OR Royalties (OR) AI Stock Analysis

• Market Cap: C$8.46B
• Dividend Yield: 0.55%
• Average Volume (3M): 413.47K
• Price to Earnings (P/E): 31.7
• Beta (1Y): 1.74
• Revenue Growth: 37.22%
• EPS Growth: N/A
• Country: CA
• Employees: 124
• Sector: Basic Materials
• Sector Strength: 58
• Industry: Gold
• EPS (TTM): 0.44
• Shares Outstanding: 187,510,730
• 10 Day Avg. Volume: 497,924
• 30 Day Avg. Volume: 413,470
• PEG Ratio: 0.02
• Price to Book (P/B): 4.65
• Price to Sales (P/S): 23.56
• P/FCF Ratio: 31.30
• 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$71.05
• Price Target Upside: 57.47% Upside
• Rating Consensus: Moderate Buy
• Number of Analyst Covering: 9
• EPS Forecast (FY): 1.49
• Revenue Forecast (FY): C$445.53M

• Rating: 67 Neutral
• Price Target: C$52.00 ▲(15.25% Upside)
• Action: Downgraded Date: 03/20/26
• Date: Action: Downgraded 03/20/26

The score is supported primarily by strong 2025 financial performance (high profitability, improved cash generation, and near-zero leverage), but is held back by weak technicals (below key moving averages with negative MACD) and only middling valuation (high P/E and low yield).

Positive Factors

Balance sheet strength

Very low leverage and a near-zero debt-to-equity ratio materially increase financial flexibility. Over the next several months this supports deal-making, cushions cash flows in commodity downturns, and reduces refinancing risk versus peers dependent on external debt.

Robust cash generation

Strong 2025 operating and free cash flows indicate the business can internally fund growth initiatives, acquisitions, or shareholder returns without immediate reliance on equity or debt markets. Sustained cash conversion enhances resilience and strategic optionality.

High profitability and revenue growth

Exceptionally high margins reflect the royalty/streaming model's low operating capital intensity and strong pricing power when production is healthy. Combined with sharp revenue growth, this strengthens sustainable free-cash-flow potential and return on invested capital.

Negative Factors

Earnings and cash flow volatility

Prior multi-year losses and episodes of negative free cash flow reduce confidence that 2025 performance is durable. This cyclicality means management may need to conserve cash or issue equity in downturns, constraining long-term capital allocation and dividend reliability.

Counterparty & production dependence

As a non-operator, revenue timing and volumes depend on third-party miners. Operational setbacks, permitting delays, or operator underperformance directly reduce royalty receipts, limiting predictability of cash flows and increasing exposure to counterparties' execution risk.

Concentration to gold / industry cyclicality

Concentration in gold ties earnings to a cyclical commodity and price swings. Even with diversified contracts, sector-wide downturns can depress production economics and royalties simultaneously, making cash flows and margins sensitive to prolonged commodity cycles.

OR Royalties Business Overview & Revenue Model

Company Description

OR Royalties, Inc. engages in the acquisition, mining, and exploration of precious metals, streams, and other royalties. It holds interests in the Canadian Malartic mine. The company was founded on April 29, 2014 and is headquartered in Montreal, Canada.

How the Company Makes Money

OR Royalties makes money primarily through royalty and streaming contracts tied to mineral production. Under royalty agreements, it receives a contractual percentage of revenue or production (often calculated on gross or net smelter return terms, depending on the contract) from a mine or project, based on the volume of metal produced and prevailing commodity prices. Under streaming agreements, it provides upfront capital to a mine operator and, in return, gains the right to purchase a defined portion of future metal production at a predetermined price (usually below spot); OR Royalties then sells the acquired metal at market prices, capturing the spread between the fixed purchase price and the realized sale price. Additional earnings can come from upfront option or structuring payments, buyback payments if an operator repurchases a portion of a royalty/stream (where permitted), and income from a diversified portfolio of interests that can include both producing and non-producing assets (with producing assets generating current cash flow and development assets providing potential future revenue as projects advance to production). Its results are influenced by production volumes at partner-operated mines, commodity prices, contract-specific terms (including caps, step-downs, and buybacks where applicable), counterparty performance, and the timing of new deal deployment.

