Recent News
Jan 26, 2026 — Board approved a quarterly dividend increase and announced chair succession plans. Jan 28, 2026 — Company scheduled release of year-end 2025 results for March 10, 2026. Feb 12, 2026 — Entered a $250 million Nevada-focused royalty financing with a U.S. counterparty. Feb 22, 2026 — Committed A$220 million financing package for the Bullabulling Gold Project (A$170M royalty plus A$50M equity). Recent weeks — Agreed a $100 million gold stream to support a Canadian mine acquisition transaction that targets closing in H1 2026.
Technical Analysis
ADX at 19.3 signals no established trend at present, reducing confidence in continuation trades and increasing the chance of sideways price action.
DI+ measures 26.5 with a decreasing trend; this decline signals bearish directional momentum despite DI+ still exceeding DI- numerically.
DI- measures 24.96 with an increasing trend, which reinforces near-term downside pressure on price momentum.
MACD presents a peak-and-reversal while trading below its signal line (MACD 6.07 vs signal 7.54), indicating bearish momentum and a loss of upward impulse.
MRO reads 21.13 with a peak-and-reversal, implying price sits above WMDST’s target and that mean reversion toward valuation would likely exert downward pressure.
RSI at 59.05 with a peak-and-reversal shows momentum waning from recent strength rather than an overbought exhaustion, supporting a consolidation or modest retracement bias.
Price sits slightly below the 12-day EMA and the 20-day average (price $263.02 vs 12-day EMA $263.55 and 20-day avg $266.52), while maintaining a cushion above the 50-day and 200-day averages, so any pullback may find technical support around shorter-term averages rather than long-term trendlines.
Bollinger bands place the mid-range near the current price (1x band upper $277.40 / lower $255.65), suggesting limited immediate directional runway until volatility expands.
Short-term volatility (42-day beta 1.22) exceeds the 52-week beta (0.36), indicating elevated recent sensitivity to market swings that favors a range-bound reaction while momentum indicators reset.
Fundamental Analysis
Revenue and profitability: Total revenue reached $487,700,000 with YoY revenue growth of 433.93% and an overall revenue growth rate of 32.03%; operating margin stands at 69.14% and gross margin at 72.48%, both reflecting high-margin royalty/streaming economics. EBIT equals $363,200,000, producing an EBIT margin of 74.47%, which sits above the industry peer mean of 58.67% and above the industry peer median of 52.29%.
Quarterly and annual dynamics: EBIT margin contracted QoQ by 13.08% but improved YoY by 4.97%, signaling short-term compression after a stronger annual comparison. Operating margin shows a QoQ decline of 3.04% and a YoY decline of 2.55% despite healthy absolute margins.
Earnings and cash flow: Reported EPS came in at $1.43 versus an estimate of $1.38, an EPS surprise of $0.05 or +3.62%. Forward EPS equals $2.08, producing a forward P/E near 183.51x. Net income reached $287,500,000 while operating cash flow registered $348,000,000 and free cash flow totaled $55,600,000, yielding a free cash flow yield of 0.15% that declined sharply QoQ and YoY.
Balance sheet and coverage: Cash and short-term investments total $236,700,000 and the company maintains a cash ratio of 2.02 and a current ratio of 4.64, supporting liquidity. Interest coverage measures 454.0, indicating ample capacity to meet interest obligations. Dividend payout ratio stands at 23.41% with a dividend coverage of 4.27x and a dividend yield near 0.18%.
Valuation posture: Market multiples appear extended—trailing P/E near 135.85x and P/B about 5.35x, both above the industry peer mean values (P/E peer mean ~86.67x; P/B peer mean ~3.67x). PEG sits around 8.87 and forward P/E stretches into the 180s, while the price/ sales ratio registers roughly 76.79x. WMDST values the stock as over-valued based on those multiples relative to earnings and cash-flow generation.
