Franco-Nevada (FNV)
Market Price (9/24/2026): $258.05 | Market Cap: $49.8 BilSector: Materials | Industry: Gold
Franco-Nevada (FNV)
Market Price (9/24/2026): $258.05Market Cap: $49.8 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 74% Attractive operating marginsOp Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is 76% Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 77%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 38% Low stock price volatilityVol 12M is 39% Megatrend and thematic driversMegatrends include Precious Metals Investment, and US Energy Independence. Themes include Precious Metals Royalties & Streams, and US Oilfield Technologies. | Expensive valuation multiplesP/SPrice/Sales ratio is 22x, P/EBITPrice/EBIT or Price/(Operating Income) ratio is 27x, P/CFOPrice/(Cash Flow from Operations). CFO is cash before capital expenditures. is 28x 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 74% |
| Attractive operating marginsOp Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is 76% |
| Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 77%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 38% |
| Low stock price volatilityVol 12M is 39% |
| Megatrend and thematic driversMegatrends include Precious Metals Investment, and US Energy Independence. Themes include Precious Metals Royalties & Streams, and US Oilfield Technologies. |
| Expensive valuation multiplesP/SPrice/Sales ratio is 22x, P/EBITPrice/EBIT or Price/(Operating Income) ratio is 27x, P/CFOPrice/(Cash Flow from Operations). CFO is cash before capital expenditures. is 28x |
| 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
Updated on 9/3/2026
Franco-Nevada (FNV) stock has gained about 15% since 5/31/2026 because of the following key factors:
1. Surging Precious Metal Prices Bolstered Revenue.
Franco-Nevada benefited significantly from a robust increase in commodity prices. For fiscal Q2 2026 (ended June 30, 2026), the average gold price surged to $4,517 per ounce, marking a 37.8% year-over-year increase, and silver prices more than doubled. Spot gold also experienced a rally, rising approximately 10% in August 2026 alone to around $4,380 per ounce, providing a favorable backdrop for royalty and streaming companies.
2. Strong Fiscal Q2 2026 Performance and Positive Outlook.
Despite slightly missing analyst estimates, Franco-Nevada reported robust year-over-year growth for fiscal Q2 2026. Revenue increased 57% to $580.9 million, and adjusted net income rose 46% to $349.2 million. The company's gold equivalent ounces (GEOs) sold climbed 18% to 132,405, driven by higher production at Antamina and South Arturo, along with new contributions from Côté Gold, Casa Berardi, Valentine, and Porcupine. Management also indicated it is tracking towards the upper half of its full-year 2026 GEO guidance range of 510,000 to 570,000 ounces, signaling continued operational strength.
Show more
Franco-Nevada (FNV) stock has gained about 15% since 5/31/2026 because of the following key factors:
1. Surging Precious Metal Prices Bolstered Revenue.
Franco-Nevada benefited significantly from a robust increase in commodity prices. For fiscal Q2 2026 (ended June 30, 2026), the average gold price surged to $4,517 per ounce, marking a 37.8% year-over-year increase, and silver prices more than doubled. Spot gold also experienced a rally, rising approximately 10% in August 2026 alone to around $4,380 per ounce, providing a favorable backdrop for royalty and streaming companies.
2. Strong Fiscal Q2 2026 Performance and Positive Outlook.
Despite slightly missing analyst estimates, Franco-Nevada reported robust year-over-year growth for fiscal Q2 2026. Revenue increased 57% to $580.9 million, and adjusted net income rose 46% to $349.2 million. The company's gold equivalent ounces (GEOs) sold climbed 18% to 132,405, driven by higher production at Antamina and South Arturo, along with new contributions from Côté Gold, Casa Berardi, Valentine, and Porcupine. Management also indicated it is tracking towards the upper half of its full-year 2026 GEO guidance range of 510,000 to 570,000 ounces, signaling continued operational strength.
