Capital Intensity
Score how much of a company is physical plant, inventory, and equipment, whether that base is being maintained, and whether the shares have tangible backing.
Royal Gold Inc
Physical assets are 90.6% of total assets, a heavy footprint. Capex is 6.58x depreciation and free cash flow yield is negative, so the physical base is expanding and consuming cash. EBITDA after capex covers debt service by -14.12x, which is below 1.
Energy, materials, and industrial names often turn net PP&E at about 1x to 3x. This name is at 0.12x.
Physical asset ratio
90.6%Physical asset ratio · 2025-12-31(Net PP&E + inventory) / total assetsNet PP&E$8.62BpropertyPlantAndEquipmentNetInventory$25.88MinventoryTotal assets$9.54BtotalAssetsResult 90.6%
Net PP&E plus inventory, divided by total assets. Above 50% is a heavy footprint.
Fixed asset turnover
0.12xFixed asset turnover · 2025-12-31Revenue / net PP&ERevenue$1.03BtotalRevenueNet PP&E$8.62BpropertyPlantAndEquipmentNetResult 0.12x
Revenue per dollar of the physical asset base.
Capex / D&A
6.58xCapex / D&A · 2025-12-31Capital expenditures / depreciation and amortizationCapex$1.16BcapitalExpendituresD&A$177.08MdepreciationAndAmortizationResult 6.58x
Above 1.0x means the physical base is being replaced or expanded.
Tangible book / share
$103.58Tangible book / share · 2025-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$9.54BtotalAssetsGoodwill$0.00Not reported, treated as 0Intangibles$0.00Not reported, treated as 0Liabilities$2.33BtotalLiabTangible book$7.21BShares69,560,911commonStockSharesOutstandingGoodwill was not reported and is treated as zero.Intangibles were not reported and are treated as zero.Result $103.58
Assets minus goodwill, intangibles, and liabilities, per share.
Price / tangible book
2.21xPrice / tangible bookPrice / tangible book per sharePrice$228.77Latest quoteTangible book / share$103.582025-12-31Result 2.21x
Price $228.77.
Fixed-charge coverage
-14.12xFixed-charge coverage · 2025-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$774.35MebitdaCapex$1.16BcapitalExpendituresInterest$23.40MinterestExpenseShort-term debt$4.25MshortTermDebtEBITDA − capex-$390.41MPrincipal due is short-term debt.Result -14.12x
EBITDA minus capex, divided by interest plus short-term debt.
FCF yield
-2.3%Free cash flow yield · 2025-12-31Latest free cash flow / current market capFree cash flow-$459.91MfreeCashFlowMarket cap$20.07BMarketCapitalizationResult -2.3%
Latest free cash flow divided by current market cap ($20.07B).
ROIC
6.9%ROIC · 2025-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$664.68MoperatingIncomeTax expense$102.29MincomeTaxExpensePretax income$573.87MincomeBeforeTaxTax rate17.8%Equity$7.16BtotalStockholderEquityDebt$965.61MshortLongTermDebtTotalCash$233.72McashInvested capital$7.89BResult 6.9%
After-tax operating income over equity plus debt minus cash.
Operating income / net PP&E is 0.08x.
