Top 10 Gold Royalty Companies Ranked by Revenue

The top 10 gold royalty companies by trailing twelve-month revenue are Wheaton Precious Metals, Franco-Nevada, Royal Gold, Triple Flag, OR Royalties, Versamet, Elemental Royalty, Empress Royalty, Vox Royalty and Gold Royalty Corp, based on Stock Analysis data checked on 5 November 2026. Wheaton leads at US$3.17 billion, but the first three companies earn about 86% of the group’s revenue, so this is a very top-heavy list.

Below you will find the ranked table, what each company actually owns, how much of its income really comes from gold, what the sector trades at, and a calculator that turns a royalty rate into dollars. Figures change every quarter, so each one carries its date. Companies are ranked on size, not on expected returns, and nothing here is a recommendation.

The top 10 gold royalty companies ranked by revenue

How we chose: we took listed companies whose main business is buying precious metal royalties and streams, then sorted them by trailing twelve-month (TTM) revenue, meaning revenue over the last four reported quarters. Market value is shown beside it because the two rankings differ. Revenue, market value and staff numbers come from each company’s Stock Analysis page, checked on 4-5 November 2026.

Just outside the ten: Metalla Royalty & Streaming (MTA) at US$15.6 million of TTM revenue and Sailfish Royalty (FISH) at US$7.4 million. We left out Deterra Royalties (TTM revenue 242.4 million in its reporting currency) because its segments run across bulk, base and battery metals as well as precious metals. Sandstorm Gold no longer appears because Royal Gold bought it on 20 October 2025.

Two cautions on reading the table. TTM totals depend on when each company last reported: Royal Gold’s includes the quarter to 30 September 2026, while Wheaton, Franco-Nevada and OR Royalties had third-quarter results due between 5 and 11 November. Royal Gold’s total includes Sandstorm income only from 20 October 2025, so the first weeks of that period are missing. Versamet, Elemental and Empress report in US dollars, but their market values are quoted in Canadian dollars.

Understanding gold royalty companies

A gold royalty company pays a miner cash up front, and in return receives a share of a mine’s future revenue or production. The most common form is a net smelter return (NSR) royalty, a percentage of what the mine receives for its metal after smelting, refining and transport charges. The holder pays nothing further and does not run the mine.

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How a royalty or stream deal works in 4 steps

1. 1FinancingThe royalty company pays the miner cash up front.
2. 2TermsThe contract sets a revenue share or a share of metal.
3. 3ProductionThe operator runs the mine and bears its costs.
4. 4PaymentThe holder receives cash, or buys metal at the agreed price.

A streaming company also pays up front, but then keeps paying a set price for each ounce it takes. It has the right to buy an agreed share of the metal at that low fixed or percentage price, and it sells the metal at the market price. The margin between the two prices is its income.

A real example shows how this works. Under its agreement with Centerra Gold, Royal Gold buys 35% of the gold and 18.75% of the copper sold from Mount Milligan, paying US$435 per ounce of gold and 15% of the spot price for copper (Centerra, 2025 report). You can read more about the operation in our Mount Milligan mine guide.

These firms run with very small teams. Stock Analysis lists 44 employees at Wheaton, 39 at Royal Gold and 38 at Franco-Nevada (November 2026). Their income still rests on two things they do not control: how much the mine produces and what the metal sells for.

▶ How gold moves from rock to refined metal, the production a royalty depends on · 5:27

How a royalty differs from a stream, in plain numbers

For licence owners, this table is also the start of a financing decision. Selling a royalty or stream raises money without issuing shares, but it reduces what the project keeps for its whole life. Our guides to who funds mines and offtake agreements cover the alternatives.

Sector size: why the top three dominate

For scale, the USGS estimates world gold mine production at about 3,300 tonnes in 2025. Royalty companies hold interests on a slice of that output and mine none of it themselves.

