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Royal Gold Inc: what insiders have been doing
Every trade that managers of Royal Gold Inc disclose to SEC (Form 4) is tracked on this page. The company sits in the Industry sector and is based in Denver, United States. It was founded in 1991. The last twelve months, up to 18 October 2026, brought 35 filings signed by 12 insiders.
There is no open-market purchase to report; the filings show 18 sales worth €4.1M by 7 insiders. One trade stands out by size: a sale of €982k from Hayes William M., disclosed on 23 February 2026.
Between a trade and the moment it shows up on SEC (Form 4), the median delay is 4 days. The legal deadline for a Form 4 is two business days after the transaction. A sale on its own says little: insiders also sell to pay tax, fund a purchase or diversify.
For context, the typical company on the same exchange (median of 5,458 companies) published 22 filings over the same period, against 35 filings here. Looking back to 2021, when coverage begins, insiders filed no purchases and 46 sales. In its latest annual report filed with the SEC (10-K, fiscal year ended 31 December 2025), the company reported revenue of 1.03 bn USD and net income of 466.3 m USD, with a dividend of 1.82 USD per share.
Other companies in the same sector with recent insider buying flagged by our signals: Tennant Co and Butler National Corp. These figures are compiled from regulatory filings published by SEC (Form 4). They describe what insiders did and are not a recommendation.
Insider Decl.
173
Thresholds
n/a
Buy Volume
n/a
n/a
Sell Volume
€8M
46 ops. · all time
Who traded when
BuySaleWilliam Holmes Heissenbuttel14 sales
Breeze Daniel3 sales
Hayes William M.2 sales
Paul Libner2 sales
Randy Shefman2 sales
Vance Ronald J2 sales
+1 other insider
Analyst consensus: bullish or bearish?
Analysts rate Royal Gold Inc Buy (bullish), based on 12 analysts. Average price target: US$308.75.
This score ranks the purchase within its own market. A position size is suggested only on the venues of the backtested strategy universe; elsewhere, signals stay on watch. Not investment advice.
Fundamental score
Ranked 10,534 of 24,148 companies
54.9
score / 100
Value30
Quality80
FCF yld-2.3%
Earn yld2.3%
EV/EBITDA27.0x
ROE14%
Gross mgn69%
Net mgn45%
Debt/EBITDA1.1x
Pillars2/3
Transparent value + quality ranking, distinct from the insider signal.
Financial data
as of FY 2025FY ended December 2025 · cache
US$238.05
Analyst consensus
12 analystsBuy
US$222.00Target US$308.75(+30%)US$380.00
Income statement
RevenueUS$1B
Gross profitUS$713.9M69% margin
EBITDAUS$780M76% margin
Net incomeUS$466.3M48.1% margin
Valuation
PER (trailing)26.4x
PER (forward)18.9x
P/Book2.7x
Beta0.45
Balance sheet & cash
Market capUS$20.2B
Total debtUS$895.4M
Free Cash Flow-US$459.9M
Debt / Equity5%
Profitability & ownership
ROE13.6%
ROA9.4%
% insiders0.3%
% institutions86.8%
Last declaration on 6 October 2026
Declarations173 total
120 shares@ US$230.220.0001% mcap0.5% of flowCommon StockSEC:0001390606-26-000006:0
160 shares@ US$231.620.0002% mcap0.6% of flowCommon StockSEC:0001390606-26-000006:1
280 shares@ US$233.100.0003% mcap1.1% of flowCommon StockSEC:0001390606-26-000006:2
841 shares@ US$234.170.0009% mcap3.4% of flowCommon StockSEC:0001390606-26-000006:3
983 shares@ US$235.050.0011% mcap4.0% of flowCommon StockSEC:0001390606-26-000006:4
41 shares@ US$235.840.0000% mcap0.2% of flowCommon StockSEC:0001390606-26-000006:5
27 shares@ US$248.340.0000% mcap8.7% of flowCommon StockSEC:0001991005-26-000006:0
40 shares0Common StockSEC:0001991005-26-000004:0
57 shares@ US$259.980.0001% mcap0.3% of flowCommon StockSEC:0001390606-26-000004:0
1,173 shares@ US$263.530.0014% mcap5.7% of flowCommon StockSEC:0001390606-26-000004:3
1,608 shares@ US$261.310.0019% mcap7.8% of flowCommon StockSEC:0001390606-26-000004:1
877 shares@ US$262.310.0011% mcap4.3% of flowCommon StockSEC:0001390606-26-000004:2
3,560 shares@ US$264.590.0043% mcap17.5% of flowCommon StockSEC:0001390606-26-000004:4
9,700 shares@ US$258.38100.0% of flowCommonSEC144:0001950047-26-009093
