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ZYBERNO

Stock Report

Updated Aug 29, 2026

Royal Gold, Inc (RGLD)

Materials • NASDAQ

$267.70

Royal Gold Inc. is an American precious metals royalty and streaming company headquartered in Denver, Colorado, that acquires and manages precious metals royalties, streams, and similar production-based interests. Focusing on gold, silver, and copper interests, the company has royalty and stream agreements on approximately 40 producing properties and 15 development-stage properties across the Americas, Africa, and Australia.

Professional Investment Analysis

ZYBERNO SCORE →

Is it a great business? Is it getting better?

61.0/100

AVERAGE BUSINESS

Royal Gold, Inc (RGLD) scores 61/100 — decent metrics but limited evidence of durable competitive advantage.

📊 How is the Zyberno Score calculated? +

The Zyberno Score answers one question: "Is this a quality business worth owning?" It's a 0-100 investment grade that evaluates business fundamentals across four critical dimensions, based on principles from Warren Buffett, Benjamin Graham, Peter Lynch, and Charlie Munger.

The 4 Core Categories (25 points each):

1. PROFITABILITY (25 pts)

Metrics: ROE, ROIC, Net Margin, Operating Margin
Thresholds: ROE >20% excellent • ROIC >20% excellent • Net Margin >20% excellent • Operating Margin >25% excellent

2. FINANCIAL STRENGTH (25 pts)

Metrics: Debt-to-Equity, Current Ratio, Interest Coverage, Altman Z-Score
Thresholds: D/E <0.3 excellent • Current Ratio >2.5 excellent • Interest Coverage >10x excellent • Altman Z >3.0 safe

3. CASH FLOW QUALITY (25 pts)

Metrics: Free Cash Flow, OCF vs Net Income, FCF Margin
Thresholds: Positive & growing FCF excellent • OCF/NI >1.2x excellent (cash earnings exceed accounting)

4. GROWTH & CONSISTENCY (25 pts)

Metrics: Revenue Growth, Net Income Growth, FCF Growth, Piotroski F-Score
Thresholds: Growth via log-linear regression • Piotroski 8-9 excellent, 6-7 good

Score Interpretation:

75-100

GREAT BUSINESS

65-74

GOOD BUSINESS

50-64

AVERAGE BUSINESS

30-49

WEAK BUSINESS

0-29

POOR BUSINESS

→ View full RGLD quality analysis & detailed breakdown

VALUATION SIGNAL

MARGIN OF SAFETY

Is this stock cheap or expensive relative to what the business has historically generated for owners?

Margin of Safety unavailable — insufficient data for the owner-earnings DCF.

BRINA GAP ↗

Is the market underestimating or overestimating what this business is capable of going forward?

-9.9%

Market Overestimates

💰 How is Margin of Safety calculated? +

Margin of Safety measures how much discount or premium you're paying relative to a stock's intrinsic value. It's Benjamin Graham's core principle: the larger the margin, the lower your downside risk.

Formula: (Intrinsic Value − Current Price) ÷ Intrinsic Value × 100%

How We Calculate Intrinsic Value (DCF Method):

Step 1: Calculate current Owner Earnings (OCF − Maintenance CapEx)

Step 2: Calculate company-specific growth rate using log-linear regression on 16 quarters of Owner Earnings

Step 3: Project 10 years forward using the calculated growth rate

Step 4: Discount each year's cash flow to present value using 10% discount rate

Step 5: Calculate terminal value using 3% perpetual growth rate

Step 6: Sum all discounted cash flows = Intrinsic Value

What The Percentages Mean:

+50% or more

EXCELLENT — Very undervalued

+25% to +50%

GOOD — Attractive discount

0% to +25%

FAIR — Reasonable value

0% to -25%

CAUTION — Slight premium

-25% or worse

POOR — Overvalued

"Price is what you pay, value is what you get." — Warren Buffett

→ View full RGLD valuation analysis · → View full RGLD Brina Gap analysis

📈 How is Brina Gap calculated? +

Brina Gap measures the difference between the growth a business can fundamentally sustain and the growth the market is already pricing in.

Formula: Fundamental Growth Rate − Market-Implied Growth Rate

The Two Components:

Fundamental Growth Rate = ROIC × Reinvestment Rate

What the business can sustainably grow at based on how much it reinvests and what return it earns on that capital. Grounded in historical financials.

Market-Implied Growth Rate = Reverse DCF

The growth rate the current Enterprise Value implicitly assumes. Calculated by back-solving a 10-year DCF model (10% WACC, 3% terminal growth) until the present value of projected cash flows equals EV.

