Franco-Nevada Corporation (FNV) Financials

FNV

FY2025 annual

Revenue $1.8B +63.7% YoY

Net Income $1.1B +101.4% YoY

Free Cash Flow $1.5B +79.8% YoY

Operating Cash Flow $1.5B +80.1% YoY

Market Cap $46.2B as of Oct 3, 2026

Price / Sales 25.3x on $1.8B revenue, FY2025

Price / Earnings 41.5x on $1.1B net income, FY2025

Price / Book 6.0x on $7.6B equity, Q4 FY2025

A multiple compares the market's price with a filed figure; it says what the market pays, not how the business is doing. The market capitalization is the vendor's as of Oct 3, 2026; every other figure is from the SEC filings on this page. Not financial advice.

Source SEC Filings (10-K/10-Q) Latest period FY2025, ended Dec 31, 2025 Reported Mar 19, 2026 Currency USD FYE December

Newest figures come from the 40-F for FY2025, filed Mar 19, 2026. Each column of the statement tables below links to the filing it was taken from, and every filing is listed on the FNV SEC filings page.

Franco-Nevada Corporation (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).

Rhea AI FNV FY2025 2026-10-04

Franco-Nevada converts reported earnings into cash, while growth is funded mainly through investment outflows rather than heavy debt.

The FY2023 earnings-to-cash disconnect was unusually wide: a net loss of $466M occurred alongside operating cash flow of $991M. By FY2025, net income of $1.11B and operating cash flow of $1.49B moved together, making reported profitability a closer proxy for cash generation.

FY2025 revenue reached $1.82B, while net profit margin rose to 61.0% from 49.6% in FY2024. More of each revenue dollar became profit, indicating a substantial improvement in earnings economics rather than growth alone.

Free cash flow nearly matched operating cash flow in FY2025, with only $2.4M of reported capital expenditures; this suggests ordinary property investment consumed little cash. However, the investing outflow reached $2.03B, exceeding free cash flow of $1.49B, while debt-to-equity remained just 0.1x; expansion therefore absorbed more cash than operations generated without relying heavily on debt.

Financial Health Signals

Financial Health Score 61/100

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 Corporation'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.

Profitability

Not available for Franco-Nevada Corporation, and counted as zero in the overall score.

Growth

Franco-Nevada Corporation's revenue surged 63.7% year-over-year to $1.8B, reflecting rapid business expansion. This strong growth earns a score of 84/100.

Leverage

Franco-Nevada Corporation 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.

Liquidity

With a current ratio of 8.30, Franco-Nevada Corporation holds $8.30 in current assets for every $1 of short-term obligations. This comfortable liquidity earns a score of 97/100.

Cash Flow

100

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

Returns

Not available for Franco-Nevada Corporation, and counted as zero in the overall score.

Piotroski F-Score Partial

5/7

Franco-Nevada Corporation 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.

Earnings Quality Cash-Backed

1.34x

For every $1 of reported earnings, Franco-Nevada Corporation 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

None of these metrics is reported for Q4 2025.

Cash & Balance Sheet

Cash & Debt

$670.9M

YoY-53.8%

QoQ+318.5%

5Y CAGR+1.8%

Franco-Nevada Corporation held $670.9M in cash as of Q4 2025; long-term debt is not reported for that period.

Shares Outstanding

193M

YoY+0.1%

Franco-Nevada Corporation had 193M shares outstanding in Q4 2025. This represents an increase of 0.1% from the same quarter a year earlier.

Free Cash Flow

Not reported for Q4 2025.

Dividends Per Share

Not reported for Q4 2025.

Margins & Returns

None of these metrics is reported for Q4 2025.

Capital Allocation

None of these metrics is reported for Q4 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. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.

FNV quarterly income statement

Metric	FY2540-F	FY2440-F	FY2310-K	FY2210-K	FY2110-K	FY2010-K	FY1910-K	FY1810-K	FY1710-K	FY1610-K
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
Interest Expense	$3.1M+19.2%	$2.6M-10.3%	$2.9M-9.4%	$3.2M+1500.0%	$200K-33.3%	$300K-95.9%	$7.4M+393.3%	$1.5M-55.9%	$3.4M-5.6%	$3.6M
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
Diluted Shares (Avg)	193M+0.2%	193M+0.2%	192M+0.2%	192M+0.2%	192M+0.4%	191M+1.4%	188M+0.9%	186M+1.7%	183M+3.9%	176M

Metric	Q4'2540-F	Q2'256-K	Q4'2440-F	Q2'246-K	Q4'2310-K	Q2'2310-Q	Q4'2210-K	Q2'2210-Q
Revenue	N/A	$369.4M+42.0%	N/A	$260.1M-21.2%	N/A	$329.9M-6.4%	N/A	$352.3M+1.5%
Interest Expense	N/A	$800K+33.3%	N/A	$600K-14.3%	N/A	$700K-12.5%	N/A	$800K+300.0%
Income Tax	N/A	$68.6M-28.0%	N/A	$95.3M+253.0%	N/A	$27.0M-26.4%	N/A	$36.7M+24.8%
Net Income	N/A	$247.1M+210.8%	N/A	$79.5M-56.9%	N/A	$184.5M-6.1%	N/A	$196.5M+12.1%
Diluted Shares (Avg)	N/A	193M+0.3%	N/A	193M+0.2%	N/A	192M+0.2%	N/A	192M+0.3%

Not reported in any period shown, so not listed: Cost of Revenue, Gross Profit, R&D Expenses, SG&A Expenses, Operating Income, EBITDA, EPS (Basic), EPS (Diluted).

