Franco-Nevada (FNV)
Market Price (6/26/2026): $210.085 | Market Cap: $40.5 BilSector: Materials | Industry: Gold
Franco-Nevada (FNV)
Market Price (6/26/2026): $210.085Market Cap: $40.5 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 72% Attractive operating marginsOp Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is 75% Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 82% Low stock price volatilityVol 12M is 37% Megatrend and thematic driversMegatrends include Precious Metals Investment, and US Energy Independence. Themes include Precious Metals Royalties & Streams, and US Oilfield Technologies. | Weak multi-year price returns3Y Excs Rtn is -11% | Not cash flow generativeFCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is -20% 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 72% |
| Attractive operating marginsOp Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is 75% |
| Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 82% |
| Low stock price volatilityVol 12M is 37% |
| Megatrend and thematic driversMegatrends include Precious Metals Investment, and US Energy Independence. Themes include Precious Metals Royalties & Streams, and US Oilfield Technologies. |
| Weak multi-year price returns3Y Excs Rtn is -11% |
| Not cash flow generativeFCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is -20% |
| 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
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Franco-Nevada (FNV) stock has lost about 25% since 2/28/2026 because of the following key factors:
1. Decline in Precious Metal Prices. Franco-Nevada's stock performance since late fiscal Q1 2026 has been significantly impacted by a sharp decline in gold prices. After reaching a peak of nearly $5,600 per ounce in January 2026, and trading around $5,279.11 per ounce on March 1, 2026, gold prices fell substantially, dropping to approximately $4,191.19 per ounce by June 22, 2026, representing a decline of over 20% in this period. This downward trend in the primary commodity for a royalty and streaming company like Franco-Nevada directly reduces its revenue and profitability prospects.
2. Hawkish Shift in U.S. Federal Reserve Policy. The market has reacted to an increased likelihood of the U.S. Federal Reserve raising, rather than cutting, interest rates in 2026, with traders seeing an 87% chance of a rate hike by December. This more hawkish stance negatively affects non-yielding assets such as gold, making them less attractive compared to interest-bearing investments. Goldman Sachs notably cut its gold price forecast by $500 per ounce to reflect this macroeconomic shift, further contributing to the downward pressure on gold prices and, consequently, on Franco-Nevada's stock.
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Franco-Nevada (FNV) stock has lost about 25% since 2/28/2026 because of the following key factors:
1. Decline in Precious Metal Prices. Franco-Nevada's stock performance since late fiscal Q1 2026 has been significantly impacted by a sharp decline in gold prices. After reaching a peak of nearly $5,600 per ounce in January 2026, and trading around $5,279.11 per ounce on March 1, 2026, gold prices fell substantially, dropping to approximately $4,191.19 per ounce by June 22, 2026, representing a decline of over 20% in this period. This downward trend in the primary commodity for a royalty and streaming company like Franco-Nevada directly reduces its revenue and profitability prospects.
2. Hawkish Shift in U.S. Federal Reserve Policy. The market has reacted to an increased likelihood of the U.S. Federal Reserve raising, rather than cutting, interest rates in 2026, with traders seeing an 87% chance of a rate hike by December. This more hawkish stance negatively affects non-yielding assets such as gold, making them less attractive compared to interest-bearing investments. Goldman Sachs notably cut its gold price forecast by $500 per ounce to reflect this macroeconomic shift, further contributing to the downward pressure on gold prices and, consequently, on Franco-Nevada's stock.
3. Persistent Uncertainty Regarding Cobre Panamá. Despite some positive developments, ongoing uncertainties surrounding the Cobre Panamá mine, a significant asset in Franco-Nevada's portfolio, have weighed on investor sentiment. While the Panamanian government authorized the processing and export of stockpiled ore on April 7, 2026, with stream deliveries expected to begin in fiscal Q3 2026, the full restart and sustained operational capacity of the mine remain subject to further clarity, with the majority of deliveries anticipated in 2027. This prolonged uncertainty over a key asset's full contribution can create a drag on the stock price.
