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Royal Gold Balance Sheet 2021-2011 | RGLD
Brief overview of Royal Gold's assets and capital
The review uses the five latest available annual reports between 2021 and 2025.
Total assets increased by +245.9%, from $2.8 billion to $9.5 billion. A CAGR near 36.4% points to substantial expansion.
Asset growth of +245.9% came with a +1,396.7% rise in liabilities. Financial leverage became more prominent.
The equity ratio reached 75% from 94.3%. A high capital share reduces dependence on liabilities.
Retained earnings are $1.2 billion versus $381.9 million initially. The direction shows how results contributed to equity.
Overall picture
Royal Gold's balance sheet is broadly resilient, though selected areas require monitoring. The balance between assets, equity and liabilities remains the key issue.
Annual Balance Sheet Royal Gold
| 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 | 2013 | 2012 | 2011 | |||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Net Debt |
- | -18.7 M | 95.1 M | 262 M | 500 M | 484 M | -421 M | -348 M | -362 M | -82.2 M | 112 M | ||||
Long Term Debt |
895 M | - | 246 M | 572 M | - | 300 M | 215 M | 351 M | 586 M | 601 M | 322 M | 312 M | 302 M | 293 M | 210 M |
Long Term Debt Current |
- | - | 972 K | - | - | - | - | - | - | - | - | - | - | - | - |
Total Non Current Liabilities |
- | - | - | - | - | 421 M | 340 M | 489 M | 740 M | 758 M | 485 M | 496 M | 500 M | 494 M | 386 M |
Total Current Liabilities |
121 M | 85.2 M | 72.4 M | 63.6 M | 61.4 M | 43.6 M | 33.6 M | 51.4 M | 30.9 M | 22.7 M | 25 M | 22.5 M | 35.1 M | 15.2 M | 28.9 M |
Total Liabilities |
2.33 B | 261 M | 460 M | 781 M | 156 M | 464 M | 374 M | 541 M | 770 M | 781 M | 510 M | 519 M | 535 M | 510 M | 415 M |
Retained Earnings |
1.23 B | 890 M | 667 M | 527 M | 382 M | 61.1 M | -65.7 M | -89.9 M | 88 M | 48.6 M | 185 M | 190 M | 181 M | 160 M | 100 M |
Total Assets |
9.54 B | 3.39 B | 3.36 B | 3.53 B | 2.76 B | 2.77 B | 2.54 B | 2.68 B | 3.09 B | 3.07 B | 2.93 B | 2.89 B | 2.91 B | 2.37 B | 1.9 B |
Cash and Cash Equivalents |
- | - | 104 M | 119 M | 144 M | 319 M | 119 M | 88.8 M | 85.8 M | 117 M | 743 M | 660 M | 664 M | 375 M | 114 M |
Book Value |
7.21 B | 3.13 B | 2.9 B | 2.75 B | 2.6 B | 2.3 B | 2.17 B | 2.14 B | 2.32 B | 2.29 B | 2.42 B | 2.37 B | 2.37 B | 1.86 B | 1.49 B |
Total Shareholders Equity |
7.16 B | 3.12 B | 2.9 B | 2.75 B | 2.6 B | 2.3 B | 2.17 B | 2.14 B | 2.28 B | 2.23 B | 2.35 B | 2.35 B | 2.35 B | 1.84 B | 1.46 B |
All numbers in USD currency
Quarterly Balance Sheet Royal Gold
