Share count
204Mpeak FY2025
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TFPM, Triple Flag Precious Metals Corp.
Metals & Mining REIT
Triple Flag, formed in 2016, is a precious-metals-focused streaming and royalty company offering bespoke financing solutions to the metals and mining industry.
We have systematically developed a long-life, low-cost, high-quality, diversified portfolio of streams and royalties providing exposure primarily to gold and silver in the Americas and Australia.
In a stream, the holder makes an upfront deposit and ongoing payments in exchange for a percentage of specified metals (often a by-product of the mine) determined with reference to metals produced from a mine, at a pre-agreed price or percentage of market price.
The business
What it sells, where the money comes from, the kind of company it is.
Revenue · FY2025
$389M
+44.5% YoY · 27% 4-yr CAGR
Vital signs · TTM, with 5-yr average
Revenue $389M 5-yr avg $233M
The business in brief
read the 10-K →What this business is and what moves its needle, from its own SEC filings.
- What moves the needle
- Operating margin has run about 42% through the cycle, a wide margin for the work it does — whether that reflects a durable edge or one that can fade is what the record weighs. The operating margin has swung widely — from −6.7% to 57% over the years — so the through-cycle figure carries more than any single year, and the worst year more than the best. Capital spending runs about 34% of sales, so the return earned on what it sinks into that plant weighs as much as the margin. On its own account, the filing leans hardest on concentrated dependence, set against the numbers in what the filing emphasizes, below.
- Is it a good business?
- Return on capital has rarely cleared the cost of capital (median 5%, above 15% in 0 of 5 years). By owner earnings: roughly 44% of revenue reaches owners as cash, consistently. This is price-taker territory, where the balance sheet and the cycle matter more than any multiple; the rest is in the 10-K.
Every line is arithmetic on the company's filings, shown in full in the sections below.
Where the money comes from
read the 20-F →Revenue spreads across 6 regions, the largest Australia at 38%.
Revenue by geography, FY2025
- Australia38%$146M
- Peru24%$93M
- Other Latin America14%$53M
- Africa And Asia13%$50M
- United States8%$30M
- Canada4%$16M
From the segment footnote of the company's own 20-F. Shares are of total revenue; the profit bar shows each segment's share of segment operating profit, before unallocated corporate costs.
The record
Ten years of arithmetic, read across the cycle.
The record, 2021–2025
realized figures from each filing · older years to the left| 2021’21 | 2022’22 | 2023’23 | 2024’24 | 2025’25 | TTMTTMDec 2025 | |
|---|---|---|---|---|---|---|
| Income statement | ||||||
| $150M | $152M | $204M | $269M | $389M | $389M | RevenueRevenue |
| $46M | $55M | $36M | ($23M) | $240M | $240M | Net incomeNet inc. |
| Balance sheet | ||||||
| $1.3B | $1.3B | $1.9B | $1.8B | $2.1B | $2.1B | Total assetsAssets |
| $0 | $0 | $57M | $0 | $0 | $0 | Total debtDebt |
| ($54M) | ($76M) | $33M | ($39M) | ($89M) | ($89M) | Net debt / (cash)Net debt |
| 12.1× | 45.4× | 9.9× | -3.5× | 63.8× | 63.8× | Interest coverageInt. cov. |
| $1.3B | $1.3B | $1.8B | $1.7B | $2.0B | $2.0B | Shareholders’ equityEquity |
| Per share | ||||||
| 148M | 156M | 199M | 201M | 204M | 207M | Shares out (diluted)Shares |
| $0.10 | $0.19 | $0.21 | $0.21 | $0.23 | $0.22 | Dividends / shareDiv/sh |
| $8.75 | $8.45 | $9.08 | $8.62 | $10.04 | $9.90 | Book value / shareBVPS |
Per-share growththe realized rate an owner's share compounded
| 4-yr | 5-yr | |
|---|---|---|
| Revenue / share | +17.1%/yr | +17.1%/yr (4-yr) |
| Owner earnings / share | −0.1%/yr | −0.1%/yr (4-yr) |
| EPS | +39.9%/yr | +39.9%/yr (4-yr) |
| Dividends / share | +22.4%/yr | +22.4%/yr (4-yr) |
| Capital spending / share | +32.7%/yr | +32.7%/yr (4-yr) |
| Book value / share | +3.5%/yr | +3.5%/yr (4-yr) |
The record, charted
FY2021–2025Each measure over its full record; the current point and the worst year marked.
