Royal Gold (RGLD) Financials

$179.78 +0.49 (+0.27%)

Closing price 07/3/2025 03:19 PM Eastern

Extended Trading

$175.92 -3.87 (-2.15%)

As of 07:19 AM Eastern

Annual Income Statements for Royal Gold

This table shows Royal Gold's income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Period end date	6/30/2015	6/30/2016	6/30/2017	6/30/2018	6/30/2019	6/30/2020	6/30/2021	12/31/2022	12/31/2023	12/31/2024
Net Income / (Loss) Attributable to Common Shareholders	52	-77	102	-113	94	199	303	239	239	332
Consolidated Net Income / (Loss)	53	-82	92	-119	89	196	303	240	240	332
Net Income / (Loss) Continuing Operations	53	-82	92	-119	89	196	303	240	240	332
Total Pre-Tax Income	62	-22	119	-105	107	193	340	273	282	426
Total Operating Income	87	4.82	146	-75	141	199	338	284	303	430
Total Gross Profit	245	289	354	375	346	415	523	509	515	622
Total Revenue	278	360	441	459	423	499	616	603	606	719
Operating Revenue	278	360	441	459	423	499	616	603	606	719
Total Cost of Revenue	33	71	87	84	78	84	93	95	91	98
Operating Cost of Revenue	33	71	87	84	78	84	93	95	91	98
Total Operating Expenses	157	284	208	450	205	216	219	225	212	192
Selling, General & Admin Expense	25	32	33	35	30	30	28	35	40	41
Depreciation Expense	93	141	160	164	163	175	184	179	165	144
Other Operating Expenses / (Income)	5.45	3.98	1.76	2.27	4.11	3.82	6.74	7.02	7.29	6.62
Impairment Charge	31	99	0.00	239	0.00	1.34	0.00	4.29	0.00	0.00
Total Other Income / (Expense), net	-25	-27	-27	-30	-34	-6.35	36	-11	-21	-3.81
Interest Expense	26	33	36	34	30	9.81	6.42	17	31	9.75
Interest & Investment Income	0.88	3.71	9.30	4.17	-4.48	3.46	42	6.33	9.81	5.94
Income Tax Expense	9.57	61	26	15	17	-3.65	37	33	42	94
Net Income / (Loss) Attributable to Noncontrolling Interest	0.71	-5.29	-9.11	-6.22	-4.75	-3.09	0.24	0.96	0.69	0.46
Basic Earnings per Share	$0.80	($1.18)	$1.55	($1.73)	$1.43	$3.04	$4.61	$3.64	$3.64	$5.04
Weighted Average Basic Shares Outstanding	65.01M	65.07M	65.15M	65.29M	65.39M	65.52M	65.55M	65.58M	65.61M	65.66M
Diluted Earnings per Share	$0.80	($1.18)	$1.55	($1.73)	$1.43	$3.03	$4.60	$3.63	$3.63	$5.04
Weighted Average Diluted Shares Outstanding	65.13M	65.07M	65.28M	65.29M	65.51M	65.64M	65.63M	65.66M	65.74M	65.78M
Weighted Average Basic & Diluted Shares Outstanding	65M	65.40M	65.50M	65.40M	65.60M	65.59M	65.61M	65.64M	65.69M	65.76M
Cash Dividends to Common per Share	$0.87	$0.91	$0.95	$0.99	$1.05	$1.11	$1.18	$1.43	$1.53	$1.65

This table shows Royal Gold's income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric	Q3 2022	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025
Period end date	9/30/2022	12/31/2022	3/31/2023	6/30/2023	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025
Net Income / (Loss) Attributable to Common Shareholders	46	56	64	63	49	63	47	81	96	107	113
Consolidated Net Income / (Loss)	46	57	64	64	49	63	47	81	96	108	114
Net Income / (Loss) Continuing Operations	46	57	64	64	49	63	47	81	96	108	114
Total Pre-Tax Income	57	69	80	66	60	76	74	100	118	134	124
Total Operating Income	62	73	86	72	66	80	76	102	119	133	123
Total Gross Profit	108	138	145	121	117	132	127	150	167	178	169
Total Revenue	131	163	170	144	139	153	149	174	194	203	193
Operating Revenue	131	163	170	144	139	153	149	174	194	203	193
Total Cost of Revenue	23	25	25	23	21	21	22	24	27	24	25
Operating Cost of Revenue	23	25	25	23	21	21	22	24	27	24	25
Total Operating Expenses	46	65	59	49	52	52	52	48	48	45	46
Selling, General & Admin Expense	7.55	8.82	11	9.09	9.93	9.74	11	11	10	8.91	11
Depreciation Expense	38	49	46	38	40	40	39	36	36	34	33
Other Operating Expenses / (Income)	1.12	2.26	1.99	1.27	1.67	2.36	1.45	1.58	1.52	2.07	1.76
Total Other Income / (Expense), net	-4.89	-4.17	-6.11	-6.27	-5.31	-3.37	-1.18	-1.77	-1.01	0.15	0.86
Interest Expense	8.81	6.06	9.18	8.41	7.29	6.00	4.61	2.52	1.21	1.42	1.16
Interest & Investment Income	3.93	1.89	3.06	2.14	1.97	2.63	3.42	0.74	0.20	1.57	2.01
Income Tax Expense	11	13	16	2.03	11	13	27	19	22	26	10
Net Income / (Loss) Attributable to Noncontrolling Interest	0.14	0.33	0.20	0.15	0.16	0.18	0.14	0.11	0.09	0.11	0.08
Basic Earnings per Share	$0.70	$0.86	$0.97	$0.97	$0.75	$0.95	$0.72	$1.23	$1.46	$1.63	$1.72
Weighted Average Basic Shares Outstanding	65.58M	65.58M	65.59M	65.61M	65.62M	65.61M	65.64M	65.65M	65.67M	65.66M	65.71M
Diluted Earnings per Share	$0.70	$0.85	$0.97	$0.97	$0.75	$0.94	$0.72	$1.23	$1.46	$1.63	$1.72
Weighted Average Diluted Shares Outstanding	65.66M	65.66M	65.71M	65.76M	65.76M	65.74M	65.74M	65.77M	65.80M	65.78M	65.79M
Weighted Average Basic & Diluted Shares Outstanding	65.64M	65.64M	65.68M	65.69M	65.69M	65.69M	65.73M	65.74M	65.76M	65.76M	65.82M
Cash Dividends to Common per Share	$0.35	$0.38	$0.38	$0.38	$0.38	$0.40	$0.40	$0.40	$0.40	$0.45	$0.45

