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Critical MaterialsPublic

Royal Gold

No base rate yet — RGLD has 0 graded prints on the record, and the bar is 3.Website
Ticker
RGLD
Beat
critical materials
Size
Public Company
Revenue
$451M
as of Jun 2026
Cash
$182M
as of Jun 2026
Researched · Fresh
9 days ago

A de-risked, debt-light gold royalty toll-bridge that just doubled in size via Sandstorm yet trades at a ~7-9x P/E discount to Franco-Nevada and Wheaton — the discount is the thesis, not the warning.

Orbit · who it trades with and competes with
3 on the rings · 0 trade · 3 rival
6 mentions across our dossiers
Focus · Critical materials
Royal Gold
RGLD · public
No published house view
Competes with
Next prints in its web
Links · 3 companies · 0 trade · 3 rival
“Scale lets it write the biggest cheques for the largest financings — which structurally excludes smaller rivals (Royal Gold, OR Royalties) from the marquee deals and lets FNV cherry-pick.”Franco-Nevada · RIVAL · from Franco-Nevada’s dossier
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Price

Weekly closes

RGLD · weekly close
228.77 USD+0.6%
Friday 30 Oct 2026 · last 52 Fridays 175.82–299.79
pick a pin
Every pin is a dated row
Solid: filed with the SEC, settled at FINRA, or a recorded split. Hollow: the scheduled print, past the last close, never a price.
Height is the close · the ribbon is the stored record, a missing week a missing point · a pin stands on its Friday
  1. Insiders sold, 90 days: 2,492 sh · 3 filings, Form 4 · 5 Oct 2026
  2. Short interest: 2,232,613 sh · 3 days to cover, FINRA · settled 30 Sept 2026
  3. Next print: in 100 days, Scheduled · 8 Feb 2027, scheduled
228.77USD+0.6%critical-materials +0.7%RGLD · 112 weekly closes to 2026-10-30

Who is buying

Insiders sold, last 90 daysSEC Form 4 · newest 5 Oct 2026
3 filings · 2,492 shares
Shares sold shortFINRA · settled 30 Sept 2026
2,232,613 shares
Days to unwind the shortFINRA · settled 30 Sept 2026
3
see the whole series
Financials

The reported figures

Revenue · quarterly
$451M
latest, Q2 ’26 · 12 periods stored
Filed · primary
Q2 ’26
$451M USD
as of 30 Jun 2026
Source: sec.gov
Solid = filed (primary) · hollow dashed = estimate · a dashed floor tick is a period with no figure held · quarterly and annual never share an axis
Royal Gold, quarterly figures held, Q3 ’23 to Q2 ’26
PeriodAs ofRevenueOperating marginCashShares outstandingGradingSource
Q3 ’2330 Sept 2023$139M USD47.3% share of revenue$103M USD65.7M sharesFiled · primarysec.gov
Q4 ’2331 Dec 2023$153M USD52.2% share of revenue$104M USD65.7M sharesFiled · primarysec.gov
Q1 ’2431 Mar 2024$149M USD50.7% share of revenue$138M USD65.7M sharesFiled · primarysec.gov
Q2 ’2430 Jun 2024$174M USD58.6% share of revenue$74.2M USD65.7M sharesFiled · primarysec.gov
Q3 ’2430 Sept 2024$194M USD61.3% share of revenue$128M USD65.8M sharesFiled · primarysec.gov
Q4 ’2431 Dec 2024$203M USD65.9% share of revenue$195M USD65.8M sharesFiled · primarysec.gov
Q1 ’2531 Mar 2025$193M USD63.6% share of revenue$241M USD65.8M sharesFiled · primarysec.gov
Q2 ’2530 Jun 2025$210M USD67.7% share of revenue$248M USD65.8M sharesFiled · primarysec.gov
Q3 ’2530 Sept 2025$252M USD64.4% share of revenue$173M USD84.4M sharesFiled · primarysec.gov
Q4 ’2531 Dec 2025$375M USD56.2% share of revenue$234M USD84.8M sharesFiled · primarysec.gov
Q1 ’2631 Mar 2026$469M USD63.3% share of revenue$234M USD84.9M sharesFiled · primarysec.gov
Q2 ’2630 Jun 2026$451M USD62.1% share of revenue$182M USD84.7M sharesFiled · primarysec.gov

Royal Gold’s figures as the company reported them in its filings. Quarters are calendar quarters, so a company whose year ends in January shows each fiscal quarter under the calendar quarter it falls in. An empty slot is a quarter we hold no figure for.