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Stock Movement Drivers
Fundamental Drivers
The -24.9% change in FNV stock from 2/28/2026 to 6/25/2026 was primarily driven by a -49.6% change in the company's P/E Multiple.| (LTM values as of) | 2282026 | 6252026 | Change |
|---|---|---|---|
| Stock Price ($) | 279.55 | 210.00 | -24.9% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 1,546 | 2,105 | 36.1% |
| Net Income Margin (%) | 59.5% | 65.1% | 9.5% |
| P/E Multiple | 58.6 | 29.5 | -49.6% |
| Shares Outstanding (Mil) | 193 | 193 | -0.1% |
| Cumulative Contribution | -24.9% |
Market Drivers
2/28/2026 to 6/25/2026| Return | Correlation | |
|---|---|---|
| FNV | -24.9% | |
| Market (SPY) | 7.3% | 58.8% |
| Sector (XLB) | -2.5% | 62.1% |
Fundamental Drivers
The 0.6% change in FNV stock from 11/30/2025 to 6/25/2026 was primarily driven by a 36.1% change in the company's Total Revenues ($ Mil).| (LTM values as of) | 11302025 | 6252026 | Change |
|---|---|---|---|
| Stock Price ($) | 208.66 | 210.00 | 0.6% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 1,546 | 2,105 | 36.1% |
| Net Income Margin (%) | 59.5% | 65.1% | 9.5% |
| P/E Multiple | 43.7 | 29.5 | -32.4% |
| Shares Outstanding (Mil) | 193 | 193 | -0.1% |
| Cumulative Contribution | 0.6% |
Market Drivers
11/30/2025 to 6/25/2026| Return | Correlation | |
|---|---|---|
| FNV | 0.6% | |
| Market (SPY) | 8.1% | 45.7% |
| Sector (XLB) | 17.1% | 61.2% |
Fundamental Drivers
The 25.6% change in FNV stock from 5/31/2025 to 6/25/2026 was primarily driven by a 71.8% change in the company's Total Revenues ($ Mil).| (LTM values as of) | 5312025 | 6252026 | Change |
|---|---|---|---|
| Stock Price ($) | 167.14 | 210.00 | 25.6% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 1,225 | 2,105 | 71.8% |
| Net Income Margin (%) | 50.4% | 65.1% | 29.2% |
| P/E Multiple | 52.1 | 29.5 | -43.4% |
| Shares Outstanding (Mil) | 193 | 193 | -0.1% |
| Cumulative Contribution | 25.6% |
Market Drivers
5/31/2025 to 6/25/2026| Return | Correlation | |
|---|---|---|
| FNV | 25.6% | |
| Market (SPY) | 26.0% | 36.0% |
| Sector (XLB) | 22.4% | 50.1% |
Fundamental Drivers
The 49.2% change in FNV stock from 5/31/2023 to 6/25/2026 was primarily driven by a 68.0% change in the company's Total Revenues ($ Mil).| (LTM values as of) | 5312023 | 6252026 | Change |
|---|---|---|---|
| Stock Price ($) | 140.74 | 210.00 | 49.2% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 1,253 | 2,105 | 68.0% |
| Net Income Margin (%) | 53.9% | 65.1% | 20.9% |
| P/E Multiple | 40.0 | 29.5 | -26.2% |
| Shares Outstanding (Mil) | 192 | 193 | -0.5% |
| Cumulative Contribution | 49.2% |
Market Drivers
5/31/2023 to 6/25/2026| Return | Correlation | |
|---|---|---|
| FNV | 49.2% | |
| Market (SPY) | 82.6% | 28.1% |
| Sector (XLB) | 46.6% | 42.2% |
Price Returns Compared
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| FNV Return | 11% | -0% | -18% | 7% | 78% | 2% | 76% |
| Peers Return | 26% | 1% | 4% | 14% | 98% | -2% | 192% |
| S&P 500 Return | 27% | -19% | 24% | 23% | 16% | 7% | 96% |
Monthly Win Rates [3] | |||||||
| FNV Win Rate | 50% | 33% | 33% | 50% | 58% | 50% | |
| Peers Win Rate | 52% | 53% | 52% | 53% | 77% | 43% | |
| S&P 500 Win Rate | 75% | 42% | 67% | 75% | 67% | 50% | |
Max Drawdowns [4] | |||||||
| FNV Max Drawdown | -21% | -33% | -35% | -17% | -17% | -26% | |
| Peers Max Drawdown | -29% | -43% | -33% | -26% | -22% | -36% | |
| S&P 500 Max Drawdown | -5% | -25% | -10% | -8% | -19% | -9% | |
[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 6/25/2026 (YTD)