This table details how cash moves in and out of Royal Gold's business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Period end date	6/30/2015	6/30/2016	6/30/2017	6/30/2018	6/30/2019	6/30/2020	6/30/2021	12/31/2022	12/31/2023	12/31/2024
Net Change in Cash & Equivalents	83	-626	-31	2.90	31	200	-93	-25	-14	91
Net Cash From Operating Activities	192	169	267	329	253	341	407	417	416	530
Net Cash From Continuing Operating Activities	192	169	267	329	253	341	407	417	416	530
Net Income / (Loss) Continuing Operations	53	-82	92	-119	89	196	303	240	240	332
Consolidated Net Income / (Loss)	53	-82	92	-119	89	196	303	240	240	332
Depreciation Expense	93	141	160	164	163	175	184	179	165	144
Non-Cash Adjustments To Reconcile Net Income	37	106	5.11	247	13	10	-33	15	11	13
Changes in Operating Assets and Liabilities, net	-2.78	-8.24	-4.14	22	-28	-41	-46	-17	0.10	40
Net Cash From Investing Activities	-51	-1,010	-200	-11	-5.60	-153	-117	-923	-2.83	-78
Net Cash From Continuing Investing Activities	-51	-1,010	-200	-11	-5.60	-153	-117	-923	-2.83	-78
Purchase of Property, Plant & Equipment	-	-	-	-	-	-	-168	-922	-	-103
Other Investing Activities, net	9.23	325	3.61	-0.91	-4.54	3.13	-19	-0.72	-0.15	25
Net Cash From Financing Activities	-58	214	-98	-315	-217	12	-384	481	-427	-360
Net Cash From Continuing Financing Activities	-58	214	-98	-315	-217	12	-384	481	-427	-360
Repayment of Debt	-2.67	-77	-101	-250	-370	-113	-305	-126	-327	-251
Payment of Dividends	-56	-59	-61	-64	-67	-71	-76	-92	-99	-105
Issuance of Debt	-	350	70	2.83	222	200	-1.06	700	0.00	0.00
Issuance of Common Equity	0.78	-	0.00	0.00	-	-4.18	-	-1.45	-1.38	-4.62

This table details how cash moves in and out of Royal Gold's business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric	Q3 2022	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025
Period end date	9/30/2022	12/31/2022	3/31/2023	6/30/2023	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025
Net Change in Cash & Equivalents	-158	-3.65	8.23	-21	-3.26	1.27	34	-64	54	68	45
Net Cash From Operating Activities	95	101	109	108	98	101	138	114	137	141	136
Net Cash From Continuing Operating Activities	95	101	109	108	98	101	138	114	137	141	136
Net Income / (Loss) Continuing Operations	46	57	64	64	49	63	47	81	96	108	114
Consolidated Net Income / (Loss)	46	57	64	64	49	63	47	81	96	108	114
Depreciation Expense	38	49	46	38	40	40	39	36	36	34	33
Non-Cash Adjustments To Reconcile Net Income	1.98	6.59	2.05	2.68	3.37	2.52	2.76	3.67	3.64	2.83	3.46
Changes in Operating Assets and Liabilities, net	9.32	-11	-3.80	3.23	5.15	-4.48	49	-7.22	0.51	-3.04	-14
Net Cash From Investing Activities	-679	-206	-0.20	-2.62	-0.01	-0.00	24	-51	-3.43	-47	-58
Net Cash From Continuing Investing Activities	-679	-206	-0.20	-2.62	-0.01	-0.00	24	-51	-3.43	-47	-58
Purchase of Property, Plant & Equipment	-678	-206	0.00	-2.67	-0.01	-	-1.10	-51	-3.43	-47	-58
Other Investing Activities, net	-0.64	-0.05	-0.20	0.05	0.00	-0.00	25	0.22	-0.01	-0.03	-0.05
Net Cash From Financing Activities	425	102	-100	-126	-101	-100	-128	-126	-80	-27	-33
Net Cash From Continuing Financing Activities	425	102	-100	-126	-101	-100	-128	-126	-80	-27	-33
Repayment of Debt	-50	-76	-75	-100	-75	-77	-100	-100	-50	-0.64	0.00
Repurchase of Common Equity	-1.55	-	-0.40	0.65	-1.63	-	-1.37	-0.06	-3.13	-	-3.01
Payment of Dividends	-23	-23	-25	-25	-25	-25	-26	-26	-26	-26	-30
Issuance of Debt	500	201	-0.20	-1.97	-0.10	2.27	-0.43	0.07	-0.12	0.48	-0.19

This table presents Royal Gold's assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Period end date	6/30/2015	6/30/2016	6/30/2017	6/30/2018	6/30/2019	6/30/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024
Total Assets	2,917	3,070	3,094	2,682	2,544	2,766	2,757	3,535	3,361	3,392
Total Current Assets	797	168	144	126	155	362	216	186	167	275
Cash & Equivalents	743	117	86	89	119	319	144	119	104	195
Inventories, net	2.29	9.49	7.88	9.31	11	12	12	13	9.79	13
Prepaid Expenses	1.51	0.61	0.82	1.35	0.39	1.23	1.84	2.12	1.91	2.22
Current Deferred & Refundable Income Taxes	6.42	23	22	0.04	2.70	2.44	4.92	3.07	2.68	1.14
Other Current Assets	38	18	27	26	21	28	54	49	49	63
Plant, Property, & Equipment, net	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Noncurrent Assets	2,120	2,902	2,950	2,556	2,389	2,404	2,541	3,349	3,194	3,117
Other Noncurrent Operating Assets	2,120	2,902	2,950	2,556	2,389	2,404	2,541	3,349	3,194	3,117
Total Liabilities & Shareholders' Equity	2,917	3,070	3,094	2,682	2,544	2,766	2,757	3,535	3,361	3,392
Total Liabilities	501	784	774	541	374	464	156	781	460	261
Total Current Liabilities	25	26	34	51	34	44	61	64	72	85
Accounts Payable	4.91	4.11	3.91	9.09	2.89	2.48	6.48	6.69	11	11
Dividends Payable	14	15	16	16	17	18	23	25	26	30
Current Deferred & Payable Income Tax Liabilities	-	3.18	9.08	22	6.97	13	19	16	16	23
Other Current Liabilities	5.72	3.55	5.62	4.41	6.37	9.38	13	16	19	22
Total Noncurrent Liabilities	476	758	740	489	340	421	94	717	388	176
Long-Term Debt	314	601	586	351	215	300	0.00	572	246	0.00
Noncurrent Deferred Revenue	-	-	-	-	-	-	-	-	0.00	25
Noncurrent Deferred & Payable Income Tax Liabilities	162	151	147	125	126	112	88	138	134	132
Other Noncurrent Operating Liabilities	0.69	6.44	6.39	14	0.00	8.31	6.69	7.74	7.73	18
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	2,416	2,286	2,320	2,141	2,170	2,302	2,601	2,753	2,901	3,131
Total Preferred & Common Equity	2,353	2,229	2,275	2,102	2,137	2,272	2,589	2,741	2,888	3,119
Preferred Stock	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Common Equity	2,353	2,229	2,275	2,102	2,137	2,272	2,589	2,741	2,888	3,119
Common Stock	2,171	2,180	2,186	2,193	2,202	2,211	2,207	2,214	2,222	2,229
Retained Earnings	185	49	88	-90	-66	61	382	527	667	890
Noncontrolling Interest	63	57	45	39	34	30	12	12	12	12

