Credit and interest ratesnegative · 5 filings
“The increase was primarily due to higher interest expense as a result of higher average amounts outstanding under our revolving credit facility compared to the prior year period.”10-Q · Aug 6, 2026 ↗
Royal Gold, Inc.
RGLD
Market read
Royal Gold, Inc.'s move is spreading beyond its market group.
RGLD accounts for 9.1% of the group's measured movement across 3.5 effective names. all 7 measured members are falling in raw terms, but 5 of 7 SPY-adjusted paths align to the upside. Capital-flow agreement is 41%, so confirmation is not yet clean. No verified headline preceded the measured group move.
MOVE ANATOMY
SPY-adjusted 5m pathsIs this move genuinely shared?
Role in the moveAligned contributor#5 of 7 by movement share
Group movement share9.1%Absolute path energy—not portfolio weight
Relative path+0.32%aligned
Effective breadth3.5 / 7concentrated
Relative alignment5/7upside path · 1 counter-moving
Capital-flow agreement41%not yet clean
SEQUENCE READ
SVM, AEM, BVN moved materially before RGLD. RGLD crossed its material path threshold at 09:55 ET. PSLV, PHYS, USAS followed.
What changed
- Revenue increased 142.5% versus the comparable filing period.
- Gross margin fell 2.3 percentage points.
EVIDENCE COVERAGE
5 of 7 members in Gold Mining are active. 2 of 8 disclosed connections are confirming.
What would change this read
Watch this read- At least 5 of 7 durable members become active together.
- Capital-flow agreement rises above 55%.
- NEM remains aligned with the group in the next market snapshot.
Invalidation: The live read weakens if participation falls to 2 of 7 members or fewer.
Research brief
The story so far
RGLD accounts for 9.1% of the group's measured movement across 3.5 effective names. all 7 measured members are falling in raw terms, but 5 of 7 SPY-adjusted paths align to the upside. Capital-flow agreement is 41%, so confirmation is not yet clean. No verified headline preceded the measured group move.
Evidence that supports
- Revenue increased 142.5% versus the comparable filing period.
- Net income increased 147.7% versus the comparable filing period.
Evidence that challenges
- Gross margin fell 2.3 percentage points.
What would clarify the read
- At least 5 of 7 durable members become active together.
- Capital-flow agreement rises above 55%.
- NEM remains aligned with the group in the next market snapshot.
Company research
Understand the business, not just the ticker
Business model and earnings drivers
Use the company’s filings to identify the few operating, demand, cost, capital and regulatory variables that determine its earnings power.
Key research questions
- Which operating variable is changing?
- Is that change durable, cyclical or one-off?
- What evidence would disprove the current interpretation?
Annual periods9
Price observations346
Usable filing statements117
Verified relationships12
Evidence supporting the case
- Latest annual revenue changed +43.2% year over year.
- Operating margin changed +2.2 percentage points in the latest annual period.
Evidence challenging the case
- Diluted shares increased 5.8% in the latest annual period.
- Credit and interest rates has repeated adverse evidence across 5 filings.
Questions before a position
- P/E is 91% above the available filing-peer median; determine whether growth and quality justify the difference.
- EV/sales is 119% above the available filing-peer median; determine whether growth and quality justify the difference.
Longer-term price context
Price as of Oct 7, 2026
227.816m-15.1%12m+11.9%24m—
Annual trajectory
Reported annual revenue and per-share history. This is accounting history, not a forecast.
PeriodRevenueYoYDiluted EPSShare change
2021-12-31$653.6M+6.1%—-0.0%
2022-12-31$603.2M-7.7%—+0.1%
2023-12-31$605.7M+0.4%—+0.1%
2024-12-31$719.4M+18.8%—+0.1%
2025-12-31$1.0B+43.2%—+5.8%
What management says matters
Persistent and emerging business drivers
Valuation discipline
Descriptive valuation snapshot
Price/sales 15.4× · EV/sales 16.0×. Comparisons use only industry-matched filing peers.
Scenario scaffold
Mechanical 2.0-year scenarios are available as editable assumptions, not consensus.
Price action
How the market is pricing the story
227.81-2.8% today
Jodie does not have enough daily observations to draw a useful short-term chart for this asset. The latest quoted price was checked 7 Oct, 15:55 GMT-4; this is a coverage limitation, not a flat-price conclusion.
Developments
No sourced recent-development timeline yet
Jodie has not returned a relevant primary source or news item for RGLD. This is an evidence-coverage gap, not a conclusion that nothing material happened.
Business and financial condition
Reported financial figures are not available yet
Jodie has not returned structured SEC XBRL fundamentals for this asset. This is a coverage limitation, not an assessment of the business or its financial health.
Latest filing assessment · baseline
Fundamentals strengthened in the latest filing
10-Q filed 2026-05-07 against the comparable filing from 2025-05-08.
OperationsconstructiveEvidence score +3
liquidityneutralEvidence score 0
valuationpremium
What improved
- Revenue increased 142.5% versus the comparable filing period.
- Net income increased 147.7% versus the comparable filing period.
What weakened
- Gross margin fell 2.3 percentage points.
Filing receipts
“The increase was primarily due to higher interest expense as a result of higher average amounts outstanding under our revolving credit facility compared to the prior year period.”
“The increase was primarily due to higher net cash proceeds received from our stream and royalty interests of $198.1 million, partially offset by higher income tax payments of $20.3 million, higher general and administrative payments of $10.4 million and higher interest payments on outstanding debt of $10.5 million when compared to the prior year period.”
“The increase in working capital was primarily due to higher cash proceeds received from our stream and royalty interests and proceeds from the sale of marketable securities, partially offset by higher principal and interest payments on our debt, higher income tax payments, and higher general corporate costs when compared to the prior year period.”
Retrospective baseline calibration. It was generated after the filing date and is not part of Jodie's live track record.
Business ecosystem
The relationships behind RGLD
Customers, suppliers, partners and competitors named in company filings—not inferred from headlines.
Depends on
EROEro Copper Corp.supplierFeb 19, 2026 ▾
“Additional Xavantina Stream On March 28, 2025, RGLD Gold entered into an additional precious metals purchase agreement (“Additional Stream”) with Ero Gold Corporation, a wholly owned subsidiary of Ero Copper Corporation, and certain of its affiliates for gold…”
TECKTeck Resources LimitedcompetitorMay 7, 2026 ▾
“Teck Resources Limited (“Teck”) expects 2026 gold production at Andacollo to range between 38,000 and 42,000 ounces compared to actual gold production of 35,900 ounces in 2025.”
SLSRFiling-linked namepartnerNov 6, 2025 ▾
“Warintza Project Stream and Royalty On May 21, 2025, RG AG entered into a gold purchase agreement ("Gold Stream Agreement") with Solaris Resources Inc., and a separate net smelter return ("NSR") royalty agreement ("Royalty Agreement") covering all metals with…”
Filing peers
Companies whose filings use similar operating language.
Open the three relationships above to see Jodie’s filing proof. Pro unlocks 13 more links, every receipt, and alerts when connected names begin moving. Unlock the full network →
What is moving around it
Live connections
RGLD is currently a Participant in the organic co-movement group Gold Mining. This group is discovered from market behaviour rather than assigned from an industry taxonomy. 3 filing-linked names are in the relationship map; none is currently confirmed as moving with the group.
Context history
Theme membership history
No durable theme membership has been observed for this name yet.