RGLD
Royal Gold Inc
NASDAQ: RGLD · BASIC MATERIALS · GOLD
$245.13
-6.40% today
Updated 2026-06-05
Market cap
$17.62B
P/E ratio
25.13
P/S ratio
13.59x
EPS (TTM)
$8.26
Dividend yield
0.68%
52W range
$150 – $306
Volume
0.8M
Royal Gold Inc (RGLD) Financial Forecast & Price Target 2030
Research-backed projections from analyst consensus, management guidance, and sector analysis.
Research-backed RGLD price target 2030 projection accounting for share dilution, balance sheet debt, and time value of money.
Current price
$245.13
Today
Analyst consensus
$305.00
+24.42% · 12M
2030 Base
$345.52
+40.95% future
NPV today
$254.03
@ 7% WACC
12 analysts:
8 Buy2 Hold3 Sell
Management guidance
Royal Gold provided 2026 guidance projecting revenues of approximately $2.01B (97% growth YoY from $1.02B in 2025), driven by portfolio expansion from 2025 acquisitions (Antamina silver stream $4.3B deal, Sandstorm-Horizon merger) and elevated precious metal prices. CEO Bill Heissenbuttel emphasized a 'five-year outlook' in March 2026 investor day but specific numerical targets for 2027-2030 were not disclosed in available materials; however, guidance implies continued double-digit to mid-30s percentage growth through the projection period given contracted streaming revenues and growing metal prices.
Sources: Management guidance, analyst consensus, sector analysishigh confidence
RGLD · Royal Gold Inc · Revenue & price projection · 2023–2030E
Actual / 2030 target Projected revenue Base case price Bull to bear range
Bear case (2030)
$197.73
NPV today: $145.37
Base case (2030)
$345.52
NPV today: $254.03
Bull case (2030)
$739.62
NPV today: $543.78
WallStSmart.com
RGLD financial forecast · Research-backed projections
| Metric | 2025 | 2026 (E) | 2027 (E) | 2028 (E) | 2029 (E) | 2030 (E) ★ |
|---|---|---|---|---|---|---|
| Revenue | $1.0B | $2.0B | $2.5B | $3.1B | $3.7B | $4.2B |
| Revenue growth | 44.6% | 97.1% | 24.9% | 22.9% | 19.8% | 13.3% |
| Net margin | — | 53.5% | 53.5% | 52.9% | 51.5% | 51.1% |
| EPS | $7.16 | $12.65 | $15.80 | $19.20 | $22.40 | $25.15 |
| Diluted shares | — | 85M | 85M | 85M | 85M | 85M |
| Net debt | — | $662.80M | $528.68M | $363.84M | $166.41M | $-57.20M |
| P/S multiple | — | 7.0x | 7.0x | 7.0x | 7.0x | 7.0x |
| Implied price (base) | — | $157.82 | $200.60 | $249.92 | $302.51 | $345.52 |
★ 2030E is the model's terminal target year. Implied price = (Revenue × P/S − Net debt) ÷ Diluted shares.
Scenario detail · Three drivers, three outcomes
| 2030E driver | Bear | Base | Bull |
|---|---|---|---|
| Revenue | $4.2B | $4.2B | $4.2B |
| P/S multiple | 4.0x | 7.0x | 15.0x |
| Diluted shares | 85M | 85M | 85M |
| Net debt | $-57.20M | $-57.20M | $-57.20M |
| Implied P/E † | 8x | 14x | 29x |
| 2030 Price | $197.73 | $345.52 | $739.62 |
| NPV @ 7% | $145.37 | $254.03 | $543.78 |
† Implied P/E: Multiples remain elevated across all three scenarios because RGLD is valued primarily on revenue scale during its growth phase, not near-term earnings power. Lower P/E in the bear case reflects multiple compression, but the absolute level stays high since 2030E still represents a hypergrowth-to-mature transition year.
EV to per-share bridge · How we get to $345.52 base case
RGLD catalysts and risks
Growth catalysts
+ Antamina silver stream ($4.3B revenue expansion) ramping through 2026-2027, providing multi-year contracted revenue base
+ Hod Maden project restructuring reducing capital exposure while retaining 2.5% NSR royalty upside and project de-risking
+ Portfolio diversification from 2025 M&A (Sandstorm, Horizon, Coeur d'Alene streaming deals) adding 8-12 new streaming/royalty assets with 15-25 year contract lives
+ Elevated gold/silver prices (currently $2,400+ Au, $35+ Ag) driving higher realized cash flow on existing contracts
+ $500M share repurchase program signaling management confidence and potential 3-5% annual EPS accretion
Key risks
- Precious metals price deflation (gold below $2,000/oz or silver below $25/oz) would compress near-term revenue and cashflow by 20-35%
- Operating leverage cut by production delays at key mines (Antamina, Sandstorm assets) due to permitting, geopolitical, or operational issues
- Integration execution risk on 2025 M&A; if synergy targets miss or asset underperform, 2027-2028 revenue growth could decelerate to low-20s vs. 30s+
- M&A-driven valuation concerns: analyst price targets already imply 36-68% upside; further acquisitions at premium valuations could dilute per-share returns
- Regulatory/tax changes in mining jurisdictions (Peru, Turkey, Canada) could impact royalty/streaming contract terms or cash repatriation
Methodology · Royal Gold Inc 2030 stock forecast model
Royal Gold Inc 2030 price target is calculated using WallStSmart's research model. Revenue projections are derived from analyst consensus across 12 Wall Street analysts, management guidance from the latest earnings call, and sector growth forecasts. The model is built on five core components:
| 1. Share dilution | Projected from per-ticker schedule of SBC + equity raise activity, compounding year by year (0% cumulative for RGLD by 2030) |
| 2. Net debt | EV minus net debt yields equity value; debt projected from capex cycle trajectory ($-57.20M by 2030) |
| 3. Time value | NPV calculated using 7% WACC (CAPM: beta 0.436) |
| 4. Multiple framework | P/S compresses with scale: bear 4.0x / base 7.0x / bull 15.0x |
| 5. Scenario design | Bull/Base/Bear vary revenue, margin, shares, debt, and multiple independently |
WallStSmart research model · Not financial advice · Past performance is not indicative of future results · Last researched: May 20, 2026.
RGLD price target FAQ
What is the RGLD price target for 2030?
WallStSmart's Royal Gold Inc 2030 base case is $345.52 per share, with a bull case of $739.62 and bear case of $197.73. The NPV of the base case discounted to today at 7% WACC is $254.03.
How is the Royal Gold Inc 2030 stock forecast calculated?
The RGLD 2030 projection multiplies projected revenue by a growth-adjusted P/S multiple to derive enterprise value, subtracts projected net debt to get equity value, then divides by diluted shares outstanding accounting for dilution from stock-based compensation and equity raises.
Why does the RGLD price target account for dilution?
Royal Gold Inc is projected to grow diluted share count from 85M to 85M by 2030 (a 0% increase) through stock-based compensation and capital raises. Ignoring this would inflate the price target by approximately 0%.
What is the analyst consensus on RGLD stock?
12 analysts cover RGLD with an average 12-month price target of $305.00. The 2030 projection extends this framework with longer-horizon assumptions including dilution and time value of money.