Franco Nevada Financials
Franco Nevada (FNV) reported $1.8B in revenue for fiscal year 2025, up 63.7% from the prior fiscal year. This page shows its 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).
An asset-light cash engine turns most reported profit into spendable cash, leaving balance-sheet growth driven mainly by investment choices.
The clearest tell is cash conversion quality: FY2023 produced operating cash flow of$991.2M even as net income fell to-$466.4M , so the income statement's swing was much harsher than the cash the business actually collected. By FY2025, net income rebounded to$1.1B and operating cash flow to$1.5B , which suggests earnings volatility has been driven more by non-cash accounting movements than by a broken cash engine.
This is also a very low-capex model: free cash flow was essentially the same as operating cash flow in FY2025, at
The balance sheet remains equity-funded, with total liabilities of just
Financial Health Signals
Scored against operating companies for FY2025. Each of the six dimensions is a percentile rank within that peer group; the overall is their average, with missing dimensions counted as zero out of six. A high score means strong standing among peers, not absolute cross-industry strength. How this score is calculated →
Health score ≠ stock price. This rates the quality of Franco Nevada's business: profitability, growth, balance sheet strength. It doesn't tell you whether the stock is a good buy at today's price. Not financial advice. Use it alongside valuation analysis and your own research.
Not available for Franco Nevada, and counted as zero in the overall score.
Franco Nevada's revenue surged 63.7% year-over-year to $1.8B, reflecting rapid business expansion. This strong growth earns a score of 84/100.
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 82/100, indicating a strong balance sheet with room for future borrowing.
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 95/100.
Franco Nevada converts 81.8% of revenue into free cash flow ($1.5B). This strong cash generation earns a score of 100/100.
Not available for Franco Nevada, and counted as zero in the overall score.
Franco Nevada passes 5 of 7 computable financial strength tests (2 of the nine could not be computed from available data). 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.
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
Earnings & Revenue
Franco Nevada generated $1.8B in revenue in fiscal year 2025. This represents an increase of 63.7% from the prior year.
Franco Nevada reported $1.1B in net income in fiscal year 2025. This represents an increase of 101.4% from the prior year.
Not reported for fiscal year 2025.
Not reported for fiscal year 2025.
Cash & Balance Sheet
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.
Franco Nevada held $670.9M in cash as of fiscal year 2025; long-term debt is not reported for that period.
Not reported for fiscal year 2025.
Margins & Returns
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.
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.
Not reported for fiscal year 2025.
Not reported for fiscal year 2025.
Capital Allocation
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.
Not reported for fiscal year 2025.
Not reported for fiscal year 2025.
FNV Income Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.
| Metric | FY25 | FY24 | FY23 | FY22 | FY21 | FY20 | FY19 | FY18 | FY17 | FY16 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $1.8B+63.7% | $1.1B-8.6% | $1.2B-7.3% | $1.3B+1.2% | $1.3B+27.4% | $1.0B+20.9% | $844.1M+29.2% | $653.2M-3.2% | $675.0M+10.6% | $610.2M |
| Income Tax | $303.9M+43.5% | $211.8M+107.2% | $102.2M-23.2% | $133.1M+7.3% | $124.1M+833.1% | $13.3M-78.5% | $61.8M+23.4% | $50.1M+21.3% | $41.3M-9.6% | $45.7M |
| Net Income | $1.1B+101.4% | $552.1M+218.4% | -$466.4M-166.6% | $700.6M-4.5% | $733.7M+124.9% | $326.2M-5.2% | $344.1M+147.6% | $139.0M-28.6% | $194.7M+59.3% | $122.2M |
Not reported in any period shown, so not listed: Cost of Revenue, Gross Profit, R&D Expenses, SG&A Expenses, Operating Income, Interest Expense, EPS (Diluted).
FNV Balance Sheet
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.
