The company demonstrates exceptional operational efficiency, maintaining gross margins above 80% and scaling operating income to $510.9 million in 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 |
|---|
| Sales/Revenue | 2.11B | 1.82B | 1.11B | 1.22B | 1.32B | 1.3B | 1.02B | 844.1M | 653.2M | 675M | 610.2M | 443.6M | 442.4M | 400.9M | 427M | 411.2M | 227.2M | 199.73M | 151.04M | 3.28M |
| Revenue Growth % | 71.82% | 63.69% | -8.65% | -7.35% | 1.21% | 27.43% | 20.86% | 29.23% | -3.23% | 10.62% | 37.56% | 0.27% | 10.35% | -6.11% | 3.84% | 80.99% | 13.75% | 32.23% | 4503.51% | - |
| Cost of Goods Sold | 493M | 475.5M | 354.3M | 452.4M | 463.1M | 477.9M | 399.8M | 408M | 365.9M | 415M | 379.6M | 309.4M | 236M | 189.5M | 185.9M | 193.9M | 29.5M | 6.64M | 8.14M | 175K |
| COGS % of Revenue | - | 26.09% | 31.82% | 37.11% | 35.2% | 36.76% | 39.19% | 48.34% | 56.02% | 61.48% | 62.21% | 69.75% | 53.35% | 47.27% | 43.54% | 47.15% | 12.98% | 3.32% | 5.39% | 5.33% |
| Gross Profit | 1.61B | 1.35B | 759.3M | 766.6M | 852.6M | 822.1M | 620.4M | 436.1M | 287.3M | 260M | 230.6M | 134.2M | 206.4M | 211.4M | 241.1M | 217.3M | 197.7M | 193.09M | 142.9M | 3.11M |
| Gross Margin % | 76.58% | 73.91% | 68.18% | 62.89% | 64.8% | 63.24% | 60.81% | 51.66% | 43.98% | 38.52% | 37.79% | 30.25% | 46.65% | 52.73% | 56.46% | 52.85% | 87.02% | 96.68% | 94.61% | 94.67% |
| Gross Profit Growth % | - | 77.44% | -0.95% | -10.09% | 3.71% | 32.51% | 42.26% | 51.79% | 10.5% | 12.75% | 71.83% | -34.98% | -2.37% | -12.32% | 10.95% | 9.91% | 2.39% | 35.12% | 4500.9% | - |
| Operating Expenses | 42.8M | 46.4M | 34.6M | 27.9M | 32.6M | 30.8M | 283.9M | 25.9M | 98.5M | 24.6M | 75.2M | 82.9M | 49.7M | 161.8M | 102.7M | 189.3M | 111.9M | 105.96M | 111.27M | 33.87M |
| OpEx % of Revenue | - | 2.55% | 3.11% | 2.29% | 2.48% | 2.37% | 27.83% | 3.07% | 15.08% | 3.64% | 12.32% | 18.69% | 11.23% | 40.36% | 24.05% | 46.04% | 49.25% | 53.05% | 73.67% | 1032.31% |
| Selling, General & Admin | 42.8M | 46.4M | 34.6M | 27.9M | 32.6M | 30.8M | 28.8M | 28.8M | 22.6M | 24.9M | 20.7M | 15.1M | 16.4M | 15.2M | 17.4M | 18M | 15.2M | 14.53M | 13.85M | 24.17M |
| SG&A % of Revenue | - | 2.55% | 3.11% | 2.29% | 2.48% | 2.37% | 2.82% | 3.41% | 3.46% | 3.69% | 3.39% | 3.4% | 3.71% | 3.79% | 4.07% | 4.38% | 6.69% | 7.28% | 9.17% | 736.7% |
| Research & Development | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 3.6M | 3.4M | 2.7M | 2.2M | 3M | 2.6M | 2.6M | 2.5M | 2.24M | 1.41M | 15K |
| R&D % of Revenue | - | - | - | - | - | - | - | - | - | 0.53% | 0.56% | 0.61% | 0.5% | 0.75% | 0.61% | 0.63% | 1.1% | 1.12% | 0.93% | 0.46% |
| Other Operating Expenses | 0 | 0 | 0 | 0 | 0 | 0 | 255.1M | -2.9M | 75.9M | -3.9M | 51.1M | 65.1M | 31.1M | 143.6M | 82.7M | 168.7M | 94.2M | 89.18M | 96.01M | 9.68M |
| Operating Income | 1.57B | 1.3B | 724.7M | 738.7M | 820M | 791.3M | 336.5M | 410.2M | 188.8M | 235.4M | 155.4M | 51.3M | 156.7M | 49.6M | 138.4M | 28M | 85.8M | 87.13M | 31.64M | -30.76M |