How Low Can It Go
| Event | FNV | S&P 500 |
|---|---|---|
| Summer-Fall 2023 Five Percent Yield Shock | ||
| % Loss | -29.6% | -9.5% |
| % Gain to Breakeven | 42.0% | 10.5% |
| Time to Breakeven | 449 days | 24 days |
| 2022 Inflation Shock & Fed Tightening | ||
| % Loss | -17.4% | -24.5% |
| % Gain to Breakeven | 21.1% | 32.4% |
| Time to Breakeven | 45 days | 427 days |
| 2020 COVID-19 Crash | ||
| % Loss | -24.8% | -33.7% |
| % Gain to Breakeven | 33.0% | 50.9% |
| Time to Breakeven | 31 days | 140 days |
| 2016-2017 Trump Reflation Bond Selloff | ||
| % Loss | -22.7% | -3.7% |
| % Gain to Breakeven | 29.4% | 3.9% |
| Time to Breakeven | 151 days | 6 days |
| 2015-2016 China Devaluation / Global Growth Scare | ||
| % Loss | -10.4% | -12.2% |
| % Gain to Breakeven | 11.6% | 13.9% |
| Time to Breakeven | 37 days | 62 days |
| 2014-2016 Oil Price Collapse | ||
| % Loss | -28.9% | -6.8% |
| % Gain to Breakeven | 40.7% | 7.3% |
| Time to Breakeven | 210 days | 15 days |
In The Past
Franco-Nevada's stock fell -1.0% during the 2025 US Tariff Shock. Such a loss loss requires a 1.0% gain to breakeven.
Preserve Wealth
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Asset Allocation
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| Event | FNV | S&P 500 |
|---|---|---|
| Summer-Fall 2023 Five Percent Yield Shock | ||
| % Loss | -29.6% | -9.5% |
| % Gain to Breakeven | 42.0% | 10.5% |
| Time to Breakeven | 449 days | 24 days |
| 2020 COVID-19 Crash | ||
| % Loss | -24.8% | -33.7% |
| % Gain to Breakeven | 33.0% | 50.9% |
| Time to Breakeven | 31 days | 140 days |
| 2016-2017 Trump Reflation Bond Selloff | ||
| % Loss | -22.7% | -3.7% |
| % Gain to Breakeven | 29.4% | 3.9% |
| Time to Breakeven | 151 days | 6 days |
| 2014-2016 Oil Price Collapse | ||
| % Loss | -28.9% | -6.8% |
| % Gain to Breakeven | 40.7% | 7.3% |
| Time to Breakeven | 210 days | 15 days |
| 2013 Taper Tantrum | ||
| % Loss | -25.1% | -0.2% |
| % Gain to Breakeven | 33.4% | 0.2% |
| Time to Breakeven | 28 days | 1 days |
| 2008-2009 Global Financial Crisis | ||
| % Loss | -34.4% | -53.4% |
| % Gain to Breakeven | 52.4% | 114.4% |
| Time to Breakeven | 8 days | 1085 days |
In The Past
Franco-Nevada's stock fell -1.0% during the 2025 US Tariff Shock. Such a loss loss requires a 1.0% gain to breakeven.
Preserve Wealth
Limiting losses and compounding gains is essential to preserving wealth.
Asset Allocation
Actively managed asset allocation strategies protect wealth. Learn more.
About Franco-Nevada (FNV)
Franco-Nevada (FNV) is a unique financial company in the resource sector, primarily focused on gold. Instead of directly owning and operating mines or drilling for oil and gas, FNV invests in these assets through royalty and streaming agreements. This means they provide upfront capital to mining and energy companies in exchange for a future share of production or revenue, without taking on the operational risks and costs of running a mine or well.
The company's portfolio is heavily weighted towards precious metals, specifically gold, silver, and platinum group metals (PGMs), which constitute its core business. In addition, FNV diversifies its investments into the energy sector, including oil, natural gas, and natural gas liquids. Through royalty agreements, FNV receives a percentage of sales or production from an asset, while streaming agreements involve purchasing a portion of future production, often by-products like silver or gold, at a fixed, low price.
