NYSE : FNV
Franco-Nevada Corporation — Financial statements
Materials · Gold · Canada
Last price 231.6 USD (Oct 29, 2026, 4:00 PM EDT) · Market cap 44.63B
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Financial statements
Franco-Nevada Corporation (FNV) reported revenue of 2.30B USD (TTM). Five years of income statement, balance sheet, cash flow and ratios below.
Income statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Revenue | 2.30B | 1.80B | 1.10B | 1.22B | 1.31B | 1.30B |
| Cost of Revenue | 182.00M | 164.30M | 126.50M | 177.20M | 174.80M | 175.90M |
| Gross Profit | 2.12B | 1.64B | 975.70M | 1.04B | 1.14B | 1.12B |
| Selling, General & Admin | 21.70M | 29.50M | 26.60M | 23.50M | 22.50M | 19.60M |
| Other Operating Expenses | -7.10M | -54.30M | -7.90M | -3.90M | -700.00K | -1.40M |
| Operating Expenses | 367.00M | 294.00M | 252.00M | 1.47B | 318.10M | 261.00M |
| Operating Income | 1.75B | 1.35B | 723.70M | -430.70M | 820.70M | 860.70M |
| Interest Expense | -800.00K | -700.00K | -500.00K | -600.00K | -1.00M | -1.40M |
| Interest & Investment Income | 31.40M | 42.40M | 69.50M | 52.30M | 12.60M | 3.70M |
| Currency Exchange Gain (Loss) | 4.20M | 4.30M | -14.70M | 2.30M | 3.60M | -3.00M |
| Other Non Operating Income (Expenses) | 39.90M | 30.00M | -8.10M | 9.80M | -2.20M | -2.20M |
| EBT Excluding Unusual Items | 1.83B | 1.42B | 769.90M | -366.90M | 833.70M | 857.80M |
| Gain (Loss) on Sale of Assets | 300.00K | 3.70M | ||||
| Other Unusual Items | 58.00M | -5.80M | -6.30M | -1.00M | ||
| Pretax Income | 1.88B | 1.42B | 763.90M | -364.20M | 833.70M | 857.80M |
| Income Tax Expense | 406.70M | 303.90M | 211.80M | 102.20M | 133.10M | 124.10M |
| Net Income | 1.48B | 1.11B | 552.10M | -466.40M | 700.60M | 733.70M |
| Net Income to Common | 1.48B | 1.11B | 552.10M | -466.40M | 700.60M | 733.70M |
| Shares Outstanding (Basic) | 192.80M | 192.70M | 192.40M | 192.00M | 191.50M | 191.10M |
| Shares Outstanding (Diluted) | 193.15M | 193.00M | 192.60M | 192.30M | 191.90M | 191.50M |
| EPS (Basic) | 7.66 | 5.77 | 2.87 | -2.43 | 3.66 | 3.84 |
| EPS (Diluted) | 7.65 | 5.76 | 2.87 | -2.43 | 3.65 | 3.83 |
| Free Cash Flow | 919.40M | -703.00M | 421.50M | 469.60M | 858.00M | 194.90M |
| Free Cash Flow Per Share | 4.76 | -3.64 | 2.19 | 2.44 | 4.47 | 1.02 |
| Dividend Per Share | 1.64 | 1.52 | 1.44 | 1.36 | 1.28 | 1.16 |
| Gross Margin | 92.09% | 90.89% | 88.52% | 85.44% | 86.69% | 86.44% |
| Operating Margin | 76.14% | 74.60% | 65.66% | -35.39% | 62.48% | 66.33% |
| Profit Margin | 64.23% | 61.64% | 50.09% | -38.33% | 53.33% | 56.54% |
| Free Cash Flow Margin | 39.96% | -38.97% | 38.24% | 38.59% | 65.32% | 15.02% |
