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ROYAL GOLD INC

RGLD Clue Score63
United States Fiscal year ends December CIK 0000085535
$236.23 +2.18% Close, 9 Oct 2026
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Price $236.23 +156.02% Close, 9 Oct 2026

Closing prices at the end of each trading day, from 12 Oct 2016. Not a live quote. Adjusted for share splits, so the line has no step at a split; dividends are not added back. P/E and P/FCF are the market value over the last full fiscal year's net income or free cash flow, as public on each day, so they step once a year when the annual report comes out. A hatched band marks a stretch with none: a year of net loss, or of cash burnt.

Revenue and profit

What the business sells, and what is left of it. Point at a year for the detail.
RevenueOperating incomeNet income
Fiscal year 2017Revenue440.8Operating income145.9Net income101.5EPS, diluted1.55Fiscal year 2018Revenue459.0 +4.1%Operating income−74.5Net income−113.1 −211.4%EPS, diluted−1.73 −211.6%Fiscal year 2019Revenue423.1 −7.8%Operating income140.7Net income93.8EPS, diluted1.43Fiscal year 2020Revenue498.8 +17.9%Operating income198.9Net income199.3 +112.5%EPS, diluted3.03 +111.9%Fiscal year 2021Revenue615.9 +23.5%Operating income337.6Net income302.5 +51.8%EPS, diluted4.60 +51.8%Fiscal year 2021Revenue653.6 +6.1%Operating income328.4Net income274.0 −9.4%EPS, diluted4.17 −9.3%Fiscal year 2022Revenue603.2 −7.7%Operating income283.7Net income239.0 −12.8%EPS, diluted3.63 −12.9%Fiscal year 2023Revenue605.7 +0.4%Operating income303.2Net income239.4 +0.2%EPS, diluted3.63 +0.0%Fiscal year 2024Revenue719.4 +18.8%Operating income429.9Net income332.0 +38.7%EPS, diluted5.04 +38.8%Fiscal year 2025Revenue1,030.5 +43.2%Operating income638.2Net income466.3 +40.4%EPS, diluted6.69 +32.7%
FY2017FY2018FY2019FY2020FY2021FY2021FY2022FY2023FY2024FY2025
Revenue 440.8 459.0 423.1 498.8 615.9 653.6 603.2 605.7 719.4 1,030.5
Growth +4.1% −7.8% +17.9% +23.5% +6.1% −7.7% +0.4% +18.8% +43.2%
Operating income 145.9 −74.5 140.7 198.9 337.6 328.4 283.7 303.2 429.9 638.2
Net income 101.5 −113.1 93.8 199.3 302.5 274.0 239.0 239.4 332.0 466.3
Growth −211.4% +112.5% +51.8% −9.4% −12.8% +0.2% +38.7% +40.4%
EPS, diluted 1.55 −1.73 1.43 3.03 4.60 4.17 3.63 3.63 5.04 6.69
Growth −211.6% +111.9% +51.8% −9.3% −12.9% +0.0% +38.8% +32.7%

Margins

How much of each dollar of revenue it keeps. Point at a year for the detail.
Gross marginOperating marginNet margin
Fiscal year 2017Gross margin43.6%Operating margin33.1%Net margin23.0%Fiscal year 2018Gross margin45.6%Operating margin−16.2%Net margin−24.6%Fiscal year 2019Gross margin42.2%Operating margin33.3%Net margin22.2%Fiscal year 2020Gross margin47.3%Operating margin39.9%Net margin40.0%Fiscal year 2021Gross margin54.1%Operating margin54.8%Net margin49.1%Fiscal year 2021Operating margin50.2%Net margin41.9%Fiscal year 2022Gross margin53.6%Operating margin47.0%Net margin39.6%Fiscal year 2023Gross margin56.7%Operating margin50.1%Net margin39.5%Fiscal year 2024Gross margin65.5%Operating margin59.8%Net margin46.2%Fiscal year 2025Gross margin69.3%Operating margin61.9%Net margin45.2%
FY2017FY2018FY2019FY2020FY2021FY2021FY2022FY2023FY2024FY2025
Gross margin 43.6% 45.6% 42.2% 47.3% 54.1% n/a 53.6% 56.7% 65.5% 69.3%
Operating margin 33.1% −16.2% 33.3% 39.9% 54.8% 50.2% 47.0% 50.1% 59.8% 61.9%
Net margin 23.0% −24.6% 22.2% 40.0% 49.1% 41.9% 39.6% 39.5% 46.2% 45.2%

Cash flow

The cash the business makes, what it reinvests, and what it hands back. Point at a year for the detail.
Operating cash flow
Fiscal year 2017Operating cash flow266.9Dividends paid−61.4Fiscal year 2018Operating cash flow328.8Dividends paid−64.1Fiscal year 2019Operating cash flow253.2Dividends paid−67.5Fiscal year 2020Operating cash flow340.8Dividends paid−71.5Fiscal year 2021Operating cash flow407.2Dividends paid−76.1Fiscal year 2021Operating cash flow461.9Dividends paid−78.7Fiscal year 2022Operating cash flow417.3Dividends paid−91.9Fiscal year 2023Operating cash flow415.8Dividends paid−98.6Fiscal year 2024Operating cash flow529.5Dividends paid−105.2Fiscal year 2025Operating cash flow704.8Dividends paid−118.5
FY2017FY2018FY2019FY2020FY2021FY2021FY2022FY2023FY2024FY2025
Operating cash flow 266.9 328.8 253.2 340.8 407.2 461.9 417.3 415.8 529.5 704.8
Dividends paid −61.4 −64.1 −67.5 −71.5 −76.1 −78.7 −91.9 −98.6 −105.2 −118.5

