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Royal Gold RGLD

Royal Gold scores excellent on business quality (7.8 of 10). Here is why, in plain words, and what our sealed record shows.

Last price$236.23Oct 10, 2026
Business qualityExcellent
Next earningsNov 4, 2026
Insiders, 90 daysSelling

Why it matters

  1. What Royal Gold does

    Royal Gold acquires and manages precious metal streams and royalties. Mining operators pay them a percentage of metal production in exchange for upfront financing, avoiding operational risk.

  2. What it does best

    Royal Gold excels at converting top-line revenue into industry-leading gross margins of 86.2%, vastly outperforming peers like AU at 54.8%. This asset-light model avoids mining inflation entirely.

  3. The main risk

    Partner-operator execution failure remains the core threat. Because Royal Gold does not operate mines, any operational delays or cost overruns by partners directly compress cash generation.

Quality, check by check

Scored against its own industry, from company filings.

ProfitabilityFair

Gross margins reach an elite 86.2%, though net margins sit at 47.7% and FCF margin lags at 10%. High upfront financing costs limit immediate cash conversion despite strong revenue scale.

MoatFair

Its moat stems from diversified contractual royalty rights over major mining assets, placing gross margins in the 99th sector percentile. Operators cannot easily replicate these multi-decade contracts.

GrowthFast

Revenue surged 43.3% to $1.5B, driven by strong commodity production and royalty deliveries. This rate accelerates significantly compared to historical periods.

Financial healthStrong

Debt-to-equity sits at 0.1, backed by interest coverage of 19.7x making debt servicing a minor expense. Free cash flow dropped to zero due to capital deployment, leaving the balance sheet in a softer position.

Insiders

Executives and directors, from SEC Form 4 filings we read ourselves. Open market trades only; grants, option exercises and pre-planned sales left out.

1 sold $131K outside pre-planned sales.

Our sealed record on RGLD

Verdicts appear here 30 days after we publish them; members see today's. Each one is in the nightly ledger, fingerprinted the night it was made.

The first sealed verdicts appear here on Oct 11, 2026.

Questions

Is RGLD a good business?

Royal Gold scores excellent on the Cluenex quality check (7.8 of 10), measured against its own industry. Profitability is fair, moat fair, growth fast and financial health strong.

Are insiders buying RGLD?

In the last 90 days of SEC Form 4 filings: 1 sold $131K outside pre-planned sales.

When does RGLD report earnings?

Nov 4, 2026.

For members

See RGLD today

  • Today's verdict on RGLD, and why
  • Fair value with cautious, base and optimistic cases
  • The exact price that would change the verdict
  • Which stocks each signal names, the night it fires
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Cite this page: Cluenex, “Royal Gold (RGLD)”, https://cluenex.com/stocks/rgld/, data as of Oct 10, 2026.