This table presents Royal Gold's assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric	Q3 2022	Q1 2023	Q2 2023	Q3 2023	Q1 2024	Q2 2024	Q3 2024	Q1 2025
Period end date	9/30/2022	3/31/2023	6/30/2023	9/30/2023	3/31/2024	6/30/2024	9/30/2024	3/31/2025
Total Assets	3,377	3,491	3,440	3,397	3,313	3,269	3,302	3,458
Total Current Assets	182	189	165	164	193	133	202	316
Cash & Equivalents	122	127	106	103	138	74	128	241
Inventories, net	14	12	11	9.85	11	11	12	15
Prepaid Expenses	2.32	2.09	2.38	2.04	1.82	2.39	2.30	2.08
Current Deferred & Refundable Income Taxes	15	1.72	9.60	14	3.11	5.64	10	1.37
Other Current Assets	28	47	36	35	39	40	50	58
Plant, Property, & Equipment, net	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Noncurrent Assets	3,195	3,302	3,274	3,233	3,120	3,136	3,100	3,142
Other Noncurrent Operating Assets	3,195	3,302	3,274	3,233	3,120	3,136	3,100	3,142
Total Liabilities & Shareholders' Equity	3,377	3,491	3,440	3,397	3,313	3,269	3,302	3,458
Total Liabilities	657	696	604	535	390	288	251	243
Total Current Liabilities	64	55	63	71	77	122	86	67
Accounts Payable	7.33	7.85	8.55	8.63	12	13	13	2.46
Dividends Payable	23	25	25	25	26	26	26	30
Current Deferred & Payable Income Tax Liabilities	22	8.23	16	22	22	18	30	15
Other Current Liabilities	12	14	14	15	17	15	16	19
Total Noncurrent Liabilities	592	641	541	465	313	165	164	176
Noncurrent Deferred Revenue	-	-	-	-	25	25	25	25
Noncurrent Deferred & Payable Income Tax Liabilities	140	137	136	136	134	133	133	132
Other Noncurrent Operating Liabilities	5.85	7.50	9.08	8.16	7.68	7.09	6.52	20
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	2,720	2,795	2,836	2,862	2,923	2,981	3,051	3,215
Total Preferred & Common Equity	2,708	2,783	2,824	2,849	2,911	2,969	3,039	3,203
Preferred Stock	-	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Common Equity	2,708	2,783	2,824	2,849	2,911	2,969	3,039	3,203
Common Stock	2,212	2,216	2,218	2,219	2,224	2,227	2,226	2,229
Retained Earnings	496	567	605	630	687	742	812	974
Noncontrolling Interest	12	12	12	12	12	12	12	12

