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Royal Gold

Nasdaq:RGLD
Snowflake Description

Excellent balance sheet average dividend payer.

The Snowflake is generated from 30 checks in 5 different areas, read more below.
RGLD
Nasdaq
$6B
Market Cap
  1. Home
  2. US
  3. Materials
Company description

Royal Gold, Inc., together with its subsidiaries, acquires and manages precious metal streams, royalties, and related interests. The last earnings update was 54 days ago. More info.


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  • Royal Gold has significant price volatility in the past 3 months.
RGLD Share Price and Events
7 Day Returns
-3.8%
NasdaqGS:RGLD
11.6%
US Metals and Mining
12.5%
US Market
1 Year Returns
0.2%
NasdaqGS:RGLD
-29.3%
US Metals and Mining
-12.7%
US Market
RGLD Shareholder Return
  7 Day 30 Day 90 Day 1 Year 3 Year 5 Year
Royal Gold (RGLD) -3.8% -5% -25% 0.2% 28.3% 41.7%
US Metals and Mining 11.6% -18.7% -33.1% -29.3% -29.6% -13.8%
US Market 12.5% -14.7% -21.5% -12.7% 5.4% 17.5%
1 Year Return vs Industry and Market
  • RGLD outperformed the Metals and Mining industry which returned -29.3% over the past year.
  • RGLD outperformed the Market in United States of America which returned -12.7% over the past year.
Price Volatility
RGLD
Industry
5yr Volatility vs Market

RGLD Value

 Is Royal Gold undervalued based on future cash flows and its price relative to the stock market?

Value is all about what a company is worth versus what price it is available for. If you went into a grocery store and all the bananas were on sale at half price, they could be considered undervalued.
INTRINSIC VALUE BASED ON FUTURE CASH FLOWS
Here we compare the current share price of Royal Gold to its discounted cash flow analysis.value.

The discounted cash flow value is simply looking at what the company is worth today, based on estimates of how much money it is expected to make in the future.
Raw Data

Below are the data sources, inputs and calculation used to determine the intrinsic value for Royal Gold.

NasdaqGS:RGLD Discounted Cash Flow Data Sources
Data Point Source Value
Valuation Model 2 Stage Free Cash Flow to Equity
Levered Free Cash Flow Average of 6 Analyst Estimates (S&P Global) See below
Discount Rate (Cost of Equity) See below 6.6%
Perpetual Growth Rate 10-Year US Government Bond Rate 1.7%

An important part of a discounted cash flow is the discount rate, below we explain how it has been calculated.

Calculation of Discount Rate/ Cost of Equity for NasdaqGS:RGLD
Data Point Calculation/ Source Result
Risk-Free Rate 10-Year US Govt Bond Rate 1.7%
Equity Risk Premium S&P Global 5.4%
Metals and Mining Unlevered Beta Simply Wall St/ S&P Global 0.82
Re-levered Beta = Unlevered beta (1 + (1- tax rate) (Debt/Equity))
= 0.823 (1 + (1- 21%) (2.27%))
0.891
Levered Beta Levered Beta limited to 0.8 to 2.0
(practical range for a stable firm)
0.89
Discount Rate/ Cost of Equity = Cost of Equity = Risk Free Rate + (Levered Beta * Equity Risk Premium)
= 1.74% + (0.891 * 5.44%)
6.59%

Discounted Cash Flow Calculation for NasdaqGS:RGLD using 2 Stage Free Cash Flow to Equity Model

The calculations below outline how an intrinsic value for Royal Gold is arrived at by discounting future cash flows to their present value using the 2 stage method. We try to start with analysts estimates of free cash flow, however if these are not available we use the most recent financial results. In the 1st stage we continue to grow the free cash flow over a 10 year period, with the growth rate trending towards the perpetual growth rate used in the 2nd stage. The 2nd stage assumes the company grows at a stable rate into perpetuity.

Note: Free cash flow to equity valuations ignore the company's cash or debt.

NasdaqGS:RGLD DCF 1st Stage: Next 10 year cash flow forecast
Levered FCF (USD, Millions) Source Present Value
Discounted (@ 6.59%)
2020 172.08 Analyst x4 161.44
2021 225.45 Analyst x4 198.44
2022 287.23 Analyst x3 237.19
2023 219.00 Analyst x1 169.66
2024 208.00 Analyst x1 151.18
2025 202.20 Est @ -2.79% 137.88
2026 199.31 Est @ -1.43% 127.50
2027 198.35 Est @ -0.48% 119.05
2028 198.72 Est @ 0.19% 111.90
2029 200.02 Est @ 0.65% 105.66
Present value of next 10 years cash flows $1,519.00
NasdaqGS:RGLD DCF 2nd Stage: Terminal Value
Calculation Result
Terminal Value = FCF2029 × (1 + g) ÷ (Discount Rate – g)
= $200.02 × (1 + 1.74%) ÷ (6.59% – 1.74%)
$4,196.21
Present Value of Terminal Value = Terminal Value ÷ (1 + r)10
= $4,196.21 ÷ (1 + 6.59%)10
$2,216.71
NasdaqGS:RGLD Total Equity Value
Calculation Result
Total Equity Value = Present value of next 10 years cash flows + Terminal Value
= $1,519.00 + $2,216.71
$3,735.71
Equity Value per Share
(USD)
= Total value / Shares Outstanding
= $3,735.71 / 65.57
$56.97
NasdaqGS:RGLD Discount to Share Price
Calculation Result
Value per share (USD) From above. $56.97
Current discount Discount to share price of $91.68
= -1 x ($91.68 - $56.97) / $56.97
-60.9%

Learn more about our DCF calculations in Simply Wall St’s analysis model .

