FRANCO NEVADA Corp
FNV · Gold and Silver Ores · EDGAR filings ↗
Grade
A88Dominant precious-metals royalty/streaming franchise with top-decile margins, cash generation, and a durable, capital-light moat.
Strengths
- Top-decile margins and cash flow (FCF margin 82% and operating margin 74%, both 100th pct; net margin 61%, 92nd pct)
- Strong returns (ROA 13.5%, 90th pct; ROE 14.6%, 74th pct) with interest coverage 437x and rich cash/liquidity
Risks
- Revenue tied to volatile gold/silver prices and counterparty mine performance
- Returns are good rather than extreme given the large equity base
Notable findings
- Strong balance sheetStrong balance sheet — $671M cash & investments
- Revenue declineRevenue -13.1% YoY
Quarterly revenue
Last 4 quarters · from SEC filings.
Key metrics
Gross margin
73.9%
Operating margin
74.3%
Net margin
61.0%
Return on equity
14.6%
Return on assets
13.5%
Revenue growth (QoQ)
-13.1%
Net-income growth
101.4%
Interest coverage
436.8×
Current ratio
8.3×
Free cash flow
$1.5B
Tangible book value
$7.6B
Cash & investments
$671M
Recent filings
| Form | Filed | Period | Accession |
|---|---|---|---|
| 40-F | 2026-03-19 | 2025-12-31 | 0001104659-26-032133 ↗ |
| 40-F | 2025-03-20 | 2024-12-31 | 0001558370-25-003388 ↗ |
| 40-F | 2024-03-15 | 2023-12-31 | 0001558370-24-003443 ↗ |
| 40-F | 2023-03-17 | 2022-12-31 | 0001558370-23-004112 ↗ |
| 40-F | 2022-03-17 | 2021-12-31 | 0001558370-22-003864 ↗ |
| 40-F | 2021-03-18 | 2020-12-31 | 0001558370-21-003216 ↗ |
| 40-F | 2020-03-18 | 2019-12-31 | 0001558370-20-002894 ↗ |
| 40-F | 2019-03-27 | 2018-12-31 | 0001558370-19-002489 ↗ |
| 40-F | 2018-03-28 | 2017-12-31 | 0001558370-18-002485 ↗ |
| 40-F | 2017-03-22 | 2016-12-31 | 0001558370-17-002025 ↗ |
| 40-F | 2016-03-10 | 2015-12-31 | 0001104659-16-104247 ↗ |
| 40-F | 2015-03-25 | 2014-12-31 | 0001104659-15-022713 ↗ |