Franco-Nevada Corp
FNV—
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Franco-Nevada Corp AI Insights
Informational only. Not investment advice.Snapshot
- Operating margin TTM 68.8% vs industry median 0% - royalty model eliminates operating cost structure entirely[Operating Margin TTM]
- Zero debt with 7.0B equity - uniquely positioned for counter-cyclical acquisitions in gold downturns[Debt to Equity]
- CapEx of 2.2B TTM drove negative FCF (-856M) - aggressive streaming deal deployment, not operational weakness[Capital Expenditure TTM]
Watch Triggers
- Capital Expenditure TTM: Falls below 500M annually — Signals deal pipeline exhaustion or valuation discipline - FCF would surge to 800M+
- Operating Margin TTM: Drops below 60% — Would indicate streaming deal impairments or G&A creep eroding royalty economics
- PE Ratio: Compresses to 30x or below — Would create entry point closer to industry median with superior business model
Bull Case
Royalty model generates 59.5% net margin TTM with zero mine operating risk - pure gold price leverage without cost inflation exposure
Net Margin TTMOperating Margin TTMGross Margin TTM
ROE 14.2% and ROIC 14.2% TTM with zero leverage - capital efficiency without financial risk amplification
ROE TTMROIC TTMDebt to Equity
Bear Case
P/E 46.3x vs industry median 27.7x and P/S 25.9x vs 6.1x - premium valuation leaves no margin for gold price decline
PE RatioPS Ratio
Revenue 1.5B with 5Y EPS CAGR 12% - growth rate doesn't justify 46x earnings for a commodity-linked business
Total Revenue TTMEPS Growth 5yr
Bull vs Bear Balance
AI-generated sentiment analysis based on fundamental metrics and market conditions.
45%
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Forward Thesis
Operating cash flow of 1.3B TTM will convert to positive FCF as acquisition pace normalizes
1-3yhigh
- Cash flow TTM 1.3B proves core earnings power
- 2.2B CapEx is discretionary deal-making, not maintenance
- Zero debt allows patient capital deployment
Cash Flow TTM 1.3B vs industry median 42MOperating margin 68.8% structurally stableDebt/Equity 0 vs industry norm
Valuation Context
Caveats
FNV Fundamentals
Mining, Quarrying, and Oil and Gas Extraction → Mining (except Oil and Gas)
| Metric | Value | YoY Growth | Industry Percentile |
|---|---|---|---|
$45.93B | — | ||
$45.26B | — | ||
41 | — | ||
$1.82B | +63.7% | — | |
$5.76 | +83.4% | — | |
71.4% | +6.3% | — | |
61.0% | +11.4% | — | |
$-703.0M | — | ||
16.3% | +6.9% | — | |
Beta 5Y (Monthly) | unknown | — |
FNV Dividend History
98 dividends
2026
$0.440003/12/26$0.4400
2025
$1.520012/04/25$0.3800
09/11/25$0.3800
06/12/25$0.3800
03/13/25$0.3800
2024
$1.440012/05/24$0.3600
09/12/24$0.3600
06/13/24$0.3600
03/13/24$0.3600
2023
$1.360012/06/23$0.3400
09/13/23$0.3400
06/14/23$0.3400
03/15/23$0.3400
2022
$1.280012/07/22$0.3200
09/14/22$0.3200
06/15/22$0.3200
03/16/22$0.3200
2021
$1.160012/08/21$0.3000
09/15/21$0.3000
06/09/21$0.3000
03/10/21$0.2600
2020
$1.030012/02/20$0.2600
09/09/20$0.2600
06/10/20$0.2600
03/11/20$0.2500
2019
$0.990012/04/19$0.2500
09/11/19$0.2500
06/12/19$0.2500
03/13/19$0.2400
2018
$0.950012/05/18$0.2400
09/12/18$0.2400
06/13/18$0.2400
03/14/18$0.2300
2017
$0.910012/06/17$0.2300
09/13/17$0.2300
06/13/17$0.2300
03/14/17$0.2200
2016
$0.870012/06/16$0.2200
09/13/16$0.2200
06/14/16$0.2200
03/15/16$0.2100
2015
$0.830012/01/15$0.2100
09/08/15$0.2100
