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Franco-Nevada Corporation (FNV) USD

At a glance: strengths & risks
✓Revenue growing (+64%)✓Profit growing (+101%)✓Margins improving (85%→91%)✓Net cash balance sheet

Sector: Precious-metals royalty

Geography: Global

COMM_FNV

Price chart

214.22 USDDay 0.05%

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
214.22 USD · 0.05%
Market cap
41.3 bn USD

Growth

Δ revenue y/y
76.6%
Δ EBITDA y/y
82.9%

Multiples

P/E (LTM)
30.1x
3y avg: 38.5x
P/B (FY)
5.4x
P/E (ann.)
22.0x
EV/EBITDA (LTM)
21.0x
3y avg: 23.0x
EV/EBITDA (ann.)
17.2x

Cash return

Dividend yield
0.4%
FCF yield (LTM)
-0.3%

Value creation

to target market cap (spot commodity model)
Upside (potential)
-53.1%
↓ details

Liquidity

Daily turnover (listing)
151 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
2026-03-31Q1 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%—Link
2025-12-31Q4 2025 (3M)PARTIAL597.3
y/y 86.1%
457.8
y/y 107.9%
87.3
y/y 44.8%
545.1
y/y 94.4%
367.7
y/y 109.6%
426.5-35.08241.4
y/y 30.2%
7635.3
y/y 27.3%
15.2%-662.4Link
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%-197.9Link
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%-150.3Link
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%—Link
2024-12-31Q4 2024 (3M)OK321.0
y/y 5.8%
220.2
y/y 122.3%
60.3
y/y -4.0%
280.5
y/y 130.3%
175.4
y/y 117.9%
243.0-0.56330.4
y/y 5.6%
5996.6
y/y 3.9%
9.2%-1451.3Link
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%-1317.3Link
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%-1439.0Link
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%-416.4Link
2023-12-31Q4 2023 (3M)OK303.3
y/y —
-987.6
y/y —
62.8
y/y —
-924.8
y/y —
-982.5
y/y —
283.5-0.45994.1
y/y —
5769.1
y/y —
-7.4%-1421.9Link
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%-1297.1Link
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%-1295.1Link
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 —
—-1248.4Link

Revenue & EBITDA

RevenueEBITDA

Quarterly values ($ mln)

-1 000-50005002023 q42024 q12024 q22024 q32024 q42025 q12025 q22025 q32025 q42026 q1

Year-over-year change

-50%0%50%100%2023 q42024 q12024 q22024 q32024 q42025 q12025 q22025 q32025 q42026 q1

Cash flow

FCF ($ mln)

-1 000-50005002023 q42024 q12024 q22024 q32024 q42025 q12025 q22025 q32025 q42026 q1

Net debt / cash ($ mln)

-1 500-1 000-50002023 q42024 q12024 q22024 q32024 q42025 q12025 q22025 q32025 q42026 q1

Key-commodity price — Gold

Current 4 050spot vs LTM -5%

Commodity-player potential

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

Upside: -53.1% ▼ -0.5 pp 1d

Main driver: Gold -5% vs LTM; revenue ×0.95 vs costs ×1.04; EBITDA 2 025→1 685; at 12.0× EV/EBITDA → -53%.

Product prices — moves vs the LTM average

CommodityShareSpotLTM3-yrvs LTM, $3y vs LTM
Gold (rev)+80%4 050.274 246.023 189.61-5%-25%
Silver (rev)+20%57.6462.8341.56-8%-34%

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

1 · Reported baseline (LTM)
LTM revenue2 105
LTM EBITDA2 025
LTM cash costs (revenue − EBITDA)80
2 · Revenue projection
Revenue multiplier — spot×0.947 (-5%)
= Spot revenue1 993
Revenue multiplier — 3y price×0.733 (-27%)
= 3-year-price revenue1 543
3 · Costs projection
Cost multiplier — spot×1.040 (+4%)
= Spot cash costs83
Cost multiplier — 3y price×1.040 (+4%)
= 3-year-price cash costs83
4 · EBITDA projection (revenue − costs)
= Spot EBITDA1 909
= 3-year-price EBITDA1 460
Conservative EBITDA = min(spot, avg)1 685
5 · Valuation → target market cap
Historical EV/projected-EBITDA (75th pct)12.0x
Target EV = EV/EBITDA × conservative EBITDA20 217
Net debt-662
Target market cap = EV − net debt20 747
Current market cap44 260

Upside = target market cap ÷ current − 1 = -53.1%

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 Q2330331-0.4%276287-4.1%
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%370336+10.1%
2025 Q3488411+18.7%428378+13.4%
2025 Q4597543+10.1%554504+9.8%
2026 Q1651700-7.1%674662+1.8%

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 16.5x · target 75th pct (3y) 24.8x · LTM avg 28.5x

EV/EBITDA (LTM)EV/EBITDA (projected)target 75th pct (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)

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

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.

Frequently asked questions

What is Franco-Nevada Corporation (FNV)'s P/E ratio?
Franco-Nevada Corporation (FNV) trades at a P/E of 30.1x (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 5.4x.
What is Franco-Nevada Corporation (FNV)'s dividend yield?
Franco-Nevada Corporation (FNV)'s trailing 12-month dividend yield is 0.4%.
What is Franco-Nevada Corporation (FNV)'s return on equity (ROE)?
Franco-Nevada Corporation (FNV)'s ROE is 23.8%.
What is Franco-Nevada Corporation (FNV)'s market capitalization?
Franco-Nevada Corporation (FNV)'s market cap is 41.3 bn USD.