  • The current share price of Royal Gold is above its future cash flow value.
Often investors are willing to pay a premium for a company that has a high dividend or the potential for future growth.
PRICE RELATIVE TO MARKET
We can also value a company based on what the stock market is willing to pay for it. This is similar to the price of fruit (e.g. Mangoes or Avocados) increasing when they are out of season, or how much your home is worth.

The amount the stock market is willing to pay for Royal Gold's earnings, growth and assets is considered below, and whether this is a fair price.
Price based on past earnings
Are Royal Gold's earnings available for a low price, and how does this compare to other companies in the same industry?
Raw Data
NasdaqGS:RGLD PE (Price to Earnings) Ratio Data Sources
Data Point Source Value
Earnings Per Share * Company Filings (2019-12-31) in USD $2.55
NasdaqGS:RGLD Share Price ** NasdaqGS (2020-03-30) in USD $91.68
United States of America Metals and Mining Industry PE Ratio Median Figure of 36 Publicly-Listed Metals and Mining Companies 7.78x
United States of America Market PE Ratio Median Figure of 2,942 Publicly-Listed Companies 12.96x

* Trailing twelve months (TTM) annual GAAP earnings per share excluding extraordinary items.

** Primary Listing of Royal Gold.

NasdaqGS:RGLD PE (Price to Earnings) Ratio Calculation
Calculation Outcome
PE Ratio

= NasdaqGS:RGLD Share Price ÷ EPS (both in USD)

= 91.68 ÷ 2.55

35.93x

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Royal Gold is overvalued based on earnings compared to the US Metals and Mining industry average.
  • Royal Gold is overvalued based on earnings compared to the United States of America market.
Price based on expected Growth
Does Royal Gold's expected growth come at a high price?
Raw Data
NasdaqGS:RGLD PEG (Price to Earnings to Growth) Ratio Data Sources
Data Point Source Value
PE Ratio See PE Ratio Section 35.93x
Net Income Annual Growth Rate See Future Growth Section.
Line of Best Fit* through Consensus Estimate Earnings of 6 Analysts
-5%per year
United States of America Metals and Mining Industry PEG Ratio Median Figure of 22 Publicly-Listed Metals and Mining Companies -0.09x
United States of America Market PEG Ratio Median Figure of 2,006 Publicly-Listed Companies 0.99x

*Line of best fit is calculated by linear regression .

NasdaqGS:RGLD PEG (Price to Earnings to Growth) Ratio Calculation
Calculation Outcome
PEG Ratio

= PE Ratio ÷ Net Income Annual Growth Rate

= 35.93x ÷ -5%

-7.2x

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Royal Gold earnings are not expected to grow next year, we can't assess if its growth is good value.
Price based on value of assets
What value do investors place on Royal Gold's assets?
Raw Data
NasdaqGS:RGLD PB (Price to Book) Ratio Data Sources
Data Point Source Value
Book Value per Share Company Filings (2019-12-31) in USD $33.84
NasdaqGS:RGLD Share Price * NasdaqGS (2020-03-30) in USD $91.68
United States of America Metals and Mining Industry PB Ratio Median Figure of 107 Publicly-Listed Metals and Mining Companies 1.07x
United States of America Market PB Ratio Median Figure of 5,143 Publicly-Listed Companies 1.26x
NasdaqGS:RGLD PB (Price to Book) Ratio Calculation
Calculation Outcome
PB Ratio

= NasdaqGS:RGLD Share Price ÷ Book Value per Share (both in USD)

= 91.68 ÷ 33.84

2.71x

* Primary Listing of Royal Gold.

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Royal Gold is overvalued based on assets compared to the US Metals and Mining industry average.
X
Value checks
We assess Royal Gold's value by looking at:
  1. Is the discounted cash flow value less than 20%, or 40% of the share price? (2 checks) ( Click here or on bar chart for details of DCF calculation. )
  2. Is the PE ratio less than the market average, and/ or less than the Metals and Mining industry average (and greater than 0)? (2 checks)
  3. Is the PEG ratio within a reasonable range (0 to 1)? (1 check)
  4. Is the PB ratio less than the Metals and Mining industry average (and greater than 0)? (1 check)
  5. Royal Gold has a total score of 0/6, see the detailed checks below.

    Note: We use GAAP Earnings per Share in all our calculations including PE and PEG Ratio.

    Full details on the Value part of the Simply Wall St company analysis model.

RGLD Future Performance

 How is Royal Gold expected to perform in the next 1 to 3 years based on estimates from 6 analysts?

The future performance of a company is measured in the same way as past performance, by looking at estimated growth and how much profit it is expected to make.