MOST-RECENT QUARTERLY REPORT
| REPORT PERIOD ENDING: | 2025-09-30 |
| REPORT DATE: | 2025-11-03 |
| NEXT REPORT DATE: | 2026-02-02 |
| CASH FLOW | Begin Period Cash Flow | $ 160.3 M |
| Operating Cash Flow | $ 348.0 M | |
| Capital Expenditures | $ -292.40 M | |
| Change In Working Capital | $ -44.70 M | |
| Dividends Paid | $ -67.30 M | |
| Cash Flow Delta | $ 76.4 M | |
| End Period Cash Flow | $ 236.7 M | |
| INCOME STATEMENT | REVENUE | |
| Total Revenue | $ 487.7 M | |
| Forward Revenue | $ 169.8 M | |
| COSTS | ||
| Cost Of Revenue | $ 134.2 M | |
| Depreciation | — | |
| Depreciation and Amortization | — | |
| Research and Development | — | |
| Total Operating Expenses | $ 150.5 M | |
| PROFITABILITY | ||
| Gross Profit | $ 353.5 M | |
| EBITDA | $ 450.2 M | |
| EBIT | $ 363.2 M | |
| Operating Income | $ 337.2 M | |
| Interest Income | $ 8.0 M | |
| Interest Expense | $ 800.0 K | |
| Net Interest Income | $ 7.2 M | |
| Income Before Tax | $ 362.4 M | |
| Tax Provision | $ 74.9 M | |
| Tax Rate | 20.668 % | |
| Net Income | $ 287.5 M | |
| Net Income From Continuing Operations | $ 287.5 M | |
| EARNINGS | ||
| EPS Estimate | $ 1.38 | |
| EPS Actual | $ 1.43 | |
| EPS Difference | $ 0.05 | |
| EPS Surprise | 3.623 % | |
| Forward EPS | $ 2.08 | |
| BALANCE SHEET | ASSETS | |
| Total Assets | $ 7.5 B | |
| Intangible Assets | — | |
| Net Tangible Assets | $ 7.0 B | |
| Total Current Assets | $ 542.5 M | |
| Cash and Short-Term Investments | $ 236.7 M | |
| Cash | $ 236.7 M | |
| Net Receivables | $ 190.7 M | |
| Inventory | $ 10.3 M | |
| Long-Term Investments | $ 12.1 M | |
| LIABILITIES | ||
| Accounts Payable | $ 66.1 M | |
| Short-Term Debt | — | |
| Total Current Liabilities | $ 116.9 M | |
| Net Debt | — | |
| Total Debt | — | |
| Total Liabilities | $ 517.6 M | |
| EQUITY | ||
| Total Equity | $ 7.0 B | |
| Retained Earnings | $ 1.1 B | |
| VALUATION & PER-SHARE METRICS | EQUITY & PER-SHARE METRICS | |
| Book Value Per-Share | $ 36.31 | |
| Shares Outstanding | 192.777 M | |
| Revenue Per-Share | $ 2.53 | |
| VALUATION | Market Capitalization | $ 37.4 B |
| Enterprise Value | — | |
| Enterprise Multiple | — | |
| Enterprise Multiple QoQ | — | |
| Enterprise Multiple YoY | — | |
| Enterprise Multiple IPRWA | — | |
| EV/R | — | |
| CAPITAL STRUCTURE | ||
| Asset To Equity | 1.074 | |
| Asset To Liability | 14.523 | |
| Debt To Capital | — | |
| Debt To Assets | — | |
| Debt To Assets QoQ | — | |
| Debt To Assets YoY | — | |
| Debt To Assets IPRWA | — | |
| Debt To Equity | — | |
| Debt To Equity QoQ | — | |
| Debt To Equity YoY | — | |
| Debt To Equity IPRWA | — | |
| PRICE-BASED VALUATION | ||
| Price To Book (P/B) | 5.35 | |
| Price To Book QoQ | 7.645 % | |
| Price To Book YoY | 31.015 % | |
