Royal Gold Inc (RGLD) Stock — Forensic Analysis, Red Flags & Rating | Stockonomy · Stockonomy
Forensic Analysis · General / Diversified · as of Aug 10, 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
9.8
Distress distance
Clean
Earnings quality
3
Forensic signals
30.7
P / E (ttm)
6.5%
ROE
$19.5B
Market cap
0.87%
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). 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 9.8, placing it in the Safe zone. 3 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 total assets (see the Forensic Screens card's differently-scaled Sloan Accrual Ratio for that read). Accruals are building sharply — a large slice of profit sits in operating assets, not cash; Richardson/Sloan link high accruals to weaker future returns as they reverse. The cash-flow cross-check is more mixed: reported earnings ran in line with operating cash by 4% of net operating assets, diverging from the balance-sheet accrual read.
5.7%
FY2025
Return on invested capital.Return on invested capital is 5.7% in the latest fiscal year and slipping from 7% — well below its ~9% cost of capital, so reinvested dollars may be destroying value, not building it.
+1.9%/yr
FY2022–FY2025
Share-count dilution.Diluted share count changed +6% over the last 3 years to FY2025 (+1.9%/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 ~1.9% 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 FY2022 has been diluted ~6%.
Key fundamentals
Latest Revenue$1.03B
Revenue Growth YoY+43.2%
Revenue CAGR (3yr)+19.5%
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?