Frontierby eninvs

Language: EN / RU

← Region

Franco-Nevada Corporation (FNV) USD

Franco-Nevada Corporation is a royalty and streaming company that provides financing to mining and energy companies in exchange for the right to purchase a percentage of their future production, primarily of precious metals like gold and silver, as well as oil and natural gas.

At a glance: strengths & risks
✓Revenue growing (+57% y/y, Q2 2026)✓Profit growing (+43% y/y, Q2 2026)✓Margins improving (89%→91%, Q2 2026)✓Net cash balance sheet

Sector: Precious-metals royalty

Geography: Global

COMM_FNV

Price chart

231.94 USDDay -4.74%

Key metrics

Net debt (table and EV/EBITDA): |short-term borrowings| + |long-term borrowings| + |other financial liabilities| when extracted + |non-controlling interest| when extracted − |cash and equivalents|; amounts in millions of the reporting currency.

Market

Price
231.94 USD · -4.74%
Market cap
44.7 bn USD

Growth

Δ revenue y/y
57.3%
Δ EBITDA y/y
43.5%

Multiples

P/E (LTM)
30.2x
3y avg: 38.5x
P/B (FY)
5.9x
P/E (ann.)
31.6x
EV/EBITDA (LTM)
21.0x
3y avg: 23.0x
EV/EBITDA (ann.)
20.7x

Cash return

Dividend yield
0.6%
FCF yield (LTM)
4.0%

Value creation

to target market cap (spot commodity model)
Upside (potential)
-50.0%
↓ details

Liquidity

Daily turnover (listing)
123.7 mln USD

Shares: yahoo_fundamentals_timeseries/FNV

Financial results

Monetary columns are in M USD, one decimal; scale (K/M/B/T) keeps values readable. For the period (default) shows P&L and cash flow for that row’s reporting window: quarterly amounts when the feed uses quarter-duration facts (typical US 10-Q revenue and income), quarterly cash flows after stripping YTD where only cumulative tags exist, and an implied Q4 on 31 Dec FY rows (P&L: FY minus Q1–Q3; operating / investing cash flow: FY 12m minus 9M YTD to 30 Sep when sourced from SEC builder evidence) so they match 10-Q scale. Some issuers still use cumulative YTD minus the prior row in the same calendar year. As reported shows values stored on each row (e.g. full-year on FY). Balance sheet is always as reported. Source JSON may use millions etc.; conversion uses amounts_unit per row.

