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) Beneish M-score
Franco-Nevada Corporation's Beneish M-score for fiscal 2025 is −1.97; values above −1.78 are the model's flag for possible earnings manipulation — a statistical screen, not a finding.
Beneish M-score, annual
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Annual newest first
| Period | Beneish M-score | Change (points) |
|---|---|---|
| FY2025 | −1.97 | 0.50 |
| FY2024 | −2.48 | 1.17 |
| FY2023 | −3.64 | (1.00) |
| FY2022 | −2.64 | (0.30) |
| FY2021 | −2.34 | 0.24 |
| FY2020 | −2.58 | (0.18) |
| FY2019 | −2.40 | 3.30 |
| FY2018 | −5.70 | (3.65) |
| FY2017 | −2.04 | 0.34 |
| FY2016 | −2.38 | 7.18 |
How fiscal 2025’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Days’ sales in receivables index | 0.97 | — | 0.90 | |
| Gross margin index | 0.92 | — | 0.49 | |
| Asset quality index | 1.76 | — | 0.71 | |
| Sales growth index | 1.64 | — | 1.46 | |
| Depreciation index | 1.08 | — | 0.12 | |
| SG&A index | 0.78 | — | −0.13 | |
| Total accruals to total assets | (0.05) | — | −0.22 | |
| Leverage index | 1.40 | — | −0.46 | |
| Beneish M-score | Elevated | −1.97 | ||
How the Beneish M-score works
M = −4.84 + 0.920 × DSRI + 0.528 × GMI + 0.404 × AQI + 0.892 × SGI + 0.115 × DEPI − 0.172 × SGAI + 4.679 × TATA − 0.327 × LVGI (Beneish, 1999): eight changes in the accounts from one fiscal year to the next, which the model weighs for the pattern seen in companies that later restated their earnings. Higher is worse.
| below −2.22 | Low — no pattern the model associates with manipulation |
|---|---|
| −2.22 to −1.78 | Elevated |
| above −1.78 | Flagged by the model |
−1.78 is the cut-off usually quoted from the paper, −2.22 a common conservative one. A statistical screen, not a finding of wrongdoing.
When asset quality, depreciation or SG&A cannot be worked out, that index is set to 1, as Beneish did, and the breakdown says so; with all three missing there is no score. Depreciation includes amortisation, and asset quality leaves out securities. Not worked out for banks, insurers and REITs.
Beneish M-score against peers
| Company | Beneish M-score |
|---|---|
| AU AngloGold Ashanti PLC compare | −2.9× |
| GFI Gold Fields Limited compare | −2.6× |
| EQX Equinox Gold Corp. compare | −2.6× |
| NEM Newmont Corporation compare | −2.6× |
| HMY Harmony Gold Mining Company Limited compare | −2.2× |
| RGLD Royal Gold, Inc. compare | −2.2× |
| FNV Franco-Nevada Corporation | −2.0× |
| CDE Coeur Mining, Inc. compare | −1.1× |
| WPM Wheaton Precious Metals Corp. compare | 0.6× |
What Beneish M-score is
The Beneish M-Score combines eight year-on-year changes in the accounts into a statistical screen for patterns seen in companies that overstated earnings.
−4.84 + 0.920 × DSRI + 0.528 × GMI + 0.404 × AQI + 0.892 × SGI + 0.115 × DEPI − 0.172 × SGAI + 4.679 × TATA − 0.327 × LVGI