| Operating Margin % | 74.55% | 71.37% | 65.08% | 60.6% | 62.32% | 60.87% | 32.98% | 48.6% | 28.9% | 34.87% | 25.47% | 11.56% | 35.42% | 12.37% | 32.41% | 6.81% | 37.76% | 43.63% | 20.95% | -937.64% |
| Operating Income Growth % | - | 79.51% | -1.9% | -9.91% | 3.63% | 135.16% | -17.97% | 117.27% | -19.8% | 51.48% | 202.92% | -67.26% | 215.93% | -64.16% | 394.29% | -67.37% | -1.53% | 175.41% | 202.84% | - |
| EBITDA | 1.89B | 1.61B | 950M | 1.01B | 1.11B | 1.09B | 577.5M | 673.4M | 436.5M | 508.4M | 429.2M | 267.6M | 319.8M | 178.9M | 265.1M | 158.6M | 174.4M | 176.08M | 119.16M | -28.38M |
| EBITDA Margin % | 89.57% | 88.19% | 85.31% | 83% | 84.08% | 83.92% | 56.61% | 79.78% | 66.82% | 75.32% | 70.34% | 60.32% | 72.29% | 44.62% | 62.08% | 38.57% | 76.76% | 88.16% | 78.89% | -864.86% |
| EBITDA Growth % | 79.37% | 69.22% | -6.11% | -8.53% | 1.4% | 88.9% | -14.24% | 54.27% | -14.14% | 18.45% | 60.39% | -16.32% | 78.76% | -32.52% | 67.15% | -9.06% | -0.95% | 47.76% | 519.94% | - |
| D&A (Non-Cash Add-back) | 316.2M | 306.7M | 225.3M | 273.1M | 286.2M | 299.6M | 241M | 263.2M | 247.7M | 273M | 273.8M | 216.3M | 163.1M | 129.3M | 126.7M | 130.6M | 88.6M | 88.94M | 87.53M | 2.39M |
| EBIT | 1.74B | 1.42B | 764M | -364.1M | 833.8M | 858.1M | 339.9M | 413.5M | 190.6M | 239.4M | 171.5M | 51.4M | 158.6M | 35.9M | 156M | 41.4M | 104.5M | 99.78M | 37.76M | -33.53M |
| Net Interest Income | 19.46M | 25.54M | 55.22M | 50.31M | 9.03M | 99.12K | 210.56K | -7.27M | -1.42M | 2.07M | -98.8K | 2.21M | 2.19M | 1.55M | 8.53M | 1.94M | 1.66M | 171.88K | 3.09M | -3.11M |
| Interest Income | 22.67M | 28.69M | 57.69M | 53.26M | 12.1M | 3.67M | 3.9M | 3.58M | 2.94M | 5.59M | 3.46M | 4.88M | 3.72M | 3.39M | 9.64M | 4.18M | 4.04M | 2.05M | 4.6M | 0 |
| Interest Expense | 3.21M | 3.15M | 2.48M | 2.95M | 3.07M | 3.57M | 3.68M | 10.85M | 4.37M | 3.52M | 3.56M | 2.67M | 1.53M | 1.84M | 1.1M | 2.23M | 2.38M | 1.88M | 1.51M | 3.11M |
| Other Income/Expense | 172M | 115.1M | 39.2M | -1.1B | 13.7M | 66.5M | 3M | -4.3M | 300K | 600K | 12.5M | -2.8M | 300K | -15.6M | 16.5M | 11.1M | 16.4M | 11.51M | 4.37M | -2.86M |
| Pretax Income | 1.74B | 1.42B | 763.9M | -364.2M | 833.7M | 857.8M | 339.5M | 405.9M | 189.1M | 236M | 167.9M | 48.5M | 157M | 34M | 154.9M | 39.1M | 102.2M | 98.64M | 36.01M | -33.63M |
| Pretax Margin % | 82.72% | 77.68% | 68.6% | -29.88% | 63.37% | 65.98% | 33.28% | 48.09% | 28.95% | 34.96% | 27.52% | 10.93% | 35.49% | 8.48% | 36.28% | 9.51% | 44.98% | 49.39% | 23.84% | -1024.93% |
| Income Tax | 370.4M | 303.9M | 211.8M | 102.2M | 133.1M | 124.1M | 13.3M | 61.8M | 50.1M | 41.3M | 45.7M | 23.9M | 50.3M | 22.3M | 52.3M | 45.9M | 39.5M | 17.76M | -4.34M | -549K |
