Saturday 17 October 2026
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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. In the quarter to June 2026, revenue grew 57.3%, EPS grew 43.8% and free cash flow grew 143.2%, each against the same quarter a year earlier. Dividend growth for ten consecutive years.
243.38
2.50
+1.04%
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| Dec '16 | Dec '17 | Dec '18 | Dec '19 | Dec '20 | Dec '21 | Dec '22 | Dec '23 | Dec '24 | Dec '25 | |
|---|---|---|---|---|---|---|---|---|---|---|
Piotroski F-Score |
7 | 6 | 4 | 7 | 7 | 8 | 6 | 4 | 6 | 7 |
P/E ratio |
86.96 | 75.01 | 93.56 | 56.45 | 72.87 | 35.92 | 37.75 | 0.00 | 41.12 | 35.92 |
P/S ratio |
17.48 | 21.54 | 19.99 | 22.97 | 23.38 | 20.33 | 20.11 | 17.55 | 20.32 | 21.91 |
Altman Z-Score |
83.95 | 106.20 | 26.38 | 53.69 | 96.64 | 86.73 | 76.01 | 57.71 | 41.64 | 40.67 |
P/FCF ratio |
0.00 | 0.00 | 0.00 | 112.40 | 48.55 | 135.59 | 30.83 | 44.90 | 52.29 | 0.00 |
Altman Z″-Score (non-manufacturers) |
58.57 | 60.53 | 16.57 | 25.04 | 39.75 | 36.11 | 34.83 | 29.60 | 21.59 | 15.59 |
Beneish M-Score |
(2.38) | (2.04) | (5.70) | (2.40) | (2.58) | (2.34) | (2.64) | (3.64) | (2.47) | (1.97) |
P/Operating CF |
87.49 | 115.14 | 133.52 | 105.03 | 96.83 | 94.72 | 94.72 | 75.48 | 93.10 | 93.65 |
Dividend Safety Score |
— | — | — | — | — | — | — | — | — | 65 |
P/B ratio |
2.57 | 3.09 | 2.82 | 3.83 | 4.38 | 4.39 | 4.12 | 3.71 | 3.77 | 5.23 |
Price to Tangible BV |
2.57 | 3.09 | 2.82 | 3.83 | 4.38 | 4.39 | 4.12 | 3.71 | 3.77 | 5.23 |
EV/Sales |
17.81 | 21.46 | 20.20 | 23.10 | 23.09 | 20.10 | 19.38 | 16.58 | 19.23 | 21.68 |
EV/EBITDA |
21.88 | 28.50 | 25.75 | 28.95 | 28.06 | 23.92 | 23.04 | 19.85 | 22.50 | 23.86 |
EV/Operating CF |
23.08 | 29.65 | 27.79 | 31.56 | 29.30 | 27.35 | 25.51 | 20.40 | 25.81 | 26.45 |
EV/FCF |
(44.22) | (1,149.89) | (25.63) | 113.03 | 47.95 | 134.06 | 29.72 | 42.42 | 49.49 | (56.20) |
Quick Ratio |
8.62 | 25.53 | 5.81 | 4.31 | 11.80 | 15.26 | 26.54 | 39.10 | 23.75 | 7.42 |
Current Ratio |
9.61 | 27.27 | 7.14 | 5.22 | 12.48 | 17.39 | 27.55 | 41.21 | 25.43 | 8.30 |
Net Debt/EBITDA |
(0.51) | (1.01) | 0.27 | (0.08) | (0.64) | (0.49) | (1.08) | (1.40) | (1.52) | (0.41) |
Debt/Assets |
0.00% | 0.00% | 4.21% | 1.51% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Debt/Equity |
0.00 | 0.00 | 0.04 | 0.02 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
Asset Turnover |
0.15 | 0.15 | 0.13 | 0.17 | 0.19 | 0.22 | 0.21 | 0.19 | 0.18 | 0.25 |
Operating CF/Net income |
3.85 | 2.51 | 3.42 | 1.80 | 2.46 | 1.30 | 1.43 | (2.13) | 1.50 | 1.34 |
Capex/Depreciation |
(2.62) | (1.84) | (4.00) | (1.69) | (1.30) | (2.54) | (0.49) | (1.88) | (1.76) | (7.16) |
Interest Coverage |
61.92 | 69.24 | 57.57 | 38.70 | 171.03 | 220.19 | 256.47 | 257.00 | 279.46 | 435.29 |
| 3.34% | 4.40% | 2.98% | 7.10% | 6.21% | 12.79% | 11.26% | (7.65%) | 9.38% | 16.32% | |
| 3.10% | 4.32% | 2.86% | 6.74% | 6.00% | 12.43% | 10.92% | (7.39%) | 8.96% | 15.26% | |
ROIC |
3.58% | 3.51% | 3.47% | 5.12% | 7.62% | 9.03% | 9.82% | 10.72% | 9.99% | 12.11% |
Return on Tangible Assets |
3.06% | 4.30% | 2.95% | 6.85% | 6.22% | 12.53% | 11.19% | (8.32%) | 9.60% | 16.02% |
Average Days of Receivables |
42.53 | 35.63 | 42.19 | 42.29 | 33.42 | 33.64 | 37.65 | 33.24 | 49.75 | 48.44 |
Research and Development Expense of Revenue |
0.56% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Selling, General and Administrative Expense of Revenue |
3.39% | 3.69% | 3.46% | 3.41% | 2.82% | 2.37% | 2.48% | 2.29% | 3.67% | 2.86% |
