Franco-Nevada Corporation (FNV.TO) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

-86.8%

CA$42.41

vs CA$320.94 price

Levered DCF

CA$112.64

After debt service

Piotroski score

7 / 9

Strong

Altman Z-score

40.44

Safe zone

Rating

Overall 3 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
P/E	35.29×	40.9×	-45.54×	37.3×	35.92×	69.59×	54.88×	93.53×
P/B	5.24×	3.77×	3.68×	4.07×	4.37×	4.38×	3.83×	2.8×
P/S	21.54×	20.28×	17.43×	19.86×	20.27×	23.36×	22.94×	19.89×
EV / EBITDA	24.26×	21.36×	-217.84×	22.27×	22.25×	40.12×	28.68×	30.08×
Gross margin	73.9%	68.2%	62.9%	64.8%	63.2%	60.8%	51.7%	44.0%
Operating margin	71.0%	65.2%	-35.1%	62.4%	66.2%	58.1%	48.6%	28.9%
Net margin	61.1%	49.6%	-38.3%	53.2%	56.4%	32.0%	40.8%	21.3%
Current ratio	8.3×	25.43×	41.21×	27.55×	17.39×	12.48×	5.22×	7.14×
Debt / equity	0×	0×	0×	0×	0×	0×	0.02×	0.04×
Interest coverage	417.32×	7,266×	-147.59×	8,207×	2,869×	1,481.25×	38.7×	41.04×
Dividend yield	0.7%	1.1%	1.1%	0.8%	0.7%	0.6%	0.7%	1.0%
Payout ratio	24.7%	43.9%	-50.0%	28.2%	24.5%	47.5%	40.2%	97.9%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	14.8%	9.2%	-8.1%	10.9%	12.2%	6.0%	6.8%	3.0%
Return on invested capital	12.8%	8.4%	-7.2%	10.5%	11.9%	10.3%	6.7%	2.8%
Return on assets	13.8%	8.7%	-7.8%	10.6%	11.8%	5.8%	6.5%	2.8%
Free cash flow yield	-1.8%	1.9%	2.2%	3.3%	0.7%	2.1%	0.9%	-4.0%
Earnings yield	2.8%	2.4%	-2.2%	2.7%	2.8%	1.4%	1.8%	1.1%
Enterprise value	CA$39.5B	CA$21.1B	CA$19.8B	CA$24.9B	CA$25.8B	CA$23.3B	CA$19.3B	CA$13.1B
Net debt / EBITDA	-0.26×	-1.47×	15.63×	-1.06×	-0.46×	-0.91×	-0.07×	0.32×
Cash conversion cycle (days)	45	146	29	32	28	31	40	40