# 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.

## Reported holder observations

- [Matthew McLennan](https://gigainvestors.com/FE): 861,786 RGLD shares; USD 172,021,000 reported position value; 0.28% of portfolio; reduce; quarter 2026 Q2.
- [Ron Muhlenkamp](https://gigainvestors.com/MUHL): 88,088 RGLD shares; USD 17,583,000 reported position value; 5.09% of portfolio; add; quarter 2026 Q2.

# RGLD — Royal Gold Inc.

Held by 2 investors · USD 189,604,000 total · 2026 Q2 · reported price USD 199.61 (split-adjusted).
Page: https://gigainvestors.com/s/RGLD

## Holders (2026 Q2)

| Investor | Value | % of their portfolio | This quarter |
|---|---:|---:|---|
| Matthew McLennan (https://gigainvestors.com/FE) | USD 172,021,000 | 0.3% | reduce -6.08% |
| Ron Muhlenkamp (https://gigainvestors.com/MUHL) | USD 17,583,000 | 5.1% | add +0.22% |

## Total held by quarter

- 2019 Q3: USD 355,486,601 · 1 holder · USD 123.21
- 2019 Q4: USD 351,298,578 · 1 holder · USD 122.25
- 2020 Q1: USD 265,040,499 · 1 holder · USD 87.71
- 2020 Q2: USD 354,616,087 · 1 holder · USD 124.32
- 2020 Q3: USD 303,774,979 · 1 holder · USD 120.17
- 2020 Q4: USD 282,392,288 · 1 holder · USD 106.36
- 2021 Q1: USD 374,125,217 · 1 holder · USD 107.62
- 2021 Q2: USD 390,101,739 · 1 holder · USD 114.10
- 2021 Q3: USD 325,688,793 · 1 holder · USD 95.49
- 2021 Q4: USD 369,150,643 · 1 holder · USD 105.21
- 2022 Q1: USD 472,355,411 · 1 holder · USD 141.28
- 2022 Q2: USD 344,787,922 · 1 holder · USD 106.78
- 2022 Q3: USD 312,908,276 · 1 holder · USD 93.82
- 2022 Q4: USD 404,024,100 · 1 holder · USD 112.72
- 2023 Q1: USD 462,189,676 · 1 holder · USD 129.71
- 2023 Q2: USD 421,867,118 · 1 holder · USD 114.78
- 2023 Q3: USD 385,901,768 · 1 holder · USD 106.33
- 2023 Q4: USD 450,533,573 · 2 holders · USD 120.96
- 2024 Q1: USD 444,650,108 · 2 holders · USD 121.81
- 2024 Q2: USD 459,468,243 · 2 holders · USD 125.16
- 2024 Q3: USD 512,930,767 · 2 holders · USD 140.30
- 2024 Q4: USD 470,190,417 · 2 holders · USD 131.85
- 2025 Q1: USD 572,262,273 · 2 holders · USD 163.51
- 2025 Q2: USD 610,197,495 · 2 holders · USD 177.84
- 2025 Q3: USD 468,446,567 · 2 holders · USD 200.58
- 2025 Q4: USD 225,414,276 · 2 holders · USD 222.30
- 2026 Q1: USD 255,891,731 · 2 holders · USD 254.49
- 2026 Q2: USD 189,604,000 · 2 holders · USD 199.61