Latest Ratios: P/E Ratio 36.3x · EV/EBITDA 25.3x · ROE 16.3%. (2007–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $41.0B | $40.0B | $22.6B | $21.3B | $26.2B | $26.5B | $23.9B | $19.4B | $13.0B | $14.6B | $10.5B |
| Enterprise Value | $40.6B | $39.6B | $21.2B | $19.9B | $25.0B | $25.9B | $23.4B | $19.4B | $13.2B | $14.1B | $10.2B |
| P/E Ratio → | 36.31 | 35.37 | 40.97 | — | 38.88 | 36.39 | 69.63 | 55.24 | 93.56 | 74.72 | 86.61 |
| P/S Ratio | 22.50 | 21.95 | 20.34 | 17.45 | 19.91 | 20.37 | 23.43 | 23.01 | 19.92 | 21.60 | 17.19 |
| P/B Ratio | 5.39 | 5.25 | 3.78 | 3.69 | 4.08 | 4.40 | 4.39 | 3.84 | 2.81 | 3.10 | 2.53 |
| P/FCF | 27.56 | 26.87 | 53.73 | 45.31 | 30.53 | 135.88 | 48.65 | 112.58 | — | — | — |
| P/OCF | 27.46 | 26.78 | 27.30 | 21.46 | 26.20 | 27.72 | 29.73 | 31.44 | 27.41 | 29.84 | 22.27 |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 21.71 | 19.03 | 16.29 | 19.00 | 19.96 | 22.90 | 22.95 | 20.14 | 20.85 | 16.78 |
| EV / EBITDA | 25.25 | 24.62 | 22.31 | 19.62 | 22.59 | 23.78 | 40.46 | 28.77 | 30.13 | 27.68 | 23.85 |
| EV / EBIT | 31.21 | 27.95 | 27.74 | — | 29.98 | 30.23 | 68.74 | 46.85 | 69.01 | 58.78 | 59.69 |
| EV / FCF | — | 26.59 | 50.29 | 42.28 | 29.13 | 133.11 | 47.56 | 112.30 | — | — | — |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 73.9% | 73.9% | 68.2% | 62.9% | 64.8% | 63.2% | 60.8% | 51.7% | 44.0% | 38.5% | 37.8% |
| Operating Margin | 71.4% | 71.4% | 65.1% | 60.6% | 62.3% | 60.9% | 33.0% | 48.6% | 28.9% | 34.9% | 25.5% |
| Net Profit Margin | 61.0% | 61.0% | 49.6% | -38.3% | 53.2% | 56.4% | 32.0% | 40.8% | 21.3% | 28.8% | 20.0% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 16.3% | 16.3% | 9.4% | -7.7% | 11.3% | 12.8% | 6.2% | 7.1% | 3.0% | 4.4% | 3.3% |
| ROA | 15.3% | 15.3% | 9.0% | -7.4% | 10.9% | 12.4% | 6.0% | 6.7% | 2.9% | 4.3% | 3.1% |
| ROIC | 16.6% | 16.6% | 12.2% | 11.6% | 11.5% | 11.4% | 5.1% | 6.3% | 3.2% | 4.4% | 3.2% |
| ROCE | 18.1% | 18.1% | 11.9% | 11.8% | 12.9% | 13.5% | 6.3% | 8.1% | 3.9% | 5.3% | 4.0% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 0.00 | 0.00 | — | — | — | — | — | 0.02 | 0.04 | — | — |
| Debt / EBITDA | 0.01 | 0.01 | — | — | — | — | — | 0.12 | 0.48 | — | — |
| Net Debt / Equity | — | -0.06 | -0.24 | -0.25 | -0.19 | -0.09 | -0.10 | -0.01 | 0.03 | -0.11 | -0.06 |
| Net Debt / EBITDA | -0.26 | -0.26 | -1.53 | -1.41 | -1.08 | -0.49 | -0.93 | -0.07 | 0.32 | -1.01 | -0.59 |
| Debt / FCF | — | -0.29 | -3.44 | -3.03 | -1.39 | -2.77 | -1.09 | -0.29 | — | — | — |
| Interest Coverage | 449.01 | 449.01 | 308.67 | -123.29 | 271.31 | 240.48 | 92.24 | 38.12 | 43.66 | 67.97 | 48.22 |
Net cash position: cash ($433M) exceeds total debt ($9M)
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 8.30 | 8.30 | 25.43 | 41.21 | 27.55 | 17.39 | 12.48 | 5.22 | 7.14 | 27.27 | 9.61 |
| Quick Ratio | 8.30 | 8.30 | 24.00 | 39.89 | 26.99 | 16.63 | 12.47 | 5.14 | 7.14 | 26.96 | 9.53 |
| Cash Ratio | 5.45 | 5.45 | 21.50 | 36.27 | 23.83 | 12.48 | 10.04 | 2.47 | 2.79 | 22.62 | 6.73 |
| Asset Turnover | — | 0.22 | 0.18 | 0.20 | 0.20 | 0.21 | 0.18 | 0.16 | 0.13 | 0.14 | 0.14 |
| Inventory Turnover | 793.94 | 793.94 | 3.66 | 8.73 | 16.42 | 14.53 | 799.60 | 92.73 | — | 58.45 | 140.59 |
| Days Sales Outstanding | — | 51.39 | 51.69 | 33.24 | 37.65 | 44.78 | 33.42 | 42.29 | 42.19 | 35.63 | 42.53 |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | 0.7% | 0.7% | 1.1% | 1.1% | 0.8% | 0.7% | 0.6% | 0.7% | 1.0% | 0.9% | 1.1% |
| Payout Ratio | 24.7% | 24.7% | 43.9% | — | 28.2% | 24.5% | 47.5% | 40.2% | 97.9% | 64.6% | 96.6% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 2.8% | 2.8% | 2.4% | — | 2.6% | 2.7% | 1.4% | 1.8% | 1.1% | 1.3% | 1.2% |
| FCF Yield | 3.6% | 3.7% | 1.9% | 2.2% | 3.3% | 0.7% | 2.1% | 0.9% | — | — | — |
