Royal Gold Inc Financials

RGLD

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

This page shows Royal Gold Inc (RGLD) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 17 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).

Financial Health Signals

Financial Profile 77/100

Based on FY2025 annual data. Scores normalized against common benchmarks. How we calculate these scores

Profitability

100

Royal Gold Inc has an operating margin of 61.9%, meaning the company retains $62 of operating profit per $100 of revenue. This strong profitability earns a score of 100/100, reflecting efficient cost management and pricing power. This is up from 59.8% the prior year.

Growth

100

Royal Gold Inc's revenue surged 43.2% year-over-year to $1.0B, reflecting rapid business expansion. This strong growth earns a score of 100/100.

Leverage

Royal Gold Inc carries a low D/E ratio of 0.13, meaning only $0.13 of long-term debt for every $1 of shareholders' equity. This conservative leverage earns a score of 99/100, indicating a strong balance sheet with room for future borrowing.

Liquidity

Royal Gold Inc's current ratio of 3.12 indicates adequate short-term liquidity, earning a score of 60/100. The company can meet its near-term obligations, though with limited headroom.

Returns

Royal Gold Inc generates a 6.5% ROE, indicating limited profit relative to shareholders' investment. This results in a returns score of 26/100. This is down from 10.7% the prior year.

Altman Z-Score Safe

6.27

Royal Gold Inc scores 6.27, well above the 2.99 safe threshold. The score is driven primarily by a large market capitalization ($22.3B) relative to total liabilities ($2.3B). This indicates low bankruptcy risk based on profitability, leverage, and asset efficiency.

Piotroski F-Score Neutral

4/9

Royal Gold Inc passes 4 of 9 financial strength tests. 3 of 4 profitability signals pass, no leverage/liquidity signals pass (rising debt, declining liquidity, or share dilution), 1 of 2 efficiency signals pass.

Earnings Quality Cash-Backed

1.51x

For every $1 of reported earnings, Royal Gold Inc generates $1.51 in operating cash flow ($704.8M OCF vs $466.3M net income). This indicates profits are well-supported by actual cash generation, not accounting adjustments.

Key Financial Metrics

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Earnings & Revenue

Revenue

$1.0B

YoY+43.2%

5Y CAGR+15.6%

10Y CAGR+15.5%

Royal Gold Inc generated $1.0B in revenue in fiscal year 2025. This represents an increase of 43.2% from the prior year.

EBITDA

$815.2M

YoY+41.9%

5Y CAGR+16.8%

10Y CAGR+16.3%

Royal Gold Inc's EBITDA was $815.2M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization. This represents an increase of 41.9% from the prior year.

Net Income

$466.3M

YoY+40.4%

5Y CAGR+18.5%

10Y CAGR+24.5%

Royal Gold Inc reported $466.3M in net income in fiscal year 2025. This represents an increase of 40.4% from the prior year.

EPS (Diluted)

N/A

Cash & Balance Sheet

Free Cash Flow

N/A

Cash & Debt

$233.7M

YoY+19.6%

5Y CAGR-6.0%

10Y CAGR-10.9%

Royal Gold Inc held $233.7M in cash against $895.4M in long-term debt as of fiscal year 2025.

Dividends Per Share

N/A

Shares Outstanding

85M

YoY+29.0%

5Y CAGR+5.3%

10Y CAGR+2.7%

Royal Gold Inc had 85M shares outstanding in fiscal year 2025. This represents an increase of 29.0% from the prior year.

Margins & Returns

Gross Margin

69.3%

YoY+3.8pp

5Y CAGR+22.0pp

10Y CAGR-30.7pp

Royal Gold Inc's gross margin was 69.3% in fiscal year 2025, indicating the percentage of revenue retained after direct costs. This is up 3.8 percentage points from the prior year.

Operating Margin

61.9%

YoY+2.2pp

5Y CAGR+22.0pp

10Y CAGR+26.3pp

Royal Gold Inc's operating margin was 61.9% in fiscal year 2025, reflecting core business profitability. This is up 2.2 percentage points from the prior year.

Net Margin

45.3%

YoY-0.9pp

5Y CAGR+5.3pp

10Y CAGR+24.0pp

Royal Gold Inc's net profit margin was 45.3% in fiscal year 2025, showing the share of revenue converted to profit. This is down 0.9 percentage points from the prior year.

Return on Equity

6.5%

YoY-4.1pp

5Y CAGR-2.3pp

10Y CAGR+4.3pp

Royal Gold Inc's ROE was 6.5% in fiscal year 2025, measuring profit generated per dollar of shareholder equity. This is down 4.1 percentage points from the prior year.

