Franco-Nevada (FNV)
Market Price (2/28/2026): $281.1 | Market Cap: $54.2 BilSector: Materials | Industry: Gold
Franco-Nevada (FNV)
Market Price (2/28/2026): $281.1Market Cap: $54.2 BilSector: MaterialsIndustry: Gold
Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.
| Strong revenue growthRev Chg LTMRevenue Change % Last Twelve Months (LTM) is 41% | Trading close to highsDist 52W High is -0.1%, Dist 3Y High is -0.1% | Expensive valuation multiplesP/SPrice/Sales ratio is 35x, P/EBITPrice/EBIT or Price/(Operating Income) ratio is 46x, P/CFOPrice/(Cash Flow from Operations). CFO is cash before capital expenditures. is 41x, P/EPrice/Earnings or Price/(Net Income) is 59x |
| Attractive operating marginsOp Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is 69% | Stock price has recently run up significantly12M Rtn12 month market price return is 100% | |
| Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 85% | Not cash flow generativeFCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is -55% | |
| Low stock price volatilityVol 12M is 35% | Yield minus risk free rate is negativeERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -2.4% | |
| Megatrend and thematic driversMegatrends include Precious Metals Investment, and US Energy Independence. Themes include Precious Metals Royalties & Streams, and US Oilfield Technologies. | Key risksFNV key risks include [1] significant revenue concentration in a handful of major assets that are vulnerable to operational and geopolitical disruptions and [2] a lack of direct control over those mining operations, Show more. |
| Strong revenue growthRev Chg LTMRevenue Change % Last Twelve Months (LTM) is 41% |
| Attractive operating marginsOp Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is 69% |
| Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 85% |
| Low stock price volatilityVol 12M is 35% |
| Megatrend and thematic driversMegatrends include Precious Metals Investment, and US Energy Independence. Themes include Precious Metals Royalties & Streams, and US Oilfield Technologies. |
| Trading close to highsDist 52W High is -0.1%, Dist 3Y High is -0.1% |
| Expensive valuation multiplesP/SPrice/Sales ratio is 35x, P/EBITPrice/EBIT or Price/(Operating Income) ratio is 46x, P/CFOPrice/(Cash Flow from Operations). CFO is cash before capital expenditures. is 41x, P/EPrice/Earnings or Price/(Net Income) is 59x |
| Stock price has recently run up significantly12M Rtn12 month market price return is 100% |
| Not cash flow generativeFCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is -55% |
| Yield minus risk free rate is negativeERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -2.4% |
| Key risksFNV key risks include [1] significant revenue concentration in a handful of major assets that are vulnerable to operational and geopolitical disruptions and [2] a lack of direct control over those mining operations, Show more. |
Qualitative Assessment
AI Analysis | Feedback
Franco-Nevada (FNV) stock has gained about 50% since 10/31/2025 because of the following key factors:
1. Strong Financial Performance and Optimistic Outlook. Franco-Nevada reported record Q3 2025 results on November 3, 2025, with earnings per share (EPS) of $1.43, surpassing analyst expectations of $1.37 by 4.38%. The company's total revenue increased by 77% to $487.7 million, and adjusted EBITDA rose by 81% to $427.3 million compared to Q3 2024. This strong performance was complemented by an upbeat outlook for 2025, initially provided in March 2025, forecasting revenue growth of over 25% and a 14% increase in precious metal gold equivalent ounces (GEOs) for the year. The company is also forecast to grow earnings by 33.3% and revenue by 24.5% per annum.
2. Significant Rise in Precious Metal Prices. The company's performance was significantly boosted by rising precious metal prices during the period. The price of gold, a core commodity for Franco-Nevada, increased from $4,002.72 per troy ounce on October 31, 2025, to $5,162.02 per troy ounce by February 27, 2026, representing an approximate 29% increase. Similarly, silver prices saw a substantial rise from approximately $49.11 per ounce on October 31, 2025, to $89.76 per t.oz on February 27, 2026, an increase of about 82.8%. High precious metal prices were explicitly cited as a driver for record Q3 2025 results.