Show more
Updated on 9/3/2026
Franco-Nevada (FNV) stock has gained about 15% since 5/31/2026 because of the following key factors:
1. Surging Precious Metal Prices Bolstered Revenue.
Franco-Nevada benefited significantly from a robust increase in commodity prices. For fiscal Q2 2026 (ended June 30, 2026), the average gold price surged to $4,517 per ounce, marking a 37.8% year-over-year increase, and silver prices more than doubled. Spot gold also experienced a rally, rising approximately 10% in August 2026 alone to around $4,380 per ounce, providing a favorable backdrop for royalty and streaming companies.
2. Strong Fiscal Q2 2026 Performance and Positive Outlook.
Despite slightly missing analyst estimates, Franco-Nevada reported robust year-over-year growth for fiscal Q2 2026. Revenue increased 57% to $580.9 million, and adjusted net income rose 46% to $349.2 million. The company's gold equivalent ounces (GEOs) sold climbed 18% to 132,405, driven by higher production at Antamina and South Arturo, along with new contributions from Côté Gold, Casa Berardi, Valentine, and Porcupine. Management also indicated it is tracking towards the upper half of its full-year 2026 GEO guidance range of 510,000 to 570,000 ounces, signaling continued operational strength.
3. Solid Financial Health and Consistent Shareholder Returns.
Franco-Nevada maintained a strong financial position, reporting a debt-free balance sheet with $4.3 billion in available capital as of June 30, 2026. The company also continued its commitment to shareholder returns by increasing its quarterly dividend to $0.44 per share, marking the 19th consecutive annual dividend increase starting in fiscal Q1 2026.
4. Favorable Analyst Sentiment and Upgrades.
Analyst sentiment remained positive during the period, contributing to the stock's upward trend. Zacks.com upgraded Franco-Nevada to a "Buy" rating on June 18, 2026, citing a 15.8% increase in earnings estimates over three months. The company generally holds a "Moderate Buy" rating from analysts, with a consensus price target of $273.40 as of August 29, 2026.
Show less
Franco-Nevada (FNV) stock has gained about 15% since 5/31/2026 because of the following key factors:
1. Surging Precious Metal Prices Bolstered Revenue.
Franco-Nevada benefited significantly from a robust increase in commodity prices. For fiscal Q2 2026 (ended June 30, 2026), the average gold price surged to $4,517 per ounce, marking a 37.8% year-over-year increase, and silver prices more than doubled. Spot gold also experienced a rally, rising approximately 10% in August 2026 alone to around $4,380 per ounce, providing a favorable backdrop for royalty and streaming companies.
2. Strong Fiscal Q2 2026 Performance and Positive Outlook.
Despite slightly missing analyst estimates, Franco-Nevada reported robust year-over-year growth for fiscal Q2 2026. Revenue increased 57% to $580.9 million, and adjusted net income rose 46% to $349.2 million. The company's gold equivalent ounces (GEOs) sold climbed 18% to 132,405, driven by higher production at Antamina and South Arturo, along with new contributions from Côté Gold, Casa Berardi, Valentine, and Porcupine. Management also indicated it is tracking towards the upper half of its full-year 2026 GEO guidance range of 510,000 to 570,000 ounces, signaling continued operational strength.
3. Solid Financial Health and Consistent Shareholder Returns.
Franco-Nevada maintained a strong financial position, reporting a debt-free balance sheet with $4.3 billion in available capital as of June 30, 2026. The company also continued its commitment to shareholder returns by increasing its quarterly dividend to $0.44 per share, marking the 19th consecutive annual dividend increase starting in fiscal Q1 2026.
4. Favorable Analyst Sentiment and Upgrades.
Analyst sentiment remained positive during the period, contributing to the stock's upward trend. Zacks.com upgraded Franco-Nevada to a "Buy" rating on June 18, 2026, citing a 15.8% increase in earnings estimates over three months. The company generally holds a "Moderate Buy" rating from analysts, with a consensus price target of $273.40 as of August 29, 2026.
