Gold Royalty Corp. (GROY)
XASE:GROY
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Gold Royalty
(NYSE MKT:GROY)
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Rating:65Neutral
Price Target:
$3.50
▼(-8.38% Downside)
Action:Reiterated
Date:05/09/26
The score is driven primarily by improving operating performance and a very strong, low-debt balance sheet, reinforced by a positive earnings call with reiterated guidance and visible longer-term growth. This is tempered by expensive valuation (high P/E), mixed technical signals, and the remaining gap to consistent net profitability plus potential dilution/timing risks highlighted on the call.
Positive Factors
Balance sheet strength
An almost debt-free balance sheet with minimal leverage provides durable financial flexibility. It lowers refinancing and interest-rate risk, supports funding of royalty acquisitions or development-stage ramps from internal resources or the undrawn facility, and preserves optionality during commodity cycles.
Negative Factors
Equity-accounted revenue visibility
Equity-accounting of material royalties reduces transparency of recurring revenue and complicates trend analysis. Persistent equity-accounted interests can understate reported IFRS revenue, hindering comparability and investor assessment of production-linked cash flows over the medium term.
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Positive Factors
Negative Factors
Balance sheet strength
An almost debt-free balance sheet with minimal leverage provides durable financial flexibility. It lowers refinancing and interest-rate risk, supports funding of royalty acquisitions or development-stage ramps from internal resources or the undrawn facility, and preserves optionality during commodity cycles.
Read all positive factors
Gold Royalty (GROY) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$743.15M
Dividend YieldN/A
Average Volume (3M)1.97M
Price to Earnings (P/E)115.9
Beta (1Y)1.02
Revenue Growth89.91%
EPS Growth61.27%
CountryUS
Employees13
SectorBasic Materials
Sector Strength58
IndustryOther Precious Metals
Share Statistics
EPS (TTM)-0.01
Shares Outstanding230,792,200
10 Day Avg. Volume1,899,187
30 Day Avg. Volume1,966,840
Financial Highlights & Ratios
PEG Ratio-9.51
Price to Book (P/B)1.01
Price to Sales (P/S)45.29
P/FCF Ratio706.95
Enterprise Value/Market Cap0.80
Enterprise Value/Revenue30.27
Enterprise Value/Gross Profit41.24
Enterprise Value/Ebitda64.55
Forecast
1Y Price Target
$6.19Price Target Upside61.98% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering4
EPS Forecast (FY)0.06
Revenue Forecast (FY)$35.72M
Gold Royalty Business Overview & Revenue Model
Company Description
Gold Royalty Corp., a precious metals-focused royalty company, provides financing solutions to the metals and mining industry. It focuses on acquiring royalties, streams, and similar interests at varying stages of the mine life cycle to build a po...
How the Company Makes Money
Gold Royalty makes money by owning royalty and streaming interests tied to third-party mining projects and collecting value when those projects produce and sell metals (or when the interests are sold/monetized). Key revenue streams include: (1) Ro...
Gold Royalty Earnings Call Summary
Earnings Call Date:May 07, 2026
(Q1-2026)
| % Change Since: |
Next Earnings Date:Aug 06, 2026
Earnings Call Sentiment Positive
The call conveyed a strongly positive operational and financial picture: record revenue and adjusted EBITDA, improving cash generation, a clean balance sheet, and a sizeable, high-quality portfolio with multiple near- and mid-term catalysts. There are some near-term operational timing risks (e.g., Varus shutdown), accounting nuances around equity-accounted royalties, and potential dilution from outstanding warrants, but these are relatively limited compared with the demonstrated growth trajectory and liquidity position.Positive Updates
Record Quarterly Revenue and Adjusted EBITDA
Total revenue, land agreement proceeds, and interest of $9.4 million in Q1 2026; adjusted EBITDA of $7.0 million, up from $3.2 million in the prior quarter (≈+119% QoQ) and up from $1.7 million in Q1 2025 (≈+312% YoY).
Negative Updates
Equity Accounting Reduces IFRS Revenue Line Visibility
Revenue from the second Borba Rama royalty (net 0.75% NSR to Gold Royalty Corp.) is equity-accounted and not included in the IFRS revenue line, which may complicate direct comparability of reported revenue metrics despite being included in the disclosed $9.4 million total figure.
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Q1-2026 Updates
Positive
Negative
Record Quarterly Revenue and Adjusted EBITDA
Total revenue, land agreement proceeds, and interest of $9.4 million in Q1 2026; adjusted EBITDA of $7.0 million, up from $3.2 million in the prior quarter (≈+119% QoQ) and up from $1.7 million in Q1 2025 (≈+312% YoY).
