Royal GoldXSWX:RGLD 91 Graham Number is CHF129.23 as of Mar. 2026, which is 100% below its 10-year median of 2.09. GuruFocus rates XSWX:RGLD with a GF Score™ of 91/100 and a GF Value™ of CHF222.20. The stock has 2 warning signs investors should review. Among 609 Metals & Mining companies, Royal Gold ranks worse than 60.59% on this metric.
Graham Number is a figure that measures a stock's fundamental value by taking into account the company's earnings per share and book value per share. The Graham number is the upper bound of the price range that a defensive investor should pay for the stock. According to the theory, any stock price below the Graham number is considered undervalued, and thus worth investing in.
As of today (2026-07-03), the stock price of Royal Gold is CHF164.28. Royal Gold's graham number for the quarter that ended in Mar. 2026 was CHF129.23. Therefore, Royal Gold's Price to Graham Number ratio for today is 1.27.
The historical rank and industry rank for Royal Gold's Graham Number or its related term are showing as below:
During the past 13 years, the highest Price to Graham Number ratio of Royal Gold was 6.67. The lowest was 1.57. And the median was 2.09.
XSWX:RGLD's Price-to-Graham-Number is not ranked *
in the Metals & Mining industry.
Industry Median: 1.28 * Ranked among companies with meaningful Price-to-Graham-Number only.
Graham Number is a combination of asset valuation and earnings power valuation. It is a very conservative way of valuing a stock.
Royal Gold (XSWX:RGLD) Graham Number Explanation
Ben Graham actually did not publish a formula like this. But he wrote in The Intelligent Investor (1948 version) regarding to the criteria for purchases:
Current price should not be more than 15 times average earnings of the past three years.
Current price should not be more than 1.5 times the book value last reported. However, a multiplier of earnings below 15 could justify a correspondingly higher multiplier of assets. As a rule of thumb we suggest that the product of the multiplier times the ratio of price to book value should not exceed 22.5. (This figure corresponds to 15 times earnings and 1.5 times book value. It would admit an issue selling at only 9 times earnings and 2.5 times asset value, etc.)
Unlike valuation methods such as DCF or Discounted Earnings, the Graham number does not take growth into the valuation. Unlike the valuation methods based on book value alone, it takes into account the earnings power. Therefore, the Graham Number is a combination of asset valuation and earnings power valuation.
In general, the Graham number is a very conservative way of valuing a stock. It cannot be applied to companies with negative book values.
Royal Gold's Price to Graham number Ratio for today is calculated as
Price to Graham number
=
Share Price (Today)
/
Graham number (Q: Mar. 2026 )
=
164.28
/
129.23
=
1.27
* 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.
Be Aware
Please keep these in mind:
1. Graham Number does not take growth into account. Therefore it underestimates the values of the companies that have good earnings growth. We feel that if the earnings per share grows more than 10% a year, Graham Number underestimates the value.
2. Graham Number punishes the companies that have temporarily low earnings. Therefore, an average of earnings makes more sense in the calculation of Graham Number.
3. Graham Numbers underestimates companies that are light with book.
Royal Gold Graham Number Related Terms
Royal Gold Graham Number Historical Data
* Premium members only.
The historical data trend for Royal Gold's Graham Number 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.
For the Gold subindustry, Royal Gold's Price-to-Graham-Number, along with its competitors' market caps and Price-to-Graham-Number 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 Price-to-Graham-Number vs Metals & Mining Industry
For the Metals & Mining industry and Basic Materials sector, Royal Gold's Price-to-Graham-Number distribution charts can be found below:
* The bar in red indicates where Royal Gold's Price-to-Graham-Number falls into.
* 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.
Royal Gold (XSWX:RGLD) has a Graham Number of CHF129.23 as of Mar. 2026. The Graham Number values a company based on its per-share earnings and book value. View historical data on Royal Gold and its competitors. This is 6083% above median its historical median of 2.09. Over the past decade, Royal Gold's Graham Number has ranged from 1.57 to 6.67. According to the industry distribution chart, Royal Gold ranks #369 out of 609 companies in the Metals & Mining industry, placing it in the top 60.6%.
Is Royal Gold's Graham Number too high?
Royal Gold's current Graham Number of CHF129.23 is 6083% above median its 10-year median of 2.09. Over the past 10 years, this metric has ranged from a low of 1.57 to a high of 6.67. Based on the distribution chart, Royal Gold ranks #369 out of 609 companies in the Metals & Mining industry, which is below the industry midpoint. Overall, Royal Gold has a GF Score™ of 91/100, reflecting its overall financial health beyond just this single metric.
How does Royal Gold's Graham Number compare to ?
According to the Metals & Mining industry distribution chart, Royal Gold ranks #369 out of 609 companies for Graham Number. This places Royal Gold in the lower half of its industry. The industry median Graham Number is 1.28. Historically, Royal Gold's own Graham Number has ranged from 1.57 to 6.67 over the past decade. See the competitive comparison table and distribution chart on this page for a detailed peer-by-peer breakdown.
What is a good Graham Number for a Metals & Mining company?
The median Graham Number among Metals & Mining companies is 1.28, based on 609 companies in the industry. Companies in the top quartile (top 25%) have a Graham Number significantly above this median, while those in the bottom quartile fall well below. However, Graham Number should not be evaluated in isolation — investors should consider it alongside profitability, growth, and financial strength metrics. Use the industry distribution chart on this page to see where any company falls relative to its peers.
What does a high Graham Number mean?
A high Graham Number can signal that a stock is expensive relative to its fundamentals. The Graham Number values a company based on its per-share earnings and book value. View historical data on Royal Gold and its competitors. For the Metals & Mining industry, the median Graham Number is 1.28 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. Royal Gold's current Graham Number is CHF129.23, which is 6083% above median its own 10-year median of 2.09. 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?
Royal Gold (XSWX:RGLD) has a current Graham Number of CHF129.23. The stock's GF Value™ is CHF222.20, compared to a current price of CHF164.28 — trading 26.1% below its estimated fair value. The current Graham Number is CHF129.23, which is 6083% above median its 10-year median of 2.09. Royal Gold's overall GF Score™ is 91/100 with 2 warning signs to review. Investors should evaluate multiple metrics — including profitability, growth, and financial strength — before making a decision.
How is Graham Number calculated?
Graham Number is calculated from a company's financial statements. For Royal Gold (XSWX:RGLD), the current Graham Number is CHF129.23 as of Mar. 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 (XSWX:RGLD) Overvalued in 2026?
Based on GuruFocus' analysis, Royal Gold stock appears to be undervalued.
The current stock price of CHF164.28 is trading 26.1% below its estimated GF Value™ of CHF222.20.
Key valuation signals for XSWX:RGLD:
Graham Number: CHF129.23 (6083% above median its 10-year median of 2.09)
GF Value™: CHF222.20 vs. price of CHF164.28 (26.1% below fair value)
No single metric tells the full story. See the XSWX:RGLD 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.
91GF Score
Get the complete analysis for XSWX:RGLD
Graham Number is just one metric. See GF Value™, 30-year financials, guru trades, warning signs, and more.
Quick Browse
Personalize
Premium Gurus 
Create New Portfolio
XSWX:RGLD has been successfully added to your 