OR Royalties Financial Statement Overview

Summary

Strong 2025 fundamentals: very high margins, sharp net income rebound, and robust operating/free cash flow with minimal leverage. Main offset is historical volatility (multiple loss years and uneven/negative free cash flow in 2022–2023), which raises durability risk.

Income Statement

Profitability is a clear strength: 2025 shows very strong margins (gross margin ~83%, operating margin ~73%, net margin ~74%) and net income rebounded sharply to ~288M after losses in 2021–2023 and a low-profit year in 2024. Growth also accelerated materially in 2025 (revenue up ~54% year over year) after a relatively flat 2024. Key watch-out: earnings have been volatile over the cycle, with multiple loss years prior to 2025, which lowers confidence in the durability of the current run-rate.

Balance Sheet

Balance sheet strength is high, driven by very low leverage and a sizable equity base. Debt is down dramatically in 2025 (to ~12M) and debt-to-equity is near-zero (~0.006), improving from already moderate levels in prior years. Returns improved meaningfully in 2025 (return on equity ~14.7%) after weak/negative returns in 2021–2024, but the historical volatility in returns is the main constraint on an even higher score.

Cash Flow

Cash generation improved significantly in 2025 with operating cash flow of ~343M and free cash flow of ~292M, alongside strong free-cash-flow growth (~157%). Free cash flow covers a large portion of net income in 2025 (~0.85), suggesting earnings are largely cash-backed. However, free cash flow was negative in 2022–2023 and uneven in 2020–2024, indicating variability that investors should factor into expectations.

Breakdown	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	387.57M	190.98M	182.79M	162.33M	176.35M
Gross Profit	323.14M	184.24M	170.48M	150.35M	146.83M
EBITDA	334.30M	161.30M	142.54M	132.06M	129.02M
Net Income	287.96M	16.25M	-37.34M	-88.50M	-18.47M
Balance Sheet
Total Assets	2.16B	1.39B	1.51B	1.52B	1.89B
Cash, Cash Equivalents and Short-Term Investments	194.83M	59.06M	57.16M	67.48M	90.73M
Total Debt	12.06M	98.62M	150.49M	115.94M	336.27M
Total Liabilities	195.73M	202.43M	268.75M	228.49M	497.72M
Stockholders Equity	1.96B	1.19B	1.24B	1.29B	1.28B
Cash Flow
Free Cash Flow	291.64M	82.32M	-78.37M	-10.63M	11.85M
Operating Cash Flow	343.17M	152.25M	140.82M	81.94M	83.20M
Investing Cash Flow	1.89M	-72.01M	-165.52M	-284.59M	-213.34M
Financing Cash Flow	-228.24M	-71.27M	10.77M	163.39M	-15.37M

OR Royalties Technical Analysis

• Technical Analysis Sentiment: Negative
• Last Price: 45.12
• 50DMA: Negative
• 100DMA: Negative
• 200DMA: Negative
• MACD: Positive
• RSI: Positive
• STOCH: Positive

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For TSE:OR, the sentiment is Negative. The current price of 45.12 is below the 20-day moving average (MA) of 58.00, below the 50-day MA of 57.97, and below the 200-day MA of 48.01, indicating a bearish trend. The MACD of -2.46 indicates Positive momentum. The RSI at 23.71 is Positive, neither overbought nor oversold. The STOCH value of 5.10 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for TSE:OR.