Future estimates come from professional analysts. Just like forecasting the weather, they don’t always get it right!
Annual Growth Rate
-5%
Expected annual growth in earnings.
Earnings growth vs Low Risk Savings
Is Royal Gold expected to grow at an attractive rate?
  • Royal Gold's earnings are expected to decrease over the next 1-3 years, this is below the low risk savings rate of 1.7%.
Growth vs Market Checks
  • Royal Gold's earnings are expected to decrease over the next 1-3 years, this is below the United States of America market average.
  • Royal Gold's revenue growth is positive but not above the United States of America market average.
Annual Growth Rates Comparison
Raw Data
NasdaqGS:RGLD Future Growth Rates Data Sources
Data Point Source Value (per year)
NasdaqGS:RGLD Future Earnings Growth Rate Line of Best Fit* through Consensus Estimate Earnings of 6 Analysts -5%
NasdaqGS:RGLD Future Revenue Growth Rate Line of Best Fit* through Consensus Estimate Revenue of 6 Analysts 0.5%
United States of America Metals and Mining Industry Earnings Growth Rate Market Cap Weighted Average 10.3%
United States of America Metals and Mining Industry Revenue Growth Rate Market Cap Weighted Average 4.3%
United States of America Market Earnings Growth Rate Market Cap Weighted Average 12.3%
United States of America Market Revenue Growth Rate Market Cap Weighted Average 7.3%

*Line of best fit is calculated by linear regression .

Industry and Market average data is calculated daily.

Learn more about our growth rate calculations in Simply Wall St’s analysis model.

Analysts growth expectations
Raw Data
NasdaqGS:RGLD Analysts Growth Expectations Data Sources
Data Point Source Value
Past Financials Company Filings (3 months ago) See Below
Future Estimates Average of up to 6 Analyst Estimates (S&P Global) See Below
All numbers in USD Millions and using Trailing twelve months (TTM) annual period rather than quarterly.
NasdaqGS:RGLD Future Estimates Data
Date (Data in USD Millions) Revenue Cash Flow Net Income * Avg. No. Analysts
2024-06-30 417 281 118 1
2023-06-30 442 339 122 1
2022-06-30 699 392 252 2
2021-06-30 583 412 232 5
2020-06-30 507 343 171 6
2020-03-31
NasdaqGS:RGLD Past Financials Data
Date (Data in USD Millions) Revenue Cash Flow Net Income *
2019-12-31 464 299 167
2019-09-30 438 280 149
2019-06-30 419 253 94
2019-03-31 420 258 94
2018-12-31 426 285 -88
2018-09-30 444 302 -127
2018-06-30 457 329 -113
2018-03-31 450 318 -120
2017-12-31 441 289 58
2017-09-30 434 283 100
2017-06-30 439 267 102
2017-03-31 424 250 102

*GAAP earnings excluding extraordinary items.

Super high growth metrics
High Growth Checks
  • Royal Gold's earnings are expected to decrease over the next 1-3 years, this is not considered high growth.
  • Royal Gold's revenue is expected to grow by 0.5% yearly, however this is not considered high growth (20% yearly).
Past and Future Earnings per Share
The accuracy of the analysts who estimate the future performance data can be gauged below. We look back 3 years and see if they were any good at predicting what actually occurred. We also show the highest and lowest estimates looking forward to see if there is a wide range.
Raw Data
NasdaqGS:RGLD Past and Future Earnings per Share
Data Point Source Value
Past Financials Company Filings (3 months ago) See Below
Future Estimates Average of up to 6 Analyst Estimates (S&P Global) See Below

All data from Royal Gold Company Filings, last reported 3 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

NasdaqGS:RGLD Future Estimates Data
Date (Data in USD Millions) EPS * EPS High Estimate EPS Low Estimate Avg. No. Analysts
2024-06-30 1.80 1.80 1.80 1.00
2023-06-30 1.86 1.86 1.86 1.00
2022-06-30 3.84 5.52 2.16 2.00
2021-06-30 3.61 4.62 2.46 3.00
2020-06-30 2.68 2.91 2.30 3.00
2020-03-31
NasdaqGS:RGLD Past Financials Data
Date (Data in USD Millions) EPS *
2019-12-31 2.55
2019-09-30 2.28
2019-06-30 1.43
2019-03-31 1.44
2018-12-31 -1.35
2018-09-30 -1.94
2018-06-30 -1.73
2018-03-31 -1.84
2017-12-31 0.88
2017-09-30 1.54
2017-06-30 1.56
2017-03-31 1.57

*GAAP earnings excluding extraordinary items.

Performance in 3 years
In the same way as past performance we look at the future estimated return (profit) compared to the available funds. We do this looking forward 3 years.
  • Royal Gold is not expected to efficiently use shareholders’ funds in the future (Return on Equity less than 20%).
X
Future performance checks
We assess Royal Gold's future performance by looking at:
  1. Is the annual earnings growth rate expected to beat the low risk savings rate, plus a premium to keep pace with inflation?
  2. Is the annual earnings growth rate expected to beat the average growth rate in earnings of the United States of America market? (1 check)
  3. Is the annual revenue growth rate expected to beat the average growth rate in revenue of the United States of America market? (1 check)
  4. Is the annual earnings growth rate expected to be above 20%? (1 check)
  5. Is the annual revenue growth rate expected to be above 20%? (1 check)
  6. Is the Return on Equity in 3 years expected to be over 20%? (1 check)
Some of the above checks will fail if the company is expected to be loss making in the relevant year.
Royal Gold has a total score of 0/6, see the detailed checks below.

Note 1: We use GAAP Net Income Excluding Exceptional Items for our Earnings in all our calculations.

Full details on the Future part of the Simply Wall St company analysis model.

RGLD Past Performance

  How has Royal Gold performed over the past 5 years?