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Stock Movement Drivers
Fundamental Drivers
The 13.5% change in FNV stock from 5/31/2026 to 9/23/2026 was primarily driven by a 10.0% change in the company's Total Revenues ($ Mil).| (LTM values as of) | 5312026 | 9232026 | Change |
|---|---|---|---|
| Stock Price ($) | 229.83 | 260.91 | 13.5% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 2,105 | 2,317 | 10.0% |
| Net Income Margin (%) | 65.1% | 63.8% | -2.0% |
| P/E Multiple | 32.3 | 34.1 | 5.4% |
| Shares Outstanding (Mil) | 193 | 193 | -0.1% |
| Cumulative Contribution | 13.5% |
Market Drivers
5/31/2026 to 9/23/2026| Return | Correlation | |
|---|---|---|
| FNV | 13.5% | |
| Market (SPY) | 1.8% | 32.8% |
| Sector (XLB) | -1.3% | 50.1% |
Fundamental Drivers
The -6.5% change in FNV stock from 2/28/2026 to 9/23/2026 was primarily driven by a -41.8% change in the company's P/E Multiple.| (LTM values as of) | 2282026 | 9232026 | Change |
|---|---|---|---|
| Stock Price ($) | 279.09 | 260.91 | -6.5% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 1,546 | 2,317 | 49.8% |
| Net Income Margin (%) | 59.5% | 63.8% | 7.3% |
| P/E Multiple | 58.5 | 34.1 | -41.8% |
| Shares Outstanding (Mil) | 193 | 193 | -0.1% |
| Cumulative Contribution | -6.5% |
Market Drivers
2/28/2026 to 9/23/2026| Return | Correlation | |
|---|---|---|
| FNV | -6.5% | |
| Market (SPY) | 12.5% | 42.3% |
| Sector (XLB) | -5.1% | 58.2% |
Fundamental Drivers
The 39.8% change in FNV stock from 8/31/2025 to 9/23/2026 was primarily driven by a 73.6% change in the company's Total Revenues ($ Mil).| (LTM values as of) | 8312025 | 9232026 | Change |
|---|---|---|---|
| Stock Price ($) | 186.62 | 260.91 | 39.8% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 1,334 | 2,317 | 73.6% |
| Net Income Margin (%) | 58.8% | 63.8% | 8.4% |
| P/E Multiple | 45.8 | 34.1 | -25.7% |
| Shares Outstanding (Mil) | 193 | 193 | -0.1% |
| Cumulative Contribution | 39.8% |
Market Drivers
8/31/2025 to 9/23/2026| Return | Correlation | |
|---|---|---|
| FNV | 39.8% | |
| Market (SPY) | 20.3% | 35.8% |
| Sector (XLB) | 11.0% | 54.3% |
Fundamental Drivers
The 87.1% change in FNV stock from 8/31/2023 to 9/23/2026 was primarily driven by a 88.2% change in the company's Total Revenues ($ Mil).| (LTM values as of) | 8312023 | 9232026 | Change |
|---|---|---|---|
| Stock Price ($) | 139.45 | 260.91 | 87.1% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 1,231 | 2,317 | 88.2% |
| Net Income Margin (%) | 53.9% | 63.8% | 18.4% |
| P/E Multiple | 40.4 | 34.1 | -15.6% |
| Shares Outstanding (Mil) | 192 | 193 | -0.5% |
| Cumulative Contribution | 87.1% |
Market Drivers
8/31/2023 to 9/23/2026| Return | Correlation | |
|---|---|---|
| FNV | 87.1% | |
| Market (SPY) | 77.0% | 26.2% |
| Sector (XLB) | 28.5% | 42.8% |
Price Returns Compared
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| FNV Return | 11% | -0% | -18% | 7% | 78% | 30% | 125% |
| Peers Return | 26% | 1% | 4% | 14% | 98% | 22% | 264% |
| S&P 500 Return | 27% | -19% | 24% | 23% | 16% | 13% | 107% |
Monthly Win Rates [3] | |||||||
| FNV Win Rate | 50% | 33% | 33% | 50% | 58% | 67% | |
| Peers Win Rate | 52% | 53% | 52% | 53% | 77% | 51% | |
| S&P 500 Win Rate | 75% | 42% | 67% | 75% | 67% | 56% | |
Max Drawdowns [4] | |||||||
| FNV Max Drawdown | -21% | -33% | -35% | -17% | -17% | -29% | |
| Peers Max Drawdown | -29% | -43% | -33% | -26% | -22% | -40% | |
| 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 9/23/2026 (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.
