# Royal Gold (RGLD.US)

Canonical: https://gigainvestors.com/s/RGLD

Analysis as of: 2026-10-16T07:31:33.694Z. 

Listing currency: USD. Reporting currency: USD.

## Verdict

Not enough history yet

Quality tests for Buy: not passed (profit record: pass; earnings resilience is evidence only). Published buy qualification: no.

Share price: $233.00 per share; close as of 2026-10-15.

## Checklist

### understandable: na

### moat: na

### economics: na

### management: na

### accounting: na

## Holders

- [Matthew McLennan](https://gigainvestors.com/FE): tracked 13F investor; follow the investor page for holding quarter and amounts.

- [Ron Muhlenkamp](https://gigainvestors.com/MUHL): tracked 13F investor; follow the investor page for holding quarter and amounts.

## Price story

Down 22% since Feb 2026

Story as of 2026-10-16T10:01:26.524Z; price observation 2026-10-15.

## Owner memo

Memo as of 2026-10-16T08:06:05.509Z.

### How it makes money

Operates in gold; annual sales are USD 1 billion.

- Source: https://www.sec.gov/Archives/edgar/data/85535/000008553526000008/rgld-20251231.htm (filed 2026-02-19); FY2025: revenue 1030471000; grossProfit 713858000; margin = grossProfit / revenue.

### Why customers stay

Margins ranged from 69.3% to 86.3% during 2023–25.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-19); FY2023: grossProfit / revenue = 84.9%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-19); FY2024: grossProfit / revenue = 86.3%.

- Source: https://www.sec.gov/Archives/edgar/data/85535/000008553526000008/rgld-20251231.htm (filed 2026-02-19); FY2025: grossProfit / revenue = 69.3%.

### Where the cash goes

Paid dividends in 6 of 6 years; bought back USD 5 million of shares.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-19); FY2021: growth capex 0; upkeep 168147000; owner earnings 317954000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-19); FY2021: growth capex 0; upkeep 168147000; owner earnings 294903999. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-19); FY2023: growth capex 0; upkeep 2678000; cash acquisitions 0; owner earnings 401699000. Growth capex plus acquisitions / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-19); FY2024: growth capex 0; upkeep 102564000; cash acquisitions 0; owner earnings 373885000. Growth capex plus acquisitions / owner earnings = 0.

- Source: https://www.sec.gov/Archives/edgar/data/85535/000008553526000008/rgld-20251231.htm (filed 2026-02-19); FY2025: growth capex 987671000; upkeep 177082000; cash acquisitions 411342000; owner earnings 466281000. Growth capex plus acquisitions / owner earnings = 3.0003645870194156.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-19); Dividend observations: [[2021,76099000],[2021,78738000],[2022,91925000],[2023,98567000],[2024,105237000],[2025,118525000]]. Zero only counted when supported by a complete cash-flow statement.

- Source: https://www.sec.gov/Archives/edgar/data/85535/000008553526000008/rgld-20251231.htm (filed 2026-02-19); FY2025: cash repurchases 5032000 USD.

### Are managers owners

Insiders own 0.3% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); RGLD.US SharesStats.PercentInsiders = 0.252 percentage points; cache date 2026-10-16.

### What the price says

The price is 15.7 times annual sales.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-19); Closing price 233 USD; reporting-to-trading FX 1; FY2025 annual sales per share 14.813937672552909; price multiple 15.728431234843097. FY2025 cash earnings/share 6.703204332674711. Closing-price date 2026-10-15.