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Annual revenue, 2024 to 2025

US$ million, selected companies with both years on the source page

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Trailing revenue of the largest gold royalty companies

US$ million, last four reported quarters, checked 4-5 November 2026

Added together, the ten companies in the table had about US$8.39 billion of TTM revenue in early November 2026. Wheaton, Franco-Nevada and Royal Gold account for about US$7.22 billion of that, or 86%. Wheaton and Franco-Nevada alone earned almost twice the other eight combined. These totals are our own sums from the Stock Analysis figures, since no government agency publishes a sector-wide total.

Growth has been fast, mostly because metal prices rose. Franco-Nevada’s 2025 revenue was US$1.80 billion against US$1.10 billion in 2024, and Wheaton went from US$1.28 billion to US$2.31 billion (Stock Analysis). The LBMA survey reported by Kitco in August 2026 shows how much price views matter here: respondents expected an average near US$4,500 per ounce by year-end, a forecast rather than a fact.

How much of each company’s revenue is really gold

A “gold royalty company” is often not purely gold, and the biggest name on this list is the clearest case. Wheaton’s second-quarter 2026 revenue of US$929 million was 46% gold and 52% silver. Franco-Nevada reported 70% gold in the same quarter, with precious metals at 86% of revenue and the rest mostly other mining and energy.

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Gold share of latest reported quarter’s revenue

Percent of revenue. Wheaton and Franco-Nevada Q2 2026; Royal Gold and Triple Flag Q3 2026

Royal Gold’s third-quarter 2026 release shows 73% gold, 14% silver and 10% copper on total revenue of US$464.8 million. Triple Flag’s third-quarter figures show US$70.4 million of gold in US$106.7 million of revenue, which is about 66%. If pure gold exposure is what you are after, check this split before relying on the name.

Company profiles: what each one owns

Wheaton Precious Metals: streaming at scale

Wheaton has agreements on 22 operating mines, 20 development projects and 15 exploration-stage projects, 57 assets in all (Q2 2026). Key mines include Salobo in Brazil for gold and Antamina in Peru for silver, where a US$4.3 billion agreement with BHP raised its share. Best for: readers who want the largest name and accept a silver-heavy mix. Watch: silver moves its results about as much as gold does.

Franco-Nevada: royalties plus energy

Franco-Nevada’s Q2 2026 report names Antapaccay, Antamina, South Arturo, Musselwhite and Cote Gold among its contributors, plus energy interests such as Weyburn and SCOOP/STACK. Its largest open question is Cobre Panama, which remained halted under preservation and safe management in that report, although Panama allowed stockpile processing to begin. Best for: diversification across metals and energy. Watch: any decision on restarting Cobre Panama.

Royal Gold: the US-based major

Royal Gold, based in Denver, closed its purchases of Sandstorm Gold and Horizon Copper on 20 October 2025, issuing about 18.6 million shares to Sandstorm holders. It also bought a gold stream on Kansanshi from First Quantum. In Q3 2026 it sold a record 109,000 gold equivalent ounces (GEOs), a measure that converts all metals sold into ounces of gold by value. Best for: a higher gold share among the top three. Watch: debt taken on for the deals, of which it repaid US$250 million in the quarter.

Triple Flag Precious Metals: mid-tier with a new Australian stream

Triple Flag announced a US$440 million gold stream on Ravenswood in June 2026, with first deliveries in the third quarter. It sold 25,030 GEOs in that quarter and guided to 100,000-110,000 GEOs for 2026, at the midpoint to high end. Best for: mid-tier size with a stated volume path. Watch: a smaller asset base, so one mine matters more.

OR Royalties: formerly Osisko Gold Royalties

OR Royalties’ main asset is the 3-5% NSR royalty on Canadian Malartic, operated by Agnico Eagle in Quebec. Preliminary Q3 2026 figures were 20,237 GEOs and US$90.2 million of revenue, with final results due on 11 November. Best for: exposure to a mine the company describes as one of the world’s largest gold mines. Watch: concentration in that single complex.

