Share count
55Mpeak FY2025
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VOXR, Vox Royalty Corp.
Gold & Precious Metals capital-intensive
Vox cannot provide assurance that the realized royalty and net precious metal receipts for 2026 will be in the updated range set forth above.
Consideration to acquire the Stockman royalty included A$5 million cash at closing and A$10 million deferred based on cumulative production milestones, payable in either cash or stock at Vox's election, for up to A$15 million (~$10 million) in total consideration.
In connection with the Global Gold Transaction, the Company announced an overnight marketed public offering of Common Shares and an expansion of its revolving Credit Facility (as defined herein) to support funding of the acquisition.
The business
What it sells, where the money comes from, the kind of company it is.
Revenue · FY2025
$12M
+9.0% YoY · 35% 4-yr CAGR
Vital signs · TTM, with 5-yr average
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 12% through the cycle, a solid margin the cost base and competition set as much as the price does. The operating margin has swung widely — from −21% to 66% over the years — so the through-cycle figure carries more than any single year, and the worst year more than the best. Read this kind of business on the commodity price and the cost position. On its own account, the filing leans hardest on cyclicality & demand, 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 2%, above 15% in 0 of 3 years). 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.
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 | ||||||
| $4M | $9M | $12M | $11M | $12M | $12M | RevenueRevenue |
| — | — | ($3M) | $1M | $8M | $8M | Operating incomeOp. inc. |
| — | — | −21.2% | 11.7% | 65.9% | 65.9% | Operating marginOp. mgn |
| ($4M) | $328K | ($101K) | ($2M) | $6M | $6M | Net incomeNet inc. |
| Cash flow & returns | ||||||
| $768K | $2M | $5M | $5M | $11M | $11M | Operating cash flowOp. cash |
| $973K | $2M | $2M | $3M | $7M | $7M | DepreciationDeprec. |
| $4M | ($125K) | $3M | $10M | $11M | $11M | Working capital & otherWC & other |
| $0 | $446K | $2M | $2M | $3M | $3M | Dividends paidDiv. paid |
| — | — | -6% | 2% | 7% | 7% | ROICROIC |
| -20% | 1% | -0% | -4% | 5% | 5% | Return on equityROE |
| −20% | −0% | −5% | −9% | 3% | 3% | Retained to equityRetained/eq |
| Balance sheet | ||||||
| $7M | $4M | $9M | $9M | $8M | $8M | Cash & investmentsCash+inv |
| $545K | $2M | $4M | $3M | $3M | $3M | ReceivablesReceiv. |
| $545K | $2M | $4M | $3M | $3M | $3M | Operating working capitalOper. WC |
| $8M | $7M | $13M | $12M | $11M | $11M | Current assetsCur. assets |
| $2M | $3M | $3M | $3M | $4M | $4M | Current liabilitiesCur. liab. |
| 4.2× | 2.3× | 4.6× | 4.2× | 2.7× | 2.7× | Current ratioCurr. ratio |
| $27M | $42M | $53M | $51M | $123M | $123M | Total assetsAssets |
| ($7M) | ($4M) | ($9M) | ($9M) | ($8M) | ($8M) | Net debt / (cash)Net debt |
| — | — | — | 4.1× | 9.4× | 9.4× | Interest coverageInt. cov. |
| $21M | $35M | $45M | $43M | $107M | $107M | Shareholders’ equityEquity |
| Per share | ||||||
| 1.9M | 2.1M | 2.4M | 2.5M | 2.8M | 2.8M | Shares out (diluted)Shares |
| $1.93 | $4.00 | $5.22 | $4.39 | $4.35 | $4.29 | Revenue / shareRev/sh |
| $-2.18 | $0.15 | $-0.04 | $-0.66 | $2.13 | $2.10 | EPS (diluted)EPS |
| $0.00 | $0.21 | $0.85 | $0.90 | $0.98 | $0.96 | Dividends / shareDiv/sh |
| $10.94 | $16.64 | $19.06 | $17.11 | $38.65 | $38.12 | Book value / shareBVPS |
Share counts before TTM are restated ×1/20 for a stock split, so per-share figures sit on one basis.
Per-share growththe realized rate an owner's share compounded
| 4-yr | 5-yr | |
|---|---|---|
| Revenue / share | +22.5%/yr | +22.5%/yr (4-yr) |
| Book value / share | +37.1%/yr | +37.1%/yr (4-yr) |
The record, charted
FY2021–2025Each measure over its full record; the current point and the worst year marked.
ROIC
7%low FY2023
Where the cash went
ReinvestBuybacksDividendsAcquisitionsRetainedEach year's operating cash, by what management did with it: the mix, and how it drifts.
FY2021FY2025
Quality & stewardship
Returns, the balance sheet, capital allocation, and pay.
Owner’s Scorecard
FY2025 40-F · source on SEC EDGAR →
Will it survive?
