Franco-Nevada Corporation (FNV) Financial Ratios
19 years of historical data (2007–2025) · Basic Materials · Gold
EV/EBITDA
↑
26.03
+15% vs avg
5yr avg: 22.59
30Y Low13.7·High40.5
P/FCF
↓
28.40
↓-51% vs avg
5yr avg: 58.46
30Y Low19.0·High135.9
P/B Ratio
↑
5.55
↑+31% vs avg
5yr avg: 4.24
30Y Low1.0·High5.2
ROE
↑
16.3%
↓+94% vs avg
5yr avg: 8.4%
30Y Low-8%·High16%
Debt/EBITDA
0.01
+0% vs avg
5yr avg: 0.01
30Y Low0.0·High1.7
Percentile shows where the current value sits in 30-year historical distribution. Sparklines show 5-year trend.
FNV Valuation Multiples
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
Franco-Nevada Corporation trades at 37.4x earnings, roughly in line with its 5-year average of 37.9x, sitting at the 21st percentile of its historical range. Compared to the Basic Materials sector median P/E of 23.6x, the stock trades at a premium of 59%. On a free-cash-flow basis, the stock trades at 28.4x P/FCF, 51% below the 5-year average of 58.5x.
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $42.3B | $40.0B | $22.6B | $21.3B | $26.2B | $26.5B | $23.9B | $19.4B | $13.0B | $14.6B | $10.5B |
| Enterprise Value | $41.8B | $39.6B | $21.2B | $19.9B | $25.0B | $25.9B | $23.4B | $19.4B | $13.2B | $14.1B | $10.2B |
| P/E Ratio → | 37.42 | 35.37 | 40.97 | — | 38.88 | 36.39 | 69.63 | 55.24 | 93.56 | 74.72 | 86.61 |
| P/S Ratio | 23.19 | 21.95 | 20.34 | 17.45 | 19.91 | 20.37 | 23.43 | 23.01 | 19.92 | 21.60 | 17.19 |
| P/B Ratio | 5.55 | 5.25 | 3.78 | 3.69 | 4.08 | 4.40 | 4.39 | 3.84 | 2.81 | 3.10 | 2.53 |
| P/FCF | 28.40 | 26.87 | 53.73 | 45.31 | 30.53 | 135.88 | 48.65 | 112.58 | — | — | — |
| P/OCF | 28.30 | 26.78 | 27.30 | 21.46 | 26.20 | 27.72 | 29.73 | 31.44 | 27.41 | 29.84 | 22.27 |
P/E links to full P/E history page with 30-year chart
FNV EV Ratios
Enterprise-value multiples — capital-structure-neutral measures of total business value
Franco-Nevada Corporation's enterprise value stands at 26.0x EBITDA, 15% above its 5-year average of 22.6x. The Basic Materials sector median is 11.0x, placing the stock at a 136% premium on an enterprise-value basis.
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 21.71 | 19.03 | 16.29 | 19.00 | 19.96 | 22.90 | 22.95 | 20.14 | 20.85 | 16.78 |
| EV / EBITDA | 26.03 | 24.62 | 22.31 | 19.62 | 22.59 | 23.78 | 40.46 | 28.77 | 30.13 | 27.68 | 23.85 |
| EV / EBIT | 32.17 | 27.95 | 27.74 | — | 29.98 | 30.23 | 68.74 | 46.85 | 69.01 | 58.78 | 59.69 |
| EV / FCF | — | 26.59 | 50.29 | 42.28 | 29.13 | 133.11 | 47.56 | 112.30 | — | — | — |
FNV Profitability
Margins and return-on-capital ratios measuring operating efficiency
Franco-Nevada Corporation earns an operating margin of 71.4%, significantly above the Basic Materials sector average of 10.3%. Operating margins have expanded from 60.6% to 71.4% over the past 3 years, signaling improving operational efficiency. ROE of 16.3% indicates solid capital efficiency. ROIC of 16.6% represents solid returns on invested capital.
