21.45%
Free Cash Flow Firm Q/Q Growth	102.59%	1,274.44%	22.64%	-10.84%	1.07%	-16.37%	-68.37%	-78.64%	-6,845.65%	-350.96%	3.62%
Invested Capital Q/Q Growth	-1.45%	-1.15%	-3.61%	0.86%	-1.14%	0.54%	1.31%	3.21%	30.42%	83.84%	0.26%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	84.60%	86.39%	85.39%	86.11%	85.97%	87.96%	87.33%	88.47%	87.55%	86.45%	87.14%
EBITDA Margin	76.23%	78.46%	76.76%	79.17%	79.98%	82.53%	80.70%	82.52%	77.46%	77.51%	85.71%
Operating Margin	47.30%	52.20%	50.72%	58.64%	61.31%	65.88%	63.64%	67.66%	64.40%	56.18%	63.33%
EBIT Margin	47.30%	52.20%	50.72%	58.64%	61.31%	65.88%	63.64%	67.66%	64.40%	56.18%	66.34%
Profit (Net Income) Margin	35.71%	41.24%	31.77%	46.71%	49.70%	53.08%	58.72%	63.19%	52.29%	24.97%	60.05%
Tax Burden Percent	82.15%	82.50%	63.64%	81.07%	81.75%	80.48%	91.62%	92.63%	82.12%	64.03%	91.73%
Interest Burden Percent	91.90%	95.77%	98.43%	98.26%	99.15%	100.12%	100.70%	100.83%	98.87%	69.42%	98.68%
Effective Tax Rate	17.85%	17.50%	36.36%	18.93%	18.25%	19.52%	8.38%	7.37%	17.88%	35.97%	8.27%
Return on Invested Capital (ROIC)	7.76%	8.28%	6.14%	9.52%	11.09%	12.64%	14.94%	16.47%	12.97%	7.13%	14.51%
ROIC Less NNEP Spread (ROIC-NNEP)	6.28%	7.42%	5.78%	8.61%	9.92%	23.88%	14.05%	15.47%	12.40%	-125.48%	6.19%
Return on Net Nonoperating Assets (RNNOA)	0.66%	0.85%	0.43%	0.47%	0.24%	0.01%	-0.40%	-0.53%	1.01%	-0.76%	-0.13%
Return on Equity (ROE)	8.42%	9.13%	6.57%	9.99%	11.32%	12.65%	14.54%	15.94%	13.98%	6.37%	14.38%
Cash Return on Invested Capital (CROIC)	6.97%	13.35%	15.23%	13.59%	14.82%	14.55%	11.88%	10.91%	-17.42%	-75.85%	-71.96%
Operating Return on Assets (OROA)	8.60%	9.17%	8.71%	10.74%	12.26%	14.04%	14.36%	15.81%	14.22%	8.96%	13.38%
Return on Assets (ROA)	6.49%	7.25%	5.46%	8.55%	9.93%	11.31%	13.25%	14.77%	11.55%	3.98%	12.12%
Return on Common Equity (ROCE)	8.38%	9.09%	6.54%	9.95%	11.28%	12.60%	14.48%	15.88%	13.93%	6.34%	14.30%
Return on Equity Simple (ROE_SIMPLE)	8.21%	0.00%	7.67%	8.12%	9.48%	0.00%	12.45%	0.00%	0.00%	0.00%	0.00%
Net Operating Profit after Tax (NOPAT)	54	66	48	83	97	107	113	131	133	135	273
NOPAT Margin	38.86%	43.06%	32.28%	47.54%	50.12%	53.02%	58.31%	62.67%	52.89%	35.97%	58.09%
Net Nonoperating Expense Percent (NNEP)	1.48%	0.86%	0.35%	0.91%	1.17%	-11.24%	0.89%	1.00%	0.57%	132.61%	8.33%
Return On Investment Capital (ROIC_SIMPLE)	-	2.09%	-	-	-	3.43%	3.51%	3.96%	3.18%	1.67%	3.38%
Cost of Revenue to Revenue	15.40%	13.61%	14.61%	13.89%	14.03%	12.04%	12.67%	11.53%	12.45%	13.55%	12.86%
SG&A Expenses to Revenue	7.16%	6.38%	7.66%	6.04%	5.21%	4.40%	5.72%	4.90%	4.05%	4.70%	3.74%
R&D to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Expenses to Revenue	37.30%	34.19%	34.67%	27.48%	24.66%	22.08%	23.69%	20.81%	23.14%	30.27%	23.81%
