Franco Nevada Corp is a US-listed company in the gold industry. Its financial year ends in December.
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~$87
Valuation models combined (3)
Base case. Range ~$67–$140. Weighted average of 3 models (growth cash-flow model, forward price-to-earnings vs peers, revenue-to-maturity model), the growth cash-flow model counting double.
No Buy/Hold/Sell rating is issued: valued with our growth model, which doesn't carry a Buy/Hold/Sell rating yet.
Franco Nevada Corp valuation: adjust assumptions and compare models →
What company insiders, investment funds and members of Congress have been doing with the stock, from their own filings.
Revenue for the twelve months was $1.82bn, up 63.7% on a year earlier, against a decline of 8.6% a quarter earlier. Operating margin widened to 74.3% from 66.2%. Against its peers on growth, profitability, cash generation and balance sheet, it grades A. It passes 2 of our 2 financial-health checks. Our valuation models combined value is $86.98 a share, against a share price of $225.
Written from the company's filings and our models when each quarter's report arrives. Figures in older notes are as published at the time. Not investment advice.
Franco Nevada Corp's trailing-twelve-month revenue grew 63.7% year on year, with a free-cash-flow margin of 81.8%. Where it stands out: operating margin of 74.3% ranks 1 of 18 gold companies we cover.
Current signal Revenue growth accelerating: TTM revenue growth rose to 63.7% (+72.3pp vs the prior quarter).
Assembled from SEC-filed figures — the full workings are on this page and in our methodology. Observations, not recommendations.
No figure in Franco Nevada Corp's latest results trips our warning thresholds.
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Company announcements, filed results and changes that matter to shareholders.
No recent updates are available for FNV from the sources we follow. See filings →
We value Franco Nevada Corp as an operating company, with every model that fits that kind of business. Cost of equity 10.8%: the 10-year Treasury yield (4.9%) plus a beta of 1.31 times a 4.5% equity risk premium.
| Model | Value per share | In the combined value? |
|---|---|---|
| Growth cash-flow model Revenue for this year and next from analysts' consensus, then growth fading to 2.5%; the operating margin moving to profitable peers'; investment needed per dollar of growth from peers; reduced by a failure probability. For young or fast-growing companies. The starting margin is normalized to between -100% and 60%; net margin is a proxy when operating income is not tagged. Uses analysts' consensus estimates (third-party data), not our forecasts. | ~$71 ~$49–$89 | Primary model, counts double |
| Forward price-to-earnings vs peers Next year's consensus earnings per share times peers' typical (harmonic-mean) forward price-to-earnings. Uses analysts' consensus estimates (third-party data), not our forecasts. | ~$67 ~$60–$96 | Included |
| Residual income Book value plus the present value of returns above the cost of equity, fading over ten years. | ~$31 ~$23–$42 | Left out: out of range vs price (0.14x) |
| Justified price-to-book Book value times (return on equity - growth) / (cost of equity - growth): steady-state returns. | ~$27 ~$24–$31 | Left out: out of range vs price (0.12x) |
| Forward price-to-sales vs peers Next year's consensus sales per share times peers' typical forward price-to-sales; only when earnings are negative. Uses analysts' consensus estimates (third-party data), not our forecasts. | — | Does not apply: earnings are positive: price-to-earnings is the better measure |
| Revenue-to-maturity model Revenue grown to maturity with the cash margin moving to the industry's; for companies not yet profitable. | ~$140 ~$120–$170 | Included |
| Combined value Weighted average of the models that apply: the primary model (growth cash-flow model) counts double. Models more than 5x or less than 0.2x the share price, or more than 3x away from the other models' median, are left out. | ~$87 ~$67–$140 | 3 models |
Different models fail in different ways, so where several apply we average them rather than trust one. Peer-based models compare Franco Nevada Corp with Gold in our coverage, using third-party market data. Model values are estimates under stated assumptions, updated as new filings arrive; not price targets or investment advice. How each model works.
Not assessed: fewer than five years of comparable figures in the filings. AI disruption exposure for this industry: Low.
