Empress Royalty (EMPR) AI Stock Analysis

• Market Cap: C$142.97M
• Dividend Yield: N/A
• Average Volume (3M): 374.66K
• Price to Earnings (P/E): 12.4
• Beta (1Y): 0.67
• Revenue Growth: 112.93%
• EPS Growth: N/A
• Country: CA
• Employees: 2
• Sector: Basic Materials
• Sector Strength: 58
• Industry: Other Precious Metals
• EPS (TTM): 0.05
• Shares Outstanding: 126,525,740
• 10 Day Avg. Volume: 282,208
• 30 Day Avg. Volume: 374,662
• PEG Ratio: 0.02
• Price to Book (P/B): 3.38
• Price to Sales (P/S): 5.39
• P/FCF Ratio: 24.70
• Enterprise Value/Market Cap: N/A
• Enterprise Value/Revenue: N/A
• Enterprise Value/Gross Profit: N/A
• Enterprise Value/Ebitda: N/A
• 1Y Price Target: N/A
• Price Target Upside: N/A
• Rating Consensus: N/A
• Number of Analyst Covering: 0
• EPS Forecast (FY): 0.13
• Revenue Forecast (FY): C$35.36M

• Rating: 72 Outperform
• Price Target: C$1.50 ▲(44.23% Upside)
• Action: Upgraded Date: 03/02/26
• Date: Action: Upgraded 03/02/26

The score is driven primarily by materially improved financial performance (strong 2025 profitability, margins, ROE, and conservative leverage), tempered by a history of earnings and free-cash-flow volatility. Technicals add support with price above key moving averages and positive MACD, while valuation is moderately supportive with a reasonable P/E but no dividend yield provided.

Positive Factors

Business model strength

The royalty model delivers recurring revenue with minimal operating cost and no mine operating risk. This capital-light structure supports scalable portfolio growth through acquisitions and preserves margin upside from commodity-linked cashflows, giving durable cash generation capacity over time.

High margins and improving profitability

Elevated gross and net margins reflect strong economics of royalty streams, where revenue flows with little direct operating expense. If underlying production persists, these margins are structurally sustainable versus operating peers and support strong internal returns and reinvestment ability over multiple years.

Conservative balance sheet

Low leverage provides financial flexibility to acquire new royalties, weather commodity cycles and avoid distress financing. Reduced debt lowers fixed obligations and preserves optionality to fund accretive royalty purchases without excessive dilution, underpinning durable capital allocation capacity.

Negative Factors

Earnings and cash-flow volatility

Historic swings between losses and strong profit indicate cashflow and earnings are uneven, complicating forecasting and capital planning. Variability in free cash flow and episodic negative FCF raise execution risk for consistent dividend or reinvestment plans and heighten reliance on timely royalty payments.

Exposure to commodity and operator performance

Royalty revenues are pass-through to underlying mine output and metal prices, creating structural sensitivity to operator execution and commodity cycles. Even with strong margins, revenue predictability is constrained by production setbacks or price declines, limiting long-term revenue visibility.

Small scale and concentration risk

A very small team suggests limited internal capacity for deal sourcing, diligence, portfolio monitoring and operator oversight. This constrains scalability, increases reliance on third parties, and can raise concentration and counterparty monitoring risks as the portfolio grows or faces operational issues.

Empress Royalty Business Overview & Revenue Model

Company Description

Empress Royalty Corp. acquires royalty and streaming interests in precious metal mines and mining projects. The company has a portfolio of 17 precious metals royalties in Canada. It has net smelter return royalty interests in the Pinos Royalty and McLeroy-Pinos Royalty in the Pinos gold-silver project in Mexico. The company was incorporated in 2020 and is headquartered in White Rock, Canada.

How the Company Makes Money

Empress Royalty makes money through its royalty and streaming agreements with mining companies. Under these agreements, Empress provides upfront capital to mining companies in exchange for a percentage of the future revenue generated from the mined resources. This model allows Empress Royalty to generate income based on the production and sale of precious metals without having to directly engage in mining operations. Key revenue streams include royalties, which are payments based on a percentage of the revenue or profit from the mined resources, and streaming agreements, where Empress receives a portion of the physical metal produced at a predetermined price. Significant partnerships with mining companies and strategic investments in promising mining projects are critical factors contributing to Empress Royalty's earnings.

Empress Royalty Financial Statement Overview

Summary

Strong recent inflection with sharp 2025 revenue growth (~31% YoY), very high margins (gross ~70%, net ~43%), improving ROE (~27%), and low leverage (debt-to-equity ~0.10). The key constraint is durability: the business shows multi-year earnings volatility (losses in 2021–2023) and uneven cash conversion, including negative free cash flow as recently as 2024.

Income Statement

Profitability and scale improved sharply in 2025, with revenue up ~31% year over year and very strong margins (gross margin ~70%, net margin ~43%). This is a notable turnaround from 2023’s loss-making profile (negative EBIT and net margin). The main weakness is volatility in the earnings trajectory across the period (losses in 2021–2023 followed by a step-change to strong profitability in 2024–2025), which raises confidence risk around sustainability despite the recent momentum.

Balance Sheet

Leverage is conservative and improving: 2025 debt is low versus equity (debt-to-equity ~0.10), down from ~0.29 in 2024, providing balance-sheet flexibility. Equity has grown meaningfully alongside profitability, and returns on equity strengthened to ~27% in 2025 (from ~6% in 2024 and negative in 2021–2023). Key risk is the historical volatility in returns (negative ROE for several years), suggesting the current strength is relatively recent.