OR Royalties Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
OGN	69 Neutral	C$165.02M	50.82	8.39%	―	39.37%	―
ELE	68 Neutral	C$1.52B	80.56	2.92%	―	131.18%	150.47%
OR	67 Neutral	C$8.46B	31.70	14.47%	0.55%	37.22%	―
Sector *	61 Neutral	$10.43B	7.12	-0.05%	2.87%	2.86%	-36.73%
FISH	61 Neutral	C$259.27M	23.76	3.47%	2.07%	5.24%	-17.24%

OR Royalties Corporate Events

OR Royalties Posts Record 2025 Results and Expands Global Royalty Portfolio

OR Royalties reported record 2025 results, including revenues of $277.4 million, operating cash flow of $245.6 million, and net earnings of $206.1 million, while remaining debt-free with $142.1 million in cash and expanding its credit facility to $650 million plus an accordion. The company executed several strategic royalty and stream acquisitions in North America, Japan, Ghana, and Peru, initiated first payments from key assets such as Namdini and Bralorne, adjusted its board composition, maintained a steady dividend, and issued 2026 guidance of 80,000–90,000 GEOs at a ~97% cash margin, underpinned by ramp-ups at Dalgaranga and San Gabriel that strengthen its long‑term growth outlook.

OR Royalties’ aggressive portfolio expansion, including a 100% silver stream on Orla’s South Railroad project and additional NSR exposure to Namdini and San Gabriel, positions the company for increased cash generation and greater geographic diversification. The acquisition of eight royalties from Gold Fields, continued share buybacks, and rising dividend levels underscore a capital allocation strategy aimed at enhancing shareholder returns while consolidating its role as a leading precious metals royalty player amid favorable gold market dynamics.

The most recent analyst rating on (TSE:OR) stock is a Buy with a C$70.00 price target. To see the full list of analyst forecasts on OR Royalties stock, see the TSE:OR Stock Forecast page.

OR Royalties Buys $115 Million Precious Metals Royalty Portfolio Anchored by San Gabriel Mine

OR Royalties has agreed to buy a portfolio of eight precious metals royalties from Gold Fields affiliates for $115 million, led by a 1.5% net smelter return royalty on Buenaventura’s newly producing San Gabriel gold and silver mine in Peru. The deal immediately boosts expected gold-equivalent deliveries in 2026 and supports a projected 50% increase in GEO output by 2030, with no contingent capital required.

The acquired package also includes a 1.0% NSR on Galiano’s Nkran pushback in Ghana and a 2.0% NSR on Torque Metals’ Paris project in Western Australia, plus a 2.5% net profits interest over Freeport and Amarc’s JOY exploration district in British Columbia. By adding producing, development and exploration assets in Tier-1 jurisdictions while maintaining a strong gold and silver focus, OR Royalties enhances its long-term growth profile and diversifies its cash‑flow pipeline for investors.

The most recent analyst rating on (TSE:OR) stock is a Buy with a C$70.00 price target. To see the full list of analyst forecasts on OR Royalties stock, see the TSE:OR Stock Forecast page.

OR Royalties Declares Q1 2026 Dividend and Highlights DRIP Requirements

OR Royalties Inc. has declared a first-quarter 2026 dividend of US$0.055 per common share, payable on April 15, 2026 to shareholders of record as of March 31, with the Canadian-dollar equivalent to be set using the Bank of Canada’s exchange rate on the record date. The company also reminded non-registered beneficial shareholders that, following its 2025 name change and new CUSIP, they may need to re-enroll to keep participating in its dividend reinvestment plan, which offers a 3% discount and may have tax implications depending on individual circumstances.

The dividend decision underlines OR Royalties’ ongoing capital-return strategy as it continues to leverage a large portfolio of royalties and streams anchored by its cornerstone interest in the Canadian Malartic Complex. By highlighting the mechanics and potential tax considerations of its dividend reinvestment plan, the company is seeking to maintain and potentially deepen shareholder engagement while ensuring investors understand the administrative steps required to benefit from discounted share reinvestment.

The most recent analyst rating on (TSE:OR) stock is a Buy with a C$70.00 price target. To see the full list of analyst forecasts on OR Royalties stock, see the TSE:OR Stock Forecast page.