Royal Gold
RGLD on Nasdaq. Mineral royalty traders. Market value $19.8bn.
Price checks use the past 12 months to June 2026. Some use the latest annual report instead, as marked. Quality checks use five annual reports, the latest for the year to December 2025.
Cash flow or capital spending isn't reported, so free cash flow is unknown.
Should I look at this?
Good business, but not cheap right now
Why it could be worth it
See cheaper Materials stocks on the list
This is not advice. Check the numbers below.
We could not compute this from the filings.
You pay 21.1 years of operating profit for the business. The average large US company costs around 18.
Each dollar kept in the business earns 7 cents a year. Above 10 is good.
Quality score: 79 of 100. Price score: 53 of 100. Our list needs 70 on quality and 60 on price.
$234.35 a share, 39% above its 1-year low
Over the past year the price has ranged from $168.88 to $306.25.
Dividend: 0.6% a year
Paid every year for 4 years
Payouts have jumped around in recent years, so this may not repeat.
Prices from Tuesday’s close (6 October).
Five years of cash, in billions
| Revenue | |||||
| Revenue | $616m | $603m | $606m | $719m | $1.0bn |
| Operating margin | |||||
| Operating margin | 54.8% | 47.0% | 50.1% | 59.8% | 61.9% |
| Debt to equity | |||||
| Debt to equity | n/a | 0.21 | 0.09 | 0.00 | 0.13 |
| Shares outstanding | |||||
| Shares outstanding | 0.07bn | 0.07bn | 0.07bn | 0.08bn | 0.08bn |
Health checks
- Free cash flow positiveNot enough data
- Accounting looks honest (Beneish)Not enough data
- Financial strength (Piotroski)5 of 9
- Profit backed by cash (accruals)Yes
- Debt0.13× equity
- Revenue growth, five yearsStrong, 14.1% a year
- Buying back its own sharesNo, 29% more shares since 2021
The quarter to June 2026
How the business did, compared with the same quarter a year earlier.
- Sales: $451 million last quarter, up 115% on a year ago.
- Profit: $236 million, up 79% on a year ago.
- It keeps 61 cents of each $1 of sales as operating profit, down from 65 cents a year earlier.
- 29% more shares than a year ago. Each share owns a bit less of the company.
- Sales grew on a year ago in each of the last 4 quarters.
| Quarter to | Amount |
|---|---|
| September 2024 | $194m |
| December 2024 | $203m |
| March 2025 | $193m |
| June 2025 | $210m |
| September 2025 | $252m |
| December 2025 | $375m |
| March 2026 | $469m |
| June 2026 | $451m |
| Quarter to | Amount |
|---|---|
| September 2024 | $96m |
| December 2024 | $107m |
| March 2025 | $113m |
| June 2025 | $132m |
| September 2025 | $127m |
| December 2025 | $94m |
| March 2026 | $281m |
| June 2026 | $236m |
From the company's quarterly reports to the SEC.
Dates
- Next results (estimated)
- n/a
- Last annual report (10-K)
- 19 February 2026
- Next quarterly (estimated, 10-Q)
- 5 November 2026
Who owns it
9 long-term investors we follow own it, unchanged from 9 last quarter. 763 funds in all.
- Muhlenkamp & Co.Jeff Muhlenkamp
- Value
- $18m
- Share of fund
- 5.1%
- GAMCO InvestorsMario Gabelli
- Value
- $5m
- Share of fund
- <0.1%
| Fund | Value | Share of that fund | Change |
|---|---|---|---|
| First Eagle Investment ManagementMatthew McLennan | $344m | 0.3% | Added |
| Findlay Park PartnersFindlay Park team | $111m | 1.5% | Cut |
| Kopernik Global InvestorsDavid Iben | $43m | 2.6% | Added |
| Muhlenkamp & Co.Jeff Muhlenkamp | $18m | 5.1% | |
| Boston PartnersBoston Partners team | $9m | <0.1% | Cut |
| Horizon KineticsMurray Stahl | $9m | 0.1% | Cut |
| Gotham Asset ManagementJoel Greenblatt | $9m | <0.1% | Cut |
| GAMCO InvestorsMario Gabelli | $5m | <0.1% | |
| Royce & AssociatesChuck Royce | $3m | <0.1% | Cut |
Largest holders overall
- BlackRock$2.2bnAdded
- Capital World Investors$1.9bnCut
- Vanguard Portfolio Management$824m
- State Street$779mAdded
- Vanguard Capital Management$758m
- VAN ECK Associates$585mCut
- Invesco$413mCut
- Geode Capital Management$348m
- First Eagle Investment Management$344mAdded
- Capital Research Global Investors$290mAdded
From 13F filings for the quarter ended 30 June 2026.
Big holders and activists
3 investors own more than 5%.