Balance sheet

What it holds against what it owes, at each year end. Point at a year for the detail.
CashTotal debt
Fiscal year 2017Cash85.8Total debt586.2Net cash (debt)−500.3Shareholders’ equity2,275.4Debt to equity0.26Fiscal year 2018Cash88.8Total debt351.0Net cash (debt)−262.3Shareholders’ equity2,102.2Debt to equity0.17Fiscal year 2019Cash119.5Total debt214.6Net cash (debt)−95.1Shareholders’ equity2,136.7Debt to equity0.10Fiscal year 2020Cash319.1Total debt300.4Net cash (debt)18.7Shareholders’ equity2,272.2Debt to equity0.13Fiscal year 2021Cash225.9Shareholders’ equity2,490.8Fiscal year 2021Cash143.6Shareholders’ equity2,588.7Fiscal year 2022Cash118.6Total debt571.6Net cash (debt)−453.0Shareholders’ equity2,741.1Debt to equity0.21Fiscal year 2023Cash104.2Total debt246.0Net cash (debt)−141.8Shareholders’ equity2,888.2Debt to equity0.09Fiscal year 2024Cash195.5Total debt0.0Net cash (debt)195.5Shareholders’ equity3,119.0Debt to equity0.00Fiscal year 2025Cash233.7Total debt895.4Net cash (debt)−661.7Shareholders’ equity7,157.1Debt to equity0.13
FY2017FY2018FY2019FY2020FY2021FY2021FY2022FY2023FY2024FY2025
Cash 85.8 88.8 119.5 319.1 225.9 143.6 118.6 104.2 195.5 233.7
Total debt 586.2 351.0 214.6 300.4 n/a n/a 571.6 246.0 0.0 895.4
Net cash (debt) −500.3 −262.3 −95.1 18.7 n/a n/a −453.0 −141.8 195.5 −661.7
Shareholders’ equity 2,275.4 2,102.2 2,136.7 2,272.2 2,490.8 2,588.7 2,741.1 2,888.2 3,119.0 7,157.1
Debt to equity 0.26 0.17 0.10 0.13 n/a n/a 0.21 0.09 0.00 0.13

In millions of USD, except per-share figures and ratios. Fiscal years, as last filed with the SEC.

Financial statements FY2025 · 10-K

Income statement

In millions of USD, except per-share figures; shares in millions. Fiscal years ending December, each column as last filed with the SEC.
Click a line to chart it
Fiscal year FY2017 30 Jun 2017 FY2018 30 Jun 2018 FY2019 30 Jun 2019 FY2020 30 Jun 2020 FY2021 30 Jun 2021 FY2021 31 Dec 2021 FY2022 31 Dec 2022 FY2023 31 Dec 2023 FY2024 31 Dec 2024 FY2025 31 Dec 2025
Revenue and profit
440.8 459.0 423.1 498.8 615.9 653.6 603.2 605.7 719.4 1,030.5
Growth +4.1% −7.8% +17.9% +23.5% +6.1% −7.7% +0.4% +18.8% +43.2%
192.2 209.3 178.6 236.1 333.0 n/a 323.1 343.4 471.2 714.3
Growth +8.9% −14.7% +32.2% +41.1% +6.3% +37.2% +51.6%
33.4 35.5 30.5 30.2 28.4 29.3 34.6 39.8 40.9 49.2
145.9 −74.5 140.7 198.9 337.6 328.4 283.7 303.2 429.9 638.2
Growth −151.1% +41.4% +69.7% −2.7% −13.6% +6.9% +41.8% +48.4%
118.9 −104.6 106.6 192.6 339.6 328.2 272.9 282.1 426.1 573.9
26.4 14.8 17.5 −3.7 36.9 53.2 32.9 42.0 93.6 102.3
101.5 −113.1 93.8 199.3 302.5 274.0 239.0 239.4 332.0 466.3
Growth −211.4% +112.5% +51.8% −9.4% −12.8% +0.2% +38.7% +40.4%
Per share
1.55 −1.73 1.43 3.04 4.61 4.17 3.64 3.64 5.04 6.70
1.55 −1.73 1.43 3.03 4.60 4.17 3.63 3.63 5.04 6.69
Growth −211.6% +111.9% +51.8% −9.3% −12.9% +0.0% +38.8% +32.7%
65.2 65.3 65.4 65.5 65.5 65.6 65.6 65.6 65.7 69.4
65.3 65.3 65.5 65.6 65.6 65.6 65.7 65.7 65.8 69.6
Growth +0.0% +0.3% +0.2% −0.0% −0.0% +0.1% +0.1% +0.1% +5.8%

Five years in brief

Worked out from the figures above, not from a press release
  • Revenue grew 10.8% a year over five years, and earnings per share grew 7.8% a year.
  • The diluted share count rose 6.0% in five years, which is dilution.
  • Operating margin is up 7.1 points on five years ago, at 61.9%.
  • A net loss in 1 of 10 years on file.