OR Royalties (OR) AI Stock Analysis

• Market Cap: C$10.09B
• Dividend Yield: 0.55%
• Average Volume (3M): 456.85K
• Price to Earnings (P/E): 56.3
• Beta (1Y): 1.41
• Revenue Growth: 37.22%
• EPS Growth: N/A
• Country: CA
• Employees: 124
• Sector: Basic Materials
• Sector Strength: 58
• Industry: Gold
• EPS (TTM): 0.30
• Shares Outstanding: 187,985,890
• 10 Day Avg. Volume: 521,689
• 30 Day Avg. Volume: 456,847
• PEG Ratio: -2.07
• Price to Book (P/B): 4.08
• Price to Sales (P/S): 25.41
• P/FCF Ratio: 58.94
• 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$62.73
• Price Target Upside: 1.75% Upside
• Rating Consensus: Moderate Buy
• Number of Analyst Covering: 7
• EPS Forecast (FY): 1.76
• Revenue Forecast (FY): C$530.56M

• Rating: 76 Outperform
• Price Target: C$72.00 ▲(16.79% Upside)

The score is driven primarily by strong financial performance (exceptionally low leverage and very high current profitability) and a supportive earnings update (record results and debt-free status). This is tempered by a stretched technical setup (overbought signals) and expensive valuation (high P/E with a modest yield).

Positive Factors

Extremely conservative balance sheet / debt-free

An exceptionally low leverage profile and recent elimination of revolver debt give durable financial flexibility. Being debt-free lowers interest expense risk, preserves capacity to fund dividends and opportunistic royalty purchases, and improves resilience across commodity cycles.

High cash margins and positive FCF

Very strong cash generation and near-97% cash margins create reliable internal funding for shareholder returns and selective acquisitions. Consistent FCF supports capital allocation without heavy reliance on external financing, strengthening medium-term operational autonomy.

Asset-light royalty/streaming business model

The royalty/streaming model structurally reduces operational and capex risk while capturing metal-price upside. Asset-light exposure across producing and development projects enables diversified, long-lived revenue streams and steady cash yield independent of mine operation execution.

Negative Factors

Historical earnings and cashflow volatility

Multi-year swings in earnings and free cash flow undermine predictability of distributable cash. Periodic negative FCF years highlight cyclicality from price and asset performance, complicating long-term dividend visibility and capital allocation for acquisitions or buybacks.

Difficulty closing new transactions

Management notes a stalled deal pipeline because of valuation and structural issues. For a royalty company that relies on acquisitions to grow GEO exposure, persistent difficulty sourcing or closing transactions limits sustainable production growth and long-term revenue expansion.

GEO volumes sensitive to commodity price mix

Reported 'lost' GEOs driven by metal price mix show volume volatility that is decoupled from revenue. Sensitivity of delivered ounces to price differentials and grade shifts makes GEO guidance and production growth less predictable, complicating medium-term operational 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

Strong current fundamentals: very high TTM profitability (net margin ~59%) and improving revenue (~13%), backed by an exceptionally conservative balance sheet (debt-to-equity ~0.004). Cash flow is positive with solid free cash flow, but multi-year earnings and FCF volatility lowers confidence in durability.

Income Statement

Profitability is very strong in the latest period, with TTM (Trailing-Twelve-Months) showing high net profitability (net margin ~59%) and solid revenue growth (~13%). The annual trend is improving versus 2023, which was loss-making, and 2024 returned to profitability. Key weakness is volatility across years (losses in multiple prior years and sharp margin swings), which reduces confidence in the durability of current earnings power.

Balance Sheet

The balance sheet is a standout: leverage is extremely low in TTM (debt-to-equity ~0.004) with a very large equity base, and debt has fallen dramatically versus prior years (e.g., 2021–2024). Returns on equity also improved meaningfully in TTM (~10.6%) versus very low levels in 2024, though historical ROE has been uneven (including negative periods), highlighting some cyclicality in profitability.

Cash Flow

Cash generation is solid in TTM, with positive operating cash flow (~$210M) and positive free cash flow (~$113M) alongside strong free cash flow growth (~30%). Cash conversion is decent (free cash flow is ~54% of net income in TTM), but free cash flow has been inconsistent historically (negative in 2020, 2022, and 2023), and operating cash flow relative to net income varies meaningfully across periods—pointing to volatility in cash realization.