Footprint and return
Turnover and reinvestment
| Year | Physical | FAT | Capex/D&A | TBV/sh | Coverage | FCF | ROIC | EBIT/PP&E |
|---|---|---|---|---|---|---|---|---|
| 2018 | 93.6%Physical asset ratio · 2018-12-31(Net PP&E + inventory) / total assetsNet PP&E$2.50BpropertyPlantAndEquipmentNetInventory$9.31MinventoryTotal assets$2.68BtotalAssetsResult 93.6% | 0.18xFixed asset turnover · 2018-12-31Revenue / net PP&ERevenue$456.77MtotalRevenueNet PP&E$2.50BpropertyPlantAndEquipmentNetResult 0.18x | 0.03xCapex / D&A · 2018-12-31Capital expenditures / depreciation and amortizationCapex$11.81McapitalExpendituresD&A$403.06MdepreciationAndAmortizationResult 0.03x | $32.80Tangible book / share · 2018-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$2.68BtotalAssetsGoodwill$0.00Not reported, treated as 0Intangibles$0.00Not reported, treated as 0Liabilities$540.75MtotalLiabTangible book$2.14BShares65,291,855commonStockSharesOutstandingGoodwill was not reported and is treated as zero.Intangibles were not reported and are treated as zero.Result $32.80 | 9.26xFixed-charge coverage · 2018-12-31(EBITDA − capex) / interestEBITDA$328.53MebitdaCapex$11.81McapitalExpendituresInterest$34.21MinterestExpenseEBITDA − capex$316.71MShort-term debt was not reported, so the denominator is interest only.Result 9.26x | $317.01MFree cash flow · 2018-12-31Reported free cash flowOperating cash flow$328.82MtotalCashFromOperatingActivitiesCapex$11.81McapitalExpendituresFree cash flow$317.01MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $317.01M | —ROIC · 2018-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income-$74.54MoperatingIncomeTax expense$14.77MincomeTaxExpensePretax income-$104.58MincomeBeforeTaxTax rate—Equity$2.10BtotalStockholderEquityDebt$351.03MshortLongTermDebtTotalCash$88.75McashInvested capital$2.36BROIC needs a positive pretax income so an effective tax rate can be calculated.Result — | -0.03xEBIT / PP&E · 2018-12-31Operating income / net PP&EOperating income-$74.54MoperatingIncomeNet PP&E$2.50BpropertyPlantAndEquipmentNetResult -0.03x |
| 2019 | 92.4%Physical asset ratio · 2019-12-31(Net PP&E + inventory) / total assetsNet PP&E$2.34BpropertyPlantAndEquipmentNetInventory$11.38MinventoryTotal assets$2.54BtotalAssetsResult 92.4% | 0.18xFixed asset turnover · 2019-12-31Revenue / net PP&ERevenue$418.94MtotalRevenueNet PP&E$2.34BpropertyPlantAndEquipmentNetResult 0.18x | 0.01xCapex / D&A · 2019-12-31Capital expenditures / depreciation and amortizationCapex$1.06McapitalExpendituresD&A$163.06MdepreciationAndAmortizationResult 0.01x | $33.13Tangible book / share · 2019-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$2.54BtotalAssetsGoodwill$0.00Not reported, treated as 0Intangibles$0.00Not reported, treated as 0Liabilities$373.70MtotalLiabTangible book$2.17BShares65,505,535commonStockSharesOutstandingGoodwill was not reported and is treated as zero.Intangibles were not reported and are treated as zero.Result $33.13 | 10.21xFixed-charge coverage · 2019-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$303.76MebitdaCapex$1.06McapitalExpendituresInterest$29.65MinterestExpenseShort-term debt$0.00shortLongTermDebtTotal − longTermDebtEBITDA − capex$302.71MShort-term debt is total debt minus long-term debt.Result 10.21x | $252.11MFree cash flow · 2019-12-31Reported free cash flowOperating cash flow$253.17MtotalCashFromOperatingActivitiesCapex$1.06McapitalExpendituresFree cash flow$252.11MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $252.11M | 5.3%ROIC · 2019-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$140.71MoperatingIncomeTax expense$17.50MincomeTaxExpensePretax income$106.58MincomeBeforeTaxTax rate16.4%Equity$2.14BtotalStockholderEquityDebt$214.55MshortLongTermDebtTotalCash$119.48McashInvested capital$2.23BResult 5.3% | 0.06xEBIT / PP&E · 2019-12-31Operating income / net PP&EOperating income$140.71MoperatingIncomeNet PP&E$2.34BpropertyPlantAndEquipmentNetResult 0.06x |