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1. Strong Financial Performance and Optimistic Outlook. Franco-Nevada reported record Q3 2025 results on November 3, 2025, with earnings per share (EPS) of $1.43, surpassing analyst expectations of $1.37 by 4.38%. The company's total revenue increased by 77% to $487.7 million, and adjusted EBITDA rose by 81% to $427.3 million compared to Q3 2024. This strong performance was complemented by an upbeat outlook for 2025, initially provided in March 2025, forecasting revenue growth of over 25% and a 14% increase in precious metal gold equivalent ounces (GEOs) for the year. The company is also forecast to grow earnings by 33.3% and revenue by 24.5% per annum.
2. Significant Rise in Precious Metal Prices. The company's performance was significantly boosted by rising precious metal prices during the period. The price of gold, a core commodity for Franco-Nevada, increased from $4,002.72 per troy ounce on October 31, 2025, to $5,162.02 per troy ounce by February 27, 2026, representing an approximate 29% increase. Similarly, silver prices saw a substantial rise from approximately $49.11 per ounce on October 31, 2025, to $89.76 per t.oz on February 27, 2026, an increase of about 82.8%. High precious metal prices were explicitly cited as a driver for record Q3 2025 results.
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Stock Movement Drivers
Fundamental Drivers
The 50.6% change in FNV stock from 10/31/2025 to 2/27/2026 was primarily driven by a 28.6% change in the company's P/E Multiple.| (LTM values as of) | 10312025 | 2272026 | Change |
|---|---|---|---|
| Stock Price ($) | 186.28 | 280.61 | 50.6% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 1,334 | 1,546 | 15.9% |
| Net Income Margin (%) | 58.8% | 59.5% | 1.1% |
| P/E Multiple | 45.7 | 58.8 | 28.6% |
| Shares Outstanding (Mil) | 193 | 193 | 0.0% |
| Cumulative Contribution | 50.6% |
Market Drivers
10/31/2025 to 2/27/2026| Return | Correlation | |
|---|---|---|
| FNV | 50.6% | |
| Market (SPY) | 0.6% | 38.5% |
| Sector (XLB) | 24.7% | 58.1% |
Fundamental Drivers
The 76.8% change in FNV stock from 7/31/2025 to 2/27/2026 was primarily driven by a 26.2% change in the company's Total Revenues ($ Mil).| (LTM values as of) | 7312025 | 2272026 | Change |
|---|---|---|---|
| Stock Price ($) | 158.73 | 280.61 | 76.8% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 1,225 | 1,546 | 26.2% |
| Net Income Margin (%) | 50.4% | 59.5% | 18.0% |
| P/E Multiple | 49.5 | 58.8 | 18.7% |
| Shares Outstanding (Mil) | 193 | 193 | -0.1% |
| Cumulative Contribution | 76.8% |
Market Drivers
7/31/2025 to 2/27/2026| Return | Correlation | |
|---|---|---|
| FNV | 76.8% | |
| Market (SPY) | 8.8% | 25.4% |
| Sector (XLB) | 22.3% | 47.4% |
Fundamental Drivers
The 108.2% change in FNV stock from 1/31/2025 to 2/27/2026 was primarily driven by a 47.8% change in the company's P/S Multiple.| (LTM values as of) | 1312025 | 2272026 | Change |
|---|---|---|---|
| Stock Price ($) | 134.78 | 280.61 | 108.2% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 1,096 | 1,546 | 41.1% |
| P/S Multiple | 23.7 | 35.0 | 47.8% |
| Shares Outstanding (Mil) | 192 | 193 | -0.2% |
| Cumulative Contribution | 108.2% |
Market Drivers
1/31/2025 to 2/27/2026| Return | Correlation | |
|---|---|---|
| FNV | 108.2% | |
| Market (SPY) | 15.0% | 18.9% |
| Sector (XLB) | 22.1% | 37.5% |
Fundamental Drivers
The 97.3% change in FNV stock from 1/31/2023 to 2/27/2026 was primarily driven by a 63.2% change in the company's P/E Multiple.| (LTM values as of) | 1312023 | 2272026 | Change |
|---|---|---|---|