FNV Balance Sheet

FNV quarterly balance sheet

Metric	FY2540-F	FY2440-F	FY2310-K	FY2210-K	FY2110-K	FY2010-K	FY1910-K	FY1810-K	FY1710-K	FY1610-K
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
Non-Current Liabilities	$483.1M+81.4%	$266.3M+43.3%	$185.8M+16.9%	$159.0M+12.4%	$141.5M+47.5%	$95.9M-41.9%	$165.0M-40.0%	$274.9M+355.9%	$60.3M+60.8%	$37.5M
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

Metric	Q4'2540-F	Q2'256-K	Q4'2440-F	Q2'246-K	Q4'2310-K	Q2'2310-Q	Q4'2210-K	Q2'2210-Q
Total Assets	$8.2B+30.2%	$7.0B+14.3%	$6.3B+5.6%	$6.1B-11.1%	$6.0B-9.5%	$6.9B+7.7%	$6.6B+6.7%	$6.4B+7.6%
Current Assets	$1.0B-40.5%	$357.3M-78.6%	$1.7B+6.3%	$1.7B+11.0%	$1.6B+16.8%	$1.5B+36.3%	$1.4B+84.1%	$1.1B+207.3%
Cash & Equivalents	$670.9M-53.8%	$160.3M-88.9%	$1.5B+2.1%	$1.4B+11.1%	$1.4B+18.8%	$1.3B+42.2%	$1.2B+121.9%	$910.6M+360.6%
Inventory	$40.1M-58.6%	$7.0M+1300.0%	$96.8M+86.9%	$500K0.0%	$51.8M+51700.0%	$500K+25.0%	$100K-80.0%	$400K-55.6%
Total Liabilities	$606.1M+81.6%	$418.6M+41.4%	$333.8M+48.4%	$296.0M+30.0%	$225.0M+7.6%	$227.7M+23.9%	$209.2M+13.3%	$183.8M+18.1%
Current Liabilities	$123.0M+82.2%	$84.0M+46.6%	$67.5M+72.2%	$57.3M+1.8%	$39.2M-21.9%	$56.3M+32.8%	$50.2M+16.2%	$42.4M+16.5%
Non-Current Liabilities	$483.1M+81.4%	$334.6M+40.2%	$266.3M+43.3%	$238.7M+39.3%	$185.8M+16.9%	$171.4M+21.2%	$159.0M+12.4%	$141.4M+18.6%
Total Equity	$7.6B+27.3%	$6.6B+12.9%	$6.0B+3.9%	$5.8B-12.5%	$5.8B-10.1%	$6.7B+7.3%	$6.4B+6.5%	$6.2B+7.4%
Retained Earnings	$1.4B+183.6%	$806.6M+174.4%	$486.5M+129.2%	$294.0M-74.5%	$212.3M-77.4%	$1.2B+55.4%	$940.4M+93.9%	$740.8M+248.0%

Not reported in any period shown, so not listed: Short-Term Investments, Accounts Receivable, Long-Term Investments, Goodwill, Long-Term Debt.

FNV Cash Flow Statement

FNV quarterly cash flow statement

Metric	FY2540-F	FY2440-F	FY2310-K	FY2210-K	FY2110-K	FY2010-K	FY1910-K	FY1810-K	FY1710-K	FY1610-K
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

Metric	Q4'2540-F	Q2'256-K	Q4'2440-F	Q2'246-K	Q4'2310-K	Q2'2310-Q	Q4'2210-K	Q2'2210-Q
Operating Cash Flow	N/A	$430.3M+121.5%	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-3546.0%	N/A	-$36.7M	N/A	N/A	N/A	N/A
Financing Cash Flow	N/A	-$66.1M-11.7%	N/A	-$59.2M	N/A	N/A	N/A	N/A
Dividends Paid	N/A	$67.0M+11.1%	N/A	$60.3M+2.9%	N/A	$58.6M+14.2%	N/A	$51.3M+13.5%

Not reported in any period shown, so not listed: Depreciation & Amortization, Stock-Based Compensation, Share Buybacks.

FNV Financial Ratios

Margins and returns are percentages; the remaining ratios are unitless multiples. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.

