Royal Gold, Inc. (RGLD) 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

-34.1%

$156.32

vs $237.25 price

Levered DCF

$163.21

After debt service

Piotroski score

4 / 9

Average

Altman Z-score

7.46

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	33.18×	26.06×	33.14×	30.97×	25.29×	24.75×	40.89×	70.83×
P/B	2.16×	2.78×	2.75×	2.7×	2.67×	3×	3.58×	3.1×
P/S	14.98×	12.15×	13.26×	12.4×	10.7×	12.14×	16.46×	15.81×
EV / EBITDA	20.87×	14.58×	16.99×	16.99×	13.23×	13.69×	21.71×	22.12×
Gross margin	69.3%	86.3%	84.9%	84.1%	84.7%	54.0%	83.1%	81.5%
Operating margin	64.5%	60.3%	50.7%	47.6%	50.9%	54.8%	40.2%	33.6%
Net margin	45.2%	46.6%	40.0%	40.1%	42.5%	49.1%	40.3%	22.4%
Current ratio	3.12×	3.23×	2.31×	2.92×	3.52×	5.71×	8.31×	4.6×
Debt / equity	0.13×	0×	0.09×	0.21×	0×	0×	0.13×	0.1×
Interest coverage	28.4×	44.1×	10.68×	28.37×	-632.73×	102.3×	28.42×	4.75×
Dividend yield	0.8%	1.2%	1.2%	1.2%	1.1%	1.0%	0.9%	1.0%
Payout ratio	25.4%	31.7%	41.2%	38.5%	28.7%	25.2%	35.9%	71.9%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	6.5%	10.6%	8.3%	8.7%	10.6%	12.1%	8.8%	4.4%
Return on invested capital	5.8%	10.1%	7.8%	7.2%	10.2%	11.6%	7.3%	4.7%
Return on assets	4.9%	9.8%	7.1%	6.8%	9.9%	11.4%	7.2%	3.7%
Free cash flow yield	-3.0%	4.9%	5.2%	-6.8%	3.5%	3.2%	2.3%	3.8%
Earnings yield	3.0%	3.8%	3.0%	3.2%	4.0%	4.0%	2.4%	1.4%
Enterprise value	$16.2B	$8.5B	$8.1B	$7.8B	$6.8B	$7.3B	$8.1B	$6.7B
Net debt / EBITDA	0.95×	-0.34×	0.3×	0.98×	-0.28×	-0.43×	-0.05×	0.31×
Cash conversion cycle (days)	58	42	25	55	50	45	62	60