| Stock Price ($) | 142.19 | 280.61 | 97.3% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 1,323 | 1,546 | 16.9% |
| Net Income Margin (%) | 57.2% | 59.5% | 4.0% |
| P/E Multiple | 36.0 | 58.8 | 63.2% |
| Shares Outstanding (Mil) | 192 | 193 | -0.6% |
| Cumulative Contribution | 97.3% |
Market Drivers
1/31/2023 to 2/27/2026| Return | Correlation | |
|---|---|---|
| FNV | 97.3% | |
| Market (SPY) | 75.0% | 22.3% |
| Sector (XLB) | 33.1% | 37.0% |
Price Returns Compared
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| FNV Return | 11% | -0% | -18% | 7% | 78% | 35% | 135% |
| Peers Return | 26% | 1% | 4% | 14% | 98% | 41% | 321% |
| S&P 500 Return | 27% | -19% | 24% | 23% | 16% | 1% | 84% |
Monthly Win Rates [3] | |||||||
| FNV Win Rate | 50% | 33% | 33% | 50% | 58% | 100% | |
| Peers Win Rate | 52% | 53% | 52% | 53% | 77% | 100% | |
| S&P 500 Win Rate | 75% | 42% | 67% | 75% | 67% | 50% | |
Max Drawdowns [4] | |||||||
| FNV Max Drawdown | -15% | -19% | -23% | -5% | 0% | 0% | |
| Peers Max Drawdown | -15% | -25% | -16% | -17% | -6% | -0% | |
| S&P 500 Max Drawdown | -1% | -25% | -1% | -2% | -15% | -1% | |
[1] Cumulative total returns since the beginning of 2021
[2] Peers: RGLD, NEM, AEM, GOLD, OR.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2026 data is for the year up to 2/27/2026 (YTD)
How Low Can It Go
| Event | FNV | S&P 500 |
|---|---|---|
| 2022 Inflation Shock | ||
| % Loss | -38.2% | -25.4% |
| % Gain to Breakeven | 61.9% | 34.1% |
| Time to Breakeven | 489 days | 464 days |
| 2020 Covid Pandemic | ||
| % Loss | -27.1% | -33.9% |
| % Gain to Breakeven | 37.1% | 51.3% |
| Time to Breakeven | 31 days | 148 days |
| 2018 Correction | ||
| % Loss | -31.0% | -19.8% |
| % Gain to Breakeven | 45.0% | 24.7% |
| Time to Breakeven | 286 days | 120 days |
| 2008 Global Financial Crisis | ||
| % Loss | -58.8% | -56.8% |
| % Gain to Breakeven | 142.5% | 131.3% |
| Time to Breakeven | 203 days | 1,480 days |
Compare to RGLD, NEM, AEM, GOLD, OR
In The Past
Franco-Nevada's stock fell -38.2% during the 2022 Inflation Shock from a high on 4/20/2022. A -38.2% loss requires a 61.9% gain to breakeven.
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About Franco-Nevada (FNV)
Franco-Nevada Corporation operates as a gold-focused royalty and streaming company in Latin America, the United States, Canada, and internationally. It operates in two segments, Mining and Energy. The company manages its portfolio with a focus on precious metals, such as gold, silver, and platinum group metals; and energy comprising oil, gas, and natural gas liquids. The company was founded in 1983 and is headquartered in Toronto, Canada.
AI Analysis | Feedback
Franco-Nevada is like the **Prologis** (PLD) of mineral rights, owning a diversified portfolio of productive mineral assets and collecting 'rent' (royalties and streams) from others who operate them.
Franco-Nevada is like the **American Tower** (AMT) of mineral infrastructure, collecting fees (royalties and streams) from mining companies for the right to extract minerals from sites where Franco-Nevada has a claim.
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- Precious Metals Royalty Agreements: Franco-Nevada acquires contractual rights to a percentage of future revenue or profit from precious metal mining operations.
- Precious Metals Stream Agreements: Franco-Nevada provides upfront financing to mining companies in exchange for the right to purchase a portion of future precious metal production at a fixed, low price.
- Energy Royalty Agreements: Franco-Nevada holds royalty interests in oil, natural gas, and natural gas liquids properties, entitling it to a percentage of production revenue.
