Franco-Nevada Corporation (FNV) Financials

EPS

Hollow marker is the consensus estimate; filled is the reported figure, colored by beat or miss.

Revenue

Outlined bar is the consensus estimate; solid is reported.

Results

Periods without a consensus estimate or a reported figure show a dash.

Period	EPS estimate	EPS actual	EPS surprise %	Revenue estimate	Revenue actual	Revenue surprise %
Q2 26	$1.97	$1.81	-8.1%	—	$580.9M	—
Q4 25	$1.67	$1.85	+10.8%	—	$597.3M	—
Q3 25	$1.38	$1.43	+3.6%	—	$487.7M	—
Q2 25	$1.12	$1.24	+10.7%	—	$369.4M	—
Q1 25	$1	$1.07	+7.0%	—	$368.4M	—
Q4 24	$0.89	$0.95	+6.7%	—	$321M	—
Q3 24	$0.83	$0.8	-3.6%	—	$275.7M	—
Q2 24	$0.8	$0.75	-6.3%	—	$260.1M	—
Q1 24	$0.71	$0.76	+7.0%	—	$256.8M	—
Q4 23	$0.81	$0.9	+11.1%	—	$303.3M	—
Q3 23	$0.89	$0.91	+2.2%	—	—	—
Q2 23	$0.9	$0.95	+5.6%	—	$329.9M	—
Q1 23	$0.81	$0.79	-2.5%	—	$276.3M	—
Q4 22	$0.82	$0.86	+4.9%	—	$320.4M	—
Q3 22	$0.86	$0.83	-3.5%	—	$304.2M	—
Q2 22	$0.98	$1.02	+4.1%	—	$352.3M	—

EPS

Reported per-share earnings by fiscal year; the line turns dotted where reported figures end and the analyst consensus begins, with the shaded band marking the low–high range.

Revenue

Reported revenue by fiscal year; the line turns dotted where reported figures end and the analyst consensus begins, with the shaded band marking the low–high range.

Results

Periods without a consensus estimate or a reported figure show a dash.

Period	EPS estimate	EPS actual	EPS surprise %	Revenue estimate	Revenue actual	Revenue surprise %
FY25	—	$5.77	—	—	$1.8B	—
FY24	—	$2.87	—	—	$1.1B	—
FY23	—	-$2.43	—	—	$1.2B	—
FY22	—	$3.66	—	—	$1.3B

Total revenue

Reported revenue per period; the line is the change from the same period a year earlier, on its own left axis.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Revenue	$610.2M	$675M	$653.2M	$844.1M	$1B	$1.3B	$1.3B	$1.2B	$1.1B	$1.8B
YoY change	+37.6%	+10.6%	-3.23%	+29.2%	+20.9%	+27.4%	+1.21%	-7.35%	-8.65%	+63.7%

Revenue and profits

Revenue, gross profit, operating income, and net income per period.

Condensed income statement

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Revenue	610.2M	675M	653.2M	844.1M	1B	1.3B	1.3B	1.2B	1.1B	1.8B
Cost of revenue	379.6M	415M	365.9M	408M	399.8M	477.9M	463.1M	452.4M	354.3M	475.5M
Gross profit	230.6M	260M	287.3M	436.1M	620.4M	822.1M	852.6M	766.6M	759.3M	1.3B
Gross margin	37.8%	38.5%	44%	51.7%	60.8%	63.2%	64.8%	62.9%	68.2%	73.9%
Research & development	3.4M	3.6M	—	—	—	—	—	—	—	—
Selling, general & administrative	20.7M	24.9M	22.6M	28.8M	28.8M	30.8M	32.6M	28.9M	34.6M	46.4M
Operating expenses	24.1M	28.5M	22.6M	28.8M	28.8M	30.8M	32.6M	28.9M	34.6M	46.4M
Operating income	206.5M	235.1M	264.7M	407.3M	591.6M	791.3M	820M	737.7M	724.7M	1.3B
Operating margin	33.8%	34.8%	40.5%	48.3%	58%	60.9%	62.3%	60.5%	65.1%	71.4%
Non-operating income, net	-38.5M	-1.1M	-74.1M	5.7M	-252.3M	66.4M	4.3M	-1.2B	-18.8M	90M
Pretax income	167.9M	236M	189.1M	405.9M	339.5M	857.8M	833.7M	-364.2M	763.9M	1.4B
Income tax	45.7M	41.3M	50.1M	61.8M	13.3M	124.1M	133.1M	102.2M	211.8M	303.9M
Net income	122.2M	194.7M	139M	344.1M	326.2M	733.7M	700.6M	-466.4M	552.1M	1.1B
Net margin	20%	28.8%	21.3%	40.8%	32%	56.4%	53.2%	-38.3%	49.6%	61%
EBITDA	483.8M	513.5M	512.4M	671M	833.2M	1.1B	1.1B	1.1B	1B	1.6B
EPS	0.7	1.07	0.75	1.84	1.72	3.86	3.66	-2.43	2.87	5.77
Diluted EPS	0.69	1.07	0.75	1.84	1.72	3.85	3.65	-2.43	2.87	5.76

