Franco Nevada Financials

FNV

Source SEC Filings (10-K/10-Q) Updated Dec 31, 2025 Currency USD FYE December

This page shows Franco Nevada (FNV) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 10 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).

Financial Health Signals

Financial Profile 89/100

Based on FY2025 annual data. Scores normalized against common benchmarks. How we calculate these scores

Growth

100

Franco Nevada's revenue surged 63.7% year-over-year to $1.8B, reflecting rapid business expansion. This strong growth earns a score of 100/100.

Leverage

100

Franco Nevada carries a low D/E ratio of 0.08, meaning only $0.08 of long-term debt for every $1 of shareholders' equity. This conservative leverage earns a score of 100/100, indicating a strong balance sheet with room for future borrowing.

Liquidity

100

With a current ratio of 8.30, Franco Nevada holds $8.30 in current assets for every $1 of short-term obligations. This comfortable liquidity earns a score of 100/100.

Cash Flow

100

Franco Nevada converts 81.8% of revenue into free cash flow ($1.5B). This strong cash generation earns a score of 100/100.

Returns

Franco Nevada's ROE of 14.6% shows moderate profitability relative to equity, earning a score of 43/100. This is up from 9.2% the prior year.

Piotroski F-Score Neutral

5/9

Franco Nevada passes 5 of 9 financial strength tests. All 4 profitability signals pass (positive income, cash flow, and earnings quality), no leverage/liquidity signals pass (rising debt, declining liquidity, or share dilution), both operating efficiency signals pass.

Earnings Quality Cash-Backed

1.34x

For every $1 of reported earnings, Franco Nevada generates $1.34 in operating cash flow ($1.5B OCF vs $1.1B net income). This indicates profits are well-supported by actual cash generation, not accounting adjustments.

Key Financial Metrics

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Earnings & Revenue

Revenue

$1.8B

YoY+63.7%

5Y CAGR+12.3%

Franco Nevada generated $1.8B in revenue in fiscal year 2025. This represents an increase of 63.7% from the prior year.

EBITDA

N/A

Net Income

$1.1B

YoY+101.4%

5Y CAGR+27.8%

Franco Nevada reported $1.1B in net income in fiscal year 2025. This represents an increase of 101.4% from the prior year.

EPS (Diluted)

N/A

Cash & Balance Sheet

Free Cash Flow

$1.5B

YoY+79.8%

Franco Nevada generated $1.5B in free cash flow in fiscal year 2025, representing cash available after capex. This represents an increase of 79.8% from the prior year.

Cash & Debt

$670.9M

YoY-53.8%

5Y CAGR+4.7%

Franco Nevada held $670.9M in cash against $0 in long-term debt as of fiscal year 2025.

Dividends Per Share

N/A

Shares Outstanding

N/A

Margins & Returns

Gross Margin

N/A

Operating Margin

N/A

Net Margin

61.0%

YoY+11.4pp

5Y CAGR+29.0pp

Franco Nevada's net profit margin was 61.0% in fiscal year 2025, showing the share of revenue converted to profit. This is up 11.4 percentage points from the prior year.

Return on Equity

14.6%

YoY+5.4pp

5Y CAGR+8.6pp

Franco Nevada's ROE was 14.6% in fiscal year 2025, measuring profit generated per dollar of shareholder equity. This is up 5.4 percentage points from the prior year.

Capital Allocation

R&D Spending

N/A

Share Buybacks

N/A

Capital Expenditures

$2.4M

YoY+1100.0%

Franco Nevada invested $2.4M in capex in fiscal year 2025, funding long-term assets and infrastructure. This represents an increase of 1100.0% from the prior year.

FNV Income Statement

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Revenue	$1.8B+63.7%	$1.1B-8.6%	$1.2B-7.3%	$1.3B+1.2%	$1.3B+27.4%	$1.0B
Cost of Revenue	N/A	N/A	N/A	N/A	N/A	N/A
Gross Profit	N/A	N/A	N/A	N/A	N/A	N/A
R&D Expenses	N/A	N/A	N/A	N/A	N/A	N/A
SG&A Expenses	N/A	N/A	N/A	N/A	N/A	N/A
Operating Income	N/A	N/A	N/A	N/A	N/A	N/A
Interest Expense	N/A	N/A	N/A	N/A	N/A	N/A
Income Tax	$303.9M+43.5%	$211.8M+107.2%	$102.2M-23.2%	$133.1M+7.3%	$124.1M+833.1%	$13.3M
Net Income	$1.1B+101.4%	$552.1M+218.4%	-$466.4M-166.6%	$700.6M-4.5%	$733.7M+124.9%	$326.2M
EPS (Diluted)	N/A	N/A	N/A	N/A	N/A	N/A

Metric	Q4'25	Q2'25	Q4'24	Q2'24	Q4'23	Q2'23	Q4'22	Q2'22
Revenue	N/A	$369.4M	N/A	$260.1M	N/A	$329.9M	N/A	$352.3M
Cost of Revenue	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Gross Profit	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
R&D Expenses	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
SG&A Expenses	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Operating Income	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Interest Expense	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Income Tax	N/A	$68.6M	N/A	$95.3M	N/A	$27.0M	N/A	$36.7M
Net Income	N/A	$247.1M	N/A	$79.5M	N/A	$184.5M	N/A	$196.5M
EPS (Diluted)	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

