Latest dividend announcement
Royal Gold’s board declared a $0.475 per share quarterly dividend for the second quarter of 2026. The company kept the payout in line with the prior quarter, so income investors get continuity rather than a step-up.
Details of the dividend distribution
The dividend is payable April 16, 2026. Shareholders must own the stock by the record date of April 2, 2026. The ex-dividend date is April 2, 2026 under standard U.S. settlement rules. The quarterly rate annualizes to $1.90 per share and implies a forward yield near 0.65% at a share price around $297.
Relevant valuation metrics
Royal Gold trades with a large-cap equity profile and a low-to-moderate volatility signature (beta ~0.65). The stock price implies a market capitalization near $25.1 billion and an enterprise value around $19.2 billion based on the provided market data. Forward valuation looks more relevant than trailing valuation because 2025 included one-off items and large portfolio transactions. Consensus-style inputs point to a forward P/E near 21 versus a trailing P/E above 40, a spread that signals expected earnings normalization and growth.
Income investors should also track capital intensity and margins. Royal Gold runs an asset-light royalty/streaming model and reported an adjusted EBITDA margin near 82% in 2025. High margins support dividend durability even when operators face cost inflation.
Dividend history and sustainability
Royal Gold has paid dividends since 2000. The payment record now spans 25 consecutive years, and the company has logged 24 consecutive years of dividend growth based on the stated dividend consistency metrics.
The recent step-up matters for context. Royal Gold paid $0.45 per quarter through 2025 and lifted the quarterly rate to $0.475 starting in early 2026. Today’s declaration simply reaffirms that higher run-rate. On an annual basis, management set the 2026 dividend at $1.90, up from $1.80 for 2025, which extends the company’s long growth streak.
Coverage looks conservative. Royal Gold generated $0.705 billion of operating cash flow in 2025 and paid about $0.12 billion in common dividends during the year. That implies a cash dividend load near 17% of operating cash flow, leaving substantial headroom for reinvestment, buybacks, or balance sheet repair. Management also disclosed net debt of about $0.67 billion and net debt to trailing adjusted EBITDA of 0.79x, a low leverage ratio for a company funding portfolio expansion.
Free cash flow printed negative in 2025 because Royal Gold deployed capital into acquisitions and new streams. That result reflects deliberate growth spending, not weak operating economics.
Outlook for long-term investors
Royal Gold’s dividend thesis relies on three pillars: portfolio duration, commodity leverage, and balance sheet discipline. The company expanded scale through the Sandstorm and Horizon transactions and added new streams such as Kansanshi. Those moves can widen cash flow sensitivity to gold and copper prices over time.
Key risks remain. Royal Gold depends on counterparties to operate mines safely, extend reserve life, and execute expansions. Metal price volatility can also compress coverage if prices revert sharply. Still, the company’s high margins, low payout ratio, and modest leverage create a buffer that supports continued annual dividend growth, even if growth rates moderate.
A brief company profile
Royal Gold operates as a precious-metals streaming and royalty company. It earns revenue from a diversified portfolio of production-linked interests across mining jurisdictions. The model typically requires limited sustaining capital, which helps convert revenue into operating cash flow and supports a recurring dividend program.
last quarterly report*
Here is a concise summary of Royal Gold’s 2025 results based on the quarterly report :
Full-Year 2025 Highlights
Royal Gold delivered record financial results in 2025. Total revenue increased to $1.03 billion, up 43% from $719.4 million in 2024. The increase was primarily driven by higher realized metal prices and contributions from newly acquired assets, including the Kansanshi stream and the Sandstorm and Horizon portfolios.
Net income attributable to common shareholders rose to $466.3 million, or $6.70 per diluted share, compared to $332.0 million, or $5.04 per share, in 2024. Adjusted net income reached a record $509.9 million ($7.33 per share).
Operating cash flow also set a new record at $704.8 million, up from $529.5 million in the prior year.
Fourth Quarter 2025 Highlights
Q4 revenue surged to $375.3 million, compared to $202.6 million in Q4 2024. Operating cash flow rose to $241.7 million from $141.1 million.
However, quarterly net income declined to $93.6 million ($1.16 per share) from $107.4 million ($1.63 per share) in the prior-year quarter. The decrease was mainly due to a $50.0 million loss on the sale of marketable securities and acquisition-related costs tied to the Sandstorm and Horizon transaction.
Adjusted EBITDA margin remained strong at 82%, highlighting the high-margin royalty and streaming business model.
Portfolio and Acquisitions
2025 marked a transformational year. Royal Gold:
- Acquired Sandstorm Gold and Horizon Copper
- Added a gold stream on the Kansanshi mine
- Expanded exposure through Warintza and Xavantina
- Restructured assets, including the sale of Versamet shares
These moves significantly expanded the company’s asset base and increased geographic and commodity diversification.
Commodity Exposure
For the full year, revenue was derived approximately as follows:
- 78% gold
- 12% silver
- 7% copper
Higher realized prices played a major role:
- Gold: $3,432/oz (vs. $2,386/oz in 2024)
- Silver: $40.03/oz (vs. $28.27/oz)
- Copper: $4.51/lb (vs. $4.15/lb)
Balance Sheet and Liquidity
Total assets expanded to $9.54 billion, largely reflecting acquisitions. Debt stood at $895 million, with net debt of approximately $666 million, representing a modest 0.79x net debt-to-EBITDA ratio.
Liquidity at year-end totaled approximately $756 million, including working capital and undrawn credit capacity. The company expects to repay outstanding debt from future cash flow by early 2027 under current metal prices.
Dividend
Royal Gold increased its annual dividend to $1.90 per share for 2026, marking the 25th consecutive annual increase. In 2025, total dividends declared amounted to $1.825 per share.
Conclusion
Royal Gold delivered record revenue, operating cash flow, and earnings in 2025. Strategic acquisitions expanded the portfolio and enhanced long-term growth potential. Despite higher leverage following acquisitions, strong margins and cash flow generation support continued debt reduction and dividend growth.
*This is the latest quarterly report that the company has filed with the SEC.
Die Selektion dieser Aktie erfolgte zufällig aus einem breiten Spektrum an tagesaktuellen Börsenmitteilungen bezüglich angekündigter Dividendenzahlungen. Der vorliegende Beitrag zielt nicht auf eine qualitative Bewertung dieser dividendenstarken Aktie ab, sondern verfolgt einen rein deskriptiven Ansatz.
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