This table displays calculated financial ratios and metrics derived from Royal Gold's official financial filings.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Period end date	6/30/2015	6/30/2016	6/30/2017	6/30/2018	6/30/2019	6/30/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024
Growth Metrics	-	-	-	-	-	-	-	-	-	-
Revenue Growth	17.23%	29.41%	22.52%	4.14%	-7.84%	17.91%	31.02%	-7.71%	0.42%	18.77%
EBITDA Growth	-6.89%	-16.29%	98.08%	-67.37%	206.17%	17.34%	38.20%	-10.58%	1.19%	22.68%
EBIT Growth	-16.47%	-91.78%	1,939.44%	-151.07%	288.78%	41.39%	65.06%	-13.61%	6.87%	41.79%
NOPAT Growth	-11.28%	-95.43%	3,266.10%	-145.98%	325.41%	72.37%	35.72%	-9.32%	3.44%	29.99%
Net Income Growth	-17.01%	-256.49%	212.11%	-229.13%	174.64%	120.31%	40.10%	-12.73%	0.08%	38.46%
EPS Growth	-16.67%	-247.50%	231.36%	-211.61%	182.66%	111.89%	37.62%	-12.95%	0.00%	38.84%
Operating Cash Flow Growth	24.74%	-11.86%	57.61%	23.22%	-23.01%	34.60%	35.54%	-9.64%	-0.37%	27.35%
Free Cash Flow Firm Growth	62.20%	-829.89%	107.90%	485.88%	-30.08%	-27.80%	-47.62%	-620.25%	183.92%	4.39%
Invested Capital Growth	-1.67%	39.60%	1.84%	-14.68%	-5.66%	0.83%	7.77%	30.25%	-5.02%	-3.37%
Revenue Q/Q Growth	1.25%	6.06%	3.48%	1.62%	-0.13%	0.86%	7.26%	-0.21%	-1.67%	7.45%
EBITDA Q/Q Growth	-1.15%	7.53%	3.53%	4.32%	1.29%	1.88%	2.15%	6.25%	-0.61%	9.00%
EBIT Q/Q Growth	-4.46%	85.01%	4.36%	2.14%	3.29%	1.97%	2.25%	8.26%	2.10%	14.29%
NOPAT Q/Q Growth	-7.86%	24.51%	1.72%	2.14%	2.17%	5.38%	-8.98%	21.20%	2.22%	14.24%
Net Income Q/Q Growth	-3.59%	3.63%	-1.33%	5.67%	1.67%	13.41%	-10.50%	20.18%	2.68%	15.48%
EPS Q/Q Growth	-3.61%	7.09%	-1.27%	5.98%	-0.69%	12.64%	-10.90%	20.60%	2.54%	15.86%
Operating Cash Flow Q/Q Growth	2.67%	2.89%	6.91%	3.49%	-1.84%	6.00%	6.29%	9.68%	0.01%	8.16%
Free Cash Flow Firm Q/Q Growth	27.33%	-1.99%	97.46%	-0.77%	1.82%	-17.09%	-73.38%	19.89%	95.36%	-2.16%
Invested Capital Q/Q Growth	-1.53%	-0.53%	-1.52%	-1.62%	-1.80%	0.28%	10.95%	5.35%	-1.15%	0.54%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-
Gross Margin	87.97%	80.27%	80.20%	81.74%	81.67%	83.18%	84.93%	84.31%	85.06%	86.45%
EBITDA Margin	69.29%	44.82%	72.46%	22.70%	75.42%	75.05%	79.16%	76.70%	77.29%	79.83%
Operating Margin	31.38%	1.34%	33.11%	-16.24%	33.26%	39.88%	50.25%	47.03%	50.06%	59.76%
EBIT Margin	31.31%	1.99%	33.11%	-16.24%	33.26%	39.88%	50.25%	47.03%	50.06%	59.76%
Profit (Net Income) Margin	18.95%	-22.91%	20.97%	-26.00%	21.06%	39.34%	42.07%	39.78%	39.64%	46.22%
Tax Burden Percent	84.63%	378.89%	77.76%	114.13%	83.58%	101.90%	83.78%	87.93%	85.11%	78.03%
Interest Burden Percent	71.50%	-304.05%	81.45%	140.31%	75.74%	96.81%	99.93%	96.18%	93.05%	99.11%
Effective Tax Rate	15.37%	0.00%	22.24%	0.00%	16.42%	-1.90%	16.22%	12.07%	14.89%	21.97%
Return on Invested Capital (ROIC)	3.67%	0.14%	4.04%	-1.99%	5.00%	8.84%	11.51%	8.74%	8.19%	11.12%
ROIC Less NNEP Spread (ROIC-NNEP)	9.20%	-219.45%	-0.11%	-18.89%	-9.59%	-2.70%	11.82%	3.40%	2.64%	-258.32%
Return on Net Nonoperating Assets (RNNOA)	-1.47%	-3.65%	-0.02%	-3.37%	-0.87%	-0.07%	-0.29%	0.23%	0.30%	-0.09%
Return on Equity (ROE)	2.20%	-3.51%	4.01%	-5.35%	4.13%	8.78%	11.21%	8.96%	8.49%	11.02%
Cash Return on Invested Capital (CROIC)	5.36%	-32.91%	2.21%	13.86%	10.83%	8.02%	4.03%	-17.54%	13.35%	14.55%
Operating Return on Assets (OROA)	3.00%	0.24%	4.74%	-2.58%	5.38%	7.49%	11.89%	9.02%	8.79%	12.73%
Return on Assets (ROA)	1.81%	-2.75%	3.00%	-4.13%	3.41%	7.39%	9.96%	7.63%	6.96%	9.85%
Return on Common Equity (ROCE)	2.16%	-3.42%	3.92%	-5.25%	4.06%	8.65%	11.12%	8.92%	8.46%	10.98%
Return on Equity Simple (ROE_SIMPLE)	2.24%	-3.70%	4.06%	-5.68%	4.17%	8.64%	10.62%	8.75%	8.31%	10.66%
Net Operating Profit after Tax (NOPAT)	74	3.37	113	-52	118	203	275	249	258	335
NOPAT Margin	26.56%	0.94%	25.74%	-11.37%	27.80%	40.64%	42.10%	41.36%	42.60%	46.63%
Net Nonoperating Expense Percent (NNEP)	-5.53%	219.60%	4.15%	16.91%	14.59%	11.54%	-0.31%	5.34%	5.55%	269.44%
Return On Investment Capital (ROIC_SIMPLE)	-	-	-	-	-	-	10.58%	7.50%	8.20%	10.71%
Cost of Revenue to Revenue	12.03%	19.73%	19.80%	18.26%	18.33%	16.82%	15.07%	15.69%	14.94%	13.56%
SG&A Expenses to Revenue	8.95%	8.82%	7.57%	7.73%	7.21%	6.05%	4.48%	5.74%	6.56%	5.69%
R&D to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Expenses to Revenue	56.59%	78.93%	47.10%	97.97%	48.41%	43.30%	34.69%	37.28%	35.00%	26.69%
Earnings before Interest and Taxes (EBIT)	87	7.16	146	-75	141	199	328	284	303	430
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	193	161	319	104	319	374	517	463	468	574
Valuation Ratios	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	1.52	1.92	2.06	2.69	2.96	3.41	2.56	2.62	2.71	2.77
Price to Tangible Book Value (P/TBV)	1.52	1.92	2.06	2.69	2.96	3.41	2.56	2.62	2.71	2.77
Price to Revenue (P/Rev)	12.89	11.88	10.64	12.30	14.93	15.53	10.14	11.92	12.91	12.01
Price to Earnings (P/E)	68.96	0.00	46.21	0.00	67.32	38.86	24.18	30.08	32.66	26.03
Dividend Yield	1.58%	1.39%	1.31%	1.14%	1.07%	0.92%	1.19%	1.28%	1.26%	1.22%
Earnings Yield	1.45%	0.00%	2.16%	0.00%	1.49%	2.57%	4.14%	3.32%	3.06%	3.84%
Enterprise Value to Invested Capital (EV/IC)	1.61	1.73	1.85	2.46	2.82	3.37	2.62	2.37	2.60	2.85
Enterprise Value to Revenue (EV/Rev)	11.55	13.39	11.88	12.96	15.24	15.55	9.94	12.69	13.17	11.76
Enterprise Value to EBITDA (EV/EBITDA)	16.67	29.87	16.40	57.10	20.20	20.72	12.55	16.55	17.03	14.73
Enterprise Value to EBIT (EV/EBIT)	36.89	672.98	35.88	0.00	45.81	38.99	19.78	26.98	26.30	19.67
Enterprise Value to NOPAT (EV/NOPAT)	43.49	1,428.52	46.15	0.00	54.81	38.27	23.60	30.68	30.90	25.21
Enterprise Value to Operating Cash Flow (EV/OCF)	16.72	28.44	19.63	18.09	25.46	22.77	14.06	18.34	19.18	15.97
Enterprise Value to Free Cash Flow (EV/FCFF)	29.80	0.00	84.25	16.34	25.31	42.20	67.44	0.00	18.97	19.27
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-
Debt to Equity	0.13	0.26	0.25	0.16	0.10	0.13	0.00	0.21	0.08	0.00
Long-Term Debt to Equity	0.13	0.26	0.25	0.16	0.10	0.13	0.00	0.21	0.08	0.00
Financial Leverage	-0.16	0.02	0.22	0.18	0.09	0.03	-0.02	0.07	0.11	0.00