DatePeriodStatusRevenueM USDOperating profitM USDD&AM USDEBITDAM USDNet profitM USDOperating CFM USDCapex + M&AM USDAssetsM USDEquityM USDROE (annualized)Net debtM USDSource
2026-06-30Q2 2026 (3M)OK580.9
y/y 57.3%
446.7
y/y 46.1%
84.0
y/y 31.2%
530.7
y/y 43.5%
354.0
y/y 43.3%
482.5-98.58922.2
y/y 27.1%
8240.7
y/y 24.8%
17.3%≈ -662.4Yahoo Finance
2026-03-31Q1 2026 (3M)OK650.7
y/y 76.6%
510.9
y/y 101.5%
77.9
y/y 13.9%
588.8
y/y 82.9%
468.6
y/y 123.4%
520.4-460.18797.6
y/y 32.2%
8106.7
y/y 28.8%
23.8%≈ -662.4Yahoo Finance
2025-12-31Q4 2025 (3M)PARTIAL597.3
y/y 86.1%
457.8
y/y 107.9%
87.3
y/y 52.6%
545.1
y/y 96.5%
367.7
y/y 109.6%
426.5-35.08241.4
y/y 30.2%
7635.3
y/y 27.3%
15.2%-662.4Yahoo Finance
2025-09-30Q3 2025 (3M)OK487.7
y/y 76.9%
341.0
y/y 87.4%
87.0
y/y 60.5%
428.0
y/y 81.2%
287.5
y/y 88.3%
348.0-292.47509.6
y/y 19.2%
6992.5
y/y 16.8%
5.6%-197.9Yahoo Finance
2025-06-30Q2 2025 (3M)OK369.4
y/y 43.8%
305.8
y/y 80.9%
64.0
y/y 21.0%
369.8
y/y 66.7%
247.1
y/y 210.8%
430.3-1360.97020.6
y/y 14.3%
6602.0
y/y 13.0%
15.3%-150.3Yahoo Finance
2025-03-31Q1 2025 (3M)OK368.4
y/y 44.3%
253.5
y/y 63.1%
68.4
y/y 18.1%
321.9
y/y 50.9%
209.8
y/y 45.2%
288.9-508.46653.4
y/y 9.9%
6292.5
y/y 8.2%
13.7%≈ -1451.3Yahoo Finance
2024-12-31Q4 2024 (3M)OK321.0
y/y 5.8%
220.2
y/y 122.3%
57.2
y/y -17.0%
277.4
y/y 130.2%
175.4
y/y 117.9%
243.0-0.56330.4
y/y 5.6%
5996.6
y/y 3.9%
9.2%-1451.3Yahoo Finance
2024-09-30Q3 2024 (3M)OK275.7
y/y -10.9%
182.0
y/y -2.7%
54.2
y/y -20.4%
236.2
y/y -7.4%
152.7
y/y -12.8%
213.6-239.36299.6
y/y -9.8%
5986.8
y/y -11.6%
3.4%-1317.3Yahoo Finance
2024-06-30Q2 2024 (3M)OK256.9
y/y -22.1%
169.0
y/y -15.7%
52.9
y/y -29.6%
221.9
y/y -19.5%
79.5
y/y -56.9%
194.2-17.66140.3
y/y -11.1%
5844.3
y/y -12.5%
5.5%-1439.0Yahoo Finance
2024-03-31Q1 2024 (3M)OK255.3
y/y -7.6%
155.4
y/y -9.7%
57.9
y/y -13.7%
213.3
y/y -10.8%
144.5
y/y -7.7%
177.8-146.66053.1
y/y -10.2%
5813.5
y/y -10.9%
10.0%-416.4Yahoo Finance
2023-12-31Q4 2023 (3M)OK303.3
y/y —
-987.6
y/y —
68.9
y/y —
-918.7
y/y —
-982.5
y/y —
283.5-0.45994.1
y/y —
5769.1
y/y —
-7.4%-1421.9Yahoo Finance
2023-09-30Q3 2023 (3M)OK309.5
y/y —
187.0
y/y —
68.1
y/y —
255.1
y/y —
175.1
y/y —
236.0-165.46985.9
y/y —
6771.3
y/y —
3.5%-1297.1Yahoo Finance
2023-06-30Q2 2023 (3M)OK329.9
y/y —
200.5
y/y —
75.1
y/y —
275.6
y/y —
184.5
y/y —
261.9-162.06907.2
y/y —
6679.5
y/y —
11.2%-1295.1Yahoo Finance
2023-03-31Q1 2023 (3M)OK276.3
y/y —
172.1
y/y —
67.1
y/y —
239.2
y/y —
156.5
y/y —
209.8-109.66740.9
y/y —
6525.6
y/y —
—-1248.4Yahoo Finance

Net debt structure (leases included, IFRS 16) 2025-12-31

Short-term debt (incl. ST leases)0
Long-term debt (incl. LT leases)8
− Cash & equivalents671
Net debt-662

Net debt / LTM EBITDA: -0.3x

Revenue & EBITDA

RevenueEBITDA

Quarterly values ($ mln)

02004006008002024 q12024 q22024 q32024 q42025 q12025 q22025 q32025 q42026 q12026 q2

Year-over-year change

-50%0%50%100%2024 q12024 q22024 q32024 q42025 q12025 q22025 q32025 q42026 q12026 q2

Cash flow

Operating and investing cash flow (OCF + ICF) ($ mln)

-1 000-50005002024 q12024 q22024 q32024 q42025 q12025 q22025 q32025 q42026 q12026 q2

Net debt / cash ($ mln)

-1 500-1 000-50002024 q12024 q22024 q32024 q42025 q12025 q22025 q32025 q42026 q12026 q2

Profit and cash

Profit is cash-backed
In a typical year of 2021–2025 operating cash flow came to 1.41x of reported net profit; after capex, 1.02x. Loss years (2023) are left out of the ratio.
year20212022202320242025
cash flow / profit1.31x1.49x—1.50x1.34x
accruals, % of assets-3.7%-4.9%-24.3%-4.4%-4.6%
Last twelve months (to 2026-06-30): 1.20x of profit came back as operating cash flow.
net debt / EBITDA -0.4x · capex 1.3x of depreciation
Read from the reported annual statements: cash flow / profit is the median of the yearly operating cash flow over net profit for the years shown; accruals are (profit − operating cash flow) / assets, the classic gap between what was booked and what was collected. A gap can be growth in working capital, capitalised costs, revaluations or profit from associates — the panel points at it, the statements explain it. Not investment advice.

