Royal Gold, Inc. (RGLD) Balance Sheet
RGLD balance sheet, 2025
December 31, 2025 · U.S. dollars$9.54B assets = $2.33B liabilities + $7.21B equity
Both columns are drawn to the same scale: what RGLD owns equals what it owes plus shareholders’ equity. Hover a block for its value.
RGLD financial health
Descriptive bands, not a rating. Fiscal 2025.
RGLD balance sheet trends, 2016–2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Total assets | $3.07B2016 | $9.54B2025 | +13.4%/yr | |
| Total liabilities | $783.8M2016 | $2.33B2025 | +12.9%/yr | |
| Shareholders’ equity | $2.23B2016 | $7.16B2025 | +13.8%/yr | |
| Cash & short-term investments | $116.6M2016 | $233.7M2025 | +8.0%/yr | |
| Total debt | $600.7M2016 | $965.6M2025 | +5.4%/yr | |
| Net cash (debt) | −$484.1M2016 | −$731.9M2025 | −$247.8M | |
| Working capital | $142.1M2016 | $256.5M2025 | +$114.4M | |
| Book value per share | $34.252016 | $102.892025 | +13.0%/yr | |
| Current ratio | 6.502016 | 3.122025 | −3.37 | |
| Debt / equity | 0.272016 | 0.132025 | −0.13 | |
| Shares outstanding | 65.1M2016 | 69.6M2025 | +0.7%/yr |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
RGLD assets
RGLD liabilities and equity
RGLD debt vs cash
Debt includes short- and long-term borrowings and, where reported, lease obligations.
RGLD balance sheet
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||||
| Cash & short-term investments | $233.7M | $195.5M | $104.2M | $118.6M | $143.6M | $225.9M | $119.5M | $88.8M | $85.8M | $116.6M |
| Cash & equivalents | $233.7M | $195.5M | $104.2M | $118.6M | $143.6M | $225.9M | $119.5M | $88.8M | $85.8M | $116.6M |
| Receivables | $113.0M | $64.6M | $51.6M | $52.5M | $54.1M | $51.8M | $23.4M | $26.4M | $49.1M | $41.2M |
| Inventory | $25.9M | $13.0M | $9.8M | $12.7M | $11.6M | $17.7M | $11.4M | $9.3M | $7.9M | $9.5M |
| Other current assets | $4.9M | $2.2M | $1.9M | $2.1M | $6.8M | $1.8M | $389,000 | $1.4M | $822,000 | $614,000 |
| Total current assets | $377.4M | $275.3M | $167.4M | $185.8M | $216.0M | $297.1M | $154.7M | $125.8M | $143.6M | $167.9M |
| Property, plant & equipment (net) | $8.62B | $3.04B | $3.08B | $3.24B | $2.26B | $2.26B | $2.34B | $2.50B | $2.89B | $2.85B |
| Goodwill & intangible assets | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Long-term investments | $473.7M | $6,000 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other non-current assets | $68.7M | $74.0M | $118.1M | $111.3M | $278.9M | $92.3M | $50.2M | $55.1M | $58.2M | $53.7M |
| Total assets | $9.54B | $3.39B | $3.36B | $3.53B | $2.76B | $2.65B | $2.54B | $2.68B | $3.09B | $3.07B |
| Liabilities | ||||||||||
| Accounts payable | $10.1M | $10.6M | $11.4M | $6.7M | $6.5M | $6.4M | $2.9M | $9.1M | $3.9M | $4.1M |
| Short-term debt | $4.2M | — | $972,000 | — | — | — | — | — | — | — |
| Deferred revenue | — | — | $41.8M | — | — | — | — | — | — | — |
| Total current liabilities | $120.9M | $85.2M | $72.4M | $63.6M | $61.4M | $52.1M | $33.6M | $51.4M | $34.3M | $25.9M |
| Long-term debt | $895.4M | $0 | $246.0M | $571.6M | $0 | $0 | $300.4M | $0 | $0 | $0 |
| Other long-term liabilities | $1.32B | $175.8M | $142.0M | $145.9M | $94.4M | $96.1M | $39.6M | $489.4M | $739.5M | $758.0M |
| Total liabilities | $2.33B | $260.9M | $460.4M | $781.1M | $155.8M | $148.2M | $373.7M | $540.7M | $773.8M | $783.8M |
| Shareholders' equity | ||||||||||
| Common stock & paid-in capital | $845,000 | $657,000 | $656,000 | $656,000 | $656,000 | $656,000 | $655,000 | $654,000 | $652,000 | $651,000 |
| Retained earnings (deficit) | $1.23B | $890.0M | $666.5M | $527.3M | $381.9M | $286.2M | −$65.7M | −$89.9M | $88.0M | $48.6M |
