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ROYAL GOLD INC（RGLD）与特诺控股（TROX）财务数据对比。点击上方公司名可切换其他公司
特诺控股的季度营收约是ROYAL GOLD INC的1.9倍（$730.0M vs $375.3M），ROYAL GOLD INC净利率更高（24.9% vs -24.1%，领先49.1%），ROYAL GOLD INC同比增速更快（85.3% vs 8.0%），过去两年ROYAL GOLD INC的营收复合增速更高（58.8% vs -2.9%）
Royal Gold Inc.是全球领先的贵金属流权与特许权经营企业，收购并管理多元化的矿业项目流权、净熔炼收益特许权及相关权益，资产覆盖黄金、白银、铜等品类，业务遍及多地区，无需直接承担采矿运营风险。
特诺控股是一家业务遍及全球的美国化工企业，专注于钛制品领域，现有员工约6500名。在收购南非埃萨罗资源原有的矿砂业务后，特诺已成为全球规模最大的全产业链二氧化钛颜料供应商。二氧化钛颜料主要为涂料、塑料、纸张等产品增白增亮，特诺还拥有钛矿砂开采及加工业务。
RGLD vs TROX — 直观对比
营收规模更大
TROX
是对方的1.9倍
$375.3M
营收增速更快
RGLD
高出77.3%
8.0%
净利率更高
RGLD
高出49.1%
-24.1%
两年增速更快
RGLD
近两年复合增速
-2.9%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $375.3M | $730.0M |
| 净利润 | $93.6M | $-176.0M |
| 毛利率 | 64.6% | 5.3% |
| 营业利润率 | 56.2% | -15.6% |
| 净利率 | 24.9% | -24.1% |
| 营收同比 | 85.3% | 8.0% |
| 净利润同比 | -12.8% | -486.7% |
| 每股收益（稀释后） | $1.04 | $-1.11 |
绿色 = 该指标领先。财年不对齐时期间可能不同
8季度营收与利润趋势
并排季度历史对比，按日历期对齐，财年错位的公司也能正确匹配
营收RGLDTROX
| Q4 25 | $375.3M | $730.0M | ||
| Q3 25 | $252.1M | $699.0M | ||
| Q2 25 | $209.6M | $731.0M | ||
| Q1 25 | $193.4M | $738.0M | ||
| Q4 24 | $202.6M | $676.0M | ||
| Q3 24 | $193.8M | $804.0M | ||
| Q2 24 | $174.1M | $820.0M | ||
| Q1 24 | $148.9M | $774.0M |
净利润RGLDTROX
| Q4 25 | $93.6M | $-176.0M | ||
| Q3 25 | $126.8M | $-99.0M | ||
| Q2 25 | $132.3M | $-84.0M | ||
| Q1 25 | $113.5M | $-111.0M | ||
| Q4 24 | $107.4M | $-30.0M | ||
| Q3 24 | $96.2M | $-25.0M | ||
| Q2 24 | $81.2M | $16.0M | ||
| Q1 24 | $47.2M | $-9.0M |
毛利率RGLDTROX
| Q4 25 | 64.6% | 5.3% | ||
| Q3 25 | 73.6% | 7.4% | ||
| Q2 25 | 72.6% | 10.8% | ||
| Q1 25 | 69.4% | 13.4% | ||
| Q4 24 | 70.3% | 17.3% | ||
| Q3 24 | 66.6% | 15.9% | ||
| Q2 24 | 64.7% | 18.3% | ||
| Q1 24 | 58.4% | 15.5% |
营业利润率RGLDTROX
| Q4 25 | 56.2% | -15.6% | ||
| Q3 25 | 64.4% | -6.2% | ||
| Q2 25 | 67.7% | -4.8% | ||
| Q1 25 | 63.6% | -8.3% | ||
| Q4 24 | 65.9% | 7.1% | ||
| Q3 24 | 61.3% | 6.7% | ||
| Q2 24 | 58.6% | 9.3% | ||
| Q1 24 | 50.7% | 5.3% |
净利率RGLDTROX
| Q4 25 | 24.9% | -24.1% | ||
| Q3 25 | 50.3% | -14.2% | ||
| Q2 25 | 63.1% | -11.5% | ||
| Q1 25 | 58.7% | -15.0% | ||
| Q4 24 | 53.0% | -4.4% | ||
| Q3 24 | 49.7% | -3.1% | ||
| Q2 24 | 46.6% | 2.0% | ||
| Q1 24 | 31.7% | -1.2% |
每股收益（稀释后）RGLDTROX
| Q4 25 | $1.04 | $-1.11 | ||
| Q3 25 | $1.92 | $-0.63 | ||
| Q2 25 | $2.01 | $-0.53 | ||
| Q1 25 | $1.72 | $-0.70 | ||
| Q4 24 | $1.63 | $-0.19 | ||
| Q3 24 | $1.46 | $-0.16 | ||
| Q2 24 | $1.23 | $0.10 | ||
| Q1 24 | $0.72 | $-0.06 |
资产负债表与财务实力
最新季度各公司的流动性、杠杆与账面价值一览
| 指标 | | |
|---|---|---|
| 现金及短期投资手头流动性 | $233.7M | $199.0M |
| 总债务越低越好 | — | $3.1B |
| 股东权益账面价值 | $7.2B | $1.4B |
| 总资产 | $9.5B | $6.2B |
| 负债/权益比越低杠杆越低 | — | 2.21× |
8季度趋势，按日历期对齐
现金及短期投资RGLDTROX
| Q4 25 | $233.7M | $199.0M | ||
| Q3 25 | $172.8M | $185.0M | ||
| Q2 25 | $248.2M | $132.0M | ||
| Q1 25 | $240.8M | $138.0M | ||
| Q4 24 | $195.5M | $151.0M | ||
