OR Royalties Inc.

OR Royalties Inc. acquires and manages precious metal and other royalties, streams, and other interests in Canada and internationally. It also owns options on offtake; royalty/stream financings; and exclusive rights to participate in future royalty/stream financings on various projects. The company's primary asset is a 3-5% net smelter return royalty on the Canadian Malartic complex located in Canada. In addition, it is involved in the exploration, evaluation, and development of mining properties. It primarily explores precious metals, including gold, silver, copper, diamond, and others.

About the company

Country: CanadaPrice: $34.89Market Cap: $6.5B

Investment snapshot

29%positive consensus

Scored 1d ago

Positive

BUY / PASS

Neutral / negative

4 / 7

NEUTRAL / FAIL

Median fair value

$8.25

-76.4% vs price

Models with upside

0 / 17

Positive margin of safety

Strongest signal

All 12 investors pass OR's debt & leverage

Key risk

OR overvalued: all 6 models price fair value below $34.89 (median $8.25)

Framework analysis

Verdict	Meaning
BUY	Positive purchase signal: the framework's buy requirements are met.
PASS	The company clears the framework's checklist or screen, but the framework does not produce a buy signal. For valuation frameworks this often means margin of safety is missing, insufficient, or unavailable; some screen-only frameworks have no intrinsic-value BUY state.
NEUTRAL	Neither a positive nor negative conclusion. It does not mean to hold an existing position.
FAIL	The company does not clear the framework's requirements.
Ranked	Ranked strategies do not use PASS: selected cohort is BUY, outside the cohort is FAIL, and unranked is NEUTRAL.

Current investor scores use trailing 12-month flows and the latest balance sheet where supported. Multi-year and EPS tests retain annual history; each framework shows its financial basis below. Intrinsic values use annual financials.

Metric	Graham Defensive Value	Buffett Quality Compounder	Lynch GARP	Greenblatt Magic Formula	Piotroski F-Score	Dreman Contrarian Value	Munger Quality Focus	Pabrai Dhandho Framework	Akre Three-Legged Stool	Marks Risk-Aware Value	Ackman Activist Value	Templeton Global Bargain Hunter	Sleep Scale Economies Shared	Asness Systematic Factors	Neff Low-P/E Total Return	Schloss Asset-Value Discipline	O'Shaughnessy Systematic Factor Composite
Verdict	PASS	FAIL	BUY	Not ranked	BUY	NEUTRAL	PASS	FAIL	FAIL	FAIL	NEUTRAL	NEUTRAL	PASS	FAIL	FAIL	FAIL	NEUTRAL
Score
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Intrinsic Value (annual)		N/A			N/A		N/A		N/A	N/A	N/A		N/A	N/A	N/A	N/A	N/A
Margin of Safety	-154.7%	N/A	-28.0%	-626.9%	N/A	-609.1%	N/A	-201.6%	N/A	N/A	N/A	-2907.8%	N/A	N/A	N/A	N/A	N/A
Financial Basis	Annual history · FY 2025 Latest source filing: 2026-03-30 Score computed: 2026-11-14	Annual history · FY 2025 Latest source filing: 2026-03-30 Score computed: 2026-11-14	Annual history · FY 2025 Latest source filing: 2026-03-30 Score computed: 2026-11-14	Annual history · FY 2025 Latest source filing: 2026-03-30 Score computed: 2026-11-14	Annual history · FY 2025 Latest source filing: 2026-03-30 Score computed: 2026-11-14	Annual history · FY 2025 · Market data at 2026-11-01 Latest source filing: 2026-03-30 Score computed: 2026-11-14	Qualitative assessment · Annual history · FY 2025 Latest source filing: 2026-03-30 Score computed: 2026-11-14	Qualitative assessment · Annual history · FY 2025 Latest source filing: 2026-03-30 Score computed: 2026-11-14	Annual history · FY 2025 · Qualitative assessment Latest source filing: 2026-03-30 Score computed: 2026-11-14	Annual history · FY 2025 · Qualitative assessment Latest source filing: 2026-03-30 Score computed: 2026-11-14	Annual history · FY 2025 · Market data at 2026-11-01 Latest source filing: 2026-03-30 Score computed: 2026-11-14	Annual history · FY 2025 · Price history 2025-01-01–2026-11-01 Latest source filing: 2026-03-30 Score computed: 2026-11-14	Annual history · FY 2025 · Qualitative assessment Latest source filing: 2026-03-30 Score computed: 2026-11-14	Annual history · FY 2025 · Price history 2025-01-01–2026-11-01 Latest source filing: 2026-03-30 Score computed: 2026-11-14	Annual history · FY 2025 Latest source filing: 2026-03-30 Score computed: 2026-11-14	Annual history · FY 2025 Latest source filing: 2026-03-30 Score computed: 2026-11-14	Annual history · FY 2025 · Price history 2025-01-01–2026-11-01 Latest source filing: 2026-03-30 Score computed: 2026-11-14

