Royal Gold, Inc.
RGLD - Insider Information
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+ FollowMarket Cap$19.41B
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Earnings Call Q2 2026
August 6, 2026 - AI Summary
Strong Q2/1H results; portfolio scale change already “in the numbers” (all key per-share metrics up)
- Revenue $451M (+115% YoY), operating cash flow $335M (+119%), earnings $236M (+79% YoY).
- After adjustments: net income $218M ($2.56/share, +41% YoY).
- No single asset dominates: top asset <13% of revenue; only 2 assets >10%, reflecting the diversification strategy from 2025 acquisitions.
- Gold remains dominant: gold 76% of revenue (silver 12%, copper 8%); adjusted EBITDA margin 83% (low/stable G&A).
2026 guidance tracking well—copper/“other metals” strength driven by identifiable drivers
- Management says gold and silver are tracking within guidance ranges; copper and other metals trending to ~or above the top end.
- Key positive drivers:
- Antamina NPI royalty impact: lower-than-expected deductions drove strong copper-related revenue.
- Other metals upside from operational performance (e.g., zinc at Antamina, nickel at Voisey’s Bay).
- Challenge/uncertainty: Antamina NPI is relatively new to Royal Gold (variable); management does not want to change guidance early without more visibility, preferring to reassess closer to end of Q3.
Capital returns + balance sheet focus: dividends steady/growing, buyback active, debt reduction ongoing
- Dividends: $40M paid in Q2 (annual rate $1.90/share, +6% YoY).
- Share repurchases: 147k shares repurchased and canceled in the quarter (~$30M). Management emphasized discretionary buybacks (not a fixed run-rate) and decisions weigh valuation/NAV multiples and long-term priorities (new investments + debt/liquidity).
- Debt/liquidity: repaid $200M on revolver in Q2; ended with $1.2B total available liquidity and continued repayment plan (additional $75M in July; $100M mid-August). Plan: fully repay revolver in Q4 absent major acquisitions and based on current metal prices.
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$163.59
33.5% downside
Current Fair Value
33.5% downsideOvervalued by 33.5% based on the discounted cash flow analysis.
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Share Statistics
| Market cap | $19.41 Billion |
|---|---|
| Enterprise Value | $19.68 Billion |
| Annual dividend | $1.90 |
| Dividend yield | 0.83% |
| Earnings per Share | $6.7 |
| Beta | 0.5 |
| Outstanding Shares | 84,781,861 |
Return
| Return on Equity | 9.79% |
|---|---|
| Return on Assets | 7.86% |
| Return on Invested Capital | 6.01% |
Valuation & Multiples
| P/E Ratio | 24.95 |
|---|---|
| PEG | 31.73 |
| Price to Sales | 13.67 |
| Price to Book Ratio | 2.73 |
| Enterprise Value to Revenue | 12.72 |
| Enterprise Value to EBIT | 35.1 |
| Enterprise Value to Net Income | 26 |
| Total Debt to Enterprise | 0.02 |
| Debt to Equity | 0.06 |
Revenue Sources
No data
Last Earnings Call
Report Date
November 4, 2026
EPS Estimate
$2.77
Consensus analyst estimateRevenue Estimate
$459.84 M
Consensus analyst estimateInstitutional Put/Call Ratio
Compares institutional put options with call options. At 0.00, the ratio is below 1, so institutions hold more calls than puts.
| Put/Call Ratio | 0.0000▼ 72.12% |
|---|---|
| Total Calls | 1,500▼ 99.85% |
| Total Puts | -▼ 100.00% |
Institutional Ownership
Holdings and activity of institutional investors.
| Ownership % | 3.22%▼ 81.03% |
|---|---|
| Total Invested | $630.65M▼ 95.58% |
| Investors Holding | 260▼ 540.00% |
About Royal Gold, Inc.
39 employees
CEO: William Heissenbuttel
Royal Gold, Inc., along with its affiliated entities, specializes in acquiring and administering revenue streams, royalty agreements, and associated rights pertaining to precious metals. The company's core business model involves securin...