FNV Balance Sheet

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Total Assets	$8.2B+30.2%	$6.3B+5.6%	$6.0B-9.5%	$6.6B+6.7%	$6.2B+11.0%	$5.6B
Current Assets	$1.0B-40.5%	$1.7B+6.3%	$1.6B+16.8%	$1.4B+84.1%	$751.4M+13.2%	$663.7M
Cash & Equivalents	$670.9M-53.8%	$1.5B+2.1%	$1.4B+18.8%	$1.2B+121.9%	$539.3M+1.0%	$534.2M
Inventory	$40.1M-58.6%	$96.8M+86.9%	$51.8M+51700.0%	$100K-80.0%	$500K0.0%	$500K
Accounts Receivable	N/A	N/A	N/A	N/A	N/A	N/A
Goodwill	N/A	N/A	N/A	N/A	N/A	N/A
Total Liabilities	$606.1M+81.6%	$333.8M+48.4%	$225.0M+7.6%	$209.2M+13.3%	$184.7M+23.9%	$149.1M
Current Liabilities	$123.0M+82.2%	$67.5M+72.2%	$39.2M-21.9%	$50.2M+16.2%	$43.2M-18.8%	$53.2M
Long-Term Debt	N/A	N/A	N/A	N/A	N/A	N/A
Total Equity	$7.6B+27.3%	$6.0B+3.9%	$5.8B-10.1%	$6.4B+6.5%	$6.0B+10.7%	$5.4B
Retained Earnings	$1.4B+183.6%	$486.5M+129.2%	$212.3M-77.4%	$940.4M+93.9%	$484.9M+1509.6%	-$34.4M

Metric	Q4'25	Q2'25	Q4'24	Q2'24	Q4'23	Q2'23	Q4'22	Q2'22
Total Assets	$8.2B+17.4%	$7.0B+10.9%	$6.3B+3.1%	$6.1B+2.5%	$6.0B-13.2%	$6.9B+4.2%	$6.6B+3.4%	$6.4B
Current Assets	$1.0B+185.9%	$357.3M-79.2%	$1.7B+2.9%	$1.7B+3.3%	$1.6B+7.5%	$1.5B+8.7%	$1.4B+25.4%	$1.1B
Cash & Equivalents	$670.9M+318.5%	$160.3M-89.0%	$1.5B+0.9%	$1.4B+1.2%	$1.4B+9.8%	$1.3B+8.2%	$1.2B+31.4%	$910.6M
Inventory	$40.1M+472.9%	$7.0M-92.8%	$96.8M+19260.0%	$500K-99.0%	$51.8M+10260.0%	$500K+400.0%	$100K-75.0%	$400K
Accounts Receivable	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Goodwill	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Total Liabilities	$606.1M+44.8%	$418.6M+25.4%	$333.8M+12.8%	$296.0M+31.6%	$225.0M-1.2%	$227.7M+8.8%	$209.2M+13.8%	$183.8M
Current Liabilities	$123.0M+46.4%	$84.0M+24.4%	$67.5M+17.8%	$57.3M+46.2%	$39.2M-30.4%	$56.3M+12.2%	$50.2M+18.4%	$42.4M
Long-Term Debt	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Total Equity	$7.6B+15.7%	$6.6B+10.1%	$6.0B+2.6%	$5.8B+1.3%	$5.8B-13.6%	$6.7B+4.1%	$6.4B+3.1%	$6.2B
Retained Earnings	$1.4B+71.1%	$806.6M+65.8%	$486.5M+65.5%	$294.0M+38.5%	$212.3M-81.6%	$1.2B+22.4%	$940.4M+26.9%	$740.8M

FNV Cash Flow Statement

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Operating Cash Flow	$1.5B+80.1%	$829.5M-16.3%	$991.2M-0.8%	$999.5M+4.6%	$955.4M+18.8%	$803.9M
Capital Expenditures	$2.4M+1100.0%	$200K	N/A	N/A	N/A	N/A
Free Cash Flow	$1.5B+79.8%	$829.3M	N/A	N/A	N/A	N/A
Investing Cash Flow	-$2.0B-278.4%	-$537.3M+0.7%	-$541.1M-271.9%	-$145.5M+81.0%	-$765.0M-147.6%	-$309.0M
Financing Cash Flow	-$267.4M-11.2%	-$240.4M-4.5%	-$230.1M-21.7%	-$189.0M-4.9%	-$180.2M-96.3%	-$91.8M
Dividends Paid	$275.1M+13.5%	$242.4M+4.0%	$233.0M+17.9%	$197.6M+10.0%	$179.6M+15.9%	$154.9M
Share Buybacks	N/A	N/A	N/A	N/A	N/A	N/A

