• Royal Gold average ebitda margin for 2023 was 76.68%, a 1.89% increase from 2022.
• Royal Gold average ebitda margin for 2022 was 78.16%, a 13.44% decline from 2021.
• Royal Gold average ebitda margin for 2021 was 90.3%, a 18.52% decline from 2020.

Ebitda margin can be defined as earnings before interest, taxes, depreciation and amortization as a portion of total revenue.