Want to see TSE:OR full AI Analyst Report?
Top Page
OR Royalties
(TSX:OR)
Select Model
Select Model
Rating:67Neutral
Price Target:
C$56.00
▲(4.13% Upside)
Action:Downgraded
Date:08/10/26
The score is primarily supported by strong current profitability and improved returns, but is held back by the swing to negative free cash flow and higher leverage versus the last annual period. Technicals are mixed (short-term strength but longer-term weakness and overbought signals), and valuation is only average given a ~21.7 P/E and low ~0.70% yield. Earnings call tone was constructive with guidance maintained, though near-term GEO headwinds and higher net debt temper the outlook.
Positive Factors
Exceptional Cash Conversion
The royalty and streaming model converts revenue into cash with minimal direct mine operating costs. Sustained margins near 97% provide strong capacity to fund acquisitions, dividends and debt service over the medium term.
Negative Factors
Negative Free Cash Flow and Higher Debt
Negative free cash flow reduces financial flexibility at the same time that acquisitions have increased debt. Although operating cash flow is strong, sustained investment needs could delay deleveraging and increase exposure to funding conditions.
Read all positive and negative factors
Positive Factors
Negative Factors
Exceptional Cash Conversion
The royalty and streaming model converts revenue into cash with minimal direct mine operating costs. Sustained margins near 97% provide strong capacity to fund acquisitions, dividends and debt service over the medium term.
Read all positive factors
OR Royalties (OR) vs. iShares MSCI Canada ETF (EWC)
Market Cap
C$9.62B
Dividend Yield0.62%
Average Volume (3M)379.23K
Price to Earnings (P/E)24.6
Beta (1Y)2.01
Revenue Growth67.65%
EPS Growth254.59%
CountryCA
Employees124
SectorBasic Materials
Sector Strength58
IndustryGold
Share Statistics
EPS (TTM)1.52
Shares Outstanding186,359,100
10 Day Avg. Volume422,801
30 Day Avg. Volume379,228
Financial Highlights & Ratios
PEG Ratio0.03
Price to Book (P/B)6.39
Price to Sales (P/S)32.35
P/FCF Ratio42.99
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
C$63.28Price Target Upside17.67% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering5
EPS Forecast (FY)1.28
Revenue Forecast (FY)C$389.32M
OR Royalties Business Overview & Revenue Model
Company Description
OR Royalties Inc. specializes in the acquisition, development, and exploration of precious metals, streaming agreements, and various other royalty interests. A significant asset in its portfolio includes a stake in the Canadian Malartic mine. The ...
How the Company Makes Money
OR Royalties makes money primarily by acquiring royalty and streaming interests in mining assets. Under a royalty, the company receives an agreed-upon percentage of revenue and/or production value (depending on the specific contract terms) generat...
OR Royalties Earnings Call Summary
Earnings Call Date:Aug 05, 2026
(Q2-2026)
| % Change Since: |
Next Earnings Date:Nov 11, 2026
Earnings Call Sentiment Positive
The call highlighted materially strong financial performance (revenues +62%, operating cash flow +62%, high cash conversion margin), active accretive M&A and shareholder returns (dividend +18.2%, buybacks), and preserved 2026 guidance and 2030 outlook. Negative items were concentrated around the Canadian Malartic Barnat pit rock mass movement (affecting near-term GEOs), some logistics-driven deferrals, and a higher net debt position after recent acquisitions. Management emphasized that the Malartic event has limited long-term impact on ownership and reiterated focus on accretive growth and liquidity flexibility.Positive Updates
Strong Revenue and Cash Flow Growth
Revenues of $97.8M, up 62% YoY (from $60.4M). Cash flow from operations $83.2M, up 62% YoY. Growth achieved on a 5% increase in gold equivalent ounces (GEOs).
Negative Updates
Canadian Malartic Barnat Pit Rock Mass Movement
Rock mass movement in Barnat open pit at Canadian Malartic will render ~1M tonnes of material in place; Agnico estimates ~370,000 oz inaccessible over next 3 years. OR estimates impact to its royalties of ~3,500 GEOs in 2026 and up to ~7,500 GEOs in each of 2027 and 2028 (≈18,500 GEOs total over 3 years) before mitigation.
Read all updates
Q2-2026 Updates
Positive
Negative
Strong Revenue and Cash Flow Growth
Revenues of $97.8M, up 62% YoY (from $60.4M). Cash flow from operations $83.2M, up 62% YoY. Growth achieved on a 5% increase in gold equivalent ounces (GEOs).
