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Franco-Nevada Corporation USD

Update

Re-runs extraction for each period with period-end year from max(2023, current year − 2) through the current year, oldest first (up to three reporting years). This can take a long time.

Sector: Precious-metals royalty

Geography: Global

COMM_FNV

Price chart

209.46 USDDay 0.75%

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
209.46 USD · 0.75%
Market cap
40.4 bn USD

Growth

Δ revenue y/y
-8.6%
Δ EBITDA y/y
74.5%

Multiples

P/E (LTM)
36.3x
P/B (FY)
5.3x
P/E (ann.)
35.1x
EV/EBITDA (LTM)
23.9x
EV/EBITDA (ann.)
23.2x

Cash return

Dividend yield
0.4%
FCF yield (LTM)
-2.0%

Value creation

to fair market cap at the current EV/EBITDA
Upside (potential)

Liquidity

Daily turnover (listing)
188.2 mln USD

Shares: yahoo_fundamentals_timeseries/FNV

🔍 Sanity check — subtotal consistency (Level-1 + Level-2) OK: 9 / Warn: 3 / Err: 1 / Autofix applied: 0
Port of PHP subtotal-total + sign-flip detection logic
PeriodIssues
2023-03-31 Q1OK
2023-06-30 Q2OK
2023-09-30 Q3OK
2023-12-31 FYErrors 3
2023-12-31 Q4OK
2024-03-31 Q1OK
2024-06-30 Q2OK
2024-09-30 Q3OK
2024-12-31 FYOK
2025-03-31 Q1OK
2025-06-30 Q2Warn 1
2025-09-30 Q3Warn 1
2025-12-31 FYWarn 2
All checks pass · Has warnings (review) · Has errors (needs fix) · ✓* Autofix applied (see evidence)

Financial dynamics

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
2025-12-31FY 2025 (12M)PARTIAL
y/y
453.9
y/y 106.1%
87.3
y/y 44.8%
541.2
y/y 93.0%
367.7
y/y 109.6%
426.5128.78241.4
y/y 30.2%
7635.3
y/y 27.3%
15.2%-662.4
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%-197.9
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%
-150.3
2025-03-31Q1 2025 (3M)PARTIAL368.4
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%
288.9-508.4
y/y
y/y
2024-12-31Q4 2024 (3M)PARTIAL325.7
y/y 7.4%
220.2
y/y 122.3%
60.3
y/y -4.0%
280.5
y/y 130.3%
175.4
y/y 117.9%
243.9-4.56330.4
y/y 5.6%
5996.6
y/y 3.9%
9.2%-1451.3
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%-1317.3
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%-1439.0
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%-416.4
2023-12-31Q4 2023 (3M)PARTIAL303.3
y/y
-987.6
y/y
62.8
y/y
-924.8
y/y
-982.5
y/y
283.5-84.65994.1
y/y
5769.1
y/y
-7.4%-1421.9
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%-1297.1
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%-1295.1
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
-1248.4
Data quality — review suggested

Revenue & EBITDA

RevenueEBITDA

Quarterly values ($ mln)

02004006002023 q32023 q42024 q12024 q22024 q32024 q42025 q12025 q22025 q32025 q4

Year-over-year change

-50%0%50%100%2023 q32023 q42024 q12024 q22024 q32024 q42025 q12025 q22025 q32025 q4

Cash flow

FCF ($ mln)

-1 000-50005002023 q32023 q42024 q12024 q22024 q32024 q42025 q12025 q22025 q32025 q4

Net debt / cash ($ mln)

-1 500-1 000-50002023 q32023 q42024 q12024 q22024 q32024 q42025 q12025 q22025 q32025 q4

Key-commodity price — Gold

Current 4 215spot vs LTM +11%

Commodity-player potential

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

Upside: -72.9%

Main driver: Gold +7% vs LTM; revenue ×1.11 vs costs ×1.04; EBITDA 951→887; at 12.0× EV/EBITDA → -73%.

Product prices — moves vs the LTM average

CommodityShareSpotLTM3-yrvs LTM, $3y vs LTM
Gold (rev)+80%4 215.283 939.803 107.32+7%-21%
Silver (rev)+20%67.7652.9840.14+28%-24%

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

1 · Reported baseline (LTM)
LTM revenue1 100
LTM EBITDA951
LTM cash costs (revenue − EBITDA)149
2 · Revenue projection
Revenue multiplier — spot×1.112 (+11%)
= Spot revenue1 223
Revenue multiplier — 3y price×0.783 (-22%)
= 3-year-price revenue861
3 · Costs projection
Cost multiplier — spot×1.040 (+4%)
= Spot cash costs155
Cost multiplier — 3y price×1.040 (+4%)
= 3-year-price cash costs155
4 · EBITDA projection (revenue − costs)
= Spot EBITDA1 068
= 3-year-price EBITDA706
Conservative EBITDA = min(spot, avg)887
5 · Valuation → target market cap
Historical EV/projected-EBITDA (3-yr average)12.0x
Target EV = EV/EBITDA × conservative EBITDA10 643
Net debt-1 317
Target market cap = EV − net debt11 971
Current market cap44 237

Upside = target market cap ÷ current − 1 = -72.9%

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 Q1276331-16.5%239283-15.6%
2023 Q2330331-0.4%276287-4.1%
2023 Q3310312-0.9%255268-4.7%
2023 Q4312310+0.6%260263-1.1%
2024 Q1255324-21.2%213273-21.9%
2024 Q2257356-27.9%222304-27.1%
2024 Q3276338-18.4%236291-18.8%
2024 Q4326330-1.2%280286-2.1%
2025 Q1368329+11.9%322288+11.8%
2025 Q2369379-2.6%370337+9.8%
2025 Q3488412+18.3%428379+13.0%
2025 Q4544541506+7.0%

EV/EBITDA — LTM vs projected

Projected EV/EBITDA 23.2x · target 3-yr avg 36.1x · LTM avg 25.2x

EV/EBITDA (LTM)EV/EBITDA (projected)target avg (projected, 3y)

Dividends

Paid (completed)

DatePer shareDetailsStatusSource
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)
2021-09-150.3 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)