| Factor | Score | Distribution | Value | Avg | Rank |
|---|---|---|---|---|---|
Valuation | 31 | 25.9x | 17.3x | Bottom tier | |
Growth | 93 | 93.5% | 7.1% | Top tier | |
Quality | 85 | 9.8% | 4.5% | Top tier | |
Safety | 91 | 0.2x | 2.6x | Top tier | |
Capital Return | 80 | 0.80% | 0.06% | Top tier | |
Momentum | 55 | 30.3% | -1.6% | Around median | |
Sentiment | 41 | 5 | 3 | Around median |
The floor: what the company is worth if growth stopped today
55% of today's price is what a buyer pays for growth that has not happened yet.
10-year US Treasury yield 4.96% as of 2026-10-22. Estimates computed from company data and analyst targets, not investment advice.
Ten ratios that matter, each compared against its sector median and average — so you can see whether a number is rich or cheap relative to peers in the same sector.
Royal Gold operates under a royalty and metal streaming model, earning revenue linked to the production and sale of metals from a broad portfolio of mines and projects without being the direct operator of most assets. In fiscal 2026 Q2, royalty revenue totaled $140 million, while stream revenue totaled $311 million, representing approximately 31% and 69% of total revenue, respectively. Gold remained the primary driver at 76% of revenue, compared with 12% for silver and 8% for copper.
Fiscal 2026 Q2 showed a significant expansion in business volume following the 2025 transactions; revenue increased 115% year over year to $451 million, and net income rose 79% to $236 million, or $2.78 per share. Adjusted net income totaled $218 million, or $2.56 per share, up 41%, and the adjusted earnings before interest, taxes, depreciation, depletion, and amortization margin reached 83%. Operating cash flow also reached a record $335 million, up 119% from $153 million.
Growth came from higher metal prices, the additions of Kansanshi and the Sandstorm portfolio, and increased volumes from Andacollo, Rainy River, and Cortez Legacy Zone, partially offset by lower sales from Mount Milligan. The portfolio produced 100 thousand gold equivalent ounces, no single asset contributed more than 13% of revenue, and only two assets exceeded the 10% level. These results support a longer-term picture showing revenue of $1.3 billion and net income of $633.9 million over the last twelve months recorded within fiscal 2026.
The analyst consensus is Buy, with an average price target of $301.5 and a target range between $280 and $311. The average target is within a limited distance of the 52-week high of $306.25, compared with a low of $168.88, reflecting elevated expectations for the sustainability of the impact of the 2025 transactions and record cash flows. Conversely, this consensus should be weighed against higher depreciation, depletion, amortization, and interest expenses, the decision not to raise other metals guidance due to Antamina NPI volatility, and Hod Maden execution risks.
Figures in the text are as of 2026-08-28; the live price is shown at the top of the page.
Revenue increased 115% to $451 million due to higher metal prices, contributions from Kansanshi and the Sandstorm portfolio, and increased volumes from Andacollo, Rainy River, and Cortez Legacy Zone. Stream revenue grew 133% to $311 million, while royalty revenue increased 83% to $140 million. Increases in gold prices of 37%, silver prices of 117%, and copper prices of 40% amplified the impact of volume and portfolio growth.
Gold accounted for 76% of fiscal 2026 Q2 revenue, compared with 12% for silver and 8% for copper. Management confirms that Royal Gold remains a precious-metals-focused company, despite its willingness to consider opportunities in other metals when the assets and structures are suitable. This mix means the company's results remain highly sensitive to the price of gold even as the contribution from copper and base metals expands.
Management stated on August 6, 2026, that fiscal 2026 Q2 was the second full quarter of consolidated results following the transaction activity in 2025. It reported that gold equivalent ounces, adjusted earnings before interest, taxes, depreciation, depletion, and amortization, operating cash flow, and earnings per share all showed positive accretion. Adjusted net income totaled $218 million, or $2.56 per share, up 41% year over year.
Automated analysis for informational purposes only — not investment advice.
The company ended June 2026 with total available liquidity of $1.2 billion, including amounts available under the revolving credit facility and $244 million of working capital. It repaid $200 million under the facility during the quarter, followed by $75 million in July 2026, and announced its intention to repay an additional $100 million in mid-August 2026. Management expected to repay the entire outstanding balance during fiscal 2026 Q4, assuming metal prices remain unchanged and no other major acquisitions are completed.
Royal Gold reduced its direct interest in Hod Maden from 30% to 15% in exchange for additional royalty interests, with the aim of aligning the investment more closely with its core royalty and streaming model. Project progress was approximately 25% as of June 30, 2026, with engineering progress at 74%, procurement and contracts at 44%, and construction at 8%, while cumulative expenditures totaled approximately $175 million. Lidya is targeting first concentrate production in 2028, and Royal Gold estimates that its remaining basic capital expenditure commitment is approximately $65 million, distributed approximately between the second half of 2027 and the first half of 2028.
The provided data indicate two sales and no purchases, with net sales of 239,325 shares during the three months ended August 28, 2026. The information does not explain the reasons for the transactions or whether they were executed under prearranged trading plans, so it is insufficient on its own to judge management's outlook. Fiscal 2026 Q2 results, including operating cash flow of $335 million and an adjusted earnings margin of 83%, remain stronger operating signals than insider activity alone.