Royal Gold, Inc. (RGLD) Key Metrics
RGLD valuation today
Trailing 12 months · as of October 18, 2026- Market cap
- $20.17B
- Enterprise value
- $22.10B
- P/E (TTM)
- 26.4 10-yr median 32.1
- Forward P/E
- 24.2
- PEG ratio
- 1.06
- Price / sales
- 13.1 10-yr median 12.2
- Price / book
- 2.9 10-yr median 2.7
- EV / EBITDA
- 17.5 10-yr median 17.4
- Dividend yield
- 0.80% $1.90 a year
- Beta
- 0.45
RGLD key metrics, 2016–2025
Fiscal year ended December 31, 2025 · U.S. dollarsRGLD valuation Price multiples at each fiscal year-end price.
RGLD returns How much profit the business earns on the capital it uses.
RGLD per-share figures Results divided by the shares outstanding at year-end.
RGLD financial health Debt, liquidity and how easily interest is covered.
RGLD efficiency & capital use Working capital cycle and where the cash goes.
RGLD valuation history
RGLD returns on capital
Net income (ROE, ROA) or after-tax operating income (ROIC) divided by the average of the opening and closing balance.
RGLD debt vs cash
Debt includes short- and long-term borrowings and, where reported, lease liabilities.
RGLD cash returned to shareholders
RGLD price vs earnings per share
RGLD key metrics
2016–2025| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Valuation | ||||||||||
| Market capitalization | $15.46B | $8.68B | $7.95B | $7.40B | $6.90B | $6.98B | $8.01B | $5.59B | $5.36B | $4.12B |
| Enterprise value | $16.19B | $8.48B | $8.09B | $7.85B | $6.76B | $7.05B | $8.10B | $5.85B | $5.86B | $4.61B |
| P/E ratio | 33.2 | 26.1 | 33.2 | 31.0 | 25.2 | 23.1 | 85.4 | — | 52.8 | — |
| Price / sales | 15.0 | 12.2 | 13.3 | 12.4 | 10.7 | 11.3 | 19.1 | 12.2 | 12.2 | 11.6 |
| Price / book | 2.2 | 2.8 | 2.8 | 2.7 | 2.7 | 2.8 | 3.7 | 2.7 | 2.4 | 1.8 |
| Price / free cash flow | — | 20.3 | 19.2 | — | 28.9 | 29.2 | 31.8 | 17.6 | 84.9 | — |
| Price / operating cash flow | 21.9 | 16.4 | 19.1 | 17.7 | 17.0 | 17.1 | 31.6 | 17.0 | 20.1 | 24.3 |
| EV / sales | 15.7 | 11.9 | 13.5 | 13.2 | 10.5 | 11.5 | 19.3 | 12.8 | 13.3 | 12.9 |
| EV / EBITDA | 20.9 | 14.6 | 17.0 | 17.0 | 13.1 | 13.3 | 26.7 | 17.8 | 19.2 | 18.8 |
| EV / free cash flow | — | 19.9 | 19.6 | — | 28.3 | 29.5 | 32.1 | 18.5 | 92.8 | — |
| Earnings yield | 3.0% | 3.8% | 3.0% | 3.2% | 4.0% | 4.3% | 1.2% | −2.0% | 1.9% | −1.9% |
| Free cash flow yield | −3.0% | 4.9% | 5.2% | −6.8% | 3.5% | 3.4% | 3.1% | 5.7% | 1.2% | −28.5% |
| Dividend yield | 0.8% | 1.2% | 1.2% | 1.2% | 1.1% | 1.1% | 0.8% | 1.1% | 1.1% | 1.4% |
| Shareholder yield (dividends + buybacks) | 0.8% | 1.3% | 1.3% | 1.3% | 1.2% | 1.2% | 0.9% | 1.2% | 1.2% | 1.4% |
| Share price at fiscal year-end | $222.29 | $131.85 | $120.96 | $112.72 | $105.21 | $106.36 | $122.25 | $85.65 | $82.12 | $63.35 |
| Per share | ||||||||||
| Revenue per share | $14.81 | $10.83 | $9.10 | $9.08 | $9.83 | $9.38 | $6.40 | $7.00 | $6.73 | $5.47 |