## Monthly share-price history (USD per share)

- 2016-10: $68.82 per share

- 2016-11: $69.64 per share

- 2016-12: $63.35 per share

- 2017-01: $72.17 per share

- 2017-02: $66.05 per share

- 2017-03: $70.05 per share

- 2017-04: $70.68 per share

- 2017-05: $80.42 per share

- 2017-06: $78.17 per share

- 2017-07: $86.66 per share

- 2017-08: $93.28 per share

- 2017-09: $86.04 per share

- 2017-10: $84.11 per share

- 2017-11: $82.72 per share

- 2017-12: $82.12 per share

- 2018-01: $89.00 per share

- 2018-02: $80.77 per share

- 2018-03: $85.87 per share

- 2018-04: $88.80 per share

- 2018-05: $89.66 per share

- 2018-06: $92.84 per share

- 2018-07: $84.61 per share

- 2018-08: $76.26 per share

- 2018-09: $77.06 per share

- 2018-10: $76.63 per share

- 2018-11: $73.15 per share

- 2018-12: $85.65 per share

- 2019-01: $87.37 per share

- 2019-02: $88.41 per share

- 2019-03: $90.93 per share

- 2019-04: $87.06 per share

- 2019-05: $87.99 per share

- 2019-06: $102.49 per share

- 2019-07: $114.45 per share

- 2019-08: $133.38 per share

- 2019-09: $123.21 per share

- 2019-10: $115.44 per share

- 2019-11: $117.27 per share

- 2019-12: $122.25 per share

- 2020-01: $115.32 per share

- 2020-02: $96.47 per share

- 2020-03: $87.71 per share

- 2020-04: $122.53 per share

- 2020-05: $133.20 per share

- 2020-06: $124.32 per share

- 2020-07: $139.93 per share

- 2020-08: $136.32 per share

- 2020-09: $120.17 per share

- 2020-10: $118.81 per share

- 2020-11: $110.47 per share

- 2020-12: $106.36 per share

- 2021-01: $106.88 per share

- 2021-02: $103.71 per share

- 2021-03: $107.62 per share

- 2021-04: $111.86 per share

- 2021-05: $123.77 per share

- 2021-06: $114.10 per share

- 2021-07: $121.52 per share

- 2021-08: $111.33 per share

- 2021-09: $95.49 per share

- 2021-10: $99.02 per share

- 2021-11: $100.03 per share

- 2021-12: $105.21 per share

- 2022-01: $101.55 per share

- 2022-02: $121.26 per share

- 2022-03: $141.28 per share

- 2022-04: $130.48 per share

- 2022-05: $113.08 per share

- 2022-06: $106.78 per share

- 2022-07: $104.77 per share

- 2022-08: $91.90 per share

- 2022-09: $93.82 per share

- 2022-10: $94.96 per share

- 2022-11: $112.33 per share

- 2022-12: $112.72 per share

- 2023-01: $127.03 per share

- 2023-02: $118.79 per share

- 2023-03: $129.71 per share

- 2023-04: $132.44 per share

- 2023-05: $123.84 per share

- 2023-06: $114.78 per share

- 2023-07: $120.14 per share

- 2023-08: $112.09 per share

- 2023-09: $106.33 per share

- 2023-10: $104.33 per share

- 2023-11: $121.80 per share

- 2023-12: $120.96 per share

- 2024-01: $114.39 per share

- 2024-02: $102.63 per share

- 2024-03: $121.81 per share

- 2024-04: $120.13 per share

- 2024-05: $128.19 per share

- 2024-06: $125.16 per share

- 2024-07: $138.12 per share

- 2024-08: $140.17 per share

- 2024-09: $140.30 per share

- 2024-10: $146.06 per share

- 2024-11: $146.26 per share

- 2024-12: $131.85 per share

- 2025-01: $139.82 per share

- 2025-02: $147.00 per share

- 2025-03: $163.51 per share

- 2025-04: $182.71 per share

- 2025-05: $178.12 per share

- 2025-06: $177.84 per share

- 2025-07: $151.42 per share

- 2025-08: $179.58 per share

- 2025-09: $200.58 per share

- 2025-10: $174.79 per share

- 2025-11: $203.84 per share

- 2025-12: $222.29 per share

- 2026-01: $263.31 per share

- 2026-02: $299.79 per share

- 2026-03: $254.49 per share

- 2026-04: $233.38 per share

- 2026-05: $224.48 per share

- 2026-06: $199.61 per share

- 2026-07: $198.35 per share

- 2026-08: $261.47 per share

- 2026-09: $236.00 per share

- 2026-10: $233.00 per share

## Annual estimated value (USD per share)

Historical values use today's bond yield for every fiscal year

Historical values use today's FX rate into trading currency for every fiscal year

Historical values use current restated fundamentals and current commodity classification; they are not point-in-time estimates

## Sources

[Original 10-K filing](https://www.sec.gov/Archives/edgar/data/85535/000008553526000008/rgld-20251231.htm); period 2025-12-31, filed 2026-02-19.

Estimates depend on assumptions and are not guarantees or investment advice. Underlying data remains subject to its source licenses; public reading does not grant bulk redistribution rights.