Latest Ratios: P/E Ratio 45.6x · EV/EBITDA 31.8x · ROE 16.3%. (2007–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $51.5B | $40.0B | $22.6B | $21.3B | $26.2B | $26.5B | $23.9B | $19.4B | $13.0B | $14.6B | $10.5B |
| Enterprise Value | $51.1B | $39.6B | $21.2B | $19.9B | $25.0B | $25.9B | $23.4B | $19.4B | $13.2B | $14.1B | $10.2B |
| P/E Ratio → | 45.60 | 35.37 | 40.97 | — | 38.88 | 36.39 | 69.63 | 55.24 | 93.56 | 74.72 | 86.61 |
| P/S Ratio | 28.27 | 21.95 | 20.34 | 17.45 | 19.91 | 20.37 | 23.43 | 23.01 | 19.92 | 21.60 | 17.19 |
| P/B Ratio | 6.77 | 5.25 | 3.78 | 3.69 | 4.08 | 4.40 | 4.39 | 3.84 | 2.81 | 3.10 | 2.53 |
| P/FCF | 34.62 | 26.87 | 53.73 | 45.31 | 30.53 | 135.88 | 48.65 | 112.58 | — | — | — |
| P/OCF | 34.50 | 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
Enterprise-value multiples — capital-structure-neutral measures of total business value
| 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 | 31.79 | 24.62 | 22.31 | 19.62 | 22.59 | 23.78 | 40.46 | 28.77 | 30.13 | 27.68 | 23.85 |
| EV / EBIT | 39.29 | 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 | — | — | — |
Margins and return-on-capital ratios measuring operating efficiency
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% |
| 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% |
Solvency and debt-coverage ratios — lower is generally safer
| 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)
Short-term solvency ratios and asset-utilisation metrics
| 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 |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
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 | 0.5% | 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% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 2.2% | 2.8% | 2.4% | — | 2.6% | 2.7% | 1.4% | 1.8% | 1.1% | 1.3% | 1.2% |
| FCF Yield | 2.9% | 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 | 0.5% | 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 |
Includes 30+ ratios · 19 years · Updated daily
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Quick answers to the most common questions about buying FNV stock.
Franco-Nevada Corporation's current P/E ratio is 45.6x. The historical average is 58.6x. This places it at the 43th percentile of its historical range.
Franco-Nevada Corporation's current EV/EBITDA is 31.8x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 24.7x.
Franco-Nevada Corporation's return on equity (ROE) is 16.3%. The historical average is 4.3%.
Based on historical data, Franco-Nevada Corporation is trading at a P/E of 45.6x. This is at the 43th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
Franco-Nevada Corporation's current dividend yield is 0.53% with a payout ratio of 24.7%.
Franco-Nevada Corporation has 73.9% gross margin and 71.4% operating margin. Operating margin above 20% indicates strong pricing power and cost efficiency.
Franco-Nevada Corporation's Debt/EBITDA ratio is 0.0x, indicating low leverage. A ratio below 2x is generally considered financially healthy.
Key Metrics
Top Statement Risk
Asset Disruption & Jurisdictional Risk
Premium Valuation Reflects Defensive Quality
Franco-Nevada trades at a significant premium to peers, with a forward P/E of 31.61 and EV/EBITDA of 21.22, suggesting the market prices in its capital-light model and fortress balance sheet despite lower near-term return on equity.
The valuation premium over Royal Gold (RGLD) and Wheaton Precious Metals (WPM) appears justified by FNV's zero-debt structure and broader asset diversification, which provide a defensive quality in a volatile sector. However, the PEG ratio of 1.71 indicates the market is pricing in sustained growth, which may be challenged by the loss of production from cornerstone assets like Cobre Panama. Investors should monitor whether the premium holds if growth decelerates.
Structural Margin Dominance Amplifies Price Sensitivity
Gross margins have expanded to 77.6% in Q2 2026 from 64.3% in Q1 2024, a structural improvement that underscores the royalty model's insulation from operational cost inflation and its ability to capture a greater share of revenue as commodity prices rise.
The expansion in operating margin to 76.7% demonstrates extreme operating leverage, as incremental revenue flows almost directly to the bottom line with minimal SG&A overhead. This profitability profile is structurally superior to traditional miners and even streaming peers, as FNV avoids the capital and operational risks of mine ownership. The key risk is that this high-margin structure is almost entirely a function of commodity prices, making earnings highly sensitive to a pullback in gold or oil.
Low Returns Reflect Capital-Light Model, Not Inefficiency
ROIC of 4.5% in Q2 2026, while improving from 2.7% in Q1 2024, remains low relative to peers like WPM (17.4%), a discrepancy driven by FNV's massive equity base from retained earnings rather than operational inefficiency.
The low ROIC is a mathematical artifact of the company's capital structure, not a reflection of poor capital allocation. With zero debt and a large equity base accumulated through profit retention, the denominator is inflated, compressing the ratio. The true measure of value creation for FNV is the growth in net asset value per share and the dividend, not traditional return metrics designed for capital-intensive businesses. This makes ROIC a misleading metric for evaluating FNV's performance.
Zero Leverage Provides Ultimate Financial Flexibility
Franco-Nevada maintains a debt-free balance sheet with a debt-to-equity ratio of 0.00, providing exceptional financial flexibility and eliminating refinancing risk, a key differentiator from leveraged mining peers.
The absence of debt means interest coverage is effectively infinite, insulating the company from rising rate environments that pressure other miners. This pristine balance sheet is a core part of the investment thesis, allowing FNV to act as a counter-cyclical acquirer when operators need capital. However, it also means the company does not use financial leverage to amplify returns on equity, which contributes to its lower ROE compared to peers like WPM.
The Misleading Power of Return on Equity
The most commonly misapplied ratio to Franco-Nevada is Return on Equity (ROE), which at 4.3% appears weak but is artificially depressed by the company's massive, debt-free equity base built from retained earnings.
Analysts often compare FNV's ROE to traditional companies or even leveraged peers, leading to a flawed conclusion about management effectiveness. The royalty model generates high cash returns on a small amount of invested capital (the original acquisition cost), but the accounting ROE is diluted by the accumulated profits that remain on the balance sheet. A more appropriate metric is the cash return on the original capital deployed for acquisitions, or simply the growth in net asset value per share, which captures the true compounding power of the business.