Royal Gold Inc
- Bourse
- États-Unis
- Pays / Région
- USA
- Date d'introduction en bourse
- 26 mars 1990
- Effectif
- 39
- Site web
- www.royalgold.com
Fourchette de valorisation composite · prudent $114–$134 / raisonnable $173–$276 / optimiste $300–$356. À $201.02, Dans la fourchette de valeur intrinsèque raisonnable.
À la publication $207.57 (15 juin 2026)
Données EODHD, présentées dans la devise de reporting ; à titre indicatif uniquement, ne constitue pas un conseil en investissement.
Royal Gold, Inc., together with its subsidiaries, acquires and manages precious metal streams, royalties, and related interests in North America, South and Central America, Europe, the Middle East, Africa, and the Australia Pacific. It operates through Acquisition and Management of Stream Interests and Acquisition and Management of Royalty Interests segments. The company engages in the acquisition of existing stream and royalty interests; and the financing of projects that are in production, development, or in the exploration stage in exchange for stream or royalty interests, which consists of gold, silver, copper, nickel, zinc, lead, molybdenum, diamonds, uranium, iron, platinum, palladium, rhodium, lithium, titanium, cobalt, barite, tungsten, and coal. Its properties are located in Canada, Chile, the Dominican Republic, the United States, Zambia, Australia, Ghana, Brazil, Mexico, Bolivia, Argentina, Nicaragua, Macedonia, Botswana, Spain, and internationally. Royal Gold, Inc. was incorporated in 1981 and is based in Denver, Colorado.
Historique
Royal Gold was incorporated in 1981 as Royal Resources Corporation, initially focused on oil and gas exploration and production. After the 1986 oil price collapse, the company acquired Denver Mining Finance Corporation and renamed itself Royal Gold; following a stock market pullback in 1987 it abandoned the heavy-asset mining route and pivoted to holding minority, non-operating interests in large mines, the foundation of the streaming and royalty model it still runs today. Stanley Dempsey, a director of Royal Resources and co-founder of DMFC, is described as the architect of this business model, and the company's earliest cornerstone asset was a royalty on the Cortez Pipeline Mining Complex in Nevada. In 2010 Royal Gold completed its merger with International Royalty Corporation, by which point it was listed on both Nasdaq and in Toronto. Revenue grew from about $320 million in 2015 to $562 million in 2020, $654 million in 2021, hovered around $600 million in 2022-2023, and rose to $719 million in 2024. William Heissenbuttel became CEO in January 2020 after roles in corporate development, operations, strategy and as CFO, with Paul Libner promoted to CFO in 2020; a 2025 proxy noted the company had completed 356 stream/royalty deals over 20 years, averaging $111 million each with 73% under $100 million. In 2025 the company entered a major acquisition phase: in August it paid $1 billion for First Quantum's Kansanshi gold stream, and on October 20, 2025 it completed the Sandstorm and Horizon transactions, issuing about 18.6 million shares to Sandstorm holders, assuming options exercisable for roughly 700,000 shares, repaying Sandstorm's $380.9 million revolver balance and paying cash to Horizon holders. Shares outstanding rose to about 84.5 million, reaching 84,839,102 as of March 26, 2026, up from the prior level of more than 65 million. Royal Gold completed its IPO on March 26, 1990 and is based in Denver, Colorado.
Position dans le secteur
Royal Gold is a precious-metals streaming and royalty company that provides upfront capital to mine developers and operators in exchange for a share of a mine's metal streams or sales over decades, rather than operating mines itself. It operates through two segments, Acquisition and Management of Stream Interests and Acquisition and Management of Royalty Interests, and in 2025 ran a portfolio of 367 interests, 79 of them producing and 30 in development, with an adjusted EBITDA margin of 82% and only 39 employees across four offices. In 2025 total revenue was $1.0305 billion, split into $686.5 million of stream revenue and $344 million of royalty revenue, with 78% of revenue from gold; on an asset NAV basis the post-acquisition portfolio is about 53% gold, 17% silver and 30% copper, while the top ten assets account for roughly 70% of NAV and 68% of 2025 revenue came from North America. The company's beta to the gold price is 1.58 versus a beta of 0.56 to the S&P 500, reflecting gold-price leverage with lower exposure to operating costs and capital expenditure than miners. Its main comparable peers are Franco-Nevada, Wheaton Precious Metals, OR Royalties and Triple Flag; by 2025 revenue, Franco-Nevada reported $1.823 billion, Wheaton $2.315 billion, OR Royalties $277 million and Triple Flag $389 million, and the company's June 2026 materials ranked peer market capitalizations roughly as WPM, FNV, RGLD, OR and TFPM, placing Royal Gold larger than OR and Triple Flag but smaller than Franco-Nevada and Wheaton. Its competitive strengths rest on asset selection and contract-pricing discipline, portfolio diversification, optionality on long-life assets such as Cortez, and a capital-cost and deal-flow advantage from offering financing that typically neither dilutes equity nor creates traditional debt for counterparties.