Versamet Royalties: fast-growing newcomer

Versamet was called Sandbox Royalties until June 2024 and now trades on the Toronto Stock Exchange. Stock Analysis shows its TTM revenue up about 404%, and its news flow records a gold stream on Eskay Creek in British Columbia. Best for: following a young company adding large assets. Watch: production growth depends on projects still being built.

Elemental Royalty: formed by merger

Elemental Altus and EMX completed their merger on 13 November 2025. The company now describes about 20 producing assets and more than 260 royalties, naming Caserones, Karlawinda and Timok as anchors, and guides to about US$95 million of 2026 revenue. Best for: breadth at mid-tier scale. Watch: Q3 results due 10 November.

Empress Royalty: financing smaller producers

Empress holds gold and silver royalty and stream interests and focuses on small to mid-tier producers and development-stage miners. Its revenue rank is much higher than its market value rank, which is one reason a revenue table and a market value table should be read together. Best for: seeing how the small end of the market prices deals. Watch: smaller operators carry more counterparty risk.

Vox Royalty: gold-weighted, very small team

Vox describes a gold-weighted portfolio of more than 70 royalties and streams at producing, development and exploration stages. Stock Analysis lists seven employees and a base in Westminster, Colorado. Best for: a small company with a stated gold tilt. Watch: thin revenue relative to larger peers.

Gold Royalty Corp: many interests, early revenue

Gold Royalty lists more than 250 royalties and streams, including an interest in the Cote Gold project in Ontario. It closed at US$3.04 on 4 November 2026, with 2025 revenue of US$15.61 million against US$10.10 million in 2024 (Stock Analysis). Best for: following a portfolio where many assets have yet to pay. Watch: a large asset count does not mean large income.

Metalla Royalty & Streaming: just outside the ten

Metalla lists 98 royalties and streams in 18 countries, of which seven are producing, with Cote-Gosselin and Tocantinzinho among its named assets. Its market value of about US$749 million is high for revenue of US$15.6 million, because much of what it holds is still in development. It is often searched alongside the larger names, so we include it here even though it ranks eleventh.

Gold royalty valuation: what the market pays per dollar of revenue

A simple first check is market value divided by TTM revenue. A high number means investors are paying for growth they expect later, or simply that revenue is small today. All of these figures move daily. This ratio ignores debt, cash, costs and tax, so treat it as a starting question and not as a verdict on value.

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Market value divided by trailing revenue

Times, US-dollar quoted companies, 4-5 November 2026, our calculation

Fuller analysis uses price to net asset value, which needs mine-by-mine production estimates, and cash flow per share from company filings. Neither appears in this table because both depend on assumptions that differ by analyst.

Royalty income calculator

Royalty income follows simple arithmetic: ounces times price times rate, less any deductions. A stream replaces the rate with a share of the ounces and subtracts what the holder pays. Enter a mine’s figures from its operator’s latest report to compare both on the same mine.

How to check these numbers yourself

1. Start with the company’s own quarterly release and management report on its investor pages, on SEC EDGAR or on SEDAR+. Only these give per-asset revenue, the gold share and guidance.
2. Use a data site such as Stock Analysis for TTM revenue and market value, and note the date you checked.
3. Compare the reported gold price with the LBMA gold price benchmark for the same period.
4. Check the currency. Canadian-listed companies often report in US dollars but are quoted in Canadian dollars.
5. Compare revenue with GEOs sold. If revenue rose and GEOs did not, the gain came from price and not from new production.
6. Check operating status mine by mine. A royalty on a halted mine, such as Cobre Panama in the Franco-Nevada report above, pays little or nothing while it stays halted.

