Gold Royalty Corp. (GROY) Balance Sheet
GROY balance sheet, 2025
December 31, 2025 · U.S. dollars$822.8M assets = $123.6M liabilities + $699.2M equity
Both columns are drawn to the same scale: what GROY owns equals what it owes plus shareholders’ equity. Hover a block for its value.
GROY financial health
Descriptive bands, not a rating. Fiscal 2025.
GROY balance sheet trends, 2020–2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Total assets | $55,4552020 | $822.8M2025 | +582.8%/yr | |
| Total liabilities | $196,3822020 | $123.6M2025 | +262.9%/yr | |
| Shareholders’ equity | −$140,9262020 | $699.2M2025 | — | |
| Cash & short-term investments | $37,5392020 | $14.0M2025 | +226.6%/yr | |
| Total debt | $120,9302020 | $197,0002025 | +10.3%/yr | |
| Net cash (debt) | −$83,3912020 | $13.8M2025 | +$13.8M | |
| Working capital | −$142,5142020 | $17.9M2025 | +$18.1M | |
| Book value per share | $4.182022 | $4.002025 | −1.5%/yr | |
| Current ratio | 0.272020 | 4.882025 | +4.61 | |
| Debt / equity | 0.002021 | 0.002025 | 0.00 | |
| Shares outstanding | 128.2M2022 | 175.0M2025 | +10.9%/yr |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
GROY assets
GROY liabilities and equity
GROY debt vs cash
Debt includes short- and long-term borrowings and, where reported, lease obligations.
GROY balance sheet
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Cash & short-term investments | $14.0M | $2.5M | $1.8M | $14.2M | $11.0M | $37,539 |
| Cash & equivalents | $12.4M | $2.3M | $1.4M | $7.0M | $9.9M | $37,539 |
| Short-term investments | $1.5M | $214,000 | $342,000 | $7.2M | $1.1M | $0 |
| Receivables | $8.6M | $3.4M | $3.8M | $1.4M | $411,715 | $241 |
| Inventory | $0 | $0 | $0 | $1 | $0 | $1 |
| Other current assets | $0 | $0 | $0 | $1.3M | $1.9M | $16,087 |
| Total current assets | $22.5M | $5.9M | $5.5M | $17.0M | $13.3M | $53,868 |
| Property, plant & equipment (net) | $786.7M | $717.8M | $671.7M | $668.3M | $264.5M | $1,587 |
| Goodwill & intangible assets | $0 | $0 | $0 | $0 | $0 | $0 |
| Long-term investments | $2.5M | $2.9M | $3.3M | $3.0M | $1.6M | $0 |
| Other non-current assets | $11.0M | $11.0M | $10.5M | $353,000 | $66,470 | $0 |
| Total assets | $822.8M | $737.5M | $691.0M | $688.6M | $279.5M | $55,455 |
| Liabilities | ||||||
| Accounts payable | $4.5M | $3.9M | $3.8M | $6.1M | $6.9M | $75,452 |
| Short-term debt | $96,000 | $24,574 | $246,000 | $256,000 | $36,311 | $120,930 |
| Deferred revenue | — | — | $135.1M | $135.5M | $42.7M | — |
| Total current liabilities | $4.6M | $3.9M | $3.9M | $7.2M | $6.9M | $196,382 |
| Long-term debt | $0 | $49.8M | $32.8M | $9.7M | $11,300 | $0 |
| Lease obligations | $101,000 | $181,000 | $264,000 | $256,000 | $47,611 | $0 |
| Other long-term liabilities | $118.9M | $125.5M | $133.4M | $135.5M | $47.2M | $182,979 |
| Total liabilities | $123.6M | $179.2M | $170.0M | $152.4M | $54.2M | $196,382 |
| Shareholders' equity | ||||||
| Common stock & paid-in capital | $752.2M | $595.8M | $556.2M | $551.1M | $228.6M | $1 |
| Retained earnings (deficit) | −$77.4M | −$73.2M | −$69.8M | −$36.5M | −$15.1M | −$140,631 |
| Accumulated other comprehensive income | $24.3M | $35.7M | $34.6M | $21.7M | $11.8M | −$296 |
| Total shareholders' equity | $699.2M | $558.3M | $521.0M | $536.2M | $225.3M | −$140,926 |
| Key figures | ||||||