AI Analysis | Feedback
Franco-Nevada (FNV) is a royalty and streaming company, meaning it does not operate mines directly. Instead, it provides upfront capital to mining companies in exchange for royalties (a percentage of revenue or profit from production) or stream agreements (the right to purchase a fixed percentage of future production at a pre-set low price).
In this business model, Franco-Nevada's revenue streams are derived from the operations of various mining companies. Therefore, its "major customers" can be understood as the mining companies that operate the assets from which Franco-Nevada receives its most significant royalties and streams.
Major Customer Companies:
- First Quantum Minerals Ltd. (TSX: FM) - Operator of Cobre Panama, which is often Franco-Nevada's largest single revenue-generating asset.
- Nevada Gold Mines LLC (a joint venture between Barrick Gold Corporation (NYSE: GOLD) and Newmont Corporation (NYSE: NEM)) - Operators of key assets in the Carlin Trend, including Goldstrike, Cortez, and Goldrush, where Franco-Nevada holds various significant royalties.
- Agnico Eagle Mines Limited (NYSE: AEM) - Operator of Detour Lake, a major gold asset from which Franco-Nevada derives significant revenue.
- Teck Resources Limited (NYSE: TECK) - Franco-Nevada holds a significant silver stream from the Antamina mine, in which Teck is a major partner.
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- First Quantum Minerals Ltd. (Symbol: FM)
- Agnico Eagle Mines Limited (Symbol: AEM)
- Glencore plc (Symbol: GLEN)
- Gold Fields Limited (Symbol: GFI)
- Barrick Gold Corporation (Symbol: GOLD)
- Kinross Gold Corporation (Symbol: KGC)
- SSR Mining Inc. (Symbol: SSRM)
- Newmont Corporation (Symbol: NEM)
- BHP Group Limited (Symbol: BHP)
- Teck Resources Limited (Symbol: TECK)
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Paul Brink, Director and President & Chief Executive Officer
Paul Brink has been with Franco-Nevada since its initial public offering in 2007. He served as Senior Vice President, Business Development from 2008 to 2018, then as President & Chief Operating Officer from May 2018 to May 2020, before assuming his current role as President & Chief Executive Officer in May 2020. Prior to joining Franco-Nevada, Mr. Brink held positions in corporate development at Newmont, investment banking at BMO Nesbitt Burns, and project financing at UBS. He holds a Bachelor's degree in Mechanical Engineering from the University of Witwatersrand and a Master's degree in Management Studies from Oxford University.
Sandip Rana, Chief Financial Officer
Sandip Rana joined Franco-Nevada in April 2010. Before this, he served in treasurer and controller roles at the "old Franco-Nevada" until 2002, and then as an international controller for Newmont. From 2003 to April 2010, Mr. Rana held financial roles at Four Seasons Hotels Limited, where he last served as Vice-President Corporate Finance. He is a Chartered Professional Accountant, CA, and holds a Bachelor of Business Administration degree from the Schulich School of Business.
Lloyd Hong, Chief Legal Officer & Corporate Secretary
Lloyd Hong joined Franco-Nevada in December 2012. Previously, he was the Senior Vice-President, Legal Counsel and Assistant Secretary of Uranium One Inc. Before that, he was a partner with the Canadian law firm of Davis LLP (now DLA Piper (Canada) LLP), where his practice focused on corporate finance and mergers and acquisitions. Mr. Hong holds a Bachelor of Commerce degree from the University of Alberta and a Bachelor of Laws degree from Queen's University.
Eaun Gray, Chief Investment Officer
Eaun Gray serves as the Chief Investment Officer for Franco-Nevada.
Chris Bell, Vice President, Geology
Chris Bell holds the position of Vice President, Geology at Franco-Nevada.
AI Analysis | Feedback
Here are the key risks to Franco-Nevada's business:- Sustained Low Commodity Prices: Franco-Nevada's revenue is highly dependent on the prices of commodities, particularly gold, which constituted 72% of its revenue in Q3 2025. A prolonged downturn or significant volatility in gold and other precious metal prices would directly and immediately reduce royalty income.
