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FRANCO NEVADA Corp

FNV Clue Score76
Ontario, Canada Fiscal year ends December CIK 0001456346
$244.85 +1.81% Close, 9 Oct 2026
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Price $244.85 +83.05% Close, 9 Oct 2026

Closing prices at the end of each trading day, from 11 Oct 2016. Not a live quote. Adjusted for share splits, so the line has no step at a split; dividends are not added back. P/E and P/FCF are the market value over the last full fiscal year's net income or free cash flow, as public on each day, so they step once a year when the annual report comes out. A hatched band marks a stretch with none: a year of net loss, or of cash burnt.

Revenue and profit

What the business sells, and what is left of it. Point at a year for the detail.
RevenueOperating incomeNet income
Fiscal year 2016Revenue610.2Operating income155.4Net income122.2EPS, diluted0.69Fiscal year 2017Revenue675.0 +10.6%Operating income235.4Net income194.7 +59.3%EPS, diluted1.06 +53.6%Fiscal year 2018Revenue653.2 −3.2%Operating income188.8Net income139.0 −28.6%EPS, diluted0.75 −29.2%Fiscal year 2019Revenue844.1 +29.2%Operating income410.2Net income344.1 +147.6%EPS, diluted1.83 +144.0%Fiscal year 2020Revenue1,020.2 +20.9%Operating income336.5Net income326.2 −5.2%EPS, diluted1.71 −6.6%Fiscal year 2021Revenue1,300.0 +27.4%Operating income860.7Net income733.7 +124.9%EPS, diluted3.83 +124.0%Fiscal year 2022Revenue1,315.7 +1.2%Operating income820.7Net income700.6 −4.5%EPS, diluted3.65 −4.7%Fiscal year 2023Revenue1,219.0 −7.3%Operating income−428.0Net income−466.4 −166.6%EPS, diluted−2.43 −166.6%Fiscal year 2024Revenue1,113.6 −8.6%Operating income726.6Net income552.1EPS, diluted2.87Fiscal year 2025Revenue1,822.8 +63.7%Operating income1,354.2Net income1,112.1 +101.4%EPS, diluted5.76 +100.7%
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Revenue 610.2 675.0 653.2 844.1 1,020.2 1,300.0 1,315.7 1,219.0 1,113.6 1,822.8
Growth +10.6% −3.2% +29.2% +20.9% +27.4% +1.2% −7.3% −8.6% +63.7%
Operating income 155.4 235.4 188.8 410.2 336.5 860.7 820.7 −428.0 726.6 1,354.2
Net income 122.2 194.7 139.0 344.1 326.2 733.7 700.6 −466.4 552.1 1,112.1
Growth +59.3% −28.6% +147.6% −5.2% +124.9% −4.5% −166.6% +101.4%
EPS, diluted 0.69 1.06 0.75 1.83 1.71 3.83 3.65 −2.43 2.87 5.76
Growth +53.6% −29.2% +144.0% −6.6% +124.0% −4.7% −166.6% +100.7%

Margins

How much of each dollar of revenue it keeps. Point at a year for the detail.
Gross marginOperating marginNet margin
Fiscal year 2016Gross margin37.8%Operating margin25.5%Net margin20.0%Free cash flow margin77.2%Fiscal year 2017Gross margin38.5%Operating margin34.9%Net margin28.8%Fiscal year 2018Gross margin44.0%Operating margin28.9%Net margin21.3%Fiscal year 2019Gross margin51.7%Operating margin48.6%Net margin40.8%Fiscal year 2020Gross margin60.8%Operating margin33.0%Net margin32.0%Fiscal year 2021Gross margin63.2%Operating margin66.2%Net margin56.4%Fiscal year 2022Gross margin64.8%Operating margin62.4%Net margin53.2%Fiscal year 2023Gross margin62.9%Operating margin−35.1%Net margin−38.3%Fiscal year 2024Gross margin68.2%Operating margin65.2%Net margin49.6%Free cash flow margin74.5%Fiscal year 2025Gross margin73.9%Operating margin74.3%Net margin61.0%Free cash flow margin81.8%
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Gross margin 37.8% 38.5% 44.0% 51.7% 60.8% 63.2% 64.8% 62.9% 68.2% 73.9%
Operating margin 25.5% 34.9% 28.9% 48.6% 33.0% 66.2% 62.4% −35.1% 65.2% 74.3%
Net margin 20.0% 28.8% 21.3% 40.8% 32.0% 56.4% 53.2% −38.3% 49.6% 61.0%
Free cash flow margin 77.2% n/a n/a n/a n/a n/a n/a n/a 74.5% 81.8%