Revenue and profits

Revenue, gross profit, operating income, and net income per period.

Condensed income statement

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Revenue	—	303.3M	256.8M	260.1M	275.7M	321M	368.4M	369.4M	487.7M	597.3M	650.7M	580.9M
Cost of revenue	—	114M	91.8M	82M	86.1M	94.4M	106.9M	97.5M	134.2M	136.9M	124.4M	129.9M
Gross profit	—	189.3M	165M	178.1M	189.6M	226.6M	261.5M	271.9M	353.5M	460.4M	526.3M	451M
Gross margin	—	62.4%	64.3%	68.5%	68.8%	70.6%	71%	73.6%	72.5%	77.1%	80.9%	77.6%
Research & development	—	—	—	—	—	—	—	—	—	—	—	—
Selling, general & administrative	—	5.2M	8.5M	9.4M	10.2M	5.7M	14.4M	8.5M	16.3M	2.6M	15.4M	4.3M
Operating expenses	—	5.2M	8.5M	9.4M	10.2M	5.7M	14.4M	8.5M	16.3M	2.6M	15.4M	4.3M
Operating income	—	184.1M	156.5M	168.7M	179.4M	220.9M	247.1M	263.4M	337.2M	457.8M	510.9M	446.7M
Operating margin	—	60.7%	60.9%	64.9%	65.1%	68.8%	67.1%	71.3%	69.1%	76.6%	78.5%	76.9%
Non-operating income, net	—	-1.2B	100K	-9.5M	1.3M	-11.5M	12.1M	46.5M	18M	8.8M	79.3M	6.1M
Pretax income	—	-959.8M	172M	174.8M	194.9M	222.2M	269.6M	315.7M	362.4M	468.3M	594.9M	458.9M
Income tax	—	22.7M	27.5M	95.3M	42.2M	46.8M	59.8M	68.6M	74.9M	100.6M	126.3M	104.9M
Net income	—	-982.5M	144.5M	79.5M	152.7M	175.4M	209.8M	247.1M	287.5M	367.7M	468.6M	354M
Net margin	—	-323.9%	56.3%	30.6%	55.4%	54.6%	56.9%	66.9%	59%	61.6%	72%	60.9%
EBITDA	—	266.5M	230.7M	237.7M	248.5M	291.9M	326.6M	334M	432.2M	544.5M	658.1M	537.5M
EPS	0.91	—	0.75	0.41	0.79	0.91	1.09	1.28	1.49	1.91	2.43	1.84
Diluted EPS	0.91	—	0.75	0.41	0.79	0.91	1.09	1.28	1.49	1.9	2.43	1.83

P/E

Annual history by fiscal year; click a table row below to chart a different metric.

Current values are trailing twelve months where available, otherwise the latest fiscal year; unreported figures show a dash.

Key stats

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Market cap	—	14.6B	13B	19.3B	23.7B	26.3B	26.1B	21.3B	22.6B	39.9B	47.4B
Enterprise value	—	14B	13.1B	19.2B	23.2B	25.8B	24.9B	19.9B	21.2B	39.3B	48.7B
Shares outstanding	174.3M	182M	185.2M	186.8M	189.4M	190.1M	191.5M	192M	192.4M	192.7M	192.7M