Where It Passes

Debt & Leverage100% pass✓ 15▾
All 12 investors pass OR's debt & leverage
LT Debt vs Net Current AssetsLT Debt $0.0M vs NCA $115.1M
✓GrahamLT Debt <= Net Current Assets
Debt/Equity & Interest CoverageD/E: 0.00, IC: 44.0x
✓BuffettD/E < 0.5 AND Interest Coverage > 5x
Total Debt / Equity0
✓Lynch< 0.33
Cash - Long-term Debt$142.1M
✓LynchPositive preferred
LT Debt / Total Assets Change6.82% -> 0.00%
✓PiotroskiDecreased YoY
Current Assets / Current Liabilities4.53
✓Dreman> 1.5✓SchlossCurrent ratio >= 1.50x (app cutoff)
Total Debt / Shareholders' Equity0
✓Dreman< 0.8✓Templeton< 1.0 (fixed cap; proxy for below-sector-median leverage)✓SchlossD/E < 1.00x
Debt Levels0
✓MungerDebt/Equity < 0.5✓AkreDebt/Equity < 0.3
Interest Coverage & Debt/EBITDAIC=44.0x, D/EBITDA=0.0x
✓MarksInterest Coverage > 3x; Debt/EBITDA < 4x
Total Debt / Shareholders Equity0
✓Ackman<= 1.0
Negative debt-to-equity (higher means less debt)-0.0000; #1/4210 (top 0.0%)
✓AsnessTop 30% of eligible cross-section
Growth63% pass✓ 10✗ 3▾
5 of 8 pass — Marks, Sleep and Neff object
EPS Growth (3-yr avg, 10-yr window)1819.7%
✓Graham>= 33% growth
Basic earnings-growth PEG (dividends excluded)0.46
✓Lynch< 1.0 (ideally < 0.5)
3-5 Year EPS CAGR69.3%
✓Lynch15-30% (Fast Grower); > 0% to pass
Inventory Growth vs Revenue GrowthN/A (no inventory)
✓LynchInventory growth < Revenue growth
EPS Growth Direction$0.30 (2016) -> $1.09 (2025)
✓DremanPositive over recent years
EPS CAGR15.6% CAGR over 9 years
✓Dreman> 5% annualized
Positive Net Income Frequency4/10 years positive
✗MarksPositive net income in >= 7 of last 10 years
3yr Median Revenue Growth16.3%
✓Ackman>= 5%
Positive EPS Growth Frequency3/5 years with positive EPS growth
✓AckmanPositive EPS growth in >= 3 of last 5 years
5-Year EPS CAGR69.3% CAGR over 5 years
✓Templeton> 0% (5-year EPS CAGR)
Revenue growth vs. gross and operating margin trendgross margin 70.5% -> 83.8%, operating margin 35.4% -> 70.9%
✗SleepRevenue rising; gross margin flat or falling; operating margin holding
5-year Revenue CAGR10.6%
✓SleepCAGR > 7%
3-5 Year Diluted EPS CAGR69.3% over 5 years
✗Neff7%-20% annualized

