Sailfish Royalty (FISH) AI Stock Analysis

• Market Cap: C$327.13M
• Dividend Yield: 2.07%
• Average Volume (3M): 19.39K
• Price to Earnings (P/E): 198.6
• Beta (1Y): 0.46
• Revenue Growth: 5.24%
• EPS Growth: -17.24%
• Country: CA
• Employees: N/A
• Sector: Basic Materials
• Sector Strength: 58
• Industry: Gold
• EPS (TTM): 0.03
• Shares Outstanding: 76,254,616
• 10 Day Avg. Volume: 24,827
• 30 Day Avg. Volume: 19,395
• PEG Ratio: -0.65
• Price to Book (P/B): 2.04
• Price to Sales (P/S): 24.27
• P/FCF Ratio: -1.26K
• 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: C$4.25
• Price Target Upside: -0.91% Downside
• Rating Consensus: Moderate Buy
• Number of Analyst Covering: 1
• EPS Forecast (FY): N/A
• Revenue Forecast (FY): N/A

• Rating: 61 Neutral
• Price Target: C$4.50 ▲(4.90% Upside)

The score is driven primarily by improved TTM profitability and a very strong, low-leverage balance sheet, partially offset by weak free cash flow and inconsistent cash conversion. Technicals are mildly supportive, while valuation is a notable drag due to the very high P/E despite a modest dividend yield.

Positive Factors

Strong balance sheet

Very low financial leverage and a large equity base provide durable solvency and flexibility. This structure reduces bankruptcy risk, lowers financing costs, and enables the company to fund royalty acquisitions or withstand commodity cycles without depending on volatile debt markets.

Royalty business model

A royalty model delivers recurring revenue with limited operational capex and lower operating risk versus owning mines. This allows scalable portfolio growth through acquisitions and provides exposure to metal prices while avoiding mine-level execution risk, a structural advantage over operators.

High current margins

Very high gross and net margins indicate strong cash economics from royalty streams when production and offtake remain steady. Durable margins support capacity to pay dividends or reinvest proceeds, assuming cash conversion and production stability persist over the medium term.

Negative Factors

Weak cash generation & negative FCF

Negative free cash flow limits the firm's ability to self-fund new royalty purchases or meaningful shareholder returns without external financing. Even with positive net income, weak FCF constrains reinvestment and makes growth dependent on equity issuances or other capital-raising.

Volatile operating cash flow history

Persistent variability in operating cash flow undermines predictability of distributable cash and acquisition pacing. That volatility raises execution risk for a business that needs steady cash to opportunistically buy royalties and sustain dividends through metal-market cycles.

Inconsistent returns on capital

An equity base that has produced uneven or negative returns in prior years suggests the company struggles to consistently convert capital into profitable royalty assets. This undermines long-term compounding and may limit investor confidence in sustained value creation.

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 rest of the area surrounding San Albino in northern Nicaragua, as well as an up to 3% NSR on the Spring Valley gold project in Pershing County, Nevada. The company also holds a 1.5% NSR on El Compas, located in Zacatecas, Mexico; and a 1% NSR on La Cigarra, located in Chihuahua, Mexico, as well as holds a 100% interest in the Gavilanes Property located in Durango, Mexico. Sailfish Royalty Corp. was incorporated in 2014 and is headquartered in Road Town, the British Virgin Islands.

How the Company Makes Money

Sailfish Royalty generates revenue primarily through royalty payments received from mining companies that operate the properties in which Sailfish holds royalty interests. These royalties are typically a percentage of the gross revenue generated from the sale of minerals extracted from the properties. In addition to direct cash flow from these royalties, the company may also benefit from any appreciation in the underlying mineral assets, as well as potential strategic partnerships with mining operators that can enhance its revenue-generating capabilities. Key revenue streams include fixed royalties, sliding-scale royalties based on production levels, and potential upfront payments from new royalty agreements. The company's financial health is also bolstered by its ability to acquire new royalty interests in promising mining projects, thus expanding its revenue base over time.

Sailfish Royalty Financial Statement Overview

Summary

Profitability has rebounded on a TTM basis with strong margins, and the balance sheet is very conservatively positioned with essentially no debt and strong solvency. The key offset is weak and volatile cash generation: cash conversion is low versus net income and free cash flow is negative, with a history of uneven operating cash flow.

Income Statement

TTM (Trailing-Twelve-Months) results show a clear profitability rebound, with solid gross profitability (~90%) and healthy net profitability (~42%) on modest revenue growth (~5%). This is a meaningful improvement versus the prior annual periods where profits were much lower (2024) or negative (2022–2023). The key weakness is earnings volatility across the cycle (including outsized margins in 2021 and losses in multiple years), which reduces confidence in the durability of the current run-rate.

Balance Sheet

The balance sheet is conservatively positioned with essentially no debt in TTM (Trailing-Twelve-Months) and a large equity base (equity ~C$38.1M vs. assets ~C$39.5M), indicating low financial leverage and strong solvency. Return on equity is positive but modest in TTM (~3.5%), and historical returns have swung negative in several years, suggesting the capital base is strong but not consistently productive.