Franco-Nevada's strategy allows it to gain exposure to commodity prices and resource production across a diversified global portfolio, primarily within Latin America, the United States, and Canada, with additional international holdings. Investors in FNV gain exposure to resource upside potential with reduced exposure to the operational costs, environmental liabilities, and capital expenditures typically associated with direct mining or energy production.
AI Analysis | Feedback
- FNV is like a music royalty company for the natural resource sector, acquiring rights to a percentage of future gold, silver, or oil production instead of song plays.
- FNV is like McDonald's for mines and energy projects, collecting a royalty on their production without operating them.
AI Analysis | Feedback
- Mining Royalties and Streams: Franco-Nevada provides upfront capital to mining operators in exchange for a percentage of future production or revenue from precious metals like gold, silver, and platinum group metals.
- Energy Royalties: Franco-Nevada provides upfront capital to energy producers in exchange for a percentage of future production or revenue from oil, natural gas, and natural gas liquids.
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- Franco-Nevada does not directly sell products or services to end-customers or other companies.
- Its revenue is derived from its portfolio of royalty and stream interests, which are paid by the operating mining and energy companies (its partners, not customers).
- When Franco-Nevada receives physical commodities (like gold, silver, oil) through streaming agreements, these commodities are typically sold into the global commodity markets to a diverse range of buyers (e.g., refiners, bullion dealers, industrial users). These transactions do not involve specific, identifiable 'major customers' for Franco-Nevada itself.
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- First Quantum Minerals Ltd. (FM)
- Teck Resources Limited (TECK)
- BHP Group Limited (BHP)
- Sibanye Stillwater Limited (SBSW)
- Vale S.A. (VALE)
- Barrick Gold Corporation (GOLD)
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- Agnico Eagle Mines Limited (AEM)
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Paul Brink President & Chief Executive Officer
Paul Brink has been with Franco-Nevada since its initial public offering in 2007, serving as President & Chief Operating Officer from May 2018 to May 2020 before his appointment as CEO. His prior experience includes roles in corporate development at Newmont, investment banking at BMO Nesbitt Burns, and project financing at UBS. Mr. Brink also previously held the position of Chief Financial Officer at NRX Global Corp.
Sandip Rana Chief Financial Officer
Sandip Rana joined Franco-Nevada in April 2010. He previously held treasurer and controller roles at the "old Franco-Nevada" until 2002, and later served as an international controller for Newmont. From 2003 to April 2010, Mr. Rana was Vice-President Corporate Finance at Four Seasons Hotels Limited. He also served as Chief Financial Officer & Secretary of 49 North Resources, Inc. and Chief Financial Officer for 49 North Resource Fund, Inc.
Lloyd Hong Chief Legal Officer & Corporate Secretary
Lloyd Hong joined Franco-Nevada in December 2012. He previously served as Senior Vice-President, Legal Counsel and Assistant Secretary of Uranium One Inc. Prior to 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.
John Blanchette President, Franco-Nevada International Corporation
John Blanchette joined Franco-Nevada International Corporation in September 2018. Before joining Franco-Nevada, he was a director at RBC Capital Markets in the Global Mining & Metals Investment Banking group, providing advice on mergers and acquisitions, as well as debt and equity transactions.
AI Analysis | Feedback
The key risks to Franco-Nevada's business are:
- Commodity Price Fluctuations: Franco-Nevada's revenue streams are directly tied to the market prices of precious metals, particularly gold, and other commodities such as oil, gas, and copper. A prolonged downturn or significant volatility in these commodity prices would directly and negatively impact the value of its royalty and stream payments.
- Jurisdictional and Political Risks / Lack of Operational Control: As a royalty and streaming company, Franco-Nevada relies on the performance and operational stability of mines run by third-party operators across various international jurisdictions. This exposes the company to risks such as political instability, changes in government regulations, shifts in tax policies, or unforeseen mine closures (as exemplified by the Cobre Panama situation), over which Franco-Nevada has no operational control.
- Concentration Risk in Key Assets: Despite having a highly diversified portfolio of assets, a substantial portion of Franco-Nevada's revenue is generated by a limited number of its top-performing mines. Disruptions or underperformance at any of these significant assets, even within an otherwise diversified portfolio, could materially impact the company's overall financial results.
