At a glance
Royal Gold Inc is worth $20.50B, about 36 times its fiscal 2025 earnings. Revenue grew 43.2% to $1.03B in fiscal 2025, with 45.2% kept as profit; over 5 years it has grown 15.6% a year. It pays a 0.79% dividend yield, raised every year for at least 9 years, and returned $493.0M to shareholders in dividends and buybacks over FY2021–FY2025. The stock returned +35.1% over the past year with dividends reinvested and +20.3% a year over five years, against +11.5% and +11.7% for the S&P 500. At its worst it fell 36.8% in the 2020 crash (S&P 500: 33.7%) and 40.7% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 1 month and 24 months after the lows.
The business in plain English
Royal Gold does not run mines. It finances mining projects, or acquires existing deals, in exchange for a share of what the mines produce. A metal stream gives Royal Gold the right, after an upfront deposit, to purchase some or all of a mine's output of a metal at a price set for the life of the contract, which it then resells. A royalty is a right to a percentage of a mine's revenue or production, sometimes after certain costs. Royal Gold generally does not pay the mines' capital, environmental or operating costs.
Streams produced 67% of revenue for the year ended December 31, 2025, and royalties 33%. Revenue reached a record $1.03 billion, up 43% from the prior year. Gold supplied about 78% of revenue, silver 12%, copper 7% and other minerals 3%. North America was the largest region for both streams and royalties. As of December 31, 2025, Royal Gold held streams on 18 producing properties and royalties on 63, plus hundreds more in development or exploration.
The portfolio grew sharply during 2025. Royal Gold acquired Sandstorm Gold and Horizon Copper for $4.148 billion and paid $1.0 billion up front for a gold stream on the Kansanshi copper-gold mine in Zambia. It also paid $200.0 million for a gold stream and royalty on Ecuador's Warintza project.
Price history
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RGLD +35.1% over the year to Oct 28, 2026, total return with dividends reinvested.
How it makes money
By business segment
| Stream interest | $686.5M | 66.6% |
| Royalty interest | $344.0M | 33.4% |
Latest results
- In Q2 FY2026 (ended Jun 30, 2026), revenue was $450.5M, up 114.9% from a year earlier, and net income was $236.4M (+78.6%).
- For fiscal 2025, revenue was $1.03B (+43.2% year over year; +15.6% a year from FY2020 to FY2025) with a 45.2% net margin.
Financial health check
| Revenue growth a year (FY2020–FY2025) | +15.6% good |
|---|---|
| Operating margin | 61.9% good |
| Return on equity (FY2025) | 6.5% weak |
| Return on assets (FY2025) | 4.9% watch |
| Fiscal year | Revenue | Net income | Free cash flow |
|---|---|---|---|
| FY2020 | $498.8M | $199.3M | — |
| FY2021 | $653.6M | $274.0M | — |
| FY2022 | $603.2M | $239.0M | — |
| FY2023 | $605.7M | $239.4M | — |
| FY2024 | $719.4M | $332.0M | — |
| FY2025 | $1.03B | $466.3M | — |
Valuation snapshot
| Market value | $20.50B |
|---|---|
| P/E ratio | 36.2 |
| Dividend yield | 0.79% |
Rank among 1514 US companies
Market value at each year end
Royal Gold’s market value went from $4.14B at the end of 2016 to $20.50B on Oct 28, 2026, about 5.0 times as much; since the end of 2025 it is up 9%.
