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Royal GoldFRA:RG3 -1.46%85 Cyclically Adjusted PB Ratio is 5.14 as of Sep. 08, 2026, which is 77% above its 10-year median of 2.90. GuruFocus rates FRA:RG3 with a GF Score™ of 85/100 and a GF Value™ of €244.04 (Fairly Valued). The stock has 2 warning signs investors should review. Among 1,499 Metals & Mining companies, Royal Gold ranks worse than 78.99% on this metric.
The historical rank and industry rank for Royal Gold's Cyclically Adjusted PB Ratio or its related term are showing as below:
FRA:RG3'
s Cyclically Adjusted PB Ratio Range Over the Past 10 Years
Min: 2.03 Med: 2.9 Max: 6.48
Current: 5.27
During the past years, Royal Gold's highest Cyclically Adjusted PB Ratio was 6.48. The lowest was 2.03. And the median was 2.90.
FRA:RG3's Cyclically Adjusted PB Ratio is ranked worse than 78.99% of 1499
companies
in the Metals & Mining industry
Industry Median: 1.56
vs FRA:RG3: 5.27
The Shiller PE Ratio was first used by professor Robert Shiller. He uses E10 for his Shiller PE Ratio calculation. E10 is the average of the inflation adjusted earnings per share of a company over the past 10 years. The similar calculation is applied by GuruFocus to calculate the Cyclically Adjusted PB Ratio. The Cyclically Adjusted Book per Share is the average of the inflation adjusted book value per share of a company over the past 10 years.
Royal Gold's adjusted book value per share data for the three months ended in Jun. 2026 was €77.776. Add all the adjusted book value per share for the past 10 years together and divide the count will get our Cyclically Adjusted Book per Share, which is €43.28 for the trailing ten years ended in Jun. 2026.
Shiller PE for Stocks: The True Measure of Stock Valuation
Royal Gold (FRA:RG3) Cyclically Adjusted PB Ratio Explanation
Compared with the regular PB Ratio, which works poorly for cyclical businesses, the Cyclically Adjusted PB Ratio smoothed out the fluctuations of book value during business cycles. Therefore it is more accurate in reflecting the valuation of the company.
If a company has consistent business performance, the Cyclically Adjusted PB Ratio should give similar results to regular PB Ratio.
Royal Gold Cyclically Adjusted PB Ratio Related Terms
Royal Gold Cyclically Adjusted PB Ratio Historical Data
* Premium members only.
The historical data trend for Royal Gold's Cyclically Adjusted PB Ratio can be seen below:
* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD. * For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.
FRA:RG3 vs CDE, AUGO, HYMC: Cyclically Adjusted PB Ratio Comparison
For the Gold subindustry, Royal Gold's Cyclically Adjusted PB Ratio, along with its competitors' market caps and Cyclically Adjusted PB Ratio data, can be viewed below:
* Competitive companies are chosen from companies within the same industry, with headquarter located in same country, with closest market capitalization; x-axis shows the market cap, and y-axis shows the term value; the bigger the dot, the larger the market cap. Note that "N/A" values will not show up in the chart.
Royal Gold Cyclically Adjusted PB Ratio vs Metals & Mining Industry
For the Metals & Mining industry and Basic Materials sector, Royal Gold's Cyclically Adjusted PB Ratio distribution charts can be found below:
* The bar in red indicates where Royal Gold's Cyclically Adjusted PB Ratio falls into.
Royal Gold Cyclically Adjusted PB Ratio Calculation
Like the Shiller PE Ratio, the Cyclically Adjusted PB Ratio takes the Book Value per Share from the past 10 years, adjusts it for inflation, and then calculates the average. This average is then used for the P/B calculation. Because it considers this 10-year average, it's often referred to as the CAPB Ratio.
The Shiller PE Ratio was first used by professor Robert Shiller to measure the valuation of the overall market. The similar calculation is applied by GuruFocus to calculate the Cyclically Adjusted PB Ratio.
Royal Gold's Cyclically Adjusted PB Ratio for today is calculated as
* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD. * For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.
Please note that we use the CPI data of the country/region where the company is headquartered. If the CPI data for that country/region is not available, then we will use the CPI data of the United States as default.
What does a Cyclically Adjusted PB Ratio of 5.14 mean?
Royal Gold (FRA:RG3) has a Cyclically Adjusted PB Ratio of 5.14 as of Sep. 08, 2026. Cyclically Adjusted PB Ratio is the ratio of share price to a company's inflation-adjusted book value per share over a 10-year period. View historical data on Royal Gold and its competitors. This is 77% above median its historical median of 2.90. Over the past decade, Royal Gold's Cyclically Adjusted PB Ratio has ranged from 2.03 to 6.48. According to the industry distribution chart, Royal Gold ranks #1184 out of 1499 companies in the Metals & Mining industry, placing it in the top 79%.
Is Royal Gold's Cyclically Adjusted PB Ratio too high?
