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GuruFocus Financial Strength Rank measures how strong a company’s financial situation is. It is based on these factors

1. The debt burden that the company has as measured by its Interest coverage (current year).
2. Debt to revenue ratio. The lower, the better
3. Altman Z-score.

A company ranks high with financial strength is likely to withstand any business slowdowns and recessions.

Financial Strength : 7/10

vs
industry
vs
history
Cash to Debt 2.31
RGLD's Cash to Debt is ranked lower than
52% of the 1214 Companies
in the Global Gold industry.

( Industry Median: 4.07 vs. RGLD: 2.31 )
Ranked among companies with meaningful Cash to Debt only.
RGLD' s 10-Year Cash to Debt Range
Min: 0.51  Med: 10000.00 Max: No Debt
Current: 2.31
Equity to Asset 0.80
RGLD's Equity to Asset is ranked higher than
80% of the 658 Companies
in the Global Gold industry.

( Industry Median: 0.58 vs. RGLD: 0.80 )
Ranked among companies with meaningful Equity to Asset only.
RGLD' s 10-Year Equity to Asset Range
Min: 0.75  Med: 0.89 Max: 0.96
Current: 0.8
0.75
0.96
Interest Coverage 3.40
RGLD's Interest Coverage is ranked lower than
89% of the 664 Companies
in the Global Gold industry.

( Industry Median: 10000.00 vs. RGLD: 3.40 )
Ranked among companies with meaningful Interest Coverage only.
RGLD' s 10-Year Interest Coverage Range
Min: 3.4  Med: 33.20 Max: 9999.99
Current: 3.4
3.4
9999.99
F-Score: 4
Z-Score: 3.94
M-Score: -2.92
WACC vs ROIC
6.19%
3.70%
WACC
ROIC
GuruFocus Profitability Rank ranks how profitable a company is and how likely the company’s business will stay that way. It is based on these factors:

1. Operating Margin
2. Trend of the Operating Margin (5-year average). The company with an uptrend profit margin has a higher rank.
••3. Consistency of the profitability
4. Piotroski F-Score
5. Predictability Rank•

The maximum rank is 10. A rank of 7 or higher means a higher profitability and may stay that way. A rank of 3 or lower indicates that the company has had trouble to make a profit.

Profitability Rank is not directly related to the Financial Strength Rank. But if a company is consistently profitable, its financial strength will be stronger.

Profitability & Growth : 6/10

vs
industry
vs
history
Operating margin (%) 31.38
RGLD's Operating margin (%) is ranked higher than
91% of the 738 Companies
in the Global Gold industry.

( Industry Median: 0.76 vs. RGLD: 31.38 )
Ranked among companies with meaningful Operating margin (%) only.
RGLD' s 10-Year Operating margin (%) Range
Min: -940  Med: 46.09 Max: 59.64
Current: 31.38
-940
59.64
Net-margin (%) 18.69
RGLD's Net-margin (%) is ranked higher than
90% of the 739 Companies
in the Global Gold industry.

( Industry Median: -0.08 vs. RGLD: 18.69 )
Ranked among companies with meaningful Net-margin (%) only.
RGLD' s 10-Year Net-margin (%) Range
Min: -880  Med: 36.39 Max: 86.82
Current: 18.69
-880
86.82
ROE (%) 2.21
RGLD's ROE (%) is ranked higher than
72% of the 1159 Companies
in the Global Gold industry.

( Industry Median: -8.98 vs. RGLD: 2.21 )
Ranked among companies with meaningful ROE (%) only.
RGLD' s 10-Year ROE (%) Range
Min: -56.96  Med: 6.22 Max: 50.08
Current: 2.21
-56.96
50.08
ROA (%) 1.79
RGLD's ROA (%) is ranked higher than
76% of the 1236 Companies
in the Global Gold industry.

( Industry Median: -7.20 vs. RGLD: 1.79 )
Ranked among companies with meaningful ROA (%) only.
RGLD' s 10-Year ROA (%) Range
Min: -53.82  Med: 5.79 Max: 45.67
Current: 1.79
-53.82
45.67
ROC (Joel Greenblatt) (%) 4.12
RGLD's ROC (Joel Greenblatt) (%) is ranked higher than
73% of the 1199 Companies
in the Global Gold industry.