Show as a table
| Year end | Market value | Change |
|---|---|---|
| Oct 28, 2026 | $20.50B | +9.3% |
| 2025 | $18.76B | +116.6% |
| 2024 | $8.66B | +9.0% |
| 2023 | $7.95B | +7.4% |
| 2022 | $7.40B | +7.1% |
| 2021 | $6.91B | -1.0% |
| 2020 | $6.98B | -13.0% |
| 2019 | $8.02B | +42.9% |
| 2018 | $5.61B | +4.4% |
| 2017 | $5.38B | +29.9% |
| 2016 | $4.14B |
Price behavior
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | |
|---|---|---|---|---|---|
| RGLD price data to Oct 28, 2026 | +9.8% | +35.1% | +32.8% | +20.3% | +15.2% |
Show as a table
| Year | Price data |
|---|---|
| 2026 (to date) | +9.8% |
| 2025 | +70.5% |
| 2024 | +10.4% |
| 2023 | +8.7% |
| 2022 | +8.5% |
| 2021 | +0.0% |
| 2020 | -12.1% |
| 2019 | +44.3% |
| 2018 | +5.5% |
| 2017 | +31.3% |
| 2016 | +76.6% |
| 2015 | -41.1% |
| 2014 | +37.8% |
| 2013 | -42.3% |
| 2012 | +21.6% |
| 2011 | +24.4% |
| 2010 | +16.7% |
| 2009 | -3.6% |
| 2008 | +62.9% |
| 2007 | -14.4% |
| 2006 | +4.3% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Gained 14.7% over that stretch · deepest drop along the way 41.7%, back to its old high 1.1 months after the low |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Lost 27.2% over that stretch · deepest drop along the way 36.8%, back to its old high 1 months after the low |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Lost 7.8% over that stretch · deepest drop along the way 40.7%, back to its old high 23.6 months after the low |
Insider activity
Form 4 filings from 2025-10-29 to 2026-10-29 (25 read): 0 open-market purchases and 24 sales ($6.0M), 17 of them under pre-arranged 10b5-1 trading plans.
| Date | Insider | Type | Value |
|---|---|---|---|
| Feb 20, 2026 | William M. Hayes Director | sell | $1.2M |
| Sep 3, 2026 | William Holmes Heissenbuttel President & CEO, Director | sell (plan) | $942K |
| Mar 12, 2026 | Mark Isto Director | sell | $550K |
| Sep 3, 2026 | William Holmes Heissenbuttel President & CEO, Director | sell (plan) | $420K |
| Sep 3, 2026 | William Holmes Heissenbuttel President & CEO, Director | sell (plan) | $309K |
Who owns it
Large shareholders (13G filings)
| Capital World Investors | 11.6% | Dec 31, 2025 |
| VAN ECK ASSOCIATES CORP | 7.64% | Sep 30, 2025 |
| Vanguard Capital Management | 5.17% | Mar 31, 2026 |
| STATE STREET CORPORATION | 4.4% | Dec 31, 2025 |
| First Eagle Investment Management, LLC | 3.4% | Nov 12, 2025 |
ETFs with the most weight in RGLD
| GOAU US Global GO GOLD and Precious Metal Miners ETF | 10.01% |
| XME SPDR S&P Metals & Mining ETF | 5.28% |
| SGDM Sprott Gold Miners ETF | 4.63% |
| MDPL Monarch Dividend Plus ETF | 3.47% |
| FTIF First Trust Bloomberg Inflation Sensitive Equity ETF | 2.92% |
| GDMN WisdomTree Efficient Gold Plus Gold Miners Strategy Fund | 2.91% |
| GDX VanEck Gold Miners ETF | 2.73% |
| PYZ Invesco Dorsey Wright Basic Materials Momentum ETF | 2.47% |
What could go wrong
- Gold prices drive most of revenue. Gold supplied about 78% of revenue in the year ended December 31, 2025. When metal prices fall, revenue and cash flow fall too, and operators may cut or halt production.
- No control over how mines run. Mine operators decide on permits, mine plans, spending and shutdowns, and may favor metals or areas outside Royal Gold's agreements. Royal Gold also gets limited information to check what operators report.
- A few mines supply much of revenue. A significant portion of revenue comes from a small number of operating properties. A problem at any one of them would hit results harder than in a more spread-out portfolio.
- Big acquisitions may not pay off. During 2025, Royal Gold paid $4.148 billion for Sandstorm Gold and Horizon Copper and $1.0 billion for the Kansanshi stream. If they underperform, returns suffer. Growth also needs new deals at sensible prices.