| 2020 | 86.0%Physical asset ratio · 2020-12-31(Net PP&E + inventory) / total assetsNet PP&E$2.26BpropertyPlantAndEquipmentNetInventory$17.68MinventoryTotal assets$2.65BtotalAssetsResult 86.0% | 0.27xFixed asset turnover · 2020-12-31Revenue / net PP&ERevenue$615.86MtotalRevenueNet PP&E$2.26BpropertyPlantAndEquipmentNetResult 0.27x | 0.92xCapex / D&A · 2020-12-31Capital expenditures / depreciation and amortizationCapex$168.15McapitalExpendituresD&A$183.57MdepreciationAndAmortizationResult 0.92x | $38.15Tangible book / share · 2020-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$2.65BtotalAssetsGoodwill$0.00Not reported, treated as 0Intangibles$0.00Not reported, treated as 0Liabilities$148.19MtotalLiabTangible book$2.50BShares65,627,591commonStockSharesOutstandingGoodwill was not reported and is treated as zero.Intangibles were not reported and are treated as zero.Result $38.15 | 109.54xFixed-charge coverage · 2020-12-31(EBITDA − capex) / interestEBITDA$529.63MebitdaCapex$168.15McapitalExpendituresInterest$3.30MinterestExpenseEBITDA − capex$361.48MShort-term debt was not reported, so the denominator is interest only.Result 109.54x | $239.00MFree cash flow · 2020-12-31Reported free cash flowOperating cash flow$407.15MtotalCashFromOperatingActivitiesCapex$168.15McapitalExpendituresFree cash flow$239.00MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $239.00M | 11.7%ROIC · 2020-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$337.60MoperatingIncomeTax expense$36.87MincomeTaxExpensePretax income$339.64MincomeBeforeTaxTax rate10.9%Equity$2.49BtotalStockholderEquityDebt$300.44MshortLongTermDebtTotalCash$225.92McashInvested capital$2.57BResult 11.7% | 0.15xEBIT / PP&E · 2020-12-31Operating income / net PP&EOperating income$337.60MoperatingIncomeNet PP&E$2.26BpropertyPlantAndEquipmentNetResult 0.15x |
| 2021 | 82.5%Physical asset ratio · 2021-12-31(Net PP&E + inventory) / total assetsNet PP&E$2.26BpropertyPlantAndEquipmentNetInventory$11.61MinventoryTotal assets$2.76BtotalAssetsResult 82.5% | 0.29xFixed asset turnover · 2021-12-31Revenue / net PP&ERevenue$645.17MtotalRevenueNet PP&E$2.26BpropertyPlantAndEquipmentNetResult 0.29x | 0.89xCapex / D&A · 2021-12-31Capital expenditures / depreciation and amortizationCapex$168.15McapitalExpendituresD&A$189.01MdepreciationAndAmortizationResult 0.89x | $39.64Tangible book / share · 2021-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$2.76BtotalAssetsGoodwill$0.00Not reported, treated as 0Intangibles$0.00Not reported, treated as 0Liabilities$155.82MtotalLiabTangible book$2.60BShares65,626,925commonStockSharesOutstandingGoodwill was not reported and is treated as zero.Intangibles were not reported and are treated as zero.Result $39.64 | 671.50xFixed-charge coverage · 2021-12-31(EBITDA − capex) / interestEBITDA$516.65MebitdaCapex$168.15McapitalExpendituresInterest$519.00KinterestExpenseEBITDA − capex$348.51MShort-term debt was not reported, so the denominator is interest only.Result 671.50x | $239.00MFree cash flow · 2021-12-31Reported free cash flowOperating cash flow$407.15MtotalCashFromOperatingActivitiesCapex$168.15McapitalExpendituresFree cash flow$239.00MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $239.00M | —ROIC · 2021-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$328.39MoperatingIncomeTax expense$53.22MincomeTaxExpensePretax income$328.16MincomeBeforeTaxTax rate16.2%Equity$2.59BtotalStockholderEquityDebt—Not reportedCash$143.55McashInvested capital—Result — | 0.15xEBIT / PP&E · 2021-12-31Operating income / net PP&EOperating income$328.39MoperatingIncomeNet PP&E$2.26BpropertyPlantAndEquipmentNetResult 0.15x |