Where It Falls Short

Valuation models0% pass✗ 6▾
OR overvalued: all 6 models price fair value below $34.89 (median $8.25)
Graham fair value$13.70
✗Graham-154.7% margin vs $34.89
Lynch fair value$27.25
✗Lynch-28.0% margin vs $34.89
Greenblatt fair value$4.80
✗Greenblatt-626.9% margin vs $34.89
Dreman fair value$4.92
✗Dreman-609.1% margin vs $34.89
Pabrai fair value$11.57
✗Pabrai-201.6% margin vs $34.89
Templeton fair value$1.16
✗Templeton-2907.8% margin vs $34.89
Valuation8% pass✓ 2✗ 26▾
12 of 13 flag OR's valuation — Graham, Greenblatt, Dreman +9 more
Price / 3-yr avg EPS106.4x
✗Graham<= 15x
Price-to-Book Ratio4.6x
✗Graham<= 1.5x
P/E x P/B485.30
✗Graham<= 22.5
Basic earnings-growth PEG (dividends excluded)0.46
✓Lynch< 1.0 (ideally < 0.5)
EBIT / Enterprise Value3.1%
✗Greenblatt> 10%
Earnings Yield + ROC AssessmentEY=3.1%, ROC=None
✗GreenblattBoth EY > 10% and ROC > 25%
Price / EPS32.0x
✗Dreman< 12x✗Templeton< 12x (fixed ceiling; proxy for the market's cheapest 40%)
Price / (CFO / Shares)26.6x
✗Dreman< 8x
Price / Book Value per Share4.6x
✗Dreman< 1.2x✗Templeton< 1.5x✗SchlossP/B <= 0.80x (app cutoff)
Valuation ReasonablenessP/E=32.0x, OE Yield=3.7%
✗MungerP/E < 25 or Owner Earnings Yield > 5%
P/E or FCF YieldP/E=32.0x
✗PabraiP/E < 15 or FCF Yield > 10%
P/B or P/E vs. Historical AverageP/E=32.0x, P/B=4.6x
✗MarksP/E < 15 or P/B < 2.0
Discount to Intrinsic Value-609.5% (IV=$4.92 vs Price=$34.89)
✗Marks>= 20% below intrinsic value
Price / FCF per Share
✗Ackman<= 25
Price vs. Trailing Low190% of trailing low ($18.33)
✗Templeton<= 120% of trailing low (certified split-adjusted live window)
Net income / market capitalization+3.17%; #2316/6340 (top 36.5%)
✗AsnessTop 30% of eligible cross-section✗OshaughnessyTop 10% of eligible cross-section
Positive book equity / market capitalization+0.2202; #4085/6449 (top 63.3%)
✗AsnessTop 30% of eligible cross-section
Price / Diluted EPS32.0x
✗NeffP/E <= 15x (app proxy for a P/E 40%-60% below the market)
(EPS CAGR % + Dividend Yield %) / P/E2.18
✓Neff> 0.7 (Neff's published traditional edge)
Price / Tangible Book Value per Share4.83x
✗SchlossP/TBV <= 1.00x (app cutoff)
Book Value per Share Change-5.6%
✗SchlossLatest BVPS >= earliest BVPS over >= 3 years (app rule)
Revenue / market capitalization+0.0426; #4623/5247 (top 88.1%)
✗OshaughnessyTop 10% of eligible cross-section
(Operating cash flow - capex) / market capitalization
✗OshaughnessyTop 10% of eligible cross-section
Trailing six-month price return through the evaluation date-11.54%; #3521/6202 (top 56.8%)
✗OshaughnessyTop 10% of eligible cross-section
Profitability19% pass✓ 14✗ 21▾
13 of 16 flag OR's profitability — Graham, Buffett, Lynch +10 more
Positive EPS (10 years)4/11 years positive
✗GrahamPositive EPS every year for 10 years
EPS Growth (3-yr avg, 10-yr window)1819.7%
✓Graham>= 33% growth
Net Income Positive (10+ years)4/11 years positive
✗BuffettPositive every year for 10+ years
ROE (up to 5-year arithmetic mean)0.9%
✗Buffett> 15% arithmetic mean (app rule)
Operating Margin (10-yr trend)70.9% (latest)
✓BuffettStable or rising over 10 years
Free Cash Flow Proxy$-38.8M
✗BuffettPositive and growing
Earnings Variance (10-yr CoV)N/A (negative mean EPS)
✗BuffettCoV < 0.3
Retained Earnings Effectiveness
✗Buffett$1 retained -> > $1 market value created
Basic earnings-growth PEG (dividends excluded)0.46
✓Lynch< 1.0 (ideally < 0.5)
3-5 Year EPS CAGR69.3%
✓Lynch15-30% (Fast Grower); > 0% to pass
ROE14.4%
✗Lynch> 15%
EBIT / Enterprise Value3.1%
✗Greenblatt> 10%
Earnings Yield + ROC AssessmentEY=3.1%, ROC=None
✗GreenblattBoth EY > 10% and ROC > 25%
Net Income / Total Assets13.16%
✓PiotroskiROA > 0
ROA Change YoY1.18% -> 13.16% (delta: +11.98%)
✓PiotroskiCurrent ROA > Prior ROA
(CFO / Total Assets) vs ROACFO/Assets=15.68%, ROA=13.16%