Margins
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 73.9% | 73.9% | 68.2% | 62.9% | 64.8% | 63.2% | 60.8% | 51.7% | 44.0% | 38.5% | 37.8% |
| Operating Margin | 71.4% | 71.4% | 65.1% | 60.6% | 62.3% | 60.9% | 33.0% | 48.6% | 28.9% | 34.9% | 25.5% |
| Net Profit Margin | 61.0% | 61.0% | 49.6% | -38.3% | 53.2% | 56.4% | 32.0% | 40.8% | 21.3% | 28.8% | 20.0% |
Return on Capital
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 16.3% | 16.3% | 9.4% | -7.7% | 11.3% | 12.8% | 6.2% | 7.1% | 3.0% | 4.4% | 3.3% |
| ROA | 15.3% | 15.3% | 9.0% | -7.4% | 10.9% | 12.4% | 6.0% | 6.7% | 2.9% | 4.3% | 3.1% |
| ROIC | 16.6% | 16.6% | 12.2% | 11.6% | 11.5% | 11.4% | 5.1% | 6.3% | 3.2% | 4.4% | 3.2% |
| ROCE | 18.1% | 18.1% | 11.9% | 11.8% | 12.9% | 13.5% | 6.3% | 8.1% | 3.9% | 5.3% | 4.0% |
FNV Leverage & Debt
Solvency and debt-coverage ratios — lower is generally safer
Franco-Nevada Corporation carries a Debt/EBITDA ratio of 0.0x, which is very conservative (100% below the sector average of 2.4x). The company holds a net cash position — cash of $433M exceeds total debt of $9M, providing substantial financial flexibility for buybacks, acquisitions, or weathering downturns. Interest coverage of 449.0x signals virtually no risk of debt distress — earnings comfortably cover interest obligations.
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 0.00 | 0.00 | — | — | — | — | — | 0.02 | 0.04 | — | — |
| Debt / EBITDA | 0.01 | 0.01 | — | — | — | — | — | 0.12 | 0.48 | — | — |
| Net Debt / Equity | — | -0.06 | -0.24 | -0.25 | -0.19 | -0.09 | -0.10 | -0.01 | 0.03 | -0.11 | -0.06 |
| Net Debt / EBITDA | -0.26 | -0.26 | -1.53 | -1.41 | -1.08 | -0.49 | -0.93 | -0.07 | 0.32 | -1.01 | -0.59 |
| Debt / FCF | — | -0.29 | -3.44 | -3.03 | -1.39 | -2.77 | -1.09 | -0.29 | — | — | — |
| Interest Coverage | 449.01 | 449.01 | 308.67 | -123.29 | 271.31 | 240.48 | 92.24 | 38.12 | 43.66 | 67.97 | 48.22 |
Net cash position: cash ($433M) exceeds total debt ($9M)
FNV Liquidity & Efficiency
Short-term solvency ratios and asset-utilisation metrics
Franco-Nevada Corporation's current ratio of 8.30x is well above the 1.0 safety threshold, indicating strong short-term liquidity with ample room to cover current liabilities. The current ratio has declined from 41.21x to 8.30x over the past 3 years.
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 8.30 | 8.30 | 25.43 | 41.21 | 27.55 | 17.39 | 12.48 | 5.22 | 7.14 | 27.27 | 9.61 |
| Quick Ratio | 8.30 | 8.30 | 24.00 | 39.89 | 26.99 | 16.63 | 12.47 | 5.14 | 7.14 | 26.96 | 9.53 |
| Cash Ratio | 5.45 | 5.45 | 21.50 | 36.27 | 23.83 | 12.48 | 10.04 | 2.47 | 2.79 | 22.62 | 6.73 |
| Asset Turnover | — | 0.22 | 0.18 | 0.20 | 0.20 | 0.21 | 0.18 | 0.16 | 0.13 | 0.14 | 0.14 |
| Inventory Turnover | 793.94 | 793.94 | 3.66 | 8.73 | 16.42 | 14.53 | 799.60 | 92.73 | — | 58.45 | 140.59 |
| Days Sales Outstanding | — | 51.39 | 51.69 | 33.24 | 37.65 | 44.78 | 33.42 | 42.29 | 42.19 | 35.63 | 42.53 |
FNV Shareholder Yields
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Franco-Nevada Corporation returns 0.7% to shareholders annually primarily through dividends. The payout ratio of 24.7% is conservative, leaving significant room for dividend growth or reinvestment. The earnings yield of 2.7% (inverse of P/E) provides a useful comparison to bond yields when assessing the stock's relative attractiveness to fixed income.
