Royal Gold
Funds mine operators in exchange for precious-metal royalties and streams.
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Profile
Funds mining companies and acquires existing interests to build a portfolio of precious-metal streams and royalties. Operators run the underlying mines, while contractual terms provide exposure to gold, silver, and copper production and revenue across producing, development, and exploration-stage properties.
Provides capital to mining companies and acquires existing interests in exchange for precious-metal streams and royalties. Streams confer rights to buy specified mine output at contract prices, while royalties provide a share of production or related revenue after agreed deductions.
Manages two reportable businesses—stream interests and royalty interests—across producing, development, evaluation, and exploration-stage properties. Gold is the primary commodity exposure, alongside silver and copper, and the underlying assets span multiple continents.
Runs the model through contract management and disciplined capital allocation without controlling mine development or day-to-day operations. Results depend on operators' development and production, mine lives, commodity prices, permitting, host-country conditions, and the enforceability of agreement terms.
Company facts
Categories
Key statistics
Year to date +18.9% · Average volume (30d) 721.3K
Analysts
Ratings
Target range
Latest analyst notes
| Date | Firm | Action | Prior rating | Rating | Prior target | Target |
|---|---|---|---|---|---|---|
| Jul 14, 2026 | Scotiabank | Reiterate | Sector Perform | $335 | $310 | |
| Jul 9, 2026 | RBC Capital | Reiterate | Outperform | $170 | $305 | |
| Jul 6, 2026 | Jefferies | Reiterate | Buy | $270 | $311 | |
| Jun 30, 2026 | UBS | Reiterate | Buy | $325 | $280 | |
| Apr 15, 2026 | UBS | Target | $325 |
Earnings
EPS
Revenue
History
| Report date | EPS est | EPS | Surprise | Revenue est | Revenue | Surprise | Next session |
|---|---|---|---|---|---|---|---|
| Aug 5, 2026Q2 FY26 | $2.55 | $2.56 | +0.4% | $458.9M | $450.5M | −1.8% | +1.40% |
| May 6, 2026Q1 FY26 | $2.77 | $3.11 | +12.3% | $471.8M | $469.1M | −0.6% | −1.77% |
| Feb 18, 2026Q4 FY25 | $2.59 | $1.92 | −25.9% | $391.8M | $375.3M | −4.2% | −2.16% |
| Nov 5, 2025Q3 FY25 | $2.15 | $2.06 | −4.2% | $254.0M | $252.1M | −0.8% | −2.11% |
Financial highlights
| 12 quarters | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | |
|---|---|---|---|---|---|---|---|
| Revenue | $191.7M | $209.6M | $252.1M | $375.3M | $469.1M | $450.5M | |
| Gross profit | $167.2M | $152.1M | $185.4M | $242.2M | $314.6M | $291.1M | |
| Operating income | $123.1M | $141.8M | $175.1M | $224.6M | $297.1M | $279.9M | |
| Net income | $113.5M | $132.3M | $126.8M | $93.6M | $281.1M | $236.4M | |
| Diluted EPS | $1.72 | $2.01 | $1.92 | $1.16 | $3.30 | $2.78 | |
| Gross margin | 87.2% | 72.6% | 73.5% | 64.5% | 67.1% | 64.6% | |
| Operating margin | 64.2% | 67.7% | 69.5% | 59.8% | 63.3% | 62.1% |
Fiscal years (4-quarter sums)FY21 $649.4M · FY22 $596.2M · FY23 $600.8M · FY24 $714.8M · FY25 $1.03B
Revenue by product · Q2 FY26
Balance sheet, Jun 30, 2026Cash & short-term investments $182.5M · Total debt $395.9M · Total assets $9.45B · Shareholders' equity $7.59B
Dividends
Raised for 22 straight years — most recently to $0.475 from $0.45 in Jan 2026. To collect a payout, hold shares through the close before the ex-date.
History
| Ex-date | Record | Paid | Amount | Note |
|---|---|---|---|---|
| Jul 2, 2026 | Jul 2 | Jul 16 | $0.475 | |
| Apr 2, 2026 | Apr 2 | Apr 16 | $0.475 | |
| Jan 2, 2026 | Jan 2 | Jan 16 | $0.475 | raised from $0.45 |
| Oct 3, 2025 | Oct 3 | Oct 17 | $0.45 | |
| Jul 3, 2025 | Jul 3 | Jul 17 | $0.45 | |
| Apr 4, 2025 | Apr 4 | Apr 17 | $0.45 | |
| Jan 3, 2025 | Jan 3 | Jan 17 | $0.45 | raised from $0.40 |
| Oct 4, 2024 | Oct 4 | Oct 18 | $0.40 |
Ownership
A 13F quarter can total more than the shares outstanding — sub-advisers file the same block twice, and a filer's own share count can be a quarter stale. No split is drawn from it.
Shares outstanding 84.87M · Float 84.56M · 99.6% free float
Top shareholders13F · 13D/G · Form 4
| Holder | Shares | % outstanding | Form | Filed |
|---|---|---|---|---|
| BlackRock, Inc. | 10.91M | 12.86% | 13F | Aug 7, 2026 |
| Capital World Investors | 9.32M | 10.99% | 13F | Aug 12, 2026 |
| Vanguard Portfolio Management LLC | 4.13M | 4.86% | 13F | Aug 13, 2026 |
| State Street Corp | 3.90M | 4.60% | 13F | Aug 7, 2026 |
| Vanguard Capital Management LLC | 3.80M | 4.47% | 13F | Aug 13, 2026 |
Insider tradesForm 4
| Date | Insider | Role | Shares | Avg price |
|---|---|---|---|---|
| Aug 28, 2026 | Randy Shefman | officer: SVP & General Counsel | −500 | $262.80 |
| Jun 16, 2026 | Randy Shefman | officer: SVP & General Counsel | −500 | $215.85 |
| May 11, 2026 | Randy Shefman | officer: SVP & General Counsel | −1,000 | $243.74 |
| Mar 12, 2026 | Mark Isto | director | −2,000 | $274.83 |
| Mar 4, 2026 | Paul Libner | officer: SVP & CFO | −3,200 | $283.47 |
Peers
- Franco-Nevada
Large-scale rival in gold royalties, streams, and mine financing
- Wheaton Precious Metals
Streaming leader in gold and silver mine financing
- OR Royalties
Americas-focused rival in gold royalties and streams
- Triple Flag Precious Metals
Gold-and-silver royalty and streaming finance rival
CompareAfter-hours close
| Company | Price | Change | |||||
|---|---|---|---|---|---|---|---|
| Royal Gold | $263.05 | +0.06% | $22.31B | 28.7 | 21.8 | 14.4 | +114.9% |
| Franco-Nevada | $272.44 | +2.35% | $51.33B | 34.8 | 29.7 | 22.2 | +57.3% |
| Wheaton Precious Metals | $152.55 | −0.50% | $69.63B | 34.0 | 29.7 | 21.9 | +84.7% |
| OR Royalties | $36.90 | −1.31% | $7.01B | 24.9 | 22.2 | 17.9 | +120.8% |
| Triple Flag Precious Metals | $34.50 | +1.58% | $7.02B | 17.0 | 25.6 | 14.4 | +37.3% |
| Median | 29.5 | 27.6 | 19.9 | +71.0% |