| Earnings per share | $6.70 | $5.05 | $3.64 | $3.64 | $4.18 | $4.61 | $1.43 | −$1.73 | $1.56 | −$1.19 |
| Operating cash flow per share | $10.13 | $8.05 | $6.32 | $6.36 | $6.20 | $6.20 | $3.86 | $5.04 | $4.09 | $2.61 |
| Free cash flow per share | −$6.61 | $6.49 | $6.28 | −$7.69 | $3.64 | $3.64 | $3.85 | $4.86 | $0.97 | −$18.08 |
| Cash per share | $3.36 | $2.97 | $1.58 | $1.81 | $2.19 | $3.44 | $1.82 | $1.36 | $1.32 | $1.79 |
| Book value per share | $102.89 | $47.40 | $43.93 | $41.75 | $39.45 | $37.95 | $32.62 | $32.20 | $34.86 | $34.25 |
| Tangible book value per share | $102.89 | $47.40 | $43.93 | $41.75 | $39.45 | $37.95 | $32.62 | $32.20 | $34.86 | $34.25 |
| Dividends per share | $1.70 | $1.60 | $1.50 | $1.40 | $1.20 | $1.16 | $1.03 | $0.98 | $0.94 | $0.90 |
| Capex per share | $16.74 | $1.56 | $0.04 | $14.04 | $2.56 | $2.56 | $0.02 | $0.18 | $3.12 | $20.69 |
| Debt per share | $13.88 | — | $3.74 | $8.70 | — | $4.58 | $3.28 | $5.38 | $8.98 | $9.23 |
| Shares outstanding | 69.6M | 65.8M | 65.7M | 65.7M | 65.6M | 65.6M | 65.5M | 65.3M | 65.3M | 65.1M |
| Change in shares outstanding | +5.7% | +0.1% | +0.1% | +0.1% | −0.0% | +0.2% | +0.3% | +0.0% | +0.3% | −0.1% |
| Returns & profitability | ||||||||||
| Return on equity (ROE) | 9.1% | 11.1% | 8.5% | 9.0% | 10.8% | 13.1% | 4.4% | −5.2% | 4.5% | −3.4% |
| Return on invested capital (ROIC) | 10.1% | 11.3% | 8.3% | 8.8% | 11.0% | 12.5% | 5.1% | −2.3% | 4.1% | 3.4% |
| Return on assets (ROA) | 7.2% | 9.8% | 6.9% | 7.6% | 10.1% | 11.6% | 3.6% | −3.9% | 3.3% | −2.6% |
| Return on tangible assets | 4.9% | 9.8% | 7.1% | 6.8% | 9.9% | 11.4% | 3.7% | −4.2% | 3.3% | −2.5% |
| Free cash flow margin | −44.6% | 59.9% | 69.0% | −84.7% | 37.0% | 38.8% | 60.2% | 69.4% | 14.4% | −330.6% |
| Income quality (OCF / net income) | 1.51 | 1.59 | 1.74 | 1.75 | 1.49 | 1.35 | 2.70 | — | 2.63 | — |
| Financial health | ||||||||||
| Total debt | $965.6M | — | $246.0M | $571.6M | — | $300.4M | $214.6M | $351.0M | $586.2M | $600.7M |
| Cash & short-term investments | $233.7M | $195.5M | $104.2M | $118.6M | $143.6M | $225.9M | $119.5M | $88.8M | $85.8M | $116.6M |
| Net debt | $731.9M | −$195.5M | $141.8M | $453.0M | −$143.6M | $74.5M | $95.1M | $262.3M | $500.3M | $484.1M |
| Debt / equity | 0.13 | — | 0.09 | 0.21 | — | 0.12 | 0.10 | 0.17 | 0.26 | 0.27 |
| Debt / assets | 0.10 | — | 0.07 | 0.16 | — | 0.11 | 0.08 | 0.13 | 0.19 | 0.20 |
| Net debt / EBITDA | 0.95 | −0.34 | 0.30 | 0.98 | −0.28 | 0.14 | 0.31 | 0.80 | 1.64 | 1.98 |
| Current ratio | 3.12 | 3.23 | 2.31 | 2.92 | 3.52 | 5.71 | 4.60 | 2.45 | 4.19 | 6.50 |
| Quick ratio | 2.91 | 3.08 | 2.18 | 2.72 | 3.33 | 5.37 | 4.26 | 2.27 | 3.96 | 6.13 |
| Interest coverage | 28.4 | 44.1 | 10.7 | 28.4 | 632.7 | 102.3 | 4.7 | -2.2 | 4.0 | 3.1 |
