Franco-Nevada Corporation (FNV) 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

-89.5%

$24.35

vs $230.92 price

Levered DCF

$59.23

After debt service

Piotroski score

7 / 9

Strong

Altman Z-score

39.64

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	35.31×	40.97×	-45.6×	38.88×	35.83×	69.63×	54.95×	93.56×
P/B	5.24×	3.77×	3.69×	4.07×	4.39×	4.38×	3.83×	2.81×
P/S	21.91×	20.32×	17.45×	19.86×	20.33×	23.38×	22.97×	19.89×
EV / EBITDA	22.94×	21.4×	-218.17×	22.27×	22.36×	40.14×	28.58×	29.96×
Gross margin	73.9%	68.2%	62.9%	64.8%	63.2%	60.8%	51.7%	44.0%
Operating margin	71.4%	65.1%	60.6%	62.3%	60.9%	33.0%	48.6%	28.9%
Net margin	61.0%	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	412.43×	292.79×	250.14×	266.82×	221.76×	91.32×	37.82×	43.25×
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	14.6%	9.2%	-8.1%	10.9%	12.2%	6.0%	6.8%	3.0%
Return on invested capital	12.6%	8.4%	12.4%	10.5%	11.0%	5.8%	6.7%	2.8%
Return on assets	13.5%	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	$39.5B	$21.2B	$19.9B	$24.9B	$25.9B	$23.3B	$19.3B	$13.1B
Net debt / EBITDA	-0.25×	-1.47×	15.63×	-1.07×	-0.47×	-0.92×	-0.07×	0.31×
Cash conversion cycle (days)	45	146	71	54	63	31	40	35