( Industry Median: -9.11 vs. RGLD: 4.12 )
Ranked among companies with meaningful ROC (Joel Greenblatt) (%) only.
RGLD' s 10-Year ROC (Joel Greenblatt) (%) Range
Min: -159.32  Med: 12.33 Max: 70.55
Current: 4.12
-159.32
70.55
Revenue Growth (3Y)(%) -2.30
RGLD's Revenue Growth (3Y)(%) is ranked higher than
50% of the 544 Companies
in the Global Gold industry.

( Industry Median: -2.00 vs. RGLD: -2.30 )
Ranked among companies with meaningful Revenue Growth (3Y)(%) only.
RGLD' s 10-Year Revenue Growth (3Y)(%) Range
Min: -37.9  Med: 18.80 Max: 124.6
Current: -2.3
-37.9
124.6
EBITDA Growth (3Y)(%) -12.00
RGLD's EBITDA Growth (3Y)(%) is ranked higher than
54% of the 760 Companies
in the Global Gold industry.

( Industry Median: -14.20 vs. RGLD: -12.00 )
Ranked among companies with meaningful EBITDA Growth (3Y)(%) only.
RGLD' s 10-Year EBITDA Growth (3Y)(%) Range
Min: -41.5  Med: 20.25 Max: 146.6
Current: -12
-41.5
146.6
EPS Growth (3Y)(%) -20.80
RGLD's EPS Growth (3Y)(%) is ranked lower than
57% of the 702 Companies
in the Global Gold industry.

( Industry Median: -15.70 vs. RGLD: -20.80 )
Ranked among companies with meaningful EPS Growth (3Y)(%) only.
RGLD' s 10-Year EPS Growth (3Y)(%) Range
Min: -20.8  Med: 14.30 Max: 91.3
Current: -20.8
-20.8
91.3
» RGLD's 10-Y Financials

Financials


Revenue & Net Income
Cash & Debt
Oprt. Cash Flow & Free Cash Flow

» Details

Guru Trades

Q3 2014

RGLD Guru Trades in Q3 2014

Murray Stahl 99,338 sh (New)
Jim Simons 483,709 sh (+149.71%)
Chuck Royce 2,600 sh (+15.56%)
First Eagle Investment 912,534 sh (+5.20%)
Ray Dalio 59,200 sh (+4.23%)
Mario Gabelli 23,500 sh (-0.84%)
» More
Q4 2014

RGLD Guru Trades in Q4 2014

Murray Stahl 452,213 sh (+355.23%)
Ray Dalio 70,700 sh (+19.43%)
First Eagle Investment 1,050,637 sh (+15.13%)
Mario Gabelli 23,500 sh (unchged)
Chuck Royce 2,200 sh (-15.38%)
Jim Simons 69,509 sh (-85.63%)
» More
Q1 2015

RGLD Guru Trades in Q1 2015

Joel Greenblatt 9,975 sh (New)
Chuck Royce 22,100 sh (+904.55%)
Murray Stahl 612,037 sh (+35.34%)
Ray Dalio 71,600 sh (+1.27%)
First Eagle Investment 1,050,125 sh (-0.05%)
Mario Gabelli 22,780 sh (-3.06%)
Jim Simons 3,300 sh (-95.25%)
» More
Q2 2015

RGLD Guru Trades in Q2 2015

Julian Robertson 77,500 sh (New)
Jim Simons 22,209 sh (+573.00%)
First Eagle Investment 2,938,561 sh (+179.83%)
Murray Stahl 732,122 sh (+19.62%)
Joel Greenblatt Sold Out
Ray Dalio 70,800 sh (-1.12%)
Mario Gabelli 22,380 sh (-1.76%)
Chuck Royce 19,900 sh (-9.95%)
» More
» Details

Insider Trades

Latest Guru Trades with RGLD

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Guru Investment Theses on Royal Gold Inc

Murray Stahl’s Horizon Kinetics Comments on Royal Gold Inc - Dec 22, 2014

An idiosyncratic security with benefits – a diversifier

Let’s find a contrasting investment to a utility index or a REIT index, which are front and center as bond substitutes or asset allocation building blocks. They are therefore closely governed in valuation and price behavior by the asset flows of index investors and, so, might be particularly vulnerable to a rise in interest rates. Consider, instead, a very distinctive security like Royal Gold, Inc (RGLD). It is categorized in financial securities databases like a gold mining company. Yet it does not do any mining, and on a balance sheet and income statement basis has as little in common with gold mining as Microsoft (MSFT): it has virtually no property, plant, or equipment, it carries no net debt, it has extremely high after-tax cash flow margins—well over 50%. Microsoft’s are roughly 25%. Its financial statements and casually observable economics say that it really does not belong with the gold mining group.

