OR Royalties Inc
OR—
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OR Royalties Inc AI Insights
Informational only. Not investment advice.Snapshot
- Gross margin 95.4% TTM vs industry median 27% - royalty model captures value without mining costs or operational risk[Gross Margin TTM]
- Debt/equity 0.004 with 57M cash - virtually debt-free balance sheet funds 6.8B market cap with minimal leverage risk[Debt to Equity]
- P/S ratio 28x vs industry median 6x - premium valuation requires sustained royalty stream growth to justify[P/S Ratio]
Watch Triggers
- Total Revenue TTM: Declines >10% YoY — Royalty revenue directly tied to mine production - decline signals asset underperformance
- Gross Margin TTM: Falls below 90% — Cost creep would undermine core royalty model advantage vs operators
- Free Cash Flow TTM: FCF/Revenue drops below 40% — High capex (100M TTM) relative to FCF (112M) suggests acquisition-driven growth
Bull Case
Pure-play royalty model: 95% gross margin with 0.004 debt/equity creates optionality on gold prices without operational risk or capital intensity
Gross Margin TTMDebt to EquityOperating Margin TTM
Cash generation machine: 222M EBITDA TTM on 244M revenue (91% conversion) with minimal reinvestment needs supports dividends and acquisitions
EBITDA TTMCash Flow TTMFree Cash Flow TTM
Bear Case
Extreme valuation: P/E 58x and P/S 28x (4.6x industry median) prices in perfection - any production disappointment severely punishes shares
P/E RatioP/S RatioP/B Ratio
Concentrated asset risk: 1.1B PPE represents royalty interests - single mine underperformance or closure materially impacts revenue stream
PPETotal Revenue TTMAsset Turnover TTM
Bull vs Bear Balance
AI-generated sentiment analysis based on fundamental metrics and market conditions.
45%
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Forward Thesis
Royalty model will sustain 60%+ net margins as gold production scales without proportional cost increases
1-3yhigh
- 95% gross margin with near-zero variable costs
- Operating leverage from fixed G&A (5M TTM)
- No capex burden - miners bear development costs
Net margin 60.7% TTM vs industry median 0%Capex 100M vs 1.1B PPE - asset-lightROE 11.3% vs industry median -4.2%
Valuation Context
Caveats
OR Fundamentals
Mining, Quarrying, and Oil and Gas Extraction → Mining (except Oil and Gas)
| Metric | Value | YoY Growth | Industry Percentile |
|---|---|---|---|
$6.58B | — | ||
$6.49B | — | ||
26 | — | ||
$325.29M | +61.8% | — | |
$1.34 | +178.7% | — | |
75.0% | +7.0% | — | |
78.1% | +62.8% | — | |
$141.25M | +57.1% | — | |
18.9% | +16.4% | — | |
Beta 5Y (Monthly) | unknown | — |
OR Dividend History
47 dividends
2026
$0.120006/30/26$0.0650
03/31/26$0.0550
2025
$0.230012/31/25$0.0550
09/29/25$0.0550
06/30/25$0.0550
03/31/25$0.0650
2024