Intangible Assets out of Total Assets |
0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
Share Based Compensation of Revenue |
0.82% | 0.68% | 0.80% | 0.58% | 0.55% | 0.62% | 0.62% | 0.45% | 0.48% | 0.35% |
Graham Net Nets |
0.03 | 0.04 | (0.01) | 0.00 | 0.02 | 0.02 | 0.04 | 0.07 | 0.06 | 0.01 |
Graham Number |
19.31 | 24.77 | 20.49 | 33.32 | 33.27 | 52.26 | 52.53 | 0.00 | 44.78 | 71.72 |
Earnings Yield |
1.15% | 1.33% | 1.07% | 1.77% | 1.37% | 2.78% | 2.65% | (2.17%) | 2.43% | 2.78% |
Free Cash Flow Yield |
(2.30%) | (0.09%) | (3.94%) | 0.89% | 2.06% | 0.74% | 3.24% | 2.23% | 1.91% | (1.76%) |
Revenue per Share |
3.48 | 3.69 | 3.51 | 4.50 | 5.36 | 6.80 | 6.87 | 6.35 | 5.79 | 9.46 |
Operating CF per Share |
2.69 | 2.67 | 2.55 | 3.29 | 4.22 | 5.00 | 5.22 | 5.16 | 4.31 | 7.75 |
Capex per Share |
(4.09) | (2.74) | (5.32) | (2.37) | (1.64) | (3.98) | (0.74) | (2.68) | (2.06) | (11.40) |
Free Cash Flow per Share |
(1.40) | (0.07) | (2.77) | 0.92 | 2.58 | 1.02 | 4.48 | 2.48 | 2.25 | (3.65) |
Cash per Share |
1.44 | 2.79 | 0.37 | 0.70 | 2.81 | 2.82 | 6.25 | 7.41 | 7.54 | 3.48 |
Shareholders Equity per Share |
23.67 | 25.73 | 24.89 | 26.97 | 28.61 | 31.53 | 33.51 | 30.05 | 31.17 | 39.62 |
Interest Debt per Share |
0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
Book value per Share |
23.67 | 25.73 | 24.89 | 26.97 | 28.61 | 31.53 | 33.51 | 30.05 | 31.17 | 39.62 |
Free Cash Flow |
(245.80) | (12.60) | (514.80) | 172.50 | 491.30 | 194.90 | 858.00 | 476.60 | 432.70 | (703.00) |
Working Capital |
323.60 | 593.80 | 153.50 | 225.30 | 610.50 | 708.20 | 1,332.90 | 1,576.10 | 1,649.30 | 898.40 |
Capital Expenditures |
(716.80) | (501.20) | (989.60) | (445.20) | (312.60) | (760.50) | (141.50) | (514.60) | (396.80) | (2,196.70) |
Net Current Asset Value |
286.10 | 533.50 | (121.40) | 60.30 | 514.60 | 566.70 | 1,173.90 | 1,390.30 | 1,383.00 | 415.30 |
EV/EBIT |
48.76 | 61.55 | 49.84 | 47.53 | 39.35 | 32.96 | 31.07 | 27.13 | 29.47 | 29.28 |
Capex to Sales |
1.17 | 0.74 | 1.52 | 0.53 | 0.31 | 0.59 | 0.11 | 0.42 | 0.36 | 1.21 |
Price to Operating Income |
47.84 | 61.78 | 49.32 | 47.27 | 39.84 | 33.34 | 32.24 | 28.71 | 31.14 | 29.60 |
| Other line items | ||||||||||
Depreciation/Fixed assets |
0.07 | 0.07 | 0.05 | 0.05 | 0.05 | 0.06 | 0.06 | 0.07 | 0.06 | 0.05 |
Cash ROIC |
(5.59%) | (0.24%) | (10.49%) | 3.27% | 8.22% | 2.97% | 11.27% | 6.63% | 5.81% | (8.46%) |
Accounts Receivable Turnover |
8.96 | 9.85 | 9.24 | 9.74 | 10.67 | 12.20 | 10.30 | 9.88 | 8.47 | 9.26 |
Accounts Payable Turnover |
5.43 | 19.53 | 16.23 | 12.48 | 9.68 | 12.85 | 12.08 | 12.23 | 11.89 | 12.92 |
Inventory Turnover |
20.82 | 81.67 | 0.00 | 69.06 | 148.00 | 606.93 | 1,176.27 | 17.47 | 4.77 | 6.95 |
Average Days of Payables |
72.45 | 18.91 | 23.54 | 37.39 | 37.25 | 25.66 | 33.97 | 24.93 | 29.57 | 34.47 |
Days of Inventory on Hand |
10.22 | 6.33 | 0.00 | 4.13 | 0.72 | 0.60 | 0.00 | 41.79 | 99.72 | 30.78 |
Average Receivables |
68.10 | 68.50 | 70.70 | 86.65 | 95.60 | 106.60 | 127.75 | 123.35 | 131.40 | 196.85 |
Average Payables |
19.50 | 21.25 | 22.55 | 32.70 | 41.30 | 37.20 | 38.35 | 37.00 | 29.80 | 36.80 |
Average Inventory |
5.08 | 5.08 | — | 5.91 | 2.70 | 0.79 | 0.39 | 25.90 | 74.30 | 68.45 |
Average Assets |
3,947.95 | 4,505.00 | 4,860.10 | 5,106.20 | 5,436.75 | 5,901.40 | 6,418.35 | 6,310.45 | 6,162.25 | 7,285.90 |
Average Common Equity |
3,654.75 | 4,426.00 | 4,668.70 | 4,847.05 | 5,253.00 | 5,734.50 | 6,221.40 | 6,093.35 | 5,882.85 | 6,815.95 |
Columns are period end dates