| Accumulated other comprehensive income | $993,000 | — | — | — | $0 | — | — | −$1.2M | $879,000 | — |
| Minority interest | $48.2M | $12.2M | $12.4M | $12.4M | — | — | — | — | — | — |
| Total shareholders' equity | $7.16B | $3.12B | $2.89B | $2.74B | $2.59B | $2.49B | $2.14B | $2.10B | $2.28B | $2.23B |
| Key figures | ||||||||||
| Total debt | $965.6M | — | $246.0M | $571.6M | — | $300.4M | $214.6M | $351.0M | $586.2M | $600.7M |
| Net cash (debt) | −$731.9M | — | −$141.8M | −$453.0M | — | −$74.5M | −$95.1M | −$262.3M | −$500.3M | −$484.1M |
| Working capital | $256.5M | $190.1M | $95.0M | $122.2M | $154.6M | $245.1M | $121.1M | $74.4M | $109.3M | $142.1M |
| Tangible book value | $7.16B | $3.12B | $2.89B | $2.74B | $2.59B | $2.49B | $2.14B | $2.10B | $2.28B | $2.23B |
| Book value per share | $102.89 | $47.40 | $43.93 | $41.75 | $39.45 | $37.95 | $32.62 | $32.20 | $34.86 | $34.25 |
| Shares outstanding | 69.6M | 65.8M | 65.7M | 65.7M | 65.6M | 65.6M | 65.5M | 65.3M | 65.3M | 65.1M |
| Current ratio | 3.12 | 3.23 | 2.31 | 2.92 | 3.52 | 5.71 | 4.60 | 2.45 | 4.19 | 6.50 |
| Quick ratio | 2.87 | 3.05 | 2.15 | 2.69 | 3.22 | 5.33 | 4.25 | 2.24 | 3.93 | 6.10 |
| Debt / equity | 0.13 | — | 0.09 | 0.21 | — | 0.12 | 0.10 | 0.17 | 0.26 | 0.27 |
| Equity / assets | 75.0% | 91.9% | 85.9% | 77.6% | 93.9% | 93.9% | 84.0% | 78.4% | 73.5% | 72.6% |
| 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 | $182.5M | $234.1M | $233.7M | $172.8M | $248.2M | $240.8M | $195.5M | $127.9M | $74.2M | $137.9M | $104.2M | $102.9M |
| Cash & equivalents | $182.5M | $234.1M | $233.7M | $172.8M | $248.2M | $240.8M | $195.5M | $127.9M | $74.2M | $137.9M | $104.2M | $102.9M |
| Receivables | $151.2M | $142.9M | $113.0M | $90.5M | $78.6M | $59.1M | $64.6M | $60.3M | $46.0M | $41.9M | $51.6M | $49.0M |
| Inventory | $30.5M | $30.9M | $25.9M | $21.0M | $13.3M | $14.6M | $13.0M | $11.6M | $10.9M | $11.4M | $9.8M | $9.9M |
| Other current assets | $5.9M | $4.4M | $4.9M | $3.0M | $1.9M | $2.1M | $2.2M | $2.3M | $2.4M | $1.8M | $1.9M | $2.0M |
| Total current assets | $370.0M | $412.3M | $377.4M | $287.4M | $342.0M | $316.5M | $275.3M | $202.1M | $133.5M | $193.0M | $167.4M | $163.8M |
| Property, plant & equipment (net) | $8.60B | $8.54B | $8.62B | $4.10B | $3.14B | $3.06B | $3.04B | $3.02B | $3.05B | $3.04B | $3.08B | $3.12B |
| Goodwill & intangible assets | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Long-term investments | $360.4M | $411.4M | $473.7M | $0 | $0 | $0 | $6,000 | $0 | $0 | $0 | $0 | $0 |
| Other non-current assets | $118.4M | $126.7M | $68.7M | $75.5M | $88.9M | $81.9M | $74.0M | $78.2M | $81.5M | $81.8M | $118.1M | $117.8M |
| Total assets | $9.45B | $9.49B | $9.54B | $4.47B | $3.57B | $3.46B | $3.39B | $3.30B | $3.27B | $3.31B | $3.36B | $3.40B |
| Liabilities | ||||||||||||
| Accounts payable | $4.6M | $7.3M | $10.1M | $6.0M | $5.5M | $2.5M | $10.6M | $13.2M | $13.2M | $11.6M | $11.4M | $8.6M |
| Short-term debt | — | — | $4.2M | — | — | — | — | — | $50.0M | — | $972,000 | — |
| Deferred revenue | — | — | — | — | — | — | — | — | −$5.6M | — | $41.8M | — |
| Total current liabilities | $126.5M | $117.1M | $120.9M | $99.5M | $76.1M | $66.8M | $85.2M | $86.3M | $122.4M | $77.1M | $72.4M | $70.8M |
| Long-term debt | $395.9M | $595.7M | $895.4M | $770.2M | $0 | $0 | $0 | $0 | $0 | $146.2M | $246.0M | $320.8M |
| Other long-term liabilities | $1.29B | $1.31B | $1.32B | $178.8M | $177.4M | $176.4M | $175.8M | $164.4M | $165.4M | $166.6M | $142.0M | $143.8M |
