Sailfish Royalty Corp (TSE:FISH)
:FISH
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Sailfish Royalty
(FISH)
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Rating:53Neutral
Price Target:
C$4.00
▼(-7.62% Downside)
Action:Reiterated
Date:04/28/26
The score is primarily held back by financial risk factors: historically volatile earnings/cash flow and a sharp 2025 increase in leverage. Technicals are moderately supportive with price above key moving averages, while valuation is mixed (P/E ~23.8 offset somewhat by a ~2.6% dividend yield). Earnings-call impact is limited due to missing qualitative details.
Positive Factors
Asset-light royalty/stream model
Sailfish's royalty and streaming model is asset-light and avoids mine operating and sustaining capital costs. That durable business structure preserves capital, limits operational risk, and lets cash flows scale with production and metal prices, supporting long-term cash generation.
Negative Factors
Rising leverage and balance-sheet risk
A sharp increase in debt to approximately match/exceed equity materially raises refinancing and liquidity risk. Higher leverage reduces flexibility to pursue acquisitions or weather lower gold-linked cash flows, increasing structural financial vulnerability over the medium term.
Read all positive and negative factors
Positive Factors
Negative Factors
Asset-light royalty/stream model
Sailfish's royalty and streaming model is asset-light and avoids mine operating and sustaining capital costs. That durable business structure preserves capital, limits operational risk, and lets cash flows scale with production and metal prices, supporting long-term cash generation.
Read all positive factors
Sailfish Royalty (FISH) vs. iShares MSCI Canada ETF (EWC)
Market Cap
C$283.67M
Dividend Yield2.07%
Average Volume (3M)19.39K
Price to Earnings (P/E)―
Beta (1Y)0.53
Revenue Growth20.80%
EPS Growth203.88%
CountryCA
EmployeesN/A
SectorBasic Materials
Sector Strength58
IndustryGold
Share Statistics
EPS (TTM)0.02
Shares Outstanding76,254,616
10 Day Avg. Volume24,827
30 Day Avg. Volume19,395
Financial Highlights & Ratios
PEG Ratio2.83
Price to Book (P/B)4.63
Price to Sales (P/S)53.08
P/FCF Ratio118.87
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
C$4.50Price Target Upside3.93% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering1
EPS Forecast (FY)0.11
Revenue Forecast (FY)C$17.20M
Sailfish Royalty Business Overview & Revenue Model
Company Description
Sailfish Royalty Corp. operates as a precious metals royalty and streaming company in the Americas. The company also explores for gold and silver deposits. It holds a 3% net smelter return (NSR) on the San Albino gold project and a 2% NSR on the r...
How the Company Makes Money
Sailfish Royalty makes money primarily through royalty and streaming contracts linked to third-party mining projects. Under a royalty, Sailfish receives a contractually defined percentage of the revenue, net smelter returns (NSR), or production va...