AI Analysis | Feedback
Franco-Nevada Corporation operates as a royalty and streaming company. This business model involves providing upfront financing to mining and energy companies in exchange for future royalty payments (a percentage of revenue or production) or stream agreements (the right to purchase a fixed percentage of future production at a predetermined low price).
In this model:
- 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)
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- BHP Group Limited (BHP)
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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.
Peer Outperformance in Gold
FNV has trailed 68% of its 37 Gold peers over 5Y. Among the peers that beat it are KGC, EGO and OR. Gold ranks 2nd of 15 industries in Materials by median 5Y return. That makes it one of the strongest corners of the sector.
Share of Gold constituents that FNV has outperformed, by holding period. Peers without a full price history over a given window are excluded from that window.
1Y
51%
of 45 industry peers · 23.2% return
3Y
19%
of 43 industry peers · 91.0% return
5Y
32%
of 37 industry peers · 108.2% return
Gold peers with revenue growth within 4pp of FNV's that beat it on at least 2 of 3 windows, and by at least 20pp over 5Y. Growth is matched by construction, so the gap is largely a re-rating gap. The multiple column is the context for it.
| Ticker | Name | Rev Growth 3Y Avg | P/E | 1Y | 3Y | 5Y | 5Y Gap |
|---|---|---|---|---|---|---|---|
| FNV | Franco-Nevada | 27.8% | 34.1x | 23.2% | 91.0% | 108.2% | — |
| KGC | Kinross Gold | 29.4% | 10.4x | 13.4% | 472.8% | 470.3% | +362pp |
| EGO | Eldorado Gold | 30.1% | 17.8x | 50.6% | 348.7% | 450.9% | +343pp |
| OR | OR Royalties | 30.2% | 23.9x | -3.4% | 196.0% | 237.8% | +130pp |
| B | Barrick Mining | 25.3% | 10.8x | 25.6% | 187.6% | 166.3% | +58pp |
Price returns, excluding dividends. P/E shown for context only and not used for matching.
Median price return by industry across the Materials sector, ranked by 5Y. Gold is FNV's own industry. Use this to see which corners of the sector have carried the returns.
| Industry | Names | 1Y med | 3Y med | 5Y med | Top 3 by 5Y |
|---|---|---|---|---|---|
| Copper | 7 | 80.7% | 104.7% | 329.6% | COPR 507% · TGB 398% · HBM 359% |
| Gold ← | 38 | 22.4% | 199.9% | 165.0% | AUGO 990% · IAG 804% · AU 614% |
| Steel | 13 | 14.2% | 38.0% | 163.6% | HCC 362% · NWPX 324% · STLD 322% |
| Silver | 6 | 76.5% | 320.2% | 162.3% | AYA 347% · HL 242% · SVM 205% |
| Aluminum | 4 | 54.8% | 98.3% | 50.2% | CENX 184% · KALU 71% · CSTM 29% |
| Construction Materials | 9 | -21.6% | 17.0% | 44.5% | USLM 364% · CRH 83% · TGLS 68% |
| Diversified Metals & Mining | 24 | -16.9% | -15.2% | 19.8% | ATLX 196329% · USAR 53021% · TII 788% |
| Paper & Plastic Packaging Products & Materials | 7 | 11.4% | 11.5% | -6.8% | PKG 97% · CCK 11% · SON 2% |
| Metal, Glass & Plastic Containers | 12 | -4.1% | 14.7% | -12.3% | KRT 201% · MYE 85% · GEF 56% |
| Specialty Chemicals | 42 | 9.4% | 2.9% | -13.8% | ODC 479% · NEU 192% · CMT 98% |
| Precious Metals & Minerals | 8 | 25.0% | 171.4% | -24.0% | ASM 624% · PPTA 363% · MTA 47% |
| Diversified Chemicals | 4 | -1.6% | -28.2% | -27.0% | CBT 75% · ASH -18% · CC -36% |
| Commodity Chemicals | 12 | 15.7% | -14.8% | -29.3% | HWKN 274% · KOP 54% · MEOH 42% |
| Fertilizers & Agricultural Chemicals | 10 | -11.1% | -3.6% | -39.3% | CF 144% · CTVA 101% · NTR 38% |
| Paper Products | 4 | -28.9% | -50.6% | -68.4% | SLVM 38% · CLW -41% · ITP -96% |
Median of constituents with a full price history over each window. Top names are unfiltered by size in this render.
