Gold Mining Royalties
Royalty Margins Against the Whole Sector
Operating margin for every tracked company, ranked. The royalty and streaming names cluster at the top because they fund mines rather than operate them, carrying no mine operating or capital cost. This single chart is the clearest argument for treating them as a separate business from mining.
Royalty Company Operating Margin
The segment on its own. Franco-Nevada, Wheaton and Royal Gold earn roughly 59 to 71 percent operating margins from revenue bases a fraction of the miners', which is why they command premium valuations.
Royalty Company Revenue
Revenue for the most recent fiscal year. Note the scale against the producers: these are small revenue lines converting at very high margins, not large businesses.
Royalty Revenue Trend
Six years of revenue. Growth comes from funding new mines and from the metal price lifting existing royalties, without the cost inflation that erodes producer margins in the same period.
