Royal Gold, Inc.
Built from real-time financials, refreshed daily. For a full Analyst Grade with bull/bear case, price targets, and qualitative risk analysis, generate a RGLD research report →
Range $280 – $311
Price Chart
About the company
Royal Gold, Inc. and its subsidiaries engage in the acquisition and oversight of precious metal streams, royalty agreements, and related rights. The company's strategy involves securing these interests or providing capital for projects, whether currently producing or in their development phase, in exchange for future streams or royalty entitlements.
- CEO
- William H. Heissenbuttel
- IPO
- 1981
- Employees
- 39
- HQ
- Denver, CO, US
AI snapshot
Six angles, distilled from the data.
The stock remains in a long-term uptrend, but it has pulled back from the 52-week high and is now trading below the 200-day average of 241.20. That leaves the setup in a consolidation phase rather than a clean momentum breakout, with the next test being whether buyers can reclaim the longer-term trend.
Wall Street stays constructive: the consensus is 4.17, with 3 Buy, 2 Hold, and 1 Sell ratings, and the average target sits at 309.83. No recent rating changes or target revisions point to a stable view rather than a fresh catalyst-driven upgrade cycle.
The earnings pattern has been mixed, with 3 beats in the last 7 quarters and a softer run more recently, including misses of 28.4%, 10.4%, 2.3%, and 1.1%. Next results should be judged on whether EPS can re-accelerate toward the 12.86 next-year estimate after the recent uneven cadence.
No notable insider buying or selling in recent quarters. With no reported transactions, shareholders should focus more on operating results and capital allocation than on insider signaling.
Profitability remains strong, led by an 86.8% gross margin and a 62.0% operating margin, with net margin at 48.1%. Growth is still positive, with revenue up 115.5% year over year and earnings up 38.3%, while free cash flow reached 1.87 billion and FCF yield was 9.40%.
Royal Gold’s royalty model typically carries lighter operating risk than miners, and its 0.50 beta reflects that lower volatility profile. Versus the sector, the valuation case leans on premium margins and cash generation rather than asset-heavy production leverage.
Similar companies
Peers in the same neighborhood.
- Market Cap
- $19.83B
- P/E
- 25.48
- Fwd P/E
- 22.42
- PEG
- 0.74
- P/S
- 12.82
- P/B
- 2.61
- EV/EBITDA
- 16.62
- Div Yield
- 0.81%
- Gross Margin
- 66.79%
- Op Margin
- 63.14%
- Net Margin
- 47.70%
- ROE
- 11.55%
- ROIC
- 8.58%
Latest fiscal year · YoY change
- Revenue
- $1.03B+44.6%
- Gross Profit
- $713.86M+16.0%
- Op Income
- $664.67M
- Net Income
- $466.28M+40.4%
- EPS
- $6.70+32.4%
- OCF Growth
- +33.1%
- FCF Growth
- -207.7%
- 52W High
- $306.25
- 52W Low
- $168.88
- 50D MA
- $240.10
- 200D MA
- $241.20
- Beta
- 0.50
- RSI (14)
- 39
- Avg Volume
- 693.52K
Earnings call summaries
Pick a quarter — each call distilled into takeaways, results, and a bull vs bear read.
Royal Gold posted a sharply larger second quarter on the back of its expanded portfolio, with record operating cash flow, high margins, and management emphasizing diversification, balance-sheet strength, and capital flexibility.· August 6, 2026
- Revenue rose to $451 million, operating cash flow hit a record $335 million, and net income was $236 million; adjusted net income was $218 million or $2.56 per share.
- Results were up sharply year over year, with revenue up 115%, operating cash flow up 119%, earnings up 79%, and adjusted net income per share up 41%.
- The portfolio is now more diversified, with no single asset contributing more than 13% of revenue and gold still accounting for 76% of total revenue.
- Management returned capital through a $40 million dividend, $30 million of share repurchases, and a $200 million revolver repayment, while ending with $1.2 billion of available liquidity.
- Guidance remained intact overall, though management said copper and other metals are trending toward or above the top end of ranges, while Antamina NPI remains the biggest variable.
