Franco-Nevada maintains a pristine capital structure with zero total debt and a robust current ratio of 6.15 as of 2026Q1.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 |
|---|
| Total Current Assets | 1.13B | 1.02B | 1.72B | 1.62B | 1.38B | 751.4M | 663.7M | 278.7M | 178.5M | 616.4M | 361.2M | 274.7M | 698.9M | 912.3M | 879.2M | 894.4M | 599.05M | 540.18M | 248.37M | 17.96M |
| Cash & Short-Term Investments | 717.05M | 669.68M | 1.45B | 1.42B | 1.2B | 539.3M | 534.2M | 132.1M | 69.7M | 511.1M | 253M | 168M | 592.5M | 788M | 779.9M | 810.8M | 547.7M | 500.13M | 214.82M | 12.89M |
| Cash Only | 383.26M | 433.11M | 1.45B | 1.42B | 1.2B | 539.3M | 534.2M | 132.1M | 69.7M | 511.1M | 253M | 149.2M | 592.5M | 770M | 631.7M | 794.1M | 413.9M | 122.65M | 73.25M | 12.89M |
| Short-Term Investments | 333.79M | 236.57M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 18.8M | 0 | 18M | 148.2M | 16.7M | 133.8M | 377.48M | 141.58M | 0 |
| Accounts Receivable | 281.22M | 256.63M | 157.7M | 111M | 135.7M | 159.5M | 93.4M | 97.8M | 75.5M | 65.9M | 71.1M | 65.1M | 72.1M | 78M | 83.4M | 79.1M | 47.4M | 26.79M | 22.87M | 3.28M |
| Days Sales Outstanding | 40.92 | 51.39 | 51.69 | 33.24 | 37.65 | 44.78 | 33.42 | 42.29 | 42.19 | 35.63 | 42.53 | 53.57 | 59.49 | 71.02 | 71.29 | 70.21 | 76.15 | 48.96 | 55.26 | 365 |
| Inventory | 702.3K | 598.91K | 96.8M | 51.8M | 28.2M | 32.9M | 500K | 4.4M | 0 | 7.1M | 2.7M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Days Inventory Outstanding | 1.63 | 0.46 | 99.72 | 41.79 | 22.23 | 25.13 | 0.46 | 3.94 | - | 6.24 | 2.6 | - | - | - | - | - | - | - | - | - |
| Other Current Assets | 123M | 89.54M | 400K | 600K | 600K | 900K | 19.2M | 26.9M | 27.9M | 15.3M | 9.9M | 21M | 17.9M | 26.6M | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Non-Current Assets | 7.7B | 7.21B | 4.61B | 4.38B | 5.24B | 5.46B | 4.93B | 5B | 4.75B | 4.17B | 3.86B | 3.4B | 2.77B | 2.13B | 2.36B | 2.01B | 1.41B | 1.48B | 1.26B | 1.32B |
| Property, Plant & Equipment | 6.34B | 6.04B | 4.11B | 4.03B | 4.93B | 5.16B | 4.64B | 4.81B | 4.57B | 3.95B | 3.68B | 3.27B | 2.66B | 2.08B | 2.22B | 1.91B | 1.2B | 1.35B | 1.17B | 1.23B |
| Fixed Asset Turnover | 0.35x | 0.30x | 0.27x | 0.30x | 0.27x | 0.25x | 0.22x | 0.18x | 0.14x | 0.17x | 0.17x | 0.14x | 0.17x | 0.19x | 0.19x | 0.22x | 0.19x | 0.15x | 0.13x | 0.00x |
| Goodwill | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Intangible Assets | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Long-Term Investments | 3.92B | 1.14B | 324.8M | 246.4M | 224.6M | 235.1M | 195.6M | 145.6M | 136.7M | 203.1M | 147.4M | 94.8M | 67.1M | 38.2M | 108.4M | 74.4M | 182.9M | 106.58M | 68.68M | 87.85M |
| Other Non-Current Assets | 2.11M | 1.5M | 148.7M | 61.7M | 45M | 17.6M | 49M | 39.5M | 33M | 1.9M | 8.7M | 14.1M | 22.2M | 800K | 24M | 9.5M | 8.4M | 6.13M | 4.04M | 1.43M |
| Total Assets | 8.83B | 8.23B | 6.33B | 5.99B | 6.63B | 6.21B | 5.59B | 5.28B | 4.93B | 4.79B | 4.22B | 3.67B | 3.47B | 3.04B | 3.24B | 2.9B | 2.01B | 2.02B | 1.5B | 1.34B |
| Asset Turnover | 0.27x | 0.22x | 0.18x | 0.20x | 0.20x | 0.21x | 0.18x | 0.16x | 0.13x | 0.14x | 0.14x | 0.12x | 0.13x | 0.13x | 0.13x | 0.14x | 0.11x | 0.10x | 0.10x | 0.00x |
| Asset Growth % | 96.14% | 29.95% | 5.61% | -9.55% | 6.71% | 11.03% | 5.91% | 7.07% | 2.99% | 13.43% | 14.9% | 5.98% | 13.86% | -6.13% | 11.82% | 44.54% | -0.69% | 34.39% | 12.5% | - |
| Total Current Liabilities | 183.8M | 122.78M | 67.5M | 39.2M | 50.2M | 43.2M | 53.2M | 53.4M | 25M | 22.6M | 37.6M | 20.8M | 21.1M | 51.1M | 56.8M | 43.3M | 26.4M | 9.48M | 9.31M | 3.92M |
| Accounts Payable | 49.86M | 8.38M | 5.1M | 5.5M | 7M | 8.5M | 3.5M | 6.8M | 7.3M | 6.2M | 9.6M | 6.2M | 6.2M | 5.6M | 6.2M | 7.3M | 2.7M | 0 | 0 | 0 |
| Days Payables Outstanding | 35.97 | 6.44 | 5.25 | 4.44 | 5.52 | 6.49 | 3.2 | 6.08 | 7.28 | 5.45 | 9.23 | 7.31 | 9.59 | 10.79 | 12.17 | 13.74 | 33.41 | - | - | - |