The past performance of a company can be measured by how much growth it has experienced and how much profit it makes relative to the funds and assets it has available.
Past earnings growth
Below we compare Royal Gold's growth in the last year to its industry (Metals and Mining).
Past Earnings growth analysis
We also check if the company has grown in the past 5 years, and whether it has maintained that growth in the year.
  • Royal Gold's year on year earnings growth rate has been positive over the past 5 years.
  • Royal Gold has become profitable in the last year making the earnings growth rate difficult to compare to the 5-year average.
  • Royal Gold has become profitable in the last year making it difficult to compare the US Metals and Mining industry average.
Earnings and Revenue History
Royal Gold's revenue and profit over the past 5 years is shown below, any years where they have experienced a loss will show up in red.
Raw Data

All data from Royal Gold Company Filings, last reported 3 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

NasdaqGS:RGLD Past Revenue, Cash Flow and Net Income Data
Date (Data in USD Millions) Revenue Net Income * G+A Expenses R&D Expenses
2019-12-31 463.89 167.00 33.34
2019-09-30 437.92 149.27 33.43
2019-06-30 418.94 93.83 37.65
2019-03-31 419.69 94.02 44.44
2018-12-31 426.48 -88.40 45.95
2018-09-30 443.54 -126.76 48.60
2018-06-30 456.77 -113.13 44.41
2018-03-31 449.74 -119.77 44.01
2017-12-31 440.77 57.54 43.42
2017-09-30 433.54 100.37 42.52
2017-06-30 439.05 101.53 46.21
2017-03-31 424.25 101.95 42.63
2016-12-31 410.19 10.63 44.49
2016-09-30 400.80 -2.32 41.45
2016-06-30 355.81 -77.15 40.32
2016-03-31 334.60 -82.77 38.26
2015-12-31 315.25 9.90 31.05
2015-09-30 277.70 -11.76 32.59
2015-06-30 272.57 51.97 27.07
2015-03-31 268.58 53.79 24.45
2014-12-31 251.43 48.91 25.61
2014-09-30 243.04 66.13 21.76
2014-06-30 230.41 62.64 21.19
2014-03-31 217.32 56.71 19.83
2013-12-31 233.04 43.03 23.13
2013-09-30 259.53 59.58 24.36
2013-06-30 280.21 69.15 24.03

*GAAP earnings excluding extraordinary items.

Performance last year
We want to ensure a company is making the most of what it has available. This is done by comparing the return (profit) to a company's available funds, assets and capital.
  • Royal Gold has not efficiently used shareholders’ funds last year (Return on Equity less than 20%).
  • Royal Gold used its assets less efficiently than the US Metals and Mining industry average last year based on Return on Assets.
  • Royal Gold has significantly improved its use of capital last year versus 3 years ago (Return on Capital Employed).
X
Past performance checks
We assess Royal Gold's performance over the past 5 years by checking for:
  1. Has earnings increased in past 5 years? (1 check)
  2. Has the earnings growth in the last year exceeded that of the Metals and Mining industry? (1 check)
  3. Is the recent earnings growth over the last year higher than the average annual growth over the past 5 years? (1 check)
  4. Is the Return on Equity (ROE) higher than 20%? (1 check)
  5. Is the Return on Assets (ROA) above industry average? (1 check)
  6. Has the Return on Capital Employed (ROCE) increased from 3 years ago? (1 check)
The above checks will fail if the company has reported a loss in the most recent earnings report. Some checks require at least 3 or 5 years worth of data.
Royal Gold has a total score of 2/6, see the detailed checks below.

Note: We use GAAP Net Income excluding extraordinary items in all our calculations.

Full details on the Past part of the Simply Wall St company analysis model.

RGLD Health

 How is Royal Gold's financial health and their level of debt?

A company's financial position is much like your own financial position, it includes everything you own (assets) and owe (liabilities).

The boxes below represent the relative size of what makes up Royal Gold's finances.

The net worth of a company is the difference between its assets and liabilities.
Net Worth
  • Royal Gold is able to meet its short term (1 year) commitments with its holdings of cash and other short term assets.
  • Royal Gold's long term commitments exceed its cash and other short term assets.
Balance sheet
This treemap shows a more detailed breakdown of Royal Gold's finances. If any of them are yellow this indicates they may be out of proportion and red means they relate to one of the checks below.
Assets
Liabilities and shares
The 'shares' portion represents any funds contributed by the owners (shareholders) and any profits.
  • Low level of unsold assets.
  • Debt is covered by short term assets, assets are 1.1x debt.
Historical Debt
Nearly all companies have debt. Debt in itself isn’t bad, however if the debt is too high, or the company can’t afford to pay the interest on its debts this may have impacts in the future.

The graphic below shows equity (available funds) and debt, we ideally want to see the red area (debt) decreasing.

If there is any debt we look at the companies capability to repay it, and whether the level has increased over the past 5 years.
Raw Data

All data from Royal Gold Company Filings, last reported 3 months ago.