| Price To Book IPRWA | high: 7.0 FNV: 5.35 mean: 3.674 median: 3.286 low: 0.013 |
|
| Price To Earnings (P/E) | 135.847 | |
| Price To Earnings QoQ | 3.514 % | |
| Price To Earnings YoY | -14.435 % | |
| Price To Earnings IPRWA | high: 157.789 FNV: 135.847 mean: 86.675 median: 73.268 low: -21.388 |
|
| PE/G Ratio | 8.866 | |
| Price To Sales (P/S) | 76.787 | |
| Price To Sales QoQ | -13.559 % | |
| Price To Sales YoY | -13.41 % | |
| Price To Sales IPRWA | high: 95.733 FNV: 76.787 mean: 44.369 median: 25.248 low: 4.984 |
|
| FORWARD MULTIPLES | ||
| Forward P/E | 183.51 | |
| Forward PE/G | 11.976 | |
| Forward P/S | 451.299 | |
| EFFICIENCY | OPERATIONAL | |
| Operating Leverage | 0.461 | |
| ASSET & SALES | ||
| Asset Turnover Ratio | 0.067 | |
| Asset Turnover Ratio QoQ | 24.19 % | |
| Asset Turnover Ratio YoY | 51.399 % | |
| Asset Turnover Ratio IPRWA | high: 0.205 median: 0.095 mean: 0.084 FNV: 0.067 low: 0.005 |
|
| Receivables Turnover | 2.891 | |
| Receivables Turnover Ratio QoQ | 20.09 % | |
| Receivables Turnover Ratio YoY | 33.589 % | |
| Receivables Turnover Ratio IPRWA | high: 33.336 median: 33.103 mean: 22.942 FNV: 2.891 low: 0.868 |
|
| Inventory Turnover | 15.514 | |
| Inventory Turnover Ratio QoQ | 666.971 % | |
| Inventory Turnover Ratio YoY | — | |
| Inventory Turnover Ratio IPRWA | FNV: 15.514 high: 4.1 mean: 1.204 median: 0.789 low: 0.401 |
|
| Days Sales Outstanding (DSO) | 31.564 | |
| CASH CYCLE | ||
| Cash Conversion Cycle Days (CCC) | -6.995 | |
| Cash Conversion Cycle Days QoQ | -113.554 % | |
| Cash Conversion Cycle Days YoY | — | |
| Cash Conversion Cycle Days IPRWA | high: 270.657 median: 49.851 mean: 43.721 FNV: -6.995 low: -63.08 |
|
| CAPITAL DEPLOYMENT | ||
| Cash Conversion Ratio | 1.146 | |
| CapEx To Revenue | -0.6 | |
| CapEx To Depreciation | — | |
| CAPITAL, LIQUIDITY & COVERAGE | CAPITAL STRUCTURE | |
| Total Capital | $ 7.0 B | |
| Net Invested Capital | $ 7.0 B | |
| Invested Capital | $ 7.0 B | |
| Net Tangible Assets | $ 7.0 B | |
| Net Working Capital | $ 425.6 M | |
| LIQUIDITY | ||
| Cash Ratio | 2.025 | |
| Current Ratio | 4.641 | |
| Current Ratio QoQ | 9.102 % | |
| Current Ratio YoY | -80.162 % | |
| Current Ratio IPRWA | high: 19.039 FNV: 4.641 mean: 3.705 median: 2.12 low: 0.978 |
|
| Quick Ratio | 4.553 | |
| Quick Ratio QoQ | 9.169 % | |
| Quick Ratio YoY | — | |
| Quick Ratio IPRWA | high: 8.339 FNV: 4.553 mean: 1.444 median: 1.306 low: 0.456 |
|
| COVERAGE & LEVERAGE | ||
| Debt To EBITDA | — | |
| Cost Of Debt | — | |
| Interest Coverage Ratio | 454.0 | |
| Interest Coverage Ratio QoQ | 14.755 % | |
| Interest Coverage Ratio YoY | 62.474 % | |
| Interest Coverage Ratio IPRWA | FNV: 454.0 high: 118.727 median: 66.23 mean: 49.567 low: -34.479 |
|
| Operating Cash Flow Ratio | 2.977 | |
