Franco-Nevada Corporation (FNV) Key Metrics
FNV valuation today
Trailing 12 months · as of October 18, 2026- Market cap
- $47.00B
- Enterprise value
- $49.29B
- P/E (TTM)
- 31.9 10-yr median 56.4
- Forward P/E
- 29.6
- PEG ratio
- 11.81
- Price / sales
- 20.4 10-yr median 20.4
- Price / book
- 6.1 10-yr median 3.8
- EV / EBITDA
- 22.2 10-yr median 23.0
- Dividend yield
- 0.72% $1.76 a year
- Beta
- 0.94
FNV key metrics, 2016–2025
Fiscal year ended December 31, 2025 · U.S. dollarsFNV valuation Price multiples at each fiscal year-end price.
FNV returns How much profit the business earns on the capital it uses.
FNV per-share figures Results divided by the shares outstanding at year-end.
FNV financial health Debt, liquidity and how easily interest is covered.
FNV efficiency & capital use Working capital cycle and where the cash goes.
FNV valuation history
FNV returns on capital
Net income (ROE, ROA) or after-tax operating income (ROIC) divided by the average of the opening and closing balance.
FNV debt vs cash
Debt includes short- and long-term borrowings and, where reported, lease liabilities.
FNV cash returned to shareholders
FNV price vs earnings per share
FNV key metrics
2016–2025| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Valuation | ||||||||||
| Market capitalization | $40.01B | $22.65B | $21.28B | $26.19B | $26.48B | $23.90B | $19.42B | $13.01B | $14.58B | $10.49B |
| Enterprise value | $39.34B | $21.21B | $19.86B | $25.00B | $25.95B | $23.37B | $19.37B | $13.15B | $14.07B | $10.24B |
| P/E ratio | 36.0 | 41.0 | — | 37.4 | 36.1 | 73.3 | 56.4 | 93.6 | 74.9 | 85.8 |
| Price / sales | 21.9 | 20.3 | 17.5 | 19.9 | 20.4 | 23.4 | 23.0 | 19.9 | 21.6 | 17.2 |
| Price / book | 5.2 | 3.8 | 3.7 | 4.1 | 4.4 | 4.4 | 3.8 | 2.8 | 3.1 | 2.5 |
| Price / free cash flow | — | 53.7 | 45.3 | 30.5 | 135.9 | 48.6 | 112.6 | — | — | — |
| Price / operating cash flow | 26.8 | 27.3 | 21.5 | 26.2 | 27.7 | 29.7 | 31.4 | 27.4 | 29.8 | 22.3 |
| EV / sales | 21.6 | 19.0 | 16.3 | 19.0 | 20.0 | 22.9 | 22.9 | 20.1 | 20.8 | 16.8 |
| EV / EBITDA | 22.8 | 21.4 | — | 22.3 | 22.4 | 40.2 | 28.6 | 30.0 | 27.5 | 23.0 |
| EV / free cash flow | — | 50.3 | 42.3 | 29.1 | 133.1 | 47.6 | 112.3 | — | — | — |
| Earnings yield | 2.8% | 2.4% | −2.2% | 2.7% | 2.8% | 1.4% | 1.8% | 1.1% | 1.3% | 1.2% |
| Free cash flow yield | −1.8% | 1.9% | 2.2% | 3.3% | 0.7% | 2.1% | 0.9% | −4.0% | −0.1% | −2.6% |
| Dividend yield | 0.7% | 1.1% | 1.1% | 0.8% | 0.7% | 0.6% | 0.7% | 1.0% | 0.9% | 1.1% |
| Shareholder yield (dividends + buybacks) | 0.7% | 1.1% | 1.1% | 0.8% | 0.7% | 0.6% | 0.7% | 1.0% | 0.9% | 1.1% |
| Share price at fiscal year-end | $207.28 | $117.59 | $110.81 | $136.48 | $138.29 | $125.33 | $103.30 | $70.17 | $79.95 | $59.76 |
| Per share | ||||||||||