| Effective Tax Rate % | 21.27% | 21.46% | 27.73% | -28.06% | 15.96% | 14.47% | 3.92% | 15.23% | 26.49% | 17.5% | 27.22% | 49.28% | 32.04% | 65.59% | 33.76% | 117.39% | 38.65% | 18% | -12.04% | 1.63% |
| Net Income | 1.37B | 1.11B | 552.1M | -466.4M | 700.6M | 733.7M | 326.2M | 344.1M | 139M | 194.7M | 122.2M | 24.6M | 106.7M | 11.7M | 102.6M | -6.8M | 62.7M | 80.88M | 40.35M | -33.08M |
| Net Margin % | 65.12% | 61.01% | 49.58% | -38.26% | 53.25% | 56.44% | 31.97% | 40.77% | 21.28% | 28.84% | 20.03% | 5.55% | 24.12% | 2.92% | 24.03% | -1.65% | 27.6% | 40.49% | 26.71% | -1008.2% |
| Net Income Growth % | 122.04% | 101.43% | 218.37% | -166.57% | -4.51% | 124.92% | -5.2% | 147.55% | -28.61% | 59.33% | 396.75% | -76.94% | 811.97% | -88.6% | 1608.82% | -110.85% | -22.48% | 100.46% | 221.97% | - |
| Net Income (Continuing) | 1.37B | 1.11B | 552.1M | -466.4M | 700.6M | 733.7M | 326.2M | 344.1M | 139M | 194.7M | 122.2M | 24.6M | 106.7M | 11.7M | 102.6M | -6.8M | 62.7M | 80.88M | 40.35M | -33.08M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | 7.10 | 5.86 | 2.87 | -2.43 | 3.51 | 3.80 | 1.80 | 1.87 | 0.75 | 1.07 | 0.69 | 0.16 | 0.70 | 0.08 | 0.71 | -0.05 | 0.55 | 0.75 | 0.41 | -0.39 |
| EPS Growth % | 121.88% | 104.18% | 218.11% | -169.23% | -7.63% | 111.11% | -3.74% | 149.33% | -29.91% | 55.07% | 331.25% | -77.14% | 770.65% | -88.68% | 1402.75% | -109.91% | -26.67% | 82.93% | 205.13% | - |
| EPS (Basic) | - | 5.87 | 2.87 | -2.43 | 3.51 | 3.86 | 1.80 | 1.88 | 0.75 | 1.07 | 0.70 | 0.16 | 0.71 | 0.08 | 0.72 | -0.05 | 0.55 | 0.76 | 0.41 | -0.39 |
| Diluted Shares Outstanding | 193.2M | 193M | 192.6M | 192M | 191.9M | 191.5M | 190.7M | 188M | 185.47M | 182.39M | 175.52M | 156.12M | 150.75M | 147.06M | 143.58M | 124.78M | 114.53M | 107.26M | 98.1M | 85.64M |
| Basic Shares Outstanding | 192.8M | 192.7M | 192.4M | 192M | 191.5M | 191.1M | 190.3M | 187.7M | 185.17M | 181.99M | 174.33M | 156.12M | 149.75M | 146.07M | 142.39M | 124.78M | 113.43M | 106.15M | 97.52M | 85.64M |
| Dividend Payout Ratio | - | 24.74% | 43.91% | - | 28.2% | 24.48% | 47.49% | 40.16% | 97.91% | 64.61% | 96.64% | 382.52% | 85% | 870.09% | 75.93% | - | 53.11% | 34.91% | 53.98% | - |
Geopolitical and Jurisdictional Exposure
According to recent financial disclosures, Franco-Nevada achieved a significant revenue expansion with a 76.6% year-over-year growth rate in 2026Q1, suggesting that the company's diversified royalty model is successfully capturing upside from commodity price movements and the integration of new, high-value streaming assets into the portfolio.
The sharp acceleration in top-line growth appears to be driven by a combination of favorable commodity pricing and the successful deployment of capital into new royalty streams. Investors should monitor whether this growth trajectory remains sustainable, as it relies heavily on the operational success of third-party mine operators and the continued conversion of exploration-stage assets into producing revenue streams.