Capital Allocation

R&D Spending

N/A

Share Buybacks

N/A

Capital Expenditures

N/A

RGLD Income Statement

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Revenue	$1.0B+43.2%	$719.4M+18.8%	$605.7M+0.4%	$603.2M-7.7%	$653.6M+31.0%	$498.8M
Cost of Revenue	$130.9M+34.3%	$97.5M+7.7%	$90.5M-4.4%	$94.6M-3.9%	$98.5M+17.4%	$83.9M
Gross Profit	$714.3M+51.6%	$471.2M+37.2%	$343.4M+6.3%	$323.1M-3.0%	$333.0M+41.1%	$236.1M
R&D Expenses	N/A	N/A	N/A	N/A	N/A	N/A
SG&A Expenses	$49.2M+20.2%	$40.9M+3.0%	$39.8M+14.9%	$34.6M+18.1%	$29.3M-2.9%	$30.2M
Operating Income	$638.2M+48.4%	$429.9M+41.8%	$303.2M+6.9%	$283.7M-13.6%	$328.4M+65.1%	$198.9M
Interest Expense	N/A	N/A	N/A	N/A	N/A	N/A
Income Tax	$102.3M+9.3%	$93.6M+122.8%	$42.0M+27.6%	$32.9M-38.1%	$53.2M+1556.6%	-$3.7M
Net Income	$466.3M+40.4%	$332.0M+38.7%	$239.4M+0.2%	$239.0M-12.8%	$274.0M+37.5%	$199.3M
EPS (Diluted)	N/A	N/A	N/A	N/A	N/A	N/A

Metric	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24
Revenue	$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
Cost of Revenue	$50.8M+62.0%	$31.4M+29.8%	$24.2M-1.3%	$24.5M+0.4%	$24.4M-10.3%	$27.2M+12.5%	$24.2M+11.1%	$21.8M
Gross Profit	$242.4M+30.7%	$185.4M+21.8%	$152.2M+13.4%	$134.3M-5.7%	$142.4M+10.4%	$129.0M+14.5%	$112.7M+29.5%	$87.0M
R&D Expenses	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
SG&A Expenses	$17.6M+72.7%	$10.2M-0.5%	$10.3M-7.2%	$11.1M+24.2%	$8.9M-11.8%	$10.1M-3.9%	$10.5M-7.9%	$11.4M
Operating Income	$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
Interest Expense	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Income Tax	$52.7M+83.5%	$28.7M+172.4%	$10.5M+1.4%	$10.4M-60.2%	$26.1M+21.2%	$21.5M+13.3%	$19.0M-29.7%	$27.0M
Net Income	$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
EPS (Diluted)	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

RGLD Balance Sheet

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Total Assets	$9.5B+181.2%	$3.4B+0.9%	$3.4B-4.9%	$3.5B+28.2%	$2.8B-0.3%	$2.8B
Current Assets	$377.4M+37.1%	$275.3M+64.4%	$167.4M-9.9%	$185.8M-14.0%	$216.0M-40.4%	$362.1M
Cash & Equivalents	$233.7M+19.6%	$195.5M+87.7%	$104.2M-12.2%	$118.6M-17.4%	$143.6M-55.0%	$319.1M
Inventory	N/A	N/A	N/A	N/A	N/A	N/A
Accounts Receivable	N/A	N/A	N/A	N/A	N/A	N/A
Goodwill	N/A	N/A	N/A	N/A	N/A	N/A
Total Liabilities	$2.3B+793.8%	$260.9M-43.3%	$460.4M-41.1%	$781.1M+401.3%	$155.8M-66.4%	$464.2M
Current Liabilities	$120.9M+42.0%	$85.2M+17.6%	$72.4M+13.9%	$63.6M+3.5%	$61.4M+41.0%	$43.6M
Long-Term Debt	$895.4M	$0-100.0%	$246.0M-57.0%	$571.6M	N/A	$300.4M
Total Equity	$7.2B+129.5%	$3.1B+8.0%	$2.9B+5.4%	$2.7B+5.9%	$2.6B+13.9%	$2.3B
Retained Earnings	$1.2B+37.9%	$890.0M+33.5%	$666.5M+26.4%	$527.3M+38.1%	$381.9M+524.8%	$61.1M