Earnings before Interest and Taxes (EBIT)	66	80	76	102	119	133	123	142	162	211	311
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	106	120	114	138	155	167	156	173	195	291	402
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	2.41	2.71	0.00	2.76	3.03	2.77	3.35	3.53	3.87	2.62	2.91
Price to Tangible Book Value (P/TBV)	2.41	2.71	0.00	2.76	3.03	2.77	3.35	3.53	3.87	2.62	2.91
Price to Revenue (P/Rev)	11.16	12.91	0.00	13.35	13.74	12.01	14.04	14.60	15.36	18.17	16.49
Price to Earnings (P/E)	29.49	32.66	0.00	34.10	32.00	26.03	26.92	25.97	27.44	40.15	33.99
Dividend Yield	1.41%	1.26%	1.26%	1.24%	1.13%	1.22%	1.01%	0.96%	0.87%	0.81%	0.72%
Earnings Yield	3.39%	3.06%	0.00%	2.93%	3.12%	3.84%	3.71%	3.85%	3.64%	2.49%	2.94%
Enterprise Value to Invested Capital (EV/IC)	2.29	2.60	0.00	2.75	3.08	2.85	3.49	3.69	3.41	2.55	2.89
Enterprise Value to Revenue (EV/Rev)	11.53	13.17	0.00	13.33	13.56	11.76	13.74	14.31	16.07	18.40	16.49
Enterprise Value to EBITDA (EV/EBITDA)	15.08	17.03	0.00	17.15	17.23	14.73	17.03	17.56	19.93	24.77	21.30
Enterprise Value to EBIT (EV/EBIT)	23.92	26.30	0.00	25.37	24.14	19.67	21.98	22.12	24.58	32.23	27.75
Enterprise Value to NOPAT (EV/NOPAT)	28.13	30.90	0.00	32.75	30.93	25.21	26.22	25.48	28.41	36.15	31.39
Enterprise Value to Operating Cash Flow (EV/OCF)	17.08	19.18	0.00	18.16	18.55	15.97	19.89	20.18	22.81	26.90	24.99
Enterprise Value to Free Cash Flow (EV/FCFF)	33.00	18.97	0.00	19.65	20.25	19.27	29.64	34.48	0.00	0.00	0.00
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	0.11	0.08	0.05	0.02	0.00	0.00	0.00	0.00	0.23	0.12	0.08
Long-Term Debt to Equity	0.11	0.08	0.05	0.00	0.00	0.00	0.00	0.00	0.23	0.12	0.08
Financial Leverage	0.11	0.11	0.08	0.05	0.02	0.00	-0.03	-0.03	0.08	0.01	-0.02
Leverage Ratio	1.21	1.22	1.19	1.15	1.13	1.12	1.10	1.09	1.20	1.25	1.21
Compound Leverage Factor	1.12	1.17	1.17	1.13	1.12	1.12	1.11	1.09	1.19	0.87	1.20
Debt to Total Capital	10.08%	7.82%	4.76%	1.65%	0.00%	0.00%	0.00%	0.00%	18.40%	11.05%	7.39%
Short-Term Debt to Total Capital	0.00%	0.00%	0.00%	1.65%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Long-Term Debt to Total Capital	10.08%	7.82%	4.76%	0.00%	0.00%	0.00%	0.00%	0.00%	18.40%	11.05%	7.39%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	0.39%	0.39%	0.40%	0.41%	0.40%	0.39%	0.38%	0.36%	0.24%	0.60%	0.59%
Common Equity to Total Capital	89.53%	91.79%	94.84%	97.94%	99.60%	99.61%	99.62%	99.64%	81.36%	88.35%	92.02%
Debt to EBITDA	0.68	0.53	0.32	0.10	0.00	0.00	0.00	0.00	1.11	1.17	0.59
Net Debt to EBITDA	0.46	0.30	0.02	-0.05	0.00	0.00	0.00	0.00	0.86	0.25	-0.05
Long-Term Debt to EBITDA	0.68	0.53	0.32	0.00	0.00	0.00	0.00	0.00	1.11	1.17	0.59