Second-quarter revenue was $451 million, operating cash flow was a record $335 million, and net income was $236 million, versus $132 million a year ago. Revenue increased 115%, operating cash flow increased 119%, earnings increased 79%, and adjusted net income was $218 million or $2.56 per share, up 41% from last year. Adjusted EBITDA margin was 83%, gold was 76% of total revenue, and the dividend rate was $1.90 per share, 6% higher than last year. On capital allocation, the company repaid $200 million on the revolver, repurchased and canceled 147,000 shares for $30 million, and ended the quarter with $1.2 billion of total available liquidity. For guidance, management said gold and silver are tracking well to 2026 ranges, copper and other metals are trending around or above the top end, total G&A is expected near the high end of the $50 million to $60 million range, DD&A is expected within $339 million to $379 million, and the full-year tax rate is still expected in the 17% to 22% range.
Bill Heissenbuttel framed the quarter as proof that the 2025 transactions have materially increased the scale and diversification of the business, and he said the company is now delivering more steady and predictable results. He repeatedly stressed that the portfolio simplification is progressing, pointing to the Hod Maden restructuring, Relief Canyon settlement, Horizon simplification, and other steps to reduce complexity. His tone was constructive but disciplined: he said Royal Gold will keep balancing investments, debt reduction, dividends, and opportunistic buybacks based on long-term priorities rather than just valuation.
Paul Libner highlighted the financial upside from the larger portfolio and higher metal prices, noting revenue of $451 million, net income of $236 million, adjusted net income of $218 million, and record operating cash flow of $335 million. He said G&A was $13.4 million, DD&A was $96 million, and interest and other expense rose to $10 million due mainly to higher revolver balances. He also said the company expects G&A to finish near the high end of the $50 million to $60 million range, DD&A to land within $339 million to $379 million, and the outstanding revolver balance to be fully repaid in the fourth quarter absent significant acquisitions, after a $75 million July repayment and an intended additional $100 million repayment in mid-August.
Analysts focused heavily on capital allocation, especially the buyback, the remaining Sandstorm-related holdings, and the timing and size of future Hod Maden commitments. Management said the buyback will be used flexibly and will not be tied to a fixed model, and that the remaining 15% Hod Maden stake is non-core but not on a hard deadline for sale; they also said the remaining base CapEx commitment is about $65 million over 2027-2028 after the $70 million already funded. On guidance, management said the biggest variable remains the Antamina NPI, which is why they are not yet raising full-year metal guidance despite strong first-half performance in copper and other metals.
The quarter showed that the larger, more diversified portfolio is generating significant cash, with record operating cash flow and strong margins. Management also sounded encouraged by asset-level progress across the portfolio and by a healthy deal pipeline, saying they remain busy and are seeing opportunities in gold streams, royalties, and some base-metal-related structures.
Management flagged volatility around Antamina NPI as the main reason they are not upgrading full-year guidance yet, and they also noted limited visibility into some assets such as Peñasquito and Voisey’s Bay. Hod Maden still carries remaining capital commitments and execution risk, and management said the residual 15% equity interest is non-core but still unresolved. The company also acknowledged higher G&A, higher DD&A from the expanded portfolio, and ongoing sensitivity to metal-price and delivery timing dynamics.
AI summary of the company's earnings call · Paraphrased · Not investment advice
- Free Float
- 99.6%
- Shares Outstanding
- 84.87M
- Float Shares
- 84.56M
of shares held by institutions
844 13F filers
Buy/sell ratio 0.00. Sells can include pre-scheduled 10b5-1 plan sales, not just discretionary selling.
Congressional trading
Senate and House stock disclosures for RGLD, newest first.
| Member | Type | Traded | |
|---|---|---|---|
| Lisa C. McClainHouse · MI09 | Sell | Aug 4, 25 | Filing → |
| Lisa C. McClainHouse · MI09 | Buy | Jul 22, 25 | Filing → |
| Lisa C. McClainHouse · MI09 | Buy | Jun 9, 25 | Filing → |
| Lisa C. McClainHouse · MI09 | Sell | Jun 10, 25 | Filing → |
| Jefferson ShreveHouse · IN06 | Sell | May 12, 25 | Filing → |
| Jefferson ShreveHouse · IN06 | Buy | Apr 7, 25 | Filing → |
| Jefferson ShreveHouse · IN06 | Buy | Feb 24, 25 | Filing → |
| Lois FrankelHouse · FL22 | Sell | Sep 8, 23 | Filing → |
| Robert J. WittmanHouse · VA01 | Sell | Sep 1, 21 | Filing → |
| Lois FrankelHouse · FL21 | Buy | Jul 2, 21 | Filing → |
| Lois FrankelHouse · FL21 | Buy | Jul 1, 21 | Filing → |
| Lois FrankelHouse · FL21 | Buy | Jun 30, 21 | Filing → |
| Robert J. WittmanHouse · VA01 | Buy | Jul 2, 20 | Filing → |
| Donna ShalalaHouse · FL27 | Sell | Feb 6, 19 | Filing → |
Source: public STOCK Act disclosures. Filed weeks after the trade — a lagging signal, not a real-time one.