Metric	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24
Total Assets	$9.5B+113.6%	$4.5B+25.0%	$3.6B+3.3%	$3.5B+2.0%	$3.4B+2.7%	$3.3B+1.0%	$3.3B-1.3%	$3.3B
Current Assets	$377.4M+31.3%	$287.4M-16.0%	$342.0M+8.1%	$316.5M+15.0%	$275.3M+36.2%	$202.1M+51.4%	$133.5M-30.8%	$193.0M
Cash & Equivalents	$233.7M+35.2%	$172.8M-30.4%	$248.2M+3.1%	$240.8M+23.2%	$195.5M+52.9%	$127.9M+72.3%	$74.2M-46.2%	$137.9M
Inventory	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Accounts Receivable	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Goodwill	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Total Liabilities	$2.3B+122.4%	$1.0B+313.6%	$253.5M+4.2%	$243.2M-6.8%	$260.9M+4.1%	$250.7M-12.9%	$287.8M-26.2%	$389.9M
Current Liabilities	$120.9M+21.5%	$99.5M+30.8%	$76.1M+14.0%	$66.8M-21.6%	$85.2M-1.4%	$86.3M-29.5%	$122.4M+58.6%	$77.1M
Long-Term Debt	$895.4M+16.3%	$770.2M	N/A	N/A	$0	$0	$0-100.0%	$146.2M
Total Equity	$7.2B+110.1%	$3.4B+3.0%	$3.3B+3.2%	$3.2B+2.7%	$3.1B+2.6%	$3.0B+2.4%	$3.0B+2.0%	$2.9B
Retained Earnings	$1.2B+4.6%	$1.2B+9.0%	$1.1B+10.5%	$973.9M+9.4%	$890.0M+9.6%	$812.2M+9.4%	$742.3M+8.0%	$687.4M

RGLD Cash Flow Statement

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Operating Cash Flow	$704.8M+33.1%	$529.5M+27.3%	$415.8M-0.4%	$417.3M-9.6%	$461.9M+35.5%	$340.8M
Capital Expenditures	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
Investing Cash Flow	-$1.4B-1726.2%	-$77.7M-2645.8%	-$2.8M+99.7%	-$922.9M-121.3%	-$417.0M-172.8%	-$152.9M
Financing Cash Flow	$751.9M+308.6%	-$360.5M+15.7%	-$427.4M-188.9%	$480.6M+269.7%	-$283.2M-2508.2%	$11.8M
Dividends Paid	$118.5M+12.6%	$105.2M+6.8%	$98.6M+7.2%	$91.9M+16.7%	$78.7M+10.2%	$71.5M
Share Buybacks	N/A	N/A	N/A	N/A	N/A	N/A

Metric	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24
Operating Cash Flow	$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
Capital Expenditures	N/A	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	N/A
Investing Cash Flow	-$261.6M+73.5%	-$985.9M-774.4%	-$112.8M-93.4%	-$58.3M-24.3%	-$46.9M-1266.3%	-$3.4M+93.3%	-$50.9M-315.9%	$23.6M
Financing Cash Flow	$80.8M-89.0%	$736.6M+2357.6%	-$32.6M+0.6%	-$32.8M-23.7%	-$26.5M+66.7%	-$79.6M+37.0%	-$126.3M+1.4%	-$128.1M
Dividends Paid	$29.6M0.0%	$29.6M0.0%	$29.6M+0.1%	$29.6M+12.5%	$26.3M0.0%	$26.3M0.0%	$26.3M+0.1%	$26.3M
Share Buybacks	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

RGLD Financial Ratios

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Gross Margin	69.3%+3.8pp	65.5%+8.8pp	56.7%+3.1pp	53.6%+2.6pp	50.9%+3.6pp	47.3%
Operating Margin	61.9%+2.2pp	59.8%+9.7pp	50.1%+3.0pp	47.0%-3.2pp	50.2%+10.4pp	39.9%
Net Margin	45.3%-0.9pp	46.2%+6.6pp	39.5%-0.1pp	39.6%-2.3pp	41.9%+2.0pp	40.0%
Return on Equity	6.5%-4.1pp	10.7%+2.4pp	8.3%-0.4pp	8.7%-1.9pp	10.6%+1.8pp	8.8%
Return on Assets	4.9%-4.9pp	9.8%+2.7pp	7.1%+0.4pp	6.8%-3.2pp	9.9%+2.7pp	7.2%
Current Ratio	3.12-0.1	3.23+0.9	2.31-0.6	2.92-0.6	3.52-4.8	8.31
Debt-to-Equity	0.13+0.1	0.00-0.1	0.09-0.1	0.21+0.1	0.06-0.1	0.13
FCF Margin	N/A	N/A	N/A	N/A	N/A	N/A