✓PiotroskiCFO/Assets > ROA
Gross Margin Change YoY79.4% -> 83.8%
✓PiotroskiImproved YoY
Pre-Tax Income / Revenue87.0%
✓Dreman>= 8%
Net Income / Shareholders' Equity14.4%
✓Dreman> 12%
Margin of SafetyP/E=32.0x, P/B=4.6x
✗PabraiP/B < 1.5 or P/E < 15
Return on Equity4.3% (3-yr avg)
✗AkreROE > 20% (3-year avg)
Discount to Intrinsic Value-609.5% (IV=$4.92 vs Price=$34.89)
✗Marks>= 20% below intrinsic value
Positive Net Income Frequency4/10 years positive
✗MarksPositive net income in >= 7 of last 10 years
Operating Income / Revenue70.9%
✓Ackman>= 15%
Net Income / Shareholders Equity14.4%
✗Ackman>= 15%
5-Year EPS CAGR69.3% CAGR over 5 years
✓Templeton> 0% (5-year EPS CAGR)
Operating Margin Trend35.4% (2023) -> 70.9% (2025)
✓TempletonNon-negative operating-margin trend over 3 years
Revenue growth vs. gross and operating margin trendgross margin 70.5% -> 83.8%, operating margin 35.4% -> 70.9%
✗SleepRevenue rising; gross margin flat or falling; operating margin holding
Net income / market capitalization+3.17%; #2316/6340 (top 36.5%)
✗AsnessTop 30% of eligible cross-section✗OshaughnessyTop 10% of eligible cross-section
Gross profit / total assets+14.84%; #2433/3702 (top 65.7%)
✗AsnessTop 30% of eligible cross-section
Net income / positive book equity+14.39%; #1222/5226 (top 23.4%)
✓AsnessTop 30% of eligible cross-section
Negative 5-year standard deviation of ROA-0.0651; #2911/5884 (top 49.5%)
✗AsnessTop 30% of eligible cross-section
3-5 Year Diluted EPS CAGR69.3% over 5 years
✗Neff7%-20% annualized
Positive Diluted-EPS Years4/10 years positive
✗Schloss>= 70% positive over 5-10 observed years (app rule)
Efficiency38% pass✓ 4✗ 7▾
5 of 8 flag OR's efficiency — Buffett, Greenblatt, Munger +2 more
Current Ratio4.53
✓Graham>= 2.0
ROIC (3-5 yr avg)6.2%
✗Buffett> 10%
ROIC - WACC-3.8%
✗BuffettPositive (WACC = 10%)
EBIT / (NWC + Net Fixed Assets)
✗Greenblatt> 25%
Current Ratio Change YoY4.37 -> 4.53
✓PiotroskiIncreased YoY
Revenue / Total Assets Change YoY0.14x -> 0.18x
✓PiotroskiImproved YoY
Current Assets / Current Liabilities4.53
✓Dreman> 1.5
Return on Invested Capital10.9%
✗Munger> 15%
ROIC (high and growing)FY2023: ROIC=3.8%; FY2024: ROIC=4.8%; FY2025: ROIC=10.9%
✗AkreLatest 3 consecutive FYs: ROIC > 15% in each
Reinvestment Rate x ROIC9.0% (RR=83% x ROIC=10.9%)
✗AkreReinvestment Rate * ROIC > 10%
ROIC (5-year)0/5 years above 12% (latest 10.9%)
✗SleepROIC > 12% in a majority of years
Cash Flow40% pass✓ 5✗ 7▾
6 of 10 flag OR's cash flow — Buffett, Dreman, Pabrai +3 more
Free Cash Flow Proxy$-38.8M
✗BuffettPositive and growing
FCF Positive and Growing$60.2M
✓LynchPositive and growing
Operating Cash Flow$245.6M
✓PiotroskiCFO > 0
(CFO / Total Assets) vs ROACFO/Assets=15.68%, ROA=13.16%
✓PiotroskiCFO/Assets > ROA
Price / (CFO / Shares)26.6x
✗Dreman< 8x
P/E or FCF YieldP/E=32.0x
✗PabraiP/E < 15 or FCF Yield > 10%
FCF Positive3/3 years FCF positive
✓MarksPositive FCF in majority of recent years
(OCF - CapEx) / Market Cap
✗Ackman>= 4%
Price / FCF per Share
✗Ackman<= 25
Positive Operating Cash Flow frequency10/10 years positive
✓SleepPositive OCF in >= 70% of available years
Operating Cash Flow - Capital Expenditures
✗Neff> $0 (app proxy for a strong fundamental case)
(Operating cash flow - capex) / market capitalization
✗OshaughnessyTop 10% of eligible cross-section
Verdicts42% pass✓ 5✗ 7▾
Split decision: 7 FAIL · 4 NEUTRAL · 3 PASS · 2 BUY
Overall verdict
✓GrahamPASS (4/9)✗BuffettFAIL (2/9)✓LynchBUY (6/7)•GreenblattNot ranked✓PiotroskiBUY (F-Score 8)•DremanNEUTRAL (7/11)✓MungerPASS (2/4)✗PabraiFAIL (0/3)✗AkreFAIL (1/6)✗MarksFAIL (2/5)•AckmanNEUTRAL (6/9)•TempletonNEUTRAL (5/8)✓SleepPASS (3/6)✗AsnessFAIL (Rank #971/2370 (Top 41.0%))✗NeffFAIL (3/6)✗SchlossFAIL (3/7)•OshaughnessyNEUTRAL (Not ranked)

