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UROY, Uranium Royalty Corp.
An exchange, a toll booth on trading and the market data that trading generates.
The business
What it sells, where the money comes from, the kind of company it is.
The business in brief
What this business is and what moves its needle, from its own SEC filings.
- What moves the needle
- Trading volume and the data franchise. What decides it: volumes across its markets, which spike when volatility does; the network economics of a deep liquidity pool rivals cannot easily replicate; and the recurring, high-margin market-data and listing fees layered on top.
- Is it a good business?
- Operating margin has been modest for a fee business (median 16%). It earns this on little capital, so return on equity has run near 7%, the leverage of a model that needs almost no plant to grow. A high return that does not fade can mark a moat, but whether the volumes and the data franchise hold their pricing is what the 10-K settles, not the multiple.
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, 2024–2026
realized figures from each filing · older years to the left| 2024’24 | 2025’25 | 2026’26 | TTMTTMApr 2026 | |
|---|---|---|---|---|
| Income statement | ||||
| $31M | $11M | $187M | $187M | RevenueRevenue |
| 16.3% | −30.7% | 25.9% | 25.9% | Operating marginOp. mgn |
| 43.9% | −40.2% | 21.5% | 21.5% | Net marginNet mgn |
| $14M | ($5M) | $40M | $40M | Net incomeNet inc. |
| 19% | — | 26% | 26% | Effective tax rateTax rate |
| Cash flow & returns | ||||
| 7% | -2% | 13% | 13% | Return on equityROE |
| 7% | −2% | 13% | 13% | Retained to equityRetained/eq |
| Balance sheet | ||||
| — | $216M | $373M | $373M | Total assetsAssets |
| — | $9M | $242M | $242M | Cash & investmentsCash+inv |
| $200M | $215M | $313M | $313M | Shareholders’ equityEquity |
| Per share | ||||
| 115M | 127M | 139M | 147M | Shares out (diluted)Shares |
| $0.27 | $0.09 | $1.34 | $1.27 | Revenue / shareRev/sh |
| $0.12 | $-0.04 | $0.29 | $0.27 | EPS (diluted)EPS |
| $1.74 | $1.70 | $2.24 | $2.13 | Book value / shareBVPS |
Quality & stewardship
Returns, the balance sheet, capital allocation, and pay.
Owner’s Scorecard
Is it a good business?
- Operating margin 25.9%Solid fee marginOperating income $48M ÷ revenue $187MIndustry peers: median 7%
What this means
The heart of a exchange: how much of each fee dollar survives the cost of running the business. Revenue is a toll on trading volume plus the recurring market-data and listing fees the venue generates, protected by the network economics of a deep liquidity pool that rivals cannot easily replicate. A high margin held for years, through a market it does not control, is the operational mark of a real franchise.
- Net margin 21.5%WideNet income $40M ÷ revenue $187M
What this means
What reaches the owner after tax and interest. For a capital-light fee business this should be a wide share of revenue; when it is thin despite a high operating margin, debt taken on for acquisitions is usually the reason, so read it next to the balance sheet.
- Return on equity 13%SolidNet income $40M ÷ equity $313MIndustry peers: median 5%
What this means
Because the business ties up little capital, a healthy fee stream throws off a high return on the equity behind it. Read it with the buyback record: returning capital lifts this ratio honestly, but heavy debt taken to do so can flatter it.
All figures as filed; the source filing is linked above.
Current Position
as of fiscal year-end, Apr 30, 2026Can 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.
- Cash & short-term investments$242M
- Receivables$59K
- Inventory$34M
- Other current assets$53M
- Other current liabilities$55M
From the company's latest filing.
Peers, nearest by economic model
No close industry peers in the catalog yet, so these are the nearest by economic model (bank / financial), compared on fee margins. Each column names the period it is read over, and a median resting on fewer than three years carries that count beside it; the group median at the foot is the line to read each figure against.
| Company | Revenuelatest FY, USD | Op. marginmedian over the record | Net marginmedian over the record | ROEmedian over the record |
|---|---|---|---|---|
| RPCRidgepost Capital Inc. | $297M | 21.9% | 6.6% | 5% |
| JSMNavient Corporation | $271M | 1087.2% | 110.0% | 17% |
| ALTIAlTi Global Inc. | $255M | -21.8% | -46.9% | -27% |
| ABXAbacus Global Management Inc. | $235M | 37.0% | 14.9% | 6% |
| UROYUranium Royalty Corp. | $187M | 16.3% | 21.5% | 7% |
| MAASMaase Inc. | $116M | -39.0% | -35.9% | -17% |
| DBRGDigitalBridge Group Inc. | $94M | -16.2% | -26.0% | -5% |
| ANTAAntalpha Platform Holding Company | $80M | 6.7% | 9.3% | 15%2y |
| Group median | — | 11.5% | 7.9% | 5% |
The price
What a price has to assume.
What the price implies
reverse-DCFEnter the home-market price, not the US ADR quote. Uranium Royalty 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.
Uranium 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.
Enter a price 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.
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.
Manual order: ← UMC its page in the Manual USAS →
Industry order: ← URG the Coal & Consumable Fuels chapter UUUU →