| Metric | FY25 | FY24 | FY23 | FY22 | FY21 | FY20 | FY19 | FY18 | FY17 | FY16 |
|---|---|---|---|---|---|---|---|---|---|---|
| Total Assets | $8.2B+30.2% | $6.3B+5.6% | $6.0B-9.5% | $6.6B+6.7% | $6.2B+11.0% | $5.6B+5.9% | $5.3B+7.1% | $4.9B+3.0% | $4.8B+13.4% | $4.2B |
| Current Assets | $1.0B-40.5% | $1.7B+6.3% | $1.6B+16.8% | $1.4B+84.1% | $751.4M+13.2% | $663.7M+138.1% | $278.7M+56.1% | $178.5M-71.0% | $616.4M+70.7% | $361.2M |
| Cash & Equivalents | $670.9M-53.8% | $1.5B+2.1% | $1.4B+18.8% | $1.2B+121.9% | $539.3M+1.0% | $534.2M+304.4% | $132.1M+89.5% | $69.7M-86.4% | $511.1M+102.0% | $253.0M |
| Inventory | $40.1M-58.6% | $96.8M+86.9% | $51.8M+51700.0% | $100K-80.0% | $500K0.0% | $500K-88.6% | $4.4M | N/A | $7.1M+163.0% | $2.7M |
| Total Liabilities | $606.1M+81.6% | $333.8M+48.4% | $225.0M+7.6% | $209.2M+13.3% | $184.7M+23.9% | $149.1M-31.7% | $218.4M-27.2% | $299.9M+261.8% | $82.9M+10.4% | $75.1M |
| Current Liabilities | $123.0M+82.2% | $67.5M+72.2% | $39.2M-21.9% | $50.2M+16.2% | $43.2M-18.8% | $53.2M-0.4% | $53.4M+113.6% | $25.0M+10.6% | $22.6M-39.9% | $37.6M |
| Long-Term Debt | N/A | N/A | N/A | N/A | N/A | N/A | $2.6M-98.8% | $210.0M | 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+7.5% | $5.1B+9.3% | $4.6B-1.6% | $4.7B+13.5% | $4.1B |
| Retained Earnings | $1.4B+183.6% | $486.5M+129.2% | $212.3M-77.4% | $940.4M+93.9% | $484.9M+1509.6% | -$34.4M+79.1% | -$164.4M+48.9% | -$321.7M-3.8% | -$310.0M+8.0% | -$336.8M |
Not reported in any period shown, so not listed: Accounts Receivable, Goodwill.
FNV Cash Flow Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.
| Metric | FY25 | FY24 | FY23 | FY22 | FY21 | FY20 | FY19 | FY18 | FY17 | FY16 |
|---|---|---|---|---|---|---|---|---|---|---|
| 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+30.1% | $617.7M+30.1% | $474.8M-2.8% | $488.6M+3.7% | $471.0M |
| Capital Expenditures | $2.4M+1100.0% | $200K | N/A | N/A | N/A | N/A | N/A | N/A | N/A | $200K |
| Free Cash Flow | $1.5B+79.8% | $829.3M | N/A | N/A | N/A | N/A | N/A | N/A | N/A | $470.8M |
| 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+29.1% | -$436.1M+55.9% | -$988.7M-97.4% | -$500.9M+27.4% | -$689.8M |
| 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+23.4% | -$119.8M-254.4% | $77.6M-67.6% | $239.7M-25.5% | $321.7M |
| Dividends Paid | $275.1M+13.5% | $242.4M+4.0% | $233.0M+17.9% | $197.6M+10.0% | $179.6M+15.9% | $154.9M+12.1% | $138.2M+1.5% | $136.1M+8.2% | $125.8M+6.5% | $118.1M |
Not reported in any period shown, so not listed: Share Buybacks.
FNV Financial Ratios
Margins and returns are percentages; the remaining ratios are unitless multiples.
| Metric | FY25 | FY24 | FY23 | FY22 | FY21 | FY20 | FY19 | FY18 | FY17 | FY16 |
|---|---|---|---|---|---|---|---|---|---|---|
| Net Margin | 61.0%+11.4pp | 49.6%+87.8pp | -38.3%-91.5pp | 53.3%-3.2pp | 56.4%+24.5pp | 32.0%-8.8pp | 40.8%+19.5pp | 21.3%-7.6pp | 28.8%+8.8pp | 20.0% |
| 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%-0.8pp | 6.8%+3.8pp | 3.0%-1.1pp | 4.1%+1.2pp | 2.9% |
| 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%-0.7pp | 6.5%+3.7pp | 2.8%-1.3pp | 4.1%+1.2pp | 2.9% |
| Current Ratio | 8.30-17.1x | 25.43-15.8x | 41.21+13.7x | 27.55+10.2x | 17.39+4.9x | 12.48+7.3x | 5.22-1.9x | 7.14-20.1x | 27.27+17.7x | 9.61 |
| Debt-to-Equity | 0.080.0x | 0.060.0x | 0.040.0x | 0.030.0x | 0.030.0x | 0.030.0x | 0.000.0x | 0.050.0x | 0.020.0x | 0.02 |
| FCF Margin | 81.8%+7.3pp | 74.5% | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 77.2% |
Not reported in any period shown, so not listed: Gross Margin, Operating Margin.
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Where Franco Nevada Ranks
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 7 computable signals; 2 of the nine could not be computed from available data, so the full-scale strength rating is not shown. 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 to 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 60 out of 100 on our Financial Health Score, indicating moderate standing within its operating companies peer group. The score is a 0-100 composite of six dimensions (Profitability, Growth, Leverage, Liquidity, Cash Flow, Returns), each ranked as a percentile relative to companies in the same scoring family (banks against banks, REITs against REITs, and so on) rather than across all industries. It rates the quality of the business, not whether the stock is fairly priced, and is not financial advice. Learn more in our complete guide to financial health indicators.