Latest Ratios: P/E Ratio 27.1x · EV/EBITDA 22.7x · ROE 16.0%. (2013–2025 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 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $5.6B | $6.7B | $3.4B | $2.6B | $2.2B | $2.1B | $2.1B | $1.5B | $1.4B | $1.5B | $1.0B |
| Enterprise Value | $5.5B | $6.6B | $3.4B | $2.7B | $2.2B | $2.3B | $2.2B | $1.7B | $1.6B | $1.6B | $565M |
| P/E Ratio → | 27.13 | 31.88 | 150.83 | — | — | — | 126.80 | — | — | — | 24.30 |
| P/S Ratio | 20.01 | 23.74 | 17.76 | 14.42 | 13.59 | 11.64 | 9.64 | 3.74 | 2.80 | 6.94 | 16.26 |
| P/B Ratio | 3.99 | 4.69 | 2.86 | 2.12 | 1.26 | 1.15 | 1.12 | 1.28 | 0.78 | 0.78 | 0.84 |
| P/FCF | 26.60 | 31.55 | 39.26 | — | — | 173.22 | — | 196.81 | — | — | — |
| P/OCF | 22.60 | 26.81 | 21.23 | 18.72 | 19.83 | 24.68 | 19.07 | 16.04 | 16.74 | 30.36 | 19.06 |
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 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 23.27 | 17.97 | 14.97 | 13.99 | 13.31 | 10.15 | 4.23 | 3.17 | 7.55 | 9.02 |
| EV / EBITDA | 22.66 | 26.97 | 30.70 | 25.59 | 17.38 | 18.53 | 24.48 | — | — | — | 13.93 |
| EV / EBIT | 26.80 | 31.91 | 90.13 | — | 22.50 | 23.69 | 40.71 | — | — | — | 10.28 |
| EV / FCF | — | 30.92 | 39.72 | — | — | 198.08 | — | 222.74 | — | — | — |
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 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 83.4% | 83.4% | 96.5% | 93.3% | 69.0% | 61.8% | 48.8% | 21.1% | 13.6% | 27.9% | 82.0% |
| Operating Margin | 72.9% | 72.9% | 41.0% | 35.2% | 56.5% | 49.9% | 19.5% | -46.7% | -23.1% | -33.0% | 46.4% |
| Net Profit Margin | 74.3% | 74.3% | 8.5% | -20.4% | -54.5% | -10.5% | 7.9% | -59.7% | -21.5% | -19.9% | 67.2% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 16.0% | 16.0% | 1.3% | -2.5% | -5.0% | -1.0% | 1.1% | -16.0% | -5.8% | -2.7% | 3.9% |
| ROA | 14.2% | 14.2% | 1.1% | -2.1% | -4.0% | -0.8% | 0.9% | -12.5% | -4.4% | -2.2% | 3.4% |
| ROIC | 12.2% | 12.2% | 4.6% | 3.1% | 3.5% | 3.3% | 1.9% | -8.3% | -4.3% | -3.8% | 3.0% |
| ROCE | 14.2% | 14.2% | 5.5% | 3.7% | 4.5% | 4.1% | 2.2% | -9.9% | -4.8% | -3.6% | 2.4% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 0.01 | 0.01 | 0.08 | 0.12 | 0.09 | 0.23 | 0.22 | 0.24 | 0.20 | 0.25 | 0.04 |
| Debt / EBITDA | 0.04 | 0.04 | 0.88 | 1.41 | 1.20 | 3.24 | 4.65 | — | — | — | 1.13 |
| Net Debt / Equity | — | -0.09 | 0.03 | 0.08 | 0.04 | 0.17 | 0.06 | 0.17 | 0.10 | 0.07 | -0.37 |
| Net Debt / EBITDA | -0.55 | -0.55 | 0.35 | 0.93 | 0.50 | 2.33 | 1.23 | — | — | — | -11.17 |
| Debt / FCF | — | -0.63 | 0.46 | — | — | 24.86 | — | 25.93 | — | — | — |
| Interest Coverage | 45.20 | 45.20 | 4.78 | -0.72 | 4.47 | 5.26 | 2.04 | -10.66 | -4.41 | -6.86 | 16.02 |
Net cash position: cash ($142M) exceeds total debt ($9M)
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 4.53 | 4.53 | 4.37 | 4.11 | 5.87 | 0.44 | 3.06 | 5.03 | 8.59 | 12.24 | 32.21 |
| Quick Ratio | 4.53 | 4.53 | 4.37 | 4.11 | 5.86 | 0.39 | 2.97 | 4.97 | 8.59 | 11.90 | 32.21 |
| Cash Ratio | 4.36 | 4.36 | 4.04 | 3.71 | 5.07 | 0.33 | 2.79 | 4.62 | 8.01 | 11.57 | 31.62 |
| Asset Turnover | — | 0.18 | 0.14 | 0.12 | 0.08 | 0.07 | 0.09 | 0.26 | 0.22 | 0.08 | 0.04 |
| Inventory Turnover | — | — | — | 1233.50 | 3821.84 | 3.63 | 10.90 | 242.66 | — | 15.59 | — |
| Days Sales Outstanding | — | 4.17 | 5.93 | 9.46 | 4.57 | 2.85 | 1.78 | 4.54 | 9.17 | 1.58 | 8.57 |
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 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | 0.6% | 0.5% | 0.9% | 1.1% | 1.7% | 1.2% | 1.4% | 1.9% | 2.0% | 1.3% | 1.5% |
| Payout Ratio | 16.9% | 16.9% | 188.4% | — | — | — | 171.3% | — | — | — | 36.4% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 3.7% | 3.1% | 0.7% | — | — | — | 0.8% | — | — | — | 4.1% |
| FCF Yield | 3.8% | 3.2% | 2.5% | — | — | 0.6% | — | 0.5% | — | — | — |
| Buyback Yield | 0.7% | 0.6% | 0.0% | 0.0% | 1.0% | 1.2% | 0.2% | 9.7% | 2.3% | 0.1% | 0.0% |
| Total Shareholder Yield | 1.3% | 1.1% | 0.9% | 1.1% | 2.8% | 2.4% | 1.6% | 11.6% | 4.3% | 1.4% | 1.5% |
| Shares Outstanding | — | $189M | $188M | $185M | $181M | $168M | $162M | $151M | $157M | $128M | $105M |
Asset concentration at Malartic