Cash Flow

TTM (Trailing-Twelve-Months) operating cash flow is positive (~C$0.7M), but it covers only about half of net income, and free cash flow is negative (~-C$0.29M) with a sharp decline versus the prior period. Historically, operating cash flow has frequently been negative (notably 2020–2024), highlighting execution and/or working-capital and spending volatility. The main strength is the recent turn to positive operating cash flow; the main weakness is continued negative free cash flow and weaker cash conversion of earnings.

Breakdown	TTM	Dec 2024	Dec 2023	Dec 2022	Dec 2021	Dec 2020
Income Statement
Total Revenue	2.91M	2.84M	2.33M	2.65M	1.48M	94.66K
Gross Profit	2.61M	1.87M	1.39M	1.38M	780.98K	31.11K
EBITDA	1.72M	2.00M	-403.14K	-591.14K	3.73M	-2.78M
Net Income	1.23M	550.03K	-1.11M	-1.21M	3.27M	-4.59M
Balance Sheet
Total Assets	39.46M	39.09M	42.79M	42.47M	48.45M	51.02M
Cash, Cash Equivalents and Short-Term Investments	3.10M	2.15M	2.55M	1.61M	3.68M	1.56M
Total Debt	0.00	4.00M	3.97M	16.60K	46.28K	3.14M
Total Liabilities	1.38M	5.32M	5.37M	1.19M	1.36M	3.44M
Stockholders Equity	38.09M	33.77M	37.42M	41.28M	47.08M	47.58M
Cash Flow
Free Cash Flow	-287.71K	-54.57K	-1.16M	-356.11K	-1.76M	-2.12M
Operating Cash Flow	712.29K	-54.57K	-1.14M	-356.11K	-1.76M	-1.83M
Investing Cash Flow	1.99M	4.27M	1.67M	3.68M	10.84M	706.84K
Financing Cash Flow	-2.87M	-4.61M	414.54K	-5.39M	-6.97M	2.41M

Sailfish Royalty Technical Analysis

• Technical Analysis Sentiment: Positive
• Last Price: 4.29
• 50DMA: Positive
• 100DMA: Positive
• 200DMA: Positive
• MACD: Negative
• RSI: Negative
• STOCH: Negative

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For TSE:FISH, the sentiment is Positive. The current price of 4.29 is above the 20-day moving average (MA) of 3.78, above the 50-day MA of 3.47, and above the 200-day MA of 2.73, indicating a bullish trend. The MACD of 0.24 indicates Negative momentum. The RSI at 76.32 is Negative, neither overbought nor oversold. The STOCH value of 81.19 is Negative, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for TSE:FISH.

Sailfish Royalty Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
OGN	69 Neutral	C$190.55M	41.58	9.02%	―	39.37%	―
Sector *	61 Neutral	$10.43B	7.12	-0.05%	2.87%	2.86%	-36.73%
FISH	61 Neutral	C$327.13M	198.61	3.44%	2.07%	5.24%	-17.24%
RVG	52 Neutral	C$215.28M	-16.16	-22.63%	―	―	-6.54%

Sailfish Royalty Corporate Events

Sailfish Royalty Announces Q4 2025 Dividend

Sailfish Royalty Corp. has announced a fourth quarterly cash dividend for 2025, amounting to US$0.0125 per common share, payable on July 15, 2026, to shareholders of record as of December 31, 2025. The company’s dividend policy is subject to change based on financial position and other factors, and while the announcement reflects a commitment to shareholder returns, future dividends are not guaranteed.

The most recent analyst rating on (TSE:FISH) stock is a Hold with a C$3.50 price target. To see the full list of analyst forecasts on Sailfish Royalty stock, see the TSE:FISH Stock Forecast page.

Sailfish Royalty Secures Gold Stream and Royalty on Mt. Hamilton Project

Sailfish Royalty Corp. has finalized its acquisition of the Mt. Hamilton Gold-Silver Project in Nevada, entering into a definitive agreement with Mako Mining Corp. for a five-year gold stream and a subsequent 2% net smelter return royalty. This strategic move enhances Sailfish’s portfolio by securing a steady gold supply and future royalties from the project, which is fully permitted for open pit, heap leach operations. The transaction is subject to customary closing conditions, including regulatory and shareholder approvals, and involves a $40 million loan to fund the acquisition.

The most recent analyst rating on (TSE:FISH) stock is a Buy with a C$4.25 price target. To see the full list of analyst forecasts on Sailfish Royalty stock, see the TSE:FISH Stock Forecast page.

Sailfish Royalty Corp. Reports Strong Q3 2025 Results and Strategic Acquisition

Sailfish Royalty Corp. reported strong financial results for Q3 2025, with significant increases in royalty revenue and net income compared to the previous year. The company also announced a strategic acquisition of a gold stream and royalty on the Mt. Hamilton Gold-Silver Project, enhancing its asset base and potential future revenue streams.

The most recent analyst rating on (TSE:FISH) stock is a Hold with a C$3.50 price target. To see the full list of analyst forecasts on Sailfish Royalty stock, see the TSE:FISH Stock Forecast page.