Debt to NOPAT	1.27	0.95	0.62	0.20	0.00	0.00	0.00	0.00	1.59	1.71	0.87
Net Debt to NOPAT	0.86	0.55	0.03	-0.10	0.00	0.00	0.00	0.00	1.23	0.36	-0.07
Long-Term Debt to NOPAT	1.27	0.95	0.62	0.00	0.00	0.00	0.00	0.00	1.59	1.71	0.87
Altman Z-Score	8.24	10.76	0.00	17.71	22.72	20.65	27.28	28.50	8.27	5.21	6.88
Noncontrolling Interest Sharing Ratio	0.44%	0.44%	0.43%	0.42%	0.42%	0.41%	0.40%	0.39%	0.35%	0.59%	0.56%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	2.31	2.31	2.50	1.09	2.34	3.23	4.74	4.49	2.89	3.12	3.52
Quick Ratio	1.45	1.44	1.79	0.61	1.48	2.30	3.61	3.26	1.74	1.93	2.00
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	17	228	280	249	252	211	67	14	-961	-4,333	-4,176
Operating Cash Flow to CapEx	1,226,525.00%	0.00%	12,525.72%	221.92%	3,987.48%	300.87%	234.13%	135.54%	17.51%	89,520.37%	0.00%
Free Cash Flow to Firm to Interest Expense	2.28	38.02	60.72	99.12	208.84	148.56	57.69	9.23	-111.52	-244.73	-315.38
Operating Cash Flow to Interest Expense	13.47	16.85	30.02	45.12	113.22	99.40	117.97	98.97	20.19	13.65	22.17
Operating Cash Flow Less CapEx to Interest Expense	13.47	16.85	29.78	24.79	110.38	66.37	67.58	25.95	-95.12	13.64	22.17
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.18	0.18	0.17	0.18	0.20	0.21	0.23	0.23	0.22	0.16	0.20
Accounts Receivable Turnover	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Inventory Turnover	8.05	8.07	7.58	8.17	8.75	8.57	7.72	8.27	6.40	6.74	7.34
Fixed Asset Turnover	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Accounts Payable Turnover	11.87	9.99	8.97	8.09	8.59	8.86	14.26	10.71	10.83	12.69	34.27
Days Sales Outstanding (DSO)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Days Inventory Outstanding (DIO)	45.36	45.25	48.14	44.68	41.73	42.60	47.27	44.12	57.00	54.16	49.71
Days Payable Outstanding (DPO)	30.75	36.55	40.68	45.14	42.51	41.21	25.60	34.09	33.70	28.77	10.65
Cash Conversion Cycle (CCC)	14.61	8.70	7.46	-0.45	-0.78	1.39	21.68	10.02	23.30	25.39	39.06
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	3,104	3,069	2,958	2,983	2,949	2,965	3,004	3,100	4,044	7,434	7,453
Invested Capital Turnover	0.20	0.19	0.19	0.20	0.22	0.24	0.26	0.26	0.25	0.20	0.25
Increase / (Decrease) in Invested Capital	37	-162	-232	-167	-155	-103	46	117	1,094	4,468	4,449
Enterprise Value (EV)	7,102	7,975	0.00	8,190	9,081	8,458	10,495	11,439	13,782	18,957	21,542
Market Capitalization	6,872	7,820	0.00	8,202	9,197	8,641	10,723	11,675	13,175	18,721	21,545
Book Value per Share	$43.38	$43.97	$44.35	$45.17	$46.22	$47.50	$48.71	$50.24	$51.75	$84.80	$87.43
Tangible Book Value per Share	$43.38	$43.97	$44.35	$45.17	$46.22	$47.50	$48.71	$50.24	$51.75	$84.80	$87.43
Total Capital	3,183	3,147	3,070	3,031	3,051	3,131	3,215	3,319	4,187	8,101	8,058
