Empress Royalty (EMPR) AI Stock Analysis

• Market Cap: C$126.53M
• Dividend Yield: N/A
• Average Volume (3M): 374.66K
• Price to Earnings (P/E): 12.4
• Beta (1Y): 0.81
• 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$1.00 ▼(-3.85% Downside)
• 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

Royalty business model

The royalty model yields recurring, contractually defined cash flows while avoiding mine operating and capex risk. Over months this supports durable cash generation, scalability through acquisitions of royalties, and lower operational leverage versus owning and operating mines.

Strong recent profitability and margins

A sustained jump to high margins and material revenue growth signals improving unit economics and pricing power from the royalty portfolio. If maintained, these margins boost internal cash generation and reinvestment capacity, strengthening long-term operational resilience.

Conservative leverage and improving ROE

Low leverage provides financial flexibility to acquire new royalties and absorb production or price shocks. The jump in ROE demonstrates more effective capital deployment, enabling internal growth funding and less reliance on external financing over a multi-month horizon.

Negative Factors

Multi-year earnings volatility

The company's earnings profile has been materially cyclical, with several loss years before the recent rebound. This history raises uncertainty around sustainability of profits and complicates forecasting, which can limit long-term planning and capital allocation confidence.

Inconsistent cash conversion

Significant swings in free cash flow despite rising reported earnings indicate uneven cash conversion or timing of receipts. Persistent variability reduces predictability of internally generated funds for acquisitions or distributions and may force opportunistic external financing.

Revenue tied to mine performance and metal prices

Royalty receipts depend on third-party mine output and volatile commodity prices. This structural exposure links Empress's revenue to counterparty operational schedules and metal cycles, constraining revenue visibility and making cash flows sensitive to sector downturns.

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 primarily by purchasing royalty interests in mining projects. Under these agreements, Empress provides upfront capital to a project owner/operator and, in return, receives an ongoing contractual right to a percentage of production and/or a percentage of revenue generated from the mine (depending on the royalty type and contract terms). As the underlying mine produces and sells metal, Empress earns recurring royalty payments without bearing most day-to-day operating costs of mining. The company’s earnings are therefore driven by (i) the production performance of the mines tied to its royalty portfolio, (ii) realized commodity prices for the metals produced, and (iii) the specific royalty rates, payment mechanics, and thresholds defined in each contract. Additional ways the company can generate value include acquiring new royalties to expand its portfolio and realizing gains if it sells royalty interests or if the value of its royalty assets increases over time. Specific material partnerships, project-level counterparties, or revenue concentration details: null.

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: Negative
• 200DMA: Positive
• MACD: Positive
• RSI: Neutral
• STOCH: Positive

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 1.14, below the 50-day MA of 1.13, and above the 200-day MA of 0.96, indicating a neutral trend. The MACD of -0.04 indicates Positive momentum. The RSI at 36.60 is Neutral, neither overbought nor oversold. The STOCH value of 12.50 is Positive, 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$10.24B	27.69	11.27%	0.66%	43.27%	―
EMPR	72 Outperform	C$126.53M	12.43	33.85%	―	112.93%	―
VOXR	67 Neutral	C$555.71M	338.18	-2.71%	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$40.89M	-689.00	-88.61%	―	-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.