Royal Gold - Public Comps and Valuation Multiples

Royal Gold Overview

About Royal Gold

Royal Gold Inc enquires and manages precious metal royalties and streams with a focus on gold. The company purchases a percentage of the metal produced from a mineral property for an initial payment without assuming responsibility for mining operations. Similarly, precious metal streams are purchase agreements with mine operators providing the right to purchase all or a portion of one or more metals produced from a mine in exchange for an upfront deposit payment. Generally, Royal Gold does not work on the properties in which it holds royalty and streaming assets. The company owns a portfolio of producing, development, evaluation, and exploration royalties and streams, and the majority of group revenue is generated from Canada, Mexico, Chile, and the United States.

Founded

1981

HQ

Employees

Website

royalgold.com

Sectors

Metals & Mining

Financials

LTM Revenue $897M

LTM EBITDA $735M

EV

$13.1B

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Royal Gold Financials

As of September 2025, Royal Gold reported last 12-month revenue of $897M and EBITDA of $735M.

In the same period, Royal Gold generated $755M in LTM gross profit and $488M in net income.

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Royal Gold P&L

In the most recent fiscal year, Royal Gold reported revenue of $719M and EBITDA of $580M.

Royal Gold expects next 12-month revenue of XXX and NTM EBITDA of XXX

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	LTM	NTM	Last FY	FY 2025	FY 2026	FY 2027
Revenue	$897M	XXX	$719M	XXX	XXX	XXX
Gross Profit	$755M	XXX	$471M	XXX	XXX	XXX
Gross Margin	84%	XXX	65%	XXX	XXX	XXX
EBITDA	$735M	XXX	$580M	XXX	XXX	XXX
EBITDA Margin	82%	XXX	81%	XXX	XXX	XXX
EBIT	$587M	XXX	$430M	XXX	XXX	XXX
EBIT Margin	65%	XXX	60%	XXX	XXX	XXX
Net Profit	$488M	XXX	$332M	XXX	XXX	XXX
Net Margin	54%	XXX	46%	XXX	XXX	XXX
Net Debt	XXX	XXX	n/a	XXX	XXX	XXX

Financial data powered by Morningstar, Inc.

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Financial performance metrics for Royal Gold including revenue, profitability, and margin analysis across different time periods. The company reported last twelve months revenue of $897M. EBITDA for the last twelve months was $735M. In the most recent fiscal year, Royal Gold achieved $719M in revenue and $580M in EBITDA.
Financial Metric	Last Twelve Months (LTM)	Next Twelve Months (NTM)	Most Recent Fiscal Year	Current Fiscal Year (2025)	Next Fiscal Year (2026)	Two Years Forward (2027)
Total Revenue	$897M	Analyst estimates available to subscribers	$719M	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Gross Profit	$755M	Analyst estimates available to subscribers	$471M	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Gross Profit Margin	84.1% gross margin	Analyst estimates available to subscribers	65.4% gross profit margin	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
EBITDA (Earnings Before Interest, Taxes, Depreciation, Amortization)	$735M	Analyst estimates available to subscribers	$580M	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
EBITDA Margin	81.9% EBITDA margin	Analyst estimates available to subscribers	80.7% EBITDA margin	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
EBIT (Earnings Before Interest and Taxes)	$587M	Analyst estimates available to subscribers	$430M	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
EBIT Margin	65.5% EBIT margin	Analyst estimates available to subscribers	59.8% EBIT margin	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Net Income (Net Profit)	$488M	Analyst estimates available to subscribers	$332M	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Net Profit Margin	54.4% net profit margin	Analyst estimates available to subscribers	46.2% net profit margin	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Net Debt Position	Detailed debt information available to subscribers	Detailed debt information available to subscribers	n/a	Detailed debt information available to subscribers	Detailed debt information available to subscribers	Detailed debt information available to subscribers

Financial Performance Summary for Royal Gold

This financial data table provides comprehensive performance metrics for Royal Gold, a company based in United States of America. The metrics include revenue, profitability measures, and operational efficiency indicators across multiple time periods.