| Revenue per share | $9.44 | $5.78 | $6.35 | $6.86 | $6.79 | $5.35 | $4.49 | $3.52 | $3.70 | $3.48 |
| Earnings per share | $5.76 | $2.87 | −$2.43 | $3.65 | $3.83 | $1.71 | $1.83 | $0.75 | $1.07 | $0.70 |
| Operating cash flow per share | $7.74 | $4.31 | $5.16 | $5.21 | $4.99 | $4.22 | $3.29 | $2.56 | $2.68 | $2.68 |
| Free cash flow per share | −$3.64 | $2.19 | $2.45 | $4.47 | $1.02 | $2.58 | $0.92 | −$2.78 | −$0.07 | −$1.57 |
| Cash per share | $3.47 | $7.54 | $7.41 | $6.24 | $2.82 | $2.80 | $0.70 | $0.38 | $2.80 | $1.44 |
| Book value per share | $39.49 | $31.13 | $30.05 | $33.44 | $31.46 | $28.55 | $26.93 | $24.97 | $25.80 | $23.62 |
| Tangible book value per share | $39.49 | $31.13 | $30.05 | $33.44 | $31.46 | $28.55 | $26.93 | $24.97 | $25.80 | $23.62 |
| Dividends per share | $1.43 | $1.26 | $1.21 | $1.03 | $0.94 | $0.81 | $0.74 | $0.73 | $0.69 | $0.67 |
| Capex per share | $11.38 | $2.12 | $2.72 | $0.74 | $3.97 | $1.64 | $2.37 | $5.34 | $2.75 | $4.26 |
| Debt per share | $0.04 | $0.04 | $0.03 | $0.03 | $0.03 | $0.02 | $0.44 | $1.12 | — | $0.00 |
| Shares outstanding | 193.0M | 192.6M | 192.0M | 191.9M | 191.5M | 190.7M | 188.0M | 185.5M | 182.4M | 175.5M |
| Change in shares outstanding | +0.2% | +0.3% | +0.1% | +0.2% | +0.4% | +1.4% | +1.4% | +1.7% | +3.9% | +12.4% |
| Returns & profitability | ||||||||||
| Return on equity (ROE) | 16.3% | 9.4% | −7.7% | 11.3% | 12.8% | 6.2% | 7.1% | 3.0% | 4.4% | 3.3% |
| Return on invested capital (ROIC) | 17.7% | 11.8% | 12.2% | 12.9% | 13.0% | 6.5% | 7.1% | 3.1% | 4.8% | 3.1% |
| Return on assets (ROA) | 15.3% | 9.0% | −7.4% | 10.9% | 12.4% | 6.0% | 6.7% | 2.9% | 4.3% | 3.1% |
| Return on tangible assets | 13.5% | 8.7% | −7.8% | 10.6% | 11.8% | 5.8% | 6.5% | 2.8% | 4.1% | 2.9% |
| Free cash flow margin | −38.6% | 37.9% | 38.5% | 65.2% | 15.0% | 48.2% | 20.4% | −78.8% | −1.9% | −45.2% |
| Income quality (OCF / net income) | 1.34 | 1.50 | — | 1.43 | 1.30 | 2.46 | 1.80 | 3.42 | 2.51 | 3.85 |
| Financial health | ||||||||||
| Total debt | $8.6M | $8.5M | $5.7M | $6.0M | $6.1M | $4.4M | $82.6M | $207.6M | — | $0 |
| Cash & short-term investments | $669.7M | $1.45B | $1.42B | $1.20B | $539.3M | $534.2M | $132.1M | $69.7M | $511.1M | $253.0M |
| Net debt | −$661.1M | −$1.44B | −$1.42B | −$1.19B | −$533.2M | −$529.8M | −$49.5M | $137.9M | −$511.1M | −$253.0M |
| Debt / equity | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.02 | 0.04 | — | 0.00 |
| Debt / assets | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.02 | 0.04 | — | 0.00 |
| Net debt / EBITDA | −0.38 | −1.46 | — | −1.06 | −0.46 | −0.91 | −0.07 | 0.31 | −1.00 | −0.57 |
| Current ratio | 8.30 | 25.43 | 41.21 | 27.55 | 17.39 | 12.48 | 5.22 | 7.14 | 27.27 | 9.61 |
| Quick ratio | 8.30 | 24.00 | 39.89 | 26.99 | 16.63 | 12.47 | 5.14 | 6.92 | 26.96 | 9.53 |