$0.250012/31/24$0.0650
09/27/24$0.0650
06/28/24$0.0600
03/27/24$0.0600
2023
$0.235012/28/23$0.0600
09/28/23$0.0600
06/29/23$0.0600
03/30/23$0.0550
2022
$0.220012/29/22$0.0550
09/28/22$0.0550
06/29/22$0.0550
03/30/22$0.0550
2021
$0.210012/30/21$0.0550
09/28/21$0.0550
06/29/21$0.0500
03/30/21$0.0500
2020
$0.200012/30/20$0.0500
09/29/20$0.0500
06/29/20$0.0500
03/30/20$0.0500
2019
$0.200012/30/19$0.0500
09/27/19$0.0500
06/27/19$0.0500
03/28/19$0.0500
2018
$0.200012/28/18$0.0500
09/27/18$0.0500
06/28/18$0.0500
03/28/18$0.0500
2017
$0.180012/28/17$0.0500
09/28/17$0.0500
06/28/17$0.0400
03/29/17$0.0400
2016
$0.160012/29/16$0.0400
09/28/16$0.0400
06/28/16$0.0400
03/29/16$0.0400
2015
$0.130012/29/15$0.0400
09/28/15$0.0300
06/26/15$0.0300
03/27/15$0.0300
2014
$0.030012/29/14$0.0300
OR Stock Splits
No stock splits
OR SEC Filings
| Filing Date | Report Date | Report Type | Filing Link |
|---|---|---|---|
05/06/26 | 03/31/26 | 6-K | |
02/18/26 | 12/31/25 | 6-K | |
03/30/26 | 12/31/25 | Unknown | |
11/05/25 | 09/30/25 | 6-K | |
08/05/25 | 06/30/25 | 6-K | |
05/07/25 | 03/31/25 | 6-K | |
03/28/25 | 12/31/24 | 40-F | |
11/06/24 | 09/30/24 | 6-K | |
08/07/24 | 06/30/24 | 6-K | |
05/08/24 | 03/31/24 | 6-K | |
03/28/24 | 12/31/23 | 40-F | |
11/09/23 | 09/30/23 | 6-K | |
08/10/23 | 06/30/23 | 6-K | |
05/11/23 | 03/31/23 | 6-K | |
03/28/24 | 12/31/22 | 40-F | |
03/30/23 | 12/31/22 | 40-F | |
11/09/22 | 09/30/22 | 6-K | |
11/09/23 | 09/30/22 | 6-K | |
08/10/23 | 06/30/22 | 6-K | |
08/10/22 | 06/30/22 | 6-K | |
05/11/23 | 03/31/22 | 6-K | |
05/12/22 | 03/31/22 | 6-K | |
03/18/22 | 12/31/21 | 40-F | |
11/10/21 | 09/30/21 | 6-K | |
08/10/21 | 06/30/21 | 6-K | |
05/12/21 | 03/31/21 | 6-K | |
03/31/21 | 12/31/20 | 40-F | |
11/10/20 | 09/30/20 | 6-K | |
08/05/20 | 06/30/20 | 6-K | |
05/12/20 | 03/31/20 | 6-K | |
03/27/20 | 12/31/19 | 40-F | |
11/07/19 | 09/30/19 | 6-K | |
07/31/19 | 06/30/19 | Quarterly | -- |
05/01/19 | 03/31/19 | Quarterly | -- |
03/29/19 | 12/31/18 | 40-F | |
11/09/18 | 09/30/18 | Quarterly | -- |
08/03/18 | 06/30/18 | Quarterly | -- |
05/03/18 | 03/31/18 | 6-K | |
03/29/18 | 12/31/17 | 40-F | |
11/08/17 | 09/30/17 | 6-K | |
08/03/18 | 06/30/17 | 6-K | |
08/04/17 | 06/30/17 | 6-K | |
05/03/18 | 03/31/17 | 6-K | |
03/27/17 | 12/31/16 | 40-F | |
11/09/16 | 09/30/16 | Quarterly | -- |
08/04/16 | 06/30/16 | Quarterly | -- |
05/04/16 | 03/31/16 | Quarterly | -- |
03/14/16 | 12/31/15 | Annual | -- |
11/05/15 | 09/30/15 | Quarterly | -- |
08/06/15 | 06/30/15 | Quarterly | -- |
05/15/15 | 03/31/15 | Quarterly | -- |
02/18/15 | 12/31/14 | Annual | -- |
11/05/14 | 09/30/14 | Quarterly | -- |
08/01/14 | 06/30/14 | Quarterly | -- |
05/15/15 | 03/31/14 | Quarterly | -- |
02/18/15 | 12/31/13 | Annual | -- |
11/05/14 | 09/30/13 | Quarterly | -- |
08/01/14 | 06/30/13 | Quarterly | -- |