Royal Gold Inc (RGLD) Stock — Forensic Analysis, Red Flags & Rating | Stockonomy · Stockonomy
Forensic Analysis · General / Diversified · as of Sep 25, 2026
Royal Gold Inc (RGLD)
A forensic read on Royal Gold Inc built from its complete SEC filings — financial-health screens, earnings quality, red flags and a price-aware rating. Reproducible math, not opinion.
C · Mixed — selective
Forensic grade
Safe
Financial health
10.7
Distress distance
Clean
Earnings quality
4
Forensic signals
28.7
P / E (ttm)
6.5%
ROE
$21.4B
Market cap
1.37%
Dividend yield
43.2%
Revenue growth
This free snapshot doesn't read filing or proxy text, so the auditor-quality and governance checks that can lower a grade were not evaluated (red flags, auditor quality, say on pay, board independence, going concern, valuation). Those checks only ever lower a grade, so the full analysis can land below the grade above but never above it — treat it as the most favourable reading, not the settled one.
Royal Gold Inc earns a C (Mixed — selective) forensic quality grade, and its balance-sheet distress test reads 10.7, placing it in the Safe zone. 4 forensic signals were flagged in its latest SEC filings, led by accruals ratio (% of noa).
What the filings flag
+91.3%
FY2024→FY2025
Accruals ratio (% of NOA).Net operating assets grew +91.3% relative to their own average in FY2025 — scaled by NOA itself, not by total assets, which is what the Forensic Screens card's own accrual row divides by. Accruals are building sharply — a large slice of profit sits in operating assets, not cash. An accrual is a claim that still has to be collected or written down, so the gap resolves in a later period whichever way it goes. A cash-flow measure on the same base disagrees: reported earnings ran in line with operating cash by 4% of net operating assets, against an accruals ratio of 91.3%. The two are computed differently: the accruals ratio is the change in net operating assets over average net operating assets, while the cash-flow figure is net income less operating cash flow over that same average. Read them as two results, not one.
5.7%
FY2025
Return on invested capital.Return on invested capital is 5.7% in the latest fiscal year, against 8.1% in FY2023, having run between 5.7% and 10.8% across FY2023–FY2025 with no direction held. After-tax operating profit was $258M in FY2023 and $524M in FY2025, with operating income at 50.1% of revenue in FY2023, 59.8% in FY2024 and 61.9% in FY2025. The capital base behind it grew +188% across FY2023–FY2025, from $3.2B to $9.2B, while the return fell 2.4 points, so the dollars added over that window earned less than the 8.1% the older base was already earning.
+2.9%/yr
FY2023–FY2025
Share-count dilution.Diluted share count changed +6% over the last 2 years to FY2025 (+2.9%/yr). The count is growing: more stock was issued than repurchased over this window, so aggregate results grew faster than their per-share equivalents. That's ~2.9% shaved off per-share growth every year — total profit has to grow that much just to keep earnings-per-share flat, and a stake held since FY2023 has been diluted ~5%.
Key fundamentals
Latest Revenue$1.03B
Revenue Growth YoY+43.2%
Revenue CAGR (2yr)+30.4%
Net Margin45.2%
Return on Equity6.5%
Debt / Equity0.13x
The forensic grade and screens above are free — no account needed. Want the AI investment read on top — the 0–100 rating, thesis, bull-vs-bear, red flags and the 12-month scenario, written from Royal Gold Inc's actual 10-K/10-Q/8-K filings?
Data from SEC EDGAR public filings · metrics as of Sep 25, 2026. Forensic signals flag probability, not certainty.
1.1% of rev
FY2025
Stock-based comp load.Stock-based compensation ran 1.1% of revenue in FY2025 — about $0.17 per diluted share. No cash left the business to pay it, which is why operating cash flow adds it back. Net of repurchases the diluted count still rose about 2.9% a year and that rate is not falling, so total profit has to grow by that much annually before any of it reaches a share. Stock compensation is one source of that issuance; acquisition consideration, equity raises, convertibles and other employee plans also net into the count, and these figures do not separate them.