Vox Royalty (VOXR) AI Stock Analysis

• Market Cap: C$488.12M
• Dividend Yield: 0.97%
• Average Volume (3M): 23.51K
• Price to Earnings (P/E): ―
• Beta (1Y): 1.29
• Revenue Growth: 11.95%
• EPS Growth: -44.15%
• Country: CA
• Employees: 6
• Sector: Basic Materials
• Sector Strength: 58
• Industry: Other Precious Metals
• EPS (TTM): 0.00
• Shares Outstanding: 68,268,920
• 10 Day Avg. Volume: 31,290
• 30 Day Avg. Volume: 23,513
• PEG Ratio: -0.05
• Price to Book (P/B): 2.75
• Price to Sales (P/S): 10.72
• P/FCF Ratio: 67.05
• 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$8.54
• Price Target Upside: 19.47% Upside
• Rating Consensus: Moderate Buy
• Number of Analyst Covering: 2
• EPS Forecast (FY): 0.17
• Revenue Forecast (FY): C$43.48M

• Rating: 67 Neutral
• Price Target: C$8.00 ▲(11.89% Upside)

The score is driven primarily by solid financial structure and strong gross/EBITDA margins, but is held back by ongoing net losses and a significant swing to negative free cash flow. Technicals are a notable positive with a strong uptrend and positive momentum, while valuation remains pressured due to negative earnings.

Positive Factors

High operating margins

Sustained high gross and EBITDA margins reflect the royalty/stream model's low operating cost structure and high revenue retention. These durable unit economics support scalable profitability as new royalties begin paying, improving long-term cash generation per dollar of revenue.

Conservative balance sheet / low leverage

Very low debt reduces refinancing and liquidity risk and preserves optionality to fund accretive royalty acquisitions. A conservative capital structure supports resilience through commodity cycles and provides capacity to expand the portfolio without stressing interest coverage.

Restructured offtake to Greenstone secures deliveries

Converting Brazilian offtake obligations into a prioritized Greenstone stream and a 2026 minimum delivery materially secures near-term physical gold receipts and shifts exposure to a Canadian asset. This structural change improves delivery certainty and jurisdictional risk profile for future cash flows.

Negative Factors

Ongoing net losses

Persistent net losses depress returns on equity and limit retained earnings available to finance growth or distributions. If profitability at the bottom line does not normalize, Vox may need external financing to support acquisitions, diluting shareholders or increasing leverage over time.

Negative free cash flow

A sustained negative FCF despite positive operating cash flow signals that capex, working-capital swings or acquisition-related outflows are consuming cash. Continued FCF deficits increase funding risk, potentially forcing equity issuance or higher debt to sustain growth and royalty purchases.

Revenue volatility & dependence on operators

Royalty cash flows depend on third-party mine performance, commodity cycles and development timing, creating structural revenue volatility and unpredictability. This dependency limits visibility into future cash flows and complicates planning for acquisitions, dividends, and long-term commitments.

Vox Royalty Business Overview & Revenue Model

Company Description

Vox Royalty Corp. operates as a mining royalty and streaming company. The company holds a portfolio of 60 royalties and streaming assets. It operates in Australia, Canada, Peru, Brazil, South Africa, Mexico, and the United States. Vox Royalty Corp. was founded in 2014 and is based in Toronto, Canada.

How the Company Makes Money

Vox Royalty makes money by acquiring royalties and streams from mining operations. A royalty is a financial interest in a mining project, entitling Vox to a percentage of the revenue or metals produced from the mine, without bearing the costs associated with the actual mining operations. This allows Vox to benefit from the production and sale of minerals while minimizing operational risks. The company's revenue streams are primarily derived from these royalties, which are tied to the production output and sales of commodities such as gold, silver, and other metals. Additionally, Vox engages in strategic partnerships and acquisitions to expand its portfolio and enhance revenue opportunities. The diversification of royalties across various commodities and geographic locations also serves to mitigate risk and stabilize earnings.

Vox Royalty Financial Statement Overview

Summary

Strong underlying profitability metrics (TTM gross margin ~72%, EBITDA margin ~47%) and low leverage (debt-to-equity ~0.12) support the profile. Offsetting this are continued net losses (TTM net margin ~-12.8%) and a meaningful deterioration in free cash flow (TTM FCF about -$10.6M) despite positive operating cash flow.

Income Statement

TTM (Trailing-Twelve-Months) revenue grew ~12.9% and profitability at the operating level remains solid (gross margin ~72%, EBITDA margin ~47%). However, the company is still reporting a net loss (TTM net margin ~-12.8%), and revenue growth has been uneven year-to-year (including a slight decline in 2024 vs. 2023). Overall: strong underlying unit economics, but bottom-line profitability and consistency are not yet fully established.

Balance Sheet

The balance sheet looks conservatively structured with low leverage (TTM debt-to-equity ~0.12) and a sizeable equity base relative to assets. That said, returns on equity are currently negative (TTM ROE ~-2.7%) due to ongoing net losses, and debt increased versus prior years (from zero debt in the annual periods shown to debt in TTM). Overall: strong capitalization and manageable leverage, but returns remain pressured.

Cash Flow

Cash generation from operations is positive in TTM (~$5.35M), but free cash flow turned meaningfully negative (TTM free cash flow about -$10.6M) after being positive in 2024. While operating cash flow is roughly in line with reported earnings quality in TTM, the swing to negative free cash flow increases funding risk if it persists. Overall: operating cash flow is a support, but reinvestment and/or working-capital needs are currently consuming cash.

