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.
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Franco-Nevada Corporation (FNV) Altman Z-score
Franco-Nevada Corporation's Altman Z-score for fiscal 2025 is 40.67, in the safe zone (above 2.99).
Altman Z-score, annual
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Annual newest first
| Period | Altman Z-score | Change (points) |
|---|---|---|
| FY2025 | 40.67 | (0.97) |
| FY2024 | 41.64 | (16.07) |
| FY2023 | 57.71 | (18.29) |
| FY2022 | 76.01 | (10.72) |
| FY2021 | 86.73 | (9.91) |
| FY2020 | 96.64 | 42.94 |
| FY2019 | 53.69 | 27.31 |
| FY2018 | 26.38 | (79.81) |
| FY2017 | 106.20 | 22.25 |
| FY2016 | 83.95 | 75.33 |
How fiscal 2025’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Working capital / total assets | 0.11 | — | 0.13 | |
| Retained earnings / total assets | 0.17 | — | 0.23 | |
| EBIT / total assets | 0.16 | — | 0.54 | |
| Market value of equity / total liabilities | 65.90 | — | 39.54 | |
| Sales / total assets | 0.22 | — | 0.22 | |
| Altman Z-score | Safe zone | 40.67 | ||
| Z″ Variant for non-manufacturing and asset-light companies (drops the sales/assets term, uses book equity) | Safe zone | 15.59 | ||
How the Altman Z-score works
Z = 1.2 × working capital ÷ total assets + 1.4 × retained earnings ÷ total assets + 3.3 × EBIT ÷ total assets + 0.6 × market value of equity ÷ total liabilities + 1.0 × revenue ÷ total assets (Altman, 1968). The market value of equity is the close on the last trading day of the fiscal year times weighted basic shares.
Z″ = 6.56 × working capital ÷ total assets + 3.26 × retained earnings ÷ total assets + 6.72 × EBIT ÷ total assets + 1.05 × book equity ÷ total liabilities (Altman, Hartzell and Peck, 1995), the variant for non-manufacturing and asset-light companies.
| Zone | Z | Z″ |
|---|---|---|
| Safe zone | above 2.99 | above 2.60 |
| Grey zone | 1.81–2.99 | 1.10–2.60 |
| Distress zone | below 1.81 | below 1.10 |
Not worked out for banks, insurers and REITs, whose balance sheets the model does not describe, nor when a figure is missing or there is no share price in the week to the fiscal year end.
Altman Z-score against peers
| Company | Altman Z-score |
|---|---|
| WPM Wheaton Precious Metals Corp. compare | 75.2× |
| FNV Franco-Nevada Corporation | 40.7× |
| AU AngloGold Ashanti PLC compare | 7.5× |
| GFI Gold Fields Limited compare | 5.8× |
| CDE Coeur Mining, Inc. compare | 5.0× |
| RGLD Royal Gold, Inc. compare | 4.5× |
| HMY Harmony Gold Mining Company Limited compare | 4.1× |
| NEM Newmont Corporation compare | 4.1× |
| EQX Equinox Gold Corp. compare | 1.6× |
What Altman Z-score is
The Altman Z-Score weighs working capital, retained earnings, operating profit, market value and sales against assets and debts to gauge the risk of distress.
1.2 × working capital ÷ total assets + 1.4 × retained earnings ÷ total assets + 3.3 × EBIT ÷ total assets + 0.6 × market value of equity ÷ total liabilities + 1.0 × revenue ÷ total assets