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OR Royalties
(NYSE:OR)
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Rating:69Neutral
Price Target:
C$44.00
▼(-24.70% Downside)
Action:Downgraded
Date:06/05/26
The score is supported primarily by strong financial quality (very strong current profitability and an extremely low-debt balance sheet). It is held back by weak technicals (price below key moving averages with negative MACD) and only fair valuation (high P/E with low dividend yield).
Positive Factors
Conservative Balance Sheet
Very low leverage (debt-to-equity ~0.3%) gives OR durable financial flexibility to fund new royalties/streams, withstand mining-cycle downturns, and avoid refinancing risk. For a non‑operating royalty company this conservatism supports long-term deal-making and capital return optionality without operational leverage.
Negative Factors
Free Cash Flow Variability
A 32% TTM decline in free cash flow and only ~0.53 conversion versus net income indicate meaningful variability in cash conversion. That variability can constrain predictable reinvestment, dividend policy, and the timing of new royalty/stream funding, potentially forcing external financing in weaker cash periods.
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Positive Factors
Negative Factors
Conservative Balance Sheet
Very low leverage (debt-to-equity ~0.3%) gives OR durable financial flexibility to fund new royalties/streams, withstand mining-cycle downturns, and avoid refinancing risk. For a non‑operating royalty company this conservatism supports long-term deal-making and capital return optionality without operational leverage.
Read all positive factors
OR Royalties (OR) vs. iShares MSCI Canada ETF (EWC)
Market Cap
C$7.61B
Dividend Yield0.55%
Average Volume (3M)442.19K
Price to Earnings (P/E)22.0
Beta (1Y)1.95
Revenue Growth60.37%
EPS Growth695.19%
CountryCA
Employees124
SectorBasic Materials
Sector Strength58
IndustryGold
Share Statistics
EPS (TTM)1.31
Shares Outstanding187,495,860
10 Day Avg. Volume480,089
30 Day Avg. Volume442,192
Financial Highlights & Ratios
PEG Ratio0.03
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$63.80Price Target Upside9.19% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering5
EPS Forecast (FY)1.34
Revenue Forecast (FY)C$408.31M
OR Royalties Business Overview & Revenue Model
Company Description
OR Royalties Inc. specializes in the acquisition, development, and exploration of precious metals, streaming agreements, and various other royalty interests. A significant asset in its portfolio includes a stake in the Canadian Malartic mine. The ...
How the Company Makes Money
OR Royalties makes money primarily from (1) royalties and (2) metal streams tied to gold (and potentially other precious metals) produced by partner mining companies. Under a royalty agreement, OR receives a contractually defined percentage of rev...
OR Royalties Earnings Call Summary
Earnings Call Date:Feb 18, 2026
(Q4-2025)
| % Change Since: |
Next Earnings Date:Aug 05, 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.
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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 | 337.20M | 282.23M | 132.71M | 182.79M | 162.33M | 176.35M |
| Gross Profit | 290.42M | 235.31M | 128.03M | 170.48M | 150.35M | 146.83M |
| EBITDA | 366.65M | 287.80M | 84.17M | 64.69M | 147.06M | 146.07M |
| Net Income | 277.91M | 209.70M | 11.29M | -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 | 128.62M | 212.37M | 82.32M | -78.37M | -10.63M | 11.85M |
| Operating Cash Flow | 253.61M | 249.90M | 152.25M | 140.82M | 81.94M | 83.20M |
| Investing Cash Flow | -67.26M | 1.38M | -72.01M | -165.52M | -284.59M | -213.34M |
| Financing Cash Flow | -154.70M | -166.21M | -71.27M | 10.77M | 163.39M | -15.37M |
OR Royalties Technical Analysis
Negative
58.43
Price Trends
47.70
Negative
51.27
Negative
51.38
Negative
Market Momentum
-2.10
Positive
31.97
Neutral
9.77
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 58.43 is above the 20-day moving average (MA) of 44.43, above the 50-day MA of 47.70, and above the 200-day MA of 51.38, indicating a bearish trend. The MACD of -2.10 indicates Positive momentum. The RSI at 31.97 is Neutral, neither overbought nor oversold. The STOCH value of 9.77 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
UnderperformOutperform
Sector (61)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
74 Outperform | C$198.27M | 19.59 | 22.15% | ― | 43.98% | ― | |
69 Neutral | C$7.61B | 21.98 | 19.91% | 0.55% | 60.37% | 695.19% | |
65 Neutral | C$361.78M | -10.04 | -35.56% | ― | 109.91% | -895.00% | |
61 Neutral | $10.43B | 7.12 | -0.05% | 2.87% | 2.86% | -36.73% | |
60 Neutral | C$1.46B | 141.97 | 0.50% | ― | 124.60% | -95.35% | |
59 Neutral | C$369.85M | 139.35 | 5.15% | 2.07% | 49.12% | 496.61% |
* Basic Materials Sector Average
TSE:OR
OR Royalties
40.43
2.93
7.80%
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116.84%
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110.59%
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.