Or Royalties Inc. (TSE:OR)
NYSE:OR
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OR Royalties
(NYSE:OR)
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Rating:71Outperform
Price Target:
C$53.00
▲(8.47% Upside)
Action:ReiteratedDate:03/26/26
The score is driven primarily by strong financial performance (high profitability, improved cash generation, and minimal leverage) and a positive earnings call with funded multi-year growth guidance. This is tempered by weak technical momentum (below key moving averages with negative MACD) and a relatively high P/E with a modest dividend yield.
Positive Factors
Exceptionally high cash margins
Near-97% cash margins translate into structurally strong cash conversion on royalties and streams, supporting durable free cash flow, dividend capacity and reinvestment. High margins create a buffer versus commodity swings and operator variability, improving long-term funding optionality.
Negative Factors
Historical earnings and cash-flow volatility
Past multi-year volatility in earnings and free cash flow shows underlying exposure to cyclically variable production, commodity prices and operator execution. Although 2025 was strong, historical swings reduce confidence in persistence of current cash generation and make forecasting longer-term payouts less certain.
Read all positive and negative factors
Positive Factors
Negative Factors
Exceptionally high cash margins
Near-97% cash margins translate into structurally strong cash conversion on royalties and streams, supporting durable free cash flow, dividend capacity and reinvestment. High margins create a buffer versus commodity swings and operator variability, improving long-term funding optionality.
Read all positive factors
OR Royalties (OR) vs. iShares MSCI Canada ETF (EWC)
Market Cap
C$9.16B
Dividend Yield0.55%
Average Volume (3M)410.69K
Price to Earnings (P/E)31.7
Beta (1Y)1.77
Revenue Growth37.22%
EPS GrowthN/A
CountryCA
Employees124
SectorBasic Materials
Sector Strength58
IndustryGold
Share Statistics
EPS (TTM)0.44
Shares Outstanding187,510,730
10 Day Avg. Volume512,785
30 Day Avg. Volume410,692
Financial Highlights & Ratios
PEG Ratio0.02
Price to Book (P/B)4.65
Price to Sales (P/S)23.56
P/FCF Ratio31.30
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
C$71.44Price Target Upside46.22% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering9
EPS Forecast (FY)1.49
Revenue Forecast (FY)C$445.53M
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, ...
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, ...
OR Royalties Earnings Call Summary
Earnings Call Date:Feb 18, 2026
(Q4-2025)
| % Change Since: |
Next Earnings Date:May 13, 2026
Earnings Call Sentiment Positive
The call conveyed strong operational and financial performance with multiple record metrics (revenues, operating cash flow, earnings, high cash margins) and a strengthened balance sheet (debt-free, cash on hand, significant undrawn credit). Management emphasized disciplined capital allocation, accretive early-2026 transactions that add immediate and long-term GEOs, and a confident, funded 5-year growth outlook to 2030. Near-term challenges include grade variability at certain assets (notably Mantos Blancos), slowdowns tied to ownership transitions (CSA), operational bumps at Island Gold in 2025, and timing/risk around ramp-ups for newly acquired or developing assets. While some analysts expected a stronger 2030 number, management identified optional upside that could close that gap. On balance, positives (record financials, strong margins, debt-free balance sheet, accretive M&A and funded growth profile) meaningfully outweigh the near-term operational and timing risks.Positive Updates
Record Financial Results
Record 2025 annual revenues of $277.4 million, record operating cash flow of $246 million, and record net earnings of $1.10 per basic common share (adjusted earnings of $0.88 per share). The company reported its eighth consecutive year of cash flow per share increases.
Negative Updates
Limited M&A Activity in 2025
Only $25 million in royalty and stream acquisitions completed in 2025 despite a $9.3 billion transaction market across the sector, reflecting either missed opportunities or very high discipline; management cited pricing disconnects and structural red lines as reasons for limited deployment.
