Royal Gold Inc Stock Research

Market Summary

USD125.98-0.46

Market Closed

-0.36%

RGLD Stock Price

RGLD RSI Chart

RGLD Valuation

Market Cap

8.3B

Price/Earnings (Trailing)

34.7

Price/Sales (Trailing)

13.75

EV/EBITDA

18.09

Price/Free Cashflow

19.87

RGLD Price/Sales (Trailing)

RGLD Profitability

EBT Margin

45.24%

Return on Equity

8.72%

Return on Assets

6.76%

Free Cashflow Yield

5.03%

RGLD Fundamentals

RGLD Revenue

Revenue (TTM)

603.2M

Revenue Y/Y

-3.29%

Revenue Q/Q

24.01%

RGLD Earnings

Earnings (TTM)

239.0M

Earnings Y/Y

-17.3%

Earnings Q/Q

23.11%

Price Action

52 Week Range

84.54147.23

(Low)(High)

Last 7 days

5.3%

Last 30 days

5.9%

Last 90 days

12.0%

Trailing 12 Months

-9.3%

RGLD Financial Health

Current Ratio

2.92

RGLD Investor Care

Dividend Yield

1.13%

Dividend/Share (TTM)

1.43

Shares Dilution (1Y)

0.04%

Diluted EPS (TTM)

3.63

Peers (Alternatives to Royal Gold)

View All Peers In Detail

Name	Mkt Capsorted ascending	Revenue	Price %, 1M	Returns, 1Y	P/E	P/S	Rev 1-Yr	Inc 1-Yr
LARGE-CAP
SCCO	55.8B	10.0B	-3.35%	-3.05%	21.09	5.56	-8.10%	-22.37%
FCX	54.3B	22.8B	-9.05%	-25.08%	12.13	2.39	-0.28%	-16.51%
NUE	38.7B	41.5B	-9.07%	-2.40%	5.09	0.93	13.78%	11.42%
NEM	38.2B	11.9B	9.77%	-37.43%	-89.12	3.21	-2.51%	-136.79%
STLD	19.1B	22.3B	-10.00%	23.37%	4.93	0.86	20.92%	19.49%
RS	15.1B	17.0B	3.10%	30.88%	8.17	0.88	20.80%	30.11%
MID-CAP
RGLD	8.3B	603.2M	5.92%	-9.35%	34.7	13.75	-7.71%	-12.79%
AA	7.1B	12.5B	-18.17%	-57.57%	-57.71	0.57	2.46%	-128.67%
HL	3.3B	718.9M	14.98%	-13.22%	-88.2	4.58	-10.97%	-206.42%
ARNC	2.6B	9.0B	15.21%	4.44%	-14.53	0.3	19.42%	54.16%
SMALL-CAP
RYI	1.3B	6.3B	-12.40%	-9.68%	3.3	0.2	11.42%	32.86%
SCHN	813.4M	3.3B	-11.12%	-46.58%	7.76	0.25	-33.97%	-46.85%
ZEUS	557.5M	2.6B	8.56%	41.58%	6.13	0.22	10.71%	-24.88%
MUX	379.4M	110.4M	40.71%	798.93%	-4.76	3.44	-19.13%	-40.06%
MSB	315.7M	-	-11.91%	-10.51%	12.25	6.98	-17.81%	-57.98%

Financials for Royal Gold

* denotes actual numbers (not divided by Millions)
Income Statement (Last 12 Months)					(In Millions)
Description	(%) Q/Q	2022Q4	2022Q3	2022Q2	2022Q1	2021Q4
Revenue	-0.9%	603	609	652	673	654
Gross Profit	-4.3%	354	370	358	-	-
S&GA Expenses	2.3%	35.00	34.00	33.00	31.00	29.00
Costs and Expenses	1.6%	319	315	332	335	325
EBITDA	-2.8%	452	465	507	437	-
EBITDA Margin	-1.9%	0.75*	0.76*	0.78*	0.65*	-
Earnings Before Taxes	-4.6%	273	286	316	338	328
EBT Margin	-3.7%	0.45*	0.47*	0.48*	0.50*	-
Net Income	-4.7%	239	251	275	286	274
Net Income Margin	-3.8%	0.40*	0.41*	0.42*	0.42*	-
Free Cahsflow	-4.1%	417	435	470	471	-

