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Metals & mining · Basic Materials · Fiscal year ends Dec 31
Triple Flag Precious Metals reported revenue of $389M in the fiscal year ended Dec 2025, up 44.5% from the year before. Operating income was $221M, an operating margin of 56.8%, and net income was $240M. It held more cash than debt (net cash $71M).
Ranks among the 22 metals & mining companies we cover (1st = best; for debt, the least indebted). Green = top third, red = bottom third.
Last 5 fiscal years
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue | 150 | 152 | 204 | 269 | 389 |
| Gross profit | 83.3 | 87.0 | 102 | 155 | 263 |
| Research & development | 0.8 | 3.0 | 4.2 | 3.4 | 5.6 |
| Operating income | 68.7 | 64.1 | 40.9 | −18.0 | 221 |
| Interest expense | 5.7 | 1.4 | 4.1 | 5.1 | 3.5 |
| Pre-tax income | 52.0 | 59.9 | 36.4 | −12.8 | 269 |
| Income tax | 6.4 | 4.8 | 0.1 | 10.3 | 29.4 |
| Net income | 45.5 | 55.1 | 36.3 | −23.1 | 240 |
| Diluted EPS | 0.31 | 0.35 | 0.18 | −0.11 | 1.18 |
| Diluted shares | 148 | 156 | 200 | 201 | 204 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Cash & equivalents | 40.7 | 71.1 | 17.4 | 36.2 | 71.3 |
| Receivables | 7.0 | 9.6 | 13.7 | 17.0 | 22.8 |
| Inventory | 1.4 | – | 1.4 | 3.8 | 4.7 |
| Current assets | 72.4 | 90.6 | 57.0 | 75.6 | 153 |
| Total assets | 1,303 | 1,337 | 1,894 | 1,770 | 2,113 |
| Payables | 3.9 | 11.3 | 15.7 | 23.1 | 35.1 |
| Current liabilities | 4.5 | 12.6 | 17.3 | 27.1 | 38.9 |
| Long-term debt | 0.0 | 0.0 | 57.0 | 0.0 | 0.0 |
| Total liabilities | 8.8 | 18.6 | 83.7 | 34.3 | 68.3 |
| Shareholders' equity | 1,295 | 1,318 | 1,811 | 1,736 | 2,045 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Operating cash flow | 120 | 118 | 154 | 214 | 313 |
| Stock-based compensation | 2.3 | 5.1 | 5.3 | 4.3 | 18.4 |
| Share buybacks | 1.7 | 4.1 | 20.7 | 8.9 | 9.0 |
| Dividends paid | 14.8 | 30.4 | 41.3 | 43.3 | 45.8 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue growth (YoY) | – | 1.0% | 34.3% | 31.8% | 44.5% |
| Operating income growth (YoY) | – | −6.7% | −36.2% | −143.9% | – |
| EPS growth (YoY) | – | 12.9% | −48.6% | −161.1% | – |
| Gross margin | 55.3% | 57.3% | 50.0% | 57.7% | 67.6% |
| Operating margin | 45.7% | 42.2% | 20.1% | −6.7% | 56.8% |
| Net margin | 30.3% | 36.3% | 17.8% | −8.6% | 61.7% |
| Return on equityBlank when equity is negative | 3.5% | 4.2% | 2.0% | −1.3% | 11.7% |
| ROCEEBIT ÷ (assets − current liabilities) | 5.3% | 4.8% | 2.2% | −1.0% | 10.6% |
| Cash conversion (CFO ÷ net income) | 2.64x | 2.15x | 4.25x | −9.25x | 1.30x |
| Receivable days | 17 | 23 | 25 | 23 | 21 |
| Inventory days | 7 | – | 5 | 12 | 14 |
| Payable days | 21 | 64 | 56 | 74 | 102 |
| Interest cover | 12.1x | 45.4x | 9.93x | −3.55x | 63.8x |
| Debt ÷ equity | 0.00x | 0.00x | 0.03x | 0.00x | 0.00x |
| Net debtDebt − cash & equivalents; excludes investments; negative = net cash | −40.7 | −71.1 | 39.6 | −36.2 | −71.3 |
| Current ratio | 16.2x | 7.20x | 3.29x | 2.79x | 3.92x |
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.