Dividends
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | 0.7% | 0.7% | 1.1% | 1.1% | 0.8% | 0.7% | 0.6% | 0.7% | 1.0% | 0.9% | 1.1% |
| Payout Ratio | 24.7% | 24.7% | 43.9% | — | 28.2% | 24.5% | 47.5% | 40.2% | 97.9% | 64.6% | 96.6% |
Total Shareholder Return Metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 2.7% | 2.8% | 2.4% | — | 2.6% | 2.7% | 1.4% | 1.8% | 1.1% | 1.3% | 1.2% |
| FCF Yield | 3.5% | 3.7% | 1.9% | 2.2% | 3.3% | 0.7% | 2.1% | 0.9% | — | — | — |
| Buyback Yield | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| Total Shareholder Yield | 0.7% | 0.7% | 1.1% | 1.1% | 0.8% | 0.7% | 0.6% | 0.7% | 1.0% | 0.9% | 1.1% |
| Shares Outstanding | — | $193M | $193M | $192M | $192M | $192M | $191M | $188M | $185M | $182M | $176M |
Peer Comparison
Compare FNV with 10 similar companies in its peer group
| Company | Market Cap | P/E | EV/EBITDA | P/FCF | Gross Margin | Op Margin | ROE | ROIC | Debt/EBITDA |
|---|---|---|---|---|---|---|---|---|---|
 FNVYou | $42B | 37.4 | 26.0 | 28.4 | 73.9% | 71.4% | 16.3% | 16.6% | 0.0 |
 WPM | $56B | 37.3 | 28.2 | 97.0 | 72.2% | 68.8% | 18.8% | 17.4% | 0.0 |
 RGLD | $15B | 32.1 | 18.6 | 21.2 | 69.3% | 64.5% | 9.0% | 9.2% | 1.1 |
 OR | $7B | 31.4 | 26.3 | 30.8 | 83.4% | 72.9% | 16.0% | 12.2% | 0.0 |
 EMX | $453M | -144.4 | 61.6 | 136.6 | 72.1% | 4.0% | -2.8% | 0.6% | 4.6 |
 NEM | $115B | 16.2 | 8.2 | 15.8 | 49.8% | 46.9% | 22.1% | 24.9% | 0.0 |
 AEM | $83B | 18.8 | 10.2 | 19.6 | 58.1% | 53.1% | 19.6% | 21.9% | 0.0 |
 KGC | $32B | 13.4 | 7.2 | 12.4 | 47.5% | 43.2% | 31.0% | 29.9% | 0.2 |
 AGI | $15B | 17.3 | 14.6 | 56.3 | 54.3% | 44.5% | 22.2% | 15.9% | 0.2 |
 EGO | $7B | 13.2 | 6.7 | — | 44.9% | 41.5% | 12.6% | 13.3% | 1.2 |
 AU | $46B | 17.5 | 8.3 | 14.8 | 46.5% | 45.1% | 28.6% | 35.9% | 0.4 |
| Basic Materials Median | — | 23.6 | 11.0 | 29.0 | 30.9% | 10.3% | -0.0% | 4.6% | 2.4 |
Peer selection based on competitive and market overlap. Compare multiple stocks →
Download Financial Ratios Data
Includes 30+ ratios · 19 years · Updated daily
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FNV — Frequently Asked Questions
Quick answers to the most common questions about buying FNV stock.
What is Franco-Nevada Corporation's P/E ratio?
Franco-Nevada Corporation's current P/E ratio is 37.4x. The historical average is 58.6x. This places it at the 21th percentile of its historical range.
What is Franco-Nevada Corporation's EV/EBITDA?
Franco-Nevada Corporation's current EV/EBITDA is 26.0x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 24.7x.
What is Franco-Nevada Corporation's ROE?
Franco-Nevada Corporation's return on equity (ROE) is 16.3%. The historical average is 4.3%.
Is FNV stock overvalued?
Based on historical data, Franco-Nevada Corporation is trading at a P/E of 37.4x. This is at the 21th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
What is Franco-Nevada Corporation's dividend yield?
Franco-Nevada Corporation's current dividend yield is 0.65% with a payout ratio of 24.7%.
What are Franco-Nevada Corporation's profit margins?
Franco-Nevada Corporation has 73.9% gross margin and 71.4% operating margin. Operating margin above 20% indicates strong pricing power and cost efficiency.
How much debt does Franco-Nevada Corporation have?
Franco-Nevada Corporation's Debt/EBITDA ratio is 0.0x, indicating low leverage. A ratio below 2x is generally considered financially healthy.