| 2022 | 92.0%Physical asset ratio · 2022-12-31(Net PP&E + inventory) / total assetsNet PP&E$3.24BpropertyPlantAndEquipmentNetInventory$12.66MinventoryTotal assets$3.53BtotalAssetsResult 92.0% | 0.18xFixed asset turnover · 2022-12-31Revenue / net PP&ERevenue$596.19MtotalRevenueNet PP&E$3.24BpropertyPlantAndEquipmentNetResult 0.18x | 5.15xCapex / D&A · 2022-12-31Capital expenditures / depreciation and amortizationCapex$922.16McapitalExpendituresD&A$178.94MdepreciationAndAmortizationResult 5.15x | $41.93Tangible book / share · 2022-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$3.53BtotalAssetsGoodwill$0.00Not reported, treated as 0Intangibles$0.00Not reported, treated as 0Liabilities$781.05MtotalLiabTangible book$2.75BShares65,661,748commonStockSharesOutstandingGoodwill was not reported and is treated as zero.Intangibles were not reported and are treated as zero.Result $41.93 | -46.04xFixed-charge coverage · 2022-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$461.80MebitdaCapex$922.16McapitalExpendituresInterest$10.00MinterestExpenseShort-term debt$0.00shortLongTermDebtTotal − longTermDebtEBITDA − capex-$460.35MShort-term debt is total debt minus long-term debt.Result -46.04x | -$504.81MFree cash flow · 2022-12-31Reported free cash flowOperating cash flow$417.35MtotalCashFromOperatingActivitiesCapex$922.16McapitalExpendituresFree cash flow-$504.81MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result -$504.81M | 7.8%ROIC · 2022-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$283.71MoperatingIncomeTax expense$32.93MincomeTaxExpensePretax income$272.87MincomeBeforeTaxTax rate12.1%Equity$2.74BtotalStockholderEquityDebt$571.57MshortLongTermDebtTotalCash$118.59McashInvested capital$3.19BResult 7.8% | 0.09xEBIT / PP&E · 2022-12-31Operating income / net PP&EOperating income$283.71MoperatingIncomeNet PP&E$3.24BpropertyPlantAndEquipmentNetResult 0.09x |
| 2023 | 91.8%Physical asset ratio · 2023-12-31(Net PP&E + inventory) / total assetsNet PP&E$3.08BpropertyPlantAndEquipmentNetInventory$9.79MinventoryTotal assets$3.36BtotalAssetsResult 91.8% | 0.19xFixed asset turnover · 2023-12-31Revenue / net PP&ERevenue$598.42MtotalRevenueNet PP&E$3.08BpropertyPlantAndEquipmentNetResult 0.19x | 0.02xCapex / D&A · 2023-12-31Capital expenditures / depreciation and amortizationCapex$2.68McapitalExpendituresD&A$164.94MdepreciationAndAmortizationResult 0.02x | $44.12Tangible book / share · 2023-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$3.36BtotalAssetsGoodwill$0.00Not reported, treated as 0Intangibles$0.00Not reported, treated as 0Liabilities$460.42MtotalLiabTangible book$2.90BShares65,739,110commonStockSharesOutstandingGoodwill was not reported and is treated as zero.Intangibles were not reported and are treated as zero.Result $44.12 | 16.10xFixed-charge coverage · 2023-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$475.48MebitdaCapex$2.68McapitalExpendituresInterest$28.40MinterestExpenseShort-term debt$972.00KshortTermDebtEBITDA − capex$472.80MPrincipal due is short-term debt.Result 16.10x | $413.11MFree cash flow · 2023-12-31Reported free cash flowOperating cash flow$415.79MtotalCashFromOperatingActivitiesCapex$2.68McapitalExpendituresFree cash flow$413.11MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $413.11M | 8.5%ROIC · 2023-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$303.20MoperatingIncomeTax expense$42.01MincomeTaxExpensePretax income$282.14MincomeBeforeTaxTax rate14.9%Equity$2.89BtotalStockholderEquityDebt$245.97MshortLongTermDebtTotalCash$104.17McashInvested capital$3.03BResult 8.5% | 0.10xEBIT / PP&E · 2023-12-31Operating income / net PP&EOperating income$303.20MoperatingIncomeNet PP&E$3.08BpropertyPlantAndEquipmentNetResult 0.10x |