Leverage Ratio	1.21	1.27	1.34	1.29	1.21	1.19	1.13	1.18	1.22	1.12
Compound Leverage Factor	0.87	-3.87	1.09	1.82	0.92	1.15	1.13	1.13	1.13	1.11
Debt to Total Capital	11.50%	20.81%	20.17%	14.08%	9.00%	11.54%	0.00%	17.19%	7.82%	0.00%
Short-Term Debt to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Long-Term Debt to Total Capital	11.50%	20.81%	20.17%	14.08%	9.00%	11.54%	0.00%	17.19%	7.82%	0.00%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	2.30%	1.97%	1.54%	1.57%	1.42%	1.15%	0.48%	0.37%	0.39%	0.39%
Common Equity to Total Capital	86.20%	77.22%	78.29%	84.35%	89.59%	87.31%	99.52%	82.44%	91.79%	99.61%
Debt to EBITDA	1.63	3.73	1.84	3.37	0.67	0.80	0.00	1.24	0.53	0.00
Net Debt to EBITDA	-2.26	3.00	1.57	2.52	0.30	-0.05	0.00	0.98	0.30	0.00
Long-Term Debt to EBITDA	1.63	3.73	1.84	3.37	0.67	0.80	0.00	1.24	0.53	0.00
Debt to NOPAT	4.25	178.18	5.17	-6.73	1.82	1.48	0.00	2.29	0.95	0.00
Net Debt to NOPAT	-5.90	143.58	4.41	-5.03	0.81	-0.09	0.00	1.82	0.55	0.00
Long-Term Debt to NOPAT	4.25	178.18	5.17	-6.73	1.82	1.48	0.00	2.29	0.95	0.00
Altman Z-Score	4.89	3.47	4.02	6.33	10.51	10.60	26.40	6.21	10.98	20.94
Noncontrolling Interest Sharing Ratio	1.68%	2.55%	2.21%	1.88%	1.69%	1.42%	0.86%	0.46%	0.44%	0.41%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-
Current Ratio	31.92	6.50	4.19	2.45	4.60	8.31	3.52	2.92	2.31	3.23
Quick Ratio	30.00	4.51	2.50	1.73	3.55	7.33	2.34	1.86	1.44	2.30
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	108	-787	62	364	255	184	96	-501	420	439
Operating Cash Flow to CapEx	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	45.26%	0.00%	516.27%
Free Cash Flow to Firm to Interest Expense	4.19	-24.11	1.71	10.64	8.59	18.73	16.74	-29.18	13.62	45.02
Operating Cash Flow to Interest Expense	7.48	5.19	7.34	9.61	8.54	34.72	80.28	24.31	13.47	54.31
Operating Cash Flow Less CapEx to Interest Expense	7.48	5.19	7.34	9.61	8.54	34.72	80.28	-29.40	13.47	43.79
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.10	0.12	0.14	0.16	0.16	0.19	0.24	0.19	0.18	0.21
Accounts Receivable Turnover	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Inventory Turnover	0.00	12.05	10.05	9.75	7.49	7.28	8.46	7.80	8.07	8.57
Fixed Asset Turnover	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Accounts Payable Turnover	7.60	15.73	21.76	12.90	12.94	31.22	21.98	14.38	9.99	8.86
Days Sales Outstanding (DSO)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Days Inventory Outstanding (DIO)	0.00	30.28	36.33	37.43	48.70	50.15	43.14	46.79	45.25	42.60
Days Payable Outstanding (DPO)	48.06	23.20	16.78	28.29	28.20	11.69	16.60	25.38	36.55	41.21
Cash Conversion Cycle (CCC)	-48.06	7.07	19.55	9.13	20.50	38.46	26.54	21.41	8.70	1.39
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-
Invested Capital	1,995	2,785	2,836	2,420	2,283	2,302	2,481	3,231	3,069	2,965
Invested Capital Turnover	0.14	0.15	0.16	0.17	0.18	0.22	0.27	0.21	0.19	0.24
Increase / (Decrease) in Invested Capital	-34	790	51	-416	-137	19	179	750	-162	-103
Enterprise Value (EV)	3,211	4,816	5,237	5,950	6,445	7,758	6,494	7,655	7,975	8,458
Market Capitalization	3,583	4,275	4,692	5,648	6,317	7,746	6,625	7,189	7,820	8,641
Book Value per Share	$36.10	$34.15	$34.82	$32.12	$32.61	$34.65	$39.44	$41.76	$43.97	$47.50
Tangible Book Value per Share	$36.10	$34.15	$34.82	$32.12	$32.61	$34.65	$39.44	$41.76	$43.97	$47.50
Total Capital	2,730	2,887	2,906	2,492	2,385	2,603	2,601	3,325	3,147	3,131
Total Debt	314	601	586	351	215	300	0.00	572	246	0.00
Total Long-Term Debt	314	601	586	351	215	300	0.00	572	246	0.00
Net Debt	-435	484	500	262	95	-19	-144	453	142	-195
Capital Expenditures (CapEx)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	922	0.00	103
Debt-free, Cash-free Net Working Capital (DFCFNWC)	23	25	23	-14	1.59	-0.53	11	3.66	-9.16	-5.36
Debt-free Net Working Capital (DFNWC)	772	142	109	74	121	319	155	122	95	190
Net Working Capital (NWC)	772	142	109	74	121	319	155	122	95	190
Net Nonoperating Expense (NNE)	21	86	21	67	29	6.47	0.19	9.53	18	2.97
Net Nonoperating Obligations (NNO)	-421	499	516	279	112	-0.33	-121	478	168	-166
Total Depreciation and Amortization (D&A)	106	154	173	179	178	175	189	179	165	144
Debt-free, Cash-free Net Working Capital to Revenue	8.25%	7.08%	5.33%	-3.12%	0.38%	-0.11%	1.69%	0.61%	-1.51%	-0.75%
Debt-free Net Working Capital to Revenue	277.70%	39.49%	24.80%	16.21%	28.62%	63.87%	23.65%	20.27%	15.68%	26.43%
Net Working Capital to Revenue	277.70%	39.49%	24.80%	16.21%	28.62%	63.87%	23.65%	20.27%	15.68%	26.43%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$0.80	($1.18)	$1.55	($1.73)	$1.43	$3.04	$0.00	$3.64	$3.64	$5.04
Adjusted Weighted Average Basic Shares Outstanding	65.01M	65.07M	65.15M	65.29M	65.39M	65.52M	0.00	65.58M	65.61M	65.66M
Adjusted Diluted Earnings per Share	$0.80	($1.18)	$1.55	($1.73)	$1.43	$3.03	$0.00	$3.63	$3.63	$5.04
Adjusted Weighted Average Diluted Shares Outstanding	65.13M	65.07M	65.28M	65.29M	65.51M	65.64M	0.00	65.66M	65.74M	65.78M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$1.43	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	65.19M	65.27M	65.34M	65.51M	65.56M	65.59M	0.00	65.64M	65.69M	65.76M
Normalized Net Operating Profit after Tax (NOPAT)	100	72	113	115	118	140	275	253	258	335
Normalized NOPAT Margin	36.09%	20.12%	25.74%	25.14%	27.80%	28.11%	42.10%	41.98%	42.60%	46.63%
Pre Tax Income Margin	22.39%	-6.05%	26.97%	-22.78%	25.19%	38.61%	50.21%	45.24%	46.58%	59.23%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	3.39	0.22	4.01	-2.18	4.75	20.27	57.08	16.52	9.82	44.10
NOPAT to Interest Expense	2.87	0.10	3.12	-1.52	3.97	20.66	47.82	14.53	8.36	34.41
EBIT Less CapEx to Interest Expense	3.39	0.22	4.01	-2.18	4.75	20.27	57.08	-37.18	9.82	33.58
NOPAT Less CapEx to Interest Expense	2.87	0.10	3.12	-1.52	3.97	20.66	47.82	-39.18	8.36	23.89
Payout Ratios	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	106.41%	-71.23%	66.43%	-53.72%	75.75%	36.42%	28.64%	38.31%	41.05%	31.65%
Augmented Payout Ratio	106.41%	-71.66%	69.05%	-57.11%	77.54%	36.42%	28.64%	38.31%	41.05%	31.65%