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Peer Comparisons
| Peers to compare with: |
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 159.56 |
| Mkt Cap | 50.3 |
| Rev LTM | 2,317 |
| Op Inc LTM | 1,753 |
| FCF LTM | 891 |
| FCF 3Y Avg | 265 |
| CFO LTM | 1,777 |
| CFO 3Y Avg | 1,282 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | 69.5% |
| Rev Chg 3Y Avg | 32.1% |
| Rev Chg Q | 57.3% |
| QoQ Delta Rev Chg LTM | 10.0% |
| Op Inc Chg LTM | 90.0% |
| Op Inc Chg 3Y Avg | 52.4% |
| Op Mgn LTM | 63.0% |
| Op Mgn 3Y Avg | 60.1% |
| QoQ Delta Op Mgn LTM | 1.3% |
| CFO/Rev LTM | 67.5% |
| CFO/Rev 3Y Avg | 70.6% |
| FCF/Rev LTM | 31.3% |
| FCF/Rev 3Y Avg | 22.7% |
Price Behavior
Price Behavior
| Market Price | $260.91 | |
| Market Cap ($ Bil) | 50.3 | |
| First Trading Date | 12/07/2007 | |
| Distance from 52W High | -6.6% | |
| 50 Days | 200 Days | |
| DMA Price | $241.88 | $235.69 |
| DMA Trend | up | up |
| Distance from DMA | 7.9% | 10.7% |
| 3M | 1YR | |
| Volatility | 36.3% | 39.1% |
| Downside Capture | -15.52 | 125.51 |
| Upside Capture | 95.85 | 127.40 |
| Correlation (SPY) | 14.2% | 35.6% |
FNV Betas & Captures as of 8/31/2026
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
| 1M | 2M | 3M | 6M | 1Y | 3Y | |
|---|---|---|---|---|---|---|
| Beta | 0.41 | 0.44 | 0.89 | 1.16 | 1.06 | 0.54 |
| Up Beta | 0.11 | 0.99 | 0.59 | 0.98 | 0.85 | 0.45 |
| Down Beta | 0.42 | 0.54 | 2.08 | 1.39 | 0.80 | 0.46 |
| Up Capture | 210% | 108% | 80% | 94% | 154% | 41% |
| Bmk +ve Days | 10 | 21 | 32 | 68 | 138 | 427 |
| Stock +ve Days | 14 | 24 | 34 | 64 | 141 | 403 |
| Down Capture | -236% | -105% | 21% | 132% | 111% | 82% |
| Bmk -ve Days | 11 | 21 | 32 | 59 | 113 | 324 |
| Stock -ve Days | 7 | 18 | 30 | 63 | 110 | 347 |
[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 | 22.8% | 39.1% | 0.61 | - |
| Sector ETF (XLB) | 12.8% | 17.9% | 0.52 | 55.2% |
| Equity (SPY) | 16.2% | 13.0% | 0.88 | 35.7% |
| Gold (GLD) | 13.9% | 29.3% | 0.44 | 75.8% |
| Commodities (DBC) | 46.6% | 20.7% | 1.75 | 12.4% |
| Real Estate (VNQ) | 4.5% | 13.7% | 0.08 | 20.8% |
| Bitcoin (BTCUSD) | -23.2% | 44.8% | -0.46 | 29.9% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 5-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with FNV | |
|---|---|---|---|---|
| FNV | 13.8% | 31.1% | 0.45 | - |
| Sector ETF (XLB) | 5.8% | 19.1% | 0.19 | 43.8% |
| Equity (SPY) | 12.9% | 17.2% | 0.57 | 29.8% |
| Gold (GLD) | 18.6% | 18.8% | 0.80 | 67.3% |