Read all updates
Q4-2025 Updates
Positive
Negative
Record Financial Results
Record 2025 annual revenues of $277.4 million, record operating cash flow of $246 million, and record net earnings of $1.10 per basic common share (adjusted earnings of $0.88 per share). The company reported its eighth consecutive year of cash flow per share increases.
Read all positive updates
Company Guidance
OR Royalties guided 2026 GEOs of 80,000–90,000 at an average cash margin of ~97%, using a gold:silver price ratio of 73:1 (current spot ~64:1 would add ~4,000–5,000 GEOs), with that 2026 range assuming ramp-ups at Dalgaranga and San Gabriel plus the added 2% NSR at Namdini; management reiterated a bought‑and‑paid‑for, zero‑contingent‑capital five‑year plan targeting ~50% GEO growth to 2030 (with a meaningful step‑up in 2027 driven by Canadian Malartic, Island Gold, Dalgaranga, San Gabriel and Namdini and new mines like Hermosa Taylor), noted Canadian Malartic/Odyssey contributions of ~120k oz in 2026, ~240k oz in 2027 and ~450k oz in 2028, confirmed Cascabel minimum payments are included in the 2030 outlook, and emphasized the portfolio is already producing 23–24 assets (80,775 GEOs earned in 2025, within prior 80k–88k guidance) with no debt and $142.1M cash to deploy.OR Royalties Financial Statement Overview
Summary
Income Statement
83
Very Positive
Balance Sheet
88
Very Positive
Cash Flow
81
Very Positive
| 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
Negative
48.86
Price Trends
57.16
Negative
52.89
Negative
48.32
Positive
Market Momentum
-3.07
Positive
37.32
Neutral
28.92
Neutral
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 48.86 is below the 20-day moving average (MA) of 54.19, below the 50-day MA of 57.16, and above the 200-day MA of 48.32, indicating a neutral trend. The MACD of -3.07 indicates Positive momentum. The RSI at 37.32 is Neutral, neither overbought nor oversold. The STOCH value of 28.92 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for TSE:OR.
OR Royalties Peers Comparison
UnderperformOutperform
Sector (61)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
71 Outperform | C$9.16B | 31.70 | 14.47% | 0.55% | 37.22% | ― | |
69 Neutral | C$197.67M | 50.82 | 8.39% | ― | 39.37% | ― | |
61 Neutral | $10.43B | 7.12 | -0.05% | 2.87% | 2.86% | -36.73% | |
61 Neutral | C$259.27M | 23.76 | 3.47% | 2.07% | 5.24% | -17.24% | |
60 Neutral | C$1.56B | 281.23 | 2.92% | ― | 131.18% | 150.47% |
* Basic Materials Sector Average
TSE:OR
OR Royalties
48.86
19.07
64.04%
TSE:TRX
Tanzanian Royalty Exploration
1.79
1.34
293.41%
TSE:ELE
Elemental Royalties
24.25
10.45
75.72%
TSE:OGN
Orogen Royalties
3.33
2.39
254.26%
TSE:FISH
Sailfish Royalty
3.40
1.75
106.06%
OR Royalties Corporate Events
Business Operations and StrategyExecutive/Board Changes
OR Royalties Adds Veteran Mining Executive Patrick Godin to Board
Positive
Mar 23, 2026
OR Royalties Inc. has appointed veteran mining executive Patrick Godin as an independent director to its board, adding more than 35 years of corporate, technical and operational experience in the mining industry. Godin’s track record include...
Business Operations and StrategyExecutive/Board ChangesStock BuybackDividendsFinancial DisclosuresPrivate Placements and Financing
OR Royalties Posts Record 2025 Results and Expands Global Royalty Portfolio
Positive
Feb 18, 2026
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 ...
Business Operations and StrategyM&A Transactions
OR Royalties Buys $115 Million Precious Metals Royalty Portfolio Anchored by San Gabriel Mine
Positive
Feb 18, 2026
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. ...
Business Operations and StrategyDividends
OR Royalties Declares Q1 2026 Dividend and Highlights DRIP Requirements
Positive
Feb 18, 2026
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 ...
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.