Valuation

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
P/E	—	74.7	93.5	56.1	72.8	35.8	37.3	—	41	35.9	33.7
P/S	—	21.6	19.9	22.9	23.3	20.2	19.9	17.5	20.3	21.9	21.6
P/B	—	3.09	2.81	3.81	4.36	4.36	4.07	3.69	3.77	5.23	6.04
EV/EBITDA	—	27.3	25.6	28.7	27.8	23.6	22.4	18.7	21	24.1	23.3
EV/Sales	—	20.8	20.1	22.8	22.7	19.8	19	16.3	19	21.5	21.2
Earnings yield	—	1.34%	1.07%	1.78%	1.37%	2.79%	2.68%	—	2.44%	2.78%	2.97%
FCF yield	—	-0.09%	-3.96%	0.89%	2.07%	0.74%	3.28%	2.21%	1.86%	-1.76%	0.99%
PEG	—	—	—	—	—	—	—	—	—	—	0.77

Profitability

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Gross margin	37.8%	38.5%	44%	51.7%	60.8%	63.2%	64.8%	62.9%	68.2%	73.9%	77.6%
Operating margin	33.8%	34.8%	40.5%	48.3%	58%	60.9%	62.3%	60.5%	65.1%	71.4%	77%
Net margin	20%	28.8%	21.3%	40.8%	32%	56.4%	53.2%	-38.3%	49.6%	61%	64.2%
ROE	2.95%	4.14%	3%	6.8%	5.99%	12.2%	10.9%	-8.08%	9.21%	14.6%	19.9%
ROA	2.89%	4.07%	2.82%	6.52%	5.83%	11.8%	10.6%	-7.78%	8.72%	13.5%	13.7%
ROIC	3.86%	4.62%	4.08%	6.89%	11.6%	12.3%	13.2%	17%	11.5%	14.7%	19%
Return on tangible assets	2.89%	4.07%	2.82%	6.52%	5.83%	11.8%	10.6%	-7.78%	8.72%	13.5%	16.6%

Financial health

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Current ratio	9.61	27.3	7.14	5.22	12.5	17.4	27.6	41.2	25.4	8.3	9.38
Quick ratio	9.53	27	7.14	5.14	12.5	17.4	27.5	41.2	24	7.98	8.62
Debt / equity	—	—	0.04	0.02	—	—	—	—	—	—	0
Debt / assets	—	—	0.04	0.02	—	—	—	—	—	—	—
Net debt / EBITDA	—	—	0.27	-0.08	—	—	—	—	—	—	-0.47
Interest coverage	47.6	70.4	127.1	54.4	849.8	2.9K	8.3K	-3.6K	7.6K	4.7K	438.3
Effective tax rate	27.2%	17.5%	26.5%	15.2%	3.92%	14.5%	16%	0%	27.7%	21.5%	21.6%

Per share

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Revenue per share	3.5	3.71	3.53	4.52	5.39	6.84	6.87	6.35	5.79	9.46	11.9
EPS (basic)	0.7	1.07	0.75	1.84	1.72	3.86	3.66	-2.43	2.87	5.77	5.77
EPS (diluted)	0.69	1.07	0.75	1.84	1.72	3.85	3.65	-2.43	2.87	5.76	7.66
Book value per share	23.8	25.9	25	27.1	28.7	31.7	33.5	30	31.2	39.6	42.7
FCF per share	-1.58	-0.07	-2.78	0.92	2.59	1.02	4.48	2.45	2.19	-3.65	4.61
Cash per share	1.45	2.81	0.38	0.71	2.82	2.84	6.25	7.41	7.54	3.48	5.26
Capex per share	4.11	2.75	5.34	2.38	1.65	4	0.74	2.68	2.06	—	—

Capital allocation

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Capex / revenue	117.5%	74.3%	151.5%	52.7%	30.6%	58.5%	10.8%	42.2%	35.6%	—	—
Capex / operating cash flow	165%	103.4%	255.3%	70.4%	57.9%	74.2%	14.2%	-329.2%	48.6%	—	—
Payout ratio	96.6%	64.6%	97.9%	40.2%	47.5%	24.5%	28.2%	-50%	43.9%	24.7%	21.4%
Dividend yield	—	0.86%	1.05%	0.72%	0.65%	0.68%	0.76%	1.1%	1.07%	0.69%	0.72%

Yield

0.72%

trailing twelve months

Frequency

Quarterly

Last dividend

$0.44

ex-dividend Sep 10, 2026

Payout ratio

21%

of earnings

Dividend growth

0 years

consecutive annual raises

Dividend per share

Split-adjusted payout per share by ex-dividend date.