ROIC
10%low FY2024
Quality & stewardship
Returns, the balance sheet, capital allocation, and pay.
Owner’s Scorecard
FY2025 40-F · source on SEC EDGAR →
Will it survive?
- Can it pay its interest? 63.8×ComfortableOperating income $221M ÷ interest expense $3M
What this means
Operating profit covers interest with the kind of margin Graham wanted for a defensive holding. Necessary, not sufficient, it says solvent, not cheap.
- Net cash, debt-freeCash $71M + ST investments $17M − debt $0
What this means
Cash and short-term investments exceed every dollar of debt by $89M, on net the company owes nothing, and can act from strength when others can't. Net debt is the leverage figure that matters: the cash is already set against the debt. Strategic or illiquid investments aren't counted here.
- Not enough data
What this means
The filing data didn't include the inputs for this check.
Is it a good business?
- Below average through the cycle5-yr median, range -1%–10%; 10% latest = NOPAT $197M ÷ invested capital $2.0BIndustry peers: median 2%
What this means
The rate the business earns on the money tied up in it, Buffett's north star, because over time a stock tracks the ROIC beneath it. Above ~15% sustained hints at a moat; a return below the cost of capital (~8%) erodes value as a business grows rather than building it — the test Buffett weighs most. The headline is the median of the last 5 years (it ran 10% most recently), so one peak or trough year doesn't set the verdict. Asset-light businesses (R&D expensed, little capital) read artificially high, pair this with Owner Earnings.
- High through the cycle5-yr median margin, range -18%–58%; latest $94M = operating cash $313M − maintenance capex $219MIndustry peers: median 20%
What this means
What an owner could take out without starving the business: operating cash less the maintenance capital it must spend to hold its position — Buffett's owner earnings. That's 24% of revenue this year, a 44% median across 5 years.
- Cash-backedCash from ops $313M ÷ net income $240M
What this means
How much of reported profit showed up as operating cash. Above 1× is reassuring; well below suggests earnings lean on accruals. One year is noisy, growth and working-capital swings distort it, and this is operating cash, not free cash. Watch the multi-year trend.
How is the cash used?
- Returns about halfDividends + buybacks $55M ÷ Owner Earnings $94M
What this means
Of $94M Owner Earnings, $55M (58%) went back to shareholders, $46M dividends, $9M buybacks. Returning most of it is the mark of a mature business with little left to reinvest at a high return; reinvesting most could mean a long runway, or empire-building. The split doesn't say which; the return earned on it (see ROIC) does.
- Investing or harvesting? —Not enough data
What this means
The filing data didn't include the inputs for this check.
Graham’s defensive tests · 3 of 5 met
Graham’s numerical criteria for the defensive investor (The Intelligent Investor, ch. 14), run on the filings. A floor of safety, not a buy signal; many fine modern businesses fail his strictest liquidity rules by design.
- Adequate size MissRevenue ≥ $2B · $389M
What this means
Big enough to weather a storm. Graham's 1972 floor was ~$100M of sales (≈ $700M today); we use a $2B revenue line as a conservative modern stand-in.
- Strong liquidity PassCurrent ratio ≥ 2× · 3.92×
What this means
Current assets at least twice current liabilities, near-term bills covered without touching the business. Strict by design: many cash-rich modern firms run leaner and miss it, holding their cushion in longer-dated securities.
