Gold Royalty Corp Financials

GROY

Source SEC Filings (10-K/10-Q) Updated Dec 31, 2025 Currency USD FYE December

This page shows Gold Royalty Corp (GROY) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 5 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).

Rhea AI GROY FY2025 2026-04-22

Equity-funded asset accumulation, not current earnings, dominates this business as a large balance sheet supports a tiny revenue base.

By FY2025, operating cash flow was positive at $6.2M even though net income remained negative at -$4.1M, so the cash burden of running the business is lighter than the income statement alone suggests. Yet expansion is still externally financed: FY2025 $72.6M of financing inflow slightly exceeded $68.7M of investing outflow.

With debt almost absent at $101K and a current ratio of 4.9x, short-term obligations are not what is constraining the company; it has relied on equity rather than borrowing. That matters because a balance sheet of $822.8M is being carried on just $15.6M of revenue, so asset utilization matters more than debt service.

By FY2025, asset scale had reached $822.8M while return on assets was still only -0.5%, meaning the enlarged portfolio is not yet producing enough income to absorb corporate overhead. The same expansion appears to be shareholder-funded: shares outstanding rose from 145.7M to 224.5M between FY2023 and FY2025.

Financial Health Signals

Financial Profile 51/100

Based on FY2025 annual data, averaged across the last 3 years for performance metrics (most-recent year weighted highest). How this score is calculated →

Health score ≠ stock price. This rates the quality of Gold Royalty Corp's business: profitability, growth, balance sheet strength. It doesn't tell you whether the stock is a good buy at today's price. Not financial advice. Use it alongside valuation analysis and your own research.

Growth

100

Gold Royalty Corp's revenue surged 54.5% year-over-year to $15.6M, reflecting rapid business expansion. This strong growth earns a score of 100/100.

Leverage

100

Gold Royalty Corp carries a low D/E ratio of 0.00, meaning only $0.00 of long-term debt for every $1 of shareholders' equity. This conservative leverage earns a score of 100/100, indicating a strong balance sheet with room for future borrowing.

Liquidity

With a current ratio of 4.88, Gold Royalty Corp holds $4.88 in current assets for every $1 of short-term obligations. This comfortable liquidity earns a score of 97/100.

Returns

Gold Royalty Corp generates a -0.6% ROE, indicating limited profit relative to shareholders' investment. This results in a returns score of 8/100. This is up from -0.6% the prior year.

Piotroski F-Score Neutral

5/9

Gold Royalty Corp passes 5 of 9 financial strength tests. 2 of 4 profitability signals pass, 2 of 3 leverage/liquidity signals pass, both operating efficiency signals pass.

Earnings Quality Mixed

-1.49x

For every $1 of reported earnings, Gold Royalty Corp generates $-1.49 in operating cash flow ($6.2M OCF vs -$4.1M net income). This mixed ratio suggests some earnings may rely on non-cash accounting items.

Key Financial Metrics

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Earnings & Revenue

Revenue

$15.6M

YoY+54.5%

Gold Royalty Corp generated $15.6M in revenue in fiscal year 2025. This represents an increase of 54.5% from the prior year.

EBITDA

N/A

Net Income

-$4.1M

YoY-21.1%

Gold Royalty Corp reported -$4.1M in net income in fiscal year 2025. This represents a decrease of 21.1% from the prior year.

EPS (Diluted)

N/A

Cash & Balance Sheet

Free Cash Flow

N/A

Cash & Debt

$12.4M

YoY+447.3%

Gold Royalty Corp held $12.4M in cash against $101K in long-term debt as of fiscal year 2025.

Dividends Per Share

N/A

Shares Outstanding

225M

YoY+31.9%

Gold Royalty Corp had 225M shares outstanding in fiscal year 2025. This represents an increase of 31.9% from the prior year.

