FNV Fundamental Analysis - FRANCO-NEVADA CORP

Fundamental Rating

We assign a fundamental rating of 7 out of 10 to FNV. FNV was compared to 807 industry peers in the Metals & Mining industry. FNV scores excellent points on both the profitability and health parts. This is a solid base for a good stock. FNV is valued correctly, but it does not seem to be growing.

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1. Profitability

1.1 Basic Checks

In the past year FNV was profitable.

In the past year FNV had a positive cash flow from operations.

Of the past 5 years FNV 4 years were profitable.

In the past 5 years FNV always reported a positive cash flow from operatings.

1.2 Ratios

Looking at the Return On Assets, with a value of 11.18%, FNV belongs to the top of the industry, outperforming 94.18% of the companies in the same industry.

FNV's Return On Equity of 11.89% is amongst the best of the industry. FNV outperforms 92.57% of its industry peers.

FNV has a better Return On Invested Capital (9.38%) than 94.42% of its industry peers.

FNV had an Average Return On Invested Capital over the past 3 years of 8.75%. This is below the industry average of 11.74%.

The last Return On Invested Capital (9.38%) for FNV is above the 3 year average (8.75%), which is a sign of increasing profitability.

		Industry Rank	Sector Rank
ROA	11.18%
ROE	11.89%
ROIC	9.38%

ROA(3y)3.84%

ROA(5y)5.83%

ROE(3y)4.01%

ROE(5y)6.04%

ROIC(3y)8.75%

ROIC(5y)8.65%

1.3 Margins

With an excellent Profit Margin value of 58.82%, FNV belongs to the best of the industry, outperforming 98.76% of the companies in the same industry.

In the last couple of years the Profit Margin of FNV has grown nicely.

FNV has a better Operating Margin (67.43%) than 99.75% of its industry peers.

In the last couple of years the Operating Margin of FNV has grown nicely.

Looking at the Gross Margin, with a value of 71.16%, FNV belongs to the top of the industry, outperforming 98.39% of the companies in the same industry.

In the last couple of years the Gross Margin of FNV has grown nicely.

		Industry Rank	Sector Rank
OM	67.43%
PM (TTM)	58.82%
GM	71.16%

OM growth 3Y1.96%

OM growth 5Y5.98%

PM growth 3Y-4.23%

PM growth 5Y3.99%

GM growth 3Y2.54%

GM growth 5Y5.71%

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ROA

ROE

ROIC

Operating and Profit Margin

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2. Health

2.1 Basic Checks

FNV has a Return on Invested Capital (ROIC), which is just above the Cost of Capital (WACC), which means it is creating some value.

The number of shares outstanding for FNV has been increased compared to 1 year ago.

Compared to 5 years ago, FNV has more shares outstanding

There is no outstanding debt for FNV. This means it has a Debt/Equity and Debt/FCF ratio of 0 and it is amongst the best of the sector and industry.

2.2 Solvency

FNV has an Altman-Z score of 56.79. This indicates that FNV is financially healthy and has little risk of bankruptcy at the moment.

With an excellent Altman-Z score value of 56.79, FNV belongs to the best of the industry, outperforming 86.62% of the companies in the same industry.

There is no outstanding debt for FNV. This means it has a Debt/Equity and Debt/FCF ratio of 0 and it is amongst the best of the sector and industry.

		Industry Rank	Sector Rank
Debt/Equity	0
Debt/FCF	N/A
Altman-Z	56.79

ROIC/WACC1.05

WACC8.92%

2.3 Liquidity

A Current Ratio of 4.25 indicates that FNV has no problem at all paying its short term obligations.

Looking at the Current ratio, with a value of 4.25, FNV is in the better half of the industry, outperforming 71.75% of the companies in the same industry.

FNV has a Quick Ratio of 4.25. This indicates that FNV is financially healthy and has no problem in meeting its short term obligations.

The Quick ratio of FNV (4.25) is better than 72.24% of its industry peers.

		Industry Rank	Sector Rank
Current Ratio	4.25
Quick Ratio	4.25

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WACC

Debt/Equity

How to determine the health of a company

Altman-Z score

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3. Growth

3.1 Past

FNV shows a slight negative growth in Earnings Per Share. In the last year, the EPS has decreased by -8.17%.

FNV shows quite a strong growth in Earnings Per Share. Measured over the last years, the EPS has been growing by 12.36% yearly.

The Revenue has decreased by -8.65% in the past year.

Measured over the past years, FNV shows a small growth in Revenue. The Revenue has been growing by 5.70% on average per year.

EPS 1Y (TTM)-8.17%

EPS 3Y-2.62%

EPS 5Y12.36%

EPS Q2Q%0%

Revenue 1Y (TTM)-8.65%

Revenue growth 3Y-5.03%

Revenue growth 5Y5.7%

Sales Q2Q%0%

3.2 Future

The Earnings Per Share is expected to grow by 5.90% on average over the next years.

