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Royal Gold vs Mesabi Trust: RGLD and MSB compared
Royal Gold is the larger company: $465M of revenue in its latest quarter (Q3 2026) against $2.5M for Mesabi Trust (Q2 FY27). Royal Gold is growing faster (+84% against -56% a year earlier). Royal Gold is more profitable, with an operating margin of 65.4% against -3.8%.
Where the money goes: RGLD and MSB
Royal Gold (RGLD) · Q3 2026
Royal Gold, Q3 2026: revenue $465M (+84% year over year), operating margin 65.4%, net earnings $227M, operating cash flow $344M. The chart follows the revenue to costs, profit and cash.
Mesabi Trust (MSB) · Q2 FY27
Mesabi Trust, Q2 FY27: revenue $2.5M (-56% year over year), operating margin -3.8%, net loss $95K, operating cash flow $249K. The chart follows the revenue to costs, profit and cash.
| Royal Gold (RGLD) | Mesabi Trust (MSB) | |
|---|---|---|
| Latest quarter | Q3 2026 | Q2 FY27 |
| Revenue | $465M | $2.5M |
| Revenue growth, Y/Y | +84% | -56% |
| Gross margin | 68.3% | — |
| Operating margin | 65.4% | -3.8% |
| Net earnings | $227M | −$95K |
| Net margin | 48.9% | -3.8% |
| Operating cash flow | $344M | $249K |
| Free cash flow | $343M | — |
| Market value | $22.6B | — |
| P/E | 26.8× | — |
| Analysts’ mean target | $313.75 | — |
Where the revenue comes from
Royal Gold
- Stream interest: $318M (68%)
- Royalty revenue: $146M (32%)
Questions
Which is bigger, Royal Gold or Mesabi Trust?
Royal Gold is the larger company: $465M of revenue in its latest quarter (Q3 2026) against $2.5M for Mesabi Trust (Q2 FY27).
Is Royal Gold or Mesabi Trust growing faster?
Royal Gold is growing faster (+84% against -56% a year earlier).
Which is more profitable, Royal Gold or Mesabi Trust?
Royal Gold is more profitable, with an operating margin of 65.4% against -3.8%.
More: Royal Gold earnings · how Royal Gold makes money · Mesabi Trust earnings · how Mesabi Trust makes money
From the companies' latest 10-Q, 10-K or earnings release (10-Q filed Nov 5, 2026; 10-Q filed Sep 11, 2026). Fiscal quarters can end on different dates. Not investment advice.