Franco-Nevada Corporation (FNV) Balance Sheet
FNV balance sheet, 2025
December 31, 2025 · U.S. dollars$8.23B assets = $605.0M liabilities + $7.62B equity
Both columns are drawn to the same scale: what FNV owns equals what it owes plus shareholders’ equity. Hover a block for its value.
FNV financial health
Descriptive bands, not a rating. Fiscal 2025.
FNV balance sheet trends, 2016–2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Total assets | $4.22B2016 | $8.23B2025 | +7.7%/yr | |
| Total liabilities | $75.1M2016 | $605.0M2025 | +26.1%/yr | |
| Shareholders’ equity | $4.15B2016 | $7.62B2025 | +7.0%/yr | |
| Cash & short-term investments | $253.0M2016 | $669.7M2025 | +11.4%/yr | |
| Total debt | $207.6M2018 | $8.6M2025 | −36.6%/yr | |
| Net cash (debt) | −$137.9M2018 | $661.1M2025 | +$799.0M | |
| Working capital | $323.6M2016 | $896.4M2025 | +$572.8M | |
| Book value per share | $23.622016 | $39.492025 | +5.9%/yr | |
| Current ratio | 9.612016 | 8.302025 | −1.31 | |
| Debt / equity | 0.042018 | 0.002025 | −0.04 | |
| Shares outstanding | 175.5M2016 | 193.0M2025 | +1.1%/yr |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
FNV assets
FNV liabilities and equity
FNV debt vs cash
Debt includes short- and long-term borrowings and, where reported, lease obligations.
FNV balance sheet
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||||
| Cash & short-term investments | $669.7M | $1.45B | $1.42B | $1.20B | $539.3M | $534.2M | $132.1M | $69.7M | $511.1M | $253.0M |
| Cash & equivalents | $433.1M | $1.45B | $1.42B | $1.20B | $539.3M | $534.2M | $132.1M | $69.7M | $511.1M | $253.0M |
| Short-term investments | $236.6M | $662.8M | −$8.1M | $654.8M | $9.6M | $10.5M | $13.4M | $33.0M | $41.6M | $0 |
| Receivables | $256.6M | $157.7M | $111.0M | $135.7M | $159.5M | $93.4M | $97.8M | $75.5M | $65.9M | $71.1M |
| Inventory | $598,908 | $96.8M | $51.8M | $28.2M | $32.9M | $500,000 | $4.4M | $5.4M | $7.1M | $2.7M |
| Other current assets | $92.2M | $11.0M | $30.6M | $22.7M | $19.7M | $35.6M | $44.4M | $27.9M | $32.3M | $34.4M |
| Total current assets | $1.02B | $1.72B | $1.62B | $1.38B | $751.4M | $663.7M | $278.7M | $178.5M | $616.4M | $361.2M |
| Property, plant & equipment (net) | $6.04B | $4.11B | $4.03B | $4.93B | $5.16B | $4.64B | $4.81B | $4.57B | $3.95B | $3.68B |
| Goodwill & intangible assets | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Long-term investments | $1.11B | $324.8M | $246.4M | $224.6M | $235.1M | $238.4M | $145.6M | $169.7M | $203.1M | $147.4M |
| Other non-current assets | $58.6M | $179.5M | $98.7M | $84.9M | $67.0M | $51.3M | $46.3M | $17.3M | $16.4M | $30.0M |
| Total assets | $8.23B | $6.33B | $5.99B | $6.63B | $6.21B | $5.59B | $5.28B | $4.93B | $4.79B | $4.22B |
| Liabilities | ||||||||||
| Accounts payable | $8.4M | $5.1M | $5.5M | $7.0M | $8.5M | $3.5M | $6.8M | $7.3M | $6.2M | $9.6M |
| Total current liabilities | $122.8M | $67.5M | $39.2M | $50.2M | $43.2M | $53.2M | $53.4M | $25.0M | $22.6M | $37.6M |
| Long-term debt | $0 | $0 | $0 | $0 | $0 | $0 | $82.6M | $207.6M | $0 | $0 |
| Lease obligations | — | — | — | — | — | — | $2.6M | — | — | — |
| Other long-term liabilities | $482.2M | $266.3M | $185.8M | $159.0M | $141.5M | $95.9M | $82.4M | $67.3M | $60.3M | $37.5M |
| Total liabilities | $605.0M | $333.8M | $225.0M | $209.2M | $184.7M | $149.1M | $218.4M | $299.9M | $82.9M | $75.1M |
| Shareholders' equity | ||||||||||
| Common stock & paid-in capital | $5.79B | $5.77B | $5.73B | $5.70B | $5.63B | $5.58B | $5.39B | $5.16B | $5.11B | $4.67B |
