Franco-Nevada Corporation (FNV) vs Wheaton Precious Metals Corp. (WPM)

Franco-Nevada Corporation and Wheaton Precious Metals Corp. are both Gold companies. Wheaton Precious Metals Corp. is the larger, with a market value of $65.4B against $50.1B — 1.3× the size. Wheaton Precious Metals Corp. trades at the lower P/E: 31.6× against 33.6×. Wheaton Precious Metals Corp. grew revenue faster over the last twelve months: 90.8% against 73.6%. Wheaton Precious Metals Corp. has the higher net margin (64.7% vs 63.8%) and the lower return on invested capital (12.5% vs 15.7%). Both pay a dividend; Wheaton Precious Metals Corp. yields more (1.30% vs 1.28%). Across the 22 metrics below, Wheaton Precious Metals Corp. leads on 12 and Franco-Nevada Corporation on 10.

Valuation

Metric FNV WPM Gold median
P/E 33.62 31.62 23.34
P/S 21.47 20.46 5.02
P/B 6.04 6.70 3.53
Price to free cash flow 49.41 n/m 16.73
EV/EBITDA 22.70 25.14 8.34
EV/Sales 21.11 21.05 4.92
Earnings yield 2.97% 3.16% 1.44%
Free cash flow yield 2.02% (4.49%) 0.75%

Profitability

Metric FNV WPM Gold median
Gross margin 77.32% 75.25% 50.00%
Operating margin 78.46% 72.62% 26.32%
Net margin 63.79% 64.66% 12.30%
Free cash flow margin 43.46% (91.92%) 0.00%
Return on equity 19.91% 23.55% 6.36%
Return on assets 18.54% 20.36% 0.00%
Return on invested capital 15.72% 12.45% 0.52%

Growth

Metric FNV WPM Gold median
Revenue growth (TTM) 73.59% 90.79% 68.15%
EPS growth (last fiscal year) 100.70% 176.92% —
Revenue growth, 5-year CAGR 12.31% 16.12% 16.12%
Net income growth, 5-year CAGR 27.80% 23.72% 0.00%

Health

Metric FNV WPM Gold median
Debt to equity 0.00 0.20 0.10
Current ratio 9.38 0.47 3.08
Net debt to EBITDA (0.41) (0.61) 0.00

Dividend

Metric FNV WPM Gold median
Dividend yield 1.28% 1.30% 1.49%
Payout ratio 0.38 0.44 0.00

Size

Metric FNV WPM Gold median
Market cap 50.12b 65.40b 1.96b

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