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Franco-Nevada Corporation

FNV Basic Materials Gold

Franco-Nevada Corporation’s revenue for fiscal 2025 (year ended December 2025) was $1.8 billion, up 63.7% from fiscal 2024.

Revenue
+57.3%
EPS
+43.8%
Free cash flow
+143.2%

Quarter to June 2026, against a year earlier

252.44 10.30 +4.25%
Market cap
$48.4B
P/E
32.9×
Fwd P/E
29.0×
Dividend yield
0.67%
F-score
7/9
Altman Z
40.67
Beneish M
−1.97
Dividend safety
65/100
Overview
Financials
Income Statement Balance Sheet Cash Flow Metrics & Ratios

Insider Decisions last twelve months

Trades a month
Jan 26 Apr 26 Jul 26 Oct 26
Buy — — — — — — — — — — — —
Sell — — — — — — — — — — — —
Insider Ownership 0.65%

Capital & Financial Ratios $m

Size
Market Cap 48,350.00
Revenue ttm 2,316.60
Net income ttm 1,477.80
Free cash flow ttm 1,006.70
Net debt Q (1,014.20)
Valuation
P/E 32.91
Forward P/E 29.00
Price / sales 21.02 (above 10: high)
Forward P/S Powerpack
Price / FCF 48.37
Price / book 5.91
Financial health
Current ratio Q 9.38 (at or above 1.5: strong)
Debt / equity Q 0.00 (at or below 0.5: strong)
Interest coverage Q 636.71
Growth
Revenue growth Q +57.26% (above 0%: growing)
Operating income growth Q +47.73% (above 0%: growing)
EPS, this year +43.41% (at or above 15%: strong)
EPS, next year A +11.74%
Revenue, next year A +30.68% (at or above 10%: strong)
EPS, past 5 yrs +27.49% (at or above 15%: strong)
EPS, next 5 yrs A +23.65% (at or above 15%: strong)

Green and red mark values outside typical ranges; (Q) is the latest quarter, (A) analysts’ estimates. How we judge →

Valuation vs history

EV/Sales, ten years
EV/Sales is 20.7×, against a ten-year median of 21.4×; over the ten years it ranged from 15.5× in 2024 to 32.6× in 2020.
P/E against its own 10 years 8.28%
10-year low 10-year high
P/S against its own 10 years 42.06%
10-year low 10-year high
P/B against its own 10 years 95.93%
10-year low 10-year high
EV/Sales against its own 10 years 42.57%
10-year low 10-year high
EV/FCF against its own 10 years 39.01%
10-year low 10-year high

Dividends raised every year since 2017

Yield
0.67%
Annual rate
1.70
Payout ratio
22.2%
Growth, 2017–25
+6.62%/yr
  1. 0.91 ’17
  2. 0.95 ’18 +4
  3. 0.99 ’19 +4
  4. 1.03 ’20 +4
  5. 1.16 ’21 +13
  6. 1.28 ’22 +10
  7. 1.36 ’23 +6
  8. 1.44 ’24 +6
  9. 1.52 ’25 +6
  10. 1.76 ’26e +16
paid forecast change on the year, % Powerpack

Assets vs Liabilities $m

2023 2024 2025 Q'26
Cash 1,422 1,451 671 1,014
Receivables 111 152 242 238
Inventory 52 97 40 113
Other — — — —
1,615 1,717 1,021 1,388
2023 2024 2025 Q'26
Payables 31 29 45 39
ST’ Debt — — — —
Other — — — —
39 68 123 148

Compound Annual Growth %

10y 5y 3y
Sales 15.18% 12.31% 11.48%
Cash Flow 16.87% 13.19% 14.33%
Earnings 46.39% 27.80% 16.65%
Book Value 9.21% 7.00% 5.96%

Earnings Trends EPS, adjusted, against the consensus

Jun 2026 Estimate 1.95 Actual 1.81

Earnings per share against the consensus, by quarter
Quarter Estimate Reported Result
Sep 2025 1.37 1.43 Beat by 0.06
Dec 2025 1.68 1.85 Beat by 0.17
Mar 2026 2.09 2.38 Beat by 0.29
Jun 2026 1.95 1.81 Miss by 0.14
Sep 2026 1.77 — Reports 11 November 2026

EPS $

Mar Jun Sep Dec Year
’26 2.43 1.83 — — —
’25 1.09 1.28 1.49 1.90 5.76
’24 0.75 0.41 0.79 0.91 2.87
’23 0.81 0.96 0.91 (5.11) (2.43)
’22 0.95 1.02 0.82 0.86 3.66
’21 0.90 0.92 0.87 1.16 3.83
’20 (0.52) 0.50 0.81 0.92 1.71
Fiscal quarters ending in the months shown.