Royal Gold is one of several publicly traded precious metals royalty companies. They solve a unique problem of miners, which must find a way to fund the massive capital costs of developing a new mine yet cannot afford the risk of taking on too much debt, since such a project might not be productive for many years, during which time input and output costs can drastically alter the anticipated profitability. The standard alternative, issuing more shares, is often too dilutive. The royalty companies extend cash to a miner in exchange for a percentage of the production. The royalty company is not directly exposed to the operating costs or liabilities of the miner and earns its revenues even if the miner produces at only a breakeven level of profitability.

However, the royalty business is far better than merely that. When Royal Gold purchases a revenue interest, it might be for the life of the mine, which could exceed 20 years. But the purchase price is calculated as the present value of the future estimated revenues, based on the current gold price. As an example, if the interest rate used to calculate that present value is 10%, and if the mine will start production next year, then the price paid for the first year’s production will be 10% less than the gold price. So, if today’s gold price is $1,300 per ounce, Royal Gold will pay only $1,170 for next year’s gold production. But the 2nd year’s production will cost 10% less than that, or $1,050. The 20th year’s gold price for Royal Gold would be only 15% of today’s price, or $193. In total, Royal Gold would advance $11,068 for what will be $26,000 of gold production ($1,300/year x 20 years).

There are other aspects to such a contract that provide additional financial benefits. But staying with this information for the moment, one can say that Royal Gold has the safety of paying drastically less than the current price of gold for its future production. There is a great deal of protection from downward volatility in gold prices in that contract. Additionally, the royalty percentage is often of the sliding variety: it might start at 1% of mine output, but with scheduled increases as the gold price rises above certain levels, up to 5% or more. Accordingly, there is positive operating leverage for Royal Gold in the event that gold prices rise.

Viewed this way, Royal Gold is better described as a merchant bank than a gold mining company. In a sense, it has as much in common with the activity of gold mining as JP Morgan Chase (JPM) has with an automobile manufacturer merely because the bank might have lent money to the car company. In actuality, the comparison with JP Morgan Chase is a poor one, since banks operate with extreme debt leverage, and Royal Gold operates with none. A further differentiation of Royal Gold’s business model from that of wither Microsoft or JP Morgan Chase: While Royal Gold has a $4 billion stock market capitalization, how many employees do you think it has? The answer is 20. For what it’s worth, the company states that none of them are subject to a labor contract or a collective bargaining agreement.



In a portfolio context, Royal Gold has long-term growth characteristics, because it does add new contracts to its portfolio of interests, and its earnings are positively associated with whatever economic conditions might lead to higher gold prices, one of which is inflation or the anticipation of inflation or geopolitical risk. Yet, because of its contract structure, it is remarkably well-insulated from price declines in that commodity. Accordingly, its profitability is not closely tied to the factors that impact the typical industrial or financial company and it should be a diversifying element in a portfolio. Its remarkably low correlation with the S&P 500 over the past half-dozen years, at 0.1334, is the statistical evidence. The visual evidence, from the pre-crisis date of mid-2008, is shown in the accompanying chart of Royal Gold relative to both a gold mining company index (Market Vectors Gold Miners ETF, GDX) and the SPDR Gold Shares ETF (GLD), which holds gold bullion.

Both Royal Gold and Silver Wheaton, which acquires primarily silver royalty interests and manifests somewhat different price patterns, are new holdings in the Core Value strategy. These follow, as mentioned in last quarter’s Commentary, additional investments in land companies such as Tri Pointe Homes and Brookfield Residential Properties. They also exhibit the characteristic of trading at prices well below the long-term realizations they should draw from their asset portfolios. They are, in practice, idiosyncratic securities that, much more than the large-cap companies that comprise the asset allocation index and ETF building blocks, will exhibit stock prices tied to their own financial development rather than to the public flow of funds. A portfolio comprised of such companies will be a more effectively diversified investment.

From Murray Stahl (Trades, Portfolio)’s Horizon Kinetics 3Q 2014 Commentary.

