The business behind the dividend
| Measure | RGLD | Median | Formula |
|---|---|---|---|
| Return on equity | 6.5% | 10.6% | Net income ÷ shareholders’ equity |
| Return on capital employed | — | — | Operating income ÷ (equity + total debt) |
| Owner earnings | — | — | Net income + depreciation & amortisation − capital expenditure |
| Free cash flow | — | — | Operating cash flow − capital expenditure |
| Operating margin | 61.9% | 14.3% | Operating income ÷ revenue |
| Net margin | 45.2% | 10.1% | Net income ÷ revenue |
| Debt to equity | — | — | Total debt ÷ shareholders’ equity |
| Interest cover | — | — | Operating income ÷ interest expense |
| Current ratio | — | — | Current assets ÷ current liabilities |
| Long-term debt to working capital | — | — | Long-term debt ÷ (current assets − current liabilities) |
| Cash conversion | — | — | Operating cash flow ÷ net income |
| Accruals | -2.5% | -3.1% | (Net income − operating cash flow) ÷ total assets |
Not computed here: Cash conversion, Current ratio, Debt to equity, Long-term debt to working capital, Free cash flow, Interest cover, Owner earnings, Return on capital employed — why a blank is not a zero.
Ten years of it
The same measures, for every year the filings support. One year is a fact; a row is a business.
| Measure | 2025 | 2024 | 2023 | 2022 | 2021 | 2021 | 2020 | 2019 | 2018 | 2017 | Median |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Return on equity | 6.5% | 10.6% | 8.3% | 8.7% | 10.6% | 12.1% | 8.8% | 4.4% | -5.4% | 4.5% | 8.3% |
| Operating margin | 61.9% | 59.8% | 50.1% | 47.0% | 50.2% | 54.8% | 39.9% | 33.3% | -16.2% | 33.1% | 47.0% |
| Net margin | 45.2% | 46.2% | 39.5% | 39.6% | 41.9% | 49.1% | 40.0% | 22.2% | -24.6% | 23.0% | 39.6% |
How it compares in banks & insurers
Among the 377 banks & insurers companies here measured on GAAP earnings, Royal Gold pays out less than 216 of them. The median for that group is 30.6%, against this company’s 27.3%.
Closest on GAAP earnings
- Goldman Sachs Group (GS) 27.3%
- Hilltop Holdings (HTH) 27.3%
- Consumers Bancorp (CBKM) 27.4%
- Mercantile Bank (MBWM) 27.4%
Same sector and same denominator, so the figures are comparable. All 377 in banks & insurers →