OR Royalties Inc. (OR) 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

-104.3%

-$1.43

vs $33.00 price

Levered DCF

$3.74

After debt service

Piotroski score

7 / 9

Strong

Altman Z-score

14.16

Safe zone

Rating

A-

Overall 4 / 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	31.6×	200.44×	-94.53×	-33.36×	-140.77×	161.75×	-8.13×	-17.88×
P/B	4.65×	4.08×	2.8×	1.7×	1.59×	1.52×	1.65×	1.06×
P/S	23.57×	17.64×	19.09×	18.37×	14.72×	12.29×	4.85×	3.83×
EV / EBITDA	26.77×	47.42×	83.73×	21.77×	19.65×	27.3×	-10.35×	-33.17×
Gross margin	83.4%	79.4%	93.3%	69.0%	61.8%	48.8%	21.1%	24.3%
Operating margin	72.9%	67.6%	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×	0.25×	0.24×	0.24×	0.2×
Interest coverage	45.2×	23.35×	3.4×	4.06×	4.67×	1.6×	-7.78×	-4.37×
Dividend yield	0.5%	0.6%	0.9%	1.3%	1.0%	1.1%	1.4%	1.5%
Payout ratio	16.9%	130.9%	-80.4%	-43.3%	-137.8%	171.3%	-11.7%	-26.3%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	14.7%	2.0%	-3.0%	-5.0%	-1.1%	1.0%	-20.3%	-6.0%
Return on invested capital	11.4%	7.4%	4.4%	3.5%	2.8%	1.1%	-10.4%	-3.9%
Return on assets	13.3%	1.7%	-2.5%	-4.4%	-0.8%	0.7%	-15.3%	-4.7%
Free cash flow yield	3.2%	1.8%	-2.2%	-0.5%	0.5%	-1.1%	0.4%	-3.1%
Earnings yield	3.2%	0.5%	-1.1%	-3.0%	-0.7%	0.6%	-12.3%	-5.6%
Enterprise value	$6.5B	$3.4B	$3.6B	$3B	$2.9B	$2.7B	$2.1B	$2.1B
Net debt / EBITDA	-0.55×	0.38×	2.33×	0.47×	2×	1.09×	-0.95×	-2.88×
Cash conversion cycle (days)	-19	-5	-60	-0	51	-7	-0	9