Recent payouts

Ex-dividend	Amount
Sep 10, 2026	$0.44
Jun 11, 2026	$0.44
Mar 12, 2026	$0.44

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Revenue	—	$303.3M	$256.8M	$260.1M	$275.7M	$321M	$368.4M	$369.4M	$487.7M	$597.3M	$650.7M	$580.9M
YoY change	—	-5.34%	-7.06%	-21.2%	—	+5.84%	+43.5%	+42%	+76.9%	+86.1%	+76.6%	+57.3%

Assets vs. liabilities & equity

What the company owns (left stack) against what it owes plus shareholders' equity (right stack). The two stacks should match — that's the balance.

Condensed balance sheet

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Cash & short-term investments	253M	511.1M	69.7M	132.1M	534.2M	539.3M	1.2B	1.4B	1.5B	670.9M
Receivables	71.1M	65.9M	75.5M	97.8M	93.4M	119.8M	135.7M	111M	151.8M	241.9M
Inventory	2.7M	7.1M	0	4.4M	500K	500K	100K	500K	96.8M	40.1M
Total current assets	361.2M	616.4M	178.5M	278.7M	663.7M	751.4M	1.4B	1.6B	1.7B	1B
Property, plant & equipment	7.4B	7.9B	4.6B	-2.6B	-3.1B	-3.4B	-3.6B	-3.9B	-5.2B	-5.6B
Goodwill & intangibles	—	—	—	—	—	—	—	—	—	—
Total assets	4.2B	4.8B	4.9B	5.3B	5.6B	6.2B	6.6B	6B	6.3B	8.2B
Accounts payable	9.6M	6.2M	7.3M	6.8M	3.5M	8.5M	7M	5.5M	5.1M	8.4M
Short-term debt	—	—	—	—	—	—	—	—	—	—
Total current liabilities	37.6M	22.6M	25M	53.4M	53.2M	43.2M	50.2M	39.2M	67.5M	123M
Long-term debt	—	—	207.6M	80M	—	—	—	—	—	—
Total liabilities	75.1M	82.9M	299.9M	218.4M	149.1M	184.7M	209.2M	225M	333.8M	606.1M
Shareholders' equity	4.1B	4.7B	4.6B	5.1B	5.4B	6B	6.4B	5.8B	6B	7.6B
Total debt	—	—	207.6M	80M	—	—	—	—	—	—
Net debt	—	—	137.9M	-52.1M	—	—	—	—	—	—

Assets vs. liabilities & equity

What the company owns (left stack) against what it owes plus shareholders' equity (right stack). The two stacks should match — that's the balance.

Condensed balance sheet

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Cash & short-term investments	1.3B	1.4B	1.4B	1.4B	1.3B	1.5B	1.1B	160.3M	236.7M	670.9M	714.7M	1B
Receivables	134.8M	111M	126.7M	120.9M	133.9M	151.8M	160.2M	146.7M	190.7M	241.9M	267.5M	237.5M
Inventory	—	500K	—	—	—	96.8M	89.4M	7M	10.3M	40.1M	123.3M	112.6M
Total current assets	1.5B	1.6B	1.6B	1.7B	1.6B	1.7B	1.4B	357.3M	542.5M	1B	1.1B	1.4B
Property, plant & equipment	—	-3.9B	—	—	—	-5.2B	—	—	—	-5.6B	—	-5.7B
Goodwill & intangibles	—	—	—	—	—	—	—	—	—	—	—	—
Total assets	7B	6B	6.1B	6.1B	6.3B	6.3B	6.7B	7B	7.5B	8.2B	8.8B	8.9B
Accounts payable	35M	5.5M	41.8M	30.1M	26.2M	5.1M	30.7M	33.6M	66.1M	8.4M	49.7M	38.6M
Short-term debt	—	—	—	—	—	—	—	—	—	—	—	—
Total current liabilities	40.2M	39.2M	53.4M	57.3M	66.3M	67.5M	60.9M	84M	116.9M	123M	183.2M	148M
Long-term debt	—	—	—	—	—	—	—	—	—	—	—	—
Total liabilities	214.6M	225M	239.8M	296M	312.8M	333.8M	360.9M	418.6M	517.6M	606.1M	690.9M	681.5M
Shareholders' equity	6.8B	5.8B	5.8B	5.8B	6B	6B	6.3B	6.6B	7B	7.6B	8.1B	8.2B
Total debt	—	—	—	—	—	—	—	—	—	—	—	—
Net debt	—	—	—	—	—	—	—	—	—	—	—	—

Cash generation and uses

Cash from operations, what's left after capex, and what went back to shareholders. Bars below the line are cash going out.