Business & financials

Financial snapshot: annual FY 2025. Current investor scores may use newer quarterly data.

Company Profile

Industry: Precious Metals

SIC Sector: Metal Mining

Size: Mid Cap($6.5B)

Revenue: $277.4M+45.1% YoY

Net Income: $206.1M+1166.9% YoY

Financial Snapshot

Operating Margin70.9%

Return on Equity14.4%

Debt / Equity0.00

Current Ratio4.53

EPS (Diluted)$1.09+1111.1% 1y

Buybacks (1y)$36.7M

Buybacks (2y)$37.1M

Shares Retired−0.3% / −1.0% 2y

Similar Companies

AEMAGNICO EAGLE MINES LTD

Shareholder Return

Fiscal 2025

Issued 0.3% of shares last year, 1.0% issued over two.

Buybacks: $36.7M
Dividends: $34.9M

What drove EPS

A buyback raises earnings per share without the company earning more. This splits each year's change into the two.

FY25

1111.1% = 1166.9% + −4.4%

Earnings Fewer shares More shares

The two parts do not sum exactly to the total — the difference is the cross-term, plus preferred capital where the company has any. It is left visible rather than distributed into the other two.

Share count is the denominator the filer used for diluted EPS, recovered as net income ÷ EPS — not the balance-sheet count, which is a point-in-time figure and would put the timing difference into this split. Years with a loss are omitted: a smaller share count makes a loss per share larger, so the decomposition inverts.

Company Financials

Latest TTM and quarters alongside annual years

TTM sums four consecutive quarters and uses the latest quarter-end balances. Quarter columns show three-month results; annual columns show full-year totals. Growth compares the same period a year earlier. EPS is not added for TTM; full-year ratios are blank for quarters.