Breakdown	TTM	Dec 2024	Dec 2023	Dec 2022	Dec 2021	Dec 2020
Income Statement
Total Revenue	251.47M	190.98M	182.79M	162.33M	176.35M	167.35M
Gross Profit	232.32M	184.24M	170.48M	150.35M	146.83M	117.45M
EBITDA	254.53M	161.30M	142.54M	132.06M	129.02M	90.01M
Net Income	148.85M	16.25M	-37.34M	-88.50M	-18.47M	13.22M
Balance Sheet
Total Assets	2.11B	1.39B	1.51B	1.52B	1.89B	1.92B
Cash, Cash Equivalents and Short-Term Investments	147.33M	59.06M	57.16M	67.48M	90.73M	239.72M
Total Debt	7.34M	98.62M	150.49M	115.94M	336.27M	322.58M
Total Liabilities	167.76M	202.43M	268.75M	228.49M	497.72M	475.58M
Stockholders Equity	1.94B	1.19B	1.24B	1.29B	1.28B	1.35B
Cash Flow
Free Cash Flow	113.33M	82.32M	-78.37M	-10.63M	11.85M	-23.43M
Operating Cash Flow	210.47M	152.25M	140.82M	81.94M	83.20M	84.58M
Investing Cash Flow	-107.83M	-72.01M	-165.52M	-284.59M	-213.34M	-174.76M
Financing Cash Flow	-89.27M	-71.27M	10.77M	163.39M	-15.37M	248.21M

OR Royalties Technical Analysis

• Technical Analysis Sentiment: Positive
• Last Price: 61.65
• 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 61.65 is above the 20-day moving average (MA) of 57.22, above the 50-day MA of 51.85, and above the 200-day MA of 43.78, indicating a bullish trend. The MACD of 3.35 indicates Negative momentum. The RSI at 69.68 is Neutral, neither overbought nor oversold. The STOCH value of 70.22 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	76 Outperform	C$10.09B	56.33	11.26%	0.55%	37.22%	―
OGN	69 Neutral	C$190.55M	41.58	9.02%	―	39.37%	―
ELE	68 Neutral	C$1.94B	103.26	2.92%	―	131.18%	150.47%
Sector *	61 Neutral	$10.43B	7.12	-0.05%	2.87%	2.86%	-36.73%
FISH	61 Neutral	$327.13M	190.74	3.44%	2.07%	5.24%	-17.24%

OR Royalties Corporate Events

OR Royalties Reports Record Q3 2025 Financial Results and Achieves Debt-Free Status

OR Royalties Inc. reported record quarterly revenues and a significant increase in cash flows from operating activities in Q3 2025, highlighting a robust financial performance. The company achieved debt-free status for the first time in over a decade, reflecting strong cash management and strategic growth initiatives. The announcement underscores OR Royalties’ strengthened position in the market, with key developments in its portfolio, including new partnerships and upcoming projects, expected to drive future growth.

The most recent analyst rating on (TSE:OR) stock is a Buy with a C$42.00 price target. To see the full list of analyst forecasts on Osisko Gold Royalties stock, see the TSE:OR Stock Forecast page.

OR Royalties Declares Q4 2025 Dividend and Updates Dividend Reinvestment Plan

OR Royalties Inc. has announced a fourth quarter 2025 dividend of US$0.055 per common share, payable on January 15, 2026, to shareholders of record as of December 31, 2025. This move underscores the company’s commitment to providing returns to its shareholders and may enhance investor confidence. Additionally, non-registered beneficial shareholders are reminded to update their enrolment in the company’s dividend reinvestment plan due to a recent name change and new CUSIP number, which offers a 3% discount. This announcement reflects OR Royalties’ strategic focus on maintaining shareholder value and adapting to operational changes.

The most recent analyst rating on (TSE:OR) stock is a Buy with a C$42.00 price target. To see the full list of analyst forecasts on Osisko Gold Royalties stock, see the TSE:OR Stock Forecast page.