OR Royalties (OR) AI Stock Analysis

• Market Cap: C$11.27B
• Dividend Yield: 0.55%
• Average Volume (3M): 448.97K
• Price to Earnings (P/E): 31.7
• Beta (1Y): 1.46
• 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: 368,091
• 30 Day Avg. Volume: 448,966
• 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$67.60
• Price Target Upside: 12.34% Upside
• Rating Consensus: Moderate Buy
• Number of Analyst Covering: 10
• EPS Forecast (FY): 1.45
• Revenue Forecast (FY): C$429.66M

• Rating: 75 Outperform
• Price Target: C$65.00 ▲(8.01% Upside)
• Action: Reiterated Date: 02/20/26
• Date: Action: Reiterated 02/20/26

The score is driven primarily by strong 2025 financial performance (high margins, improved earnings and cash generation, near-zero leverage) and a constructive longer-term technical trend. This is tempered by a rich valuation (high P/E and low yield) and earnings-call risks around GEO shortfalls, project timing uncertainty, and challenges securing new deals.

Positive Factors

High margins and profitability

Osisko's 2025 margin profile reflects the structural advantage of royalty/streaming economics: low operating and capital intensity convert metal receipts into outsized cash margins. This durability supports sustained cash flows and shareholder returns across several quarters absent major operational disruptions.

Strong balance sheet and minimal leverage

Near-zero leverage gives Osisko long-term optionality: it can fund accretive streams/royalties, withstand commodity cycles, and maintain dividends or buybacks without leaning on equity markets. Financial flexibility materially lowers refinancing and liquidity risk over the medium term.

Robust operating and free cash generation

Significant operating and free cash flow in 2025 demonstrates the model's ability to convert royalties into distributable cash. Reliable FCF enables sustained dividends, buybacks and selective funding of new streams, reducing reliance on external capital over multiple quarters.

Negative Factors

Historic earnings volatility

Prior multi-year losses show Osisko's earnings can swing materially with commodity cycles, asset revaluations and timing of deliveries. This history implies the 2025 rebound may not be fully persistent and investors should expect potential earnings reversals or variability over the next 2–6 months.

Difficulty closing new transactions

A constrained ability to transact limits portfolio replenishment and organic growth. Over the medium term this pressure can slow revenue expansion as existing royalty streams deplete or face production timing risks, forcing the company to be more conservative or pay higher premiums for deals.

GEO shortfalls and commodity-mix exposure

Revenue and cash receipts depend on delivered GEOs and commodity mixes; lost GEOs from price-driven mix shifts create durable uncertainty in near-term cash flows. Even with high realized prices, volume/mix volatility can reduce predictability of royalties and complicate planning.

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

Osisko Gold Royalties generates revenue primarily through its royalty and streaming agreements with mining companies. In a royalty agreement, Osisko receives a percentage of the revenue generated from the sale of metals produced by the mines it is partnered with, while in streaming agreements, the company provides upfront capital to mining operations in exchange for the right to purchase a portion of the mine's production at a predetermined price. This model allows Osisko to benefit from the upside of rising metal prices without the operational risks and costs associated with mining. Key revenue streams include payments from established mines as well as from projects under development. Additionally, strategic partnerships with various mining companies enhance its portfolio and potential revenue sources, contributing to its overall financial stability and growth prospects.

OR Royalties Financial Statement Overview

Summary

Very strong 2025 profitability and margins, sharp rebound in net income, robust operating/free cash flow, and minimal leverage. The main constraint is historical volatility with multiple loss years and uneven/negative free cash flow in prior periods, raising sustainability 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: Positive
• Last Price: 60.18
• 50DMA: Positive
• 100DMA: Positive
• 200DMA: Positive
• MACD: Negative
• RSI: Neutral
• STOCH: Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For TSE:OR, the sentiment is Positive. The current price of 60.18 is above the 20-day moving average (MA) of 59.10, above the 50-day MA of 56.65, and above the 200-day MA of 46.66, indicating a bullish trend. The MACD of 1.90 indicates Negative momentum. The RSI at 51.71 is Neutral, neither overbought nor oversold. The STOCH value of 75.01 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for TSE:OR.

OR Royalties Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
OR	75 Outperform	C$11.27B	31.70	15.73%	0.55%	37.22%	―
OGN	69 Neutral	C$204.20M	50.82	9.02%	―	39.37%	―
ELE	68 Neutral	C$1.99B	80.56	2.92%	―	131.18%	150.47%
Sector *	61 Neutral	$10.43B	7.12	-0.05%	2.87%	2.86%	-36.73%
FISH	61 Neutral	C$308.83M	23.76	3.44%	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.