Next results: November 11, 2026, after the close. Analysts expect revenue of $552m and EPS of $1.73 (range $1.60 to $1.90) for the quarter.
| Fiscal year | EPS | Growth | Revenue | Growth |
|---|---|---|---|---|
| Current | $8.01 | +44% | $2.4bn | +31% |
| Next | $8.86 | +11% | $2.7bn | +12% |
Next year's EPS estimate has moved −3.9% in 90 days, across 13 analysts.
The consensus EPS forecast for the current fiscal year is −4.5% on 90 days ago. In the last 30 days, 2 analysts raised Franco Nevada Corp's forecast and 2 cut it.
Average of analysts' published estimates (third-party data).
| Period | Current fiscal year | Next fiscal year |
|---|---|---|
| 90 days ago | $8.39 | $9.22 |
| 60 days ago | $8.27 | $9.36 |
| 30 days ago | $8.25 | $9.36 |
| 7 days ago | $8.03 | $8.85 |
| Now | $8.01 | $8.86 |
| Quarter to | Estimate | Actual | Surprise |
|---|---|---|---|
| Jun 2026 | $1.97 | $1.81 | −8.3% |
| Dec 2025 | $1.67 | $1.85 | +10.9% |
| Sept 2025 | $1.38 | $1.43 | +3.8% |
Adjusted EPS as companies report it, against the average analyst estimate.
Source: SEC EDGAR filings. Retrieved November 1, 2026.
| Period | Revenue (TTM) |
|---|---|
| FY16 Q4 | $610.2M |
| FY17 Q4 | $675M |
| FY18 Q4 | $653.2M |
| FY19 Q4 | $844.1M |
| FY20 Q4 | $1B |
| FY21 Q4 | $1.3B |
| FY22 Q4 | $1.3B |
| FY23 Q4 | $1.2B |
| FY24 Q4 | $1.1B |
| FY25 Q4 | $1.8B |
Source: SEC EDGAR filings. Retrieved November 1, 2026.
| Period | Revenue growth, TTM YoY |
|---|---|
| FY17 Q4 | 10.6% |
| FY18 Q4 | -3.2% |
| FY19 Q4 | 29.2% |
| FY20 Q4 | 20.9% |
| FY21 Q4 | 27.4% |
| FY22 Q4 | 1.2% |
| FY23 Q4 | -7.3% |
| FY24 Q4 | -8.6% |
| FY25 Q4 | 63.7% |
Source: SEC EDGAR filings. Retrieved November 1, 2026.
| Period | Operating margin (TTM) |
|---|---|
| FY16 Q4 | 25.5% |
| FY17 Q4 | 34.9% |
| FY18 Q4 | 28.9% |
| FY19 Q4 | 48.6% |
| FY20 Q4 | 33.0% |
| FY21 Q4 | 66.2% |
| FY22 Q4 | 62.4% |
| FY23 Q4 | -35.1% |
| FY24 Q4 | 65.2% |
| FY25 Q4 | 74.3% |
| Fiscal year | 2016 Dec 2016 | 2017 Dec 2017 | 2018 Dec 2018 | 2019 Dec 2019 | 2020 Dec 2020 | 2021 Dec 2021 | 2022 Dec 2022 | 2023 Dec 2023 | 2024 Dec 2024 | 2025 Dec 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Income | ||||||||||
| Revenue | 610 | 675 | 653 | 844 | 1,020 | 1,300 | 1,316 | 1,219 | 1,114 | 1,823 |
| Gross profit | 231 | 260 | 287 | 436 | 620 | 822 | 853 | 767 | 759 | 1,347 |
| EBITDA | 429 | 508 | 437 | 673 | 578 | 1,160 | 1,107 | −155 | 952 | 1,661 |
| Operating income | 155 | 235 | 189 | 410 | 337 | 861 | 821 | −428 | 727 | 1,354 |
| Net income | 122 | 195 | 139 | 344 | 326 | 734 | 701 | −466 | 552 | 1,112 |
| Diluted EPS | $0.69 | $1.06 | $0.75 | $1.83 | $1.71 | $3.83 | $3.65 | −$2.43 | $2.87 | $5.76 |
| Growth (year on year) | ||||||||||