| EBITDA | 2.09B | 1.65B | 949.00M | 1.02B | 1.11B | 1.09B |
| EBITDA Margin | 90.72% | 91.33% | 86.10% | 83.47% | 84.27% | 84.18% |
| D&A For EBITDA | 335.50M | 301.90M | 225.30M | 1.45B | 286.20M | 231.60M |
| EBIT | 1.75B | 1.35B | 723.70M | -430.70M | 820.70M | 860.70M |
| EBIT Margin | 76.14% | 74.60% | 65.66% | -35.39% | 62.48% | 66.33% |
| Effective Tax Rate | 21.58% | 21.46% | 27.73% | 15.96% | 14.47% | |
| Revenue as Reported | 2.32B | 1.82B | 1.11B | 1.22B |
Balance sheet
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Cash & Equivalents | 1.01B | 670.90M | 1.45B | 1.42B | 1.20B | 539.30M |
| Cash & Short-Term Investments | 1.01B | 670.90M | 1.45B | 1.42B | 1.20B | 539.30M |
| Accounts Receivable | 237.50M | 241.90M | 151.80M | 111.00M | 135.70M | 119.80M |
| Other Receivables | 20.40M | 15.20M | 8.10M | |||
| Receivables | 257.90M | 257.10M | 165.80M | 111.00M | 135.70M | 159.50M |
| Inventory | 500.00K | 600.00K | 7.30M | 500.00K | 100.00K | 500.00K |
| Prepaid Expenses | 2.00M | 2.70M | 2.50M | 30.00M | 22.10M | 18.80M |
| Other Current Assets | 113.30M | 90.10M | 89.90M | 51.90M | 28.70M | 33.30M |
| Total Current Assets | 1.39B | 1.02B | 1.72B | 1.62B | 1.38B | 751.40M |
| Property, Plant & Equipment | 6.27B | 6.05B | 4.11B | 4.03B | 4.93B | 5.16B |
| Long-Term Investments | 1.22B | 1.14B | 325.50M | 254.50M | 227.20M | 235.90M |
| Long-Term Deferred Tax Assets | 18.80M | 23.20M | 30.80M | 37.00M | 39.90M | 49.40M |
| Long-Term Deferred Charges | 1.60M | 1.10M | 1.40M | 1.10M | 1.50M | 1.20M |
| Other Long-Term Assets | 8.20M | 42.50M | 27.70M | 40.90M | 15.60M | |
| Total Assets | 8.92B | 8.24B | 6.33B | 5.99B | 6.63B | 6.21B |
| Accounts Payable | 38.60M | 8.40M | 5.10M | 5.50M | 7.00M | 8.50M |
| Accrued Expenses | 36.50M | 23.60M | 25.40M | 36.10M | 25.10M | |
| Current Income Taxes Payable | 109.40M | 78.10M | 38.80M | 8.30M | 7.10M | 9.60M |
| Total Current Liabilities | 148.00M | 123.00M | 67.50M | 39.20M | 50.20M | 43.20M |
| Long-Term Deferred Tax Liabilities | 503.80M | 440.70M | 238.00M | 180.10M | 153.00M | 135.40M |
| Other Long-Term Liabilities | 29.70M | 42.40M | 28.30M | 5.70M | 6.00M | 6.10M |
| Total Liabilities | 681.50M | 606.10M | 333.80M | 225.00M | 209.20M | 184.70M |
| Common Stock | 5.82B | 5.80B | 5.77B | 5.73B | 5.70B | 5.63B |
| Additional Paid-In Capital | 17.60M | 21.60M | 23.00M | 20.60M | 15.60M | 16.10M |
| Retained Earnings | 2.05B | 1.38B | 486.50M | 212.30M | 940.40M | 484.90M |
| Comprehensive Income & Other | 359.80M | 430.50M | -282.00M | -192.00M | -233.70M | -104.30M |
| Shareholders' Equity | 8.24B | 7.64B | 6.00B | 5.77B | 6.42B | 6.03B |
| Total Liabilities & Equity | 8.92B | 8.24B | 6.33B | 5.99B | 6.63B | 6.21B |
