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Gold · Basic Materials · Fiscal year ends Dec 31
OR Royalties reported revenue of $277M in the fiscal year ended Dec 2025, up 45.1% from the year before. Operating income was $197M, an operating margin of 70.9%, and net income was $206M.
Ranks among the 26 gold companies we cover (1st = best; for debt, the least indebted). Green = top third, red = bottom third.
Last 5 fiscal years
| Fiscal year | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|
| Revenue | 183 | 191 | 277 |
| Cost of revenue | 12.3 | 6.7 | 9.1 |
| Gross profit | 129 | 152 | 232 |
| Selling, general & admin | 24.3 | 18.3 | 20.9 |
| Operating income | 64.5 | 78.3 | 197 |
| Interest expense | 14.0 | 8.0 | 4.5 |
| Pre-tax income | −27.6 | 30.1 | 241 |
| Income tax | 9.8 | 13.9 | 35.3 |
| Net income | −37.4 | 16.3 | 206 |
| Diluted EPS | −0.20 | 0.09 | 1.09 |
| Diluted shares | 185 | 188 | 189 |
| Fiscal year | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|
| Receivables | 4.8 | 3.1 | 3.2 |
| Inventory | 0.0 | 0.0 | – |
| Current assets | 63.5 | 63.8 | 148 |
| Goodwill | 84.1 | 77.3 | 81.1 |
| Total assets | 1,486 | 1,378 | 1,566 |
| Payables | 6.2 | 5.3 | 7.5 |
| Current liabilities | 15.5 | 14.6 | 32.6 |
| Short-term debt | 0.0 | 0.0 | 0.0 |
| Long-term debt | 145 | 93.9 | 0.0 |
| Total liabilities | 239 | 189 | 134 |
| Shareholders' equity | 1,248 | 1,189 | 1,432 |
| Fiscal year | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|
| Operating cash flow | 138 | 160 | 246 |
| Depreciation & amortisation | 42.7 | 33.6 | 37.0 |
| Stock-based compensation | 7.7 | 6.2 | 8.4 |
| Dividends paid | 29.7 | 30.7 | 34.9 |
| Fiscal year | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|
| Revenue growth (YoY) | – | 4.3% | 45.1% |
| Operating income growth (YoY) | – | 21.5% | 151.2% |
| EPS growth (YoY) | – | – | 1111.1% |
| Gross margin | 70.5% | 79.4% | 83.8% |
| Operating margin | 35.2% | 41.0% | 70.9% |
| Net margin | −20.4% | 8.5% | 74.3% |
| Return on equityBlank when equity is negative | −3.0% | 1.4% | 14.4% |
| ROCEEBIT ÷ (assets − current liabilities) | 4.4% | 5.7% | 12.8% |
| Cash conversion (CFO ÷ net income) | −3.70x | 9.83x | 1.19x |
| Receivable days | 9 | 6 | 4 |
| Inventory days | 0 | 0 | – |
| Payable days | 184 | 289 | 299 |
| Interest cover | 4.59x | 9.83x | 44.0x |
| Debt ÷ equity | 0.12x | 0.08x | 0.00x |
| Current ratio | 4.11x | 4.37x | 4.53x |
Standardised figures from the company's XBRL filings with the SEC (10-K, 10-Q). Line items follow US GAAP tags, so a company's own statement layout may differ and some lines show “–” where the company does not report that item. Ratios are calculated from these figures. For education only; not investment advice or a recommendation.