Or Royalties Inc. (TSE:OR)
NYSE:OR
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OR Royalties
(NYSE:OR)
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Rating:73Outperform
Price Target:
C$59.00
▲(0.98% Upside)
Action:Reiterated
Date:05/09/26
Score is supported primarily by strong financial performance (high profitability and an exceptionally low-debt balance sheet) and a positive earnings call highlighting record results and a funded multi-year growth plan. Offsetting this, technical indicators show weak momentum, and valuation is less attractive with a high P/E and a low dividend yield.
Positive Factors
Debt-free balance sheet
A debt-free, cash-rich balance sheet with a large undrawn facility gives OR durable financial flexibility to fund accretive royalties/streams, absorb operational hiccups, and execute its funded five‑year growth plan without issuing contingent capital, lowering financing risk.
Negative Factors
Grade variability at Mantos Blancos
Persistent grade variability at a producing asset causes direct revenue and GEO volatility because royalties scale with production. This undermines cash predictability, complicates forward guidance and capital allocation, and can strain free‑cash conversion during extended low‑grade stretches, raising operational risk.
Read all positive and negative factors
Positive Factors
Negative Factors
Debt-free balance sheet
A debt-free, cash-rich balance sheet with a large undrawn facility gives OR durable financial flexibility to fund accretive royalties/streams, absorb operational hiccups, and execute its funded five‑year growth plan without issuing contingent capital, lowering financing risk.
Read all positive factors
OR Royalties (OR) vs. iShares MSCI Canada ETF (EWC)
Market Cap
C$9.39B
Dividend Yield0.55%
Average Volume (3M)433.26K
Price to Earnings (P/E)34.3
Beta (1Y)1.90
Revenue Growth60.37%
EPS Growth695.19%
CountryCA
Employees124
SectorBasic Materials
Sector Strength58
IndustryGold
Share Statistics
EPS (TTM)1.52
Shares Outstanding187,441,600
10 Day Avg. Volume343,735
30 Day Avg. Volume433,259
Financial Highlights & Ratios
PEG Ratio0.04
Price to Book (P/B)6.39
Price to Sales (P/S)32.35
P/FCF Ratio42.99
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
C$70.02Price Target Upside19.83% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering7
EPS Forecast (FY)1.52
Revenue Forecast (FY)C$444.94M
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:Aug 11, 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
94
Very Positive
Cash Flow
74
Positive
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 324.98M | 282.23M | 190.98M | 182.79M | 162.33M | 176.35M |
| Gross Profit | 282.47M | 235.31M | 184.24M | 170.48M | 150.35M | 146.83M |
| EBITDA | 324.46M | 243.44M | 161.30M | 142.54M | 132.06M | 129.02M |
| Net Income | 253.82M | 209.70M | 16.25M | -37.34M | -88.50M | -18.47M |
Balance Sheet | ||||||
| Total Assets | 1.61B | 1.57B | 1.39B | 1.51B | 1.52B | 1.89B |
| Cash, Cash Equivalents and Short-Term Investments | 95.01M | 141.87M | 59.06M | 57.16M | 67.48M | 90.73M |
| Total Debt | 4.64M | 8.78M | 98.62M | 150.49M | 115.94M | 336.27M |
| Total Liabilities | 131.61M | 142.53M | 202.43M | 268.75M | 228.49M | 497.72M |
| Stockholders Equity | 1.47B | 1.43B | 1.19B | 1.24B | 1.29B | 1.28B |
Cash Flow | ||||||
| Free Cash Flow | 142.93M | 212.37M | 82.32M | -78.37M | -10.63M | 11.85M |
| Operating Cash Flow | 271.75M | 249.90M | 152.25M | 140.82M | 81.94M | 83.20M |
| Investing Cash Flow | -70.35M | 1.38M | -72.01M | -165.52M | -284.59M | -213.34M |
| Financing Cash Flow | -167.44M | -166.21M | -71.27M | 10.77M | 163.39M | -15.37M |
OR Royalties Technical Analysis
Negative
58.43
Price Trends
53.20
Negative
55.07
Negative
51.13
Negative
Market Momentum
-0.50
Negative
41.50
Neutral
49.03
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 58.43 is above the 20-day moving average (MA) of 52.63, above the 50-day MA of 53.20, and above the 200-day MA of 51.13, indicating a bearish trend. The MACD of -0.50 indicates Negative momentum. The RSI at 41.50 is Neutral, neither overbought nor oversold. The STOCH value of 49.03 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 |
|---|---|---|---|---|---|---|---|
73 Outperform | C$9.39B | 34.33 | 16.55% | 0.55% | 60.37% | 695.19% | |
73 Outperform | C$202.43M | 6.16 | 11.42% | ― | 35.24% | ― | |
61 Neutral | $10.43B | 7.12 | -0.05% | 2.87% | 2.86% | -36.73% | |
60 Neutral | C$1.48B | 281.23 | 0.50% | ― | 124.60% | -95.35% | |
53 Neutral | C$288.35M | -385.66 | 4.67% | 2.07% | 20.80% | 203.88% |
* Basic Materials Sector Average
TSE:OR
OR Royalties
48.78
15.00
44.40%
TSE:TRX
Tanzanian Royalty Exploration
1.50
1.07
244.83%
TSE:ELE
Elemental Royalties
21.73
7.66
54.40%
TSE:OGN
Orogen Royalties
3.26
2.16
195.02%
TSE:FISH
Sailfish Royalty
3.81
1.96
106.17%
OR Royalties Corporate Events
Business Operations and StrategyPrivate Placements and Financing
OR Royalties Buys US$28 Million Precious Metals Stream on Canadian Copper’s New Brunswick Assets
Positive
Apr 14, 2026
OR Royalties Inc. has agreed to acquire a US$28 million precious metals stream on Canadian Copper Inc.’s Murray Brook and Caribou assets in New Brunswick, securing silver and gold deliveries equal to 20% of payable production for the life of...
Business Operations and Strategy
OR Royalties Deepens ESG Focus With 2025 Sustainability Report
Positive
Apr 9, 2026
OR Royalties has released its 2025 Growing Responsibly sustainability report, detailing the company’s environmental, social and governance performance for the year. The report highlights how ESG considerations are integrated into capital all...
Business Operations and StrategyStock BuybackFinancial Disclosures
OR Royalties posts record Q1 revenue, boosts portfolio as buybacks trim cash
Positive
Apr 8, 2026
OR Royalties reported preliminary first-quarter 2026 deliveries of 22,740 attributable gold equivalent ounces, driven by record royalty and streaming revenues of $102.8 million and a strong cash margin of about $99.5 million, or 96.8%. The company...
Financial DisclosuresRegulatory Filings and Compliance
OR Royalties files 2025 year-end disclosure documents in Canada and U.S.
Neutral
Mar 31, 2026
OR Royalties Inc. has filed its Annual Information Form, consolidated annual financial statements and Management’s Discussion and Analysis for the year ended December 31, 2025 with Canadian securities regulators, and submitted its correspond...
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.