Royal Gold (RGLD) Down 17.2% Since Last Earnings Report: Can It Rebound?

A month has gone by since the last earnings report for Royal Gold (RGLD). Shares have lost about 17.2% in that time frame, underperforming the S&P 500.

But investors have to be wondering, will the recent negative trend continue leading up to its next earnings release, or is Royal Gold due for a breakout? Well, first let's take a quick look at its most recent earnings report in order to get a better handle on the recent catalysts for Royal Gold, Inc. before we dive into how investors and analysts have reacted as of late.

Royal Gold Q4 Earnings Miss Estimates, Revenues Surge 85% Y/Y

Royal Gold reported adjusted earnings per share of $1.92 in the fourth quarter of 2025, missing the Zacks Consensus Estimate of $2.68. The bottom line increased 18% year over year.

Royal Gold’s Q4 Revenues Rise Y/Y

RGLD generated record revenues of $375 million, up 85% year over year. Stream revenues were $265 million in the December-end quarter, up year over year from $125 million. Royalty revenues were $111 million, up 42.2% year over year.

RGLD Reports 82% EBITDA Margin in Q4

The company’s cost of sales was $50.8 million in the fourth quarter, skyrocketing 109.1% year over year. General and administrative expenses amounted to $17.6 million, surging 97.8% year over year. The adjusted EBITDA was $307 million in the reported quarter, soaring 81.3% year over year. The adjusted EBITDA margin came in at 82% compared with the prior-year quarter’s 84%.

Royal Gold’s Q4 Cash Position

Net cash from operating activities was $242 million in the fourth quarter, up from $141 million in the year-ago quarter. Royal Gold ended the quarter with cash and cash equivalents of $234 million compared with $195 million at the end of the fourth quarter of 2024.

RGLD’s 2025 Performance

The company delivered adjusted earnings per share of $7.33 in 2025, missing the Zacks Consensus Estimate of $8.12. The bottom line increased 39% from 2024.

RGLD generated record revenues of $1.03 billion, up 43.2% year over year. The upside was driven by higher average metal prices and contributions from the Kansanshi stream, and Sandstorm and Horizon assets. Higher gold and silver sales from Pueblo Viejo, gold sales from Andacollo and increased gold production from Peñasquito also aided growth. However, the gains were partially offset by lower gold and copper sales from Mount Milligan and reduced gold sales from Xavantina.

Stream revenues were $686.5 million in 2025, up 42% from 2024. Royalty revenues were $344 million in 2025, up from $236 million in 2024.

How Have Estimates Been Moving Since Then?

It turns out, estimates revision have trended downward during the past month.

The consensus estimate has shifted -9.67% due to these changes.

VGM Scores

Currently, Royal Gold has a average Growth Score of C, however its Momentum Score is doing a lot better with an A. However, the stock has a grade of D on the value side, putting it in the bottom 40% for this investment strategy.

Overall, the stock has an aggregate VGM Score of C. If you aren't focused on one strategy, this score is the one you should be interested in.

Outlook

Estimates have been broadly trending downward for the stock, and the magnitude of this revision indicates a downward shift. Notably, Royal Gold has a Zacks Rank #3 (Hold). We expect an in-line return from the stock in the next few months.

#1 Semiconductor Stock to Buy (Not NVDA)

The incredible demand for data is fueling the market's next digital gold rush. As data centers continue to be built and constantly upgraded, the companies that provide the hardware for these behemoths will become the NVIDIAs of tomorrow.

One under-the-radar chipmaker is uniquely positioned to take advantage of the next growth stage of this market. It specializes in semiconductor products that titans like NVIDIA don't build. It's just beginning to enter the spotlight, which is exactly where you want to be.

See This Stock Now for Free >>

Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report

Royal Gold, Inc. (RGLD): Free Stock Analysis Report

This article originally published on Zacks Investment Research (zacks.com).

Zacks Investment Research