- Heavy exposure to foreign countries. Most revenue comes from properties outside the United States, and the 2025 deals added interests in Zambia and Ecuador. Changes in foreign taxes, laws or politics could cut revenue or hurt the stock price.
- New shares can dilute existing owners. Royal Gold may issue more stock, which lowers per-share results and can weigh on the share price. Shares outstanding rose 29.1% between August 5, 2021 and July 29, 2026.
Recent events
- Quarterly results released
- Quarterly results released
- Quarterly results released
- Shareholder vote results
- Quarterly results released
- Investor presentation or announcement
- Quarterly results released
- Quarterly results released
- Quarterly results released
For income and retirement investors
Royal Gold has raised its dividend at least 9 years in a row, covering every year of SEC data from fiscal 2016 through 2025. Dividends per share grew from $1.11 in fiscal 2020 to $1.825 in fiscal 2025, about 10.5% a year. The calendar 2026 dividend rose 6% to $1.90 per share. Dividends took 25.4% of fiscal 2025 earnings. The yield was just 0.79% as of October 28, 2026, so the income is small. Royal Gold made no buybacks from fiscal 2021 through 2025, and its share count rose 29.1% between August 5, 2021 and July 29, 2026.
The shares dropped 41.7% in October 2008 but recovered within about a month, and they ended the 2007–2009 market slide up 14.7%. They fell 36.8% in the 2020 COVID crash and recovered in about a month. After a 40.7% drop in 2022, they needed 23.6 months to recover. A single stock carries more risk than a diversified fund.
Questions investors ask
How does Royal Gold make money?
Royal Gold earns money from streams and royalties on mines run by other companies. With a stream, it pays an upfront deposit for the right to purchase part of a mine's metal at a price set for the life of the deal. A royalty gives it a share of a mine's revenue or output. For 2025, streams supplied 67% of record revenue of $1.03 billion, and royalties supplied 33%. Royal Gold does not operate mines and is generally not required to pay their capital or operating costs.
Does Royal Gold raise its dividend every year?
Yes, so far. SEC filings show at least nine annual dividend increases in a row across fiscal years 2016 through 2025, and the streak may be longer. Dividends per share rose from $1.11 in 2020 to $1.825 in 2025, about 10.5% a year. The company then set its calendar 2026 dividend at $1.90 per share, 6% more than it paid during calendar 2025. Dividends equaled about 25.4% of 2025 earnings. The yield was 0.79% as of October 28, 2026.
How much does Royal Gold depend on the price of gold?
Heavily. In 2025, about 78% of revenue came from gold, 12% from silver, 7% from copper and 3% from other minerals. Under its stream deals, Royal Gold pays a fixed price or a set share of the market price for metal, so lower metal prices cut its revenue and cash flow directly. Low prices can also lead mine operators to cut back or halt production. A small number of mines supply much of the revenue, and most revenue comes from outside the United States.
How has Royal Gold stock performed over the long run?
Well over long stretches, with deep drops along the way. As of October 28, 2026, the shares returned about 15.2% a year over 10 years and 20.3% a year over five years, based on share prices. The stock gained 70.45% in 2025 but lost 42.29% in 2013 and 41.15% in 2015. Its largest fall from a peak in about 21 years of price history was 73.3%. In the 2022 stock market slump, it dropped 40.7% and took about 23.6 months to recover.
Did Royal Gold acquire Sandstorm Gold?
Yes. During 2025, Royal Gold acquired Sandstorm Gold and Horizon Copper for $4.148 billion. It also paid $1.0 billion upfront for a gold stream on the Kansanshi copper-gold mine in Zambia, plus $200.0 million for a gold stream and royalty on the Warintza project in Ecuador. Revenue for the quarter ended June 30, 2026, was $450.5 million, up 114.9% from a year earlier. The share count rose 29.1% between August 2021 and July 2026, so each share owns a smaller slice of the company.