Metric	Q4'25	Q2'25	Q4'24	Q2'24	Q4'23	Q2'23	Q4'22	Q2'22
Operating Cash Flow	N/A	$430.3M	N/A	$194.3M	N/A	N/A	N/A	N/A
Capital Expenditures	N/A	$100K	N/A	N/A	N/A	N/A	N/A	N/A
Free Cash Flow	N/A	$430.2M	N/A	N/A	N/A	N/A	N/A	N/A
Investing Cash Flow	N/A	-$1.3B	N/A	-$36.7M	N/A	N/A	N/A	N/A
Financing Cash Flow	N/A	-$66.1M	N/A	-$59.2M	N/A	N/A	N/A	N/A
Dividends Paid	N/A	$67.0M	N/A	$60.3M	N/A	$58.6M	N/A	$51.3M
Share Buybacks	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

FNV Financial Ratios

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Gross Margin	N/A	N/A	N/A	N/A	N/A	N/A
Operating Margin	N/A	N/A	N/A	N/A	N/A	N/A
Net Margin	61.0%+11.4pp	49.6%+87.8pp	-38.3%-91.5pp	53.3%-3.2pp	56.4%+24.5pp	32.0%
Return on Equity	14.6%+5.4pp	9.2%+17.3pp	-8.1%-19.0pp	10.9%-1.3pp	12.2%+6.2pp	6.0%
Return on Assets	13.5%+4.8pp	8.7%+16.5pp	-7.8%-18.4pp	10.6%-1.2pp	11.8%+6.0pp	5.8%
Current Ratio	8.30-17.1	25.43-15.8	41.21+13.7	27.55+10.2	17.39+4.9	12.48
Debt-to-Equity	0.08+0.0	0.06+0.0	0.040.0	0.030.0	0.030.0	0.03
FCF Margin	81.8%+7.3pp	74.5%	N/A	N/A	N/A	N/A

Metric	Q4'25	Q2'25	Q4'24	Q2'24	Q4'23	Q2'23	Q4'22	Q2'22
Gross Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Operating Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Net Margin	N/A	66.9%	N/A	30.6%	N/A	55.9%	N/A	55.8%
Return on Equity	N/A	3.7%	N/A	1.4%	N/A	2.8%	N/A	3.2%
Return on Assets	N/A	3.5%	N/A	1.3%	N/A	2.7%	N/A	3.1%
Current Ratio	8.30+4.1	4.25-21.2	25.43-3.7	29.12-12.1	41.21+14.5	26.70-0.9	27.55+1.5	26.01
Debt-to-Equity	0.08+0.0	0.060.0	0.060.0	0.05+0.0	0.040.0	0.030.0	0.030.0	0.03
FCF Margin	N/A	116.5%	N/A	N/A	N/A	N/A	N/A	N/A

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Frequently Asked Questions

What is Franco Nevada's annual revenue?

Franco Nevada (FNV) reported $1.8B in total revenue for fiscal year 2025. This represents a 63.7% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.

How fast is Franco Nevada's revenue growing?

Franco Nevada (FNV) revenue grew by 63.7% year-over-year, from $1.1B to $1.8B in fiscal year 2025.

Is Franco Nevada profitable?

Yes, Franco Nevada (FNV) reported a net income of $1.1B in fiscal year 2025, with a net profit margin of 61.0%.

What is Franco Nevada's net profit margin?

Franco Nevada (FNV) had a net profit margin of 61.0% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.

What is Franco Nevada's return on equity (ROE)?

Franco Nevada (FNV) has a return on equity of 14.6% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.

What is Franco Nevada's free cash flow?

Franco Nevada (FNV) generated $1.5B in free cash flow during fiscal year 2025. This represents a 79.8% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.

What is Franco Nevada's operating cash flow?

Franco Nevada (FNV) generated $1.5B in operating cash flow during fiscal year 2025, representing cash generated from core business activities.

What are Franco Nevada's total assets?

Franco Nevada (FNV) had $8.2B in total assets as of fiscal year 2025, including both current and long-term assets.

What are Franco Nevada's capital expenditures?

Franco Nevada (FNV) invested $2.4M in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.

What is Franco Nevada's current ratio?

Franco Nevada (FNV) had a current ratio of 8.30 as of fiscal year 2025, which is generally considered healthy.

What is Franco Nevada's debt-to-equity ratio?

Franco Nevada (FNV) had a debt-to-equity ratio of 0.08 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.

What is Franco Nevada's return on assets (ROA)?

Franco Nevada (FNV) had a return on assets of 13.5% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.

What is Franco Nevada's Piotroski F-Score?

Franco Nevada (FNV) has a Piotroski F-Score of 5 out of 9, indicating neutral financial health. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7–9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.

Are Franco Nevada's earnings high quality?

Franco Nevada (FNV) has an earnings quality ratio of 1.34x, considered cash-backed (high quality). This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.

How financially healthy is Franco Nevada?

Franco Nevada (FNV) scores 89 out of 100 on our Financial Profile, indicating strong overall financial health. This composite score evaluates six dimensions: profitability (operating margin), revenue growth, leverage (debt-to-equity), liquidity (current ratio), cash flow quality (free cash flow margin), and shareholder returns (return on equity). Each dimension is normalized against standard financial benchmarks. Learn more in our complete guide to financial health indicators.