RGLD
Royal Gold, Inc.
RGLD's fundamentals are strong: revenue more than doubled and it turned 69% of its revenue into free cash flow, though its operating margin fell 3 points to 62%. At 26x earnings, it's trading below its usual 31x. Analysts expect earnings growth, though they disagree widely on how much.
RGLD Fundamentals
| Metric | Status |
|---|---|
| Healthy | |
| Strong | |
| Strong | |
| Strong |
RGLD's revenue, profitability, cash flow and balance sheet are all currently healthy.
RGLD PE Valuation
| Level | PE | Price | Vs current |
|---|---|---|---|
| Forward | 20x | $255 | — |
| Cheap | 26x | $251 | -1.8% |
| Current | 26x | $255 | — |
| Fair | 31x | $302 | +18% |
| Expensive | 39x | $383 | +50% |
Historical ranges are pointers, not guarantees.
RGLD's PE is in its cheap range at 26x. If earnings grow as analysts expect, today's price would be 20x next year's earnings.
RGLD Forward outlook
| Metric | Outlook |
|---|---|
| Strongly improving | |
| Growth | |
| Strong growth | |
| Strongly weakening | |
| Limited | |
| Low |
Analysts expect earnings and revenue growth for RGLD, but weaker profitability. However, they disagree widely on these estimates.
RGLD Earnings Per Share
| Quarter | TTM EPS | YoY |
|---|---|---|
| Forward | $12.70 | +30% |
| Q3 2026 | $9.80 | +35% |
| Q2 2026 | $9.04 | +33% |
| Q1 2026 | $8.27 | +37% |
| Q4 2025 | $6.69 | +33% |
| Q3 2025 | $7.28 | +67% |
| Q2 2025 | $6.82 | +87% |
| Q1 2025 | $6.04 | +79% |
| Q4 2024 | $5.04 | +39% |
RGLD's earnings per share have climbed steadily: $9.80 over the past year, up 35% from the year before, and higher year over year for 10 quarters in a row.
RGLD Quarterly Revenue
| Quarter | Revenue | YoY |
|---|---|---|
| Q3 2026 | $464.8M | +84% |
| Q2 2026 | $450.5M | +115% |
| Q1 2026 | $469.1M | +143% |
| Q4 2025 | $375.3M | +85% |
| Q3 2025 | $252.1M | +30% |
| Q2 2025 | $209.6M | +20% |
| Q1 2025 | $193.4M | +30% |
| Q4 2024 | $202.6M | +33% |
RGLD's revenue has grown year over year for 10 quarters in a row: $465M last quarter, up 84% from the same quarter a year ago.
| Quarter | Margin | YoY |
|---|---|---|
| Q3 2026 | 65% | +0.9 points |
| Q2 2026 | 62% | -5.5 points |
| Q1 2026 | 63% | -0.3 points |
| Q4 2025 | 56% | -9.7 points |
| Q3 2025 | 64% | +3.1 points |
| Q2 2025 | 68% | +9 points |
| Q1 2025 | 64% | +13 points |
| Q4 2024 | 66% | +14 points |
RGLD's operating margin was 65% last quarter, up 0.9 points from the same quarter a year ago.
RGLD Free Cash Flow
| Quarter | Free cash flow | YoY |
|---|---|---|
| Q3 2026 | $344.4M | +98% |
| Q2 2026 | $335.2M | +119% |
| Q1 2026 | $293.6M | +115% |
| Q4 2025 | $241.7M | +71% |
| Q3 2025 | $174M | +27% |
| Q2 2025 | $152.8M | +35% |
| Q1 2025 | $136.4M | -1.4% |
| Q4 2024 | $141.1M | +40% |
RGLD's free cash flow has been positive every quarter for seven years: $1.2B over the past year, up 101% from the year before.
RGLD Total Shares
| Period | Change % | Net change |
|---|---|---|
| Quarterly | -0.2% | -160K shares |
| 1 year | +29% | +19.1M shares |
| 3 years | +29% | +19.1M shares |
| 5 years | +29% | +19.3M shares |
| Available history | +29% | +19.3M shares |
RGLD has 85M diluted shares, up 29% from a year ago.
| Quarter | Spent |
|---|---|
| Q3 2026 | $49.4M |
| Q2 2026 | $30M |
| Q4 2021 | — |
RGLD Net Leverage
| Quarter | Net Leverage | Status |
|---|---|---|
| Q3 2026 | -0.0x | Net Cash |
| Q2 2026 | 0.2x | Very low |
| Q1 2026 | 0.4x | Very low |
| Q4 2025 | 0.8x | Very low |
| Q3 2025 | 0.9x | Very low |
| Q2 2025 | -0.4x | Net Cash |
| Q1 2025 | -0.4x | Net Cash |
| Q4 2024 | -0.3x | Net Cash |
RGLD has more cash than debt.
RGLD Weekly Momentum
| Metric | Value | Status |
|---|---|---|
| RSI | 56.5 | Neutral |
| Stochastic | 64.0 | Neutral |
RGLD's weekly RSI is 57 (neutral) and its Stochastic is 64 (neutral).
RGLD PE vs Basic Materials Sector
| Metric | RGLD | Sector median | Relative |
|---|---|---|---|
| PE | 26x | 19x | 40% above |
| PE % | 19 | 40 | 21 pts below |
RGLD is trading at 26x earnings, a 40% premium to the Basic Materials sector's median of 19x.
RGLD Weekly Moving Averages
| Moving average | MA price | Relative |
|---|---|---|
| 8 week MA | $242.3 | 5.4% above |
| 20 week MA | $233.7 | 9.2% above |
| 50 week MA | $240.0 | 6.4% above |
| 100 week MA | $204.3 | 25% above |
| 200 week MA | $164.5 | 55% above |
RGLD is in an uptrend: it's above all five of its weekly moving averages, and 55% above its 200-week average.
RGLD Yearly ROI
| Year | Start price | End price | ROI |
|---|---|---|---|
| 2020 | $121.4 | $108.7 | -11% |
| 2021 | $108.7 | $103.6 | -4.6% |
| 2022 | $103.6 | $112.8 | +8.9% |
| 2023 | $112.8 | $121.0 | +7.2% |
| 2024 | $121.0 | $133.8 | +11% |
| 2025 | $133.8 | $233.3 | +74% |
| 2026 YTD | $233.3 | $255.3 | +9.4% |
RGLD has finished higher in four of the last six years. It's up 9.4% so far in 2026.