Total Debt	321	246	146	50	0.00	0.00	0.00	0.00	770	895	596
Total Long-Term Debt	321	246	146	0.00	0.00	0.00	0.00	0.00	770	895	596
Net Debt	218	142	8.24	-24	-128	-195	-241	-248	597	188	-50
Capital Expenditures (CapEx)	0.01	0.00	1.10	51	3.43	47	58	113	994	0.27	0.00
Debt-free, Cash-free Net Working Capital (DFCFNWC)	-9.98	-9.16	-22	-13	-12	-5.36	8.97	18	15	23	61
Debt-free Net Working Capital (DFNWC)	93	95	116	61	116	190	250	266	188	257	295
Net Working Capital (NWC)	93	95	116	11	116	190	250	266	188	257	295
Net Nonoperating Expense (NNE)	4.36	2.78	0.75	1.44	0.82	-0.12	-0.78	-1.09	1.51	41	-9.19
Net Nonoperating Obligations (NNO)	242	168	35	2.08	-102	-166	-211	-219	627	228	-9.52
Total Depreciation and Amortization (D&A)	40	40	39	36	36	34	33	31	33	80	91
Debt-free, Cash-free Net Working Capital to Revenue	-1.62%	-1.51%	-3.77%	-2.14%	-1.81%	-0.75%	1.17%	2.22%	1.75%	2.21%	4.67%
Debt-free Net Working Capital to Revenue	15.08%	15.68%	19.84%	9.95%	17.29%	26.43%	32.69%	33.26%	21.90%	24.89%	22.60%
Net Working Capital to Revenue	15.08%	15.68%	19.84%	1.81%	17.29%	26.43%	32.69%	33.26%	21.90%	24.89%	22.60%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$0.75	$0.95	$0.72	$1.23	$1.46	$1.63	$1.72	$2.01	$1.92	$1.05	$3.31
Adjusted Weighted Average Basic Shares Outstanding	65.62M	65.61M	65.64M	65.65M	65.67M	65.66M	65.71M	65.75M	65.76M	69.42M	84.72M
Adjusted Diluted Earnings per Share	$0.75	$0.94	$0.72	$1.23	$1.46	$1.63	$1.72	$2.01	$1.92	$1.04	$3.30
Adjusted Weighted Average Diluted Shares Outstanding	65.76M	65.74M	65.74M	65.77M	65.80M	65.78M	65.79M	65.82M	65.83M	69.56M	85.02M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	65.69M	65.69M	65.73M	65.74M	65.76M	65.76M	65.82M	65.83M	84.40M	84.81M	84.87M
Normalized Net Operating Profit after Tax (NOPAT)	54	66	48	83	97	107	113	131	144	135	273
Normalized NOPAT Margin	38.86%	43.06%	32.28%	47.54%	50.12%	53.02%	58.31%	62.67%	57.06%	35.97%	58.09%
Pre Tax Income Margin	43.47%	49.99%	49.93%	57.62%	60.79%	65.96%	64.09%	68.22%	63.68%	39.00%	65.46%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	9.00	13.28	16.39	40.57	98.46	94.04	106.50	91.87	18.84	11.91	23.50
NOPAT to Interest Expense	7.39	10.96	10.43	32.89	80.49	75.68	97.57	85.10	15.47	7.63	20.58
EBIT Less CapEx to Interest Expense	9.00	13.28	16.15	20.24	95.62	61.00	56.11	18.85	-96.47	11.89	23.50
NOPAT Less CapEx to Interest Expense	7.39	10.96	10.19	12.56	77.65	42.65	47.19	12.08	-99.84	7.61	20.58
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	41.44%	41.05%	44.87%	42.27%	35.97%	31.65%	27.22%	24.87%	25.15%	26.86%	21.68%
Augmented Payout Ratio	41.44%	41.05%	44.87%	42.27%	35.97%	31.65%	27.22%	24.87%	25.15%	32.99%	21.68%

