RGLD
Royal Gold, Inc.218.09
+2.09+0.97%
Dec 16, 4:00:00 PM EST
Earnings Call Transcripts
This Quarter (Q1 '26)
No earnings call transcript available yet
Last Quarter (Q4 '25)
FY Q4 '25
Strong pipeline, asset conversions detailed.
Q&A spotlighted a strong deal pipeline, with BD chief highlighting third-party royalties and base metal producers offloading byproduct streams like recent Kansanshi. Management eyes converting Hod Maden JV to a stream to dodge capex risk, deeming delays helpful while funding modestly this year pending FID. MARA details emerged: $225M swaps tiny royalty for 20% gold stream. Investments trump debt paydown. Q1 GEOs match Q4's on delivery timing; inventories stable. Pueblo Viejo silver draws no priority worries. Watch Investor Day for 2026 guidance amid debt reduction versus deal flow.
Key Stats
Market Cap
18.41BP/E (TTM)
29.96Basic EPS (TTM)
7.28Dividend Yield
0%Recent Filings
10-K
FY2025 results
Royal Gold crushed FY2025 with record $1.0B revenue, up 43% y/y, fueled by higher gold prices and new streams/royalties like Kansanshi. Streams drove 67% of topline at $686M (up 42% y/y), while royalties hit $344M (up 46% y/y); North America led with $704M (68%). Q4 momentum shone via Sandstorm/Horizon acquisitions ($4.1B deal) and $704M operating cash flow (up 33% y/y). Debt stands at $900M (revolver to 2030), $234M cash, $1.9/share dividend (up 6%). Operators control production risks.
8-K
Record revenue, cash flow
Royal Gold crushed 2025 with record $1.03B revenue and $705M operating cash flow, up 43% and 33% year-over-year, fueled by higher metal prices and Q4 contributions from the October 20 Sandstorm/Horizon acquisition. Acquisitions expanded the portfolio's scale and diversification. Debt stands at $725M post-repayments.
8-K
Q4 streams hit 64k GEOs
Royal Gold reported Q4 2025 stream segment sales of ~64,000 GEOs at low costs ($809/GEO RGLD Gold AG, $496/GEO Sandstorm), boosted by its October 20 acquisition. Debt plunged $400 million post-close to $825 million on the revolver. Restructured Bear Creek holdings for $6.2 million cash, boosted Corani royalty to 2.75% NSR, and 2% NSR on Mercedes—yet closing hinges on Q1 2026 merger.
10-Q
Q3 FY2025 results
Royal Gold crushed Q3 with revenue jumping 30% y/y to $252.1M on stronger gold/silver/copper prices, driving operating income up 37% to $162.3M and diluted EPS to $1.92 (up 32% y/y, reconciles to 65.8M shares). Streams (66% of revenue) and royalties both accelerated, fueled by Andacollo and Pueblo Viejo ramps while Cortez CC Zone offset Legacy declines. Cash hit $172.8M with $463.1M YTD operating cash flow, funding $1.2B in deals like $1B Kansanshi stream (closed Aug 2025, funded by $825M revolver draw now at $775M outstanding, $625M available). Debt weighs heavier post-Kansanshi.
8-K
Record revenue, major acquisitions
Royal Gold crushed Q3 2025 with record revenue of $252.1 million and operating cash flow of $174.0 million, fueled by soaring gold prices at $3,457 per ounce and strong output from streams like Mount Milligan. The company snapped up the Kansanshi gold stream for $1 billion and closed acquisitions of Sandstorm Gold—issuing 18.6 million shares and paying $380.9 million cash—and Horizon Copper for C$127.1 million, bulking up its portfolio for more scale and diversification. Acquisitions boost growth potential. Integration risks loom large.
FNV
Franco-Nevada Corporation
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GROY
Gold Royalty Corp.
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HGLD
Patagonia Gold Corp.
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KGC
Kinross Gold Corporation
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MTA
Metalla Royalty & Streaming Ltd
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NGD
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NGLD
Nevada Canyon Gold Corp
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OR
OR Royalties Inc.
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RGCCF
RELEVANT GOLD CORP
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SAND
Sandstorm Gold Ltd.
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