This table displays calculated financial ratios and metrics derived from Royal Gold's official financial filings.

Metric	Q3 2022	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025
Period end date	9/30/2022	12/31/2022	3/31/2023	6/30/2023	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	-24.65%	-0.76%	4.95%	-1.64%	5.47%	-6.33%	-12.61%	20.86%	39.84%	32.68%	29.91%
EBITDA Growth	-27.97%	28.52%	2.97%	-1.42%	6.16%	-2.34%	-13.67%	24.95%	46.71%	39.58%	36.59%
EBIT Growth	-29.47%	41.80%	6.80%	5.88%	6.13%	8.49%	-12.24%	41.99%	81.27%	67.46%	63.01%
NOPAT Growth	-29.95%	264.78%	5.46%	-5.90%	7.99%	9.36%	-30.32%	18.78%	80.37%	63.36%	134.68%
Net Income Growth	-34.55%	245.47%	-2.87%	-10.86%	7.76%	11.04%	-26.16%	27.86%	94.61%	70.77%	140.08%
EPS Growth	-34.58%	269.57%	-3.00%	-10.19%	7.14%	10.59%	-25.77%	26.80%	94.67%	73.40%	138.89%
Operating Cash Flow Growth	-26.87%	57.41%	7.44%	-10.21%	3.30%	0.06%	27.27%	5.18%	39.27%	39.53%	-1.38%
Free Cash Flow Firm Growth	-697.67%	-325.21%	-251.30%	-406.88%	102.12%	133.04%	144.04%	138.89%	1,418.91%	-7.58%	-76.16%
Invested Capital Growth	37.18%	30.25%	28.33%	29.15%	1.22%	-5.02%	-7.26%	-5.29%	-4.99%	-3.37%	1.56%
Revenue Q/Q Growth	-10.25%	24.01%	4.55%	-15.46%	-3.77%	10.14%	-2.47%	16.92%	11.34%	4.50%	-4.50%
EBITDA Q/Q Growth	-11.04%	23.22%	7.94%	-16.67%	-4.21%	13.35%	-4.58%	20.60%	12.47%	7.84%	-6.63%
EBIT Q/Q Growth	-9.03%	18.91%	17.16%	-16.45%	-8.81%	21.55%	-5.23%	35.16%	16.42%	12.28%	-7.74%
NOPAT Q/Q Growth	-32.63%	20.53%	14.73%	1.02%	-22.69%	22.06%	-26.89%	72.19%	17.40%	10.54%	5.03%
Net Income Q/Q Growth	-35.62%	23.45%	13.00%	-0.74%	-22.17%	27.20%	-24.86%	71.89%	18.46%	11.62%	5.63%
EPS Q/Q Growth	-35.19%	21.43%	14.12%	0.00%	-22.68%	25.33%	-23.40%	70.83%	18.70%	11.64%	5.52%
Operating Cash Flow Q/Q Growth	-20.97%	6.35%	7.55%	-0.67%	-9.08%	3.02%	36.80%	-17.91%	20.38%	3.22%	-3.32%
Free Cash Flow Firm Q/Q Growth	-517.63%	11.64%	7.99%	-0.94%	102.59%	1,274.44%	22.64%	-10.84%	1.07%	-16.37%	-68.37%
Invested Capital Q/Q Growth	25.75%	5.35%	-1.28%	-1.24%	-1.45%	-1.15%	-3.61%	0.86%	-1.14%	0.54%	1.31%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	82.33%	84.68%	85.32%	83.78%	84.60%	86.39%	85.39%	86.11%	85.97%	87.96%	87.33%
EBITDA Margin	75.73%	75.25%	77.69%	76.58%	76.23%	78.46%	76.76%	79.17%	79.98%	82.53%	80.70%
Operating Margin	47.00%	45.07%	50.50%	49.91%	47.30%	52.20%	50.72%	58.64%	61.31%	65.88%	63.64%
EBIT Margin	47.00%	45.07%	50.50%	49.91%	47.30%	52.20%	50.72%	58.64%	61.31%	65.88%	63.64%
Profit (Net Income) Margin	34.95%	34.79%	37.60%	44.15%	35.71%	41.24%	31.77%	46.71%	49.70%	53.08%	58.72%
Tax Burden Percent	80.74%	81.84%	80.15%	96.91%	82.15%	82.50%	63.64%	81.07%	81.75%	80.48%	91.62%
Interest Burden Percent	92.09%	94.32%	92.90%	91.28%	91.90%	95.77%	98.43%	98.26%	99.15%	100.12%	100.70%
Effective Tax Rate	19.26%	18.16%	19.85%	3.09%	17.85%	17.50%	36.36%	18.93%	18.25%	19.52%	8.38%
Return on Invested Capital (ROIC)	8.65%	7.79%	8.72%	10.54%	7.76%	8.28%	6.14%	9.52%	11.09%	12.64%	14.94%
ROIC Less NNEP Spread (ROIC-NNEP)	3.12%	5.88%	4.53%	-11.00%	6.28%	7.42%	5.78%	8.61%	9.92%	23.88%	14.05%
Return on Net Nonoperating Assets (RNNOA)	0.09%	0.39%	0.19%	-0.11%	0.66%	0.85%	0.43%	0.47%	0.24%	0.01%	-0.40%
Return on Equity (ROE)	8.74%	8.18%	8.91%	10.43%	8.42%	9.13%	6.57%	9.99%	11.32%	12.65%	14.54%
Cash Return on Invested Capital (CROIC)	-23.59%	-17.54%	-15.88%	-16.55%	6.97%	13.35%	15.23%	13.59%	14.82%	14.55%	11.88%
Operating Return on Assets (OROA)	9.27%	8.64%	9.83%	9.66%	8.60%	9.17%	8.71%	10.74%	12.26%	14.04%	14.36%
Return on Assets (ROA)	6.89%	6.67%	7.32%	8.54%	6.49%	7.25%	5.46%	8.55%	9.93%	11.31%	13.25%
Return on Common Equity (ROCE)	8.70%	8.14%	8.87%	10.38%	8.38%	9.09%	6.54%	9.95%	11.28%	12.60%	14.48%
Return on Equity Simple (ROE_SIMPLE)	7.37%	0.00%	8.56%	8.16%	8.21%	0.00%	7.67%	8.12%	9.48%	0.00%	12.45%
Net Operating Profit after Tax (NOPAT)	50	60	69	70	54	66	48	83	97	107	113
NOPAT Margin	37.95%	36.89%	40.48%	48.37%	38.86%	43.06%	32.28%	47.54%	50.12%	53.02%	58.31%
Net Nonoperating Expense Percent (NNEP)	5.53%	1.91%	4.19%	21.54%	1.48%	0.86%	0.35%	0.91%	1.17%	-11.24%	0.89%
Return On Investment Capital (ROIC_SIMPLE)	-	1.81%	-	-	-	2.09%	-	-	-	3.43%	3.51%
Cost of Revenue to Revenue	17.67%	15.32%	14.68%	16.22%	15.40%	13.61%	14.61%	13.89%	14.03%	12.04%	12.67%
SG&A Expenses to Revenue	5.75%	5.41%	6.46%	6.31%	7.16%	6.38%	7.66%	6.04%	5.21%	4.40%	5.72%
R&D to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Expenses to Revenue	35.33%	39.61%	34.81%	33.86%	37.30%	34.19%	34.67%	27.48%	24.66%	22.08%	23.69%
Earnings before Interest and Taxes (EBIT)	62	73	86	72	66	80	76	102	119	133	123
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	100	123	132	110	106	120	114	138	155	167	156
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	2.22	2.62	3.00	2.63	2.41	2.71	0.00	2.76	3.03	2.77	3.35
Price to Tangible Book Value (P/TBV)	2.22	2.62	3.00	2.63	2.41	2.71	0.00	2.76	3.03	2.77	3.35
Price to Revenue (P/Rev)	9.93	11.92	13.66	12.18	11.16	12.91	0.00	13.35	13.74	12.01	14.04
Price to Earnings (P/E)	30.24	30.08	35.21	32.31	29.49	32.66	0.00	34.10	32.00	26.03	26.92
Dividend Yield	1.48%	1.28%	1.12%	1.28%	1.41%	1.26%	1.26%	1.24%	1.13%	1.22%	1.01%
Earnings Yield	3.31%	3.32%	2.84%	3.10%	3.39%	3.06%	0.00%	2.93%	3.12%	3.84%	3.71%
Enterprise Value to Invested Capital (EV/IC)	2.07	2.37	2.74	2.45	2.29	2.60	0.00	2.75	3.08	2.85	3.49
Enterprise Value to Revenue (EV/Rev)	10.48	12.69	14.29	12.67	11.53	13.17	0.00	13.33	13.56	11.76	13.74
Enterprise Value to EBITDA (EV/EBITDA)	14.55	16.55	18.72	16.60	15.08	17.03	0.00	17.15	17.23	14.73	17.03
Enterprise Value to EBIT (EV/EBIT)	24.18	26.98	30.20	26.32	23.92	26.30	0.00	25.37	24.14	19.67	21.98
Enterprise Value to NOPAT (EV/NOPAT)	30.78	30.68	34.45	31.05	28.13	30.90	0.00	32.75	30.93	25.21	26.22
Enterprise Value to Operating Cash Flow (EV/OCF)	16.65	18.34	20.56	18.70	17.08	19.18	0.00	18.16	18.55	15.97	19.89
Enterprise Value to Free Cash Flow (EV/FCFF)	0.00	0.00	0.00	0.00	33.00	18.97	0.00	19.65	20.25	19.27	29.64
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	0.16	0.21	0.18	0.14	0.11	0.08	0.05	0.02	0.00	0.00	0.00
Long-Term Debt to Equity	0.16	0.21	0.18	0.14	0.11	0.08	0.05	0.00	0.00	0.00	0.00
Financial Leverage	0.03	0.07	0.04	0.01	0.11	0.11	0.08	0.05	0.02	0.00	-0.03