NasdaqGS:RGLD Past Debt and Equity Data
Date (Data in USD Millions) Total Equity Total Debt Cash & Short Term Investments
2019-12-31 2,247.21 129.87 80.50
2019-09-30 2,222.33 164.60 121.97
2019-06-30 2,170.45 214.55 119.48
2019-03-31 2,160.36 362.92 216.00
2018-12-31 2,146.97 358.90 156.54
2018-09-30 2,139.27 354.94 117.08
2018-06-30 2,141.27 351.03 88.75
2018-03-31 2,130.41 422.27 109.38
2017-12-31 2,299.82 493.49 98.13
2017-09-30 2,330.19 539.77 89.50
2017-06-30 2,320.26 586.17 85.85
2017-03-31 2,316.50 635.88 88.09
2016-12-31 2,310.27 677.43 83.99
2016-09-30 2,298.54 674.03 133.04
2016-06-30 2,285.89 600.69 116.63
2016-03-31 2,281.36 630.25 126.72
2015-12-31 2,362.22 677.49 117.60
2015-09-30 2,359.82 674.78 104.31
2015-06-30 2,415.93 313.87 749.12
2015-03-31 2,413.02 319.48 715.23
2014-12-31 2,358.03 316.87 675.13
2014-09-30 2,378.34 314.33 691.41
2014-06-30 2,372.56 311.86 659.54
2014-03-31 2,360.82 309.40 646.11
2013-12-31 2,368.75 306.98 659.29
2013-09-30 2,374.94 304.60 637.90
2013-06-30 2,370.64 302.26 664.04
  • Royal Gold's level of debt (5.8%) compared to net worth is satisfactory (less than 40%).
  • The level of debt compared to net worth has been reduced over the past 5 years (13.4% vs 5.8% today).
  • Debt is well covered by operating cash flow (230.4%, greater than 20% of total debt).
  • Interest payments on debt are well covered by earnings (EBIT is 15.8x coverage).
X
Financial health checks
We assess Royal Gold's financial health by checking for:
  1. Are short term assets greater than short term liabilities? (1 check)
  2. Are short term assets greater than long term liabilities? (1 check)
  3. Has the debt to equity ratio increased in the past 5 years? (1 check)
  4. Is the debt to equity ratio over 40%? (1 check)
  5. Is the debt covered by operating cash flow? (1 check)
  6. Are earnings greater than 5x the interest on debt (if company pays interest at all)? (1 check)
  7. Royal Gold has a total score of 5/6, see the detailed checks below.
For companies that are loss making and have been so on average in the past we replace the last 2 checks with:
  1. Does cash and short term investments cover stable operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)
  2. Does cash and short term investments cover growing operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)


Full details on the Health part of the Simply Wall St company analysis model.

RGLD Dividends

 What is Royal Gold's current dividend yield, its reliability and sustainability?

Dividends are regular cash payments to you from the company, similar to a bank paying you interest on a savings account.
Annual Dividend Income
Dividend payments
1.22%
Current annual income from Royal Gold dividends. Estimated to be 1.2% next year.
If you bought $2,000 of Royal Gold shares you are expected to receive $24 in your first year as a dividend.
Dividend Amount
Here we look how much dividend is being paid, if any. Is it above what you can get in a savings account? It is up there with the best dividend paying companies?
  • Royal Gold's pays a lower dividend yield than the bottom 25% of dividend payers in United States of America (1.98%).
  • Royal Gold's dividend is below the markets top 25% of dividend payers in United States of America (5.49%).
Upcoming dividend payment

Purchase Royal Gold before the 'Ex-dividend' to receive their next dividend payment.

Dividends are usually paid every 3 or 6 months, you can time your share purchase to take advantage of upcoming dividend payments.
Dividend payment calendar
Annualized Historical and Future Dividends
It is important to see if the dividend for a company is stable, and not wildly increasing/decreasing each year. This graph shows you the historical rate to count toward your assessment of the stock.

We also check to see if the dividend has increased in the past 10 years.
Raw Data
NasdaqGS:RGLD Annualized Past and Future Dividends
Data Point Source Value
Past Annualized Dividend Yield S&P Global Market Data See Below
Past Dividends per Share Company Filings/ Annualized Dividend Payments See Below
Future Dividends per Share Estimates Average of up to 6 Analyst Estimates (S&P Global) See Below
United States of America Metals and Mining Industry Average Dividend Yield Market Cap Weighted Average of 31 Stocks 3.6%
United States of America Market Average Dividend Yield Market Cap Weighted Average of 1946 Stocks 3%
United States of America Minimum Threshold Dividend Yield 10th Percentile 1.1%
United States of America Bottom 25% Dividend Yield 25th Percentile 2%
United States of America Top 25% Dividend Yield 75th Percentile 5.5%

Industry and Market average data is calculated daily.

Note all dividend per share amounts are annualized and not quarterly or other period.

