Royal Gold Inc. (RGLD) intrinsic value & 10-year financials
Royal Gold Inc. (RGLD) has a Graham intrinsic value of $222.21 per share. At $238.05 on Oct 17, 2026, the stock trades 7% above that value. Over the last 10 fiscal years revenue grew 15.2% a year to $1.0B, with an average return on invested capital of 6.7%.
- Graham intrinsic value
- $222.21
- Share price (Oct 17, 2026)
- $238.05
- Price vs Graham value
- 7% above
- Market cap
- $16.6B
- Revenue (FY2025)
- $1.0B
- Revenue growth (10-yr CAGR)
- 15.2%
- ROIC (10-yr avg)
- 6.7%
- Free cash flow (FY2025)
- -$459.9M
RGLD 10-year financial history
| Fiscal year | Revenue | Net income | EPS (diluted) | Free cash flow | Operating margin | ROIC |
|---|---|---|---|---|---|---|
| FY2025 | $1.0B | $466.3M | $6.69 | -$459.9M | 61.9% | 9.7% |
| FY2024 | $719.4M | $332.0M | $5.04 | $426.9M | 59.8% | 11.2% |
| FY2023 | $605.7M | $239.4M | $3.63 | $413.1M | 50.1% | 8.3% |
| FY2022 | $603.2M | $239.0M | $3.63 | -$504.8M | 47.0% | 9.1% |
| FY2021 | $615.9M | $302.5M | $4.60 | $239.0M | 54.8% | 13.3% |
| FY2020 | $498.8M | $199.3M | $3.03 | $184.8M | 39.9% | 8.9% |
| FY2019 | $423.1M | $93.8M | $1.43 | — | 33.3% | 5.2% |
| FY2018 | $459.0M | -$113.1M | -$1.73 | — | -16.2% | -2.9% |
| FY2017 | $440.8M | $101.5M | $1.55 | — | 33.1% | 4.2% |
| FY2016 | $288.8M | -$77.1M | -$1.18 | — | 1.7% | 0.2% |
Source: annual 10-K filings on SEC EDGAR. Figures in USD.
Executive summary
ROYAL GOLD INC is a consistent compounder, expanding top-line revenue at 15.2% annually over the past decade.
ROYAL GOLD INC has historically struggled to out-earn its cost of capital, averaging just 6.7% ROIC.
ROYAL GOLD INC has not shown aggressive share repurchases (>10% retirement) or a major balance-sheet leverage increase (>50% net debt growth) over the 10-year window.
Benjamin Graham lens
Under Benjamin Graham's formula using SEC EDGAR fundamentals, ROYAL GOLD INC is modeled at 15.0% normalized earnings growth with a 5.1% bond-yield adjustment. The resulting Graham intrinsic value estimate is $222.21 per share.