Financials Breakdown Chart

Key Financial Trends

Here are key trends for Royal Gold (RGLD) based on the last four years of quarterly financials, with a focus on the latest quarters. This summary highlights notable positives, neutral developments, and potential negatives, to help retail investors assess the company's trajectory and profitability.

Q4 2025 revenue surged to $375,324,000, up from $202,560,000 in Q4 2024 and $152,666,000 in Q4 2023, signaling a strong end to the year.
Gross profit in Q4 2025 was $324,476,000, yielding an approximate gross margin of 86% (324.5M / 375.3M), a high-margin profile typical for Royal Gold’s royalty model.
Q4 2025 operating income was $210,872,000, implying an operating margin near 56% on the quarter’s revenue (210.9M / 375.3M).
Net income attributable to common shareholders in Q4 2025 was about $93,610,000, up from about $62,779,000 in Q4 2024, reflecting improved profitability at the shareholder level.
Operating cash flow improved through 2025, with Q4 2025 net cash from continuing operating activities at $241,705,000 (up from $173,970,000 in Q3 2025 and $141,053,000 in Q4 2024).
Dividend per share remained favorable and relatively stable, with the Q4 2025 cash dividend per share at $0.48, up modestly from the $0.45 level seen in prior 2025 quarters, indicating ongoing capital returns to shareholders.
Shares outstanding showed a gradual increase, with weighted average basic shares around 69.4M–69.6M in 2025, suggesting some dilution pressure relative to earlier periods.
Total assets rose to about $4.47B by Q3 2025, driven by a combination of cash, noncurrent assets, and equity, indicating a stronger balance sheet position into late 2025.
There was a very large investing outflow in Q3 2025 (net cash from continuing investing activities was about $-993.6M) due to substantial property, plant & equipment activity, which temporarily compressed free cash flow.
Total Other Income / (Expense), net was negative in Q4 2025 at about $-64.5M, contributing to a lower pretax income line and highlighting volatility in non-operating items.

05/14/26 11:04 AM ETAI Generated. May Contain Errors.

Royal Gold Financials - Frequently Asked Questions

According to the most recent income statement we have on file, Royal Gold's financial year ends in December. Their financial year 2025 ended on December 31, 2025.

Royal Gold's net income appears to be on an upward trend, with a most recent value of $471.58 million in 2025, rising from $52.68 million in 2015. The previous period was $332.48 million in 2024. See Royal Gold's forecast for analyst expectations on what's next for the company.

Royal Gold's total operating income in 2025 was $638.17 million, based on the following breakdown:

Total Gross Profit: $899.55 million
Total Operating Expenses: $261.38 million

Over the last 10 years, Royal Gold's total revenue changed from $278.02 million in 2015 to $1.03 billion in 2025, a change of 270.6%.

Royal Gold's total liabilities were at $2.33 billion at the end of 2025, a 793.8% increase from 2024, and a 365.3% increase since 2015.

In the past 10 years, Royal Gold's cash and equivalents has ranged from $85.85 million in 2017 to $742.85 million in 2015, and is currently $233.72 million as of their latest financial filing in 2025.

Over the last 10 years, Royal Gold's book value per share changed from 36.10 in 2015 to 84.80 in 2025, a change of 134.9%.

Related Companies

Financial statements for NASDAQ:RGLD last updated on 5/12/2026 by MarketBeat.com Staff. New filings and market data are monitored continuously.

From Our Partners

Get 30 Days of MarketBeat All Access for Free

Start Your 30-Day Trial

In-depth profiles and analysis for 20,000 public companies.
Real-time analyst ratings, insider transactions, earnings data, and more.
Our daily ratings and market update email newsletter.

Sign In
Create Account

Your Email Address:

Your Password:

Forgot your password?

Your Email Address:

Choose a Password:

By creating a free account, you agree to our terms of service. This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.

Royal Gold (RGLD) Financials

Financials Breakdown Chart

Key Financial Trends

Royal Gold Financials - Frequently Asked Questions

Best-in-Class Portfolio Monitoring

Stock Ideas and Recommendations

Advanced Stock Screeners and Research Tools

About MarketBeat

MarketBeat Products

Popular Tools

Financial Calendars

Terms & Info

Royal Gold (RGLD) Financials

Annual Income Statements for Royal Gold

Quarterly Income Statements for Royal Gold

Annual Cash Flow Statements for Royal Gold

Quarterly Cash Flow Statements for Royal Gold

Annual Balance Sheets for Royal Gold

Quarterly Balance Sheets for Royal Gold

Annual Metrics And Ratios for Royal Gold

Quarterly Metrics And Ratios for Royal Gold

Financials Breakdown Chart

Key Financial Trends

Royal Gold Financials - Frequently Asked Questions

When does Royal Gold's fiscal year end?

How has Royal Gold's net income changed over the last 10 years?

What is Royal Gold's operating income?

How has Royal Gold's revenue changed over the last 10 years?

How much debt does Royal Gold have?

How much cash does Royal Gold have?

How has Royal Gold's book value per share changed over the last 10 years?

MarketBeat All Access Features

Best-in-Class Portfolio Monitoring

Stock Ideas and Recommendations

Advanced Stock Screeners and Research Tools