06/09/15$0.2100
03/10/15$0.2000
2014
$0.780012/02/14$0.2000
09/09/14$0.2000
06/10/14$0.2000
03/11/14$0.0600
02/11/14$0.0600
01/14/14$0.0600
2013
$0.720012/03/13$0.0600
11/12/13$0.0600
10/15/13$0.0600
09/10/13$0.0600
08/13/13$0.0600
07/09/13$0.0600
06/11/13$0.0600
05/14/13$0.0600
04/09/13$0.0600
03/12/13$0.0600
02/12/13$0.0600
01/15/13$0.0600
2012
$0.540012/04/12$0.0500
11/13/12$0.0500
10/09/12$0.0500
09/11/12$0.0500
08/14/12$0.0500
07/10/12$0.0500
06/13/12$0.0400
05/15/12$0.0400
04/10/12$0.0400
03/13/12$0.0400
02/07/12$0.0400
01/10/12$0.0400
2011
$0.390012/06/11$0.0400
11/08/11$0.0400
10/11/11$0.0400
09/13/11$0.0400
08/09/11$0.0400
07/12/11$0.0400
06/14/11$0.0250
05/10/11$0.0250
04/12/11$0.0250
03/15/11$0.0250
02/08/11$0.0250
01/11/11$0.0250
2010
$0.300012/01/10$0.0250
11/08/10$0.0250
10/12/10$0.0250
09/14/10$0.0250
08/10/10$0.0250
07/13/10$0.0250
06/14/10$0.1500
2009
$0.280012/02/09$0.1400
06/12/09$0.1400
2008
$0.240012/03/08$0.1200
06/05/08$0.1200
FNV Stock Splits
No stock splits
FNV SEC Filings
| Filing Date | Report Date | Report Type | Filing Link |
|---|---|---|---|
03/10/26 | 12/31/25 | 6-K | |
11/04/25 | 09/30/25 | 6-K | |
08/11/25 | 06/30/25 | 6-K | |
05/09/25 | 03/31/25 | 6-K | |
03/20/25 | 12/31/24 | 40-F | |
11/07/24 | 09/30/24 | 6-K | |
08/14/24 | 06/30/24 | 6-K | |
05/01/24 | 03/31/24 | 6-K | |
03/15/24 | 12/31/23 | 40-F | |
11/09/23 | 09/30/23 | 6-K | |
08/09/23 | 06/30/23 | 6-K | |
05/03/23 | 03/31/23 | 6-K | |
03/17/23 | 12/31/22 | 40-F | |
11/07/22 | 09/30/22 | 6-K | |
08/10/22 | 06/30/22 | 6-K | |
05/04/22 | 03/31/22 | 6-K | |
03/17/22 | 12/31/21 | 40-F | |
11/03/21 | 09/30/21 | 6-K | |
08/11/21 | 06/30/21 | 6-K | |
05/05/21 | 03/31/21 | 6-K | |
03/18/21 | 12/31/20 | 40-F | |
11/04/20 | 09/30/20 | 6-K | |
08/05/20 | 06/30/20 | 6-K | |
05/07/20 | 03/31/20 | 6-K | |
03/18/20 | 12/31/19 | 40-F | |
11/12/19 | 09/30/19 | 6-K | |
08/07/19 | 06/30/19 | 6-K | |
05/08/19 | 03/31/19 | 6-K | |
03/27/19 | 12/31/18 | 40-F | |
11/05/18 | 09/30/18 | 6-K | |
08/08/18 | 06/30/18 | 6-K | |
05/09/18 | 03/31/18 | 6-K | |
03/28/18 | 12/31/17 | 40-F | |
11/06/17 | 09/30/17 | 6-K | |
08/08/17 | 06/30/17 | 6-K | |
05/09/17 | 03/31/17 | 6-K | |
03/22/17 | 12/31/16 | 40-F | |
11/08/16 | 09/30/16 | 6-K | |
08/08/16 | 06/30/16 | 6-K | |
05/04/16 | 03/31/16 | 6-K | |
03/10/16 | 12/31/15 | 40-F | |
11/12/15 | 09/30/15 | 6-K | |
08/10/15 | 06/30/15 | 6-K | |
05/06/15 | 03/31/15 | 6-K | |
03/25/15 | 12/31/14 | 40-F | |
11/05/14 | 09/30/14 | 6-K | |
08/06/14 | 06/30/14 | 6-K | |
05/07/14 | 03/31/14 | 6-K | |
03/20/14 | 12/31/13 | 40-F | |
11/06/13 | 09/30/13 | 6-K | |
08/07/13 | 06/30/13 | 6-K | |
05/08/13 | 03/31/13 | 6-K | |
03/20/13 | 12/31/12 | 40-F | |
11/07/12 | 09/30/12 | 6-K | |
08/08/12 | 06/30/12 | 6-K | |
05/08/12 | 03/31/12 | 6-K | |
03/30/12 | 12/31/11 | 40-F | |
11/08/11 | 09/30/11 | 6-K | |
08/09/11 | 06/30/11 | Quarterly | -- |
05/12/11 | 03/31/11 | Quarterly | -- |
03/24/11 | 12/31/10 | Annual | -- |
11/11/10 | 09/30/10 | Quarterly | -- |
08/11/10 | 06/30/10 | Quarterly | -- |
05/12/10 | 03/31/10 | Quarterly | -- |
03/25/10 | 12/31/09 | Annual | -- |
11/09/09 | 09/30/09 | Quarterly | -- |
08/11/09 | 06/30/09 | Quarterly | -- |
05/11/09 | 03/31/09 | Quarterly | -- |
03/26/09 | 12/31/08 | Annual | -- |
11/11/08 | 09/30/08 | Quarterly | -- |
08/08/08 | 06/30/08 | Quarterly | -- |
05/12/08 | 03/31/08 | Quarterly | -- |