| Working capital | $256.5M | $190.1M | $95.0M | $122.2M | $154.6M | $245.1M | $121.1M | $74.4M | $109.3M | $142.1M |
| Invested capital | $7.89B | $2.92B | $3.03B | $3.19B | $2.45B | $2.57B | $2.23B | $2.36B | $2.78B | $2.71B |
| Tangible asset value | $7.21B | $3.13B | $2.90B | $2.75B | $2.60B | $2.50B | $2.17B | $2.14B | $2.32B | $2.29B |
| Net current asset value | −$1.95B | $14.4M | −$293.0M | −$595.2M | $60.2M | $148.9M | −$219.0M | −$414.9M | −$630.2M | −$615.9M |
| Graham number | $124.57 | $73.36 | $60.00 | $58.47 | $60.88 | $62.74 | $32.42 | — | $34.93 | — |
| Graham net-net per share | −$28.76 | −$0.16 | −$4.76 | −$9.39 | $0.52 | $1.91 | −$3.53 | −$6.55 | −$9.91 | −$9.71 |
| Capital allocation | ||||||||||
| Dividends paid | $118.5M | $105.2M | $98.6M | $91.9M | $78.7M | $76.1M | $67.5M | $64.1M | $61.4M | $58.7M |
| Share buybacks (net) | $5.0M | $4.6M | $1.4M | $1.4M | $1.5M | $4.2M | $1.6M | $4.0M | $2.4M | $353,000 |
| Dividend payout ratio | 25.4% | 31.7% | 41.2% | 38.5% | 28.7% | 25.2% | 71.9% | — | 60.5% | — |
| Dividends + buybacks / free cash flow | — | 25.7% | 24.2% | — | 33.6% | 33.6% | 27.4% | 21.5% | 101.1% | — |
| Capex / revenue | 113.0% | 14.4% | 0.4% | 154.7% | 26.1% | 27.3% | 0.3% | 2.6% | 46.4% | 378.3% |
| Capex / operating cash flow | 165.2% | 19.4% | 0.6% | 221.0% | 41.3% | 41.3% | 0.4% | 3.6% | 76.3% | 792.5% |
| Capex / depreciation | 6.58 | 0.71 | 0.02 | 5.15 | 0.92 | 0.92 | 0.01 | 0.07 | 1.28 | 9.54 |
| Stock-based compensation / revenue | 1.1% | 1.7% | 1.6% | 1.4% | 0.9% | 1.5% | 1.6% | 1.8% | 2.3% | 2.8% |
| SG&A / revenue | 4.8% | 5.7% | 6.6% | 5.8% | 4.5% | 4.6% | 9.0% | 9.7% | 10.5% | 11.3% |
| Efficiency | ||||||||||
| Days sales outstanding | 31.4 | 29.7 | 31.7 | 32.6 | 29.9 | 22.3 | 21.7 | 30.1 | 37.5 | 43.8 |
| Days of inventory on hand | 22.4 | 42.6 | 45.2 | 46.8 | 54.3 | 18.7 | 48.7 | 37.4 | 36.3 | 30.3 |
| Days payables outstanding | 11.9 | 41.2 | 36.5 | 25.4 | 23.9 | 6.0 | 28.2 | 28.3 | 16.8 | 23.2 |
| Cash conversion cycle (days) | 41.9 | 31.1 | 40.4 | 54.0 | 60.4 | 35.0 | 42.2 | 39.3 | 57.1 | 50.8 |
| Receivables turnover | 11.61 | 12.27 | 11.50 | 11.19 | 12.19 | 16.38 | 16.81 | 12.11 | 9.73 | 8.34 |
| Payables turnover | 30.68 | 8.86 | 9.99 | 14.38 | 15.30 | 60.98 | 12.94 | 12.90 | 21.76 | 15.73 |
| Inventory turnover | 16.30 | 8.57 | 8.07 | 7.80 | 6.72 | 19.49 | 7.49 | 9.75 | 10.05 | 12.05 |
| Asset turnover | 0.16 | 0.21 | 0.17 | 0.19 | 0.24 | 0.24 | 0.16 | 0.16 | 0.14 | 0.12 |
| Average receivables | $88.8M | $58.1M | $52.0M | $53.3M | $52.9M | $37.6M | $24.9M | $37.7M | $45.1M | $42.7M |
| Average payables | $10.3M | $11.0M | $9.1M | $6.6M | $6.4M | $4.6M | $6.0M | $6.5M | $4.0M | $4.5M |
| Average inventory | $19.4M | $11.4M | $11.2M | $12.1M | $14.6M | $14.5M | $10.3M | $8.6M | $8.7M | $5.9M |