Metric	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24
Gross Margin	64.6%-9.0pp	73.6%+1.0pp	72.6%+3.2pp	69.4%-0.9pp	70.3%+3.8pp	66.6%+1.8pp	64.7%+6.3pp	58.4%
Operating Margin	56.2%-8.2pp	64.4%-3.3pp	67.7%+4.0pp	63.6%-2.2pp	65.9%+4.6pp	61.3%+2.7pp	58.6%+7.9pp	50.7%
Net Margin	24.9%-25.4pp	50.3%-12.8pp	63.1%+4.5pp	58.7%+5.6pp	53.0%+3.4pp	49.6%+3.0pp	46.7%+15.0pp	31.7%
Return on Equity	1.3%-2.4pp	3.7%-0.3pp	4.0%+0.5pp	3.5%+0.1pp	3.4%+0.3pp	3.2%+0.4pp	2.7%+1.1pp	1.6%
Return on Assets	1.0%-1.9pp	2.8%-0.9pp	3.7%+0.4pp	3.3%+0.1pp	3.2%+0.3pp	2.9%+0.4pp	2.5%+1.1pp	1.4%
Current Ratio	3.12+0.2	2.89-1.6	4.49-0.2	4.74+1.5	3.23+0.9	2.34+1.3	1.09-1.4	2.50
Debt-to-Equity	0.13-0.1	0.23+0.1	0.080.0	0.08+0.1	0.000.0	0.000.0	0.00-0.1	0.05
FCF Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

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Frequently Asked Questions

What is Royal Gold Inc's annual revenue?

Royal Gold Inc (RGLD) reported $1.0B in total revenue for fiscal year 2025. This represents a 43.2% 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 Royal Gold Inc's revenue growing?

Royal Gold Inc (RGLD) revenue grew by 43.2% year-over-year, from $719.4M to $1.0B in fiscal year 2025.

Is Royal Gold Inc profitable?

Yes, Royal Gold Inc (RGLD) reported a net income of $466.3M in fiscal year 2025, with a net profit margin of 45.3%.

What is Royal Gold Inc's EBITDA?

Royal Gold Inc (RGLD) had EBITDA of $815.2M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.

How much debt does Royal Gold Inc have?

As of fiscal year 2025, Royal Gold Inc (RGLD) had $233.7M in cash and equivalents against $895.4M in long-term debt.

What is Royal Gold Inc's gross margin?

Royal Gold Inc (RGLD) had a gross margin of 69.3% in fiscal year 2025, indicating the percentage of revenue retained after direct costs of goods sold.

What is Royal Gold Inc's operating margin?

Royal Gold Inc (RGLD) had an operating margin of 61.9% in fiscal year 2025, reflecting the profitability of core business operations before interest and taxes.

What is Royal Gold Inc's net profit margin?

Royal Gold Inc (RGLD) had a net profit margin of 45.3% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.

What is Royal Gold Inc's return on equity (ROE)?

Royal Gold Inc (RGLD) has a return on equity of 6.5% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.

What is Royal Gold Inc's operating cash flow?

Royal Gold Inc (RGLD) generated $704.8M in operating cash flow during fiscal year 2025, representing cash generated from core business activities.

What are Royal Gold Inc's total assets?

Royal Gold Inc (RGLD) had $9.5B in total assets as of fiscal year 2025, including both current and long-term assets.

How many shares does Royal Gold Inc have outstanding?

Royal Gold Inc (RGLD) had 85M shares outstanding as of fiscal year 2025.

What is Royal Gold Inc's current ratio?

Royal Gold Inc (RGLD) had a current ratio of 3.12 as of fiscal year 2025, which is generally considered healthy.

What is Royal Gold Inc's debt-to-equity ratio?

Royal Gold Inc (RGLD) had a debt-to-equity ratio of 0.13 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.

What is Royal Gold Inc's return on assets (ROA)?

Royal Gold Inc (RGLD) had a return on assets of 4.9% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.

What is Royal Gold Inc's Altman Z-Score?

Royal Gold Inc (RGLD) has an Altman Z-Score of 6.27, placing it in the Safe Zone (low bankruptcy risk). The Z-Score combines five financial ratios—working capital, retained earnings, EBIT, market capitalization, and revenue relative to total assets—to predict the likelihood of bankruptcy. Scores above 2.99 indicate financial safety while scores below 1.81 suggest financial distress. Learn more in our complete guide to financial health indicators.

What is Royal Gold Inc's Piotroski F-Score?

Royal Gold Inc (RGLD) has a Piotroski F-Score of 4 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 7–9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.

Are Royal Gold Inc's earnings high quality?

Royal Gold Inc (RGLD) has an earnings quality ratio of 1.51x, considered cash-backed (high 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 Royal Gold Inc?

Royal Gold Inc (RGLD) scores 77 out of 100 on our Financial Profile, indicating strong 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.