RGLD

Royal Gold is a precious-metals royalty and streaming company, not a miner — it owns the right to a slice of production across 18 producing streams and 63 producing royalty properties without funding capital, exploration, or operating costs (except its Hod Maden JV). That asset-light structure shows up in extraordinary unit economics: FY2025 gross margin of 69.3%, operating margin of 61.9%, and net margin of 45.2%, on revenue that grew 43.2% to $1.03B and net income of $466M (+40.4%). Operating cash flow of $705M dwarfs the modest $119M dividend, and the balance sheet is lightly levered at 0.33x liabilities/equity.

FY2025 was transformational: the October 2025 acquisition of Sandstorm Gold and Horizon Copper added a large portfolio of royalty/stream interests, funded mostly with stock (18.6M shares issued, share count up 29%) plus cash. That explains the 181% jump in total assets to $9.54B and the 794% rise in liabilities (still only $2.33B against $7.16B equity). Underlying drivers remain strong — gold prices have been a powerful tailwind, and the Mount Milligan pre-feasibility study extended that key stream's mine life roughly 10 years to 2045 with ~150,000 oz/year of gold, derisking a meaningful revenue source.