| 2024 | 90.1%Physical asset ratio · 2024-12-31(Net PP&E + inventory) / total assetsNet PP&E$3.04BpropertyPlantAndEquipmentNetInventory$12.97MinventoryTotal assets$3.39BtotalAssetsResult 90.1% | 0.23xFixed asset turnover · 2024-12-31Revenue / net PP&ERevenue$712.77MtotalRevenueNet PP&E$3.04BpropertyPlantAndEquipmentNetResult 0.23x | 0.71xCapex / D&A · 2024-12-31Capital expenditures / depreciation and amortizationCapex$102.56McapitalExpendituresD&A$144.43MdepreciationAndAmortizationResult 0.71x | $47.59Tangible book / share · 2024-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$3.39BtotalAssetsGoodwill$0.00Not reported, treated as 0Intangibles$0.00Not reported, treated as 0Liabilities$260.92MtotalLiabTangible book$3.13BShares65,795,014commonStockSharesOutstandingGoodwill was not reported and is treated as zero.Intangibles were not reported and are treated as zero.Result $47.59 | 49.00xFixed-charge coverage · 2024-12-31(EBITDA − capex) / interestEBITDA$580.27MebitdaCapex$102.56McapitalExpendituresInterest$9.75MinterestExpenseEBITDA − capex$477.70MShort-term debt was not reported, so the denominator is interest only.Result 49.00x | $426.94MFree cash flow · 2024-12-31Reported free cash flowOperating cash flow$529.50MtotalCashFromOperatingActivitiesCapex$102.56McapitalExpendituresFree cash flow$426.94MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $426.94M | —ROIC · 2024-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$429.90MoperatingIncomeTax expense$93.61MincomeTaxExpensePretax income$426.09MincomeBeforeTaxTax rate22.0%Equity$3.12BtotalStockholderEquityDebt—Not reportedCash$195.50McashInvested capital—Result — | 0.14xEBIT / PP&E · 2024-12-31Operating income / net PP&EOperating income$429.90MoperatingIncomeNet PP&E$3.04BpropertyPlantAndEquipmentNetResult 0.14x |
| 2025 | 90.6%Physical asset ratio · 2025-12-31(Net PP&E + inventory) / total assetsNet PP&E$8.62BpropertyPlantAndEquipmentNetInventory$25.88MinventoryTotal assets$9.54BtotalAssetsResult 90.6% | 0.12xFixed asset turnover · 2025-12-31Revenue / net PP&ERevenue$1.03BtotalRevenueNet PP&E$8.62BpropertyPlantAndEquipmentNetResult 0.12x | 6.58xCapex / D&A · 2025-12-31Capital expenditures / depreciation and amortizationCapex$1.16BcapitalExpendituresD&A$177.08MdepreciationAndAmortizationResult 6.58x | $103.58Tangible book / share · 2025-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$9.54BtotalAssetsGoodwill$0.00Not reported, treated as 0Intangibles$0.00Not reported, treated as 0Liabilities$2.33BtotalLiabTangible book$7.21BShares69,560,911commonStockSharesOutstandingGoodwill was not reported and is treated as zero.Intangibles were not reported and are treated as zero.Result $103.58 | -14.12xFixed-charge coverage · 2025-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$774.35MebitdaCapex$1.16BcapitalExpendituresInterest$23.40MinterestExpenseShort-term debt$4.25MshortTermDebtEBITDA − capex-$390.41MPrincipal due is short-term debt.Result -14.12x | -$459.91MFree cash flow · 2025-12-31Reported free cash flowOperating cash flow$704.85MtotalCashFromOperatingActivitiesCapex$1.16BcapitalExpendituresFree cash flow-$459.91MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result -$459.91M | 6.9%ROIC · 2025-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$664.68MoperatingIncomeTax expense$102.29MincomeTaxExpensePretax income$573.87MincomeBeforeTaxTax rate17.8%Equity$7.16BtotalStockholderEquityDebt$965.61MshortLongTermDebtTotalCash$233.72McashInvested capital$7.89BResult 6.9% | 0.08xEBIT / PP&E · 2025-12-31Operating income / net PP&EOperating income$664.68MoperatingIncomeNet PP&E$8.62BpropertyPlantAndEquipmentNetResult 0.08x |
- Principal due is short-term debt, the amount reported as due within a year.
Latest year inputs (2025)
Net PP&E: $8.62B
Inventory: $25.88M
Total assets: $9.54B
Goodwill: $0.00
Intangibles: $0.00
Liabilities: $2.33B
Tangible book: $7.21B
Shares: 69,560,911
Revenue: $1.03B
Capex: $1.16B
D&A: $177.08M
EBITDA: $774.35M
Interest: $23.40M
Short-term debt: $4.25M
Free cash flow: -$459.91M
Operating income: $664.68M
Invested capital: $7.89B
Tax rate: 17.8%