Revenue · quarterlyQ3 ’23 – Q2 ’26
$451M+115% vs Q2 ’25

Q2 ’26 · as of Jun 2026

Revenue Q3 ’23: $139M, as of Sep 2023Revenue Q4 ’23: $153M, as of Dec 2023Revenue Q1 ’24: $149M, as of Mar 2024Revenue Q2 ’24: $174M, as of Jun 2024Revenue Q3 ’24: $194M, as of Sep 2024Revenue Q4 ’24: $203M, as of Dec 2024Revenue Q1 ’25: $193M, as of Mar 2025Revenue Q2 ’25: $210M, as of Jun 2025Revenue Q3 ’25: $252M, as of Sep 2025Revenue Q4 ’25: $375M, as of Dec 2025Revenue Q1 ’26: $469M, as of Mar 2026Revenue Q2 ’26: $451M, as of Jun 2026
Operating margin · quarterlyQ3 ’23 – Q2 ’26
62.1%-5.5 pts vs Q2 ’25

Q2 ’26 · as of Jun 2026

Operating margin Q3 ’23: 47.3%, as of Sep 2023Operating margin Q4 ’23: 52.2%, as of Dec 2023Operating margin Q1 ’24: 50.7%, as of Mar 2024Operating margin Q2 ’24: 58.6%, as of Jun 2024Operating margin Q3 ’24: 61.3%, as of Sep 2024Operating margin Q4 ’24: 65.9%, as of Dec 2024Operating margin Q1 ’25: 63.6%, as of Mar 2025Operating margin Q2 ’25: 67.7%, as of Jun 2025Operating margin Q3 ’25: 64.4%, as of Sep 2025Operating margin Q4 ’25: 56.2%, as of Dec 2025Operating margin Q1 ’26: 63.3%, as of Mar 2026Operating margin Q2 ’26: 62.1%, as of Jun 2026
Cash · quarterlyQ3 ’23 – Q2 ’26
$182M

Q2 ’26 · as of Jun 2026

Cash Q3 ’23: $103M, as of Sep 2023Cash Q4 ’23: $104M, as of Dec 2023Cash Q1 ’24: $138M, as of Mar 2024Cash Q2 ’24: $74.2M, as of Jun 2024Cash Q3 ’24: $128M, as of Sep 2024Cash Q4 ’24: $195M, as of Dec 2024Cash Q1 ’25: $241M, as of Mar 2025Cash Q2 ’25: $248M, as of Jun 2025Cash Q3 ’25: $173M, as of Sep 2025Cash Q4 ’25: $234M, as of Dec 2025Cash Q1 ’26: $234M, as of Mar 2026Cash Q2 ’26: $182M, as of Jun 2026Debt Q4 ’23: $246M, as of Dec 2023Debt Q2 ’24: $50.0M, as of Jun 2024Debt Q3 ’24: $0, as of Sep 2024

CashDebt

Shares outstanding · quarterlyQ3 ’23 – Q2 ’26
84.7M+29% since Q3 ’23

Q2 ’26 · as of Jun 2026

Shares outstanding Q3 ’23: 65.7M, as of Sep 2023Shares outstanding Q4 ’23: 65.7M, as of Dec 2023Shares outstanding Q1 ’24: 65.7M, as of Mar 2024Shares outstanding Q2 ’24: 65.7M, as of Jun 2024Shares outstanding Q3 ’24: 65.8M, as of Sep 2024Shares outstanding Q4 ’24: 65.8M, as of Dec 2024Shares outstanding Q1 ’25: 65.8M, as of Mar 2025Shares outstanding Q2 ’25: 65.8M, as of Jun 2025Shares outstanding Q3 ’25: 84.4M, as of Sep 2025Shares outstanding Q4 ’25: 84.8M, as of Dec 2025Shares outstanding Q1 ’26: 84.9M, as of Mar 2026Shares outstanding Q2 ’26: 84.7M, as of Jun 2026

A rising count is dilution: each existing share owns less of the company.