| Revenue | — | +10.6% | −3.2% | +29.2% | +20.9% | +27.4% | +1.2% | −7.3% | −8.6% | +63.7% |
| EBITDA | — | +18.5% | −14.1% | +54.3% | −14.2% | +100.9% | −4.6% | −114.0% | — | +74.5% |
| Operating income | — | +51.5% | −19.8% | +117.3% | −18.0% | +155.8% | −4.6% | −152.2% | — | +86.4% |
| Net income | — | +59.3% | −28.6% | +147.6% | −5.2% | +124.9% | −4.5% | −166.6% | — | +101.4% |
| Diluted EPS | — | +53.6% | −29.2% | +144.0% | −6.6% | +124.0% | −4.7% | −166.6% | — | +100.7% |
| Margins | ||||||||||
| Gross margin | 37.8% | 38.5% | 44.0% | 51.7% | 60.8% | 63.2% | 64.8% | 62.9% | 68.2% | 73.9% |
| EBITDA margin | 70.3% | 75.3% | 66.8% | 79.8% | 56.6% | 89.3% | 84.1% | −12.7% | 85.5% | 91.1% |
| Operating margin | 25.5% | 34.9% | 28.9% | 48.6% | 33.0% | 66.2% | 62.4% | −35.1% | 65.2% | 74.3% |
| Net margin | 20.0% | 28.8% | 21.3% | 40.8% | 32.0% | 56.4% | 53.2% | −38.3% | 49.6% | 61.0% |
| Free-cash-flow margin | 77.2% | — | — | — | — | — | — | — | 74.5% | 81.8% |
| Cash flow | ||||||||||
| Cash from operations | 471 | 489 | 475 | 618 | 804 | 955 | 1,000 | 991 | 830 | 1,494 |
| Capital spending | 0 | — | — | — | — | — | — | — | 0 | 2 |
| Free cash flow | 471 | — | — | — | — | — | — | — | 829 | 1,491 |
| Stock-based pay | 5 | 5 | 5 | 5 | 6 | 8 | 8 | 6 | 5 | 6 |
| Free cash flow after stock pay | 466 | — | — | — | — | — | — | — | 824 | 1,485 |
| Balance sheet | ||||||||||
| Cash | 253 | 511 | 70 | 132 | 534 | 539 | 1,197 | 1,422 | 1,451 | 671 |
| Total debt | 0 | 0 | 210 | 80 | — | 0 | 0 | 0 | 0 | 0 |
| Net debt (negative = net cash) | −253 | −511 | 140 | −52 | −534 | −539 | −1,197 | −1,422 | −1,451 | −671 |
| Diluted shares | 176m | 183m | 186m | 188m | 191m | 192m | 192m | 192m | 193m | 193m |
| Returned to shareholders | ||||||||||
| Dividends | 118 | 126 | 136 | 138 | 155 | 180 | 198 | 233 | 242 | 275 |
| Total returned | 118 | 126 | 136 | 138 | 155 | 180 | 198 | 233 | 242 | 275 |
| Last 12 months unless stated | FNV | EGO | EQX | AGI | SSRM | RGLD | Median |
|---|---|---|---|---|---|---|---|
| Revenue, last 12 months | $1.8bn | $1.8bn | $1.8bn | $1.8bn | $1.9bn | $1.5bn | $1.8bn |
| Revenue growth, last 12 months | 63.7% | 37.5% | 99.1% | 34.3% | 48.4% | 93.5% | 53.7% |
| Revenue growth, 3-year average | — | — | — | — | 21.1% | 36.5% | 35.2% |
| Revenue growth, latest quarter | — | — | — | — | 9.5% | 114.9% | 14.5% |
| Gross margin | 73.9% | 48.5% | 35.4% | 55.2% | 50.9% | 66.8% | 51.2% |
| Operating margin | 74.3% | 40.0% | 23.8% | 60.7% | 40.2% | 61.4% | 41.2% |
| Operating margin, 3-year average | 58.5% | 17.8% | — | 24.3% | 5.6% | 59.6% | 26.0% |
| Net margin | 61.0% | 27.9% | 12.2% | 49.0% | 12.3% | 47.7% | 30.0% |
| Cash from operations / revenue | 81.9% | 41.5% | 45.0% | 44.0% | 30.9% | 67.5% | 45.3% |