Read all positive updates
Company Guidance
The company reiterated production guidance of 7,500–9,300 GEOs for 2026 (based on a $5,150/oz gold price) and longer‑term growth to 28,000–34,000 GEOs by 2030—growth that the company says is from royalties/streams already bought and paid for and represents nearly 500% growth at the 31,000 GEO midpoint versus its 2025 actual of 5,173 GEOs (≈6x); Q1 2026 production was 1,920 GEOs (annualized to 7,680 GEOs, above the 7,500 low end), Q1 revenue was $9.4M with adjusted EBITDA of $7.0M, the balance sheet closed Q1 with $13.6M cash, no debt and a fully undrawn $150M credit facility, the company reached first positive free cash flow in mid‑2025, and management expects volumes to be heavier in H2 2026 as Faros and County Line ramp (with some near‑term items to watch, e.g., a ~20‑day Q2 Varus plant shutdown).Gold Royalty Financial Statement Overview
Summary
Income Statement
62
Positive
Balance Sheet
88
Very Positive
Cash Flow
70
Positive
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Sep 2022 | Sep 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 19.65M | 15.61M | 10.10M | 3.05M | 3.94M | 191.99K |
| Gross Profit | 14.42M | 11.93M | 6.63M | 1.56M | 2.19M | 23.33K |
| EBITDA | 9.22M | 6.67M | 1.94M | -7.76M | -15.57M | -9.92M |
| Net Income | -1.11M | -4.13M | -3.41M | -26.76M | -17.35M | -17.43M |
Balance Sheet | ||||||
| Total Assets | 846.87M | 838.27M | 737.51M | 690.99M | 688.61M | 279.50M |
| Cash, Cash Equivalents and Short-Term Investments | 16.20M | 13.96M | 2.48M | 1.78M | 14.25M | 11.02M |
| Total Debt | 79.00K | 101.00K | 50.00M | 33.06M | 9.66M | 47.61K |
| Total Liabilities | 124.88M | 139.07M | 179.21M | 170.04M | 152.40M | 54.18M |
| Stockholders Equity | 721.99M | 699.20M | 558.30M | 520.95M | 536.22M | 225.32M |
Cash Flow | ||||||
| Free Cash Flow | 6.65M | 1.00M | -43.55M | -36.62M | -38.97M | -22.93M |
| Operating Cash Flow | 6.65M | 1.00M | 2.54M | -7.92M | -19.26M | -11.95M |
| Investing Cash Flow | -74.53M | -68.72M | -44.07M | -33.56M | 10.58M | -69.17M |
| Financing Cash Flow | 78.25M | 77.86M | 42.35M | 37.08M | 5.83M | 90.95M |
Gold Royalty Technical Analysis
Negative
3.82
Price Trends
3.55
Negative
4.01
Negative
3.84
Negative
Market Momentum
-0.09
Positive
36.80
Neutral
11.21
Positive
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For GROY, the sentiment is Negative. The current price of 3.82 is above the 20-day moving average (MA) of 3.47, above the 50-day MA of 3.55, and below the 200-day MA of 3.84, indicating a bearish trend. The MACD of -0.09 indicates Positive momentum. The RSI at 36.80 is Neutral, neither overbought nor oversold. The STOCH value of 11.21 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for GROY.
Gold Royalty Peers Comparison
UnderperformOutperform
Sector (61)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
67 Neutral | $1.24B | 19.35 | 2.79% | ― | 6.42% | ― | |
65 Neutral | $743.15M | 115.93 | -0.17% | ― | 89.91% | 61.27% | |
62 Neutral | $205.59M | 10.25 | 19.13% | ― | 112.09% | ― | |
61 Neutral | $10.43B | 7.12 | -0.05% | 2.87% | 2.86% | -36.73% | |
50 Neutral | $3.11B | -16.35 | -65.73% | ― | ― | 40.49% |
* Basic Materials Sector Average
GROY
Gold Royalty
3.22
1.44
80.90%
CMP
Compass Minerals International
29.49
10.33
53.91%
USAU
US Gold
15.48
4.71
43.73%
GORO
Gold Resource
1.27
0.65
104.51%
HYMC
Hycroft Mining Holding
34.07
31.22
1099.47%
DC
Dakota Gold Corp
5.39
2.43
82.09%
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.