| Net Cash (Debt) | 1.01B | 670.90M | 1.45B | 1.42B | 1.20B | 539.30M |
| Net Cash Per Share | 5.25 | 3.48 | 7.54 | 7.39 | 6.24 | 2.82 |
| Filing Date Shares Outstanding | 192.87M | 192.80M | 192.55M | 192.18M | 191.89M | 191.33M |
| Total Common Shares Outstanding | 192.87M | 192.80M | 192.55M | 192.18M | 191.89M | 191.33M |
| Working Capital | 1.24B | 898.40M | 1.65B | 1.58B | 1.33B | 708.20M |
| Book Value Per Share | 42.73 | 39.60 | 31.14 | 30.02 | 33.44 | 31.49 |
| Tangible Book Value | 8.24B | 7.64B | 6.00B | 5.77B | 6.42B | 6.03B |
| Tangible Book Value Per Share | 42.73 | 39.60 | 31.14 | 30.02 | 33.44 | 31.49 |
| Machinery | 6.90M | 7.10M | 6.00M | 6.00M | 5.80M | 5.60M |
Cash flow statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Net Income | 1.48B | 1.11B | 552.10M | -466.40M | 700.60M | 733.70M |
| Depreciation & Amortization | 335.50M | 301.90M | 225.30M | 1.45B | 286.20M | 231.60M |
| Loss (Gain) From Sale of Assets | -300.00K | -3.70M | ||||
| Stock-Based Compensation | 5.30M | 6.30M | 5.40M | 5.50M | 8.20M | 8.00M |
| Other Operating Activities | -25.00M | 104.40M | 25.60M | 3.30M | 15.40M | 12.40M |
| Change in Accounts Receivable | -90.80M | -90.10M | -40.80M | 24.70M | -15.90M | -26.40M |
| Change in Inventory | -8.00M | |||||
| Change in Accounts Payable | 53.00M | 63.80M | 46.60M | |||
| Change in Other Net Operating Assets | 21.60M | -4.70M | 15.60M | -10.60M | 5.00M | -3.90M |
| Operating Cash Flow | 1.78B | 1.49B | 829.50M | 991.20M | 999.50M | 955.40M |
| Capital Expenditures | -858.00M | -2.20B | -408.00M | -521.60M | -141.50M | -760.50M |
| Sale (Purchase) of Intangibles | 11.20M | 7.00M | ||||
| Investment in Securities | 41.20M | 49.60M | -51.20M | -7.80M | -46.70M | -4.50M |
| Investing Cash Flow | -643.20M | -2.03B | -537.30M | -541.10M | -145.50M | -765.00M |
| Short-Term Debt Issued | 175.00M | 150.00M | ||||
| Total Debt Issued | 175.00M | 175.00M | 150.00M | |||
| Short-Term Debt Repaid | -175.00M | -150.00M | ||||
| Total Debt Repaid | -175.00M | -175.00M | -150.00M | |||
| Issuance of Common Stock | 4.00M | 7.70M | 2.80M | 2.90M | 9.50M | 400.00K |
| Common Dividends Paid | -299.00M | -275.10M | -242.40M | -233.00M | -197.60M | -179.60M |
| Other Financing Activities | -1.50M | -800.00K | -900.00K | -1.00M | ||
| Financing Cash Flow | -296.50M | -267.40M | -240.40M | -230.10M | -189.00M | -180.20M |
| Foreign Exchange Rate Adjustments | 16.20M | 26.30M | -22.40M | 5.40M | -7.80M | -5.10M |
| Net Cash Flow | 853.90M | -780.40M | 29.40M | 225.40M | 657.20M | 5.10M |
| Free Cash Flow | 919.40M | -703.00M | 421.50M | 469.60M | 858.00M | 194.90M |