Revenue $m

Mar Jun Sep Dec Year
’26 651 581 — — —
’25 368 369 488 597 1,823
’24 257 260 276 321 1,114
’23 276 330 310 303 1,219
’22 339 352 304 320 1,316
’21 309 347 316 328 1,300
’20 241 195 280 305 1,020
Fiscal quarters ending in the months shown.

Operating Cash Flow $m

Mar Jun Sep Dec Year
’26 520 483 — — —
’25 289 430 348 427 1,494
’24 179 194 214 243 830
’23 210 262 236 284 991
’22 231 257 232 279 1,000
’21 224 245 207 279 955
’20 195 150 212 246 804
Fiscal quarters ending in the months shown.

Free Cash Flow $m

Mar Jun Sep Dec Year
’26 158 402 — — —
’25 (219) (931) 56 392 (703)
’24 36 184 (26) 238 433
’23 107 100 71 199 477
’22 228 247 229 154 858
’21 34 (298) 200 260 195
’20 161 146 76 108 491
Fiscal quarters ending in the months shown.

Target Price Range

Analyst price targets

Recommendation Rating

2
1Buy 2 3Hold 4 5Sell

Ten years at a glance Fiscal years to December

Ten-year view Analyst estimates Powerpack
Group Line 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 TTM Jun ’26 Trend 10 yrs 2026e 2027e 2028e Next 3/yr
Income, $m
Income, $m Revenue 610 675 653 844 1,020 1,300 1,316 1,219 1,114 1,823 2,317 +12.9% 2,382 2,655 2,809 +15.5%
Gross margin, % 82.66 38.52 43.98 51.66 60.81 63.24 64.80 62.89 68.18 73.91 77.32 (8.8) pt
EBT 168 236 189 406 340 858 834 (364) 764 1,416 1,885 +26.7%
EBT margin, % 27.52 34.96 28.95 48.09 33.28 65.98 63.37 (29.88) 68.60 77.68 81.35 +50.2 pt
Net income 122 195 139 344 326 734 701 (466) 552 1,112 1,478 +27.8%
Per share, $
Per share, $ Revenue 3.48 3.69 3.51 4.50 5.36 6.80 6.87 6.35 5.79 9.46 12.01 +11.7%
Earnings 0.70 1.06 0.75 1.83 1.71 3.84 3.66 (2.43) 2.87 5.77 7.67 +26.4%
Cash flow 2.69 2.67 2.55 3.29 4.22 5.00 5.22 5.16 4.31 7.75 9.21 +12.5%
Capex (4.09) (2.74) (5.32) (2.37) (1.64) (3.98) (0.74) (2.68) (2.06) (11.40) (4.00) +12.1%
Free cash flow (1.40) (0.07) (2.77) 0.92 2.58 1.02 4.48 2.48 2.25 (3.65) 5.22 +11.2%
Book value 23.67 25.73 24.89 26.97 28.61 31.53 33.51 30.05 31.17 39.62 42.72 +5.9%
Shares, m 175 183 186 188 190 191 192 192 192 193 193 +1.1%
Valuation, ×
Valuation, × P/E 86.96 75.01 93.56 56.45 72.87 35.92 37.75 0.00 41.12 35.92 32.91 53.6
P/S 17.48 21.54 19.99 22.97 23.38 20.33 20.11 17.55 20.32 21.91 21.02 20.6
P/B 2.57 3.09 2.82 3.83 4.38 4.39 4.12 3.71 3.77 5.23 5.91 3.8
EV/Sales 17.81 21.46 20.20 23.10 23.09 20.10 19.38 16.58 19.23 21.68 20.69 20.3
EV/FCF (44.22) (1,149.89) (25.63) 113.03 47.95 134.06 29.72 42.42 49.49 (56.20) 47.60 (85.9)
Cash, $m
Cash, $m Operating cash flow 471 489 475 618 804 955 1,000 991 830 1,494 1,777 +13.7%
Capex (717) (501) (990) (445) (313) (760) (141) (515) (397) (2,197) (771) +13.3%
Free cash flow (246) (13) (515) 173 491 195 858 477 433 (703) 1,007 +12.4%
Balance, $m
Balance, $m Working capital 324 594 154 225 611 708 1,333 1,576 1,649 898 1,240 +12.0%
Net debt (253) (511) 138 (52) (534) (539) (1,196) (1,422) (1,451) (671) (1,014) +11.4%
Shareholders’ equity 4,147 4,706 4,632 5,062 5,444 6,025 6,418 5,769 5,997 7,635 8,241 +7.0%
Returns, %
Returns, % ROA 3.10 4.32 2.86 6.74 6.00 12.43 10.92 (7.39) 8.96 15.26 18.54 +12.2 pt
ROIC 3.58 3.51 3.47 5.12 7.62 9.03 9.82 10.72 9.99 12.11 15.72 +8.5 pt
ROE 3.34 4.40 2.98 7.10 6.21 12.79 11.26 (7.65) 9.38 16.32 19.91 +13.0 pt
People
People Employees 31 32 34 42 40 40 45 45 46 49 — +5.2%
Revenue/emp, $m 19.68 21.09 19.21 20.10 25.51 32.50 29.24 27.09 24.21 37.20 — +7.3%
Negative figures in brackets.
estimates