What The Gap Means:

Gap > +5% Market Underestimates — potential upside

+2% to +5% Slight Underestimate

-2% to +2% Fairly Priced — market consensus matches fundamentals

-5% to -2% Slight Overestimate

Gap < -5% Market Overestimates — price embeds optimism fundamentals don't support

A positive gap (market underestimates) combined with a positive Margin of Safety is the strongest combined signal — the business is both cheap historically and forward economics are stronger than the price suggests.

Critical Financial Health Indicators

Return on Equity (Profitability):AVERAGE (11.5%)

Debt-to-Equity (Solvency Risk):EXCELLENT (0.05x)

Operating Margin (Operational Efficiency):EXCELLENT (61.4%)

Return on Capital (Capital Efficiency):POOR (9.7%)

📊 Valuation Trilogy

Three interconnected metrics for complete valuation analysis

Click any metric for full methodology and detailed analysis

Zyberno's Verdict

Royal Gold, Inc (RGLD) stock report — Zyberno Score 61/100 (AVERAGE BUSINESS). Full financial analysis on Zyberno.

According to Zyberno's DCF model, Royal Gold, Inc (RGLD) shows a Brina Gap of -9.9%, which weakens the case: based on the company's ROIC (9.7%) and reinvestment rate (30.7%), the business can fundamentally grow at 3.0% — but the current enterprise value implies the market expects 12.9%.

DIVISION I: EXECUTIVE SUMMARY

A. Market Valuation

Market Price & Capitalization (2)

Current Price:267.70

Market Cap:$22.70B

Valuation Multiples (4)

P/E Ratio:

29.61x

📊 Click to view full RGLD P/E analysis →

P/B Ratio:2.97x

P/S Ratio:14.67x

Peg Ratio:0.91x

Enterprise Metrics (2)

Enterprise Value:$22.94B

Ev Ebitda Ratio:18.35x

Price Action & Momentum (3)

12-1 Momentum:

+33.9% (57th pctile)

📈 Click to view full RGLD Momentum analysis →

Momentum Percentile:57 / 100

% of 52-Week High:87.4%

B. Profitability Assessment

Return Metrics (7)

ROE:

11.5%

📊 Click to view full RGLD ROE analysis →

ROA:9.0%

Roic:

9.7%

📊 Click to view full RGLD ROIC analysis →

Reinvestment Rate:30.7%

Fundamental Growth Rate (g):3.0%

Market-Implied Growth Rate:12.9%

Brina Gap:

-9.9%

☷ Click to view full RGLD Brina Gap analysis →

Margin Analysis (3)

Operating Margin Ttm:61.4%

Net Margin Ttm:47.7%

Ebitda Margin:80.8%

TTM Performance (3)

Gross Margin Ttm:66.8%

Operating Margin Ttm:61.4%

Net Margin Ttm:47.7%

Yield Metrics (2)

Earnings Yield:$3.38

Dividend Yield:0.6%

C. Log-Linear Regression Growth Trends

Earnings Surprise (SUE) (3)

Earnings Surprise (SUE):

+0.87

📊 Click to view full RGLD Earnings Surprise analysis →

EPS Surprise vs Expected:20.5%

Latest Earnings Filed:2026-08-06

Revenue Growth (Linear) (1)

Revenue Growth Rate (Linear):35.0%

Earnings Growth (Linear) (1)

Net Income Growth Rate (Linear):49.6%

Cash Flow Growth (Linear) (1)

Operating Cash Flow Growth Rate (Linear):25.6%

Operating Growth (Linear) (1)

Operating Income Growth Rate (Linear):48.7%

D. Financial Stability

Liquidity Ratios (3)

Current Ratio:2.92x

Quick Ratio:2.68x

Cash Ratio:1.44x

Leverage Analysis (3)

Debt To Equity Ttm:0.05x

Debt-to-Equity Ratio:0.05x

Debt To Ebitda:0.34x

Coverage Ratios (1)

Times Interest Earned:-999.00

Capital Structure (4)

Working Capital:243,487,000.00

Cash And Cash Equivalents:182,468,000.00

Long Term Debt:$395.89M

Net Debt:$243.46M

DIVISION II: FINANCIAL STATEMENTS ANALYSIS

A. Income Statement Analysis

Revenue Components (2)

Revenue TTM: $1.55B

Linear Growth: 35.0%

📊 Click to view full RGLD Revenue analysis & methodology →

Cost Of Revenue Ttm:$0.00

Profitability Breakdown (2)

Gross profit TTM: $1.03B

Linear Growth: 46.0%

📊 Click to view full RGLD Gross Profit analysis & methodology →

Operating income TTM: $950.25M

Linear Growth: 48.7%

📊 Click to view full RGLD Operating Income analysis & methodology →

Bottom Line Performance (3)