- Concentration Risk and Operational Disruptions at Key Assets: Despite a diversified portfolio, Franco-Nevada remains exposed to concentration risk, where a significant portion of its revenue is derived from a handful of major assets. Operational disruptions, such as the closure of the Cobre Panama mine due to public unrest, or geopolitical shifts in key jurisdictions, can materially impact the company's revenue and stock performance.
- Lack of Operational Control: As a royalty and streaming company, Franco-Nevada does not operate the mines or projects from which it generates revenue, thereby lacking direct control over operational decisions, costs, or permitting processes. This exposes the company to counterparty risk, including the operational performance and financial stability of the third-party mine operators.
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nullAI Analysis | Feedback
Franco-Nevada (symbol: FNV) is a precious metals-focused royalty and streaming company with a diversified portfolio that includes interests in gold, silver, platinum group metals, iron ore, and oil & gas. The addressable markets for their main products and services are global, and their estimated sizes for 2024 are as follows:
- Gold: The global gold market size was valued at approximately USD 291.68 billion in 2024.
- Silver: The global silver market size was valued at approximately USD 87.12 billion in 2024.
- Platinum: The global platinum market size was valued at approximately USD 7.10 billion in 2024.
- Palladium: The global palladium market size was estimated at approximately USD 11.65 billion in 2024.
- Rhodium: The global rhodium market size reached approximately USD 2.1 billion in 2024.
- Iron Ore: The global iron ore market size was projected to be approximately USD 290.25 billion in 2024.
- Oil & Gas: The global oil and gas market size was approximately USD 7.97 trillion in 2024.
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Here are the expected drivers of future revenue growth for Franco-Nevada (FNV) over the next 2-3 years:- Sustained High Precious Metal Prices: Franco-Nevada's revenue is highly leveraged to the prices of precious metals, particularly gold and silver. Recent reports indicate record gold prices, with projections for continued robust performance in 2025 and beyond. Analysts forecast gold to potentially reach $2,800/oz in 2025 and LBMA consensus targeting $4,980 per ounce by late 2026, which would significantly boost Franco-Nevada's cash flows and revenue through its streaming model.
- Contributions from Recently Acquired and Commissioned Assets: New acquisitions and the ramp-up of recently commissioned mines are expected to drive increased Gold Equivalent Ounces (GEOs) and, consequently, revenue. Key examples include the Tocantinzinho mine in Brazil and the Greenstone mine, which began contributing in Q3 2024. Furthermore, acquisitions such as Porcupine, Côté, Arthur Gold, and the Yanacocha royalty are anticipated to provide significant contributions, with Franco-Nevada's growth strategy underscored by six new acquisitions expected to drive a 50% growth in GEOs over the next five years.
- Potential Reopening and Full Operation of Cobre Panama: The Cobre Panama mine, currently in preservation and safe management, represents a substantial opportunity for future revenue growth. Discussions regarding its potential reopening are expected in early 2025, and if it returns to its full operating rate, it could lead to approximately a 30% increase in Franco-Nevada's GEOs and revenues.
- Strategic Acquisitions from a Strong Deal Pipeline: Franco-Nevada maintains a strong deal pipeline and is actively seeking attractive precious metal assets and incremental diversified assets. This ongoing strategy of accretive acquisitions is a consistent driver for expanding its portfolio and revenue base, reinforced by its debt-free status and substantial available capital.
- Increased Gold Equivalent Ounce (GEO) Sales Volume: The company has updated its guidance, projecting higher total GEOs sold for the year. For fiscal year 2025, Franco-Nevada expects to sell between 420,000 and 440,000 precious metal GEOs, an increase from previous estimates, and has narrowed its total GEO sales guidance range towards the higher end of its original guidance (495,000-525,000 GEOs for 2025). This upward revision in sales guidance is a direct indicator of anticipated revenue growth through increased volumes.
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Share Repurchases
- Franco-Nevada made a modest repurchase of CA$49 million in shares during the second quarter of 2024.
- Overall, the company has shown net common equity issuance rather than significant share repurchases over the last few years, as indicated by positive net common equity issued/repurchased figures.
Share Issuance
- Franco-Nevada reported net common equity issued of $0.013 billion for the twelve months ending June 30, 2025, $0.003 billion in 2023, and $0.01 billion in 2022.