FNV is expected to show a small growth in Revenue. In the coming years, the Revenue will grow by 4.13% yearly.

EPS Next Y53.98%

EPS Next 2Y32.01%

EPS Next 3Y21.71%

EPS Next 5Y5.9%

Revenue Next Year45.72%

Revenue Next 2Y30.86%

Revenue Next 3Y19.91%

Revenue Next 5Y4.13%

3.3 Evolution

When comparing the EPS growth rate of the last years to the growth rate of the upcoming years, we see that the growth is decreasing.

The Revenue growth rate is decreasing: in the next years the growth will be less than in the last years.

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4. Valuation

4.1 Price/Earnings Ratio

Based on the Price/Earnings ratio of 65.69, the valuation of FNV can be described as expensive.

Based on the Price/Earnings ratio, FNV is valued cheaply inside the industry as 87.86% of the companies are valued more expensively.

Compared to an average S&P500 Price/Earnings ratio of 27.38, FNV is valued quite expensively.

FNV is valuated quite expensively with a Price/Forward Earnings ratio of 37.67.

Based on the Price/Forward Earnings ratio, FNV is valued cheaply inside the industry as 87.48% of the companies are valued more expensively.

Compared to an average S&P500 Price/Forward Earnings ratio of 22.86, FNV is valued quite expensively.

		Industry Rank	Sector Rank
PE	65.69
Fwd PE	37.67

4.2 Price Multiples

Compared to the rest of the industry, the Enterprise Value to EBITDA ratio of FNV indicates a rather cheap valuation: FNV is cheaper than 89.47% of the companies listed in the same industry.

		Industry Rank	Sector Rank
P/FCF	N/A
EV/EBITDA	33.92

4.3 Compensation for Growth

The PEG Ratio(NY), which compensates the Price/Earnings for growth, indicates a correct valuation of the company.

The excellent profitability rating of FNV may justify a higher PE ratio.

FNV's earnings are expected to grow with 21.71% in the coming years. This may justify a more expensive valuation.

PEG (NY)1.22

PEG (5Y)5.31

EPS Next 2Y32.01%

EPS Next 3Y21.71%

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5. Dividend

5.1 Amount

With a yearly dividend of 0.77%, FNV is not a good candidate for dividend investing.

FNV's Dividend Yield is rather good when compared to the industry average which is at 13.98. FNV pays more dividend than 95.91% of the companies in the same industry.

Compared to an average S&P500 Dividend Yield of 2.38, FNV's dividend is way lower than the S&P500 average.

		Industry Rank	Sector Rank
Dividend Yield	0.77%

5.2 History

On average, the dividend of FNV grows each year by 11.34%, which is quite nice.

FNV has paid a dividend for at least 10 years, which is a reliable track record.

FNV has not decreased its dividend for at least 10 years, so it has a reliable track record of non decreasing dividend.

Dividend Growth(5Y)11.34%

Div Incr Years16

Div Non Decr Years16

5.3 Sustainability

33.17% of the earnings are spent on dividend by FNV. This is a low number and sustainable payout ratio.

The dividend of FNV is growing, but the earnings are growing slower. This means the dividend growth is not sustainable.

DP33.17%

EPS Next 2Y32.01%

EPS Next 3Y21.71%

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FRANCO-NEVADA CORP

TSX:FNV (9/19/2025, 7:00:00 PM)

294.95

+15.69 (+5.62%)

Chartmill FA Rating

GICS SectorMaterials

GICS IndustryGroupMaterials

GICS IndustryMetals & Mining

Earnings (Last)08-11 2025-08-11/bmo

Earnings (Next)11-04 2025-11-04/amc

Inst Owners77.03%

Inst Owner ChangeN/A

Ins Owners0.71%

Ins Owner ChangeN/A

Market Cap56.84B

Analysts72.63

Price Target257.49 (-12.7%)

Short Float %N/A

Short RatioN/A

Dividend

		Industry Rank	Sector Rank
Dividend Yield	0.77%

Yearly Dividend1.74

Dividend Growth(5Y)11.34%

DP33.17%

Div Incr Years16

Div Non Decr Years16

Ex-Date09-11 2025-09-11 (0.38)