Recent Performance Highlights

Royal Gold generated $897M in revenue over the last twelve months.
The company achieved $735M in EBITDA over the last twelve months.
Gross profit for the last twelve months was $755M.
Net income over the last twelve months reached $488M.

Fiscal Year Performance

In the most recent fiscal year, Royal Gold reported $719M in total revenue.
Fiscal year EBITDA was $580M.
The company maintained a gross profit margin of 65.4% in the most recent fiscal year.
EBITDA margin for the fiscal year was 80.7%.
Net profit margin reached 46.2% in the most recent fiscal year.

This financial data is sourced from Morningstar, Inc. and represents the most recent available information for Royal Gold. Forward-looking estimates and detailed financial projections are available through our premium subscription service.

Royal Gold Stock Performance

Royal Gold has current market cap of $13.2B, and EV of $13.1B.

Market Cap Evolution

Royal Gold Stock Data

As of October 2, 2025, Royal Gold's stock price is $200.

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EV	Market Cap	Price 1D	Price 1M	Price 3M	Price 12M	EPS
$13.1B	$13.2B	XXX	XXX	XXX	XXX	$7.25

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Royal Gold Valuation Multiples

Royal Gold's trades at 18.3x EV/Revenue multiple, and 22.7x EV/EBITDA.

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Royal Gold Financial Valuation Multiples

As of October 2, 2025, Royal Gold has market cap of $13.2B and EV of $13.1B.

Equity research analysts estimate Royal Gold's 2025E EV/Revenue multiple at XXX and 2025E EV/EBITDA multiple at XXX

Royal Gold has a P/E ratio of 27.0x.

	LTM	NTM	Last FY	FY 2025	FY 2026	FY 2027
Market cap (current)	$13.2B	XXX	$13.2B	XXX	XXX	XXX
EV (current)	$13.1B	XXX	$13.1B	XXX	XXX	XXX
EV/Revenue	14.7x	XXX	18.3x	XXX	XXX	XXX
EV/EBITDA	17.9x	XXX	22.7x	XXX	XXX	XXX
EV/EBIT	22.4x	XXX	30.6x	XXX	XXX	XXX
EV/Gross Profit	17.4x	XXX	n/a	XXX	XXX	XXX
P/E	27.0x	XXX	39.7x	XXX	XXX	XXX
EV/FCF	40.7x	XXX	30.8x	XXX	XXX	XXX

Valuation data powered by FactSet, Inc. and Morningstar, Inc.

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Royal Gold Margins & Growth Rates

Royal Gold's last 12 month revenue growth is 37%

Royal Gold's revenue per employee in the last FY averaged $24.0M, while opex per employee averaged $1.4M for the same period.

Royal Gold's rule of 40 is 116% (metric relevant for SaaS companies only, counted as combined revenue growth rate and EBITDA margin).

Royal Gold's rule of X is 175% (created by Bessemer, rule of X is another metric relevant for SaaS companies only, ~1.5x stronger vs. the traditional Rule of 40, counted as revenue growth rate multiplied by 2.5 plus EBITDA margin).

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Royal Gold Operational Valuation Multiples

	LTM	NTM	Last FY	FY 2025	FY 2026	FY 2027
Revenue Growth	37%	XXX	36%	XXX	XXX	XXX
EBITDA Margin	82%	XXX	81%	XXX	XXX	XXX
EBITDA Growth	37%	XXX	28%	XXX	XXX	XXX
Rule of 40	116%	XXX	118%	XXX	XXX	XXX
Bessemer Rule of X	XXX	XXX	175%	XXX	XXX	XXX
Revenue per Employee	XXX	XXX	$24.0M	XXX	XXX	XXX
Opex per Employee	XXX	XXX	$1.4M	XXX	XXX	XXX
S&M Expenses to Revenue	XXX	XXX	n/a	XXX	XXX	XXX
G&A Expenses to Revenue	XXX	XXX	n/a	XXX	XXX	XXX
R&D Expenses to Revenue	XXX	XXX	n/a	XXX	XXX	XXX
Opex to Revenue	XXX	XXX	6%	XXX	XXX	XXX

Valuation data powered by FactSet, Inc. and Morningstar, Inc.

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