| Short-Term Debt | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Deferred Revenue (Current) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Current Liabilities | 0 | 36.43M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 9.48M | 9.31M | 3.92M |
| Current Ratio | 6.15x | 8.30x | 25.43x | 41.21x | 27.55x | 17.39x | 12.48x | 5.22x | 7.14x | 27.27x | 9.61x | 13.21x | 33.12x | 17.85x | 15.48x | 20.66x | 22.69x | 56.98x | 26.68x | 4.59x |
| Quick Ratio | 6.15x | 8.30x | 24.00x | 39.89x | 26.99x | 16.63x | 12.47x | 5.14x | 7.14x | 26.96x | 9.53x | 13.21x | 33.12x | 17.85x | 15.48x | 20.66x | 22.69x | 56.98x | 26.68x | 4.59x |
| Cash Conversion Cycle | 6.59 | 45.41 | 146.16 | 70.59 | 54.35 | 63.42 | 30.68 | 40.14 | - | 36.43 | 35.89 | - | - | - | - | - | - | - | - | - |
| Total Non-Current Liabilities | 509.37M | 482.22M | 266.3M | 185.8M | 159M | 141.5M | 95.9M | 165M | 274.9M | 60.3M | 37.5M | 490.5M | 40.3M | 30M | 38M | 23.5M | 0 | 81.14M | 60.88M | 45.69M |
| Long-Term Debt | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 80M | 207.6M | 0 | 0 | 457.3M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Capital Lease Obligations | 27.1M | 8.58M | 0 | 0 | 0 | 0 | 0 | 2.6M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Deferred Tax Liabilities | 1.61B | 439.9M | 238M | 180.1M | 153M | 135.4M | 91.5M | 82.4M | 67.3M | 60.3M | 37.5M | 33.2M | 40.3M | 30M | 38M | 23.5M | 0 | 81.14M | 60.88M | 45.69M |
| Other Non-Current Liabilities | 20.77M | 33.74M | 28.3M | 5.7M | 6M | 6.1M | 4.4M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Liabilities | 693.17M | 605M | 333.8M | 225M | 209.2M | 184.7M | 149.1M | 218.4M | 299.9M | 82.9M | 75.1M | 511.3M | 61.4M | 81.1M | 94.8M | 66.8M | 26.4M | 90.62M | 70.19M | 49.6M |
| Total Debt | 0 | 8.58M | 0 | 0 | 0 | 0 | 0 | 82.6M | 207.6M | 0 | 0 | 457.3M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Net Debt | -383.26M | -424.53M | -1.45B | -1.42B | -1.2B | -539.3M | -534.2M | -49.5M | 137.9M | -511.1M | -253M | 308.1M | -592.5M | -770M | -631.7M | -794.1M | -413.9M | -122.65M | -73.25M | -12.89M |
| Debt / Equity | 0.00x | 0.00x | - | - | - | - | - | 0.02x | 0.04x | - | - | 0.14x | - | - | - | - | - | - | - | - |
| Debt / EBITDA | 0.00x | 0.01x | - | - | - | - | - | 0.12x | 0.48x | - | - | 1.71x | - | - | - | - | - | - | - | - |
| Net Debt / EBITDA | -0.20x | -0.26x | -1.53x | -1.41x | -1.08x | -0.49x | -0.93x | -0.07x | 0.32x | -1.01x | -0.59x | 1.15x | -1.85x | -4.30x | -2.38x | -5.01x | -2.37x | -0.70x | -0.61x | - |
| Interest Coverage | 541.84x | 449.01x | 308.67x | -123.29x | 271.31x | 240.48x | 92.24x | 38.12x | 43.66x | 67.97x | 48.22x | 19.24x | 103.95x | 19.48x | 141.26x | 18.53x | 43.83x | 53.05x | 25.03x | -10.76x |
| Total Equity | 8.13B | 7.62B | 6B | 5.77B | 6.42B | 6.03B | 5.44B | 5.06B | 4.63B | 4.71B | 4.15B | 3.16B | 3.41B | 2.96B | 3.15B | 2.83B | 1.98B | 1.93B | 1.43B | 1.29B |
| Equity Growth % | 86.1% | 27.1% | 3.94% | -10.11% | 6.51% | 10.68% | 7.54% | 9.29% | -1.56% | 13.48% | 31.09% | -7.12% | 14.9% | -5.88% | 11.11% | 43.1% | 2.61% | 34.64% | 11.39% | - |
| Book Value per Share | 42.10 | 39.49 | 31.13 | 30.05 | 33.44 | 31.46 | 28.55 | 26.93 | 24.97 | 25.80 | 23.62 | 20.26 | 22.59 | 20.15 | 21.93 | 22.71 | 17.29 | 18.00 | 14.61 | 15.03 |
| Total Shareholders' Equity | 8.13B | 7.62B | 6B | 5.77B | 6.42B | 6.03B | 5.44B | 5.06B | 4.63B | 4.71B | 4.15B | 3.16B | 3.41B | 2.96B | 3.15B | 2.83B | 1.98B | 1.93B | 1.43B | 1.29B |
| Common Stock | 5.83B | 5.79B | 5.77B | 5.73B | 5.7B | 5.63B | 5.58B | 5.39B | 5.16B | 5.11B | 4.67B | 3.71B | 3.66B | 3.13B | 3.12B | 2.8B | 0 | 0 | 0 | 0 |
| Retained Earnings | 1.78B | 1.38B | 486.5M | 212.3M | 940.4M | 484.9M | -34.4M | -164.4M | -321.7M | -310M | -336.8M | -302.2M | -197.8M | -212.5M | -120.6M | -135.5M | -71.5M | 38.13M | -14.51M | -33.08M |