Sailfish Royalty Financial Statement Overview
Summary
Income Statement
63
Positive
Balance Sheet
45
Neutral
Cash Flow
38
Negative
| Breakdown | Mar 2026 | Mar 2025 | Mar 2024 | Mar 2023 | Mar 2022 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 3.38M | 2.84M | 2.33M | 2.65M | 1.48M |
| Gross Profit | 3.14M | 1.87M | 1.39M | 1.38M | 780.98K |
| EBITDA | 2.05M | 2.00M | -403.14K | -591.14K | 3.73M |
| Net Income | 1.71M | 550.03K | -1.11M | -1.21M | 3.27M |
Balance Sheet | |||||
| Total Assets | 81.07M | 39.09M | 42.79M | 42.47M | 48.45M |
| Cash, Cash Equivalents and Short-Term Investments | 3.21M | 2.15M | 2.55M | 1.61M | 3.68M |
| Total Debt | 40.46M | 4.00M | 3.97M | 16.60K | 46.28K |
| Total Liabilities | 42.34M | 5.32M | 5.37M | 1.19M | 1.36M |
| Stockholders Equity | 38.73M | 33.77M | 37.42M | 41.28M | 47.08M |
Cash Flow | |||||
| Free Cash Flow | 1.51M | -54.57K | -1.16M | -356.11K | -1.76M |
| Operating Cash Flow | 1.51M | -54.57K | -1.14M | -356.11K | -1.76M |
| Investing Cash Flow | -40.58M | 4.27M | 1.67M | 3.68M | 10.84M |
| Financing Cash Flow | 38.44M | -4.61M | 414.54K | -5.39M | -6.97M |
Sailfish Royalty Technical Analysis
Neutral
4.33
Price Trends
3.80
Negative
3.63
Negative
3.14
Positive
Market Momentum
-0.03
Negative
46.35
Neutral
28.43
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For TSE:FISH, the sentiment is Neutral. The current price of 4.33 is above the 20-day moving average (MA) of 3.54, above the 50-day MA of 3.80, and above the 200-day MA of 3.14, indicating a neutral trend. The MACD of -0.03 indicates Negative momentum. The RSI at 46.35 is Neutral, neither overbought nor oversold. The STOCH value of 28.43 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral sentiment for TSE:FISH.
Sailfish Royalty Peers Comparison
UnderperformOutperform
Sector (61)
TSE:FISH
Sailfish Royalty
3.68
1.79
95.12%
TSE:TRX
Tanzanian Royalty Exploration
1.73
1.30
302.33%
TSE:OGN
Orogen Royalties
3.55
2.45
222.73%
TSE:RVG
Revival Gold
0.88
0.44
100.00%
Sailfish Royalty Corporate Events
Business Operations and StrategyM&A Transactions
Sailfish Royalty Nets US$168 Million From Sale of Nevada Royalties to OR Royalties
Positive
Apr 10, 2026
Sailfish Royalty has closed the sale of its wholly owned subsidiary Terraco Gold, which holds royalties on the Spring Valley gold project and the Moonlight property in Nevada, to OR Royalties Inc. for after‑tax cash proceeds of US$168 millio...
Business Operations and StrategyM&A Transactions
Sailfish Royalty Secures 11-Year Gold Stream in US$40 Million Mt. Hamilton Deal
Positive
Mar 24, 2026
Sailfish Royalty has closed the sale of its 100% interest in Mt. Hamilton LLC, owner of the Mt. Hamilton Gold-Silver Project in Nevada, to Mako US Corp. in exchange for a 132‑month gold stream. Under the deal, Sailfish will receive about 341...
Business Operations and StrategyM&A TransactionsShareholder Meetings
Sailfish Shareholders Approve Sale of Mt. Hamilton for Long‑Term Gold Stream
Positive
Mar 3, 2026
Sailfish Royalty Corp. has obtained shareholder approval to dispose of its 100% interest in Mt. Hamilton LLC to Mako US Corp., an affiliate of Mako Mining Corp., in a deal that restructures its exposure into a long‑dated gold stream. The ame...
Business Operations and StrategyDividendsM&A Transactions
Sailfish Sells Key Nevada Royalties for US$168 Million and Triples Dividend
Positive
Feb 24, 2026
Sailfish Royalty Corp. has agreed to sell all the shares of its subsidiary Terraco Gold Corp. to OR Royalties Inc. for US$168 million in after-tax cash, divesting its up to 3% NSR on the Spring Valley gold project and 2% NSR on the Moonlight prope...
Business Operations and Strategy
Sailfish Restructures Mt. Hamilton Deal With Mako Into Long-Term Gold Stream
Positive
Feb 17, 2026
Sailfish Royalty has amended its agreements with Mako Mining to replace the previously planned five-year gold stream and 2% NSR royalty on the Mt. Hamilton gold-silver project in Nevada with a new 11-year gold stream structure. Under the revised t...
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.