Royal Gold's current Cyclically Adjusted PB Ratio of 5.14 is 77% above median its 10-year median of 2.90. Over the past 10 years, this metric has ranged from a low of 2.03 to a high of 6.48. The Metals & Mining industry median Cyclically Adjusted PB Ratio is 1.56. Royal Gold's value of 5.14 is 229.5% above this industry median. Based on the distribution chart, Royal Gold ranks #1184 out of 1499 companies in the Metals & Mining industry, which is in the bottom quartile relative to peers. Overall, Royal Gold has a GF Score™ of 85/100 and is considered Fairly Valued, reflecting its overall financial health beyond just this single metric.
How does Royal Gold's Cyclically Adjusted PB Ratio compare to CDE and AUGO?
According to the Metals & Mining industry distribution chart, Royal Gold ranks #1184 out of 1499 companies for Cyclically Adjusted PB Ratio. This places Royal Gold in the lower half of its industry. The industry median Cyclically Adjusted PB Ratio is 1.56. Royal Gold's value of 5.14 is 229.5% above this benchmark. Historically, Royal Gold's own Cyclically Adjusted PB Ratio has ranged from 2.03 to 6.48 over the past decade. While the company's 10-year median is 2.90 vs. the industry median of 1.56, Royal Gold has consistently been above the industry average. See the competitive comparison table and distribution chart on this page for a detailed peer-by-peer breakdown.
What is a good Cyclically Adjusted PB Ratio for a Metals & Mining company?
The median Cyclically Adjusted PB Ratio among Metals & Mining companies is 1.56, based on 1,499 companies in the industry. Companies in the top quartile (top 25%) have a Cyclically Adjusted PB Ratio significantly above this median, while those in the bottom quartile fall well below. However, Cyclically Adjusted PB Ratio should not be evaluated in isolation — investors should consider it alongside profitability, growth, and financial strength metrics. Royal Gold's current Cyclically Adjusted PB Ratio of 5.14 is 229.5% above the industry median. Use the industry distribution chart on this page to see where any company falls relative to its peers.
What does a high Cyclically Adjusted PB Ratio mean?
A high Cyclically Adjusted PB Ratio can signal that a stock is expensive relative to its fundamentals. Cyclically Adjusted PB Ratio is the ratio of share price to a company's inflation-adjusted book value per share over a 10-year period. View historical data on Royal Gold and its competitors. For the Metals & Mining industry, the median Cyclically Adjusted PB Ratio is 1.56 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. Royal Gold's current Cyclically Adjusted PB Ratio is 5.14, which is 77% above median its own 10-year median of 2.90. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Royal Gold stock overvalued right now?
Based on GuruFocus' analysis, Royal Gold (FRA:RG3) is currently considered Fairly Valued. The stock's GF Value™ is €244.04, compared to a current price of €222.40 — trading 8.9% below its estimated fair value. The current Cyclically Adjusted PB Ratio is 5.14, which is 77% above median its 10-year median of 2.90 and 229.5% above the Metals & Mining industry median of 1.56. Royal Gold's overall GF Score™ is 85/100 with 2 warning signs to review. Investors should evaluate multiple metrics — including profitability, growth, and financial strength — before making a decision.
How is Cyclically Adjusted PB Ratio calculated?
Cyclically Adjusted PB Ratio is calculated from a company's financial statements. For Royal Gold (FRA:RG3), the current Cyclically Adjusted PB Ratio is 5.14 as of Sep. 08, 2026. GuruFocus calculates this using data sourced from SEC filings and annual reports. See the calculation section and 30-year financial data on this page for the full breakdown.
Is Royal Gold (FRA:RG3) Overvalued in 2026?
Based on GuruFocus' analysis, Royal Gold stock appears to be undervalued.
The current stock price of €222.40 is trading 8.9% below its estimated GF Value™ of €244.04.
GuruFocus considers Royal Gold to be Fairly Valued.
Key valuation signals for FRA:RG3:
Cyclically Adjusted PB Ratio: 5.14 (77% above median its 10-year median of 2.90)
GF Value™: €244.04 vs. price of €222.40 (8.9% below fair value)
Industry Position: 229.5% above the Metals & Mining median (#1184 of 1499)
No single metric tells the full story. See the FRA:RG3 stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
Royal Gold Inc enquires and manages precious metal royalties and streams with a focus on gold. The company purchases a percentage of the metal produced from a mineral property for an initial payment without assuming responsibility for mining operations. Similarly, precious metal streams are purchase agreements with mine operators providing the right to purchase all or a portion of one or more metals produced from a mine in exchange for an upfront deposit payment. Generally, Royal Gold does not work on the properties in which it holds royalty and streaming assets. The company owns a portfolio of producing, development, evaluation, and exploration royalties and streams, and the majority of group revenue is generated from Canada, Mexico, Chile, and the United States.
85GF Score
Get the complete analysis for FRA:RG3
Cyclically Adjusted PB Ratio is just one metric. See GF Value™, 30-year financials, guru trades, warning signs, and more.
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