| Total debt | $197,000 | $50.0M | $33.1M | $9.9M | $11,000 | $120,930 |
| Net cash (debt) | $13.8M | −$47.5M | −$31.3M | $4.3M | $11.0M | −$83,391 |
| Working capital | $17.9M | $2.0M | $1.7M | $9.7M | $6.4M | −$142,514 |
| Tangible book value | $699.2M | $558.3M | $521.0M | $536.2M | $225.3M | −$140,926 |
| Book value per share | $4.00 | $3.50 | $3.60 | $4.18 | — | — |
| Shares outstanding | 175.0M | 159.5M | 144.7M | 128.2M | — | — |
| Current ratio | 4.88 | 1.52 | 1.44 | 2.35 | 1.92 | 0.27 |
| Quick ratio | 4.88 | 1.52 | 1.44 | 2.17 | 1.65 | 0.19 |
| Debt / equity | 0.00 | 0.09 | 0.06 | 0.02 | 0.00 | — |
| Equity / assets | 85.0% | 75.7% | 75.4% | 77.9% | 80.6% | −254.1% |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||||||
| Cash & short-term investments | $14.1M | $16.2M | $14.0M | $5.7M | $3.2M | $3.4M | $2.5M | $2.7M | $3.9M | $2.3M | $1.8M | $3.8M |
| Cash & equivalents | $11.3M | $13.6M | $12.4M | $4.5M | $3.1M | $3.2M | $2.3M | $2.5M | $3.6M | $1.8M | $1.4M | $3.3M |
| Short-term investments | $2.8M | $2.6M | $1.5M | $1.2M | $180,000 | $140,000 | $214,000 | $195,000 | $276,000 | $443,000 | $342,000 | $497,000 |
| Receivables | $9.1M | $8.2M | $8.6M | $4.2M | $4.0M | $2.9M | $3.4M | $3.2M | $3.5M | $4.6M | $931,000 | $3.8M |
| Inventory | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | −$2.4M |
| Other current assets | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $2.8M | $310,000 |
| Total current assets | $23.2M | $24.4M | $22.5M | $9.9M | $7.2M | $6.3M | $5.9M | $6.0M | $7.3M | $6.9M | $5.5M | $5.5M |
| Property, plant & equipment (net) | $790.1M | $785.3M | $786.7M | $718.4M | $719.2M | $719.8M | $717.8M | $719.3M | $720.1M | $670.2M | $671.7M | $671.7M |
| Goodwill & intangible assets | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Long-term investments | $25.1M | $25.4M | $2.5M | $1.5M | $2.9M | $2.9M | $2.9M | $3.2M | $3.2M | $3.2M | $3.3M | $3.3M |
| Other non-current assets | $11.7M | $11.8M | $11.0M | $10.8M | $11.0M | $10.9M | $11.0M | $11.0M | $10.9M | $10.8M | $17.8M | $10.4M |
| Total assets | $850.1M | $846.9M | $822.8M | $740.5M | $740.2M | $739.9M | $737.5M | $739.4M | $741.5M | $691.1M | $698.3M | $691.0M |
| Liabilities | ||||||||||||
| Accounts payable | $4.8M | $4.9M | $4.5M | $4.9M | $4.6M | $4.5M | $3.4M | $3.7M | $4.3M | $4.9M | $3.8M | $3.8M |
| Short-term debt | — | $97,000 | $96,000 | $0 | $0 | $24,574 | $0 | $0 | $0 | — | — | — |
| Total current liabilities | $4.8M | $5.0M | $4.6M | $4.9M | $4.6M | $4.5M | $3.9M | $3.7M | $4.3M | $4.9M | $3.9M | $3.9M |
| Long-term debt | $0 | $0 | $101,000 | $50.9M | $52.2M | $51.6M | $50.0M | $49.1M | $48.7M | $33.0M | $32.8M | $17.5M |
| Lease obligations | $54,000 | $79,000 | $101,000 | $121,000 | $145,000 | $174,000 | $181,000 | $209,000 | $227,000 | $248,000 | $264,000 | $147,000 |
| Other long-term liabilities | $120.8M | $119.9M | $118.8M | $124.7M | $125.0M | $125.8M | $125.4M | $125.9M | $132.5M | $132.8M | $140.7M | $148.7M |
| Total liabilities | $125.6M | $124.9M | $123.6M | $180.5M | $181.8M | $181.8M | $179.2M | $178.7M | $185.5M | $170.7M | $177.4M | $170.0M |
| Shareholders' equity | ||||||||||||
| Common stock & paid-in capital | $773.8M | $773.8M | $752.2M | $599.0M | $596.9M | $596.4M | $595.8M | $594.5M | $593.5M | $556.7M | $556.2M | $556.2M |