Leverage Ratio	1.19	1.18	1.15	1.14	1.21	1.22	1.19	1.15	1.13	1.12	1.10
Compound Leverage Factor	1.09	1.11	1.07	1.04	1.12	1.17	1.17	1.13	1.12	1.12	1.11
Debt to Total Capital	14.10%	17.19%	15.09%	12.24%	10.08%	7.82%	4.76%	1.65%	0.00%	0.00%	0.00%
Short-Term Debt to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	1.65%	0.00%	0.00%	0.00%
Long-Term Debt to Total Capital	14.10%	17.19%	15.09%	12.24%	10.08%	7.82%	4.76%	0.00%	0.00%	0.00%	0.00%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	0.39%	0.37%	0.38%	0.38%	0.39%	0.39%	0.40%	0.41%	0.40%	0.39%	0.38%
Common Equity to Total Capital	85.51%	82.44%	84.53%	87.38%	89.53%	91.79%	94.84%	97.94%	99.60%	99.61%	99.62%
Debt to EBITDA	1.03	1.24	1.07	0.85	0.68	0.53	0.32	0.10	0.00	0.00	0.00
Net Debt to EBITDA	0.74	0.98	0.79	0.62	0.46	0.30	0.02	-0.05	0.00	0.00	0.00
Long-Term Debt to EBITDA	1.03	1.24	1.07	0.85	0.68	0.53	0.32	0.00	0.00	0.00	0.00
Debt to NOPAT	2.17	2.29	1.96	1.59	1.27	0.95	0.62	0.20	0.00	0.00	0.00
Net Debt to NOPAT	1.57	1.82	1.46	1.16	0.86	0.55	0.03	-0.10	0.00	0.00	0.00
Long-Term Debt to NOPAT	2.17	2.29	1.96	1.59	1.27	0.95	0.62	0.00	0.00	0.00	0.00
Altman Z-Score	5.97	6.01	7.73	7.90	8.24	10.76	0.00	17.71	22.72	20.65	27.28
Noncontrolling Interest Sharing Ratio	0.49%	0.46%	0.46%	0.45%	0.44%	0.44%	0.43%	0.42%	0.42%	0.41%	0.40%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	2.82	2.92	3.44	2.62	2.31	2.31	2.50	1.09	2.34	3.23	4.74
Quick Ratio	1.90	1.86	2.31	1.68	1.45	1.44	1.79	0.61	1.48	2.30	3.61
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	-781	-690	-635	-641	17	228	280	249	252	211	67
Operating Cash Flow to CapEx	14.01%	48.96%	0.00%	4,042.21%	1,226,525.00%	0.00%	12,525.72%	221.92%	3,987.48%	300.87%	234.13%
Free Cash Flow to Firm to Interest Expense	-88.65	-113.92	-69.23	-76.26	2.28	38.02	60.72	99.12	208.84	148.56	57.69
Operating Cash Flow to Interest Expense	10.78	16.67	11.84	12.84	13.47	16.85	30.02	45.12	113.22	99.40	117.97
Operating Cash Flow Less CapEx to Interest Expense	-66.14	-17.38	11.84	12.52	13.47	16.85	29.78	24.79	110.38	66.37	67.58
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.20	0.19	0.19	0.19	0.18	0.18	0.17	0.18	0.20	0.21	0.23
Accounts Receivable Turnover	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Inventory Turnover	6.69	7.80	9.66	8.11	8.05	8.07	7.58	8.17	8.75	8.57	7.72
Fixed Asset Turnover	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Accounts Payable Turnover	16.11	14.38	13.74	12.37	11.87	9.99	8.97	8.09	8.59	8.86	14.26
Days Sales Outstanding (DSO)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Days Inventory Outstanding (DIO)	54.52	46.79	37.79	45.03	45.36	45.25	48.14	44.68	41.73	42.60	47.27
Days Payable Outstanding (DPO)	22.66	25.38	26.56	29.51	30.75	36.55	40.68	45.14	42.51	41.21	25.60
Cash Conversion Cycle (CCC)	31.86	21.41	11.23	15.51	14.61	8.70	7.46	-0.45	-0.78	1.39	21.68
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	3,067	3,231	3,190	3,150	3,104	3,069	2,958	2,983	2,949	2,965	3,004
Invested Capital Turnover	0.23	0.21	0.22	0.22	0.20	0.19	0.19	0.20	0.22	0.24	0.26
Increase / (Decrease) in Invested Capital	831	750	704	711	37	-162	-232	-167	-155	-103	46
Enterprise Value (EV)	6,336	7,655	8,733	7,716	7,102	7,975	0.00	8,190	9,081	8,458	10,495
Market Capitalization	5,999	7,189	8,351	7,414	6,872	7,820	0.00	8,202	9,197	8,641	10,723
Book Value per Share	$41.25	$41.76	$42.39	$42.99	$43.38	$43.97	$44.35	$45.17	$46.22	$47.50	$48.71
Tangible Book Value per Share	$41.25	$41.76	$42.39	$42.99	$43.38	$43.97	$44.35	$45.17	$46.22	$47.50	$48.71
Total Capital	3,166	3,325	3,292	3,231	3,183	3,147	3,070	3,031	3,051	3,131	3,215
Total Debt	446	572	497	396	321	246	146	50	0.00	0.00	0.00
Total Long-Term Debt	446	572	497	396	321	246	146	0.00	0.00	0.00	0.00
Net Debt	324	453	370	289	218	142	8.24	-24	-128	-195	-241
Capital Expenditures (CapEx)	678	206	0.00	2.67	0.01	0.00	1.10	51	3.43	47	58
Debt-free, Cash-free Net Working Capital (DFCFNWC)	-4.93	3.66	7.35	-3.98	-9.98	-9.16	-22	-13	-12	-5.36	8.97
Debt-free Net Working Capital (DFNWC)	117	122	134	102	93	95	116	61	116	190	250
Net Working Capital (NWC)	117	122	134	102	93	95	116	11	116	190	250
Net Nonoperating Expense (NNE)	3.95	3.42	4.90	6.07	4.36	2.78	0.75	1.44	0.82	-0.12	-0.78
Net Nonoperating Obligations (NNO)	347	478	395	314	242	168	35	2.08	-102	-166	-211
Total Depreciation and Amortization (D&A)	38	49	46	38	40	40	39	36	36	34	33
Debt-free, Cash-free Net Working Capital to Revenue	-0.82%	0.61%	1.20%	-0.65%	-1.62%	-1.51%	-3.77%	-2.14%	-1.81%	-0.75%	1.17%
Debt-free Net Working Capital to Revenue	19.41%	20.27%	21.95%	16.78%	15.08%	15.68%	19.84%	9.95%	17.29%	26.43%	32.69%
Net Working Capital to Revenue	19.41%	20.27%	21.95%	16.78%	15.08%	15.68%	19.84%	1.81%	17.29%	26.43%	32.69%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$0.70	$0.86	$0.97	$0.97	$0.75	$0.95	$0.72	$1.23	$1.46	$1.63	$1.72
Adjusted Weighted Average Basic Shares Outstanding	65.58M	65.58M	65.59M	65.61M	65.62M	65.61M	65.64M	65.65M	65.67M	65.66M	65.71M
Adjusted Diluted Earnings per Share	$0.70	$0.85	$0.97	$0.97	$0.75	$0.94	$0.72	$1.23	$1.46	$1.63	$1.72
Adjusted Weighted Average Diluted Shares Outstanding	65.66M	65.66M	65.71M	65.76M	65.76M	65.74M	65.74M	65.77M	65.80M	65.78M	65.79M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	65.64M	65.64M	65.68M	65.69M	65.69M	65.69M	65.73M	65.74M	65.76M	65.76M	65.82M
Normalized Net Operating Profit after Tax (NOPAT)	50	60	69	70	54	66	48	83	97	107	113
Normalized NOPAT Margin	37.95%	36.89%	40.48%	48.37%	38.86%	43.06%	32.28%	47.54%	50.12%	53.02%	58.31%
Pre Tax Income Margin	43.28%	42.51%	46.92%	45.56%	43.47%	49.99%	49.93%	57.62%	60.79%	65.96%	64.09%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	7.01	12.12	9.38	8.55	9.00	13.28	16.39	40.57	98.46	94.04	106.50
NOPAT to Interest Expense	5.66	9.92	7.52	8.29	7.39	10.96	10.43	32.89	80.49	75.68	97.57
EBIT Less CapEx to Interest Expense	-69.91	-21.93	9.38	8.23	9.00	13.28	16.15	20.24	95.62	61.00	56.11
NOPAT Less CapEx to Interest Expense	-71.26	-24.13	7.52	7.97	7.39	10.96	10.19	12.56	77.65	42.65	47.19
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	43.07%	38.31%	39.31%	41.36%	41.44%	41.05%	44.87%	42.27%	35.97%	31.65%	27.22%
Augmented Payout Ratio	43.07%	38.31%	39.31%	41.36%	41.44%	41.05%	44.87%	42.27%	35.97%	31.65%	27.22%

