OR Royalties Inc. (OR.TO) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

-105.2%

-CA$2.38

vs CA$45.90 price

Levered DCF

CA$8.79

After debt service

Piotroski score

5 / 9

Average

Altman Z-score

14.68

Safe zone

Rating

B+

Overall 3 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
P/E	43.8×	414.49×	-94.55×	26.32×	30.35×	206×	-10.88×	-22.58×
P/B	6.39×	4.08×	2.82×	2.27×	2.02×	1.93×	1.7×	1.44×
P/S	32.35×	36.56×	19.16×	18.14×	14.71×	15.64×	6.47×	4.83×
EV / EBITDA	31.26×	81.48×	83.7×	20.6×	18.57×	33.98×	-22.06×	-45.95×
Gross margin	83.4%	96.5%	93.3%	92.6%	83.3%	70.2%	33.0%	24.3%
Operating margin	72.9%	41.0%	35.2%	56.5%	49.9%	19.5%	-46.7%	-23.1%
Net margin	74.3%	8.5%	-20.4%	-54.5%	-10.5%	7.9%	-59.7%	-21.5%
Current ratio	4.53×	4.37×	4.11×	5.87×	0.44×	3.06×	5.03×	8.59×
Debt / equity	0.01×	0.08×	0.12×	0.09×	0.26×	0.24×	0.24×	0.2×
Interest coverage	45.2×	9.82×	4.58×	4.1×	3.58×	1.25×	-5.84×	-3.46×
Dividend yield	0.4%	0.6%	0.9%	1.0%	1.0%	0.9%	1.1%	1.1%
Payout ratio	16.9%	258.4%	-80.5%	-31.9%	-137.8%	171.3%	-11.7%	-24.4%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	14.7%	1.0%	-3.0%	-6.8%	-1.4%	1.0%	-15.7%	-6.4%
Return on invested capital	11.4%	2.1%	4.3%	4.6%	3.5%	1.0%	-8.0%	-4.2%
Return on assets	13.3%	0.8%	-2.5%	-5.8%	-1.0%	0.7%	-11.8%	-5.1%
Free cash flow yield	2.3%	1.7%	-2.2%	-0.4%	0.5%	-0.9%	0.3%	-2.3%
Earnings yield	2.3%	0.2%	-1.1%	-3.0%	-0.7%	0.5%	-9.2%	-4.5%
Enterprise value	CA$9B	CA$4.9B	CA$3.6B	CA$3B	CA$2.8B	CA$2.7B	CA$2.1B	CA$2B
Net debt / EBITDA	-0.46×	0.66×	2.31×	0.33×	1.61×	1.08×	-1.98×	-3×
Cash conversion cycle (days)	-19	-99	-61	5	110	6	-1	8