All 10 years →

Fiscal years to Dec 2025 · latest quarter Jun 2026

Franco-Nevada Corporation vs peers in Gold (Q) = latest quarter vs a year earlier

Company Market cap P/E Fwd P/E Revenue growth (Q) EPS growth (Q) FCF growth (Q) Gross margin (Q) EBIT margin (Q) Compare
NEM Newmont Corporation $124.4B 13.9× 11.4× +15.19% (above 0%: growing) +41.32% (above 0%: growing) +13.41% (above 0%: growing) 66.32% 49.71% Compare
WPM Wheaton Precious Metals Corp. $60.2B 29.3× 25.4× +84.65% (above 0%: growing) +87.50% (above 0%: growing) −5,847.95% (below 0%: shrinking) 74.03% 71.79% Compare
FNV Franco-Nevada Corporation $48.4B 32.9× 29.0× +57.26% (above 0%: growing) +43.75% (above 0%: growing) +143.18% (above 0%: growing) 77.64% 76.73%
AU AngloGold Ashanti PLC $44.7B 11.9× 10.0× +26.95% (above 0%: growing) +49.24% (above 0%: growing) +41.62% (above 0%: growing) 54.86% 50.77% Compare
GFI Gold Fields Limited $33.5B 22.5× 7.2× +8.27% (above 0%: growing) n/m +754.13% (above 0%: growing) 37.73% 0.00% Compare
RGLD Royal Gold, Inc. $22.1B 26.4× 19.7× +84.38% (above 0%: growing) +39.58% (above 0%: growing) +97.96% (above 0%: growing) 86.59% 65.35% Compare
CDE Coeur Mining, Inc. $15.0B 15.8× 11.5× +77.37% (above 0%: growing) −73.81% (below 0%: shrinking) +104.47% (above 0%: growing) 0.00% 17.74% Compare
EQX Equinox Gold Corp. $13.2B 10.9× 9.3× +169.33% (above 0%: growing) +480.00% (above 0%: growing) −103.64% (below 0%: shrinking) 39.20% 32.14% Compare
HMY Harmony Gold Mining Company Limited $10.6B 52.0× 4.8× −3.10% (below 0%: shrinking) n/m +265.24% (above 0%: growing) 26.37% 0.00% Compare
Median of peers $27.8B 19.1× 10.7× +52.16% +45.28% +69.79% 47.03% 40.93%

All 46 Gold stocks →

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FNV metrics, ten years each

stockrow.com/FNV · Data as of Jun 30, 2026 · For information only; not investment advice. · © 2026 stockrow.com