| TIMING / LIQUIDITY | ||
| Days Payables Outstanding (DPO) | 46.654 | |
| DIVIDENDS | ||
| Dividend Coverage Ratio | 4.272 | |
| Dividend Payout Ratio | 0.234 | |
| Dividend Rate | $ 0.35 | |
| Dividend Yield | 0.002 | |
| PERFORMANCE | GROWTH | |
| Asset Growth Rate | 7.069 % | |
| Revenue Growth | 32.025 % | |
| Revenue Growth QoQ | 11717.343 % | |
| Revenue Growth YoY | 433.928 % | |
| Revenue Growth IPRWA | high: 88.424 % FNV: 32.025 % mean: 9.506 % median: 8.644 % low: -35.719 % |
|
| Earnings Growth | 15.323 % | |
| Earnings Growth QoQ | -3.556 % | |
| Earnings Growth YoY | 129.834 % | |
| Earnings Growth IPRWA | high: 72.727 % FNV: 15.323 % median: 13.812 % mean: 12.976 % low: -112.5 % |
|
| MARGINS | ||
| Gross Margin | 72.483 % | |
| Gross Margin QoQ | -1.526 % | |
| Gross Margin YoY | 5.399 % | |
| Gross Margin IPRWA | high: 73.534 % FNV: 72.483 % mean: 59.856 % median: 58.514 % low: 9.738 % |
|
| EBIT Margin | 74.472 % | |
| EBIT Margin QoQ | -13.08 % | |
| EBIT Margin YoY | 4.968 % | |
| EBIT Margin IPRWA | high: 89.775 % FNV: 74.472 % mean: 58.667 % median: 52.287 % low: -109.663 % |
|
| Return On Sales (ROS) | 69.141 % | |
| Return On Sales QoQ | -3.035 % | |
| Return On Sales YoY | -2.546 % | |
| Return On Sales IPRWA | high: 69.482 % FNV: 69.141 % mean: 54.107 % median: 53.767 % low: -86.72 % |
|
| CASH FLOW | ||
| Free Cash Flow (FCF) | $ 55.6 M | |
| Free Cash Flow Yield | 0.148 % | |
| Free Cash Flow Yield QoQ | -105.219 % | |
| Free Cash Flow Yield YoY | -240.952 % | |
| Free Cash Flow Yield IPRWA | high: 6.951 % median: 1.218 % mean: 0.411 % FNV: 0.148 % low: -6.782 % |
|
| Free Cash Growth | -105.975 % | |
| Free Cash Growth QoQ | -132.712 % | |
| Free Cash Growth YoY | -7.415 % | |
| Free Cash Growth IPRWA | high: 177.998 % mean: 7.399 % median: -8.527 % FNV: -105.975 % low: -485.652 % |
|
| Free Cash To Net Income | 0.193 | |
| Cash Flow Margin | 55.916 % | |
| Cash Flow To Earnings | 1.21 | |
| VALUE & RETURNS | ||
| Economic Value Added | — | |
| Return On Assets (ROA) | 3.955 % | |
| Return On Assets QoQ | 9.436 % | |
| Return On Assets YoY | 61.1 % | |
| Return On Assets IPRWA | high: 11.671 % FNV: 3.955 % median: 3.277 % mean: 3.189 % low: -15.435 % |
|
| Return On Capital Employed (ROCE) | 4.908 % | |
| Return On Equity (ROE) | 0.041 | |
| Return On Equity QoQ | 9.752 % | |
| Return On Equity YoY | 61.035 % | |
| Return On Equity IPRWA | high: 0.151 median: 0.045 FNV: 0.041 mean: 0.038 low: -0.275 |
|
| DuPont ROE | 4.228 % | |
| Return On Invested Capital (ROIC) | 4.117 % | |
| Return On Invested Capital QoQ | 9.728 % | |
| Return On Invested Capital YoY | -135.388 % | |
| Return On Invested Capital IPRWA | high: 12.873 % median: 4.522 % FNV: 4.117 % mean: 4.091 % low: -4.106 % |
|