Check out Murray Stahl latest stock trades

Top Ranked Articles about Royal Gold Inc

4 Top Gold Stocks to Watch
Gold mining stocks have always been a lucrative business for investors and for 2015 and 2016, some of these stocks are still expected to create a stir. While gold commodity is presently declining in market value, many investors are not the least disturbed or turned off from the stocks. Read more...
Murray Stahl’s Horizon Kinetics Comments on Royal Gold Inc
An idiosyncratic security with benefits – a diversifier Read more...

Ratios

vs
industry
vs
history
P/E(ttm) 61.40
RGLD's P/E(ttm) is ranked lower than
81% of the 382 Companies
in the Global Gold industry.

( Industry Median: 15.40 vs. RGLD: 61.40 )
Ranked among companies with meaningful P/E(ttm) only.
RGLD' s 10-Year P/E(ttm) Range
Min: 30.13  Med: 50.56 Max: 199.22
Current: 61.4
30.13
199.22
Forward P/E 30.21
RGLD's Forward P/E is ranked lower than
75% of the 299 Companies
in the Global Gold industry.

( Industry Median: 13.00 vs. RGLD: 30.21 )
Ranked among companies with meaningful Forward P/E only.
N/A
PE(NRI) 61.20
RGLD's PE(NRI) is ranked lower than
80% of the 378 Companies
in the Global Gold industry.

( Industry Median: 15.10 vs. RGLD: 61.20 )
Ranked among companies with meaningful PE(NRI) only.
RGLD' s 10-Year PE(NRI) Range
Min: 30.09  Med: 50.70 Max: 206.88
Current: 61.2
30.09
206.88
P/B 1.35
RGLD's P/B is ranked lower than
59% of the 1135 Companies
in the Global Gold industry.

( Industry Median: 1.15 vs. RGLD: 1.35 )
Ranked among companies with meaningful P/B only.
RGLD' s 10-Year P/B Range
Min: 1.15  Med: 2.39 Max: 5.92
Current: 1.35
1.15
5.92
P/S 11.46
RGLD's P/S is ranked lower than
92% of the 666 Companies
in the Global Gold industry.

( Industry Median: 1.07 vs. RGLD: 11.46 )
Ranked among companies with meaningful P/S only.
RGLD' s 10-Year P/S Range
Min: 9.14  Med: 17.05 Max: 30.83
Current: 11.46
9.14
30.83
PFCF 24.23
RGLD's PFCF is ranked lower than
74% of the 268 Companies
in the Global Gold industry.

( Industry Median: 12.41 vs. RGLD: 24.23 )
Ranked among companies with meaningful PFCF only.
RGLD' s 10-Year PFCF Range
Min: 20.86  Med: 43.96 Max: 305.24
Current: 24.23
20.86
305.24
POCF 16.59
RGLD's POCF is ranked lower than
80% of the 467 Companies
in the Global Gold industry.

( Industry Median: 6.43 vs. RGLD: 16.59 )
Ranked among companies with meaningful POCF only.
RGLD' s 10-Year POCF Range
Min: 15.25  Med: 28.27 Max: 85.98
Current: 16.59
15.25
85.98
EV-to-EBIT 32.20
RGLD's EV-to-EBIT is ranked lower than
76% of the 448 Companies
in the Global Gold industry.

( Industry Median: 12.41 vs. RGLD: 32.20 )
Ranked among companies with meaningful EV-to-EBIT only.
RGLD' s 10-Year EV-to-EBIT Range
Min: 13.9  Med: 33.15 Max: 100.8
Current: 32.2
13.9
100.8
PEG 38.25
RGLD's PEG is ranked lower than
96% of the 115 Companies
in the Global Gold industry.

( Industry Median: 1.19 vs. RGLD: 38.25 )
Ranked among companies with meaningful PEG only.
RGLD' s 10-Year PEG Range
Min: 0.72  Med: 2.30 Max: 33.3
Current: 38.25
0.72
33.3
Shiller P/E 44.97
RGLD's Shiller P/E is ranked lower than
80% of the 285 Companies
in the Global Gold industry.

( Industry Median: 16.29 vs. RGLD: 44.97 )
Ranked among companies with meaningful Shiller P/E only.
RGLD' s 10-Year Shiller P/E Range
Min: 38.33  Med: 62.73 Max: 95.51
Current: 44.97
38.33
95.51
Current Ratio 31.66
RGLD's Current Ratio is ranked higher than
94% of the 1195 Companies
in the Global Gold industry.