500 shares@ US$262.800.0006% mcap54.8% of flowCommonSEC144:0001950047-26-008829
500 shares@ US$262.800.0006% mcap6.5% of flowCommon StockSEC:0001796187-26-000008:0
500 shares@ US$215.8545.2% of flowCommonSEC144:0001950047-26-006170
150 shares0Common StockSEC:0002011317-26-000004:0
200 shares@ US$280.203.4% of flowCommon StockSEC:0001796092-26-000004:0
914 shares0Common StockSEC:0002011317-26-000002:0
1,608 shares0Common StockSEC:0001991005-26-000002:0
561 shares0Common StockSEC:0001832935-26-000002:0
1,557 shares0Common StockSEC:0001796187-26-000002:0
1,612 shares0Common StockSEC:0001796092-26-000002:0
25 of 173 declarations
About Royal Gold Inc
Royal Gold Inc. (ticker: RGLD) is a US-based company listed on the NASDAQ in the United States. For international investors, it is best understood as a precious-metals streaming and royalty company rather than a traditional miner. Its business model is built around acquiring and managing precious-metal stream and royalty interests on mines operated by third parties. In exchange for upfront capital, Royal Gold typically receives the right to a portion of future mine production or revenue, giving it indirect exposure to gold, silver, and, to a lesser extent, copper prices without bearing the full operating burden of mining. This asset-light model is a key reason the company is often viewed as a high-quality cash-flow platform within the mining-finance universe. ([royalgold.com](https://www.royalgold.com/our-business/business-model/default.aspx?utm_source=openai))
The company has a long operating history dating back to 1981, and its origin story is closely associated with Stanley Dempsey. Royal Gold’s early years included a shift away from oil and gas toward gold, a strategic pivot that ultimately shaped the company’s current identity. A cornerstone asset in that evolution was the Cortez Pipeline royalty in Nevada, which became one of the building blocks of the business model Royal Gold uses today. The corporate headquarters are in Denver, Colorado, United States, reinforcing its US listing and domestic base of operations even though its asset portfolio is global. ([royalgold.com](https://www.royalgold.com/our-company-story/the-royal-gold-story/default.aspx?utm_source=openai))
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Royal Gold’s competitive position is anchored in diversification, discipline, and portfolio quality. The company does not usually operate mines itself; instead, it focuses on royalties, streams, and related interests spread across multiple operators, mine types, and jurisdictions. That structure lowers direct operating risk and can support strong margins and cash generation when commodity prices are favorable. The portfolio includes producing assets as well as earlier-stage interests that may not yet generate cash flow but offer future upside. In industry terms, Royal Gold is one of the better-known North American gold-focused streaming and royalty platforms. ([royalgold.com](https://www.royalgold.com/our-business/business-model/default.aspx?utm_source=openai))
Recent news has been particularly important for the investment case. In 2025, Royal Gold announced agreements to acquire Sandstorm Gold and Horizon Copper, a transaction designed to expand scale and strengthen its position as a leading streaming and royalty company. The company also reported a strong 2025 financial performance, including record revenue and operating cash flow, helped by higher gold prices and contributions from newly added assets. In early 2026, management continued to highlight integration progress, a broader asset base, and solid operating momentum. These developments are relevant for investors because they suggest a business that is simultaneously exposed to gold upside and supported by acquisition-led growth. ([businesswire.com](https://www.businesswire.com/news/home/20250706475086/en/Royal-Gold-to-Acquire-Sandstorm-Gold-and-Horizon-Copper-and-Reinforce-its-Position-as-a-Leading-North-American-Gold-Focused-Streaming-and-Royalty-Company?utm_source=openai))
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