| 2025-Q3 | 2025-Q2 | 2025-Q1 | 2024-Q4 | 2024-Q3 | 2024-Q2 | 2024-Q1 | 2023-Q4 | 2023-Q3 | 2023-Q2 | 2023-Q1 | 2022-Q4 | 2022-Q3 | 2022-Q2 | 2022-Q1 | 2021-Q4 | 2021-Q3 | 2021-Q2 | 2021-Q1 | 2020-Q4 | 2020-Q3 | 2020-Q2 | 2020-Q1 | 2019-Q4 | 2019-Q3 | 2019-Q2 | 2019-Q1 | 2018-Q4 | 2018-Q3 | 2018-Q2 | 2018-Q1 | 2017-Q4 | 2017-Q3 | 2017-Q2 | 2017-Q1 | 2016-Q4 | 2016-Q3 | 2016-Q2 | 2016-Q1 | 2015-Q4 | 2015-Q3 | 2015-Q2 | 2015-Q1 | 2014-Q4 | 2014-Q3 | 2014-Q2 | 2014-Q1 | 2013-Q4 | 2013-Q3 | 2013-Q2 | 2013-Q1 | 2012-Q4 | 2012-Q3 | 2012-Q2 | 2012-Q1 | 2011-Q4 | 2011-Q3 | 2011-Q2 | 2011-Q1 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Long Term Debt |
770 M | - | - | - | - | - | 146 M | 246 M | 321 M | 396 M | 497 M | 572 M | 446 M | - | - | 6.69 M | 95.4 M | 7.2 M | 146 M | 196 M | 271 M | 300 M | 100 M | 130 M | 165 M | 215 M | 215 M | 359 M | 355 M | 351 M | 351 M | 493 M | 540 M | 586 M | 586 M | 677 M | 674 M | 601 M | 601 M | 677 M | 675 M | 314 M | 322 M | 317 M | 314 M | 312 M | 312 M | 307 M | 305 M | 302 M | 302 M | 298 M | 295 M | 293 M | 293 M | 273 M | 177 M | 210 M | 210 M |
Total Liabilities |
1.05 B | 253 M | 243 M | 261 M | 251 M | 288 M | 390 M | 460 M | 535 M | 604 M | 696 M | 781 M | 657 M | 156 M | 144 M | 156 M | 251 M | 148 M | 313 M | 359 M | 434 M | 464 M | 279 M | 307 M | 326 M | 374 M | 374 M | 528 M | 534 M | 541 M | 541 M | 730 M | 736 M | 774 M | 774 M | 850 M | 850 M | 784 M | 781 M | 861 M | 869 M | 501 M | 510 M | 505 M | 515 M | 519 M | 519 M | 520 M | 528 M | 535 M | 535 M | 514 M | 517 M | 513 M | 510 M | 479 M | 389 M | 415 M | 415 M |
Retained Earnings |
1.17 B | 1.08 B | 974 M | 890 M | 812 M | 742 M | 687 M | 667 M | 630 M | 605 M | 567 M | 527 M | 496 M | 473 M | 425 M | 382 M | 337 M | 286 M | 224 M | 190 M | 150 M | 61.1 M | 30.5 M | 10.3 M | -12.7 M | -65.7 M | -65.7 M | -86.2 M | -92.5 M | -89.9 M | -89.9 M | 69.8 M | 101 M | 88 M | 88 M | 75.7 M | 63.3 M | 48.6 M | 48.6 M | 126 M | 126 M | 185 M | 185 M | 174 M | 195 M | 190 M | 190 M | 180 M | 183 M | 181 M | 181 M | 190 M | 176 M | 160 M | 160 M | 131 M | 116 M | 100 M | 100 M |
Total Assets |
4.47 B | 3.57 B | 3.46 B | 3.39 B | 3.3 B | 3.27 B | 3.31 B | 3.36 B | 3.4 B | 3.44 B | 3.49 B | 3.53 B | 3.38 B | 2.85 B | 2.79 B | 2.76 B | 2.81 B | 2.65 B | 2.75 B | 2.76 B | 2.8 B | 2.77 B | 2.55 B | 2.55 B | 2.55 B | 2.54 B | 2.54 B | 2.68 B | 2.67 B | 2.68 B | 2.68 B | 3.03 B | 3.07 B | 3.09 B | 3.09 B | 3.16 B | 3.15 B | 3.07 B | 3.07 B | 3.22 B | 3.23 B | 2.92 B | 2.93 B | 2.86 B | 2.89 B | 2.89 B | 2.89 B | 2.89 B | 2.9 B | 2.91 B | 2.91 B | 2.89 B | 2.4 B | 2.38 B | 2.37 B | 1.99 B | 1.89 B | 1.9 B | 1.9 B |
Cash and Cash Equivalents |