Margins & Returns

Gross Margin

N/A

Operating Margin

N/A

Net Margin

-26.5%

YoY+7.3pp

Gold Royalty Corp's net profit margin was -26.5% in fiscal year 2025, showing the share of revenue converted to profit. This is up 7.3 percentage points from the prior year.

Return on Equity

-0.6%

YoY+0.0pp

Gold Royalty Corp's ROE was -0.6% in fiscal year 2025, measuring profit generated per dollar of shareholder equity. This is up 0.0 percentage points from the prior year.

Capital Allocation

R&D Spending

N/A

Share Buybacks

N/A

Capital Expenditures

N/A

GROY Income Statement

Metric	FY25	FY24	FY23	FY22	FY21
Revenue	$15.6M+54.5%	$10.1M+231.5%	$3.0M-22.7%	$3.9M+1954.2%	$192K
Cost of Revenue	N/A	N/A	N/A	N/A	N/A
Gross Profit	N/A	N/A	N/A	N/A	N/A
R&D Expenses	N/A	N/A	N/A	N/A	N/A
SG&A Expenses	N/A	N/A	N/A	N/A	N/A
Operating Income	N/A	N/A	N/A	N/A	N/A
Interest Expense	$16K-27.3%	$22K+10.0%	$20K+25.0%	$16K	N/A
Income Tax	-$205K+96.6%	-$6.0M+2.6%	-$6.1M-40786.7%	-$15K	N/A
Net Income	-$4.1M-21.1%	-$3.4M+87.3%	-$26.8M-54.2%	-$17.3M-15.6%	-$15.0M
EPS (Diluted)	N/A	N/A	N/A	N/A	N/A

Metric	Q4'25	Q4'24	Q4'23	Q4'22	Q3'22	Q3'21	Q3'20
Revenue	N/A	N/A	N/A	$582K	N/A	N/A	N/A
Cost of Revenue	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Gross Profit	N/A	N/A	N/A	N/A	N/A	N/A	N/A
R&D Expenses	N/A	N/A	N/A	N/A	N/A	N/A	N/A
SG&A Expenses	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Operating Income	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Interest Expense	N/A	N/A	N/A	$6K	N/A	N/A	N/A
Income Tax	N/A	N/A	N/A	-$435K	N/A	N/A	N/A
Net Income	N/A	N/A	N/A	-$2.2M	N/A	N/A	-$141K
EPS (Diluted)	N/A	N/A	N/A	N/A	N/A	N/A	N/A

GROY Balance Sheet

Metric	FY25	FY24	FY23	FY22	FY21
Total Assets	$822.8M+11.6%	$737.5M+6.7%	$691.0M+0.3%	$688.6M+146.4%	$279.5M
Current Assets	$22.5M+284.0%	$5.9M+5.9%	$5.5M-67.3%	$17.0M+27.5%	$13.3M
Cash & Equivalents	$12.4M+447.3%	$2.3M+57.1%	$1.4M-79.5%	$7.0M-28.8%	$9.9M
Inventory	N/A	N/A	N/A	N/A	N/A
Accounts Receivable	$2.7M+64.8%	$1.7M+78.6%	$931K-9.9%	$1.0M+150.7%	$412K
Goodwill	N/A	N/A	N/A	N/A	N/A
Total Liabilities	$123.6M-31.1%	$179.2M+5.4%	$170.0M+11.6%	$152.4M+181.3%	$54.2M
Current Liabilities	$4.6M+19.7%	$3.9M+0.2%	$3.9M-46.6%	$7.2M+4.2%	$6.9M
Long-Term Debt	$101K-44.2%	$181K-31.4%	$264K+3.1%	$256K+2227.3%	$11K
Total Equity	$699.2M+25.2%	$558.3M+7.2%	$521.0M-2.8%	$536.2M+138.0%	$225.3M
Retained Earnings	-$77.4M-5.6%	-$73.2M-4.9%	-$69.8M-91.1%	-$36.5M-141.1%	-$15.1M

