WallStSmart
RGLD

Royal Gold Inc

NASDAQ: RGLD · BASIC MATERIALS · GOLD

$231.02
-2.49% today

Updated 2026-04-29

Market cap
$19.60B
P/E ratio
34.58
P/S ratio
19.18x
EPS (TTM)
$6.68
Dividend yield
0.78%
52W range
$150 – $306
Volume
1.1M
OverviewPrice TargetsFinancialsValuationInsidersEarnings

Royal Gold Inc (RGLD) Financial Forecast & Price Target 2030

Research-backed projections from analyst consensus, management guidance, and sector analysis.

Price target summary

Current
$231.02
Consensus
$231.14
+0.05%
2030 Target
$525.26
+127.37%
DCF
$390.60
+26.98% MoS
7 analysts:
2 Buy3 Hold2 Sell

Management guidance

Royal Gold provided 2026 guidance and a five-year outlook at its March 31, 2026 Investor Day, projecting 430,000 to 480,000 Gold Equivalent Ounces (GEOs) annually through 2031 with 17% compound annual growth. Management emphasized reaching $1 billion in revenue in 2025 and outlined a path to sustained mid-to-high teens growth without requiring new deals, supported by its streaming and royalty portfolio.

Sources: Management guidance, analyst consensus, sector analysishigh confidence

Revenue & price projection

Actual revenue Projected revenue Base case Bull to bear range
Bull case (2030)
$866.68
$3.6B Rev × 20x P/S
Base case (2030)
$525.26
$3.6B Rev × 12x P/S
Bear case (2030)
$341.42
$3.6B Rev × 8x P/S

Financial forecast — research-backed

Metric2023202420252026 (E)2027 (E)2028 (E)2029 (E)2030 (E)
Revenue$0.6B$0.7B$1.0B$2.0B$2.3B$2.6B$3.1B$3.6B
Revenue growth—19.1%44.6%95.2%14.6%16.2%16.8%16.9%
EPS$3.55$5.26$7.30$13.50$14.85$17.20$20.10$23.50
P/S ratio———12.0x12.0x12.0x12.0x12.0x
Implied price———$288.89$315.16$367.68$446.47$525.26

Catalysts & risks

Growth catalysts
+ Fourmile copper project ramp-up driving volume growth through 2028-2030
+ High gold prices sustained above $2000/oz supporting higher revenue realization
+ Debt reduction to zero by early 2027 enabling increased shareholder returns and M&A optionality
+ Streaming and royalty deal flow from mining industry consolidation
+ Copper exposure via Fourmile providing diversification beyond precious metals
Key risks
- Gold and copper price volatility impacting realized revenues despite volume growth
- Fourmile project execution delays or cost overruns affecting 2028-2030 production ramp
- Counterparty operational risk if underlying mine operators face production disruptions
- Q4 2025 EPS miss and joint venture delays suggesting execution challenges
- Valuation multiple compression if gold prices correct sharply from current highs

Methodology

Royal Gold Inc's forward estimates are derived from AI-powered research synthesis combining analyst consensus from 7 Wall Street analysts, management guidance from the latest earnings call, and sector growth forecasts from industry research. Revenue and EPS projections use analyst consensus where available and conservative extrapolation with growth deceleration for outer years. Price targets are calculated using a tiered Price-to-Sales (P/S) methodology, where the P/S multiple is determined by the projected revenue growth rate.

WallStSmart proprietary research model · Not financial advice · Past performance is not indicative of future results · Last researched: April 7, 2026.