- | 248 M | - | 195 M | - | 74.2 M | - | - | - | - | - | - | - | - | 184 M | 144 M | 160 M | 226 M | 226 M | 382 M | 413 M | 319 M | 319 M | 80.5 M | 122 M | 119 M | 119 M | 157 M | 117 M | 88.8 M | 88.8 M | 98.1 M | 88.4 M | 85.8 M | 85.8 M | 84 M | 133 M | 84 M | 133 M | 118 M | 104 M | 118 M | 104 M | 675 M | 691 M | 675 M | 691 M | 659 M | 638 M | 659 M | 638 M | 681 M | 375 M | 681 M | 302 M | 95.8 M | 123 M | 95.8 M | 123 M |
Book Value |
3.42 B | 3.32 B | 3.22 B | 3.13 B | 3.05 B | 2.98 B | 2.92 B | 2.9 B | 2.86 B | 2.84 B | 2.79 B | 2.75 B | 2.72 B | 2.7 B | 2.65 B | 2.6 B | 2.55 B | 2.5 B | 2.44 B | 2.4 B | 2.36 B | 2.3 B | 2.27 B | 2.25 B | 2.22 B | 2.17 B | 2.17 B | 2.15 B | 2.14 B | 2.14 B | 2.14 B | 2.3 B | 2.33 B | 2.32 B | 2.32 B | 2.31 B | 2.3 B | 2.29 B | 2.29 B | 2.36 B | 2.36 B | 2.42 B | 2.42 B | 2.36 B | 2.38 B | 2.37 B | 2.37 B | 2.37 B | 2.37 B | 2.37 B | 2.37 B | 2.37 B | 1.89 B | 1.86 B | 1.86 B | 1.52 B | 1.5 B | 1.49 B | 1.49 B |
Total Shareholders Equity |
3.41 B | 3.31 B | 3.22 B | 3.12 B | 3.05 B | 2.98 B | 2.92 B | 2.89 B | 2.86 B | 2.84 B | 2.79 B | 2.74 B | 2.72 B | 2.7 B | 2.65 B | 2.59 B | 2.55 B | 2.49 B | 2.44 B | 2.39 B | 2.35 B | 2.27 B | 2.27 B | 2.25 B | 2.19 B | 2.14 B | 2.16 B | 2.15 B | 2.1 B | 2.1 B | 2.1 B | 2.26 B | 2.29 B | 2.28 B | 2.28 B | 2.26 B | 2.24 B | 2.23 B | 2.23 B | 2.3 B | 2.3 B | 2.35 B | 2.35 B | 2.34 B | 2.36 B | 2.35 B | 2.35 B | 2.35 B | 2.35 B | 2.35 B | 2.35 B | 2.35 B | 1.86 B | 1.84 B | 1.84 B | 1.49 B | 1.48 B | 1.46 B | 1.46 B |
All numbers in USD currency
Balance Sheet is a fundamental financial report of Royal Gold, providing a complete picture of the company’s financial position at a specific point in time. Unlike the income statement, which records the results of operations over a certain period, the balance sheet shows what assets the company owns, what liabilities it has to creditors, and what equity is available to the owners.
For an investor, the balance sheet is important because it allows assessing the company’s financial stability, understanding how much debt it carries, and how dependent it is on borrowed financing. It helps calculate key liquidity and leverage ratios. When analyzing, attention should be paid to the debt-to-equity ratio (Debt/Equity), the amount of cash on the balance sheet, and the ratio of current liabilities to liquid assets.
Features of balance sheet analysis- Vertical and horizontal analysis
Vertical analysis shows the structure of the balance sheet as a percentage of total assets or liabilities, while horizontal analysis shows the dynamics of changes over multiple periods. - Asset quality
It is important to evaluate not only the amount of assets but also their liquidity and realizability. - Accounting for off-balance sheet liabilities
Some liabilities may not be directly reflected in the balance sheet, which requires additional attention.
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