| Retained earnings (deficit) | −$73.8M | −$75.6M | −$77.4M | −$76.4M | −$75.3M | −$74.5M | −$73.2M | −$70.0M | −$73.5M | −$71.2M | −$69.8M | −$69.8M |
| Accumulated other comprehensive income | $24.5M | $23.8M | $24.3M | $37.4M | $36.8M | $36.1M | $35.7M | $36.3M | $35.9M | $34.9M | $34.6M | $34.6M |
| Total shareholders' equity | $724.5M | $722.0M | $699.2M | $560.0M | $558.4M | $558.0M | $558.3M | $560.8M | $555.9M | $520.4M | $521.0M | $521.0M |
| Key figures | ||||||||||||
| Total debt | $54,000 | $176,000 | $197,000 | $50.9M | $52.2M | $51.8M | $50.0M | $49.1M | $48.7M | $33.3M | $33.1M | $33.1M |
| Net cash (debt) | $14.1M | $16.0M | $13.8M | −$45.3M | −$48.9M | −$48.4M | −$47.5M | −$46.4M | −$44.9M | −$31.0M | −$31.3M | −$29.2M |
| Working capital | $18.4M | $19.4M | $17.9M | $5.0M | $2.6M | $1.8M | $2.0M | $2.3M | $3.0M | $2.0M | $1.7M | $1.7M |
| Tangible book value | $724.5M | $722.0M | $699.2M | $560.0M | $558.4M | $558.0M | $558.3M | $560.8M | $555.9M | $520.4M | $521.0M | $521.0M |
| Book value per share | $3.03 | $3.00 | $3.11 | $3.28 | $3.27 | $3.28 | $3.39 | $3.29 | $3.62 | $3.57 | $3.81 | $3.59 |
| Shares outstanding | 239.3M | 241.0M | 224.5M | 170.9M | 170.6M | 170.3M | 164.9M | 170.2M | 153.4M | 145.8M | 136.8M | 145.0M |
| Current ratio | 4.80 | 4.91 | 4.88 | 2.02 | 1.56 | 1.41 | 1.52 | 1.63 | 1.69 | 1.41 | 1.44 | 1.44 |
| Quick ratio | 4.80 | 4.91 | 4.88 | 2.02 | 1.56 | 1.41 | 1.52 | 1.63 | 1.69 | 1.41 | 0.71 | 1.98 |
| Debt / equity | 0.00 | 0.00 | 0.00 | 0.09 | 0.09 | 0.09 | 0.09 | 0.09 | 0.09 | 0.06 | 0.06 | 0.06 |
| Equity / assets | 85.2% | 85.3% | 85.0% | 75.6% | 75.4% | 75.4% | 75.7% | 75.8% | 75.0% | 75.3% | 74.6% | 75.4% |
Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported (latest annual report filed March 19, 2026); data from EODHD.
GROY financial position
At the end of fiscal 2025 (December 31, 2025), Gold Royalty had total assets of $822.8 million (up 11.6% from a year earlier), total liabilities of $123.6 million and shareholders' equity of $699.2 million. It held $14.0 million in cash and short-term investments against $0.2 million of debt, a net cash position of $13.8 million. Its current ratio was 4.88. In the latest quarter (ended June 30, 2026) total assets were $850.1 million and equity $724.5 million.
Related: GROY income statement, GROY cash flow statement, GROY key metrics. See the GROY stock overview for the latest quote and news.
GROY balance sheet FAQ
What are Gold Royalty's total assets?
Gold Royalty reported total assets of $822.8 million at the end of fiscal 2025 (December 31, 2025), compared with $737.5 million a year earlier.
How much debt does Gold Royalty have?
Gold Royalty had $0.2 million of total debt at the end of fiscal 2025, including short-term borrowings and lease obligations. Its debt-to-equity ratio was 0.00.
How much cash does Gold Royalty have?
Gold Royalty held $14.0 million in cash and short-term investments at the end of fiscal 2025; with $0.2 million of debt that is net cash of $13.8 million.
What is Gold Royalty's book value?
Gold Royalty's shareholders' equity (book value) was $699.2 million at the end of fiscal 2025, or $4.00 per share.
What is Gold Royalty's current ratio?
Gold Royalty had current assets of $22.5 million and current liabilities of $4.6 million, a current ratio of 4.88 (it can cover its short-term obligations).