Latest filing: sec.gov

The record

What happened

What happened
DateTypeWhat happenedSource
2026-10-22editorial noteSources added: 0 → 3The dossier's cited-link count grew from 0 to 3 (deep-dive-2026-06-18.md → deep-dive-2026-10-22.md).dossier
2026-10-22editorial noteMargin figure revised: 100% → 83%Margin moved from 100% (deep-dive-2026-06-18.md) to 83% (deep-dive-2026-10-22.md).dossier
2026-10-22editorial noteRevenue figure revised: 12% → $450.5MRevenue moved from 12% (deep-dive-2026-06-18.md) to $450.5M (deep-dive-2026-10-22.md).dossier
2026-10-20guidance8-K: Royal Gold preliminary Q3 2026 stream sales $318.3MPreliminary, unaudited. Stream sales $318.3M on 74,700 GEOs; royalty sales $143M-$149M; DD&A $80M-$84M. Repaid $250M debt; revolver $150M at 30 Sep 2026. Repurchased 190,045 shares for $49M. Full results due 4 Nov 2026.agent:company-events · SEC EDGAR 8-K
dossier age
9 days
researched 22 Oct 2026 · ring fills at 180
pick a section
Each column is a section of the dossier
Its height is how many times the section names a filing: 16 mentions across 2 sections. A dashed foot names none.
Primary sources
0 of 2 sections name no filing · Enter steps through them
  1. The dossier: Refresh delta (since 2026-06-18), 569 words, 13 filing mentions
  2. The dossier: What held, 60 words, 3 filing mentions
Research

The Royal Gold dossier

The verdict

A de-risked, debt-light gold royalty toll-bridge that just doubled in size via Sandstorm yet trades at a ~7-9x P/E discount to Franco-Nevada and Wheaton — the discount is the thesis, not the warning.

Primary sources

SEC filings

Source documents — open to read in full

Refresh delta (since 2026-06-18)