Read all positive updates
Company Guidance
OR reiterated 2026 guidance of 80,000–90,000 gold equivalent ounces (GEOs) after reporting H1 deliveries of 43,497 GEOs (up 12% vs. H1 2025), but said the second half will be modestly lighter than the first following the Canadian Malartic Barnat wall movement: Agnico estimates ~370,000 ounces of gold inaccessible over the next three years (60–80k oz in H2 2026 and roughly 150k oz in each of 2027 and 2028), which OR applied at its 5% interest to imply ~3,500 fewer GEOs in 2026 and up to ~7,500 fewer GEOs in each of 2027 and 2028 (≈18,500 GEOs total over three years) — yet the company said its 2030 outlook of 120,000–135,000 GEOs is unchanged; management also noted Canadian Malartic set a quarterly record of 28,800 oz, shaft #1 sinking reached 1,586 m with first shaft production on schedule for Q2 2027, the portfolio now has 23 producing assets (24th, Cariboo’s Coiyu, commissioning in Q4), and the 2026 outlook excludes incremental GEOs from the newly closed Spring Valley and Murray Brook transactions.OR Royalties Financial Statement Overview
Summary
Income Statement
86
Very Positive
Balance Sheet
82
Very Positive
Cash Flow
55
Neutral
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 390.72M | 282.23M | 132.71M | 182.79M | 162.33M | 176.35M |
| Gross Profit | 330.22M | 235.31M | 128.03M | 170.48M | 150.35M | 146.83M |
| EBITDA | 421.57M | 287.80M | 84.17M | 64.69M | 147.06M | 146.07M |
| Net Income | 315.56M | 209.70M | 11.29M | -37.34M | -88.50M | -18.47M |
Balance Sheet | ||||||
| Total Assets | 1.86B | 1.57B | 1.39B | 1.51B | 1.52B | 1.89B |
| Cash, Cash Equivalents and Short-Term Investments | 75.61M | 141.87M | 59.06M | 57.16M | 67.48M | 90.73M |
| Total Debt | 219.28M | 8.78M | 98.62M | 150.49M | 115.94M | 336.27M |
| Total Liabilities | 371.92M | 142.53M | 202.43M | 268.75M | 228.49M | 497.72M |
| Stockholders Equity | 1.48B | 1.43B | 1.19B | 1.24B | 1.29B | 1.28B |
Cash Flow | ||||||
| Free Cash Flow | -104.81M | 212.37M | 82.32M | -78.37M | -10.63M | 11.85M |
| Operating Cash Flow | 284.69M | 249.90M | 152.25M | 140.82M | 81.94M | 83.20M |
| Investing Cash Flow | -347.79M | 1.38M | -72.01M | -165.52M | -284.59M | -213.34M |
| Financing Cash Flow | 89.99M | -166.21M | -71.27M | 10.77M | 163.39M | -15.37M |
OR Royalties Technical Analysis
Positive
53.78
Price Trends
45.31
Positive
47.97
Positive
50.85
Positive
Market Momentum
1.90
Positive
60.69
Neutral
46.53
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For TSE:OR, the sentiment is Positive. The current price of 53.78 is above the 20-day moving average (MA) of 49.51, above the 50-day MA of 45.31, and above the 200-day MA of 50.85, indicating a bullish trend. The MACD of 1.90 indicates Positive momentum. The RSI at 60.69 is Neutral, neither overbought nor oversold. The STOCH value of 46.53 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for TSE:OR.
OR Royalties Peers Comparison
UnderperformOutperform
Sector (61)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
77 Outperform | C$310.47M | 23.72 | 29.83% | 200.50% | 58.33% | ― | |
75 Outperform | C$1.89B | ― | ― | 0.29% | 133.11% | -69.55% | |
67 Neutral | C$9.62B | 24.56 | 21.84% | 0.62% | 67.65% | 254.59% | |
66 Neutral | C$522.04M | -17.34 | -26.91% | ― | 139.67% | -6769.23% | |
61 Neutral | $10.43B | 7.12 | -0.05% | 2.87% | 2.86% | -36.73% | |
55 Neutral | C$447.19M | 2.35 | 190.75% | 2.47% | 87.76% | ― |
* Basic Materials Sector Average
TSE:OR
OR Royalties
51.63
3.58
7.44%
TSE:TRX
Tanzanian Royalty Exploration
1.59
0.95
148.44%
TSE:ELE
Elemental Royalties
29.45
6.04
25.77%
TSE:OGN
Orogen Royalties
5.23
3.28
168.21%
TSE:FISH
Sailfish Royalty
5.67
2.75
94.24%
OR Royalties Corporate Events
Business Operations and StrategyStock BuybackDividendsFinancial Disclosures
OR Royalties Delivers Strong Q2 Growth and Expands Precious Metals Portfolio
Positive
Aug 5, 2026
OR Royalties reported a 62% year-over-year increase in second-quarter 2026 revenues to $97.8 million, driven by higher precious metals prices, a 5% rise in gold-equivalent ounces earned and contributions from newly acquired assets. Net earnings ne...
Business Operations and StrategyDividends
OR Royalties Declares Q3 2026 Dividend and Promotes Discounted DRIP
Positive
Aug 5, 2026
OR Royalties has declared a third quarter 2026 dividend of US$0.065 per common share, payable on October 15 to shareholders of record as of September 30. The payout, designated as an eligible dividend for Canadian tax purposes, underscores the com...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.