Metric	Q4'25	Q4'24	Q4'23	Q4'22	Q3'22	Q3'21	Q3'20
Total Assets	$822.8M+11.6%	$737.5M+6.7%	$691.0M+1.3%	$682.4M-0.9%	$688.6M+146.4%	$279.5M+503901.4%	$55K
Current Assets	$22.5M+284.0%	$5.9M+5.9%	$5.5M-51.9%	$11.5M-32.0%	$17.0M+27.5%	$13.3M+24591.4%	$54K
Cash & Equivalents	$12.4M+447.3%	$2.3M+57.1%	$1.4M-75.3%	$5.8M-17.0%	$7.0M-28.8%	$9.9M+25965.8%	$38K
Inventory	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Accounts Receivable	$2.7M+64.8%	$1.7M+78.6%	$931K+43.7%	$648K-37.3%	$1.0M+150.7%	$412K	N/A
Goodwill	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Total Liabilities	$123.6M-31.1%	$179.2M+5.4%	$170.0M+14.3%	$148.8M-2.4%	$152.4M+181.3%	$54.2M+27489.6%	$196K
Current Liabilities	$4.6M+19.7%	$3.9M+0.2%	$3.9M-3.2%	$4.0M-44.8%	$7.2M+4.2%	$6.9M+3424.3%	$196K
Long-Term Debt	$101K-44.2%	$181K-31.4%	$264K+7.3%	$246K-3.9%	$256K+2227.3%	$11K	N/A
Total Equity	$699.2M+25.2%	$558.3M+7.2%	$521.0M-2.4%	$533.7M-0.5%	$536.2M+138.0%	$225.3M+159900.0%	-$141K
Retained Earnings	-$77.4M-5.6%	-$73.2M-4.9%	-$69.8M-73.8%	-$40.2M-10.0%	-$36.5M-141.1%	-$15.1M-10670.7%	-$141K

GROY Cash Flow Statement

Metric	FY25	FY24	FY23	FY22	FY21
Operating Cash Flow	$6.2M+142.6%	$2.5M+137.0%	-$6.9M+64.3%	-$19.3M-61.2%	-$11.9M
Capital Expenditures	N/A	N/A	N/A	$28K+1300.0%	$2K
Free Cash Flow	N/A	N/A	N/A	-$19.3M-61.4%	-$12.0M
Investing Cash Flow	-$68.7M-55.8%	-$44.1M-31.6%	-$33.5M-416.6%	$10.6M+115.3%	-$69.2M
Financing Cash Flow	$72.6M+71.5%	$42.3M+17.8%	$36.0M+517.3%	$5.8M-93.6%	$90.9M
Dividends Paid	N/A	N/A	$2.6M-35.5%	$4.0M	N/A
Share Buybacks	N/A	N/A	N/A	N/A	N/A

Metric	Q4'25	Q4'24	Q4'23	Q4'22	Q3'22	Q3'21	Q3'20
Operating Cash Flow	N/A	N/A	N/A	-$4.5M	N/A	N/A	N/A
Capital Expenditures	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Free Cash Flow	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Investing Cash Flow	N/A	N/A	N/A	$5.0M	N/A	N/A	N/A
Financing Cash Flow	N/A	N/A	N/A	-$1.7M	N/A	N/A	$38K
Dividends Paid	N/A	N/A	N/A	$1.4M	N/A	N/A	N/A
Share Buybacks	N/A	N/A	N/A	N/A	N/A	N/A	N/A

GROY Financial Ratios

Metric	FY25	FY24	FY23	FY22	FY21
Gross Margin	N/A	N/A	N/A	N/A	N/A
Operating Margin	N/A	N/A	N/A	N/A	N/A
Net Margin	-26.5%+7.3pp	-33.8%+844.1pp	-877.8%-438.0pp	-439.8%+7375.8pp	-7815.6%
Return on Equity	-0.6%+0.0pp	-0.6%+4.5pp	-5.1%-1.9pp	-3.2%+3.4pp	-6.7%
Return on Assets	-0.5%-0.0pp	-0.5%+3.4pp	-3.9%-1.3pp	-2.5%+2.8pp	-5.4%
Current Ratio	4.88+3.4	1.52+0.1	1.44-0.9	2.35+0.4	1.92
Debt-to-Equity	0.000.0	0.000.0	0.000.0	0.000.0	0.00
FCF Margin	N/A	N/A	N/A	-489.1%+5735.9pp	-6225.0%