| Interest coverage | 412.4 | 292.8 | 250.1 | 266.8 | 221.8 | 91.3 | 37.8 | 43.2 | 66.8 | 43.7 |
| Working capital | $896.4M | $1.65B | $1.58B | $1.33B | $708.2M | $610.5M | $225.3M | $153.5M | $593.8M | $323.6M |
| Invested capital | $6.96B | $4.55B | $4.35B | $5.23B | $5.49B | $4.91B | $5.01B | $4.77B | $4.19B | $3.89B |
| Tangible asset value | $7.62B | $6.00B | $5.77B | $6.42B | $6.03B | $5.44B | $5.06B | $4.63B | $4.71B | $4.15B |
| Net current asset value | $414.1M | $1.38B | $1.39B | $1.17B | $566.7M | $514.6M | $60.3M | −$121.4M | $533.5M | $286.1M |
| Graham number | $71.55 | $44.81 | — | $52.41 | $52.08 | $33.15 | $33.30 | $20.52 | $24.89 | $19.24 |
| Graham net-net per share | $1.33 | $6.67 | $6.80 | $5.75 | $2.56 | $2.39 | −$0.06 | −$0.92 | $2.64 | $1.33 |
| Capital allocation | ||||||||||
| Dividends paid | $275.1M | $242.4M | $233.0M | $197.6M | $179.6M | $154.9M | $138.2M | $136.1M | $125.8M | $118.1M |
| Share buybacks (net) | — | — | — | — | $0 | $0 | $0 | $0 | $0 | $0 |
| Dividend payout ratio | 24.7% | 43.9% | — | 28.2% | 24.5% | 47.5% | 40.2% | 97.9% | 64.6% | 96.6% |
| Dividends + buybacks / free cash flow | — | 57.5% | 49.6% | 23.0% | 92.1% | 31.5% | 80.1% | — | — | — |
| Capex / revenue | 120.5% | 36.6% | 42.8% | 10.8% | 58.5% | 30.6% | 52.7% | 151.5% | 74.3% | 122.4% |
| Capex / operating cash flow | 147.1% | 49.2% | 52.6% | 14.2% | 79.6% | 38.9% | 72.1% | 208.4% | 102.6% | 158.6% |
| Capex / depreciation | 7.16 | 1.81 | 1.91 | 0.49 | 3.26 | 0.62 | 1.69 | 4.00 | 1.84 | 2.73 |
| Stock-based compensation / revenue | 0.3% | 0.5% | 0.5% | 0.6% | 0.6% | 0.5% | 0.6% | 0.8% | 0.7% | 0.8% |
| R&D / revenue | — | — | — | — | — | — | — | — | 0.5% | 0.6% |
| SG&A / revenue | 2.5% | 3.1% | 2.3% | 2.5% | 2.4% | 2.8% | 3.4% | 3.5% | 3.7% | 3.9% |
| Efficiency | ||||||||||
| Days sales outstanding | 41.5 | 44.0 | 36.9 | 40.9 | 35.5 | 34.2 | 37.5 | 39.5 | 37.0 | 40.7 |
| Days of inventory on hand | 37.4 | 76.5 | 32.3 | 24.1 | 12.8 | 2.2 | 4.4 | 6.2 | 4.3 | 11.2 |
| Days payables outstanding | 5.2 | 5.5 | 5.0 | 6.1 | 4.6 | 4.7 | 6.3 | 6.7 | 6.9 | 7.6 |
| Cash conversion cycle (days) | 73.7 | 115.1 | 64.2 | 58.9 | 43.7 | 31.7 | 35.5 | 39.0 | 34.4 | 44.3 |
| Receivables turnover | 8.80 | 8.29 | 9.88 | 8.91 | 10.28 | 10.67 | 9.74 | 9.24 | 9.85 | 8.96 |
| Payables turnover | 70.52 | 66.85 | 72.38 | 59.75 | 79.65 | 77.63 | 57.87 | 54.21 | 52.53 | 48.05 |
| Inventory turnover | 9.76 | 4.77 | 11.31 | 15.16 | 28.62 | 163.18 | 83.27 | 58.54 | 84.69 | 32.58 |
| Asset turnover | 0.25 | 0.18 | 0.19 | 0.20 | 0.22 | 0.19 | 0.17 | 0.13 | 0.15 | 0.15 |
| Average receivables | $207.2M | $134.3M | $123.3M | $147.6M | $126.5M | $95.6M | $86.7M | $70.7M | $68.5M | $68.1M |
| Average payables | $6.7M | $5.3M | $6.2M | $7.8M | $6.0M | $5.2M | $7.0M | $6.8M | $7.9M | $7.9M |