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The increasing mainstream acceptance and adoption of digital assets (e.g., cryptocurrencies like Bitcoin and potential Central Bank Digital Currencies - CBDCs) as alternative stores of value and inflation hedges represents an emerging threat. Franco-Nevada's primary business is tied to gold and other precious metals, which derive a significant portion of their value from their traditional role as a safe haven, store of value, and hedge against inflation. If digital assets increasingly fulfill these functions for investors, it could erode gold's unique demand drivers, potentially leading to sustained downward pressure on gold prices or reduced investor interest, thereby impacting the value of Franco-Nevada's underlying royalty and stream agreements.
```AI Analysis | Feedback
The addressable markets for Franco-Nevada's main products and services, which include precious metals (gold, silver, and platinum group metals) and energy (oil, gas, and natural gas liquids), are outlined below. Franco-Nevada operates globally, with significant activities in Latin America, the United States, and Canada. The market sizes are presented for these regions where available, or globally.
Precious Metals
Gold
- Global: The global gold market size was valued at approximately USD 291.68 billion in 2024 and is projected to reach USD 400 billion by the end of 2030. In terms of volume, the market was estimated at 4.42 kilotons in 2024, expected to reach 6.32 kilotons by 2029.
- United States: The U.S. gold market is anticipated to reach 343.7 tons in 2026. The broader U.S. precious metal market, where gold held the largest revenue share of 61.67% in 2024, generated USD 30,277.7 million in 2024 and is expected to reach USD 48,432.4 million by 2030.
- Canada: Canada contributed 202 tonnes to global gold production in 2023. North America, which includes Canada, accounted for 15% of the global gold market in 2024.
- Latin America: Central and South America collectively produced 519 tonnes of gold in 2023. The Latin America precious metal market generated USD 19,704.0 million in 2024.
Silver
- Global: The global silver market size was valued at USD 87.12 billion in 2024 and is projected to grow to USD 202.07 billion by 2033. In volume, the market was 37.78 kilotons in 2025 and is forecast to reach 49.54 kilotons by 2031.
- United States: In the U.S. precious metal market, silver is projected to be the most lucrative metal segment with the fastest growth. The total U.S. precious metal market (including gold, silver, and PGMs) generated USD 30,277.7 million in 2024.
- Latin America: Mexico was identified as the largest mine producer of silver in 2024. The Latin America precious metal market generated USD 19,704.0 million in 2024, with silver being the largest revenue-generating metal in 2024.
Platinum Group Metals (PGMs)
- Global: The global Platinum Group Metals (PGM) market was valued at USD 41.59 Billion in 2024 and is estimated to reach USD 56.61 Billion by 2033. Another estimate placed the market at USD 42.86 billion in 2024, projected to reach USD 65.70 billion by 2033.
- United States: The United States platinum group metals market size was valued at USD 3.31 billion in 2024 and is projected to reach USD 4.83 billion by 2033.
- Latin America: The Latin America platinum market size was valued at USD 367.10 million in 2024 and is projected to grow to USD 574.39 million by 2033.
Energy
Oil, Gas, and Natural Gas Liquids
- Global: The global Oil & Gas market size was valued at USD 6.10 Trillion in 2024 and is expected to reach approximately USD 8.79 Trillion by 2034.
- United States: The U.S. oil & gas market size was calculated at USD 1.55 trillion in 2024 and is projected to reach around USD 2.24 trillion by 2034.
- Canada: The Canadian oil & gas market recorded revenues of USD 169.0 billion in 2024.
- Latin America: No specific comprehensive addressable market size for the entire Latin American oil, gas, and natural gas liquids market was found in the provided search results.
AI Analysis | Feedback
Franco-Nevada Corporation (FNV) is expected to drive future revenue growth over the next two to three years through several key factors:
- Higher Precious Metal Prices: Franco-Nevada's financial performance is significantly influenced by the market prices of precious metals, particularly gold and silver. Record-breaking revenues in 2025 were directly attributed to higher precious metal prices, and sustained or increasing prices are anticipated to continue boosting revenue.
- Increased Gold Equivalent Ounces (GEOs) from New and Ramping Mines: The company projects an increase in total Gold Equivalent Ounces (GEOs) for 2026, with a mid-point increase of 4% from 2025. This growth is expected to come from the first full year of contributions from new mining assets such as Cote Gold, Porcupine, and Valentine Gold, along with the continued ramp-up of production at Salares Norte and Greenstone. Additionally, strong production from existing key assets like Antamina and South Arturo are expected to continue to contribute.
