MeritValue

Gold Royalty Corp.

GROYdata completeness 75%5 fiscal years on file

Data notes: no data for concept 'totalDebt'

The thesis, from the filings

Gold Royalty Corp. earns about -3% on invested capital, but has diluted owners by 210% over 5 years — worth asking whether the growth reaches owners. The cash-flow models don't apply cleanly here — the ledger says why below.Whether it’s worth owning at today’s price is the last question — and yours to answer, below.

i. The business — what you’d actually own
FigureFY 2021FY 2022FY 2023FY 2024FY 2025
Revenue$192,0001$3.94M2$3.05M3$10.1M3$15.6M3
Net income−$15M4−$17.3M5−$26.8M6−$3.41M6−$4.13M6
Operating cash flow−$12M7−$19.3M8−$6.88M9$2.54M9$6.17M9
Capital expenditure$2,00010$28,00011———
Free cash flow (derived)−$12M7−$19.3M8———
Total debt—————
Cash & equivalents$9.91M12$7.05M12$1.44M13$2.27M13$12.4M13
Diluted shares72.5M143.9M145.7M170.2M224.5M

Superscripts are receipts. Each links to the SEC filing the number came from (full list at the bottom).

ii. Your slice — ownership made literal
If you owned
shares
Net assets behind them
$31.14
your share of equity
Profit it earned you last year
−$0.18
Free cash flow it threw off
—
Debt you’d be carrying
—

10 shares is a claim on $31.14 of net worth that earned you −$0.18 last year.

iii. Is this a good business?
Moat signal · return on invested capital
-3% avg · 5y
FY21 -6%FY22 -2%FY23 -5%FY24 -1%FY25 -0%

It earned an average -3% on invested capital over 5 years. Compare that to what it costs to fund the business.

seeing a moat in the numbers →
Management signal · capital allocation
+210% shares · 5y

Share count is up 210% over 5 years — owners have been diluted. Worth asking what they got for it.

reading capital allocation →

Signals, not verdicts — read from the filings above. Numbers don’t prove a moat; they show its footprint. You decide.

iv. What it’s worth — engine v0.1.0
DCF · Growth Exit 10Y
not applicable
only 2 years of FCF (need ≥3) — model not applicable
DCF · Growth Exit 5Y
not applicable
only 2 years of FCF (need ≥3) — model not applicable
Earnings Power Value
not applicable
normalized (5y-median) earnings non-positive — EPV undefined
Graham Number
not applicable
diluted EPS missing or non-positive — Graham Number undefined

Different models answer different questions — which to trust when →

Sources — the receipts
  1. 20-F · period ending 2021-09-30 · accession 0000950170-24-037537 (Revenue)
  2. 20-F · period ending 2022-09-30 · accession 0000950170-25-042306 (Revenue)
  3. 20-F · period ending 2023-12-31 · accession 0001193125-26-114767 (Revenue)
  4. 20-F · period ending 2021-09-30 · accession 0000950170-24-037537 (ProfitLoss)
  5. 20-F · period ending 2022-09-30 · accession 0000950170-25-042306 (ProfitLoss)
  6. 20-F · period ending 2023-12-31 · accession 0001193125-26-114767 (ProfitLoss)
  7. 20-F · period ending 2021-09-30 · accession 0000950170-24-037537 (CashFlowsFromUsedInOperatingActivities)
  8. 20-F · period ending 2022-09-30 · accession 0000950170-25-042306 (CashFlowsFromUsedInOperatingActivities)
  9. 20-F · period ending 2023-12-31 · accession 0001193125-26-114767 (CashFlowsFromUsedInOperatingActivities)
  10. 20-F · period ending 2021-09-30 · accession 0000950170-24-037537 (PurchaseOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities)
  11. 20-F · period ending 2022-09-30 · accession 0000950170-25-042306 (PurchaseOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities)
  12. 20-F · period ending 2021-09-30 · accession 0000950170-25-042306 (CashAndCashEquivalents)
  13. 20-F · period ending 2023-12-31 · accession 0001193125-26-114767 (CashAndCashEquivalents)