Franco-Nevada Corporation (FNV) financials

NYSE · Basic Materials · Gold · 42 employees · CEO Paul J. Brink

Price: $224.95 -2.87%
Market cap: $43.4B
Enterprise value: $42.4B
Last report: Q2 '26 filed 2026-08-12
Next report: 2026-11-11 EPS est. $1.77

Revenue (TTM)$2.32B+73.6% vs a year agoLast 4 quarters; bars = each quarter

Operating margin (TTM)75.6%+7.4 pp vs a year agoOperating income $1.75B

Net income (TTM)$1.48B+88.3% vs a year agoAfter tax, incl. non-operating gains

Free cash flow (TTM)$891M+195.1% vs a year agoCapex $886M

Diluted EPS (TTM)$7.65+88.0% vs a year agoSum of the last 4 quarters

Net cash$1.01B+574.9% vs a year agoCash + short-term investments - debt

Valuation & key figures

Market cap: $43.4B
Revenue: $2.32B
Revenue growth: +36%
Profit margin: 63.8%
P/E: 29.4×
P/S: 18.7×
EV / EBITDA: 19.1×
Free cash flow: $891M
Net income: $1.48B
Revenue estimate: $2.49B
Earnings: 2026-11-11
Dividend: $1.70

Key takeaways

Computed from the reported numbers - every statement carries the figure it rests on.

Last report (2026-08-11): revenue missed by 5.8%, EPS missed by 7.2%Revenue $581M vs $617M expected (-5.8%); EPS $1.81 vs $1.95 (-7.2%).
Revenue growth slowing: 57.3% year on yearQ2 '26 revenue $581M, against an average of 70.4% over the four quarters before.
Operating margin 75.6% (TTM), +7.4 pp on a year agoOperating income grew 92.5% while revenue grew 73.6%.
Capex 38.2% of revenue (a year ago 158.4%)$886M invested in the last 4 quarters (-58.1% on a year earlier). Free cash flow $891M = 60.3% of net income.
Returned $299M to shareholders = 33.5% of free cash flowBuybacks $0 (a year earlier $0), dividends $299M, stock-based pay $5.3M (TTM).
Diluted share count up 0.2% in a year193M diluted shares in Q2 '26, 193M a year earlier.
Net cash $1.01BCash + short-term investments $1.01B, debt incl. leases $0; a year ago net cash $150M.

Last quarter: Q2 '26

Quarter ended 2026-06-30. Compared with the same quarter a year earlier and with the analyst consensus before the report.

Quarter vs a year ago

	Q2 '26	Year ago	Change
Revenue	$581M	$369M	+57.3%
Gross margin	77.6%	73.6%	+4.0 pp
Operating income	$446M	$263M	+69.2%
Operating margin	76.7%	71.3%	+5.4 pp
Net income	$354M	$247M	+43.3%
Diluted EPS	$1.83	$1.28	+43.0%
Operating cash flow	$483M	$430M	+12.1%
Capex	$98.5M	$1.36B	-92.8%
Free cash flow	$384M	-$931M	+141.3%
R&D	$0	$0	–
Stock-based compensation	$1M	$1M	0.0%

Reported vs consensus

2026-08-11

	Actual	Consensus	vs consensus
Revenue	$581M	$617M	-5.8%
EPS (as estimated)	$1.81	$1.95	-7.2%

From the report of 2026-08-11 for Q2 '26: revenue and the EPS analysts estimate (often adjusted), so it can differ from the EPS of the statements above.

EPS vs consensus

last 8 reports

Revenue

Where the money comes from - by business line and by region, quarter by quarter.