Cash Flow

Cash generation is positive and improved structurally versus earlier years: operating cash flow was positive in 2023–2025, and 2025 free cash flow was positive and roughly in line with net income. However, free cash flow swung from negative in 2024 to positive in 2025, and 2025 free cash flow declined ~40% year over year despite much higher earnings, pointing to variability in cash conversion and/or reinvestment timing. Earlier periods also show meaningful cash burn (notably 2021–2022), reinforcing the mixed consistency profile.

Breakdown	Dec 2025	Dec 2024	Mar 2024	Mar 2023	Sep 2021
Income Statement
Total Revenue	17.46M	8.02M	3.52M	―	212.25K
Gross Profit	12.27M	5.22M	1.98M	―	76.17K
EBITDA	10.12M	4.36M	-396.42K	―	-3.89M
Net Income	7.57M	1.01M	-2.93M	―	-4.01M
Balance Sheet
Total Assets	35.32M	23.69M	19.11M	20.13M	26.31M
Cash, Cash Equivalents and Short-Term Investments	3.22M	953.63K	1.17M	713.94K	2.56M
Total Debt	2.75M	5.17M	2.94M	3.20M	3.97M
Total Liabilities	7.48M	6.16M	3.48M	3.33M	4.49M
Stockholders Equity	27.84M	17.53M	15.63M	16.80M	21.82M
Cash Flow
Free Cash Flow	3.81M	-1.46M	212.72K	-1.88M	-26.97M
Operating Cash Flow	3.81M	3.54M	212.72K	-913.10K	-3.34M
Investing Cash Flow	0.00	-5.00M	0.00	-970.24K	-23.46M
Financing Cash Flow	-1.45M	1.23M	266.49K	595.28K	27.65M

Empress Royalty Technical Analysis

• Technical Analysis Sentiment: Negative
• Last Price: 1.04
• 50DMA: Negative
• 100DMA: Positive
• 200DMA: Positive
• MACD: Positive
• RSI: Neutral
• STOCH: Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For TSE:EMPR, the sentiment is Negative. The current price of 1.04 is below the 20-day moving average (MA) of 1.18, below the 50-day MA of 1.13, and above the 200-day MA of 0.94, indicating a neutral trend. The MACD of 0.01 indicates Positive momentum. The RSI at 46.21 is Neutral, neither overbought nor oversold. The STOCH value of 26.90 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for TSE:EMPR.

Empress Royalty Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
TFPM	78 Outperform	C$10.90B	27.69	11.27%	0.66%	43.27%	―
EMPR	72 Outperform	C$142.97M	12.43	17.02%	―	112.93%	―
VOXR	67 Neutral	$560.49M	338.18	-2.13%	0.97%	11.95%	-44.15%
Sector *	61 Neutral	$10.43B	7.12	-0.05%	2.87%	2.86%	-36.73%
STRR	52 Neutral	C$33.42M	-689.00	-64.35%	―	-47.93%	-538.46%

Empress Royalty Corporate Events

Empress Royalty Posts Record 2025 Results and Targets Higher GEO Output in 2026

Empress Royalty reported a record year in 2025, doubling revenue and delivering US$17.2 million in royalty and streaming income, US$12.1 million in gross profit, and US$7.4 million in net income, alongside positive operating cash flow of US$3.7 million and adjusted EBITDA of US$13.9 million. Management highlighted the strength and high-margin profile of its portfolio and issued 2026 guidance of 7,045 to 7,430 attributable gold equivalent ounces, signaling expectations for further growth supported by ongoing production from key assets and stable or improving gold and silver markets.

The company emphasized its disciplined capital allocation and improved balance sheet, positioning it to redeploy capital into selective, value-accretive royalty and streaming opportunities. By focusing on attributable gold equivalent ounces as a core performance metric, Empress aims to demonstrate diversified exposure to gold and silver production while reducing reliance on short-term price volatility and reinforcing its competitive position among precious metals royalty players.

The most recent analyst rating on (TSE:EMPR) stock is a Hold with a C$1.00 price target. To see the full list of analyst forecasts on Empress Royalty stock, see the TSE:EMPR Stock Forecast page.

Empress Royalty Awards RSUs to New Director as It Expands Precious Metals Portfolio

Empress Royalty Corp. has granted 250,000 restricted share units to newly appointed director Daniel Burns under its Equity Incentive Plan, with the awards priced at C$1.09 and scheduled to vest in equal tranches over two years, starting one year from the grant date. The move underscores Empress Royalty’s use of equity-based compensation to align board incentives with shareholders as it continues to expand its portfolio of gold and silver streaming and royalty interests in partnership with Endeavour Financial, reinforcing its growth-focused positioning in the precious metals financing space.

The most recent analyst rating on (TSE:EMPR) stock is a Buy with a C$1.50 price target. To see the full list of analyst forecasts on Empress Royalty stock, see the TSE:EMPR Stock Forecast page.

Empress Royalty Announces Board Resignation and Future Growth Plans

Empress Royalty Corp. announced the resignation of co-founder Jeremy Bond from its board of directors, as he shifts focus to other professional commitments. Bond played a significant role in the company’s early development, helping it achieve key milestones such as reaching net income. The company, under the leadership of CEO Alexandra Woodyer Sherron, is now looking to make thoughtful additions to its board as it continues to grow and advance its strategy. Empress remains well-positioned for future growth, building on the foundation established by Bond.