| Commodities (DBC) | 10.5% | 19.5% | 0.41 | 25.8% |
| Real Estate (VNQ) | 0.8% | 18.9% | -0.06 | 30.1% |
| Bitcoin (BTCUSD) | 12.5% | 52.6% | 0.41 | 17.0% |
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 | 15.3% | 30.3% | 0.53 | - |
| Sector ETF (XLB) | 10.1% | 20.7% | 0.43 | 29.7% |
| Equity (SPY) | 15.5% | 17.9% | 0.73 | 21.1% |
| Gold (GLD) | 12.1% | 16.4% | 0.60 | 65.1% |
| Commodities (DBC) | 8.5% | 18.1% | 0.38 | 22.5% |
| Real Estate (VNQ) | 4.9% | 20.7% | 0.20 | 18.8% |
| Bitcoin (BTCUSD) | 64.2% | 66.2% | 1.04 | 12.3% |
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 |
|---|---|---|
| 06/30/2026 | 08/12/2026 | 6-K |
| 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 |
| Report Date | Filing Date | Filing |
|---|---|---|
| 06/30/2026 | 08/12/2026 | 6-K |
| 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 |
Investor Activity (13F)
Updated Sep 24, 202613F holdings as of Mar 31, 2026 (Q1 2026)
Active managers (13F portfolio over $250M, at least 3 holdings) with a position over $5M that is either over 10% of their portfolio or held in a concentrated book of 50 or fewer total positions. Index/ETF, sovereign, bank, community-bank and charitable/donor-advised filers are excluded.
| Active Manager | Value | % of Portfolio | Total Positions | QoQ | Filing |
|---|---|---|---|---|---|
| St. James Investment Company, LLC | $52.9 Mil | 8.3% | 22 | Hold | 13F |
| EdgePoint Investment Group Inc. | $857.2 Mil | 6.9% | 37 | Hold | 13F |
| America First Investment Advisors, LLC | $28.1 Mil | 5.2% | 41 | TRIM -22.2% | 13F |
| Hatch Cove Capital, LLC | $12.9 Mil | 4.9% | 19 | New | 13F |
| Scheer, Rowlett & Associates Investment Management Ltd. | $39.6 Mil | 2.9% | 33 | ADD +11.7% | 13F |
| Mad River Investors | $5.8 Mil | 2.1% | 31 | Hold | 13F |
| Active Manager | Value | % of Portfolio | Total Positions | QoQ | Filing |
|---|---|---|---|---|---|
| EdgePoint Investment Group Inc. | $857.2 Mil | 6.9% | 37 | Hold | 13F |
| St. James Investment Company, LLC | $52.9 Mil | 8.3% | 22 | Hold | 13F |
| Scheer, Rowlett & Associates Investment Management Ltd. | $39.6 Mil | 2.9% | 33 | ADD +11.7% | 13F |
| America First Investment Advisors, LLC | $28.1 Mil | 5.2% | 41 | TRIM -22.2% | 13F |
| Hatch Cove Capital, LLC | $12.9 Mil | 4.9% | 19 | New | 13F |
| Mad River Investors | $5.8 Mil | 2.1% | 31 | Hold | 13F |
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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Core Cache Last Updated: 9/23/2026