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FNV

Franco-Nevada Corporation

FNV

Franco-Nevada Corporation • NYSE
$209.84 ▲ 1.20% (+2.48)
Market Cap $40.44 B
52w High $225.64
52w Low $114.81
Dividend Yield 1.50%
P/E 44.08
Volume 470.50K
Outstanding Shares 192.72M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q2-2025 $369.4M ▲ $-33.9M ▼ $247.1M ▲ 66.892% ▲ $1.28 ▲ $380.5M ▲
Q1-2025 $368.4M ▲ $8M ▼ $209.8M ▲ 56.949% ▲ $1.09 ▲ $338.7M ▲
Q4-2024 $321M ▲ $9.2M ▲ $175.4M ▲ 54.642% ▼ $0.91 ▲ $280.4M ▲
Q3-2024 $275.7M ▲ $7.6M ▼ $152.7M ▲ 55.386% ▲ $0.79 ▲ $249.8M ▲
Q2-2024 $260.1M $9.1M $79.5M 30.565% $0.41 $228.3M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $236.469M ▲ $7.51B ▲ $517.095M ▲ $6.992B ▲
Q2-2025 $160.3M ▼ $7.021B ▲ $418.6M ▲ $6.602B ▲
Q1-2025 $1.128B ▼ $6.653B ▲ $360.9M ▲ $6.293B ▲
Q4-2024 $1.451B ▲ $6.33B ▲ $333.8M ▲ $5.997B ▲
Q3-2024 $1.317B $6.3B $312.8M $5.987B

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q2-2025 $247.1M ▲ $430.3M ▲ $-1.338B ▼ $-66.1M ▲ $-967.8M ▼ $-930.6M ▼
Q1-2025 $209.8M ▲ $288.9M ▲ $-551M ▼ $-66.8M ▼ $-323.2M ▼ $-219.5M ▼
Q4-2024 $175.4M ▲ $243M ▲ $-31.1M ▲ $-62M ▼ $134M ▲ $238.2M ▲
Q3-2024 $152.7M ▲ $213.6M ▲ $-279M ▼ $-61.1M ▼ $-121.7M ▼ $-25.7M ▼
Q2-2024 $79.5M $194.3M $-36.7M $-59.2M $87M $177.7M

Revenue by Products

Product Q2-2022Q4-2022Q2-2023Q4-2023
Energy
Energy
 $0 ▲$0 ▲$60.00M ▲$150.00M ▲
Gas
Gas
 $40.00M ▲$110.00M ▲$10.00M ▼$40.00M ▲
Gold
Gold
 $190.00M ▲$530.00M ▲$210.00M ▼$570.00M ▲
Iron Ore
Iron Ore
 $10.00M ▲$40.00M ▲$10.00M ▼$40.00M ▲
Mining
Mining
 $260.00M ▲$720.00M ▲$270.00M ▼$740.00M ▲
Natural gas liquids
Natural gas liquids
 $10.00M ▲$20.00M ▲$0 ▼$10.00M ▲
Oil
Oil
 $50.00M ▲$110.00M ▲$40.00M ▼$100.00M ▲
Other mining commodities
Other mining commodities
 $0 ▲$0 ▲$10.00M ▲$10.00M ▲
Platinumgroup metals
Platinumgroup metals
 $20.00M ▲$40.00M ▲$10.00M ▼$30.00M ▲
Silver
Silver
 $40.00M ▲$100.00M ▲$40.00M ▼$90.00M ▲
Diversified
Diversified
 $90.00M ▲$0 ▼$0 ▲$0 ▲

Five-Year Company Overview

Income Statement

Income Statement Franco-Nevada’s income statement shows a business that is generally very profitable, with one unusual weak year in the recent period. Revenue has been fairly steady over time, with a small pullback over the last couple of years rather than a collapse. Profit margins remain strong, reflecting the royalty and streaming model, which has low operating costs. The sharp drop into a loss in 2023 looks like an exceptional event rather than a structural problem, likely tied to asset write-downs or a specific issue such as Cobre Panama. By 2024, earnings and cash-based profitability had rebounded, suggesting the core earning power of the business remains intact, even if headline growth has slowed.

Balance Sheet

Balance Sheet The balance sheet is a major strength. Franco-Nevada carries no debt and holds a large cash position relative to its size, giving it considerable financial flexibility. Total assets and shareholder equity have stayed broadly stable over the last several years, which implies that write-downs or market volatility have not eroded the company’s underlying financial foundation in a lasting way. This conservative structure reduces financial risk and leaves room to fund new deals without relying heavily on borrowing.

Cash Flow

Cash Flow Cash generation from operations has been consistently strong and comfortably positive, even through commodity cycles. Free cash flow has also been positive in each year, though it moves around depending on how much the company is investing in new royalties and streams. When investment spending is high, reported free cash flow dips but remains in positive territory, which is a healthy sign. Overall, the company appears able to fund its growth pipeline and shareholder returns from internal cash flow, while still keeping significant cash reserves.

Competitive Edge

Competitive Edge Franco-Nevada has a distinctive and entrenched competitive position in the mining finance space. Its royalty and streaming model gives it exposure to commodity prices and mine life extensions, but without taking on the heavy operating, environmental, and capital risks of running mines. The portfolio is broad across assets, countries, and commodities, which reduces dependence on any single project. Its scale, long track record, strong balance sheet, and relationships with operators make it a preferred partner for complex financing deals. Key risks to this position include project-specific disruptions (such as Cobre Panama), shifts in host-country politics, and competition from other royalty and streaming companies, but the existing diversified portfolio provides meaningful resilience.

Innovation and R&D

Innovation and R&D Innovation at Franco-Nevada is mainly financial and analytical rather than technological. The company’s edge comes from designing flexible royalty and streaming structures, performing deep technical and financial due diligence, and actively managing a large, complex portfolio of interests. It leverages in-house geological and engineering expertise to assess projects rather than spending on traditional R&D labs or proprietary tech. The real “optional R&D” upside is embedded in its agreements: when partners make new discoveries or expand reserves on properties where Franco-Nevada holds rights, the company benefits without investing new capital. Future innovation is likely to focus on new deal structures, broader commodity exposure, careful use of ESG criteria, and opportunistic acquisitions rather than on physical mining technology.

Summary

Overall, Franco-Nevada combines a high-margin, asset-light business model with a very conservative balance sheet and reliable cash generation. The one-off weak year in 2023 stands out but appears to be more of an exceptional event than a long-term trend, with profitability recovering in 2024. The company’s strength lies in its diversified royalty and streaming portfolio, strong liquidity, and disciplined approach to new deals. Key things to watch include resolution of the Cobre Panama situation, execution and ramp-up of new projects in its pipeline, continued access to attractive deals in a competitive market, and how well it maintains its risk profile as it grows and diversifies further.

NEWS

November 24, 2025 · 7:55 AM UTC

Altius Receives Contingent Payment and Confirms Extent of Arthur Gold Royalty Lands

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November 3, 2025 · 5:30 PM UTC

Franco-Nevada Reports Record Q3 2025 Results

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October 6, 2025 · 3:30 PM UTC

Franco-Nevada to Release Third Quarter 2025 Results

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September 11, 2025 · 5:42 PM UTC

Franco-Nevada Reaches Settlement on Canadian Tax Disputes

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