- Strategic Acquisitions and Portfolio Expansion: Franco-Nevada has actively expanded its portfolio through strategic acquisitions. Over the past two years, the company has added six new long-dated assets and acquired 820,000 royalty ounces, which are expected to contribute to its five-year growth outlook and aid 2026 growth. Recent acquisitions, including Western Limb and Yanacocha, began contributing to output in late 2025. The company is also deploying capital through royalty financing deals, such as with i-80 Gold and the Bullabulling Gold Project.
- Potential Restart and Contributions from Cobre Panama: While not currently factored into 2026 guidance, the potential resolution and restart of the Cobre Panama mine represent a significant upside for future revenue. Cobre Panama was historically a major revenue contributor for Franco-Nevada, accounting for approximately 20% of its revenue, and management has identified substantial upside potential if ramp-up approvals proceed.
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Share Repurchases
- Share buybacks are not a current capital allocation focus for Franco-Nevada, with the company prioritizing new asset acquisitions.
Share Issuance
- Franco-Nevada's shares outstanding have seen slight annual increases, for instance, a 0.16% increase in 2024 from 2023.
- The company maintains a Dividend Reinvestment Plan (DRIP), which allows shareholders to reinvest dividends to purchase additional common shares, typically at a 1% discount.
Inbound Investments
- Institutional investors hold a significant portion of Franco-Nevada's shares, with approximately 64.0% owned by institutions.
- Notable institutional investments include Legal & General Group Plc increasing its stake by 6.0% (valued at approximately $219.7 million) in Q3, and Norges Bank purchasing a new stake worth about $460.2 million in Q2.
Outbound Investments
- Franco-Nevada made substantial investments in new royalty and stream interests, deploying over $2.19 billion in 2025, significantly up from $406.0 million in 2024.
- Recent strategic acquisitions include a $250 million Net Smelter Return (NSR) from i-80 Gold Corp in February 2026, covering key Nevada properties.
- Another notable investment in early 2026 was a A$220 million (approximately $155.3 million USD) financing package with Minerals 260 for the Bullabulling Gold Project in Western Australia, comprising a gross royalty purchase and an equity subscription.
Capital Expenditures
- As a royalty and streaming company, Franco-Nevada has minimal traditional capital expenditures for physical assets, as it does not operate mines or conduct exploration.
- The company's primary "investing cash use" is for the acquisition of royalties, streams, and working interests, which amounted to $2.19 billion in 2025. These outlays are typically classified as investments in their business model rather than capital expenditures for property, industrial buildings, or equipment.
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Peer Comparisons
| Peers to compare with: |
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 125.77 |
| Mkt Cap | 28.9 |
| Rev LTM | 7,822 |
| Op Inc LTM | 1,204 |
| FCF LTM | 174 |
| FCF 3Y Avg | 137 |
| CFO LTM | 1,294 |
| CFO 3Y Avg | 910 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | 66.4% |
| Rev Chg 3Y Avg | 31.2% |
| Rev Chg Q | 81.9% |
| QoQ Delta Rev Chg LTM | 16.4% |
| Op Inc Chg LTM | 93.0% |
| Op Inc Chg 3Y Avg | 45.4% |
| Op Mgn LTM | 60.6% |
| Op Mgn 3Y Avg | 50.3% |