( Industry Median: 2.00 vs. RGLD: 31.66 )
Ranked among companies with meaningful Current Ratio only.
RGLD' s 10-Year Current Ratio Range
Min: 3.82  Med: 19.91 Max: 51.5
Current: 31.66
3.82
51.5
Quick Ratio 31.66
RGLD's Quick Ratio is ranked higher than
94% of the 1194 Companies
in the Global Gold industry.

( Industry Median: 1.46 vs. RGLD: 31.66 )
Ranked among companies with meaningful Quick Ratio only.
RGLD' s 10-Year Quick Ratio Range
Min: 3.82  Med: 19.91 Max: 51.5
Current: 31.66
3.82
51.5
Days Sales Outstanding 57.90
RGLD's Days Sales Outstanding is ranked lower than
68% of the 621 Companies
in the Global Gold industry.

( Industry Median: 31.75 vs. RGLD: 57.90 )
Ranked among companies with meaningful Days Sales Outstanding only.
RGLD' s 10-Year Days Sales Outstanding Range
Min: 57.9  Med: 92.15 Max: 219
Current: 57.9
57.9
219

Dividend & Buy Back

vs
industry
vs
history
Dividend Yield 1.78
RGLD's Dividend Yield is ranked lower than
72% of the 736 Companies
in the Global Gold industry.

( Industry Median: 1.61 vs. RGLD: 1.78 )
Ranked among companies with meaningful Dividend Yield only.
RGLD' s 10-Year Dividend Yield Range
Min: 0.48  Med: 0.80 Max: 1.84
Current: 1.78
0.48
1.84
Dividend Payout 1.09
RGLD's Dividend Payout is ranked lower than
79% of the 302 Companies
in the Global Gold industry.

( Industry Median: 0.48 vs. RGLD: 1.09 )
Ranked among companies with meaningful Dividend Payout only.
RGLD' s 10-Year Dividend Payout Range
Min: 0.13  Med: 0.35 Max: 1.09
Current: 1.09
0.13
1.09
Dividend growth (3y) 15.80
RGLD's Dividend growth (3y) is ranked higher than
79% of the 223 Companies
in the Global Gold industry.

( Industry Median: -18.10 vs. RGLD: 15.80 )
Ranked among companies with meaningful Dividend growth (3y) only.
RGLD' s 10-Year Dividend growth (3y) Range
Min: 0  Med: 15.80 Max: 35.8
Current: 15.8
0
35.8
Yield on cost (5-Year) 4.80
RGLD's Yield on cost (5-Year) is ranked higher than
59% of the 756 Companies
in the Global Gold industry.

( Industry Median: 3.30 vs. RGLD: 4.80 )
Ranked among companies with meaningful Yield on cost (5-Year) only.
RGLD' s 10-Year Yield on cost (5-Year) Range
Min: 1.29  Med: 2.14 Max: 4.93
Current: 4.8
1.29
4.93
Share Buyback Rate -4.30
RGLD's Share Buyback Rate is ranked higher than
67% of the 889 Companies
in the Global Gold industry.

( Industry Median: -8.60 vs. RGLD: -4.30 )
Ranked among companies with meaningful Share Buyback Rate only.
RGLD' s 10-Year Share Buyback Rate Range
Min: -1.9  Med: -5.50 Max: -20.8
Current: -4.3

Valuation & Return

vs
industry
vs
history
Price/Net Cash 18.68
RGLD's Price/Net Cash is ranked lower than
84% of the 295 Companies
in the Global Gold industry.

( Industry Median: 6.00 vs. RGLD: 18.68 )
Ranked among companies with meaningful Price/Net Cash only.
RGLD' s 10-Year Price/Net Cash Range
Min: 7.21  Med: 15.04 Max: 76.47
Current: 18.68
7.21
76.47
Price/Net Current Asset Value 14.57
RGLD's Price/Net Current Asset Value is ranked lower than
80% of the 473 Companies
in the Global Gold industry.

( Industry Median: 5.50 vs. RGLD: 14.57 )
Ranked among companies with meaningful Price/Net Current Asset Value only.
RGLD' s 10-Year Price/Net Current Asset Value Range
Min: 6.53  Med: 9.77 Max: 24.8
Current: 14.57
6.53
24.8
Price/Tangible Book 1.35
RGLD's Price/Tangible Book is ranked lower than
57% of the 1082 Companies
in the Global Gold industry.

