RGLD
ROYAL GOLD INC
Real Estate • CIK: 0000085535
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Market Cap
$15.43B
P/E (TTM)
33.2x
Rev Growth (TTM)
+43.2%
Net Margin (TTM)
45.2%
FCF Yield (TTM)
4.6%
FCF Margin (TTM)
68.4%
Cash Flow Health
Free Cash Flow8/8 positive
TTM$705M
Q4 '25
$242M+39%
Q3 '25
$174M+14%
FCF Margin
TTM68.4%
Q4 '2564.4%-7%
Sector: 13.8%Top 25%
OCF Margin68.4%
OCF/NI1.51x
CapEx Coverage–
FCF Yield4.6%
FCF Growth (2Y)+19%
Cash Conversion Cycle
-17 days
DSO: 0+DIO: 0−DPO: 17
Capital Allocation & Returns
Growth Focused
Total Shareholder YieldEst.
Est.0.8%
Div Yield0.8%
+Est. Buyback2.2%
Prioritizing reinvestment over distributions
Dividend & Payout Metrics
Dividend Yield (TTM)0.8%
FCF Payout Ratio18.0%
Free Cash Flow (TTM)$704.8M
Capital Return / FCF18.3%
Est. Dividends Paid (TTM)$126.7M
Estimated: Buyback data estimated from FCF. Actual repurchase data not available for this company.
Shows how management rewards shareholders
Operational Efficiency & Returns
Return on Invested CapitalTTM
–
P25MedianP75
(med: 0.1%)
DuPont BreakdownROIC = Margin × Turn × (1+D/E)
NOPAT Margin
–
Asset Turnover
0.23x
8Q: 0.23x
Leverage (1+D/E)
1.13x
D/E: 0.13x
Asset & CapEx Efficiency
Asset-based ROIC formula
QUARTERLY TRENDS
Last 8 quarters + TTM
| Metric | TTM | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 |
|---|---|---|---|---|---|---|---|---|---|
Revenue | $1.0B | $375.3M↑48.9% | $252.1M↑20.2% | $209.6M↑8.4% | $193.4M↓4.5% | $202.6M↑4.5% | $193.8M↑11.3% | $174.1M↑16.9% | $148.9M |
Operating Income | $638.2M | $210.9M↑29.9% | $162.3M↑14.5% | $141.8M↑15.2% | $123.1M↓7.7% | $133.4M↑12.3% | $118.8M↑16.4% | $102.1M↑35.2% | $75.5M |
Net Income | $466.3M | $93.6M↓26.2% | $126.8M↓4.2% | $132.3M↑16.6% | $113.5M↑5.7% | $107.4M↑11.6% | $96.2M↑18.5% | $81.2M↑72.2% | $47.2M |
Operating Cash Flow | $704.8M | $241.7M↑38.9% | $174.0M↑13.9% | $152.8M↑12.1% | $136.4M↓3.3% | $141.1M↑3.2% | $136.7M↑20.4% | $113.5M↓17.9% | $138.3M |
Free Cash Flow | $704.8M | $241.7M↑38.9% | $174.0M↑13.9% | $152.8M↑12.1% | $136.4M↓3.3% | $141.1M↑3.2% | $136.7M↑20.4% | $113.5M↓17.9% | $138.3M |
Total Equity | N/A |
Valuation Analysis
Fair Value
Price-to-EarningsTTM
33.2x
Volatile
8Q: 98.9x+2640%
Valuation Lenses
Earnings
33.2x
vs – sector
Cash Flow
22.0x
EV/FCF vs –
Growth-Adj
1.0xPEG
Fair for growth
Quality-Adj
–P/E per %ROIC
ROIC: –
Shareholder Returns
Dividend
0.8%
Buyback
–
Total Yield
0.8%
Market Cap$15.43B
EV$15.52B
Multi-angle valuation analysis with sector context
Business Quality & Moat
Overall Quality Score
78/100
High Quality
Composite score: Returns (40%) + Consistency (30%) + Earnings Quality (30%)
Returns on Capital
Return on Equity (ROE)Top 25%
12.4%
8Q:–
Return on Invested Capital (ROIC)
–
8Q:–
vs Sector:0.1%
Earnings Quality
Cash Conversion
1.51x
OCF / Net Income ✓
FCF Consistency
–
Positive quarters
Competitive Moat Indicators
Pricing Power
Gross Margin–
Capital Efficiency
Invested Capital Turnover–
Working Capital
Cash Conversion Cycle-17 days
Growth Quality & Momentum
Quality Growth
Growth Quality Score
80/100
Growth 40%
Margins 30%
FCF 20%
Consistency 10%
Growth Rates
Revenue Growth YoY
43.2%
OpInc Growth YoY
58.0%
EPS Growth YoY
32.7%
FCF 3Y CAGR
19.1%
Growth Quality Analysis
⚠Working Capital Drag: FCF growth lagging revenue by 24.2%
✓Sustainability Index: 7.5/10 - Highly sustainable growth
Margin Quality & Sustainability
Low Quality
Profitability Cascade
Gross
—
Operating
—
Net
45.2%
Margins Unknown
Earnings Quality Signals
SBC / Revenue
—
FCF vs Net Gap
+23.2 pts
FCF: 68.4% | Net: 45.2%
Quality = stability + cash conversion + low dilution
Balance Sheet & Solvency
Solid
Net Debt / EBITDA
–Net Debt: $661.72M
Interest Coverage
–
Leverage Metrics
Debt-to-Equity
0.13x
Balance sheet risk & solvency analysis