* denotes actual numbers (not divided by Millions)
Balance Sheet					(In Millions)
Description	(%) Q/Q	2022Q4	2022Q3	2022Q2	2022Q1	2021Q4
Assets	4.7%	3,535	3,377	2,853	2,790	2,757
Current Assets	2.2%	186	182	340	259	216
Cash Equivalents	-3.0%	119	122	281	184	144
Liabilities	18.9%	781	657	156	144	156
Current Liabilities	-1.4%	64.00	64.00	64.00	50.00	61.00
LT Debt, Non Current	28.1%	572	446	-	-	-
Shareholder's Equity	1.2%	2,741	2,708	2,697	2,646	2,589
Retained Earnings	6.4%	527	496	473	425	382
Additional Paid-In Capital	0.1%	2,213	2,211	2,211	2,208	2,206
Shares Outstanding	0%	66.00	66.00	66.00	66.00	66.00
Minority Interest	0.1%	12.00	12.00	12.00	12.00	12.00

Cashflow (Last 12 Months)					(In Millions)
Description	(%) Q/Q	2022Q4	2022Q3	2022Q2	2022Q1	2021Q4
Cashflow From Operations	-4.1%	417	435	470	471	462
Share Based Compensation	0.8%	8.00	8.00	8.00	7.00	6.00
Cashflow From Investing	-26.1%	-922	-731	-326	-421	-416
Cashflow From Financing	85.8%	481	259	-89.40	-236	-283
Dividend Payments	3.7%	92.00	89.00	85.00	82.00	79.00
Buy Backs	0.2%	-1.45	-1.45	-0.81	-0.82	-0.97

Risks for RGLD

What is the probability of a big loss on RGLD?

79.2%

Probability that Royal Gold stock will be more than 20% underwater in next one year

31.9%

Probability that Royal Gold stock will be more than 30% underwater in next one year.

16.1%

Probability that Royal Gold stock will be more than 40% underwater in next one year.

*Calculated based on probability distribution of losses observed in actual data in the last 5 years.

How does RGLD drawdown profile look like?

Y-axis is the maximum loss one would have experienced if Royal Gold was unfortunately bought at previous high price.

Drawdowns

Returns for RGLD

Cumulative Returns on RGLD

7.4%

10-Year Cumulative Returns

15.4%

7-Year Cumulative Returns

9.3%

5-Year Cumulative Returns

10.9%

3-Year Cumulative Returns

What are the long-term rolling returns for RGLD?

FIve years rolling returns for Royal Gold.

Annualized Returns

Which funds bought or sold RGLD recently?

View All Details

Datesorted ascending	Fund Name	Type	% Chg	$ Change	$ Held	% Portfolio
2023-03-23	MetLife Investment Management, LLC	reduced	-1.96	706,348	4,677,660	0.04%
2023-03-17	American Portfolios Advisors	added	20.37	10,555	194,540	0.01%
2023-03-10	VICTORY CAPITAL MANAGEMENT INC	added	2.55	3,406,520	18,088,500	0.02%
2023-03-06	Rockefeller Capital Management L.P.	reduced	-16.82	-	112,000	-%
2023-03-06	OLD MISSION CAPITAL LLC	reduced	-79.47	-3,174,720	1,039,280	0.03%
2023-03-02	LORING WOLCOTT & COOLIDGE FIDUCIARY ADVISORS LLP/MA	new	-	39,452	39,452	-%
2023-03-01	Meixler Investment Management, Ltd.	new	-	260,496	260,496	0.26%
2023-02-28	Voya Investment Management LLC	reduced	-49.17	-1,761,220	2,763,780	-%
2023-02-22	TEACHERS RETIREMENT SYSTEM OF THE STATE OF KENTUCKY	added	8.18	276,000	1,193,000	0.01%
2023-02-22	Kovack Advisors, Inc.	unchanged	-	150,124	896,124	0.13%

Latest Funds Activity

Are funds buying RGLD calls or puts?