Key Financial Trends

Royal Gold reported a standout Q1 2025, with double-digit year-over-year growth across key metrics, a strong liquidity position and continued capital discipline. Revenue and net income both surged compared to Q1 2024, while the company maintained its healthy margins and balance-sheet strength. Despite some sequential pressure on quarterly revenues and free cash flow, Royal Gold remains well-positioned to generate attractive returns on invested capital.

Impressive 29.9% year-over-year revenue growth in Q1 2025, reflecting robust topline expansion.
Net income surged 140% year over year to $113.6 million in Q1 2025, driven by higher gold prices and royalty streams.
Return on Invested Capital (ROIC) improved to 14.9% in Q1 2025 from 12.6% in Q4 2024, signalling efficient capital deployment.
Cash & equivalents climbed to $240.8 million at Q1 2025-end, up 77% year over year, boosting liquidity.
Royal Gold finished Q1 2025 with a net cash position of $240.8 million (net debt negative), underscoring a strong balance sheet.
Maintained quarterly dividend at $0.45 per share in Q1 2025, yielding approximately 1.01%, consistent with the prior period.
Valuation metrics remain elevated, with a forward P/E ratio of 26.9x, similar to Q4 2024’s 26.0x.
Operating margin held at a stellar 63.6% in Q1 2025, largely in line with historical peaks.
Revenue on a sequential basis dipped 4.5% in Q1 2025 versus Q4 2024, reflecting lapping of higher production in the prior quarter.
Free Cash Flow to Firm (FCFF) fell 0.8% year over year in Q1 2025 to $66.7 million, pointing to higher capex intensity.

07/07/25 04:25 AMAI Generated. May Contain Errors.

Frequently Asked Questions About Royal Gold's Financials

When does Royal Gold's financial year end?

According to the most recent income statement we have on file, Royal Gold's fiscal year ends in December. Their fiscal year 2024 ended on December 31, 2024.

How has Royal Gold's net income changed over the last 9 years?

Royal Gold's net income appears to be on an upward trend, with a most recent value of $332.48 million in 2024, rising from $52.68 million in 2015. The previous period was $240.13 million in 2023. Find out what analysts predict for Royal Gold in the coming months.

What is Royal Gold's operating income?

Royal Gold's total operating income in 2024 was $429.90 million, based on the following breakdown:

Total Gross Profit: $621.88 million
Total Operating Expenses: $191.98 million

How has Royal Gold's revenue changed over the last 9 years?

Over the last 9 years, Royal Gold's total revenue changed from $278.02 million in 2015 to $719.40 million in 2024, a change of 158.8%.

How much debt does Royal Gold have?

Royal Gold's total liabilities were at $260.92 million at the end of 2024, a 43.3% decrease from 2023, and a 47.9% decrease since 2015.

How much cash does Royal Gold have?

In the past 9 years, Royal Gold's cash and equivalents has ranged from $85.85 million in 2017 to $742.85 million in 2015, and is currently $195.50 million as of their latest financial filing in 2024.

How has Royal Gold's book value per share changed over the last 9 years?

Over the last 9 years, Royal Gold's book value per share changed from 36.10 in 2015 to 47.50 in 2024, a change of 31.6%.

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This page (NASDAQ:RGLD) was last updated on 7/7/2025 by MarketBeat.com Staff

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Royal Gold (RGLD) Financials

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Royal Gold (RGLD) Financials

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