- The company maintains a Dividend Reinvestment Plan (DRIP), allowing shareholders to reinvest dividends to acquire additional common shares, typically issued from treasury at a 1% discount to the average market price.
Outbound Investments
- In 2024, Franco-Nevada made strategic acquisitions and commitments totaling over $1.3 billion.
- Significant investments in 2024 included a $210 million acquisition of a 1.8% royalty on Newmont's Yanacocha mine and a $525 million gold stream on the Cascabel copper-gold project in Ecuador, with Franco-Nevada partnering with Osisko Gold Royalties.
- Post-2024 year-end, the company announced a financing package for Discovery Silver's acquisition of Newmont's Porcupine Complex, and in July 2025, acquired a 1.0% net smelter return (NSR) royalty on AngloGold's Arthur Gold Project for $250 million.
Capital Expenditures
- As a royalty and streaming company, Franco-Nevada does not operate mines, develop projects, or conduct exploration, resulting in negligible traditional capital expenditures on property, plant, and equipment.
- Its primary capital deployment for growth is directed towards the acquisition of new royalties and streams, which are reflected in outbound investments rather than traditional capital expenditures.
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Peer Comparisons
| Peers to compare with: |
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 190.80 |
| Mkt Cap | 36.9 |
| Rev LTM | 6,727 |
| Op Inc LTM | 821 |
| FCF LTM | 260 |
| FCF 3Y Avg | 94 |
| CFO LTM | 957 |
| CFO 3Y Avg | 779 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | 42.4% |
| Rev Chg 3Y Avg | 23.0% |
| Rev Chg Q | 59.9% |
| QoQ Delta Rev Chg LTM | 13.3% |
| Op Mgn LTM | 59.9% |
| Op Mgn 3Y Avg | 48.1% |
| QoQ Delta Op Mgn LTM | 2.5% |
| CFO/Rev LTM | 63.8% |
| CFO/Rev 3Y Avg | 59.2% |
| FCF/Rev LTM | 17.1% |
| FCF/Rev 3Y Avg | 12.8% |
Valuation
| Median | |
|---|---|
| Name | |
| Mkt Cap | 36.9 |
| P/S | 16.8 |
| P/EBIT | 26.9 |
| P/E | 42.2 |
| P/CFO | 25.6 |
| Total Yield | 2.9% |
| Dividend Yield | 0.6% |
| FCF Yield 3Y Avg | 2.3% |
| D/E | 0.0 |
| Net D/E | -0.0 |
Returns
| Median | |
|---|---|
| Name | |
| 1M Rtn | 3.0% |
| 3M Rtn | 43.9% |
| 6M Rtn | 71.5% |
| 12M Rtn | 141.3% |
| 3Y Rtn | 192.4% |
| 1M Excs Rtn | 4.5% |
| 3M Excs Rtn | 49.9% |
| 6M Excs Rtn | 69.3% |
| 12M Excs Rtn | 120.5% |
| 3Y Excs Rtn | 117.1% |
Price Behavior
Price Behavior
| Market Price | $280.61 | |
| Market Cap ($ Bil) | 54.1 | |
| First Trading Date | 12/07/2007 | |
| Distance from 52W High | -0.1% | |
| 50 Days | 200 Days | |
| DMA Price | $239.04 | $197.77 |
| DMA Trend | up | up |
| Distance from DMA | 17.4% | 41.9% |
| 3M | 1YR | |
| Volatility | 43.4% | 34.9% |
| Downside Capture | 66.39 | 18.32 |
| Upside Capture | 253.08 | 84.80 |
| Correlation (SPY) | 30.5% | 18.5% |
FNV Betas & Captures as of 1/31/2026
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
| 1M | 2M | 3M | 6M | 1Y | 3Y | |
|---|---|---|---|---|---|---|
| Beta | 0.13 | 0.60 | 1.07 | 0.67 | 0.29 | 0.41 |
| Up Beta | 0.70 | 1.31 | 1.09 | 1.01 | 0.29 | 0.36 |