  1. Q2-2026 results. Revenue $450.5M against $209.6M (+115%): gold $343.9M, silver $55.6M, copper $37.9M, other metals $13.2M. Net income $236.4M ($2.78 per share); adjusted net income $218.2M ($2.56 per share). Record operating cash flow $335.2M. Volume 100,000 gold equivalent ounces (GEOs) against 63,900. Adjusted EBITDA margin 83%. The stream/royalty revenue split was 69%/31%. [sec.gov: Form 8-KA filing for something that happened between reports and matters enough to tell shareholders now. filed 2026-08-05, exhibit 99.1, https://www.sec.gov/Archives/edgar/data/85535/000008553526000038/rgld-20260805xexx991.htm; quarter ended 2026-06-30]
  2. Realised prices. Q2 average gold $4,506 per ounce, silver $73.15, copper $6.05 per pound. The previous dossier records Q1 average gold of $4,873. The company's preliminary Q3 release uses an average London PM gold price of $4,262 per ounce for the quarter ended 2026-09-30. [sec.gov: Form 10-QThe quarterly version of the annual report. Lighter, and not audited. filed 2026-08-06, https://www.sec.gov/Archives/edgar/data/85535/000008553526000041/rgld-20260630.htm; 8-K filed 2026-10-20, https://www.sec.gov/Archives/edgar/data/85535/000008553526000044/ex991q32026prequarterrelea.htm]
  3. Preliminary Q3-2026. Stream segment sales $318.3M on 74,700 GEOs, stream cost of sales $834 per GEO; gold sold 57,600 oz, silver 772,300 oz, copper 3.8 million lb, zinc 1.3 million lb. Royalty segment sales estimated at $143M-$149M. Depreciation, depletion and amortisation estimated at $80M-$84M. [sec.gov: 8-K filed 2026-10-20, same URL].
  4. Debt and buyback. The revolver balance was cut by $200M in Q2, a further $75M on 2026-07-15 (leaving $325M drawn), and $250M in Q3, leaving $150M drawn and $1.25B undrawn at 2026-09-30. The previous dossier records the revolver at $525M as of 2026-04-13. The company bought back 147,205 shares at an average $203.80 ($30M) in Q2 and 190,045 shares at an average $259.83 ($49M) in Q3, cancelling them. A $600M uncommitted accordion was added to the $1.4B facility. [sec.gov: 8-K filed 2026-08-05, same URL; 8-K filed 2026-10-20, same URL]
  5. Cash and shares. Cash and equivalents $182.5M at 2026-06-30 against $233.7M at 2025-12-31. 84,727,857 shares outstanding at 2026-07-29. The quarterly dividend is $0.475 per share (+6%). [sec.gov: 10-Q filed 2026-08-06, same URL; 8-K filed 2026-08-05, same URL]
  6. Hod Maden restructured. The company's direct equity in the joint venture company falls from 30% to 15%, it receives a new effective 2.5% net smelter return royalty, and it funded $70M of project costs in Q2. The 10-Q says the new operator, Lidya, is undertaking a comprehensive review of the project schedule and execution plan while construction continues. [sec.gov: 8-K filed 2026-08-05, same URL; 10-Q filed 2026-08-06, same URL]
  7. Warintza and Relief Canyon. A further $50M was advanced under the Solaris Resources stream after environmental-impact-assessment approval and a pre-feasibility study for Warintza. Remaining Relief Canyon fixed delivery obligations were settled and 5,000 oz of gold sold. [sec.gov: 8-K filed 2026-08-05, same URL]
  8. Guidance status. The company expects 2026 volumes and costs within its March ranges, except copper and other metals, which are trending at or above the top of range. Through 2026-06-30: gold 143,968 oz (range 290,000-320,000), silver 1.6 million oz (3.0-3.5), copper 14.2 million lb (21.0-25.0), DD&A $187M (range $339M-$379M), effective tax rate 19.9% (17%-22%). [sec.gov: 8-K filed 2026-08-05, same URL]
  9. Where the new filings meet the carried view (stated as fact, no line changed). The carried seed names the Q2 2026 print as a catalyst; it has occurred (item 1). The carried seed's "Hod Maden contribution 2028" catalyst now sits beside the restructuring and schedule review in item 6. The seed's "buyback execution + continued debt paydown" catalyst is reflected in item 4. The carried seed names ~$218 as the price at analysis; the Q3 buyback averaged $259.83 (item 4). The seed's gold-price master variable has moved from $4,873 (Q1) to $4,506 (Q2) to $4,262 (Q3 average).

What held

  • The diversified stream and royalty model and the de-levering path both continued: net debt reduction through the revolver paydown. [sec.gov: 8-K filed 2026-10-20, same URL]
  • Operating cash flow, adjusted EBITDA margin (83%) and the dividend all held or rose. [sec.gov: 8-K filed 2026-08-05, same URL]
  • Guidance ranges for 2026 are unchanged. [sec.gov: 8-K filed 2026-08-05, same URL]

How our view changed

2 dossiers

Every dossier we have written on Royal Gold, newest first.

  1. current

    A de-risked, debt-light gold royalty toll-bridge that just doubled in size via Sandstorm yet trades at a ~7-9x P/E discount to Franco-Nevada and Wheat…

  2. A de-risked, debt-light gold royalty toll-bridge that just doubled in size via Sandstorm yet trades at a ~7-9x P/E discount to Franco-Nevada and Wheat…

Company details

IndustryCritical Materials
SizePublic Company
WebsiteVisit Royal Gold

Others in critical materials

5 names

Where Royal Gold sits against the other names we cover on this beat. Each line is that company’s verdict, not a summary of it.