NasdaqGS:RGLD Future Dividends Estimate Data
Date (Data in $) Dividend per Share (annual) Avg. No. Analysts
2024-06-30
2023-06-30
2022-06-30 1.09 2.00
2021-06-30 1.10 3.00
2020-06-30 1.11 3.00
2020-03-31
NasdaqGS:RGLD Past Annualized Dividends Data
Date (Data in $) Dividend per share (annual) Avg. Yield (%)
2020-03-10 1.120 1.346
2019-11-19 1.120 0.999
2019-08-14 1.060 0.862
2019-05-29 1.060 1.005
2019-03-12 1.060 1.203
2018-11-14 1.060 1.285
2018-08-22 1.000 1.312
2018-05-30 1.000 1.134
2018-03-20 1.000 1.139
2017-11-15 1.000 1.187
2017-08-23 0.960 1.087
2017-05-31 0.960 1.181
2017-03-02 0.960 1.359
2016-11-03 0.960 1.404
2016-11-02 0.960 1.340
2016-08-17 0.920 1.246
2016-05-25 0.920 1.266
2016-04-28 0.920 1.592
2016-04-27 0.920 1.554
2016-02-25 0.920 1.797
2015-11-11 0.920 2.609
2015-08-20 0.880 1.861
2015-06-04 0.880 1.540
2015-03-12 0.880 1.366
2014-11-14 0.880 1.292
2014-08-28 0.840 1.258
2014-05-30 0.840 1.139
2014-03-14 0.840 1.290
2013-11-20 0.840 1.573
2013-09-16 0.800 1.633
2013-05-29 0.800 1.577
2013-03-14 0.800 1.381
2012-11-14 0.800 1.056
2012-09-04 0.600 0.661
2012-05-25 0.600 0.778
2012-03-14 0.600 0.956
2011-11-16 0.600 0.839
2011-08-30 0.440 0.608
2011-05-26 0.440 0.697
2011-02-28 0.440 0.808
2010-11-17 0.440 0.874
2010-09-14 0.360 0.719
2010-05-25 0.360 0.756
2010-03-10 0.360 0.740
2009-11-18 0.360 0.761
2009-08-27 0.320 0.690
2009-06-02 0.320 0.772

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Dividends per share have been stable in the past 10 years.
  • Dividends per share have increased over the past 10 years.
Current Payout to shareholders
What portion of Royal Gold's earnings are paid to the shareholders as a dividend.
  • Dividends paid are well covered by earnings (2.3x coverage).
Future Payout to shareholders
  • Dividends after 3 years are expected to be well covered by earnings (2.4x coverage).
X
Income/ dividend checks
We assess Royal Gold's dividend by checking for:
  1. Firstly is the company paying a notable dividend (greater than 1.1%) - if not then the rest of the checks are ignored.
  2. Is current dividend yield above the bottom 25% of dividend payers? (1 check)
  3. Is current dividend yield above the top 25% of dividend payers? (1 check)
  4. Have they paid a dividend for 10 years, and during this period has the dividend been volatile (drop of more than 25%)? (1 check)
  5. If they have paid a dividend for 10 years has it increased in this time? (1 check)
  6. How sustainable is the dividend, can Royal Gold afford to pay it from its earnings today and in 3 years (Payout ratio less than 90%)? (2 checks)
  7. Royal Gold has a total score of 4/6, see the detailed checks below.


Full details on the Dividends part of the Simply Wall St company analysis model.

RGLD Management

 What is the CEO of Royal Gold's salary, the management and board of directors tenure and is there insider trading?

Management is one of the most important areas of a company. We look at unreasonable CEO compensation, how long the team and board of directors have been around for and insider trading.
CEO
Bill Heissenbuttel
COMPENSATION $1,784,714
AGE 54
TENURE AS CEO 0.2 years
CEO Bio

Mr. William H. Heissenbuttel, also known as Bill, serves as President, Chief Executive Officer and Director of Royal Gold, Inc. since January 02, 2020. Mr. Heissenbuttel was the Chief Financial Officer and Vice President Strategy at Royal Gold, Inc. from June 1, 2018 until January 02, 2020 and served as Vice President of Operations of Royal Gold, Inc. from January 2015 to June 2016 and Manager of Corporate Development April 2006 to January 2007. Mr. Heissenbuttel is responsible for all financial functions of Royal Gold as well as maturing corporate strategies. From 1994 to 1999, he served as Vice President and then as Group Vice President at ABN AMRO Bank N.V. He joined Royal Gold in 2006 and has been instrumental in the growth by successfully led business development efforts as Vice President, Corporate Development from February 2007 to May 2018. He has years of corporate finance experience, with years in project and corporate finance in the metals and mining industry. From 1987 to 1994, he was a Senior Credit Analyst and an Associate at Chemical Bank Manufacturers Hanover. Previously, Mr. Heissenbuttel was employed in various capacities as the Senior Vice President at N M Rothschild & Sons, (Denver) Inc. from 2000 to 2006 and was responsible for the natural resources sector lending team for the Americas and also served as its Vice President from 1999 to 2000. Prior to joining Rothschild, Mr. Heissenbuttel was employed for five years at ABN AMRO Bank N.V. where he established their U.S. based mining project finance business. Mr. Heissenbuttel holds a M.B.A. degree with a specialization in Finance from the University of Chicago and a B.A. degree in Political Science and Economics from Northwestern University.

CEO Compensation
  • Bill's compensation has increased in line with Royal Gold recently becoming profitable.
  • Bill's remuneration is lower than average for companies of similar size in United States of America.
Management Team Tenure

Average tenure and age of the Royal Gold management team in years:

1.4
Average Tenure
50
Average Age
  • The average tenure for the Royal Gold management team is less than 2 years, this suggests a new team.
Management Team

Bill Heissenbuttel

TITLE
President
COMPENSATION
$2M
AGE
54
TENURE
0.2 yrs

Mark Isto

TITLE
Executive VP & COO
COMPENSATION
$2M
AGE
59
TENURE
3.7 yrs

Dan Breeze

TITLE
Vice President of Corporate Development at RGLD Gold AG
COMPENSATION
$1M
AGE
46
TENURE
1.4 yrs