Calls

Puts

Are funds bullish or bearish(Calls - Puts)?

Net Call Options

No. of funds that own RGLD

No. of Funds

Royal Gold News

Schedule 13G FIlings of Royal Gold

Date Filed	Name of Filer	Percent of Class	No. of Shares	Form Type
Feb 14, 2023	van eck associates corp	6.07%	3,992,123	SC 13G/A
Feb 13, 2023	capital world investors	9.6%	6,302,121	SC 13G/A
Feb 09, 2023	first eagle investment management, llc	5.46%	3,584,316	SC 13G/A
Feb 09, 2023	vanguard group inc	10.10%	6,626,902	SC 13G/A
Feb 07, 2023	state street corp	6.12%	4,018,814	SC 13G
Jan 23, 2023	blackrock inc.	10.7%	7,052,480	SC 13G/A
Feb 11, 2022	capital world investors	11.9%	7,834,436	SC 13G/A
Feb 10, 2022	vanguard group inc	10.05%	6,595,268	SC 13G/A
Feb 10, 2022	first eagle investment management, llc	5.35%	3,508,703	SC 13G
Jan 27, 2022	blackrock inc.	10.0%	6,589,718	SC 13G/A

RGLD Fair Value

Royal Gold fair value in different scenarios

The table shows the Fair Value estimates for Royal Gold for various scenarios. Disclaimer: These are just estimations from a model. None of the models are good at predicting the future. Please dont buy or sell stocks based on these outputs.

Fair Value	Very Pessimistic	Pessimistic	Base Case	Optimistic	Very Optimistic
Very Low Inflation	49.58 -60.64%	60.44 -52.02%	78.36 -37.80%	115.34 -8.45%	141.89 12.63%
Current Inflation	46.47 -63.11%	55.83 -55.68%	70.95 -43.68%	102.06 -18.99%	124.29 -1.34%
Very High Inflation	42.61 -66.18%	50.23 -60.13%	62.14 -50.67%	86.63 -31.24%	104.03 -17.42%

Historical Royal Gold Fair Value Estimates

Very Pessimistic Case

Pessimistic Case

Fair Value

Optimistic Case

Very Optimistic Case

Closing Stock Price

Recent SEC filings of Royal Gold

View All Filings

Date Filed	Form Type	Document
Mar 08, 2023	8-K	Current Report
Mar 06, 2023	4	Insider Trading
Mar 06, 2023	4	Insider Trading
Mar 06, 2023	4	Insider Trading
Mar 06, 2023	4	Insider Trading
Mar 06, 2023	4	Insider Trading
Mar 06, 2023	4	Insider Trading
Mar 06, 2023	4	Insider Trading
Mar 06, 2023	4	Insider Trading
Mar 06, 2023	4	Insider Trading

Latest Insider Trading transactions for RGLD

Filter Transactions

Datesorted ascending	Name	Buy/Sell	$ Value	Avg. Price	# Shares	Title
2023-03-03	Shefman Randy	sold (taxes)	-27,467	120	-228	vp & general counsel
2023-03-03	Heissenbuttel William Holmes	sold (taxes)	-83,365	120	-692	president & ceo
2023-03-03	Isto Mark	sold (taxes)	-44,694	120	-371	evp & coo of royal gold corp
2023-03-03	Libner Paul	sold (taxes)	-27,467	120	-228	cfo & treasurer
2023-03-03	Gill Laura	sold (taxes)	-13,492	120	-112	vp, corp. sec. & cco
2023-03-02	Gill Laura	acquired	-	-	1,980	vp, corp. sec. & cco
2023-03-02	Heissenbuttel William Holmes	acquired	-	-	9,560	president & ceo
2023-03-02	Isto Mark	acquired	-	-	4,860	evp & coo of royal gold corp
2023-03-02	Vance Ronald J	acquired	-	-	1,205	-
2023-03-02	Breeze Daniel	acquired	-	-	2,900	vp corp dev of rgld gold ag

