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0.0% of simulations place fair value above current price
WHAT IS PRICED IN
Revenue-Based Reverse DCF
19.5%/yr
±4.0% · revenue growth to justify current price
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Sign in to unlockPurest gold exposure with royalty model — record $1.03B revenue (+43%), OCF $704M, and the first full year of Kansanshi + Sandstorm integration ahead (revenue trajectory $1.7-1.9B). Gold in a structural bull market driven by de-dollarization and central bank buying. 39 employees managing an $8.6B portfolio — operating leverage is extraordinary. Forward PE 20x is cheap for this quality.
85% non-US revenue with heavy Zambia exposure (Kansanshi) introduces sovereign risk. Gold price sensitivity cuts both ways — a reversal to $2,500 would crater the stock. Sandstorm integration adds 200+ royalties to manage with a skeleton crew. Net debt/OCF 0.7x is manageable but limits acquisition optionality at peak gold prices.
Gold below $2,800 sustained, Kansanshi production disruption, Sandstorm integration write-downs
Updated Mar 11
Royal Gold announced Investor Day on March 31, 2026, 12:30-3:30pm ET. Expected catalysts: updated revenue guidance, debt elimination timeline, dividend hike announcement. 25th consecutive dividend inc...
Catalyst event: RGLD hosting Investor Day March 31 with guidance press release before market open. Q4 was mixed but management is paying down all debt by early 2027 and raised the annual dividend — bu...
FY2025 10-K confirms a transformational year. Revenue +43% to record $1.03B, OCF +33% to record $704.8M. Portfolio asset base nearly tripled via Sandstorm+Horizon acquisition ($4.15B) and Kansanshi go...
Record revenue $1.03B (+43%), OCF $704.8M (+33%). Sandstorm+Horizon acquisition ($4.148B, Oct 2025) plus $1B Kansanshi stream doubles portfolio book value to $8.58B. FY2026 is first full year of combi...
Second confirmation pass on FY2025 10-K (filed Feb 19, 2026, acc# 0000085535-26-000008). No new 10-Q available until ~May 2026. Filing intact with prior analysis. Key incremental focus: revenue concen...
FY2025 10-K confirms RGLD as the cleanest gold leverage vehicle. Record $1.03B revenue (+43%), $704.8M OCF (+33%). Sandstorm acquisition ($4.15B, Oct 2025) doubled the portfolio to $8.58B in stream/ro...
FY2025 10-K confirms thesis. Record .03B revenue (+43% YoY), record .8M OCF. Sandstorm acquisition (.1B, Oct 2025) doubled stream/royalty asset base to .6B. Gold leverage intact: avg price ,432/oz dro...
Royal Gold is a high-margin royalty/streaming company with zero mining operating cost. Record FY2025 revenue $1.03B (+43% LTM), Q4 revenue $373M (nearly doubled YoY). 25th consecutive annual dividend ...