| Total liabilities | $1.82B | $2.03B | $2.33B | $1.05B | $253.5M | $243.2M | $260.9M | $250.7M | $287.8M | $389.9M | $460.4M | $535.4M |
| Shareholders' equity | ||||||||||||
| Common stock & paid-in capital | $844,000 | $846,000 | $845,000 | $658,000 | $658,000 | $657,000 | $657,000 | $657,000 | $656,000 | $656,000 | $656,000 | $656,000 |
| Retained earnings (deficit) | $1.66B | $1.47B | $1.23B | $1.17B | $1.08B | $973.9M | $890.0M | $812.2M | $742.3M | $687.4M | $666.5M | $630.0M |
| Accumulated other comprehensive income | — | — | $993,000 | — | — | — | — | — | — | — | — | — |
| Minority interest | $46.6M | $47.1M | $48.2M | $10.1M | $12.0M | — | — | — | — | — | — | — |
| Total shareholders' equity | $7.59B | $7.42B | $7.16B | $3.41B | $3.31B | $3.20B | $3.12B | $3.04B | $2.97B | $2.91B | $2.89B | $2.85B |
| Key figures | ||||||||||||
| Total debt | $395.9M | $595.7M | $965.6M | $770.2M | — | — | — | — | $50.0M | $146.2M | $246.0M | $320.8M |
| Net cash (debt) | −$213.4M | −$361.5M | −$731.9M | −$597.3M | — | — | — | — | $24.2M | −$8.2M | −$141.8M | −$217.8M |
| Working capital | $243.5M | $295.2M | $256.5M | $187.8M | $265.9M | $249.7M | $190.1M | $115.8M | $11.1M | $115.9M | $95.0M | $92.9M |
| Tangible book value | $7.59B | $7.42B | $7.16B | $3.41B | $3.31B | $3.20B | $3.12B | $3.04B | $2.97B | $2.91B | $2.89B | $2.85B |
| Book value per share | $89.20 | $87.22 | $88.71 | $51.75 | $50.24 | $48.68 | $47.40 | $46.18 | $45.14 | $44.28 | $43.94 | $43.33 |
| Shares outstanding | 85.1M | 85.0M | 80.7M | 65.8M | 65.8M | 65.8M | 65.8M | 65.8M | 65.8M | 65.7M | 65.7M | 65.8M |
| Current ratio | 2.92 | 3.52 | 3.12 | 2.89 | 4.49 | 4.74 | 3.23 | 2.34 | 1.09 | 2.50 | 2.31 | 2.31 |
| Quick ratio | 2.64 | 3.22 | 2.87 | 2.65 | 4.29 | 4.49 | 3.05 | 2.18 | 0.98 | 2.33 | 2.15 | 2.14 |
| Debt / equity | 0.05 | 0.08 | 0.13 | 0.23 | — | — | — | — | 0.02 | 0.05 | 0.09 | 0.11 |
| Equity / assets | 80.3% | 78.1% | 75.0% | 76.3% | 92.6% | 92.6% | 91.9% | 92.0% | 90.8% | 87.9% | 85.9% | 83.9% |
Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported (latest annual report filed February 19, 2026); data from EODHD.
RGLD financial position
At the end of fiscal 2025 (December 31, 2025), Royal Gold had total assets of $9.5 billion (up 181.2% from a year earlier), total liabilities of $2.3 billion and shareholders' equity of $7.2 billion. It held $233.7 million in cash and short-term investments against $965.6 million of debt, net debt of $731.9 million. Its current ratio was 3.12. In the latest quarter (ended June 30, 2026) total assets were $9.4 billion and equity $7.6 billion.
Related: RGLD income statement, RGLD cash flow statement, RGLD key metrics. See the RGLD stock overview for the latest quote and news.
RGLD balance sheet FAQ
What are Royal Gold's total assets?
Royal Gold reported total assets of $9.5 billion at the end of fiscal 2025 (December 31, 2025), compared with $3.4 billion a year earlier.
How much debt does Royal Gold have?
Royal Gold had $965.6 million of total debt at the end of fiscal 2025, including short-term borrowings. Its debt-to-equity ratio was 0.13.
How much cash does Royal Gold have?
Royal Gold held $233.7 million in cash and short-term investments at the end of fiscal 2025; with $965.6 million of debt that is net debt of $731.9 million.
What is Royal Gold's book value?
Royal Gold's shareholders' equity (book value) was $7.2 billion at the end of fiscal 2025, or $102.89 per share.
What is Royal Gold's current ratio?
Royal Gold had current assets of $377.4 million and current liabilities of $120.9 million, a current ratio of 3.12 (it can cover its short-term obligations).