About Royal Gold

RGLD Income Statement

2022-12-31

Consolidated Statements of Operations and Comprehensive Income - USD ($) $ in Thousands	6 Months Ended	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2022	Dec. 31, 2021	Jun. 30, 2021	Jun. 30, 2020
Consolidated Statements of Operations and Comprehensive Income
Revenue (Note 8)	$ 342,952	$ 603,206	$ 653,568	$ 615,856	$ 498,819
Costs and expenses
Cost of sales (excludes depreciation, depletion and amortization)	52,329	94,642	98,467	92,898	83,890
General and administrative	15,163	34,612	29,306	28,387	30,195
Production taxes	4,412	7,021	8,399	6,743	3,824
Exploration costs				563	5,190
Depreciation, depletion and amortization	99,685	178,935	189,009	183,569	175,434
Impairment of royalty interests		4,287		0	1,341
Total costs and expenses	171,589	319,497	325,181	312,160	299,874
Gain on sale of Peak Gold JV interest				33,906
Operating income	171,363	283,709	328,387	337,602	198,945
Fair value changes in equity securities	(1,350)	(1,503)	2,510	6,017	1,418
Interest and other income	1,610	7,832	3,019	2,443	2,046
Interest and other expense	(2,787)	(17,170)	(5,753)	(6,419)	(9,813)
Income before income taxes	168,836	272,868	328,163	339,643	192,596
Income tax expense	(30,008)	(32,926)	(53,223)	(36,867)	3,654
Net income and comprehensive income	138,828	239,942	274,940	302,776	196,250
Net (income) loss and comprehensive (income) loss attributable to non-controlling interests	(489)	(960)	(898)	(244)	3,093
Net income and comprehensive income attributable to Royal Gold common stockholders	$ 138,339	$ 238,982	$ 274,042	$ 302,532	$ 199,343
Net income per share attributable to Royal Gold common stockholders:
Basic earnings per share	$ 2.11	$ 3.64	$ 4.17	$ 4.61	$ 3.04
Basic weighted average shares outstanding	65,560,468	65,576,995	65,552,586	65,546,400	65,523,024
Diluted earnings per share	$ 2.10	$ 3.63	$ 4.17	$ 4.60	$ 3.03
Diluted weighted average shares outstanding	65,624,567	65,661,748	65,624,007	65,627,591	65,643,390
Cash dividends declared per common share	$ 0.65	$ 1.425	$ 1.25	$ 1.18	$ 1.11

RGLD Balance Sheet

2022-12-31

Consolidated Balance Sheets - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
ASSETS
Cash and equivalents	$ 118,586	$ 143,551
Royalty receivables	49,405	54,088
Income tax receivable	3,066	4,915
Stream inventory	12,656	11,607
Prepaid expenses and other	2,120	1,835
Total current assets	185,833	215,996
Stream and royalty interests, net (Note 4)	3,237,402	2,443,752
Other assets	111,287	97,284
Total assets	3,534,522	2,757,032
LIABILITIES
Accounts payable	6,686	6,475
Dividends payable	24,627	22,966
Income tax payable	16,065	19,070
Other current liabilities	16,209	12,917
Total current liabilities	63,587	61,428
Debt (Note 6)	571,572
Deferred tax liabilities	138,156	87,705
Other liabilities	7,738	6,688
Total liabilities	781,053	155,821
Commitments and contingencies (Note 16)
EQUITY
Preferred stock, $.01 par value, 10,000,000 shares authorized; and 0 shares issued
Common stock, $.01 par value, 200,000,000 shares authorized; and 65,592,597 and 65,564,364 shares outstanding, respectfully	656	656
Additional paid-in capital	2,213,123	2,206,159
Accumulated earnings	527,314	381,929
Total Royal Gold stockholders' equity	2,741,093	2,588,744
Non-controlling interests	12,376	12,467
Total equity	2,753,469	2,601,211
Total liabilities and equity	$ 3,534,522	$ 2,757,032