HIGHBuilt-inGeographic
85%
outside United States
“10-K Item 1A: 'Approximately 85% of our revenue for the year ended December 31, 2025 came from properties outside of the United States'”
RGLD · Concentration risk · 10-K extracted
Royal Gold (RGLD) concentration risks
Updated
The most significant concentration Royal Gold discloses is outside United States at 85%, classified HIGH by disclosed size. Below: the full set from the latest 10-K — verbatim quotes, filing references, and a synthesis of what these exposures mean together.
Model-generated analysis — not investment advice. Not a registered investment advisor. Past performance does not guarantee future results.
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Source: Royal Gold’s SEC Form 10-K filed — view the filing on SEC EDGAR ↗
At a glance
Disclosed-size breakdown · 3 disclosed concentrations
HIGH3
MEDIUM0
LOW0
Disclosed concentrations
Each card carries a disclosed-size chip (HIGH / MEDIUM / LOW — how large the exposure is as a share of revenue, not how dangerous it is) and a nature tag: Built-in(the company’s own model, geography, or products) or Outside party (an external customer, supplier, or distributor it relies on).
HIGHBuilt-inCommodity
78%
gold
“10-K Item 1: 'we derived approximately 90% of our revenue from precious metals (including 78% from gold and 12% from silver)'”
HIGHBuilt-in & outside partyCustomer
53%
five properties
“10-K Item 1A: 'Approximately 53% of our revenue...came from five properties: Mount Milligan (22%), Pueblo Viejo (13%), Cortez (7%), Andacollo (8%) and Kansanshi (3%)'”
TrendMatrix Research · concentration synthesis
What these concentrations mean together
updated 2026-06-24The company's concentration profile is defined by three high-share exposures that are tightly interrelated. Approximately 85% of revenue for the year ended December 31, 2025 came from properties outside of the United States — the largest disclosed geographic concentration, structural in character and reflecting the global distribution of royalty and streaming assets in the precious metals sector. This creates broad exposure to foreign regulatory regimes, country-specific mining law, and cross-border currency risk. Layered on this is a high commodity concentration: approximately 78% of revenue was derived from gold alone (within a total precious metals share that was approximately 90%). This makes the company's financial results highly sensitive to gold price movements, since the royalty and streaming model amplifies commodity price leverage with limited ability to hedge the underlying commodity exposure across such a large fraction of revenue. The third dimension is asset concentration: approximately 53% of revenue came from five properties, with Mount Milligan at 22%, Pueblo Viejo at 13%, Andacollo at 8%, Cortez at 7%, and Kansanshi at 3%. This is a mixed-character exposure — the top five properties generate a high but not complete share of revenue, meaning operational issues at any one, particularly Mount Milligan or Pueblo Viejo, could produce a visible impact on results. Together, these three concentrations — geographic, commodity, and asset-level — are mutually reinforcing rather than diversifying, and they are the dominant variables in the investment profile.
For the engine’s reasoning on RGLD’s current verdict — including which dimensions drove the score — see the per-dimension breakdown.
Industry peers · Gold
Peer concentration profile
| Symbol | Name | HIGH | MEDIUM | LOW | Total |
|---|---|---|---|---|---|
| RGLD● | Royal Gold, Inc. | 3 | 0 | 0 | 3 |
| NEM | Newmont Corporation | 1 | 0 | 0 | 1 |
| NG | Novagold Resources Inc. | 1 | 0 | 0 | 1 |
| CDE | Coeur Mining, Inc. | 0 | 0 | 0 | 0 |
| HYMC | Hycroft Mining Holding Corporat | 0 | 0 | 0 | 0 |
| SSRM | SSR Mining Inc. | 0 | 0 | 0 | 0 |
Concentration counts reflect items disclosed in each peer’s most recent 10-K; disclosed-size classification uses TrendMatrix’s internal 10-K extraction taxonomy.