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Royalty and streaming company that finances mines and energy projects in exchange for a share of future production or revenue.
Royalty and streaming company that finances mines and energy projects in exchange for a share of future production or revenue.
Pays mine owners cash upfront for a slice of future output, either a royalty on revenue or a stream, the right to buy gold or silver at a fixed low price, and so carries none of a mine's capital or running costs. Gold and silver provide most of the income, with oil-and-gas royalties as a diversifier. Panama's Cobre Panama copper mine, where it holds a stream, was halted in late 2023.
In one line: The originator of the streaming-royalty model..
Moat: wide (scale, installed base). Largest, most diversified royalty portfolio in the sector, giving low-risk exposure across hundreds of assets.
Headquarters: Toronto, Canada · Founded: 1982 · Employees: 44
Size Franco-Nevada (FNV.TO) is a Canada Materials company (Precious Metals) with a market value of $49.6B, the 25th largest of 420 Canada companies the cockpit tracks. Shares closed at C$360.24 on 6 Nov 2026.
Performance Over six months the shares gained 15.6%, against -12.9% for the median peer and +5.2% for the Canada market (cap-weighted) — 2nd highest of 21 in its peer set.
Growth Revenue grew 71.5% over the last twelve months (peer median +39.2%); the operating margin is 75.4% (peer median 50.7%).
Valuation It trades at 31.5× forward earnings against a peer median of 11.9× (most expensive of 21).
Price implies For today's price to make sense, revenue must grow about 18% a year for seven years (Req g). Recent delivered growth is +13%, so the hurdle is +4 pp: the price needs faster growth than the company has been delivering — of companies that just grew 25–50% a year, 93.8% slowed down over the next four years.
Capital Return on invested capital runs 9.0 points above its cost of capital (8.3% WACC).
Next results Next results expected around 11 Nov 2026 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | C$3.20B | C$2.55B | C$1.53B | C$1.64B | C$1.71B |
| Revenue growth | — | +67% | -7% | -4% | — |
| Gross profit | C$2.47B | C$1.88B | C$1.04B | C$1.03B | C$1.11B |
| EBITDA | C$2.88B | C$2.24B | C$1.30B | C$1.36B | C$1.44B |
| Net income | C$2.04B | C$1.55B | C$756M | -C$629M | C$912M |
| Free cash flow | C$1.29B | -C$982M | C$577M | C$634M | C$1.12B |
| Capital expenditure | C$1.17B | C$3.07B | C$559M | C$704M | C$184M |
| Total debt | C$0 | C$0 | C$0 | C$7.52M | C$8.13M |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| Franco-Nevada FNV.TO | $49.6B | +16% | +72% | 75% | 31.5× | 17.7% |
| Wheaton Precious Metals WPM.TO | $62.3B | +7% | +89% | 73% | 29.9× | n/a |
| Royal Gold RGLD | $22.5B | +11% | +94% | 63% | 20.9× | 10.9% |
| Triple Flag Precious Metals TFPM.TO | $6.54B | +1% | +45% | 63% | 24.7× | n/a |
| OR Royalties OR.TO | $6.81B | 0% | +68% | 77% | 29.5× | n/a |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | FNV.TO | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +6.2% | +1.7% | 5th highest of 21 |
| 6-month return | +15.6% | -12.9% | 2nd highest of 21 |
| Distance from 52-week high | -7.2% | -32.2% | highest of 21 |
| Revenue growth (TTM) | +71.5% | +39.2% | 6th highest of 21 |
| Operating margin | 75.4% | 50.7% | highest of 21 |
| Forward P/E | 31.5× | 11.9× | most expensive of 21 |
| Growth the price implies (Req g, 7 yrs) | 17.7% | -3.0% | 2nd most demanding of 20 |
| Growth delivered (Del g) | +13.3% | +17.5% | 6th lowest of 20 |
| Hurdle (Req g minus delivered) | +4.3 pp | -18.6 pp | most demanding of 20 |
| ROIC minus cost of capital | +9.0 pp | +12.8 pp | 8th lowest of 20 |
| EV / EBITDA | 23.7× | 8.4× | 2nd most expensive of 17 |
| Net debt / EBITDA | -0.5× | -0.1× | 2nd least indebted of 17 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Franco-Nevada FNV.TO | Canada | $49.6B | +16% | +72% | 75% | 31.5× | 17.7% | +13.3% |
| Anglogold Ashanti AU | United States | $47.0B | -13% | +139% | 51% | 11.7× | -7.7% | +17.4% |
| Zijin Gold International 2259.HK | Hong Kong | $46.6B | -19% | +106% | 54% | 15.7× | 17.3% | +43.4% |
| Wheaton Precious Metals WPM.TO | Canada | $62.3B | +7% | +89% | 73% | 29.9× | n/a | n/a |
| Barrick Mining ABX.TO | Canada | $67.2B | 0% | +49% | 52% | 10.9× | -3.0% | +7.0% |
| Gold Fields Limited Sponsored ADR GFI | United States | $31.5B | -13% | +71% | 53% | 9.2× | -14.1% | +17.7% |
| Kinross Gold K.TO | Canada | $26.4B | -25% | +30% | 51% | 8.5× | -3.9% | +11.8% |
| Northern Star Resources NST.AX | Australia | $25.3B | +19% | +19% | 35% | 17.8× | 17.5% | +22.5% |
| Agnico Eagle Mines AEM.TO | Canada | $98.4B | +6% | +41% | 59% | 16.9× | 8.4% | +31.6% |
| Fresnillo FRES.L | United Kingdom | $24.9B | -31% | +48% | 59% | 11.8× | -8.2% | +12.6% |
| Zijin Mining 601899.SS | China | $109B | -15% | +16% | 30% | 9.6× | -10.2% | +15.3% |
| Royal Gold RGLD | United States | $22.5B | +11% | +94% | 63% | 20.9× | 10.9% | +15.6% |
| Newmont NEM | United States | $126B | +4% | +23% | 55% | 12.7× | -8.9% | +14.1% |
| Evolution Mining EVN.AX | Australia | $18.3B | -4% | +28% | 42% | 13.4× | 10.8% | +24.4% |
| Pan American Silver PAAS.TO | Canada | $17.2B | -26% | +37% | 39% | 9.5× | 4.4% | +23.0% |
| Lundin Gold LUG.TO | Canada | $17.0B | +7% | +36% | 65% | 16.0× | 9.9% | +39.0% |
| Shandong Gold Mining 600547.SS | China | $16.5B | -24% | +12% | 13% | 18.9× | -5.6% | +10.6% |
| Coeur Mining CDE | United States | $15.9B | -17% | +117% | 35% | 12.1× | 10.9% | +21.6% |
| Zhongjin Gold 600489.SS | China | $15.1B | -20% | +25% | 13% | 11.4× | -5.9% | +10.5% |
| Endeavour Mining EDV.TO | Canada | $13.7B | -10% | +27% | 47% | 9.3× | -6.5% | +25.4% |
| Equinox Gold EQX.TO | Canada | $13.5B | -17% | +63% | 36% | 9.7× | 21.0% | +17.5% |