Metric	Q4'25	Q4'24	Q4'23	Q4'22	Q3'22	Q3'21	Q3'20
Gross Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Operating Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Net Margin	N/A	N/A	N/A	-378.7%	N/A	N/A	N/A
Return on Equity	N/A	N/A	N/A	-0.4%	N/A	N/A	N/A
Return on Assets	N/A	N/A	N/A	-0.3%	N/A	N/A	-253.6%
Current Ratio	4.88+3.4	1.52+0.1	1.44-1.5	2.90+0.5	2.35+0.4	1.92+1.6	0.27
Debt-to-Equity	0.000.0	0.000.0	0.000.0	0.000.0	0.000.0	0.00+1.4	-1.39
FCF Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A

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Frequently Asked Questions

What is Gold Royalty Corp's annual revenue?

Gold Royalty Corp (GROY) reported $15.6M in total revenue for fiscal year 2025. This represents a 54.5% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.

How fast is Gold Royalty Corp's revenue growing?

Gold Royalty Corp (GROY) revenue grew by 54.5% year-over-year, from $10.1M to $15.6M in fiscal year 2025.

Is Gold Royalty Corp profitable?

No, Gold Royalty Corp (GROY) reported a net income of -$4.1M in fiscal year 2025, with a net profit margin of -26.5%.

How much debt does Gold Royalty Corp have?

As of fiscal year 2025, Gold Royalty Corp (GROY) had $12.4M in cash and equivalents against $101K in long-term debt.

What is Gold Royalty Corp's net profit margin?

Gold Royalty Corp (GROY) had a net profit margin of -26.5% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.

What is Gold Royalty Corp's return on equity (ROE)?

Gold Royalty Corp (GROY) has a return on equity of -0.6% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.

What is Gold Royalty Corp's operating cash flow?

Gold Royalty Corp (GROY) generated $6.2M in operating cash flow during fiscal year 2025, representing cash generated from core business activities.

What are Gold Royalty Corp's total assets?

Gold Royalty Corp (GROY) had $822.8M in total assets as of fiscal year 2025, including both current and long-term assets.

How many shares does Gold Royalty Corp have outstanding?

Gold Royalty Corp (GROY) had 225M shares outstanding as of fiscal year 2025.

What is Gold Royalty Corp's current ratio?

Gold Royalty Corp (GROY) had a current ratio of 4.88 as of fiscal year 2025, which is generally considered healthy.

What is Gold Royalty Corp's debt-to-equity ratio?

Gold Royalty Corp (GROY) had a debt-to-equity ratio of 0.00 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.

What is Gold Royalty Corp's return on assets (ROA)?

Gold Royalty Corp (GROY) had a return on assets of -0.5% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.

What is Gold Royalty Corp's Piotroski F-Score?

Gold Royalty Corp (GROY) has a Piotroski F-Score of 5 out of 9, indicating neutral financial health. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7 to 9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.

Are Gold Royalty Corp's earnings high quality?

Gold Royalty Corp (GROY) has an earnings quality ratio of -1.49x, considered mixed quality. This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.

How financially healthy is Gold Royalty Corp?

Gold Royalty Corp (GROY) scores 51 out of 100 on our Financial Profile, indicating moderate overall financial health. This composite score evaluates six dimensions: profitability (operating margin), revenue growth, leverage (debt-to-equity), liquidity (current ratio), cash flow quality (free cash flow margin), and shareholder returns (return on equity). Each dimension is normalized against standard financial benchmarks. Learn more in our complete guide to financial health indicators.