According to current market data, OR trades at a P/S ratio of 21.44, which suggests that investors are assigning a significant premium to the company's high-margin royalty stream compared to the broader mining sector, despite the inherent risks associated with its concentrated Canadian asset portfolio.
The forward P/E of 15.24 indicates that the market expects meaningful earnings growth as the Odyssey project reaches full production capacity. This valuation appears to balance the company's structural advantages against the potential for volatility in gold production volumes during the transition phase.
Based on reported financial figures, OR's ROIC has remained in the low single digits, averaging approximately 2.2% over the last ten quarters, which reflects the heavy impact of non-cash depletion charges on the company's accounting returns relative to its invested capital base.
While the royalty model is inherently capital-light, the accounting treatment of mineral interests suppresses reported ROIC, potentially masking the true economic returns generated by the underlying assets. Investors should monitor whether the transition to underground mining improves these returns as production volumes stabilize.
As indicated by the company's quarterly data, OR maintains an exceptionally low asset turnover ratio of 0.06, which is characteristic of a royalty business that does not require significant physical inventory or complex working capital cycles to generate its recurring revenue streams.
The minimal DSO and lack of inventory dependence highlight the structural efficiency of the royalty model, where the company acts as a passive recipient of production-linked cash flows. This lack of operational friction suggests that the company is well-positioned to scale without proportional increases in administrative or working capital overhead.
According to the most recent quarterly balance sheet, OR maintains a current ratio of 4.11, providing a substantial liquidity buffer that ensures the company can comfortably meet its short-term obligations while retaining the capacity to pursue opportunistic royalty acquisitions in the current market environment.
This liquidity position appears robust, particularly given the company's near-zero debt levels and the recurring nature of its royalty income. Such a strong position may indicate that the company is well-prepared to navigate potential sector-wide downturns without the need for external financing or dilutive equity issuance.
The P/E ratio is frequently misapplied to OR because it fails to account for the significant non-cash depletion charges that distort net income, thereby obscuring the company's true cash-generating capacity and leading to an inaccurate assessment of its fundamental valuation relative to peers.
Analysts should prioritize cash-flow-based metrics, such as P/FCF or EV/EBITDA, to better capture the economic reality of the royalty business model. Relying solely on P/E may lead to an undervaluation of the company's ability to convert top-line revenue into distributable cash for shareholders.
Includes 30+ ratios · 13 years · Updated daily
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Compare growth, multiples, and margins vs sector.
Quick answers to the most common questions about buying OR stock.
OR Royalties Inc.'s current P/E ratio is 27.1x. The historical average is 60.8x. This places it at the 33th percentile of its historical range.
OR Royalties Inc.'s current EV/EBITDA is 22.7x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 31.8x.
OR Royalties Inc.'s return on equity (ROE) is 16.0%. The historical average is 10.4%.
Based on historical data, OR Royalties Inc. is trading at a P/E of 27.1x. This is at the 33th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
OR Royalties Inc.'s current dividend yield is 0.62% with a payout ratio of 16.9%.
OR Royalties Inc. has 83.4% gross margin and 72.9% operating margin. Operating margin above 20% indicates strong pricing power and cost efficiency.
OR Royalties Inc.'s Debt/EBITDA ratio is 0.0x, indicating low leverage. A ratio below 2x is generally considered financially healthy.