Top institutional holders
Largest 13F positions, with quarter-over-quarter change.
| Holder | Shares | Δ Quarter |
|---|---|---|
| Blackrock, Inc. | 10.91M | ▲ 437.94K |
| Capital World Investors | 9.32M | ▼ 1.19M |
| Vanguard Group Inc | 8.40M | ▲ 1.68M |
| Vanguard Portfolio Management LLC | 4.13M | ▲ 15.32K |
| State Street Corp | 3.90M | ▲ 304.11K |
| Vanguard Capital Management LLC | 3.80M | ▲ 34.07K |
| Van Eck Associates Corp | 2.93M | ▼ 274.20K |
| Invesco Ltd. | 2.07M | ▼ 176.78K |
| Geode Capital Management, LLC | 1.74M | ▲ 13.49K |
| Capital Research Global Investors | 1.45M | ▲ 596.13K |
| Norges Bank | 1.41M | ▲ 1.41M |
| Ubs Group AG | 1.22M | ▲ 788.28K |
Held by 556 ETFs
Biggest fund positions in RGLD by dollar value.
Recent insider transactions
Who's buying, who's selling, and how much.
| Date | Insider | Type | Shares |
|---|---|---|---|
| Sep 14, 26 | Raffield Martin | other | 27 |
| Sep 11, 26 | Raffield Martin | other | 40 |
| Sep 3, 26 | Heissenbuttel William Holmes | sell | 57 |
| Sep 3, 26 | Heissenbuttel William Holmes | sell | 1,608 |
| Sep 3, 26 | Heissenbuttel William Holmes | sell | 877 |
| Sep 3, 26 | Heissenbuttel William Holmes | sell | 1,173 |
| Sep 3, 26 | Heissenbuttel William Holmes | sell | 3,560 |
| Aug 28, 26 | Shefman Randy | sell | 500 |
| Jun 16, 26 | Shefman Randy | sell | 500 |
| May 11, 26 | Shefman Randy | sell | 1,000 |
A “Sell” may be a pre-scheduled 10b5-1 plan sale rather than a discretionary decision — read insider selling with that in mind.
Our RGLD coverage
Recent articles, reports, and earnings notes.

Trump Royalty Income, Revealed: Every Stock Addison Wiggin Is Teasing in The Grey Swan
Addison Wiggin’s Grey Swan Investment Fraternity promotion, “Trump Royalty Income,” pitches a gold-income basket; here’s what the clues actually identify.

Top Gold Royalty and Streaming Stocks: Our 7 Picks for 2026
Seven gold royalty and streaming stocks ranked by investment quality, from emerging royalty portfolios to established cash-flow platforms.

Project Vault, Revealed: Every Stock Rick Rule Is Teasing in Underground Alpha
Rick Rule and Nick Hodge's Digest Publishing promotion, Underground Alpha, promises a 100-day government buying spree in critical-minerals stocks. We identify the headline pick and test the claims.
Want a deeper read on RGLD?
Generate a full analyst-grade report — bull/bear case, price targets, valuation depth, and a complete financial breakdown.
Royal Gold to Participate in the Renmark Financial Communications Virtual Non-Deal Roadshow Series on Thursday, October 15, 2026
businesswire.com · Oct 1
Royal Gold, Inc. (RGLD) Presents at Mining Forum Americas 2026 Transcript
seekingalpha.com · Sep 28
Royal Gold Details Transformational Portfolio Shift, Growth Pipeline at Conference
marketbeat.com · Sep 28
My Biggest Bet: 3 Dividend Investments Boosted By 2 Major Macro Tailwinds
seekingalpha.com · Sep 26
The More These Dividend Machines Drop, The More I Buy
seekingalpha.com · Sep 25
10 Dividend Growth Stocks: September 2026
seekingalpha.com · Sep 24
Royal Gold Presenting at the John Tumazos Very Independent Research 2026 Virtual Conference
businesswire.com · Sep 23
Bank of America Corp DE Purchases Shares of 441,482 Royal Gold, Inc. $RGLD
defenseworld.net · Sep 19
Headlines from third-party outlets — TickerSpark isn't affiliated with these sources.
AI analysis · Last refreshed October 5, 2026 · Live quote · Not investment advice