| Retained earnings (deficit) | $1.38B | $486.5M | $212.3M | $940.4M | $484.9M | −$34.4M | −$164.4M | −$321.7M | −$310.0M | −$336.8M |
| Accumulated other comprehensive income | $429.7M | −$282.0M | −$192.0M | −$233.7M | −$104.3M | −$115.9M | −$178.3M | −$220.3M | −$106.5M | −$224.5M |
| Total shareholders' equity | $7.62B | $6.00B | $5.77B | $6.42B | $6.03B | $5.44B | $5.06B | $4.63B | $4.71B | $4.15B |
| Key figures | ||||||||||
| Total debt | $8.6M | $8.5M | $5.7M | $6.0M | $6.1M | $4.4M | $82.6M | $207.6M | — | — |
| Net cash (debt) | $661.1M | $1.44B | $1.42B | $1.19B | $533.2M | $529.8M | $49.5M | −$137.9M | — | — |
| Working capital | $896.4M | $1.65B | $1.58B | $1.33B | $708.2M | $610.5M | $225.3M | $153.5M | $593.8M | $323.6M |
| Tangible book value | $7.62B | $6.00B | $5.77B | $6.42B | $6.03B | $5.44B | $5.06B | $4.63B | $4.71B | $4.15B |
| Book value per share | $39.49 | $31.13 | $30.05 | $33.44 | $31.46 | $28.55 | $26.93 | $24.97 | $25.80 | $23.62 |
| Shares outstanding | 193.0M | 192.6M | 192.0M | 191.9M | 191.5M | 190.7M | 188.0M | 185.5M | 182.4M | 175.5M |
| Current ratio | 8.30 | 25.43 | 41.21 | 27.55 | 17.39 | 12.48 | 5.22 | 7.14 | 27.27 | 9.61 |
| Quick ratio | 7.54 | 23.84 | 39.10 | 26.54 | 16.18 | 11.80 | 4.31 | 5.81 | 25.53 | 8.62 |
| Debt / equity | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.02 | 0.04 | — | — |
| Equity / assets | 92.6% | 94.7% | 96.2% | 96.8% | 97.0% | 97.3% | 95.9% | 93.9% | 98.3% | 98.2% |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||||||
| Cash & short-term investments | $1.01B | $717.1M | $669.7M | $236.5M | $160.3M | $1.13B | $1.45B | $1.32B | $1.44B | $1.35B | $1.42B | $1.30B |
| Cash & equivalents | $1.01B | $383.3M | $433.1M | $206.4M | $160.3M | $1.13B | $1.45B | $1.32B | $1.44B | $1.35B | $1.42B | $1.30B |
| Short-term investments | — | $333.8M | $236.6M | $30.1M | — | — | — | — | $919.9M | $934.2M | $846.1M | $879.6M |
| Receivables | $237.5M | $281.2M | $256.6M | $241.8M | $164.5M | $172.1M | $157.7M | $133.9M | $120.9M | $126.7M | $111.0M | $134.8M |
| Inventory | $500,000 | $702,302 | $598,908 | $499,512 | $7.0M | $89.4M | $96.8M | $500,000 | $500,000 | $5.1M | $51.8M | $700,000 |
| Other current assets | $135.7M | $131.9M | $92.2M | $62.8M | $25.5M | $5.3M | $11.0M | $99.3M | $107.9M | $86.4M | $30.6M | $83.9M |
| Total current assets | $1.39B | $1.13B | $1.02B | $541.6M | $357.3M | $1.39B | $1.72B | $1.55B | $1.67B | $1.57B | $1.62B | $1.52B |
| Property, plant & equipment (net) | $6.27B | $6.34B | $6.04B | $6.09B | $5.90B | $4.54B | $4.11B | $4.23B | $4.03B | $4.08B | $4.03B | $5.16B |
| Goodwill & intangible assets | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Long-term investments | $1.17B | $1.32B | $1.11B | $774.2M | $597.8M | $539.9M | $324.8M | $323.3M | $278.0M | $257.2M | $246.4M | $239.7M |
| Other non-current assets | $95.8M | $34.5M | $58.6M | $101.6M | $165.7M | $179.6M | $179.5M | $194.7M | $163.8M | $153.2M | $98.7M | $72.8M |
| Total assets | $8.92B | $8.83B | $8.23B | $7.51B | $7.02B | $6.65B | $6.33B | $6.30B | $6.14B | $6.06B | $5.99B | $6.99B |
| Liabilities | ||||||||||||
| Accounts payable | $38.6M | $49.9M | $44.8M | $66.0M | $33.6M | $30.7M | $5.1M | $26.2M | $30.1M | $41.8M | $5.5M | $35.0M |
| Total current liabilities | $148.0M | $183.8M | $122.8M | $116.8M | $84.0M | $60.9M | $67.5M | $66.3M | $57.3M | $53.4M | $39.2M | $40.2M |
| Long-term debt | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other long-term liabilities | $533.5M | $509.4M | $482.2M | $400.3M | $334.6M | $300.0M | $266.3M | $246.5M | $238.7M | $186.4M | $185.8M | $174.4M |
