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Franco-Nevada Corporation

FNV
80
Gold · Basic Materials
Also trades as: FNV.TO CAD 320.38 (-1.42%) · 0QYZ.L GBP 3.22 (-1.56%)
Price
$228.75
-3.19 (-1.38%)
Market Cap
$44.12B
Exchange
New York Stock Exchange
Winston Score
80
Winston is happy
A high-quality business with solid fundamentals.
Data as of Oct 24, 2026 · filings through Jun 30, 2026

§How the score breaks down

Quality
Exceptional
29/30
Growth
Exceptional
19/20
Cash Flow
Exceptional
10/10
Stability
Exceptional
10/10
Valuation
Strong
7/10
Ownership
Weak
2/15
Dividends
Good
3/5

80 of 100 counted points = Winston Score 80.

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§Winston Score History

The full picture

Franco-Nevada is a Canadian company that does not mine gold itself. Instead, it pays mining companies upfront for the right to receive a share of whatever gold, silver, copper, or other metals those mines produce in the future. This business model is called "streaming and royalties," and Franco-Nevada is one of the largest companies in the world using it.

Franco-Nevada earns revenue every time a mine it has a deal with ships metal. Because it does not run the mines, it avoids most of the costs and risks of actual mining, which explains its unusually high profit margins. The company has deals with over 400 properties across the Americas, Africa, and Australia, giving it broad geographic diversification. Its biggest single asset is a royalty on the Cobre Panama copper mine, which was suspended in late 2023 due to a government shutdown — a reminder that political and operational risks at partner mines can directly hurt revenue even though Franco-Nevada controls none of those operations.

Growth Profile

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

+57.3% YoY

YoY Growth Rate

Revenue accelerating

Reported EPS Growth

+43.0% YoY

Quarterly reporting periods ended:

30 Jun 2025: $1.28

30 Jun 2026: $1.83

Reported/statutory EPS, not adjusted or underlying earnings. One-off items can affect this figure. Provider rounding can affect the growth rate.

YoY Growth Rate

Reported EPS increased year over year

R&D Spend

$0/ year

0.0% of revenue

Below sector average (3%)

Research and development spending

Insider Activity

0.6%ownership

→ Flat

Insider ownership roughly steady over the past year

Cash Position

Cash flow positive

$2.2B cash & investments

Quarterly Free Cash Flow

↑ Burn rate improving

Company generates more cash than it spends — no dilution risk from fundraising

Revenue accelerating

Franco-Nevada Corporation grew revenue 57% year-over-year and the growth rate is speeding up. That's the kind of momentum growth investors look for — the question is whether margins can follow.

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Share count broadly stable

+0.8% over 4y

The share count has stayed roughly flat over this period — little dilution or buyback activity.

Diluted shares outstanding: 191.5M (2021) → 193.0M (2025)

Score breakdown

Every number that matters to educated investors.

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Quality

Profit per sale
Gross Margin
77.6%
Premium pricing power — 77.6% gross margin
Profit after running costs
Operating Margin
76.7%
Excellent — 76.7% operating margin
Return on the money invested
ROCE
21.3%
Exceptional — 21.3% return on capital

ROIC between 15% and 25%. Every dollar invested in the business earns 15 to 25 cents back per year.

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Growth

Sales growth
Sales YoY
+73.6%
Fast-growing sales (+73.6% YoY)
Profit growth
EPS YoY
+88.2%
Earnings growing fast (+88.2% YoY)

Earnings growing 25%+ a year. The compounder zone.

How steady the profit is
EPS Consistency
7/8 quarters
Every recent quarter grew earnings vs last year

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Cash Flow

Profit that turns into cash
Cash Conversion
120%
Turns 120% of profit into real cash
Spare cash per sale
FCF Margin
38.5%
Converts sales into free cash efficiently (38.5%)

Free cash flow margin above 20%. Out of every $100 in sales, more than $20 is real cash they keep.

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Stability

What it owes vs what it owns
Debt / Equity
0.00
Conservative — low debt load (0.00)
Covers its interest
Interest Cover
568.07x
Comfortably covers interest (568.1x)

Interest coverage above 8. Profits cover interest many times over.

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Valuation

Price vs profit
P/E Ratio (TTM)
29.9x
Growth-priced — P/E 29.9

P/E above the market average. People are paying up for expected growth.

Cheaper or dearer next year
P/E vs Forward
+6.8
GROWING
Earnings expected to grow meaningfully — cheaper on forward P/E (29.9 → 23.1)

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Dividends

Dividend
Dividend Yield
0.73%
Small dividend — 0.73% yield

Modest yield. The bulk of any return needs to come from price appreciation.

Dividend record
Dividend Growth
+13.3%
Dividend growing fast (13.3% YoY)
Payout Ratio
20%
no trend
Pays out a modest share of profit and keeps the rest to reinvest. Room to keep paying through a weak year.

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