| Free-cash-flow margin | 81.8% | 23.1% | 6.9% | 15.9% | 18.2% | 48.1% | 27.1% |
| Free-cash-flow margin, 3-year average | — | — | — | 5.7% | 12.8% | 50.2% | 13.8% |
| Stock pay / revenue | 0.3% | 1.1% | 0.7% | 3.7% | 3.1% | 0.8% | 0.8% |
| Change in share count | 0.2% | −0.1% | 33.1% | 3.0% | 2.8% | 20.3% | 2.9% |
| Measure | Company | Peer median | Rank |
|---|---|---|---|
| Revenue growth Growth | 63.7% | 55.1% | 11 of 24 |
| Change in growth rate Growth | +72.3pp | +20.4pp | 2 of 23 |
| Gross margin Profitability | 73.9% | 53.5% | 2 of 21 |
| Operating margin Profitability | 74.3% | 41.2% | 1 of 18 |
| Net margin Profitability | 61.0% | 30.4% | 3 of 24 |
| Free-cash-flow margin Cash generation | 81.8% | 28.2% | 3 of 22 |
| Stock pay as % of revenue Cash generation | 0.3% | 0.9% | 3 of 18 |
| Change in share count Balance sheet | 0.2% | 3.0% | 6 of 24 |
Rank 1 = best in the group (for spending, debt and dilution, lower ranks first).
| Manager | Value | Shares | Share of 13F value | Shares QoQ |
|---|---|---|---|---|
| FMR LLC | $4.5B | 21.6M | 15.0% | ▲ 0.2% |
| Massachusetts Financial Services Co | $2.4B | 11.0M | 7.9% | ▼ 0.4% |
| First Eagle Investment Management, LLC | $2.2B | 10.5M | 7.3% | ▲ 100.0% |
| Van Eck Associates Corp | $1.5B | 7.0M | 4.9% | ▼ 7.1% |
| Fil Ltd | $1.4B | 6.8M | 4.7% | ▲ 15.6% |
| Vanguard Capital Management LLC | $1.2B | 5.6M | 3.9% | ▲ 1.3% |
| Bank Of Montreal | $1.1B | 5.4M | 3.7% | ▲ 5.0% |
| Royal Bank Of Canada | $909M | 4.4M | 3.0% | ▲ 45.4% |
| Capital World Investors | $903M | 4.3M | 3.0% | ▼ 12.9% |
| Edgepoint Investment Group Inc. | $659M | 3.2M | 2.2% | ▼ 8.7% |
| Norges Bank | $581M | 2.8M | 1.9% | — |
| 1832 Asset Management L.P. | $536M | 2.6M | 1.8% | ▼ 1.5% |
From Form 13F filings with the SEC ( quarterly data sets), as reported by each manager for June 30, 2026 and filed up to 45 days later. 13F reports cover long US-listed positions of managers above $100M only, so this is not Franco Nevada Corp's complete shareholder register. Values are as reported by the filers ; 5 inconsistently scaled filing rows were excluded.
From insiders' Form 4 filings with the SEC. Excludes awards, option exercises and shares withheld for tax. "Pre-set plan" means the filing marks the trade as made under a Rule 10b5-1 plan. See every insider trade since five years ago, on a price chart.
In the last 12 months, 1 member of Congress disclosed 1 purchase and 0 sales of Franco Nevada Corp shares.
| Data | Last updated | Source |
|---|---|---|
| Share price | Exchange closing prices | |
| News and updates | Company releases and SEC 8-K filings | |
| Analyst estimates | Aggregated analyst estimates | |
| Valuation and scores | Our models, from the filed figures |
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