Research & reviews

Our earnings breakdowns and investment notes on this issuer.

All research →

Key-commodity price — Gold

Current 4 022spot vs LTM -7%

Commodity-player potential

Target market cap from conservative EBITDA and the historical EV/EBITDA

Upside: -50.0% ▼ -0.1 pp 1d

Main driver: Gold -5% vs LTM; revenue ×0.93 vs costs ×1.04; EBITDA 2 101→1 764; at 12.0× EV/EBITDA → -50%.

Product prices — moves vs the LTM average

CommodityShareSpotLTM3-yrvs LTM, $3y vs LTM
Gold (rev)+80%4 022.004 242.243 395.06-5%-20%
Silver (rev)+20%53.8762.3045.01-14%-28%

How it is calculated — revenue → costs → EBITDA → target market cap

1 · Reported baseline (LTM)
LTM revenue2 317
LTM EBITDA2 101
LTM cash costs (revenue − EBITDA)215
2 · Revenue projection
Revenue multiplier — spot×0.931 (-7%)
= Spot revenue2 158
Revenue multiplier — 3y price×0.785 (-22%)
= 3-year-price revenue1 818
3 · Costs projection
Cost multiplier — spot×1.040 (+4%)
= Spot cash costs224
Cost multiplier — 3y price×1.040 (+4%)
= 3-year-price cash costs224
4 · EBITDA projection (revenue − costs)
= Spot EBITDA1 934
= 3-year-price EBITDA1 594
Conservative EBITDA = min(spot, avg)1 764
5 · Valuation → target market cap
Historical EV/projected-EBITDA (75th pct)12.0x
Target EV = EV/EBITDA × conservative EBITDA21 164
Net debt-662
Target market cap = EV − net debt22 108
Current market cap44 237

Upside = target market cap ÷ current − 1 = -50.0%

Spot model vs reported — what the spot model projected (trailing-LTM base brought to the period × the period's commodity-price move) against the actual report, per reported period (quarter, half-year or full year — per the filer's calendar); amounts in USD mln. green = reported above projection, pink = below.

PeriodAct. revModel revΔ revAct. EBITDAModel EBITDAΔ EBITDA
2023 Q3310312-0.9%255268-4.7%
2023 Q4303310-2.2%-919263-449.4%
2024 Q1255322-20.6%213-29—
2024 Q2257354-27.4%2222—
2024 Q3276335-17.8%236-12—
2024 Q4321327-1.8%277-16—
2025 Q1368328+12.4%322287+12.2%
2025 Q2369378-2.3%328336-2.4%
2025 Q3488411+18.7%428367+16.7%
2025 Q4597543+10.1%554494+12.2%
2026 Q1651700-7.1%589651-9.6%
2026 Q2581631-7.9%531578-8.1%

Revenue growth & acceleration

Growth accelerating ▲
Last-year revenue growth +64% vs -9% the year before — a +72.3 pp move. 3-year CAGR +13%.
revenue growth by year: 2023 -4% · 2024 -9% · 2025 +64%
The growth-acceleration signal behind the GARP+acceleration strategy — it favours companies whose revenue growth is speeding up and flags those slowing down (the second derivative of growth).

EV/EBITDA — LTM vs projected

Projected EV/EBITDA 22.4x · target 75th pct (3y) 39.6x · LTM avg 29.0x

EV/EBITDA (LTM)EV/EBITDA (projected)target 75th pct (projected, 3y)

Peer comparison

Group: materials (global). Every peer trades on the same market, so no adjustment is needed.

CompanyMarketCap, $bnEV/EBITDA
Barrick Mining Corporationglobal68.35.2x
BHP Groupglobal205.66.6x
Valeglobal54.26.7x
Zijin Miningglobal112.86.9x
Rio Tintoglobal142.47.2x
Newmont Corporationglobal127.67.7x
Agnico Eagle Minesglobal94.18.9x
Freeport-McMoRanglobal98.711.6x
Glencoreglobal87.312.8x
Southern Copperglobal168.815.4x
Nucor Corporationglobal60.415.8x
Wheaton Precious Metalsglobal60.023.3x
Group median8.3x
Group average10.7x
This companyglobal46.921.0x

Group median 8.3x; this company 21.0x — a 153% premium.