Cash flow

The cash the business makes, what it reinvests, and what it hands back. Point at a year for the detail.
Operating cash flowCapital expenditureFree cash flow
Fiscal year 2016Operating cash flow471.0Capital expenditure−0.2Free cash flow470.8Dividends paid−118.1Fiscal year 2017Operating cash flow488.6Dividends paid−125.8Fiscal year 2018Operating cash flow474.8Dividends paid−136.1Fiscal year 2019Operating cash flow617.7Dividends paid−138.2Fiscal year 2020Operating cash flow803.9Dividends paid−154.9Fiscal year 2021Operating cash flow955.4Dividends paid−179.6Fiscal year 2022Operating cash flow999.5Dividends paid−197.6Fiscal year 2023Operating cash flow991.2Dividends paid−233.0Fiscal year 2024Operating cash flow829.5Capital expenditure−0.2Free cash flow829.3Dividends paid−242.4Fiscal year 2025Operating cash flow1,493.7Capital expenditure−2.4Free cash flow1,491.3 +79.8%Dividends paid−275.1
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Operating cash flow 471.0 488.6 474.8 617.7 803.9 955.4 999.5 991.2 829.5 1,493.7
Capital expenditure −0.2 n/a n/a n/a n/a n/a n/a n/a −0.2 −2.4
Free cash flow 470.8 n/a n/a n/a n/a n/a n/a n/a 829.3 1,491.3
Growth +79.8%
Dividends paid −118.1 −125.8 −136.1 −138.2 −154.9 −179.6 −197.6 −233.0 −242.4 −275.1

Balance sheet

What it holds against what it owes, at each year end. Point at a year for the detail.
CashTotal debt
Fiscal year 2016Cash253.0Shareholders’ equity4,146.5Fiscal year 2017Cash511.1Shareholders’ equity4,705.5Fiscal year 2018Cash69.7Total debt207.6Net cash (debt)−137.9Shareholders’ equity4,631.9Debt to equity0.04Fiscal year 2019Cash132.1Total debt80.0Net cash (debt)52.1Shareholders’ equity5,062.2Debt to equity0.02Fiscal year 2020Cash534.2Shareholders’ equity5,443.8Fiscal year 2021Cash539.3Shareholders’ equity6,025.2Fiscal year 2022Cash1,196.5Shareholders’ equity6,417.6Fiscal year 2023Cash1,421.9Shareholders’ equity5,769.1Fiscal year 2024Cash1,451.3Shareholders’ equity5,996.6Fiscal year 2025Cash670.9Shareholders’ equity7,635.3
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Cash 253.0 511.1 69.7 132.1 534.2 539.3 1,196.5 1,421.9 1,451.3 670.9
Total debt n/a n/a 207.6 80.0 n/a n/a n/a n/a n/a n/a
Net cash (debt) n/a n/a −137.9 52.1 n/a n/a n/a n/a n/a n/a
Shareholders’ equity 4,146.5 4,705.5 4,631.9 5,062.2 5,443.8 6,025.2 6,417.6 5,769.1 5,996.6 7,635.3
Debt to equity n/a n/a 0.04 0.02 n/a n/a n/a n/a n/a n/a

In millions of USD, except per-share figures and ratios. Fiscal years, as last filed with the SEC.

Financial statements FY2025 · 10-K

Income statement

In millions of USD, except per-share figures; shares in millions. Fiscal years ending December, each column as last filed with the SEC.
Click a line to chart it
Fiscal year FY2016 31 Dec 2016 FY2017 31 Dec 2017 FY2018 31 Dec 2018 FY2019 31 Dec 2019 FY2020 31 Dec 2020 FY2021 31 Dec 2021 FY2022 31 Dec 2022 FY2023 31 Dec 2023 FY2024 31 Dec 2024 FY2025 31 Dec 2025
Revenue and profit
610.2 675.0 653.2 844.1 1,020.2 1,300.0 1,315.7 1,219.0 1,113.6 1,822.8
Growth +10.6% −3.2% +29.2% +20.9% +27.4% +1.2% −7.3% −8.6% +63.7%
379.6 415.0 365.9 408.0 399.8 477.9 463.1 452.4 354.3 475.5
230.6 260.0 287.3 436.1 620.4 822.1 852.6 766.6 759.3 1,347.3
Growth +12.7% +10.5% +51.8% +42.3% +32.5% +3.7% −10.1% −1.0% +77.4%
n/a 24.9 22.6 28.8 19.2 19.6 22.5 23.5 32.9 35.3
155.4 235.4 188.8 410.2 336.5 860.7 820.7 −428.0 726.6 1,354.2
Growth +51.5% −19.8% +117.3% −18.0% +155.8% −4.6% −152.2% +86.4%
167.9 236.0 189.1 405.9 339.5 857.8 833.7 −364.2 763.9 1,416.0
45.7 41.3 50.1 61.8 13.3 124.1 133.1 102.2 211.8 303.9
122.2 194.7 139.0 344.1 326.2 733.7 700.6 −466.4 552.1 1,112.1
Growth +59.3% −28.6% +147.6% −5.2% +124.9% −4.5% −166.6% +101.4%
Per share
0.70 1.06 0.75 1.83 1.71 3.84 3.66 −2.43 2.87 5.77
0.69 1.06 0.75 1.83 1.71 3.83 3.65 −2.43 2.87 5.76
Growth +53.6% −29.2% +144.0% −6.6% +124.0% −4.7% −166.6% +100.7%
175.2 182.9 186.1 187.7 190.3 191.1 191.5 192.0 192.4 192.7
176.4 183.3 186.4 188.0 190.7 191.5 191.9 192.3 192.6 193.0
Growth +3.9% +1.7% +0.9% +1.4% +0.4% +0.2% +0.2% +0.2% +0.2%

Five years in brief

Worked out from the figures above, not from a press release
  • Revenue grew 12.3% a year over five years, and earnings per share grew 27.5% a year.
  • The diluted share count rose 1.2% in five years, which is dilution.
  • Operating margin is up 41.3 points on five years ago, at 74.3%.
  • A net loss in 1 of 10 years on file.