| Q3 24 | $127.9M | $167.0M | ||
| Q2 24 | $74.2M | $201.0M | ||
| Q1 24 | $137.9M | $152.0M |
总债务RGLDTROX
| Q4 25 | — | $3.1B | ||
| Q3 25 | — | $3.1B | ||
| Q2 25 | — | $2.7B | ||
| Q1 25 | — | $2.8B | ||
| Q4 24 | — | $2.8B | ||
| Q3 24 | $0 | $2.8B | ||
| Q2 24 | $50.0M | $2.8B | ||
| Q1 24 | — | $2.8B |
股东权益RGLDTROX
| Q4 25 | $7.2B | $1.4B | ||
| Q3 25 | $3.4B | $1.6B | ||
| Q2 25 | $3.3B | $1.6B | ||
| Q1 25 | $3.2B | $1.7B | ||
| Q4 24 | $3.1B | $1.8B | ||
| Q3 24 | $3.0B | $1.9B | ||
| Q2 24 | $3.0B | $1.9B | ||
| Q1 24 | $2.9B | $1.9B |
总资产RGLDTROX
| Q4 25 | $9.5B | $6.2B | ||
| Q3 25 | $4.5B | $6.3B | ||
| Q2 25 | $3.6B | $6.2B | ||
| Q1 25 | $3.5B | $6.1B | ||
| Q4 24 | $3.4B | $6.0B | ||
| Q3 24 | $3.3B | $6.2B | ||
| Q2 24 | $3.3B | $6.1B | ||
| Q1 24 | $3.3B | $6.0B |
负债/权益比RGLDTROX
| Q4 25 | — | 2.21× | ||
| Q3 25 | — | 2.01× | ||
| Q2 25 | — | 1.67× | ||
| Q1 25 | — | 1.64× | ||
| Q4 24 | — | 1.57× | ||
| Q3 24 | 0.00× | 1.45× | ||
| Q2 24 | 0.02× | 1.47× | ||
| Q1 24 | — | 1.48× |
现金流与资本效率
扣除再投资后实际产生的现金。现金流比净利润更难造假
| 指标 | | |
|---|---|---|
| 经营现金流最新季度 | $241.7M | $121.0M |
| 自由现金流经营现金流 - 资本支出 | — | $53.0M |
| 自由现金流率自由现金流/营收 | — | 7.3% |
| 资本支出强度资本支出/营收 | — | 9.3% |
| 现金转化率经营现金流/净利润 | 2.58× | — |
| 过去12个月自由现金流最近4个季度 | — | $-281.0M |
8季度趋势，按日历期对齐
经营现金流RGLDTROX
| Q4 25 | $241.7M | $121.0M | ||
| Q3 25 | $174.0M | $-57.0M | ||
| Q2 25 | $152.8M | $28.0M | ||
| Q1 25 | $136.4M | $-32.0M | ||
| Q4 24 | $141.1M | $82.0M | ||
| Q3 24 | $136.7M | $87.0M | ||
| Q2 24 | $113.5M | $160.0M | ||
| Q1 24 | $138.3M | $-29.0M |
自由现金流RGLDTROX
| Q4 25 | — | $53.0M | ||
| Q3 25 | — | $-137.0M | ||
| Q2 25 | — | $-55.0M | ||
| Q1 25 | — | $-142.0M | ||
| Q4 24 | — | $-35.0M | ||
| Q3 24 | — | $-14.0M | ||
| Q2 24 | — | $84.0M | ||
| Q1 24 | — | $-105.0M |
自由现金流率RGLDTROX
| Q4 25 | — | 7.3% | ||
| Q3 25 | — | -19.6% | ||
| Q2 25 | — | -7.5% | ||
| Q1 25 | — | -19.2% | ||
| Q4 24 | — | -5.2% | ||
| Q3 24 | — | -1.7% | ||
| Q2 24 | — | 10.2% | ||
| Q1 24 | — | -13.6% |
资本支出强度RGLDTROX
| Q4 25 | — | 9.3% | ||
| Q3 25 | — | 11.4% | ||
| Q2 25 | — | 11.4% | ||
| Q1 25 | — | 14.9% | ||
| Q4 24 | — | 17.3% | ||
| Q3 24 | — | 12.6% | ||
| Q2 24 | — | 9.3% | ||
| Q1 24 | — | 9.8% |
现金转化率RGLDTROX
| Q4 25 | 2.58× | — | ||
| Q3 25 | 1.37× | — | ||
| Q2 25 | 1.15× | — | ||
| Q1 25 | 1.20× | — | ||
| Q4 24 | 1.31× | — | ||
| Q3 24 | 1.42× | — | ||
| Q2 24 | 1.40× | 10.00× | ||
| Q1 24 | 2.93× | — |
财务流量对比
营收 → 毛利润 → 营业利润 → 净利润流向图
业务分部营收拆解
RGLD
| Gold | $216.9M | 58% |
| Pueblo Viejo | $47.3M | 13% |
| Andacollo | $32.6M | 9% |
| Silver | $32.1M | 9% |
| Other | $27.2M | 7% |
| Copper | $13.7M | 4% |
| Cortez Legacy Zone | $5.4M | 1% |
TROX
| Ti O2 | $577.0M | 79% |
| Zircon | $78.0M | 11% |
| Idle Facility And Lower Of Cost Or Net Realizable Value Charges | $42.0M | 6% |
| Other | $20.0M | 3% |
| MGT | $13.0M | 2% |