- ComfortableOperating income $8M ÷ interest expense $844K
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 $8M − debt $0
What this means
Cash and short-term investments exceed every dollar of debt by $8M, 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?
- Not enough dataIndustry peers: median -16%
What this means
The filing data didn't include the inputs for this check.
- Not enough dataIndustry peers: median -105%
What this means
The filing data didn't include the inputs for this check.
- Cash-backedCash from ops $11M ÷ net income $6M
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?
- Not enough data
What this means
The filing data didn't include the inputs for this check.
- Investing or harvesting? —Not enough data
What this means
The filing data didn't include the inputs for this check.
Graham’s defensive tests · 1 of 4 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 · $12M
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× · 2.73×
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.
- Earnings stability MissA profit every year (5-yr record) · 3 loss years
What this means
Graham wanted earnings in each of the past ten years, the stability a defensive owner leans on.
- Dividend record MissUninterrupted dividends · 4 of 5 yrs
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 $0.02/share (latest year $0.09), the averaged base the calculator's gate runs on, and book value is $1.57/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 2 of 5
What this means
Lost money in 3 year(s), look at what happened there before trusting the average.
- Operating margin 12% (median, 3 yrs)
In the filing’s words The margin widened even though the filing names price competition — the gain came from volume or cost, not pricing power. Read where.
What this means
Over the 3 years on record the operating margin has run around 12% — too short a record to call a through-cycle trend, but that is the level the business earns at.
- Worst year 2023 · −21.2% op. margin
What this means
Operations went underwater in 2023, understand why before trusting the good years.
- Share count +10.0%/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.
- How management talks about it Owner’s terms
What this means
The record and the register agree: capital is compounding and the filing reasons in an owner’s terms — per-share value, return on capital, the long term — not a promoter’s.
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$11M
- Cash & short-term investments$8M
- Receivables$3M
- Other current assets$439K
Current liabilities$4M
- Other current liabilities$4M
Current ratio2.73×all current assets ÷ what's due · Graham looked for 2×
Quick ratio—inventory untagged this quarter, so withheld rather than shown equal to the current ratio
Cash ratio1.94×strictest: cash alone against what's due
Working capital$7Mthe cushion left after near-term bills
Deeper floors
Tangible book value$107Mequity stripped of goodwill & intangibles
Net current asset value($5M)Graham's net-net: current assets less all liabilities
From the company's latest filing.
Peers, Gold & Precious Metals
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 |
|---|---|---|---|---|---|
| MUXMcEwen Inc. | $198M | 77% | -43.0% | -9% | -7% |
| IAUXi-80 Gold Corp. | $95M | — | -177.0% | -15% | -157% |
| EUenCore Energy Corp. | $43M | 17% | -168.1% | -16% | -106% |
| IDRIdaho Strategic Resources Inc. | $42M | 6% | -2.6% | -9% | -8% |
| URGUr Energy Inc Common Shares (Canada) | $27M | -9% | -167.4% | -32% | -105% |
| VOXRVox Royalty Corp. | $12M | — | 11.7% | 2% | — |
| IEIvanhoe Electric Inc. | $3M | 65% | -3501.0% | -65% | -2787% |
| ALOYREalloys Inc. | $2M | 45% | -133.6% | -48% | -71% |
| Group median | — | — | -150.5% | -16% | — |
The price
What a price has to assume.
What the price implies
reverse-DCFEnter the US price, in dollars: the NYSE/Nasdaq quote you hold. Vox Royalty Corp.'s US listing is the ordinary share itself. The record tables elsewhere on this page remain as filed.
Vox Royalty Corp. is profitable, but its owner-earnings base could not be formed from this filing’s tagged data (operating cash flow or capital spending is missing), so the owner-earnings reverse-DCF has no base to grow. We read the price from both ends instead: type a price to see the profitability it demands, then set the mature margin you would believe and weigh the two against each other. Nothing leaves your browser unless you enter it in your notebook.
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The assumptions
Revenue, delivered30%/yr’21→’25
Enter a price to run it.
Owner earnings it must reach—
Margin the price demands—
Owner-earnings margin today—
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.
Two reads of one future. From your price: the owner earnings the company must reach, valued at a mature multiple and discounted back at your rate, expressed as the margin it implies on revenue grown at your rate. From your belief: the mature margin you would credit, set on the dial above. When the margin the price demands runs above the one you would believe, you are paying for a future taken on faith. For a deep cyclical at a trough, normalized through-cycle earnings are the better lens; this mode is for the genuinely unprofitable, and for the profitable business whose capital spending currently outruns its cash.
Cite: Owner Scorecard, "Vox Royalty Corp. (VOXR), the owner's record," https://ownerscorecard.com/c/VOXR, data as of 2026-07-09.
Manual order: ← VOD its page in the Manual VTEX →
Industry order: ← URG the Gold & Precious Metals chapter WPM →