- Conservative debt PassDebt ≤ working capital · $0 vs $114M WC
What this means
Graham's rule that borrowings not exceed net current assets. Capital-heavy and buyback-heavy firms routinely fail it, read it next to interest coverage, not alone.
- Earnings stability NearA profit every year (5-yr record) · 1 loss year
What this means
Graham wanted earnings in each of the past ten years, the stability a defensive owner leans on.
- Dividend record PassUninterrupted dividends · paid every year (5)
What this means
An unbroken dividend was Graham's mark of durability. He wanted twenty years; the filings show about ten, and a single suspension breaks the streak. Non-payers, many fine modern compounders, fall outside his defensive net by design.
- Moderate price —P/E ≤ 15 and P/E × P/B ≤ 22.5 · decided by the price
What this means
Graham's valuation gate, the wall he kept between a sound business and a sound investment. Three-year average earnings are $0.41/share (latest year $1.16), the averaged base the calculator's gate runs on, and book value is $9.90/share. Enter a price in “What the price implies” just below for the P/E, P/B, and whether it clears. But this is the rule Buffett outgrew: there's no hard P/E law, and a wonderful business can deserve a far richer multiple if the thesis holds, treat it as the bargain-hunter's floor, not a verdict on the price.
Durability & moat, 2021–2025
Whether the record’s returns held, and what the capital reinvested earned.
- Profitable years 4 of 5
What this means
Lost money in 1 year(s), look at what happened there before trusting the average.
- Return on capital ≥ 15% 0 of 5 yrs
What this means
A moat shows up as a high return on invested capital that holds year after year, not one good vintage.
- Operating margin 44% → 25% (2-yr avg ends)
What this means
The recent-years average (25%) sits below the early years (44%), but the latest year (57%) is back near the early level: a cyclical trough dragging the window down, not a one-way slide. The through-cycle median is 42% — read it across the cycle, not on the dip.
- Reinvestment, incremental ROIC returns capital
What this means
The capital base barely grew: this business returns cash through dividends and buybacks rather than reinvesting. Judge it on the cash returned, not on compounding.
- Owner earnings growth +17%/yr
What this means
Owner earnings grew about 17% a year over the record.
- Worst year 2024 · −6.7% op. margin
What this means
Operations went underwater in 2024, understand why before trusting the good years.
- Share count +8.3%/yr
What this means
The share count is rising, dilution works against you on a per-share basis.
- Dividend record rising
What this means
Paid and raised the dividend across the record, the continuity Graham prized.
Does AI threaten the moat?
Low contestabilityThe moat is physical, regulated or balance-sheet-funded, the kind AI cuts costs within but does not contest.
AI is unlikely to contest a moat that is physical, regulated or balance-sheet-funded; here it reads more as a cost tool than a threat.
Read from the filing's own risk factors, paired with the industry's structure under its SIC code; the durability is read above, the price below.
All figures as filed; the source filing is linked above.
Current Position
as of fiscal year-end, Dec 31, 2025Can the business pay what it owes this year, off the freshest balance sheet: the quality of the assets, the debt actually coming due, and what a low ratio means here.
Current assets$153M
- Cash & short-term investments$89M
- Receivables$23M
- Inventory$5M
- Other current assets$37M
Current liabilities$39M
- Accounts payable$35M
- Other current liabilities$4M
Current ratio3.92×all current assets ÷ what's due · Graham looked for 2×
Quick ratio3.80×stricter: inventory excluded
Cash ratio2.28×strictest: cash alone against what's due
Working capital$114Mthe cushion left after near-term bills
Deeper floors
Tangible book value$2.0Bequity stripped of goodwill & intangibles
Debt incl. operating leases$2M$2M of it operating leases
From the company's latest filing.
What an owner would ask, FY2025
read the 10-K →- Which reported numbers are a judgment call?Management names Income taxes, Credit & receivables as critical estimates
each rests partly on management's judgment; the filing's note sets out the assumptionsverify →
The questions the record and the charts do not answer on their own; each carries the figure and the place to look.
