Latest Ratios: P/E Ratio -112.3x · EV/EBITDA 102.1x · ROE -0.7%. (2020–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|---|
| Market Cap | $465M | $707M | $193M | $213M | $326M | $168M | — |
| Enterprise Value | $452M | $695M | $241M | $244M | $328M | $158M | — |
| P/E Ratio → | -112.29 | — | — | — | — | — | — |
| P/S Ratio | 29.78 | 45.29 | 19.10 | 69.80 | 82.58 | 873.88 | — |
| P/B Ratio | 0.66 | 1.01 | 0.35 | 0.41 | 0.61 | 0.74 | — |
| P/FCF | 464.79 | 706.95 | — | — | — | — | — |
| P/OCF | 464.79 | 706.95 | 75.90 | — | — | — | — |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 44.50 | 23.83 | 80.17 | 83.25 | 822.53 | — |
| EV / EBITDA | 102.14 | 156.80 | — | — | — | — | — |
| EV / EBIT | 267.11 | 176.71 | — | — | — | — | — |
| EV / FCF | — | 694.64 | — | — | — | — | — |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|---|
| Gross Margin | 76.4% | 76.4% | 65.6% | 51.0% | 55.5% | 12.2% | — |
| Operating Margin | 10.9% | 10.9% | -40.2% | -287.9% | -442.1% | -6553.1% | — |
| Net Profit Margin | -26.5% | -26.5% | -33.8% | -877.8% | -439.8% | -9079.1% | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|---|
| ROE | -0.7% | -0.7% | -0.6% | -5.1% | -4.6% | -15.5% | — |
| ROA | -0.5% | -0.5% | -0.5% | -3.9% | -3.6% | -12.5% | -253.6% |
| ROIC | 0.2% | 0.2% | -0.5% | -1.2% | -3.5% | -8.8% | — |
| ROCE | 0.2% | 0.2% | -0.6% | -1.3% | -3.7% | -9.2% | — |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|---|
| Debt / Equity | 0.00 | 0.00 | 0.09 | 0.06 | 0.02 | 0.00 | — |
| Debt / EBITDA | 0.02 | 0.02 | — | — | — | — | — |
| Net Debt / Equity | — | -0.02 | 0.09 | 0.06 | 0.00 | -0.04 | — |
| Net Debt / EBITDA | -2.78 | -2.78 | — | — | — | — | — |
| Debt / FCF | — | -12.31 | — | — | — | — | -113.41 |
| Interest Coverage | 0.48 | 0.48 | -0.17 | -4.77 | -27.55 | — | — |
Net cash position: cash ($12M) exceeds total debt ($101000)
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|---|
| Current Ratio | 4.88 | 4.88 | 1.52 | 1.44 | 2.35 | 1.92 | 0.27 |
| Quick Ratio | 4.88 | 4.88 | 1.52 | 1.44 | 2.35 | 1.92 | 0.27 |
| Cash Ratio | 3.02 | 3.02 | 0.64 | 0.46 | 1.98 | 1.59 | 0.19 |
| Asset Turnover | — | 0.02 | 0.01 | 0.00 | 0.01 | 0.00 | — |
| Inventory Turnover | — | — | — | — | — | — | — |
| Days Sales Outstanding | — | 64.09 | 122.47 | 450.38 | 130.67 | 782.72 | — |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|---|
| Dividend Yield | — | — | — | 1.2% | 1.2% | — | — |
| Payout Ratio | — | — | — | — | — | — | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|---|
| Earnings Yield | — | — | — | — | — | — | — |
| FCF Yield | 0.2% | 0.1% | — | — | — | — | — |
| Buyback Yield | 0.0% | 0.0% | 0.0% | 0.0% | 0.3% | 0.0% | — |
| Total Shareholder Yield | 0.0% | 0.0% | 0.0% | 1.2% | 1.5% | 0.0% | — |
| Shares Outstanding | — | $175M | $160M | $145M | $128M | $34M | $41M |
Operator production timeline dependency
According to recent market data, GROY trades at a P/S ratio of 31.57, which suggests investors are pricing in significant future production growth rather than current earnings, as evidenced by the negative TTM P/E ratio and a forward P/E of 47.71 relative to its peer group.
The valuation appears to reflect a growth-stage premium, as the market assigns a high multiple to revenue that is still scaling toward maturity. Investors should monitor whether the forward P/E of 47.71 remains justifiable as the Odyssey project reaches full production capacity, as current multiples significantly exceed those of more established royalty peers.
Based on reported figures, GROY's ROIC has hovered near zero, with a 2026Q1 reading of 0.3%, indicating that the company is still in the process of converting its aggressive acquisition-led capital deployment into meaningful, compounding returns on invested capital compared to mature industry benchmarks.
The low ROIC is a structural consequence of the company's rapid portfolio assembly, where significant capital is tied up in assets that have yet to reach full production. This suggests that the company's ability to generate value will depend on the successful conversion of these early-stage interests into cash-flowing royalties over the coming years.
As reported in financial statements, the company's asset turnover remains extremely low at 0.01, which is characteristic of a royalty model that holds long-dated interests rather than high-velocity inventory, though the 50-day DSO suggests a relatively efficient collection cycle from its third-party mine operators.
The lack of inventory and the nature of royalty revenue mean that traditional efficiency metrics like DIO are not applicable, shifting the focus to the speed at which operators convert reserves into payable metal. The current DSO trend warrants monitoring to ensure that operator payment delays do not impede the company's internal cash flow cycle.
Based on the 2026Q1 balance sheet, the company has achieved a debt-to-equity ratio of 0.00, a significant improvement from previous periods that suggests a strategic shift toward a debt-free capital structure to mitigate interest rate sensitivity and refinancing risks in a volatile commodity environment.
The transition to a debt-free position provides a substantial buffer against the cyclicality of gold prices, allowing the company to focus on organic growth without the pressure of debt service. This appears to be a prudent move that distinguishes the firm from more leveraged junior miners, potentially lowering its overall risk profile.
The P/E ratio is the most commonly misapplied metric for GROY, as it fails to account for the significant non-cash depletion charges that artificially depress net income, thereby obscuring the company's true underlying cash-generating capacity as a royalty-based business model.
Investors should instead focus on cash flow from operations and free cash flow margins, which better reflect the company's ability to fund its own growth. Relying on P/E ratios in this context may lead to an inaccurate assessment of the company's profitability, as it ignores the non-cash nature of the royalty asset amortization.
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Quick answers to the most common questions about buying GROY stock.
Gold Royalty Corp.'s current P/E ratio is -112.3x. This places it at the 50th percentile of its historical range.
Gold Royalty Corp.'s current EV/EBITDA is 102.1x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA.
Gold Royalty Corp.'s return on equity (ROE) is -0.7%. The historical average is -5.3%.
Based on historical data, Gold Royalty Corp. is trading at a P/E of -112.3x. This is at the 50th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
Gold Royalty Corp. has 76.4% gross margin and 10.9% operating margin. Operating margin between 10-20% is typical for established companies.
Gold Royalty Corp.'s Debt/EBITDA ratio is 0.0x, indicating low leverage. A ratio below 2x is generally considered financially healthy.