Revenue, operating income and growth

quarterly

Revenue by business line

stacked, quarterly

Segment	Q4 '23	y/y	Share	TTM	TTM y/y
Mining	$737M	+2.2%	41.4%	–	–
Gold	$571M	+7.2%	32.1%	–	–
Energy	$152M	–	8.6%	–	–
Gas	$39.9M	-64.7%	2.2%	–	–
Oil	$98M	-10.7%	5.5%	–	–
Silver	$91.3M	-12.3%	5.1%	–	–
Diversified	–	–	–	–	–
Iron Ore	$37.1M	-9.3%	2.1%	–	–
Platinum-group metals	$29.9M	-24.1%	1.7%	–	–
Natural gas liquids	$14.3M	-25.9%	0.8%	–	–
Other mining commodities	$8.1M	+80.0%	0.5%	–	–

Revenue by region

share of total

Segment	Q4 '23	y/y	Share	TTM	TTM y/y
South America	$106M	+18.8%	32.1%	–	–
Central America And Mexico	–	–	–	–	–
United States	$57.8M	-34.7%	17.5%	–	–
Central America & Mexico	$86.3M	+2.1%	26.2%	–	–
Latin American Countries	–	–	–	–	–
U	–	–	–	–	–
Canada	$43.1M	-29.0%	13.1%	–	–
Country Of Domicile	–	–	–	–	–
Rest of World	$36.7M	+24.8%	11.1%	–	–
Rest Of World Excluding United States And Canada And Latin America	–	–	–	–	–

Margins & cost structure

How much of each unit of revenue is left at each level - and where the costs go.

Margins

quarterly

Costs as % of revenue

quarterly

Cash flow & capital allocation

Cash generated, what it is spent on, and what reaches shareholders.

Operating cash flow, capex, free cash flow

quarterly

Uses of cash vs operating cash flow

fiscal years

Last 4 quarters

cash flow statement

Operating cash flow: $1.78B
Capex: -$886M
Buybacks: $0
Dividends: -$299M
Acquisitions: $0
Net debt issued: $0
Stock-based compensation: $5.3M
Free cash flow: $891M
Returned to shareholders / FCF: 33.5%

Share count and EPS

quarterly, diluted

Balance sheet

Liquidity, investments and debt at each quarter end.

Cash, investments and debt

quarter ends

Valuation & returns

Today's multiples against the company's own last five fiscal years; analyst targets and ratings.

Multiples and returns

TTM vs 5 fiscal years

	Now	5y average	Where today sits in the 5-year range
P/E (TTM)	29.4×	37.7× 4 of 5 years	35.3× – 41.0×
EV / EBITDA	19.1×	22.2× 4 of 5 years	21.4× – 22.9×
EV / Sales	18.3×	19.2×	16.3× – 21.7×
Price / FCF	48.7×	66.3× 4 of 5 years	30.5× – 135.6×
Price / Book	5.3×	4.2×	3.7× – 5.2×
FCF yield	2.1%	1.3%	-1.8% – 3.3%
Return on invested capital	15.7%	11.0%	8.4% – 12.6%
Return on equity	19.1%	7.8%	-8.1% – 14.6%

Analysts

Consensus target $275.00 (+22.2%)
range $245.00 – $291.00 · rating Buy

Strong buy0

Buy12

Hold12

Sell2

Strong sell0

Outlook

Analyst consensus for the coming fiscal years and what it implies at today's price.

Consensus estimates

Fiscal year	Revenue	Growth	EPS	Growth	P/E at today's price	Analysts (EPS)
FY2026	$2.49B	+36.4%	$8.00	+36.6%	28.1×	7
FY2027	$2.83B	+13.9%	$8.93	+11.6%	25.2×	6
FY2028	$2.96B	+4.6%	$10.55	+18.1%	21.3×	1
FY2029	$2.86B	-3.6%	$9.41	-10.8%	23.9×	1
FY2030	$2.67B	-6.5%	$11.26	+19.7%	20.0×	1

Financial statements

Every line of the income statement, balance sheet and cash flow statement - 12 quarters and 10 fiscal years, as values, as % of revenue or as growth.

Income statementRevenue, costs, operating income, net income and EPSOpen Balance sheetCash, investments, assets, debt, liabilities and equityOpen Cash flowOperating cash flow, capex, free cash flow, buybacks and dividendsOpen

Sources

Statements, segment revenue, metrics and estimates: Financial Modeling Prep.

Data as of 2026-11-02