| Treasury Stock | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Accumulated OCI | 506.36M | 429.72M | -282M | -192M | -233.7M | -104.3M | -115.9M | -178.3M | -220.3M | -106.5M | -224.5M | -288.1M | -98.8M | -2.5M | 105.8M | 66.6M | 79.9M | -8.77M | -127.68M | 9.86M |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Jurisdictional and Asset Concentration
As reported in recent financial filings, Franco-Nevada has grown its total asset base from $6.0 billion in 2023Q4 to $8.8 billion by 2026Q1, reflecting a consistent strategy of deploying capital into new royalty and streaming interests to drive long-term production growth.
The expansion of the asset base appears to be driven by aggressive acquisition activity rather than organic growth alone. This trajectory suggests management is successfully utilizing its balance sheet capacity to secure future revenue streams, though investors should monitor whether these acquisitions provide the expected returns on invested capital.
Based on the latest balance sheet data, PPE net assets have increased to $6.3 billion in 2026Q1, confirming that the company's business model remains heavily weighted toward long-life royalty and streaming interests that require minimal ongoing operational expenditure from the firm itself.
The concentration of value in non-current assets highlights the company's reliance on the underlying performance of third-party mine operators. This asset-light structure is a core strength, as it insulates the balance sheet from the inflationary pressures of mining operations while maintaining exposure to geological upside.
According to quarterly balance sheet figures, the company maintains a strong liquidity position with a current ratio of 6.15 in 2026Q1, providing a significant buffer to navigate potential operational disruptions or to capitalize on opportunistic acquisition targets during market downturns.
While the current ratio has moderated from the extreme highs observed in 2024, it remains well above levels that would suggest liquidity stress. This high level of working capital appears to be a strategic choice, ensuring the company can meet its obligations even if cash inflows from specific streaming assets are delayed.
As indicated by the company's financial statements, equity has grown steadily to $8.1 billion in 2026Q1, with retained earnings rising to $1.8 billion, signaling a consistent ability to reinvest profits into the business while maintaining a strong capital base for shareholders.
The growth in retained earnings suggests that the company is successfully converting its royalty revenue into permanent capital. This trend appears to strengthen the balance sheet over time, reducing the need for external financing and supporting the company's long-term dividend policy.
Based on the provided data, the absence of goodwill on the balance sheet is notable, yet the $6.3 billion in PPE net assets may mask underlying impairment risks if cornerstone projects face prolonged operational suspensions or adverse regulatory changes in key jurisdictions.
Investors should be cautious, as the lack of goodwill does not necessarily imply that all assets are carried at conservative values. The reliance on specific, large-scale streaming assets means that any material change in the viability of these projects could lead to significant non-cash impairment charges that would impact the equity base.
Quick answers to the most common questions about buying FNV stock.
As of 2025, Franco-Nevada Corporation (FNV) had total assets of $8.23B including $1.02B in current assets.
Franco-Nevada Corporation (FNV) carries total debt of $8.6M, offset by $669.7M in cash and short-term investments. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
Franco-Nevada Corporation (FNV) has total shareholders' equity (book value) of $7.62B ($39.49 book value per share). Book value represents the net worth of the company belonging to common stock holders.
Franco-Nevada Corporation (FNV) reported a current ratio of 8.30x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.