| Free Cash Flow Margin | 39.96% | -38.97% | 38.24% | 38.59% | 65.32% | 15.02% |
| Free Cash Flow Per Share | 4.76 | -3.64 | 2.19 | 2.44 | 4.47 | 1.02 |
| Levered Free Cash Flow | 470.27M | -1.07B | 244.70M | 649.94M | 699.61M | -73.24M |
| Unlevered Free Cash Flow | 470.77M | -1.07B | 245.01M | 650.31M | 700.24M | -72.36M |
| Cash Interest Paid | 4.00M | 4.00M | 2.10M | 2.30M | 2.40M | 2.40M |
| Cash Income Tax Paid | 216.20M | 162.00M | 73.80M | 88.10M | 95.10M | 93.50M |
| Change in Working Capital | -16.20M | -31.00M | 21.40M | 6.10M | -10.90M | -30.30M |
Ratios
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Market Capitalization | 43.46B | 40.00B | 22.60B | 21.35B | 26.14B | 26.43B |
| Enterprise Value | 42.43B | 39.76B | 21.36B | 20.02B | 25.07B | 26.08B |
| Last Close Price | 224.95 | 206.16 | 115.94 | 107.94 | 131.57 | 132.09 |
| PE Ratio | 28.95 | 35.97 | 40.93 | 37.31 | 36.02 | |
| PS Ratio | 18.89 | 22.17 | 20.50 | 17.55 | 19.90 | 20.37 |
| PB Ratio | 5.27 | 5.24 | 3.77 | 3.70 | 4.07 | 4.39 |
| P/TBV Ratio | 5.27 | 5.24 | 3.77 | 3.70 | 4.07 | 4.39 |
| P/FCF Ratio | 47.27 | 53.62 | 45.47 | 30.46 | 135.61 | |
| P/OCF Ratio | 24.45 | 26.78 | 27.24 | 21.54 | 26.15 | 27.66 |
| EV/Sales Ratio | 18.44 | 22.04 | 19.38 | 16.45 | 19.08 | 20.10 |
| EV/EBITDA Ratio | 20.33 | 24.13 | 22.51 | 19.71 | 22.64 | 23.88 |
| EV/EBIT Ratio | 24.22 | 29.55 | 29.52 | 30.54 | 30.30 | |
| EV/FCF Ratio | 46.15 | 50.68 | 42.64 | 29.21 | 133.83 | |
| Net Debt / Equity Ratio | -0.12 | -0.09 | -0.24 | -0.25 | -0.19 | -0.09 |
| Net Debt / EBITDA Ratio | -0.49 | -0.41 | -1.53 | -1.40 | -1.08 | -0.49 |
| Net Debt / FCF Ratio | -1.10 | 0.95 | -3.44 | -3.03 | -1.40 | -2.77 |
| Asset Turnover | 0.29 | 0.25 | 0.18 | 0.19 | 0.20 | 0.22 |
| Inventory Turnover | 404.44 | 41.59 | 32.44 | 590.67 | 582.67 | 351.80 |
| Quick Ratio | 8.60 | 7.54 | 23.87 | 39.10 | 26.54 | 15.26 |
| Current Ratio | 9.38 | 8.30 | 25.43 | 41.21 | 27.55 | 17.39 |
| Return on Equity (ROE) | 19.91% | 16.32% | 9.38% | -7.65% | 11.26% | 12.79% |
| Return on Assets (ROA) | 13.73% | 11.54% | 7.34% | -4.27% | 7.99% | 9.12% |
| Return on Invested Capital (ROIC) | 18.80% | 18.37% | 11.76% | -9.00% | 12.88% | 14.16% |
| Return on Capital Employed (ROCE) | 20.00% | 16.60% | 11.60% | -7.20% | 12.50% | 14.00% |
| Earnings Yield | 3.45% | 2.78% | 2.44% | -2.18% | 2.68% | 2.78% |
| FCF Yield | 2.12% | -1.76% | 1.86% | 2.20% | 3.28% | 0.74% |
| Dividend Yield | 0.76% | 0.73% | 1.23% | 1.22% | 0.94% | 0.84% |
| Payout Ratio | 21.87% | 24.74% | 43.91% | 28.20% | 24.48% | |
| Buyback Yield / Dilution | -0.16% | -0.21% | -0.16% | -0.21% | -0.21% | -0.42% |
| Total Shareholder Return | 0.60% | 0.53% | 1.07% | 1.02% | 0.73% | 0.42% |