| Buyback Yield | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| Total Shareholder Yield | 0.7% | 0.7% | 1.1% | 1.1% | 0.8% | 0.7% | 0.6% | 0.7% | 1.0% | 0.9% | 1.1% |
| Shares Outstanding | — | $193M | $193M | $192M | $192M | $192M | $191M | $188M | $185M | $182M | $176M |
Jurisdictional and Asset Concentration
According to recent market data, FNV trades at a P/E of 36.71, which, as reported in financial statements, represents a premium valuation compared to peers like Royal Gold, suggesting investors are pricing in the company's superior scale and its unique, debt-free capital-light business model.
The current forward P/E of 24.00 implies that the market expects sustained growth in gold equivalent ounces despite recent operational headwinds. This valuation appears to account for the company's ability to capture geological upside without the capital expenditure burdens that typically compress the multiples of traditional mining operators.
Based on reported figures, FNV's ROIC has shown a modest recovery to 5.1% in 2026Q1 from a low of 2.7% in 2024Q1, yet this remains significantly below the historical performance levels observed prior to the recent asset-specific disruptions in key Latin American mining jurisdictions.
The trend in ROIC suggests that while the company remains profitable, the efficiency of its invested capital is currently constrained by the non-productive status of certain cornerstone assets. Investors should monitor whether future acquisitions can restore these returns to double-digit levels as the portfolio matures.
As indicated by quarterly financial data, FNV maintains a highly efficient cash conversion cycle, with a CCC of 3 days in 2026Q1, reflecting the company's structural advantage in collecting royalty payments without the inventory management complexities inherent in the operations of its underlying mine counterparties.
The low DSO and minimal inventory levels underscore the royalty model's inherent efficiency, allowing for rapid cash generation once production occurs. This efficiency is a key differentiator, as it ensures that the company's liquidity is not tied up in the operational bottlenecks that frequently plague traditional mining firms.
Based on an analysis of industry metrics, the P/E ratio is frequently misapplied to FNV, as it fails to account for the significant non-cash depletion charges that artificially depress reported earnings and obscure the company's true underlying cash-generating capacity relative to its peers.
Investors should instead focus on P/FCF or EV/EBITDA, which better capture the cash-generative nature of the royalty business model. Relying solely on P/E may lead to an inaccurate assessment of the company's valuation, as it ignores the substantial tax-shielding benefits provided by the depletion of long-life assets.
Includes 30+ ratios · 19 years · Updated daily
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Quick answers to the most common questions about buying FNV stock.
Franco-Nevada Corporation's current P/E ratio is 36.3x. The historical average is 58.6x. This places it at the 14th percentile of its historical range.
Franco-Nevada Corporation's current EV/EBITDA is 25.3x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 24.7x.
Franco-Nevada Corporation's return on equity (ROE) is 16.3%. The historical average is 4.3%.
Based on historical data, Franco-Nevada Corporation is trading at a P/E of 36.3x. This is at the 14th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
Franco-Nevada Corporation's current dividend yield is 0.67% with a payout ratio of 24.7%.
Franco-Nevada Corporation has 73.9% gross margin and 71.4% operating margin. Operating margin above 20% indicates strong pricing power and cost efficiency.
Franco-Nevada Corporation's Debt/EBITDA ratio is 0.0x, indicating low leverage. A ratio below 2x is generally considered financially healthy.