As reported in quarterly filings, Franco-Nevada maintains robust gross margins exceeding 80%, a figure that highlights the company's capital-light business model which effectively insulates its profitability from the inflationary cost pressures typically faced by traditional mining operators in the current macroeconomic environment.
The consistent ability to maintain gross margins above 70% across the observed period underscores the inherent efficiency of the royalty and streaming structure. This margin profile suggests that the company retains significant pricing power and is well-positioned to benefit from top-line revenue growth without the corresponding burden of rising operational expenses.
Based on the income statement data, Franco-Nevada demonstrates significant operating leverage, with operating income scaling rapidly to $510.9 million in 2026Q1, reflecting a disciplined approach to overhead management where SG&A expenses remain a negligible fraction of the company's total gross profit generation.
The company's ability to convert gross profit into operating income with minimal leakage suggests a highly efficient corporate structure. This operational discipline appears to be a core component of the firm's value proposition, allowing for substantial earnings growth without the need for proportional increases in administrative or fixed costs.
While revenue growth appears strong, historical data indicates that the company remains vulnerable to asset-specific disruptions, as evidenced by the significant volatility in net income during periods where cornerstone assets face operational or regulatory hurdles, warranting caution regarding the durability of current earnings trends.
The reliance on a limited number of high-impact assets creates a binary risk profile where the loss of a single stream can materially impact the bottom line. Investors should investigate the extent to which the current growth is dependent on specific, high-risk jurisdictions, as political or judicial shifts could potentially impair the long-term value of these key revenue drivers.
Quick answers to the most common questions about buying FNV stock.
For fiscal year 2025, Franco-Nevada Corporation (FNV) reported total revenue of $1.82B. This represents a 55456.2% increase compared to $3.3M in 2007.
Franco-Nevada Corporation (FNV) is profitable, generating $1.11B in net income for the fiscal year ending 2025 with a net profit margin of 61.0%.
Franco-Nevada Corporation (FNV) reported an operating income of $1.30B, resulting in an operating profit margin of 71.4%. This margin reflects the operational efficiency of the business before interest and taxes.
Franco-Nevada Corporation (FNV) generated $1.35B in gross profit for the year, representing a gross profit margin of 73.9%. This demonstrates the company's core pricing power and production efficiency.