FNV

MKT CAP:$47B

Franco-Nevada Corporation

Market Cap

$47B

Basic Materials·Gold·🇨🇦 Canada·NYSE

Materials·Gold·🇨🇦·NYSE

Stock Price

$242.97+$34.39 (+16.49%)

Apr 24, 2026

Company Details

Franco-Nevada Corporation operates as a gold-focused royalty and streaming company in Latin America, the United States, Canada, and internationally. It operates in two segments, Mining and Energy. The company manages its portfolio with a fo...

CEO

Paul Brink

IPO Date

Dec 7, 2007

Website

www.franco-nevada.com

Key Metrics TTM

Revenue

$1.5B

+41.1% YoY

Net Income

$920M

EPS (Diluted)

$4.77

Free Cash Flow

-$856M

Revenue / Share

$8.01

Gross Margin

72.0%

Operating Margin

72.3%

Net Margin

59.5%

FCF Margin

-55.4%

P/S

30.3x

P/E

50.9x

Earnings Reports

Q4 2025

May 14, 2026

PENDING

Q3 2025

Nov 3, 2025

$488M+76.9%EPS $1.49

Q2 2025

Aug 11, 2025

$369M+42.0%EPS $1.28

Q1 2025

May 8, 2025

$368M+43.5%EPS $1.09

FY 2024

Mar 20, 2025

$1.1B-8.6%EPS $2.87

Revenue & Profitability

Quarter	Revenue	Gross Profit	Operating Income
Q1 19	$179M	$86M	$79M
Q3 19	$235M	$126M	$120M
Q3 20	$279M	$182M	$176M
Q4 21	$326M	$200M	$191M
Q4 22	$321M	$201M	$190M
Q1 23	$276M	$177M	$172M
Q2 23	$330M	$208M	$201M
Q3 23	$310M	$193M	$187M
Q4 23	$303M	$189M	-$988M
Q1 24	$257M	$165M	$158M
Q2 24	$260M	$178M	$169M
Q3 24	$276M	$190M	$182M
Q4 24	$321M	$227M	$217M
Q1 25	$368M	$262M	$254M
Q2 25	$369M	$272M	$306M
Q3 25	$488M	$354M	$341M

Valuation

Quarter	P/S	P/E
Q1 19	20.4x	64.9x
Q3 19	22.6x	63.1x
Q3 20	30.5x	72.3x
Q4 21	25.5x	48.1x
Q4 22	23.5x	42.6x
Q1 23	24.0x	41.5x
Q2 23	22.2x	38.2x
Q3 23	20.2x	36.7x
Q4 23	17.2x	—
Q1 24	19.4x	—
Q2 24	20.0x	—
Q3 24	21.8x	—
Q4 24	20.2x	40.8x
Q1 25	24.8x	49.2x
Q2 25	23.7x	40.2x
Q3 25	27.3x	45.9x

Operating Cash Flow

Quarter	Operating CF	Free CF
Q1 19	$144M	$86M
Q3 19	$170M	-$171M
Q3 20	$212M	$76M
Q4 21	$279M	$260M
Q4 22	$279M	$154M
Q1 23	$210M	$100M
Q2 23	$262M	$100M
Q3 23	$236M	$71M
Q4 23	$284M	$199M
Q1 24	$179M	$31M
Q2 24	$194M	$178M
Q3 24	$214M	-$26M
Q4 24	$243M	$238M
Q1 25	$289M	-$220M
Q2 25	$430M	-$931M
Q3 25	$348M	$56M

Capital Expenditures

Quarter	CapEx
Q1 19	$58M
Q3 19	$341M
Q3 20	$136M
Q4 21	$19M
Q4 22	$125M
Q1 23	$110M
Q2 23	$162M
Q3 23	$165M
Q4 23	$85M
Q1 24	$147M
Q2 24	$17M
Q3 24	$239M
Q4 24	$5M
Q1 25	$508M
Q2 25	$1.4B
Q3 25	$292M