| Intangibles / total assets | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
Computed from RGLD's annual financial statements (latest annual report filed February 19, 2026) and the closing share price on each fiscal year-end, adjusted for stock splits. Figures in U.S. dollars; data from EODHD. Averages use the opening and closing balance of each year.
RGLD valuation and financial ratios
At the end of fiscal 2025 (December 31, 2025), Royal Gold traded at 33.2 times earnings, against a 10-year median of 32.1. Based on the latest twelve months, the trailing P/E is 26.4 and the forward P/E is 24.2. Royal Gold earned a return on equity of 9.1% and a return on invested capital of 10.1% in fiscal 2025. It ended the year with $965.6 million of debt and $233.7 million in cash and short-term investments, net debt of $731.9 million. It returned $123.6 million to shareholders: $118.5 million in dividends and $5.0 million in share buybacks. The share count rose 6.9% from 65.1M to 69.6M over 9 years.
See the RGLD income statement, the RGLD chart for price history, or the RGLD stock overview for the latest quote and news.
RGLD key metrics FAQ
What is Royal Gold's P/E ratio?
Royal Gold's trailing P/E ratio is 26.4 based on the last twelve months of earnings (as of October 18, 2026), and its forward P/E is 24.2. At the end of fiscal 2025 it was 33.2, compared with a 10-year median of 32.1.
What is Royal Gold's EV/EBITDA?
Royal Gold's enterprise value was 20.9 times EBITDA at the end of fiscal 2025 (enterprise value $16.2 billion, EBITDA $774.3 million); the current EV/EBITDA is 17.5.
What is Royal Gold's return on equity?
Royal Gold's return on equity (ROE) was 9.1% in fiscal 2025: net income of $466.3 million on average shareholders' equity of $5.1 billion.
What is Royal Gold's ROIC?
Royal Gold's return on invested capital was 10.1% in fiscal 2025, using after-tax operating income divided by average debt plus equity minus cash.
How much debt does Royal Gold have?
Royal Gold had total debt of $965.6 million at the end of fiscal 2025, a debt-to-equity ratio of 0.13 and $731.9 million of net debt (0.95 times EBITDA).
What is Royal Gold's dividend yield?
Royal Gold's forward dividend yield is 0.80%. Royal Gold paid $118.5 million in dividends in fiscal 2025 ($1.70 per share), a payout ratio of 25.4%.
Does Royal Gold buy back its shares?
Yes. Royal Gold spent $5.0 million on net share repurchases in fiscal 2025 Shares outstanding changed +5.7% over the year, to 69.6M..
What is Royal Gold's free cash flow yield?
Royal Gold generated -$459.9 million of free cash flow in fiscal 2025, a free cash flow yield of −3.0% on its market value at year-end ($15.5 billion).
What is Royal Gold's current ratio?
Royal Gold's current ratio was 3.12 at the end of fiscal 2025: current assets were 3.12 times current liabilities.