Group average 10.7x; against the average this company is at a 97% premium. The average sits 28% above the median: Wheaton Precious Metals (23.3x) skews the group.

At the adjusted group median the market cap would be -60% versus today.

The gap and the implied upside are measured against the median: one richly priced peer moves an average, not a median. The market adjustment uses our coverage medians (US 20.9x, Russia 3.7x, South Africa 5.0x, Kazakhstan 4.7x, India 18.8x, Indonesia 5.1x); it is about where a name is listed, not what it does. Peer multiples come from the nightly rebuild of 2026-10-22; the company's own is live.

Dividends

Paid (completed)

DatePer shareDetailsStatusSource
2026-09-100.44 USDEx-dividend: 0.44 USD per sharePaidYahoo Finance (ex-div)
2026-06-110.44 USDEx-dividend: 0.44 USD per sharePaidYahoo Finance (ex-div)
2026-03-120.44 USDEx-dividend: 0.44 USD per sharePaidYahoo Finance (ex-div)
2025-06-120.38 USDEx-dividend: 0.38 USD per sharePaidYahoo Finance (ex-div)
2025-03-130.38 USDEx-dividend: 0.38 USD per sharePaidYahoo Finance (ex-div)
2024-12-050.36 USDEx-dividend: 0.36 USD per sharePaidYahoo Finance (ex-div)
2024-09-120.36 USDEx-dividend: 0.36 USD per sharePaidYahoo Finance (ex-div)
2024-06-130.36 USDEx-dividend: 0.36 USD per sharePaidYahoo Finance (ex-div)
2024-03-130.36 USDEx-dividend: 0.36 USD per sharePaidYahoo Finance (ex-div)
2023-12-060.34 USDEx-dividend: 0.34 USD per sharePaidYahoo Finance (ex-div)
2023-09-130.34 USDEx-dividend: 0.34 USD per sharePaidYahoo Finance (ex-div)
2023-06-140.34 USDEx-dividend: 0.34 USD per sharePaidYahoo Finance (ex-div)
2023-03-150.34 USDEx-dividend: 0.34 USD per sharePaidYahoo Finance (ex-div)
2022-12-070.32 USDEx-dividend: 0.32 USD per sharePaidYahoo Finance (ex-div)
2022-09-140.32 USDEx-dividend: 0.32 USD per sharePaidYahoo Finance (ex-div)
2022-06-150.32 USDEx-dividend: 0.32 USD per sharePaidYahoo Finance (ex-div)
2022-03-160.32 USDEx-dividend: 0.32 USD per sharePaidYahoo Finance (ex-div)
2021-12-080.3 USDEx-dividend: 0.3 USD per sharePaidYahoo Finance (ex-div)

KASE: status follows wording in the news headline (paid vs intends to pay). Yahoo: amounts are cash dividends per share on ex-dividend dates (UTC calendar date). stockscope.uz (UZ): amounts are per share in UZS by publication date (not necessarily ex-div).

Reporting forms detected in loaded periods: ✓ ✓ ✓ (Balance sheet / Profit or loss (P&L) / Cash flows)

Financial results, valuation multiples (P/E, P/B, EV/EBITDA), profitability and dividend yield of Franco-Nevada Corporation (FNV) — from primary filings.

Frequently asked questions

What is Franco-Nevada Corporation (FNV)'s P/E ratio?
Franco-Nevada Corporation (FNV) trades at a P/E of 30.2x (price to trailing 12-month earnings).
What is Franco-Nevada Corporation (FNV)'s EV/EBITDA?
Franco-Nevada Corporation (FNV) trades at 21.0x EV/EBITDA.
What is Franco-Nevada Corporation (FNV)'s P/B ratio?
Franco-Nevada Corporation (FNV) trades at a P/B of 5.9x.
What is Franco-Nevada Corporation (FNV)'s dividend yield?
Franco-Nevada Corporation (FNV)'s trailing 12-month dividend yield is 0.6%.
What is Franco-Nevada Corporation (FNV)'s return on equity (ROE)?
Franco-Nevada Corporation (FNV)'s ROE is 17.3%.
What is Franco-Nevada Corporation (FNV)'s market capitalization?
Franco-Nevada Corporation (FNV)'s market cap is 44.7 bn USD.

See also: The Cheapest Metals & Mining Stocks (2026): Copper, Steel, Silver by Valuation · The Cheapest Stocks in the World (2026): What Value Investing Says About Buying Cheap · global valuation map