| Average inventory | $48.7M | $74.3M | $40.0M | $30.6M | $16.7M | $2.5M | $4.9M | $6.2M | $4.9M | $11.7M |
| Intangibles / total assets | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
Computed from FNV's annual financial statements (latest annual report filed March 19, 2026) and the closing share price on each fiscal year-end, adjusted for stock splits. Figures in U.S. dollars; data from EODHD. Averages use the opening and closing balance of each year.
FNV valuation and financial ratios
At the end of fiscal 2025 (December 31, 2025), Franco-Nevada traded at 36.0 times earnings, against a 10-year median of 56.4. Based on the latest twelve months, the trailing P/E is 31.9 and the forward P/E is 29.6. Franco-Nevada earned a return on equity of 16.3% and a return on invested capital of 17.7% in fiscal 2025. It ended the year with $8.6 million of debt and $669.7 million in cash and short-term investments, a net cash position of $661.1 million. It returned $275.1 million to shareholders: $275.1 million in dividends and $0 in share buybacks. The share count rose 10.0% from 175.5M to 193.0M over 9 years.
See the FNV income statement, the FNV chart for price history, or the FNV stock overview for the latest quote and news.
FNV key metrics FAQ
What is Franco-Nevada's P/E ratio?
Franco-Nevada's trailing P/E ratio is 31.9 based on the last twelve months of earnings (as of October 18, 2026), and its forward P/E is 29.6. At the end of fiscal 2025 it was 36.0, compared with a 10-year median of 56.4.
What is Franco-Nevada's EV/EBITDA?
Franco-Nevada's enterprise value was 22.8 times EBITDA at the end of fiscal 2025 (enterprise value $39.3 billion, EBITDA $1.7 billion); the current EV/EBITDA is 22.2.
What is Franco-Nevada's return on equity?
Franco-Nevada's return on equity (ROE) was 16.3% in fiscal 2025: net income of $1.1 billion on average shareholders' equity of $6.8 billion.
What is Franco-Nevada's ROIC?
Franco-Nevada's return on invested capital was 17.7% in fiscal 2025, using after-tax operating income divided by average debt plus equity minus cash.
How much debt does Franco-Nevada have?
Franco-Nevada had total debt of $8.6 million at the end of fiscal 2025, a debt-to-equity ratio of 0.00 and more cash than debt.
What is Franco-Nevada's dividend yield?
Franco-Nevada's forward dividend yield is 0.72%. Franco-Nevada paid $275.1 million in dividends in fiscal 2025 ($1.43 per share), a payout ratio of 24.7%.
What is Franco-Nevada's free cash flow yield?
Franco-Nevada generated -$703.0 million of free cash flow in fiscal 2025, a free cash flow yield of −1.8% on its market value at year-end ($40.0 billion).
What is Franco-Nevada's current ratio?
Franco-Nevada's current ratio was 8.30 at the end of fiscal 2025: current assets were 8.30 times current liabilities.