| QoQ Delta Op Mgn LTM | 2.5% |
| CFO/Rev LTM | 59.3% |
| CFO/Rev 3Y Avg | 58.4% |
| FCF/Rev LTM | 17.1% |
| FCF/Rev 3Y Avg | 17.5% |
Price Behavior
| Market Price | $210.00 | |
| Market Cap ($ Bil) | 40.5 | |
| First Trading Date | 12/07/2007 | |
| Distance from 52W High | -24.9% | |
| 50 Days | 200 Days | |
| DMA Price | $229.32 | $225.29 |
| DMA Trend | up | down |
| Distance from DMA | -8.4% | -6.8% |
| 3M | 1YR | |
| Volatility | 38.7% | 36.9% |
| Downside Capture | 248.63 | 137.75 |
| Upside Capture | 108.38 | 136.21 |
| Correlation (SPY) | 58.3% | 38.3% |
| 1M | 2M | 3M | 6M | 1Y | 3Y | |
|---|---|---|---|---|---|---|
| Beta | 2.69 | 1.76 | 1.47 | 1.33 | 0.96 | 0.54 |
| Up Beta | 1.71 | 0.45 | 1.24 | 1.02 | 0.91 | 0.45 |
| Down Beta | 3.13 | 3.56 | 0.48 | 0.73 | 0.20 | 0.37 |
| Up Capture | 176% | 94% | 107% | 182% | 146% | 42% |
| Bmk +ve Days | 13 | 28 | 36 | 67 | 141 | 432 |
| Stock +ve Days | 12 | 20 | 30 | 69 | 140 | 405 |
| Down Capture | 456% | 499% | 244% | 160% | 120% | 87% |
| Bmk -ve Days | 7 | 13 | 27 | 57 | 109 | 318 |
| Stock -ve Days | 8 | 21 | 33 | 55 | 109 | 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 | 28.2% | 36.8% | 0.74 | - |
| Sector ETF (XLB) | 20.1% | 17.5% | 0.89 | 51.5% |
| Equity (SPY) | 22.1% | 12.4% | 1.33 | 38.2% |
| Gold (GLD) | 20.8% | 27.7% | 0.67 | 71.9% |
| Commodities (DBC) | 23.3% | 18.5% | 0.99 | 12.4% |
| Real Estate (VNQ) | 11.6% | 13.8% | 0.55 | 22.8% |
| Bitcoin (BTCUSD) | -42.9% | 42.5% | -1.20 | 24.8% |
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Based On 5-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with FNV | |
|---|---|---|---|---|
| FNV | 8.4% | 30.5% | 0.30 | - |
| Sector ETF (XLB) | 6.9% | 19.0% | 0.26 | 43.7% |
| Equity (SPY) | 13.3% | 17.1% | 0.60 | 30.9% |
| Gold (GLD) | 17.4% | 18.3% | 0.77 | 65.6% |
| Commodities (DBC) | 7.9% | 19.5% | 0.30 | 27.8% |
| Real Estate (VNQ) | 2.8% | 18.9% | 0.05 | 30.9% |
| Bitcoin (BTCUSD) | 9.8% | 54.1% | 0.38 | 15.0% |
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 | 12.8% | 30.3% | 0.46 | - |
| Sector ETF (XLB) | 10.4% | 20.7% | 0.45 | 28.5% |
| Equity (SPY) | 15.3% | 18.0% | 0.73 | 20.9% |
| Gold (GLD) | 11.6% | 16.1% | 0.59 | 64.7% |
| Commodities (DBC) | 5.9% | 18.0% | 0.25 | 22.8% |
| Real Estate (VNQ) | 5.5% | 20.7% | 0.23 | 19.3% |
| Bitcoin (BTCUSD) | 56.4% | 66.5% | 0.97 | 12.0% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Returns Analyses
Earnings Returns History
Updated 6/3/2026| 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 | |||
| 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 |
|---|---|---|
| 03/31/2026 | 05/12/2026 | 6-K |
| 12/31/2025 | 03/19/2026 | 40-F |
| 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 |
| Report Date | Filing Date | Filing |
|---|---|---|
| 03/31/2026 | 05/12/2026 | 6-K |
| 12/31/2025 | 03/19/2026 | 40-F |
| 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 |
| 09/30/2021 | 11/03/2021 | 6-K |
| 06/30/2021 | 08/11/2021 | 6-K |
| 03/31/2021 | 05/05/2021 | 6-K |
| 12/31/2020 | 03/18/2021 | 40-F |
| 09/30/2020 | 11/04/2020 | 6-K |
| 06/30/2020 | 08/05/2020 | 6-K |
| 03/31/2020 | 05/07/2020 | 6-K |
| 12/31/2019 | 03/18/2020 | 40-F |
| 09/30/2019 | 11/12/2019 | 6-K |
| 06/30/2019 | 08/07/2019 | 6-K |
Industry Resources
| Materials Resources |
| Chemical & Engineering News (C&EN) |
| Mining.com |
| Plastics News |
| Gold Resources |
| Kitco News |
| World Gold Council |
| Mining Journal |
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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