| Total liabilities | $681.5M | $693.2M | $605.0M | $517.1M | $418.6M | $360.9M | $333.8M | $312.8M | $296.0M | $239.8M | $225.0M | $214.6M |
| Shareholders' equity | ||||||||||||
| Common stock & paid-in capital | $5.82B | $5.83B | $5.79B | $5.79B | $5.79B | $5.78B | $5.77B | $5.76B | $5.75B | $5.74B | $5.73B | $5.72B |
| Retained earnings (deficit) | $2.05B | $1.78B | $1.38B | $1.08B | $806.6M | $626.4M | $486.5M | $380.3M | $294.0M | $283.7M | $212.3M | $1.26B |
| Accumulated other comprehensive income | $359.8M | $506.4M | $429.7M | $101.0M | −$13.1M | −$134.0M | −$282.0M | −$177.5M | −$223.0M | −$225.7M | −$192.0M | −$231.4M |
| Total shareholders' equity | $8.24B | $8.13B | $7.62B | $6.99B | $6.60B | $6.29B | $6.00B | $5.99B | $5.85B | $5.82B | $5.77B | $6.77B |
| Key figures | ||||||||||||
| Total debt | — | — | $8.6M | $8.5M | $10.0M | — | — | — | $4.6M | $4.8M | $5.7M | $5.7M |
| Net cash (debt) | — | — | $661.1M | $228.0M | $150.3M | — | — | — | $1.43B | $1.35B | $1.42B | $1.29B |
| Working capital | $1.24B | $947.1M | $896.4M | $424.8M | $273.3M | $1.33B | $1.65B | $1.48B | $1.61B | $1.52B | $1.58B | $1.48B |
| Tangible book value | $8.24B | $8.13B | $7.62B | $6.99B | $6.60B | $6.29B | $6.00B | $5.99B | $5.85B | $5.82B | $5.77B | $6.77B |
| Book value per share | $42.63 | $42.10 | $39.53 | $36.23 | $34.21 | $32.62 | $31.14 | $31.10 | $30.36 | $30.25 | $30.02 | $35.19 |
| Shares outstanding | 193.3M | 193.2M | 192.8M | 193.0M | 193.0M | 192.9M | 192.6M | 192.5M | 192.5M | 192.4M | 192.2M | 192.4M |
| Current ratio | 9.38 | 6.15 | 8.30 | 4.64 | 4.25 | 22.90 | 25.43 | 23.39 | 29.12 | 29.40 | 41.21 | 37.72 |
| Quick ratio | 8.46 | 5.43 | 7.54 | 4.09 | 3.87 | 21.35 | 23.84 | 21.89 | 27.22 | 27.69 | 39.10 | 35.62 |
| Debt / equity | — | — | 0.00 | 0.00 | 0.00 | — | — | — | 0.00 | 0.00 | 0.00 | 0.00 |
| Equity / assets | 92.4% | 92.1% | 92.6% | 93.1% | 94.0% | 94.6% | 94.7% | 95.0% | 95.2% | 96.0% | 96.2% | 96.9% |
Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported (latest annual report filed March 19, 2026); data from EODHD.
FNV financial position
At the end of fiscal 2025 (December 31, 2025), Franco-Nevada had total assets of $8.2 billion (up 30.0% from a year earlier), total liabilities of $605.0 million and shareholders' equity of $7.6 billion. It held $669.7 million in cash and short-term investments against $8.6 million of debt, a net cash position of $661.1 million. Its current ratio was 8.30. In the latest quarter (ended June 30, 2026) total assets were $8.9 billion and equity $8.2 billion.
Related: FNV income statement, FNV cash flow statement, FNV key metrics. See the FNV stock overview for the latest quote and news.
FNV balance sheet FAQ
What are Franco-Nevada's total assets?
Franco-Nevada reported total assets of $8.2 billion at the end of fiscal 2025 (December 31, 2025), compared with $6.3 billion a year earlier.
How much debt does Franco-Nevada have?
Franco-Nevada had $8.6 million of total debt at the end of fiscal 2025, including short-term borrowings. Its debt-to-equity ratio was 0.00.
How much cash does Franco-Nevada have?
Franco-Nevada held $669.7 million in cash and short-term investments at the end of fiscal 2025; with $8.6 million of debt that is net cash of $661.1 million.
What is Franco-Nevada's book value?
Franco-Nevada's shareholders' equity (book value) was $7.6 billion at the end of fiscal 2025, or $39.49 per share.
What is Franco-Nevada's current ratio?
Franco-Nevada had current assets of $1.0 billion and current liabilities of $122.8 million, a current ratio of 8.30 (it can cover its short-term obligations).