Net income TTM: $737.96M

Linear Growth: 49.6%

📊 Click to view full RGLD Net Income analysis & methodology →

Income Before Tax:$909.79M

Ebitda Ttm:1,250,254,000.00

Operating Expenses (5)

Operating Expenses:599,386,000.00

R And D Expense:0.00

Sga Expense:58,827,000.00

Income Tax Expense:$165.00M

Interest Expense:0.00

Expense Ratios (3)

R And D To Revenue Percentage:0.0%

Sga To Revenue Percentage:13.1%

Ebitda Margin:80.8%

B. Balance Sheet Analysis

Asset Composition (5)

Total Assets:$9.45B

Current Assets:$370.04M

Ppe Net:0.00

Goodwill:0.00

Intangible Assets:$0.00

Liability Structure (4)

Total Liabilities:1,815,662,000.00

Current Liabilities:126,548,000.00

Long Term Debt:$395.89M

Short Term Debt:$30.03M

Equity & Capital (3)

Equity:$7.63B

Retained Earnings:$1.66B

Common Stock:200,000,000.00

Working Capital Items (3)

Accounts Receivable:0.00

Inventory:30,486,000.00

Accounts Payable:4,635,000.00

Special Items (2)

Contract Liabilities:0.00

Stock Based Compensation:3,294,000.00

C. Cash Flow Analysis

Operating Activities (2)

Operating cash flow TTM: $862.04M

Linear Growth: 25.6%

$0.00

Investment Activities (1)

Investing Cash Flow:$34.11M

Financing Activities (3)

Financing Cash Flow:-$327.25M

Dividends Paid Ttm:129,100,000.00

Stock Repurchase:30,000,000.00

Capital Transactions (3)

Common Stock Issuance:0.00

Long Term Debt Issuance:$0.00

Long Term Debt Repayments:$300.00M

Non-Cash Items (1)

Depreciation Amortization Ttm:300,009,000.00

DIVISION III: OPERATIONAL METRICS

A. Per Share Analysis

Earnings Per Share (3)

EPS (Basic TTM):9.06

Eps diluted TTM: $9.04

Linear Growth: 40.5%

📊 Click to view full RGLD EPS analysis & methodology →

Earnings Per Share Ttm:$8.70

Revenue & Cash Per Share (2)

Sales Per Share Ttm:18.25

Operating Cash Flow Per Share:$8.31

Book Value & Capital (2)

Book Value Per Share:$90.04

Cash Per Share:2.15

Dividend Policy (1)

Dividend Payout Ratio:16.34x

B. Operational Efficiency

Asset Utilization (2)

Asset Turnover Ttm:0.19x

Working Capital Turnover Ttm:6.35x

Receivables Management (2)

Receivables Turnover Ttm:-999.00x

Days Sales Outstanding Ttm:-999.00

Inventory Management (2)

Inventory Turnover Ttm:50.75x

Days Inventory Outstanding Ttm:7.19

Payables & Cash Cycle (2)

Days Payable Outstanding:1.09

Cash Conversion Cycle:-992.90

C. Quality & Risk Metrics

Financial Quality Scores (2)

Financial Strength Score:100.00

Quality Score:100.00

Market Metrics (2)

Beta:0.00x

Volatility Category:unknown

DIVISION IV: INVESTMENT ANALYSIS

A. Value Investment Framework

Damodaran Growth Analysis (4)

Reinvestment Rate:30.7%

Fundamental Growth Rate (g):3.0%

Market-Implied Growth Rate:12.9%

Brina Gap:

-9.9%

☷ Click to view full RGLD Brina Gap analysis →

B. Log-Linear Regression Growth Analysis

Growth Rates (Log-Linear Regression) (3)

Revenue Growth Rate (Linear):35.0%

Net Income Growth Rate (Linear):49.6%

Operating Income Growth Rate (Linear):48.7%

Cash Flow Growth Rates (1)

Operating Cash Flow Growth Rate (Linear):25.6%

Other Growth Rates (2)

Gross Profit Growth Rate (Linear):46.0%

Book Value Growth Rate (Linear):26.6%

C. Company Profile & Context

Corporate Information (6)

Symbol:RGLD

Company Name:Royal Gold, Inc

Sector:Materials

Industry:Mineral Royalty Traders

Exchange:NASDAQ

Country:United States

Market Classification (3)

Market Cap Category:N/A

Price Category:premium

Volume Category:N/A

Share Structure (3)

Shares Outstanding:84.78M

Shares Outstanding Basic:84.78M

Shares Outstanding Diluted:85.05M

Data Processing Info (3)

Processing Version:v3.0

Last Updated:2026-08-29 03:24:49 UTC

Data Timestamp:2026-08-29T03:24:49.707847