Metric	FY 2025 Sources 40-F · 2026-03-30	FY 2024 Sources 40-F · 2025-03-28	FY 2023 Sources 40-F · 2024-03-28	FY 2022 Sources 40-F · 2023-03-30	FY 2021 Sources 40-F · 2022-03-18
Market Cap	$6.5Bcurrent	$3.4Best.	$2.7Best.	$2.4Best.	$1.8Best.
Revenue	$277.4M↑45%	$191.2M↑2%	$186.9M↑16%	$160.7M↓9%	$176.5M
Operating Income	$196.8M↑151%	$78.3M↑18%	$66.3M↓27%	$90.7M↑3%	$88.0M
Net Income	$206.1M↑1167%	$16.3M↑145%	-$36.5M↑58%	-$87.6M↓374%	-$18.5M
EPS (Diluted)	$1.09↑1111%	$0.09↑146%	$-0.20↑60%	$-0.49↓343%	$-0.11
Gross Margin	83.8%↑6%	79.4%↑13%	70.5%↑2%	69.0%↑12%	61.8%
Operating Margin	70.9%↑73%	41.0%↑16%	35.4%↓37%	56.5%↑13%	49.9%
ROE	14.4%↑952%	1.4%↑147%	-2.9%↑57%	-6.8%↓374%	-1.4%
Total Debt	$0↓100%	$93.9M↓35%	$145.0M↑33%	$109.2M↓66%	$322.1M
Shareholders' Equity	$1.4B↑20%	$1.2B↓5%	$1.2B↓3%	$1.3B	$1.3B
Current Ratio	4.53↑4%	4.37↑6%	4.11↓30%	5.87↑1228%	0.44
Debt / Equity	0.00↓100%	0.08↓32%	0.12↑37%	0.09↓66%	0.25
Operating Cash Flow	$245.6M↑54%	$159.9M↑13%	$141.4M↑74%	$81.1M↓3%	$83.2M
Free Cash Flow	--	--	--	--	--

Score history

Historical Score Timeline

Industry peers

Industry Peers

Similar companies in Precious Metals

OR vs Peers — Financial Grading

Revenue$277.4MBottom 25%

Net Income$206.1MBottom 25%

ROE14.4%Bottom 25%

D/E0.00Top 25%

Op. Margin70.9%Top 25%

Curr. Ratio4.53Top 25%

Company	Market Cap	Price	Revenue	Net Income	ROE	D/E	Op. Margin	Curr. Ratio	Graham	Buffett	Lynch	Greenblatt	Piotroski	Dreman
AGNICO EAGLE MINES LTDAEM	$90.2B	$178.45	$11.9B	$4.5B	18.0%	0.01	—	2.02	3/9	5/9	5/7	1/3	F-Score 9	5/11
BARRICK MINING CORPB	$61.2B	$37.59	$17.0B	$5.0B	18.8%	0.17	—	2.92	3/9	5/9	7/7	3/3	F-Score 9	5/11
GOLD FIELDS LTDGFI	$31.6B	$35.76	$5.2B	$1.2B	23.9%	0.48	—	—	2/9	3/9	5/7	0/3	F-Score 5	6/11
KINROSS GOLD CORPKGC	$24.5B	$20.76	$7.1B	$2.4B	27.9%	0.09	46.5%	2.35	4/9	5/9	7/7	3/3	F-Score 9	9/11
PAN AMERICAN SILVER CORPPAAS	$15.5B	$37.50	$3.6B	$980.0M	14.0%	0.10	34.1%	2.69	3/9	2/9	4/7	0/3	F-Score 7	5/11
Coeur Mining, Inc.CDE	$14.3B	$13.98	$2.1B	$585.9M	17.7%	0.02	34.2%	2.47	2/9	2/9	2/7	1/3	F-Score 6	4/11
Equinox Gold Corp.EQX	$12.3B	$10.31	$1.8B	$221.5M	3.8%	0.27	23.8%	—	2/9	2/9	3/7	0/3	F-Score 6	2/11
ALAMOS GOLD INCAGI	$12.0B	$28.61	$1.8B	$885.8M	19.9%	0.04	60.7%	2.00	4/9	2/9	7/7	0/3	F-Score 8	7/11