Peers, Metals & Mining
The same industry, side by side on owner economics. Each figure is a through-cycle median, so a peak or trough year can’t distort it; the group median at the foot is the line to read each against.
| Company | Revenue | Gross margin | Op. margin | ROIC | Owner earn. margin |
|---|---|---|---|---|---|
| JBGSJBG SMITH Properties | $499M | — | 1.5% | 0% | — |
| BDNBrandywine Realty Trust | $484M | 61% | 19.5% | 3% | — |
| AKRAcadia Realty Trust | $411M | — | 13.5% | 1% | 14% |
| TFPMTriple Flag Precious Metals Corp. | $389M | — | 42.2% | 5% | 44% |
| NHINational Health Investors | $376M | — | 73.9% | 8% | 47% |
| DEAEasterly Government Properties Inc. | $336M | 79% | 22.1% | 2% | — |
| BFSSaul Centers Inc. | $290M | 75% | 27.7% | 4% | 26% |
| UMHUMH Properties | $262M | 91% | — | — | 8% |
| Group median | — | — | 22.1% | 3% | 26% |
The price
What a price has to assume.
What the price implies
reverse-DCFEnter the home-market price, not the US ADR quote. Triple Flag Precious Metals Corp. reports in USD, and every figure here (owner earnings, book value, the share count) is on that ordinary-share basis. Enter the price on the same basis: the local-exchange quote per ordinary share. A US ADR price in dollars bundles the ADR-to-ordinary ratio, so it will not reconcile with these figures and would throw the multiple off.
Type today's close and see the owner-earnings growth you'd have to believe to justify it, beside what Triple Flag Precious Metals Corp. has delivered.
$
Through the cycle, Triple Flag Precious Metals Corp. earns about $169M on its 43.5% median owner-earnings margin. This year’s 24.2% margin runs below that; the reported figure may understate a lean year. Normalize, below, values the price on that through-cycle figure rather than the latest year.
Base
—
The assumptions
9.0% = the 4.55% 10-year Treasury (Jul 15, 2026) + 4.45 points of equity premium. The rate you require is yours to set.
Enter a price above to run it.
A dated snapshot of the price you typed, the assumptions you set, and what the page showed for them. A snapshot is never edited after it is saved. Your notebook is yours alone — the commitment states what is stored and what we will never do.
Implied by the price—
Owner-earnings growth · ’21→’25+17%/yr
Owner-earnings growth · ’21→’25+17%/yr
Owner-earnings yield—
What a growth belief costs, in multiples
The growth each return requires, at your price
P/E (3-yr earnings ’23–’25)—
P/B—
Graham’s price gate—
Graham capped the multiple at 15×; Buffett and Munger let that rule go: a wonderful business can deserve 50× if the thesis holds. The gate marks the bargain-hunter's floor.
Against a high-grade bond: Graham’s yardstick bond yield%
Prefilled with the 10-year Treasury (4.55%, as of Jul 15, 2026). Edit it for today’s exact figure, or a AAA corporate yield.
Graham measured a stock against the bond you could own instead, the heart of his margin of safety. Enter a price above to weigh the owner-earnings yield against this bond.
Owner-earnings yield—
High-grade bond yield—
Margin over the bond—
Owner earnings $94M on 207M shares outstanding, per the 40-F cover, as of 2025-12-31; net cash $89M. The base is the latest year by default; Normalize values it on the through-cycle median owner-earnings margin (to avoid paying on a peak year). Net of stock comp treats option pay as the expense it is. The dials set the multiple a growth belief justifies; the price, and every dollar on this page, is yours.
Cite: Owner Scorecard, "Triple Flag Precious Metals Corp. (TFPM), the owner's record," https://ownerscorecard.com/c/TFPM, data as of 2026-07-09.
Manual order: ← TFII its page in the Manual TGB →
Industry order: ← TECK the Metals & Mining chapter TTAM →