( Industry Median: 1.24 vs. RGLD: 1.35 )
Ranked among companies with meaningful Price/Tangible Book only.
RGLD' s 10-Year Price/Tangible Book Range
Min: 1.16  Med: 3.34 Max: 14.94
Current: 1.35
1.16
14.94
Price/Projected FCF 2.21
RGLD's Price/Projected FCF is ranked lower than
71% of the 339 Companies
in the Global Gold industry.

( Industry Median: 1.15 vs. RGLD: 2.21 )
Ranked among companies with meaningful Price/Projected FCF only.
RGLD' s 10-Year Price/Projected FCF Range
Min: 2.34  Med: 4.86 Max: 104.23
Current: 2.21
2.34
104.23
Price/Median PS Value 0.68
RGLD's Price/Median PS Value is ranked lower than
52% of the 606 Companies
in the Global Gold industry.

( Industry Median: 0.70 vs. RGLD: 0.68 )
Ranked among companies with meaningful Price/Median PS Value only.
RGLD' s 10-Year Price/Median PS Value Range
Min: 0.31  Med: 1.00 Max: 4.47
Current: 0.68
0.31
4.47
Price/Graham Number 1.91
RGLD's Price/Graham Number is ranked lower than
74% of the 332 Companies
in the Global Gold industry.

( Industry Median: 0.97 vs. RGLD: 1.91 )
Ranked among companies with meaningful Price/Graham Number only.
RGLD' s 10-Year Price/Graham Number Range
Min: 1.31  Med: 2.53 Max: 14.94
Current: 1.91
1.31
14.94
Earnings Yield (Greenblatt) (%) 3.10
RGLD's Earnings Yield (Greenblatt) (%) is ranked higher than
73% of the 1233 Companies
in the Global Gold industry.

( Industry Median: -5.10 vs. RGLD: 3.10 )
Ranked among companies with meaningful Earnings Yield (Greenblatt) (%) only.
RGLD' s 10-Year Earnings Yield (Greenblatt) (%) Range
Min: 1  Med: 3.00 Max: 7.2
Current: 3.1
1
7.2
Forward Rate of Return (Yacktman) (%) 0.28
RGLD's Forward Rate of Return (Yacktman) (%) is ranked higher than
58% of the 303 Companies
in the Global Gold industry.

( Industry Median: -3.22 vs. RGLD: 0.28 )
Ranked among companies with meaningful Forward Rate of Return (Yacktman) (%) only.
RGLD' s 10-Year Forward Rate of Return (Yacktman) (%) Range
Min: 0.3  Med: 19.90 Max: 53.5
Current: 0.28
0.3
53.5

Analyst Estimate

Jun16 Jun17 Jun18
Revenue(Mil) 627 683 772
EPS($) 2.14 2.77 3.64
EPS without NRI($) 2.14 2.77 3.64

Business Description

Industry: Metals & Mining » Gold
Compare:EGO, ABX, GG, NMCEF, IAG » details
Traded in other countries:RGL.Canada, RG3.Germany,
Royal Gold Inc was incorporated under the laws of the State of Delaware on January 5, 1981. The Company together with its subsidiaries is engaged in the business of acquiring and managing precious metals royalties and similar interests. It is engaged in a continual review of opportunities to acquire existing royalties, to create new royalties through the financing of mine development or exploration, or to acquire companies that hold royalties. The Company uses evaluation stage to describe exploration stage properties that contain mineralized material and on which operators are engaged in the search for reserves. It competes with other royalty and streaming companies, mine operators, and financial buyers in efforts to acquire existing royalty interests, and with the lenders and investors providing financing to operators of mineral properties. The Company's business is subject to the environmental laws and regulations promulgated by federal, state and local governments.
» More Articles for RGLD

Headlines

Articles On GuruFocus.com
4 Top Gold Stocks to Watch Mar 06 2015 
Gold Rush Jan 21 2015 
Murray Stahl’s Horizon Kinetics Comments on Royal Gold Inc Dec 22 2014 
Murray Stahl’s Horizon Kinetics 3Q 2014 Commentary Dec 22 2014 
Precious Metal Royalty & Streaming Companies: A Qualitative Analysis Mar 31 2014 
Mining for Gold, Minus the Risks: Why Royal Gold Has a Lot to Offer Dec 19 2013 
Back to Basic Materials – Second Quarter Updates and Guru Trades Aug 10 2013 
9 Dividend Stocks Trading at a Double-Digit Discount Mar 20 2013 
comment on RGLD Mar 09 2013 
Financials look grea Mar 05 2013 

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