FNV
Franco-Nevada Corporation
FNV's fundamentals are strong and it looks cheap: trading at 32x earnings, below its usual 42x. Analysts expect earnings growth.
FNV Fundamentals
| Metric | Status |
|---|---|
| Healthy | |
| Strong | |
| Strong | |
| Strong |
FNV's revenue, profitability, cash flow and balance sheet are all currently healthy.
FNV PE Valuation
| Level | PE | Price | Vs current |
|---|---|---|---|
| Forward | 29x | $248 | — |
| Current | 32x | $248 | — |
| Cheap | 34x | $256 | +3.5% |
| Fair | 42x | $321 | +30% |
| Expensive | 87x | $667 | +169% |
Historical ranges are pointers, not guarantees.
FNV's PE is in its cheap range at 32x. If earnings grow as analysts expect, today's price would be 29x next year's earnings.
FNV Forward outlook
| Metric | Outlook |
|---|---|
| Improving | |
| Growth | |
| Growth | |
| Weakening | |
| Limited | |
| Moderate |
Analysts expect earnings and revenue growth for FNV, but weaker profitability.
FNV Earnings Per Share
| Quarter | TTM EPS | YoY |
|---|---|---|
| Forward | $8.59 | +12% |
| Q2 2026 | $7.65 | +88% |
| Q1 2026 | $7.10 | +122% |
| Q4 2025 | $5.80 | +103% |
| Q3 2025 | $4.77 | +$8.07 |
| Q2 2025 | $4.07 | +$7.26 |
| Q1 2025 | $3.20 | +$5.83 |
| Q4 2024 | $2.86 | +$5.43 |
| Q3 2024 | -$3.30 | -193% |
FNV earned $7.65 per share over the past year, up 88% from the year before.
FNV Quarterly Revenue
| Quarter | Revenue | YoY |
|---|---|---|
| Q2 2026 | $580.9M | +57% |
| Q1 2026 | $650.7M | +77% |
| Q4 2025 | $597.3M | +86% |
| Q3 2025 | $487.7M | +77% |
| Q2 2025 | $369.4M | +42% |
| Q1 2025 | $368.4M | +43% |
| Q4 2024 | $321M | +5.8% |
| Q3 2024 | $275.7M | -11% |
FNV's revenue has grown year over year for seven quarters in a row: $581M last quarter, up 57% from the same quarter a year ago.
| Quarter | Margin | YoY |
|---|---|---|
| Q2 2026 | 77% | +5.4 points |
| Q1 2026 | 79% | +12 points |
| Q4 2025 | 77% | +7.8 points |
| Q3 2025 | 69% | +4.1 points |
| Q2 2025 | 71% | +6.3 points |
| Q1 2025 | 67% | +5.3 points |
| Q4 2024 | 69% | +394 points |
| Q3 2024 | 65% | +4.6 points |
FNV's operating margin was 77% last quarter, up 5.4 points from the same quarter a year ago.
FNV Free Cash Flow
| Quarter | Free cash flow | YoY |
|---|---|---|
| Q2 2026 | $384M | +$1.3B |
| Q1 2026 | $60.3M | +$279.8M |
| Q4 2025 | $391.5M | +64% |
| Q3 2025 | $55.6M | +$81.3M |
| Q2 2025 | -$930.6M | -624% |
| Q1 2025 | -$219.5M | -801% |
| Q4 2024 | $238.2M | +20% |
| Q3 2024 | -$25.7M | -136% |
FNV's free cash flow has turned positive again: $891M over the past year, against −$938M the year before.
FNV Total Shares
| Period | Change % | Net change |
|---|---|---|
| Quarterly | +0.1% | +100K shares |
| 1 year | +0.2% | +300K shares |
| 3 years | +0.6% | +1.1M shares |
| 5 years | +1.5% | +2.9M shares |
| Available history | +3.3% | +6.1M shares |
FNV has 193M diluted shares, about the same as a year ago.
| Quarter | Spent |
|---|---|
| Q2 2026 | — |
| Q1 2026 | — |
| Q4 2025 | — |
| Q3 2025 | — |
| Q2 2025 | — |
| Q1 2025 | — |
| Q4 2024 | — |
| Q3 2024 | — |
FNV hasn't bought back shares in the past year.
FNV Net Leverage
| Quarter | Net Leverage | Status |
|---|---|---|
| Q2 2026 | -0.5x | Net Cash |
| Q1 2026 | -0.2x | Net Cash |
| Q4 2025 | -0.3x | Net Cash |
| Q3 2025 | -0.1x | Net Cash |
| Q2 2025 | -0.1x | Net Cash |
| Q1 2025 | -1.0x | Net Cash |
| Q4 2024 | -1.5x | Net Cash |
| Q3 2023 | -1.2x | Net Cash |
FNV has more cash than debt.
FNV Weekly Momentum
| Metric | Value | Status |
|---|---|---|
| RSI | 53.2 | Neutral |
| Stochastic | 49.2 | Neutral |
FNV's weekly RSI is 53 (neutral) and its Stochastic is 49 (neutral).
FNV PE vs Basic Materials Sector
| Metric | FNV | Sector median | Relative |
|---|---|---|---|
| PE | 32x | 19x | 74% above |
| PE % | 14 | 40 | 26 pts below |
FNV is trading at 32x earnings, a 74% premium to the Basic Materials sector's median of 19x.
FNV Weekly Moving Averages
| Moving average | MA price | Relative |
|---|---|---|
| 8 week MA | $242.8 | 2% above |
| 20 week MA | $239.8 | 3.3% above |
| 50 week MA | $236.7 | 4.6% above |
| 100 week MA | $201.8 | 23% above |
| 200 week MA | $165.4 | 50% above |
FNV is in an uptrend: it's above all five of its weekly moving averages, and 50% above its 200-week average.
FNV Yearly ROI
| Year | Start price | End price | ROI |
|---|---|---|---|
| 2020 | $101.9 | $130.0 | +28% |
| 2021 | $130.0 | $135.5 | +4.2% |
| 2022 | $135.5 | $135.9 | +0.3% |
| 2023 | $135.9 | $110.8 | -18% |
| 2024 | $110.8 | $118.6 | +7.1% |
| 2025 | $118.6 | $217.4 | +83% |
| 2026 YTD | $217.4 | $247.7 | +14% |
FNV has finished higher in five of the last six years. It's up 14% so far in 2026.