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OR

OR Royalties Inc.

OR

OR Royalties Inc. • NYSE
$34.90 ▲ 2.08% (+0.71)
Market Cap $6.54 B
52w High $42.25
52w Low $17.55
Dividend Yield 0.20%
P/E 44.74
Volume 476.95K
Outstanding Shares 187.42M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $71.625M ▲ $12.412M ▲ $82.845M ▲ 115.665% ▲ $0.61 ▲ $103.465M ▲
Q2-2025 $60.364M ▲ $8.764M ▲ $32.358M ▲ 53.605% ▲ $0.17 ▲ $48.482M ▲
Q1-2025 $54.916M ▼ $7.038M ▲ $25.64M ▲ 46.689% ▲ $0.14 ▲ $43.267M ▲
Q4-2024 $55.141M ▼ $6.021M ▼ $6.904M ▼ 12.522% ▼ $0.06 ▼ $35.43M ▼
Q3-2024 $56.766M $17.552M $18.133M 31.944% $0.098 $46.853M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $147.33M ▲ $2.11B ▲ $167.759M ▲ $1.943B ▲
Q2-2025 $49.626M ▼ $1.442B ▲ $151.831M ▼ $1.29B ▲
Q1-2025 $63.07M ▲ $1.389B ▲ $174.835M ▼ $1.214B ▲
Q4-2024 $59.096M ▲ $1.378B ▼ $188.681M ▲ $1.189B ▼
Q3-2024 $54.85M $1.384B $153.335M $1.231B

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $81.927M ▲ $64.098M ▲ $-10.932M ▲ $-45.016M ▲ $7.25M ▲ $50.57M ▲
Q2-2025 $32.358M ▲ $51.375M ▲ $-19.38M ▼ $-46.04M ▼ $-13.444M ▼ $33.446M ▼
Q1-2025 $25.64M ▲ $46.079M ▼ $-16.666M ▲ $-25.449M ▼ $3.974M ▼ $40.794M ▲
Q4-2024 $6.904M ▼ $48.084M ▲ $-60.528M ▼ $28.238M ▲ $15.797M ▲ $-11.848M ▼
Q3-2024 $13.536M $34.936M $-11.64M $-28.209M $-5.317M $24.295M

Five-Year Company Overview

Income Statement

Income Statement Revenue has trended upward over the last five years, showing a steady build in the royalty portfolio. Profitability, however, has been uneven. The company moved from small profits to notable losses and then back to a modest profit most recently. This kind of pattern is typical for royalty companies exposed to swings in metal prices, one‑off charges, and revaluations. Underneath the noise, operating profitability looks sound, with high underlying margins, but investors should expect reported earnings to be somewhat volatile from year to year.

Balance Sheet

Balance Sheet The balance sheet looks generally solid and fairly stable over time. Total assets have held in a steady range, and equity makes up the bulk of the capital structure, suggesting a conservative financial base. Debt has been coming down from earlier years, which lowers financial risk and increases flexibility. Cash on hand is reasonable but not excessive, implying the company leans on ongoing cash generation and occasional financing to fund new deals rather than sitting on a very large cash reserve.

Cash Flow

Cash Flow Cash generation from the underlying royalty and streaming portfolio has been consistent, with operating cash flow holding at a healthy level for several years. Where the picture becomes more volatile is after investment spending: free cash flow was negative in a few years when the company spent heavily on new royalties and streams, then turned positive most recently as investment slowed. This pattern suggests the company has been in growth mode, periodically accepting weaker near‑term free cash flow to build future cash‑producing assets.

Competitive Edge

Competitive Edge OR benefits from a business model that avoids direct mining risk while keeping strong exposure to precious metals prices. A key anchor is its royalty on a large Canadian gold complex, supplemented by a wide mix of additional royalties and streams that spread risk across many projects and operators. The focus on top‑tier mining jurisdictions reduces political and permitting risk. Financial discipline, a relatively clean balance sheet, and a reputation for flexible deal structuring give it an edge in winning new transactions. The main competitive pressures come from other royalty and streaming companies chasing the same opportunities and from dependence on partner operators to execute well at the mine level.

Innovation and R&D

Innovation and R&D Although not a technology developer in the traditional sense, OR is innovating in how it sources, analyzes, and structures deals. It is exploring the use of data analytics and AI to evaluate geological potential and project risk, which could sharpen its investment decisions over time. The company is also creative in combining royalties, streams, and selective equity stakes to meet the needs of mining partners, and it is expanding into new types of assets such as silver streams in strong jurisdictions. Most of its “R&D” is effectively intellectual and financial innovation rather than lab-based research.

Summary

Overall, OR shows the hallmarks of a maturing royalty and streaming business: rising revenues, high underlying margins, and increasingly tidy finances, but with reported earnings that can swing with market conditions and accounting items. The balance sheet is equity‑heavy and becoming less leveraged, supporting resilience and future deal capacity. Cash flows from operations are solid and have been reinvested aggressively to grow the asset base, which explains the earlier periods of weaker free cash flow. Strategically, the company appears well positioned in a competitive niche, with a valuable cornerstone asset, diversified exposure, and a focus on safer jurisdictions. Key watchpoints include continued dependence on a few major assets, competition for attractive new deals, and sensitivity to precious metals prices and the operating performance of partner mines.

NEWS

November 5, 2025 · 4:19 PM UTC

OR Royalties Declares Fourth Quarter 2025 Dividend

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October 7, 2025 · 7:00 AM UTC

Or Royalties Announces Preliminary Q3 2025 Geo Deliveries Along With Record Quarterly Revenues

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September 11, 2025 · 7:00 AM UTC

OR Royalties Announces More Positive Developments on Select Assets

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