Risks facing gold royalty firms

• Metal price: revenue falls with the price, even if nothing changes at the mine.
• Mine and project risk: delays, closures and lower output cut payments. Cobre Panama shows that a large asset can stop producing because of a government decision.
• Counterparty risk: an operator in financial trouble can delay payment or enter insolvency, which can complicate royalty claims.
• Concentration: a company whose main asset is one mine, as OR Royalties describes Canadian Malartic, is more exposed to that mine than a broader portfolio is.
• Deal competition: large purchases such as Wheaton’s US$4.3 billion Antamina agreement show how much capital is now chasing a limited number of big assets.
• Development timing: portfolios with many exploration-stage royalties can wait many years for income, and some never pay.

▶ Why early drilling decisions are costly, and how imagery fits in before them · 4:26

Are gold royalty companies safer than miners?

They avoid direct exposure to operating costs, wage disputes and equipment failures, and the figures show the margin benefit: OR Royalties’ preliminary Q3 2026 cash margin was about 96.8%, and Royal Gold reported an adjusted EBITDA margin of 84%. That is not the same as safe. Their shares still fall with metal prices, and buying at a high revenue multiple adds its own risk.

The difference is one of risk type. A miner carries cost risk and price risk. A royalty holder carries mainly price and volume risk, and it has no control over how the mine is run.

How satellite data supports royalty due diligence

Royalty holders and owners cannot visit every asset often. Satellite images can show visible change at a site between visits, such as new disturbance, pit growth or construction. They cannot tell you production, grade or payment amounts, so filings remain the primary record. Licence owners can also screen ground with imagery before talking to a financier, as an early step ahead of any resource estimate.

Farmonaut’s other satellite pages cover carbon footprinting, fleet management, product traceability, loan and insurance verification, API documentation and mobile apps. For related reading, see our lists of gold exploration companies and the best countries for gold mining investment.

▶ How satellites map the rock around gold systems and what they cannot see · 4:25

Frequently asked questions

What are gold royalty companies?

They give miners cash up front in exchange for a share of future revenue or production. They do not operate the mines, so their income depends on the mine’s output and the metal price.

What are the top 10 gold royalty companies?

By TTM revenue in early November 2026: Wheaton, Franco-Nevada, Royal Gold, Triple Flag, OR Royalties, Versamet, Elemental, Empress, Vox and Gold Royalty Corp (Stock Analysis).

What are the top 5 gold royalty companies?

By revenue, the first five are Wheaton, Franco-Nevada, Royal Gold, Triple Flag and OR Royalties. By market value, OR Royalties moves slightly ahead of Triple Flag.

What are the best gold royalty stocks?

We rank by size, not by future return, and cannot say which suits you. Useful comparisons are gold share of revenue, the number of producing assets, market value to revenue, and debt. Please speak to a licensed adviser about a personal decision.

What is the largest gold royalty company?

Wheaton Precious Metals is the largest by both revenue and market value in this list (November 2026). Note that silver was slightly more of its Q2 2026 revenue than gold, so among those earning most of their income from gold, Franco-Nevada and Royal Gold are the largest.

What is the difference between gold royalty and streaming companies?

A royalty pays a share of revenue with no further payment. A stream gives the right to buy a share of the metal at a set low price. Many firms hold both, so the terms are less separate than the labels suggest.

What happened to Sandstorm Gold?

Royal Gold bought it, along with Horizon Copper, and the deals closed on 20 October 2025. Sandstorm no longer trades separately. Older lists that show it are out of date.

Is Osisko Gold Royalties the same as OR Royalties?

Yes. Older pages use the Osisko name. The company now trades as OR Royalties under the ticker OR.

Are gold royalty companies a good way to invest in gold?

They are shares in businesses, not gold itself. They offer different risks from bullion and from miners. Their results depend on mine output and terms as well as on the gold price.

Can a small claim or licence owner sell a royalty?

Possibly, and Empress states a focus on small to mid-tier producers and development-stage miners. Have a lawyer check the terms, and expect a buyer to ask for technical data.

What to take from this ranking

Size in this sector is heavily concentrated, the word “gold” in a name or list says little about revenue mix, and asset counts say little about income. Recheck any figure here against the company’s latest report, since several of these firms were due to report within days of our check on 5 November 2026.