Condensed cash flow statement

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Net income	122.2M	194.7M	139M	344.1M	326.2M	733.7M	700.6M	-466.4M	552.1M	1.1B
Depreciation & amortization	273.8M	273M	247.7M	263.2M	241M	299.6M	286.2M	273.1M	225.3M	306.7M
Stock-based compensation	5M	4.6M	5.2M	4.9M	5.6M	8M	8.2M	5.5M	5.4M	6.3M
Change in working capital	10.8M	-10.3M	-7.2M	500K	-400K	-27.9M	-7.7M	14.1M	21.4M	-94.8M
Operating cash flow	434.4M	484.5M	387.6M	632M	540M	1B	999.8M	-156.3M	816.9M	1.5B
Capital expenditure	-716.8M	-501.2M	-989.6M	-445.2M	-312.6M	-760.5M	-141.5M	-514.6M	-396.8M	—
Investing cash flow	-1.4B	-500.9M	-988.7M	-436.1M	-309M	-765M	-145.5M	-541.1M	-537.3M	163.7M
Dividends paid	-118.1M	-125.8M	-136.1M	-138.2M	-154.9M	-179.6M	-197.6M	-233M	-242.4M	-275.1M
Share repurchases	—	—	—	—	—	—	—	—	—	—
Financing cash flow	305.4M	-126.8M	283.4M	-343M	-99.2M	-180.6M	-198.5M	-233M	-243.2M	-275.1M
Net change in cash	-694.8M	-143.2M	-317.7M	-147.1M	131.8M	78.7M	655.8M	-930.4M	36.4M	1.4B
Free cash flow	-276.1M	-12.6M	-514.8M	172.5M	491.3M	194.9M	858M	469.6M	421.5M	-703M

Cash generation and uses

Cash from operations, what's left after capex, and what went back to shareholders. Bars below the line are cash going out.

Condensed cash flow statement

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Net income	175.1M	-982.5M	144.5M	79.5M	152.7M	175.4M	209.8M	247.1M	287.5M	367.7M	468.6M	354M
Depreciation & amortization	68.1M	68.9M	58.2M	52.9M	54.2M	60M	68.4M	64M	87M	87.3M	77.9M	84M
Stock-based compensation	1.5M	800K	1.4M	1.5M	1.3M	1.2M	2.1M	1M	1.7M	1.5M	1.1M	1M
Change in working capital	-5.2M	23.2M	-7.8M	13.6M	-1.6M	1.6M	1.9M	-6.5M	-49.2M	-39.6M	-37M	4.6M
Operating cash flow	240.7M	-879.9M	177.1M	185.8M	205.3M	233.1M	294.9M	430.3M	348M	426.5M	520.4M	482.5M
Capital expenditure	-165.4M	-84.6M	-142.6M	-10.1M	-239.3M	-4.8M	-508.4M	—	—	—	—	—
Investing cash flow	-173.7M	-85.5M	-190.5M	-36.7M	-279M	-31.1M	-551M	22.8M	84.4M	99.1M	-35.3M	-2.9M
Dividends paid	-56.8M	-59.8M	-58.9M	-60.3M	-61.1M	-62.1M	-70.2M	-67M	-67.3M	-70.6M	-80.5M	-80.6M
Share repurchases	—	—	—	—	—	—	—	—	—	—	—	—
Financing cash flow	-56.8M	-59.8M	-58.9M	-60.3M	-61.1M	-62.1M	-70.2M	-67M	-67.3M	-70.6M	-81.2M	-81.4M
Net change in cash	10.2M	-1B	-72.3M	88.8M	-134.8M	139.9M	-326.3M	386.1M	365.1M	455M	403.9M	398.2M
Free cash flow	70.6M	198.9M	31.3M	177.7M	-25.7M	238.2M	-219.5M	-930.6M	55.6M	391.5M	60.3M	384M

Franco-Nevada Corporation Financials

EPS

Revenue

Results

EPS

Revenue

Results

Total revenue

Total revenue

Revenue and profits

Condensed income statement

Revenue and profits

Condensed income statement

P/E

Key stats

Valuation

Profitability

Financial health

Per share

Capital allocation

Dividend per share

Recent payouts

Assets vs. liabilities & equity

Condensed balance sheet

Assets vs. liabilities & equity

Condensed balance sheet

Cash generation and uses

Condensed cash flow statement

Cash generation and uses

Condensed cash flow statement