CapEx

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q1 19	+3.6%	-15.1%
Q3 19	+43.7%	+6.6%
Q3 20	+62.8%	-4.7%
Q4 21	+95.2%	+28.1%
Q4 22	+79.3%	+31.7%
Q1 23	+17.5%	-9.2%
Q2 23	+18.1%	+25.2%
Q3 23	-5.1%	-9.8%
Q4 23	-5.5%	+883.2%
Q1 24	-7.1%	-5.4%
Q2 24	-21.2%	-29.6%
Q3 24	-10.9%	-23.5%
Q4 24	+5.8%	-92.0%
Q1 25	+43.5%	+16.5%
Q2 25	+42.0%	-30.2%
Q3 25	+76.9%	+56.6%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q1 19	$1M	0.8%
Q3 19	$1M	0.6%
Q3 20	$1M	0.5%
Q4 21	$4M	1.1%
Q4 22	$4M	1.1%
Q1 23	$2M	0.5%
Q2 23	$2M	0.5%
Q3 23	$2M	0.5%
Q4 23	$800.0K	0.3%
Q1 24	$1M	0.5%
Q2 24	$2M	0.6%
Q3 24	$1M	0.5%
Q4 24	$1M	0.4%
Q1 25	$2M	0.6%
Q2 25	$1M	0.3%
Q3 25	$2M	0.3%

OpEx Breakdown

Quarter	G&A	SG&A
Q1 19	—	$7M
Q3 19	—	$6M
Q3 20	—	$6M
Q4 21	—	$10M
Q4 22	—	$12M
Q1 23	$9M	—
Q2 23	$9M	—
Q3 23	$6M	—
Q4 23	$5M	—
Q1 24	$7M	—
Q2 24	$9M	—
Q3 24	$10M	—
Q4 24	$6M	—
Q1 25	$14M	—
Q2 25	$9M	—
Q3 25	$16M	—

Revenue by Geography

Quarter	Canada	Central America & Mexico	Rest of World	South America	United States
Q2 23	$43M	$86M	$37M	$106M	$58M

War Chest

Quarter	Cash	Short-term Investments	Total
Q1 22	$723M	$0	$723M
Q2 22	$911M	$0	$911M
Q3 22	$1.1B	$0	$1.1B
Q4 22	$1.2B	$0	$1.2B
Q1 23	$1.2B	$0	$1.2B
Q2 23	$1.3B	$0	$1.3B
Q3 23	$1.3B	$0	$1.3B
Q4 23	$1.4B	$0	$1.4B
Q1 24	$1.4B	$0	$1.4B
Q2 24	$1.4B	$0	$1.4B
Q3 24	$1.3B	$0	$1.3B
Q4 24	$1.5B	$0	$1.5B
Q1 25	$1.1B	$0	$1.1B
Q2 25	$160M	$0	$160M
Q3 25	$206M	$30M	$236M
Q4 25	$433M	$237M	$670M

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change	YoY Change
Q1 19	186M	+0.2%	+4.2%
Q3 19	187M	+0.4%	+3.4%
Q3 20	190M	+1.4%	+2.8%
Q4 21	191M	+0.8%	+2.9%
Q4 22	192M	+0.3%	+2.9%
Q1 23	192M	+0.2%	+2.7%
Q2 23	192M	0.0%	+1.3%
Q3 23	192M	+0.1%	+0.6%
Q4 23	192M	-0.1%	+0.2%
Q1 24	192M	+0.1%	+0.1%
Q2 24	193M	+0.1%	+0.2%
Q3 24	193M	0.0%	+0.1%
Q4 24	193M	+0.0%	+0.2%
Q1 25	193M	+0.2%	+0.3%
Q2 25	193M	+0.1%	+0.3%
Q3 25	193M	0.0%	+0.3%

Shares Outstanding