Surprises & Revisions

EPS beat(2)2

Avg EPS beat(2)7.38%

Min EPS beat(2)6.24%

Max EPS beat(2)8.51%

EPS beat(4)3

Avg EPS beat(4)3.43%

Min EPS beat(4)-6.54%

Max EPS beat(4)8.51%

EPS beat(8)6

Avg EPS beat(8)2.21%

EPS beat(12)8

Avg EPS beat(12)0.94%

EPS beat(16)10

Avg EPS beat(16)0.61%

Revenue beat(2)1

Avg Revenue beat(2)7%

Min Revenue beat(2)-3.27%

Max Revenue beat(2)17.27%

Revenue beat(4)2

Avg Revenue beat(4)3.31%

Min Revenue beat(4)-4.67%

Max Revenue beat(4)17.27%

Revenue beat(8)3

Avg Revenue beat(8)-0.35%

Revenue beat(12)4

Avg Revenue beat(12)-1.29%

Revenue beat(16)4

Avg Revenue beat(16)-1.33%

PT rev (1m)-2.55%

PT rev (3m)-0.96%

EPS NQ rev (1m)0.86%

EPS NQ rev (3m)36.42%

EPS NY rev (1m)20.42%

EPS NY rev (3m)20.42%

Revenue NQ rev (1m)5.03%

Revenue NQ rev (3m)30.27%

Revenue NY rev (1m)2.54%

Revenue NY rev (3m)14.53%

Valuation

		Industry Rank	Sector Rank
PE	65.69
Fwd PE	37.67
P/S	30.9
P/FCF	N/A
P/OCF	35.07
P/B	6.25
P/tB	6.25
EV/EBITDA	33.92

EPS(TTM)4.49

EY1.52%

EPS(NY)7.83

Fwd EY2.65%

FCF(TTM)-6.71

FCFYN/A

OCF(TTM)8.41

OCFY2.85%

SpS9.54

BVpS47.22

TBVpS47.22

PEG (NY)1.22

PEG (5Y)5.31

Profitability

		Industry Rank	Sector Rank
ROA	11.18%
ROE	11.89%
ROCE	12.97%
ROIC	9.38%
ROICexc	9.6%
ROICexgc	9.6%
OM	67.43%
PM (TTM)	58.82%
GM	71.16%
FCFM	N/A

ROA(3y)3.84%

ROA(5y)5.83%

ROE(3y)4.01%

ROE(5y)6.04%

ROIC(3y)8.75%

ROIC(5y)8.65%

ROICexc(3y)11.19%

ROICexc(5y)10.45%

ROICexgc(3y)11.19%

ROICexgc(5y)10.45%

ROCE(3y)12.11%

ROCE(5y)11.97%

ROICexcg growth 3Y2.02%

ROICexcg growth 5Y13.31%

ROICexc growth 3Y2.02%

ROICexc growth 5Y13.31%

OM growth 3Y1.96%

OM growth 5Y5.98%

PM growth 3Y-4.23%

PM growth 5Y3.99%

GM growth 3Y2.54%

GM growth 5Y5.71%

F-Score7

Asset Turnover0.19

Health

		Industry Rank	Sector Rank
Debt/Equity	0
Debt/FCF	N/A
Debt/EBITDA	0
Cap/Depr	857.02%
Cap/Sales	158.37%
Interest Coverage	359.96
Cash Conversion	102.56%
Profit Quality	N/A
Current Ratio	4.25
Quick Ratio	4.25
Altman-Z	56.79

F-Score7

WACC8.92%

ROIC/WACC1.05

Cap/Depr(3y)140.51%

Cap/Depr(5y)161.01%

Cap/Sales(3y)30.06%

Cap/Sales(5y)35.86%

Profit Quality(3y)N/A

Profit Quality(5y)N/A

High Growth Momentum

Growth

EPS 1Y (TTM)-8.17%

EPS 3Y-2.62%

EPS 5Y12.36%

EPS Q2Q%0%

EPS Next Y53.98%

EPS Next 2Y32.01%

EPS Next 3Y21.71%

EPS Next 5Y5.9%

Revenue 1Y (TTM)-8.65%

Revenue growth 3Y-5.03%

Revenue growth 5Y5.7%

Sales Q2Q%0%

Revenue Next Year45.72%

Revenue Next 2Y30.86%

Revenue Next 3Y19.91%

Revenue Next 5Y4.13%

EBIT growth 1Y29.43%

EBIT growth 3Y-3.17%

EBIT growth 5Y12.02%

EBIT Next Year76.62%

EBIT Next 3Y28.2%

EBIT Next 5Y11.79%

FCF growth 1Y-260.66%

FCF growth 3Y29.32%

FCF growth 5Y19.56%

OCF growth 1Y19.58%

OCF growth 3Y-4.6%

OCF growth 5Y6.07%

FRANCO-NEVADA CORP (FNV.CA) Stock Fundamental Analysis

1. Profitability

1.1 Basic Checks

1.2 Ratios

1.3 Margins

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2. Health

2.1 Basic Checks

2.2 Solvency

2.3 Liquidity

More info and screens

3. Growth

3.1 Past

3.2 Future

3.3 Evolution

More info and screens

4. Valuation

4.1 Price/Earnings Ratio

4.2 Price Multiples

4.3 Compensation for Growth

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5. Dividend

5.1 Amount

5.2 History

5.3 Sustainability

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