FNV quarterly financial ratios

Metric	FY2540-F	FY2440-F	FY2310-K	FY2210-K	FY2110-K	FY2010-K	FY1910-K	FY1810-K	FY1710-K	FY1610-K
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
Asset Turnover	0.220.0x	0.180.0x	0.200.0x	0.200.0x	0.210.0x	0.180.0x	0.160.0x	0.130.0x	0.140.0x	0.14
FCF Margin	81.8%+7.3pp	74.5%	N/A	N/A	N/A	N/A	N/A	N/A	N/A	77.2%

Metric	Q4'2540-F	Q2'256-K	Q4'2440-F	Q2'246-K	Q4'2310-K	Q2'2310-Q	Q4'2210-K	Q2'2210-Q
Net Margin	N/A	66.9%+36.3pp	N/A	30.6%-25.4pp	N/A	55.9%+0.2pp	N/A	55.8%+5.3pp
Return on Equity	N/A	3.7%+2.4pp	N/A	1.4%-1.4pp	N/A	2.8%-0.4pp	N/A	3.2%+0.1pp
Return on Assets	N/A	3.5%+2.2pp	N/A	1.3%-1.4pp	N/A	2.7%-0.4pp	N/A	3.1%+0.1pp
Current Ratio	8.30-17.1x	4.25-24.9x	25.43-15.8x	29.12+2.4x	41.21+13.7x	26.70+0.7x	27.55+10.2x	26.01+16.1x
Debt-to-Equity	0.080.0x	0.060.0x	0.060.0x	0.050.0x	0.040.0x	0.030.0x	0.030.0x	0.030.0x
Asset Turnover	N/A	0.050.0x	N/A	0.040.0x	N/A	0.050.0x	N/A	0.060.0x
FCF Margin	N/A	116.5%	N/A	N/A	N/A	N/A	N/A	N/A

Not reported in any period shown, so not listed: Gross Margin, Operating Margin.

Reported as filed but not readable as a share of revenue in the periods where the ratio runs further from zero than a revenue base allows; no change figure is given where either compared period is one of those: FCF Margin.

Similar Companies

Newest fiscal year on record for each company. The health score is the peer-relative Financial Health Score for that year; a dash means no score is published for it.

Company	Fiscal year	Revenue	Net income	Net margin	Market cap	Health score
Franco-Nevada Corporation FNV	FY2025	$1.8B	$1.1B	61.0%	$46.2B	61/100
Wheaton Precious Metals Corp. WPM	FY2025	$2.3B	$1.5B	63.6%	$61.9B	47/100
AngloGold Ashanti plc AU	FY2025	$9.9B	$3.2B	32.1%	$48.0B	43/100
Kinross Gold Corporation KGC	FY2025	$7.1B	$2.5B	35.0%	$28.5B	55/100
Barrick Mining Corporation B	FY2010	$10.9B	$3.3B	30.0%	$66.0B	—
Agnico Eagle Mines Ltd. AEM	FY2013	N/A	-$406.5M	N/A	$93.0B	—

Where Franco-Nevada Corporation Ranks

Frequently Asked Questions

What is Franco-Nevada Corporation's annual revenue?

Franco-Nevada Corporation (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 Corporation's revenue growing?

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

Is Franco-Nevada Corporation profitable?

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

What is Franco-Nevada Corporation's net profit margin?

Franco-Nevada Corporation (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 Corporation's return on equity (ROE)?

Franco-Nevada Corporation (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 Corporation's free cash flow?

Franco-Nevada Corporation (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 Corporation's operating cash flow?

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

What are Franco-Nevada Corporation's total assets?

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

What are Franco-Nevada Corporation's capital expenditures?

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

How many shares does Franco-Nevada Corporation have outstanding?

Franco-Nevada Corporation (FNV) had 193M shares outstanding as of fiscal year 2025.

What is Franco-Nevada Corporation's current ratio?

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

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

Franco-Nevada Corporation (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 Corporation's return on assets (ROA)?

Franco-Nevada Corporation (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 Corporation's P/E ratio?

Franco-Nevada Corporation (FNV) trades at 41.5x earnings, its market capitalization divided by net income of $1.1B net income, FY2025. The market capitalization is $46.2B as of Oct 3, 2026; a multiple compares that price with a filed figure and says nothing about the quality of the business.

What is Franco-Nevada Corporation's price-to-sales ratio?

Franco-Nevada Corporation (FNV) trades at 25.3x sales, its market capitalization divided by revenue of $1.8B revenue, FY2025. The market capitalization is $46.2B as of Oct 3, 2026; a multiple compares that price with a filed figure and says nothing about the quality of the business.

What is Franco-Nevada Corporation's Piotroski F-Score?

Franco-Nevada Corporation (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 Corporation's earnings high quality?

Franco-Nevada Corporation (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 Corporation?

Franco-Nevada Corporation (FNV) scores 61 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.