Paul Libner

TITLE
CFO & Treasurer
TENURE
0.2 yrs

Randy Shefman

TITLE
VP & General Counsel
TENURE
0.2 yrs

Jason Hynes

TITLE
Director of Business Development & Global Sales
AGE
41
TENURE
6.7 yrs

Alistair Baker

TITLE
Director of Business Development
TENURE
5 yrs
Board of Directors Tenure

Average tenure and age of the Royal Gold board of directors in years:

5.8
Average Tenure
64
Average Age
  • The tenure for the Royal Gold board of directors is about average.
Board of Directors

Bill Hayes

TITLE
Independent Chairman of the Board
COMPENSATION
$356K
AGE
74
TENURE
5.8 yrs

Bill Heissenbuttel

TITLE
President
COMPENSATION
$2M
AGE
54
TENURE
0.2 yrs

Ron Vance

TITLE
Independent Director
COMPENSATION
$232K
AGE
67
TENURE
6.8 yrs

C. McArthur

TITLE
Independent Director
COMPENSATION
$223K
AGE
64
TENURE
6 yrs

Chris Thompson

TITLE
Independent Director
COMPENSATION
$217K
AGE
71
TENURE
5.8 yrs

Jamie Sokalsky

TITLE
Independent Director
COMPENSATION
$220K
AGE
62
TENURE
4.6 yrs

Sybil Veenman

TITLE
Independent Director
COMPENSATION
$223K
AGE
55
TENURE
3.2 yrs
Who owns this company?
Recent Insider Trading
  • No 3 month open market individual insider trading information.
Recent Insider Transactions
Announced Type Name Entity Role Start End Shares Max Price ($) Value ($)
29. Aug 19 Sell Tony Jensen Individual 27. Aug 19 27. Aug 19 -10,032 $134.70 $-1,351,310
28. Aug 19 Sell Bruce Kirchhoff Individual 27. Aug 19 27. Aug 19 -1,593 $132.72 $-211,423
20. Aug 19 Sell Bruce Kirchhoff Individual 20. Aug 19 20. Aug 19 -1,417 $127.16 $-180,186
14. Aug 19 Sell Tony Jensen Individual 13. Aug 19 13. Aug 19 -46,570 $124.59 $-5,802,156
14. Aug 19 Sell William Hayes Individual 13. Aug 19 13. Aug 19 -18,369 $125.00 $-2,296,125
14. Jun 19 Sell Ronald Vance Individual 14. Jun 19 14. Jun 19 -1,930 $94.77 $-182,906
12. Jun 19 Sell Tony Jensen Individual 12. Jun 19 12. Jun 19 -31,936 $93.62 $-2,989,848
07. Jun 19 Sell Tony Jensen Individual 05. Jun 19 05. Jun 19 -26,592 $92.22 $-2,452,314
X
Management checks
We assess Royal Gold's management by checking for:
  1. Is the CEO's compensation unreasonable compared to market cap? (1 check)
  2. Has the CEO's compensation increased more than 20% whilst the EPS is down more then 20%? (1 check)
  3. Is the average tenure of the management team less than 2 years? (1 check)
  4. Is the average tenure of the board of directors team less than 3 years? (1 check)
  5. Royal Gold has a total score of 0/6, this is not included on the snowflake, see the detailed checks below.


Note: We use the top 6 management executives and board members in our calculations.

Note 2: Insider trading include any internal stakeholders and these transactions .

Full details on the Management part of the Simply Wall St company analysis model.

RGLD News

Simply Wall St News

How Do Analysts See Royal Gold, Inc. (NASDAQ:RGLD) Performing In The Next 12 Months?

Overall, analyst consensus outlook appear vastly optimistic, with earnings expected to grow by a high double-digit of 78% in the upcoming year, compared with the past 5-year average growth rate of -16%. … To reduce the year-on-year volatility of analyst earnings forecast, I've inserted a line of best fit through the expected earnings figures to determine the annual growth rate from the slope of the line. … NasdaqGS:RGLD Past and Future Earnings, September 3rd 2019 From the current net income level of US$94m and the final forecast of US$186m by 2022, the annual rate of growth for RGLD’s earnings is 2.9%.

Simply Wall St -

Royal Gold, Inc. (NASDAQ:RGLD): Immense Growth Potential?

The latest earnings release Royal Gold, Inc.'s (NASDAQ:RGLD) announced in August 2019 confirmed that the company turned profitable again after incurring negative earnings in the previous financial year. … Today I want to provide a brief commentary on how market analysts predict Royal Gold's earnings growth trajectory over the next couple of years and whether the future looks brighter. … See our latest analysis for Royal Gold Analysts' outlook for the coming year seems buoyant, with earnings expanding by a significant 81%.

Simply Wall St -

Should You Consider Royal Gold, Inc. (NASDAQ:RGLD)?

I've been keeping an eye on Royal Gold, Inc. … For those interested in understanding where the figures come from and want to see the analysis, take a look at the report on Royal Gold here. … Excellent balance sheet with moderate growth potential Next Steps: For Royal Gold, there are three pertinent aspects you should look at: We aim to bring you long-term focused research analysis driven by fundamental data.

Simply Wall St -

Should You Worry About Royal Gold, Inc.'s (NASDAQ:RGLD) CEO Pay Cheque?

Check out our latest analysis for Royal Gold How Does Tony Jensen's Compensation Compare With Similar Sized Companies? … A first glance this seems like a real positive for shareholders, since Tony Jensen is paid less than the average total compensation paid by similar sized companies. … It's well worth noting that while Tony Jensen is paid less than most company leaders (at similar sized companies), there isn't much EPS growth.