Breakdown	TTM	Dec 2024	Dec 2023	Dec 2022	Dec 2021	Dec 2020
Income Statement
Total Revenue	12.16M	11.05M	12.31M	8.51M	3.65M	126.23K
Gross Profit	8.35M	7.91M	9.98M	6.66M	2.68M	105.39K
EBITDA	6.62M	4.38M	4.97M	1.21M	-2.16M	-10.54M
Net Income	-1.49M	-1.65M	-101.11K	328.18K	-4.13M	-10.31M
Balance Sheet
Total Assets	171.71M	51.38M	52.71M	41.81M	27.31M	15.19M
Cash, Cash Equivalents and Short-Term Investments	16.90M	8.75M	9.34M	4.17M	7.22M	3.15M
Total Debt	16.28M	0.00	0.00	0.00	0.00	0.00
Total Liabilities	22.24M	8.32M	7.78M	6.39M	27.31M	1.27M
Stockholders Equity	140.77M	43.06M	44.92M	35.41M	20.71M	13.92M
Cash Flow
Free Cash Flow	-10.55M	1.77M	-224.13K	-2.65M	-8.60M	-5.96M
Operating Cash Flow	5.35M	5.46M	5.27M	2.05M	768.35K	-1.84M
Investing Cash Flow	-93.50M	-3.16M	-5.33M	-2.64M	-9.35M	-3.72M
Financing Cash Flow	91.81M	-2.87M	5.25M	-395.28K	10.64M	8.84M

Vox Royalty Technical Analysis

• Technical Analysis Sentiment: Positive
• Last Price: 7.15
• 50DMA: Positive
• 100DMA: Positive
• 200DMA: Positive
• MACD: Positive
• RSI: Neutral
• STOCH: Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For TSE:VOXR, the sentiment is Positive. The current price of 7.15 is above the 20-day moving average (MA) of 7.13, above the 50-day MA of 6.96, and above the 200-day MA of 5.48, indicating a bullish trend. The MACD of 0.16 indicates Positive momentum. The RSI at 50.75 is Neutral, neither overbought nor oversold. The STOCH value of 38.92 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for TSE:VOXR.

Vox Royalty Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
TFPM	78 Outperform	C$9.73B	33.91	11.27%	0.66%	43.27%	―
VOXR	67 Neutral	C$488.12M	―	-2.13%	0.97%	11.95%	-44.15%
EMPR	67 Neutral	C$141.59M	28.72	17.02%	―	112.93%	―
Sector *	61 Neutral	$10.43B	7.12	-0.05%	2.87%	2.86%	-36.73%
STRR	52 Neutral	C$34.60M	-1.03	-64.35%	―	-47.93%	-538.46%

Vox Royalty Corporate Events

Vox Royalty Buys Feasibility-Stage Stockman Copper-Gold Royalty in Australia

Vox Royalty Corp. has agreed to acquire a net smelter return royalty over the feasibility-stage Stockman copper-gold-zinc-silver project in Victoria, Australia, operated by Aeris Resources, for up to A$15 million in cash and/or stock. The 1.5% NSR royalty, which steps down to 1.0% after nine million tonnes of production, is underpinned by a 12-year mine plan focused initially on the Currawong deposit, with total indicated and inferred resources of roughly 15.8 million tonnes of polymetallic ore and all primary permits already in place. Company management highlights the potential for more than US$3 million in annual royalty revenue based on the current feasibility study, while extensive metallurgical testwork, process optimisation, and strategic partner engagement through 2026 are expected to de-risk the project further and could extend mine life via additional deposits, enhancing Vox’s long-term cash flow optionality and exposure to a key Australian polymetallic development.

The most recent analyst rating on (TSE:VOXR) stock is a Buy with a C$6.00 price target. To see the full list of analyst forecasts on Vox Royalty stock, see the TSE:VOXR Stock Forecast page.

Vox Royalty Strengthens Board with New Appointment

Vox Royalty Corp. has appointed Mr. Joseph Gallucci to its Board of Directors, bringing his extensive expertise in global capital markets and the mining sector to the company. His leadership in corporate finance and M&A will be instrumental as Vox continues to build long-term value for its shareholders, enhancing its strategic positioning in the mining royalty industry.

The most recent analyst rating on (TSE:VOXR) stock is a Buy with a C$5.00 price target. To see the full list of analyst forecasts on Vox Royalty stock, see the TSE:VOXR Stock Forecast page.

Vox Royalty Reports Record Q3 Revenue and Strategic Acquisitions

Vox Royalty Corp. reported a strong third quarter in 2025, achieving record revenue of $3.82 million, a 57% increase from the previous year. The company completed significant transactions, including the acquisition of a Global Gold Portfolio and an iron ore royalty, enhancing its asset base and future revenue potential. Vox also improved its financial position with an upsized credit facility and a successful public offering, raising $63.25 million. These strategic moves are expected to increase operating margins and shareholder returns, positioning Vox favorably in the mining royalty sector.

The most recent analyst rating on (TSE:VOXR) stock is a Buy with a C$6.00 price target. To see the full list of analyst forecasts on Vox Royalty stock, see the TSE:VOXR Stock Forecast page.

Vox Royalty to Release Q3 2025 Financial Results

Vox Royalty Corp. announced it will release its third quarter 2025 financial results on November 12, 2025, after market close. This announcement is significant for stakeholders as it provides insights into the company’s financial health and operational progress, potentially impacting its industry positioning and investor confidence.

The most recent analyst rating on (TSE:VOXR) stock is a Buy with a C$6.00 price target. To see the full list of analyst forecasts on Vox Royalty stock, see the TSE:VOXR Stock Forecast page.