| Down Beta | -1.44 | -0.99 | 0.01 | -0.32 | 0.07 | 0.33 |
| Up Capture | 259% | 216% | 254% | 155% | 65% | 24% |
| Bmk +ve Days | 11 | 22 | 34 | 71 | 142 | 430 |
| Stock +ve Days | 14 | 26 | 39 | 76 | 149 | 406 |
| Down Capture | 14% | 93% | 101% | 66% | 29% | 71% |
| Bmk -ve Days | 9 | 19 | 27 | 54 | 109 | 321 |
| Stock -ve Days | 6 | 15 | 22 | 48 | 101 | 345 |
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
Based On 1-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with FNV | |
|---|---|---|---|---|
| FNV | 101.6% | 34.8% | 2.06 | - |
| Sector ETF (XLB) | 22.4% | 20.7% | 0.87 | 37.2% |
| Equity (SPY) | 16.5% | 19.4% | 0.66 | 18.3% |
| Gold (GLD) | 81.3% | 25.7% | 2.29 | 70.6% |
| Commodities (DBC) | 13.4% | 16.9% | 0.58 | 33.4% |
| Real Estate (VNQ) | 7.3% | 16.6% | 0.25 | 20.5% |
| Bitcoin (BTCUSD) | -20.2% | 44.9% | -0.37 | 19.0% |
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Based On 5-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with FNV | |
|---|---|---|---|---|
| FNV | 20.4% | 29.5% | 0.66 | - |
| Sector ETF (XLB) | 9.3% | 18.9% | 0.38 | 41.9% |
| Equity (SPY) | 13.6% | 17.0% | 0.63 | 29.6% |
| Gold (GLD) | 23.5% | 17.1% | 1.12 | 64.5% |
| Commodities (DBC) | 10.6% | 19.0% | 0.44 | 33.1% |
| Real Estate (VNQ) | 5.1% | 18.8% | 0.18 | 31.2% |
| Bitcoin (BTCUSD) | 4.5% | 57.0% | 0.30 | 14.4% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 10-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with FNV | |
|---|---|---|---|---|
| FNV | 18.5% | 30.4% | 0.62 | - |
| Sector ETF (XLB) | 12.3% | 20.6% | 0.53 | 26.9% |
| Equity (SPY) | 15.4% | 17.9% | 0.74 | 18.8% |
| Gold (GLD) | 15.3% | 15.6% | 0.82 | 64.4% |
| Commodities (DBC) | 8.7% | 17.6% | 0.41 | 25.9% |
| Real Estate (VNQ) | 6.6% | 20.7% | 0.28 | 18.5% |
| Bitcoin (BTCUSD) | 66.2% | 66.8% | 1.06 | 11.3% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Returns Analyses
Earnings Returns History
Expand for More| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| SUMMARY STATS | |||
| # Positive | 0 | 0 | 0 |
| # Negative | 0 | 0 | 0 |
| Median Positive | |||
| Median Negative | |||
| Max Positive | |||
| Max Negative | |||
SEC Filings
Expand for More| Report Date | Filing Date | Filing |
|---|---|---|
| 09/30/2025 | 11/04/2025 | 6-K |
| 06/30/2025 | 08/11/2025 | 6-K |
| 03/31/2025 | 05/09/2025 | 6-K |
| 12/31/2024 | 03/20/2025 | 40-F |
| 09/30/2024 | 11/07/2024 | 6-K |
| 06/30/2024 | 08/14/2024 | 6-K |
| 03/31/2024 | 05/01/2024 | 6-K |
| 12/31/2023 | 03/15/2024 | 40-F |
| 09/30/2023 | 11/09/2023 | 6-K |
| 06/30/2023 | 08/09/2023 | 6-K |
| 03/31/2023 | 05/03/2023 | 6-K |
| 12/31/2022 | 03/17/2023 | 40-F |
| 09/30/2022 | 11/07/2022 | 6-K |
| 06/30/2022 | 08/10/2022 | 6-K |
| 03/31/2022 | 05/04/2022 | 6-K |
| 12/31/2021 | 03/17/2022 | 40-F |
External Quote Links
| Y Finance | Barrons |
| TradingView | Morningstar |
| SeekingAlpha | ValueLine |
| Motley Fool | Robinhood |
| CNBC | Etrade |
| MarketWatch | Unusual Whales |
| YCharts | Perplexity Finance |
| FinViz |
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