Simply Wall St -

With A 4.1% Return On Equity, Is Royal Gold, Inc. (NASDAQ:RGLD) A Quality Stock?

The formula for return on equity is: Return on Equity = Net Profit ÷ Shareholders' Equity Or for Royal Gold: 4.1% = US$94m ÷ US$2.2b (Based on the trailing twelve months to March 2019.) Most know that net profit is the total earnings after all expenses, but the concept of shareholders' equity is a little more complicated. … Does Royal Gold Have A Good Return On Equity? … Royal Gold's Debt And Its 4.1% ROE While Royal Gold does have some debt, with debt to equity of just 0.17, we wouldn't say debt is excessive.

Simply Wall St -

Royal Gold, Inc. (NASDAQ:RGLD): Financial Strength Analysis

View our latest analysis for Royal Gold RGLD’s Debt (And Cash Flows) RGLD's debt levels have fallen from US$422m to US$363m over the last 12 months , which also accounts for long term debt. … On top of this, RGLD has generated cash from operations of US$258m during the same period of time, resulting in an operating cash to total debt ratio of 71%, indicating that RGLD’s current level of operating cash is high enough to cover debt. … Next Steps: RGLD’s high cash coverage and low debt levels indicate its ability to utilise its borrowings efficiently in order to generate ample cash flow.

Simply Wall St -

Should You Buy Royal Gold, Inc. (NASDAQ:RGLD) For Its Dividend?

Royal Gold paid out 73% of its profit as dividends, over the trailing twelve month period. … Of the free cash flow it generated last year, Royal Gold paid out 26% as dividends, suggesting the dividend is affordable. … Royal Gold has been paying dividends for a long time, but for the purpose of this analysis, we only examine the past 10 years of payments.

Simply Wall St -

Have Insiders Been Selling Royal Gold, Inc. (NASDAQ:RGLD) Shares This Year?

As Peter Lynch said, 'insiders might sell their shares for any number of reasons, but they buy them for only one: they think the price will rise.'. … That means that an insider was selling shares at around the current price of US$86.83 … While insider selling is a negative, to us, it is more negative if the shares are sold at a lower price

Simply Wall St -

Should You Be Pleased About The CEO Pay At Royal Gold, Inc.'s (NASDAQ:RGLD)

has a market capitalization of US$6.2b, and pays its CEO total annual compensation worth US$3.9m. … While this analysis focuses on total compensation, it's worth noting the salary is lower, valued at US$750k … We examined companies with market caps from US$4.0b to US$12b, and discovered that the median CEO total compensation of that group was US$6.4m.

Simply Wall St -

What Kind Of Shareholder Appears On The Royal Gold, Inc.'s (NASDAQ:RGLD) Shareholder Register?

With a market capitalization of US$5.9b, Royal Gold is rather large. … We'd expect to see institutional investors on the register. … Check out our latest analysis for Royal Gold

Simply Wall St -

RGLD Company Info

Description

Royal Gold, Inc., together with its subsidiaries, acquires and manages precious metal streams, royalties, and related interests. It focuses on acquiring stream and royalty interests or to finance projects that are in production or in development stage in exchange for stream or royalty interests, which primarily consists of gold, silver, copper, nickel, zinc, lead, cobalt, and molybdenum. As of June 30, 2019, the company owned interests in 186 properties on 5 continents, including interests on 41 producing mines and 16 development stage projects. Its principal producing stream and royalty interests on properties are located in the United States, Canada, Chile, the Dominican Republic, Ghana, and Mexico. The company also holds stream and royalty interests in mines and projects in other countries, including Argentina, Australia, Bolivia, Botswana, Brazil, Burkina Faso, Guatemala, Honduras, Macedonia, Nicaragua, Peru, Russia, Spain, and Tunisia. Royal Gold, Inc. was founded in 1981 and is headquartered in Denver, Colorado.

Details
Name: Royal Gold, Inc.
RGLD
Exchange: NasdaqGS
Founded: 1981
$6,011,730,623
65,572,978
Website: http://www.royalgold.com
Address: Royal Gold, Inc.
1144 15th Street,
Suite 2500,
Denver,
Colorado, 80202,
United States
Listings
Exchange Symbol Ticker Symbol Security Exchange Country Currency Listed on
NasdaqGS RGLD Common Stock Nasdaq Global Select US USD 09. Jun 1981
DB RG3 Common Stock Deutsche Boerse AG DE EUR 09. Jun 1981
LSE 0KXS Common Stock London Stock Exchange GB USD 09. Jun 1981
BRSE RG3 Common Stock Berne Stock Exchange CH CHF 09. Jun 1981
BMV RGLD * Common Stock Bolsa Mexicana de Valores MX MXN 09. Jun 1981
Number of employees
Current staff
Staff numbers
23
Royal Gold employees.
Industry
Gold
Materials
Company Analysis and Financial Data Status
Area Date (UTC time)
Company Analysis updated: 2020/03/31 00:14
End of day share price update: 2020/03/30 00:00
Last estimates confirmation: 2020/03/30
Last earnings filing: 2020/02/06
Last earnings reported: 2019/12/31
Last annual earnings reported: 2019/06/30


All dates and times in UTC. All financial data provided by Standard & Poor’s Capital IQ.

Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more here.