- Capital World InvestorsPassive investor11.6%−2.1 ptsSince 31 December 2025
- VAN ECK ASSOCIATES CORPPassive investor7.6%Since 30 September 2025
- Vanguard Capital ManagementPassive investor5.2%Since 31 March 2026
- STATE STREET CORPORATIONPassive investorSold down below 5%Since 31 December 2025
- First Eagle Investment ManagementPassive investorSold down below 5%Since 12 November 2025
- The Vanguard GroupPassive investorSold down below 5%Since 13 March 2026
| Holder | Stake | Since | |
|---|---|---|---|
Capital World Investors Passive investor | 11.6%−2.1 pts | 31 December 2025 | |
VAN ECK ASSOCIATES CORP Passive investor | 7.6% | 30 September 2025 | |
Vanguard Capital Management Passive investor | 5.2% | 31 March 2026 | |
STATE STREET CORPORATION Passive investor | Sold down below 5% | 31 December 2025 | |
First Eagle Investment Management Passive investor | Sold down below 5% | 12 November 2025 | |
The Vanguard Group Passive investor | Sold down below 5% | 13 March 2026 |
From Schedule 13D and 13G filings: anyone owning more than 5% must file one.
What insiders did
No insider bought shares on the open market in the last 12 months. 7 sold $6m, $3m of it under preset trading plans.
- Heissenbuttel William HolmesPresident & CEO, DirectorSoldunder a preset trading plan
- Date
- 5 October 2026
- Shares
- 2,425
- Price
- $234.07
- Value
- $567,614
- Heissenbuttel William HolmesPresident & CEO, DirectorSoldunder a preset trading plan
- Date
- 3 September 2026
- Shares
- 7,275
- Price
- $263.38
- Value
- $2m
- Shefman RandySVP & General CounselSold
- Date
- 28 August 2026
- Shares
- 500
- Price
- $262.80
- Value
- $131,400
- Shefman RandySVP & General CounselSold
- Date
- 16 June 2026
- Shares
- 500
- Price
- $215.85
- Value
- $107,925
- Shefman RandySVP & General CounselSold
- Date
- 11 May 2026
- Shares
- 1,000
- Price
- $243.74
- Value
- $243,740
- Isto MarkDirectorSold
- Date
- 12 March 2026
- Shares
- 2,000
- Price
- $274.83
- Value
- $549,660
- Libner PaulSVP & CFOSoldunder a preset trading plan
- Date
- 4 March 2026
- Shares
- 3,200
- Price
- $283.47
- Value
- $907,119
- Breeze DanielSVP Corp Dev of RGLD Gold AGSold
- Date
- 2 March 2026
- Shares
- 1,400
- Price
- $300.87
- Value
- $421,211
- Hayes William M.DirectorSold
- Date
- 20 February 2026
- Shares
- 4,173
- Price
- $277.07
- Value
- $1m
- Vance Ronald JDirectorSold
- Date
- 17 December 2025
- Shares
- 300
- Price
- $218.53
- Value
- $65,559
| Date | Who | Did | Shares | Price | Value |
|---|---|---|---|---|---|
| 5 October 2026 | Heissenbuttel William Holmes President & CEO, Director | Sold under a preset trading plan | 2,425 | $234.07 | $567,614 |
| 3 September 2026 | Heissenbuttel William Holmes President & CEO, Director | Sold under a preset trading plan | 7,275 | $263.38 | $2m |
| 28 August 2026 | Shefman Randy SVP & General Counsel | Sold | 500 | $262.80 | $131,400 |
| 16 June 2026 | Shefman Randy SVP & General Counsel | Sold | 500 | $215.85 | $107,925 |
| 11 May 2026 | Shefman Randy SVP & General Counsel | Sold | 1,000 | $243.74 | $243,740 |
| 12 March 2026 | Isto Mark Director | Sold | 2,000 | $274.83 | $549,660 |
| 4 March 2026 | Libner Paul SVP & CFO | Sold under a preset trading plan | 3,200 | $283.47 | $907,119 |
| 2 March 2026 | Breeze Daniel SVP Corp Dev of RGLD Gold AG | Sold | 1,400 | $300.87 | $421,211 |
| 20 February 2026 | Hayes William M. Director | Sold | 4,173 | $277.07 | $1m |
| 17 December 2025 | Vance Ronald J Director | Sold | 300 | $218.53 | $65,559 |
From Form 4 filings: insiders must report trades in their own company's shares within two days.
What could go wrong
Cheap for a reason is the question the numbers cannot answer.
Whether the price already reflects the risks is what the deep dive is for.
The deep dive
Everything above is arithmetic on public filings. The deep dive reads the last ten years of annual reports, the proxy statements, and the earnings calls, then argues the case the way Buffett, Klarman, and Hohn would, and checks every claim against the source.
- What the business is worth, as a range, and the margin of safety at today’s price
- Prices to start buying, buy, and buy hard
- The three things that would make this a mistake
- Every number footnoted to the filing it came from
Your first deep dive is free.
Not advice. Numbers on this page come from SEC filings and are updated each night; prices are updated again after the US market closes. The five-year figures are rounded.