Franco-Nevada Corporation (FNV) fair value: what the stock is really worth
As of Oct 22, 2026: fair value (intrinsic value) of Franco-Nevada Corporation stock $268, price $232, upside +15.5%, quality 84 out of 100. Rating: undervalued. Calculated from audited financials with 26 valuation models and 37 quality factors, updated daily.
69 individual criteria per stock, every one traceableSee the method →
Price vs Fair Value
White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Oct 22, 2026.
How to read this chart
60‑month range $101.11 – $279.30 · fair‑value band $149.80 – $348.19 · the $231.94 price screens below the $267.84 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Oct 22, 2026.
Follow Franco-Nevada in your weekly email
Every Wednesday you see whether Franco-Nevada is on track or worth a review, plus price against fair value. Free, up to 3 stocks.
We send you a confirmation link. Unsubscribe with one click.
Franco-Nevada Corporation operates as a royalty and stream company focused on precious metals in South America, Central America, Mexico, the United States, Canada, Australia, Europe, and Africa. The company operates through Precious Metals, Other Mining and Energy segments.
Show moreShow less
It also manages its portfolio with a focus on precious metals, such as gold, silver, and platinum group metals; and engages in the sale of crude oil, natural gas, and natural gas liquids through a third-party marketing agent.
Franco-Nevada Corporation was founded in 1986 and is headquartered in Toronto, Canada.
Stock analysis
Franco-Nevada Corporation (FNV) currently trades at $231.94, while our model-based Fair Value estimate is $267.84, implying the stock looks roughly 13.4% undervalued today.
Show more
Valuation
Bull case: the Growth DCF group reads highest at a median of $225.33 per share, and 2 of the 25 models we run sit above the $231.94 price.
Bear case: the Economic Profit group reads lowest at $51.06, and 23 of the 25 models stay below the price. Data coverage for this calculation is high.
Scenario range: $149.80 (bear) to $348.19 (bull), the price of $231.94 sits inside it. Bear and bull are the same models on cautious and optimistic assumptions, a range, not a price target.
Quality & growth
The Quality Score stands at 84/100 (high quality), in the Basic Materials sector.
Healthy Growth: Revenue growth appears healthy and is supported by profitability and cash-flow quality.
Franco-Nevada Corporation reported revenue of $1.8B in FY2025 versus $1.3B in FY2021, a compound +8.8%/yr. Reported net income was $1.1B in FY2025, compounding +11.0%/yr from FY2021.
Key figures
Market cap $44.8B Large · P/E ratio 30.4 · P/S ratio 19.5 · EPS (TTM) $7.64 · Dividend yield 0.7% · Net margin 64.2% · Return on equity 19.9% · Return on assets (EBIT) 12.9%.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 88 out of 100 (medium confidence).
What moves the price
The share trades about 17% below its 52-week high and 27% above its 52-week low, currently below its 200-day average.
For context, the median of 10 Basic Materials peers we cover trades at 17% fair-value upside, at 15%, FNV screens richer than that median.
Fair Value models
Bear$149.80Fair Value $267.84Bull$348.19
Price $231.94 · Upside +15.5%
Model ⓘEach model values the company its own way (discounted cash flow, earnings, assets, dividends). The fair value above starts from their evidence-weighted blend, not from a single model. In cyclical trough or peak years, after dilution or a stock split it is adjusted afterwards, so it can sit above or below the models. Based on fiscal year 2025 figures (about 10 months old). Earnings retained since then ($4.87 per share) are deliberately not added.Bear ⓘBear = the cautious scenario: the same model computed with conservative anchors (lower growth, margins and valuation multiples). Together with Bull it frames a plausible valuation range, not a price target.BaseBull ⓘBull = the optimistic scenario: the same model computed with favourable anchors (higher growth, margins and valuation multiples). Together with Bear it frames a plausible valuation range, not a price target. If a model's bull case is above four times its base value, the table shows that limit with a > sign (like the overall Bull above): beyond it no assumption holds.Coverage ⓘCoverage = how well-backed THIS model's estimate is for this stock (0–100): how complete and reliable its input data are, and how well the model fits the company. The final Fair Value is an evidence-weighted blend, so better-evidenced models count more. Green ≥70, amber 50–69, grey below 50.
Growth Quality ⓘGrowth is valuable only when reinvestment earns attractive returns (Aswath Damodaran): sustainable growth depends on return on capital, reinvestment and efficiency. Basis: total company revenue over the periods shown on the cards (3Y/5Y/all years), not per share, so a merger can show up as a growth jump; per-share earnings growth is in the value-creation card.80/100
Revenue growth appears healthy and is supported by profitability and cash-flow quality.
Revenue growth 1 year
+63.7%
Revenue growth 3 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+11.5%
Revenue growth 5 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+12.3%
Start year 2020 (pandemic). Over 10 years: +15.2% a year
Revenue growth 18 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+42.1%
’14
’15
’16
’17
’18
’19
’20
’21
’22
’23
’24
’25
What shareholders gained per year (last 5 years) ⓘWhat the business itself delivers per year: earnings growth per share plus the dividend yield. This is what you get IF the market keeps valuing the stock the same way: it contains no assumption about the market changing its mind. Computed per share, so buybacks count and a merger does not pass as growth. For a company that pays no dividend it is pure earnings growth per share. Period: earnings growth per share as CAGR over the last 5 reported fiscal years (annual statements), plus the current dividend yield. The start value is the median of the three years around the start, so a single crisis year (a pandemic or a write-down) does not distort the rate. Basis: adjusted.
+18.8%
Earnings growth per share plus dividend.
Earnings per share, growth per year+18.1%
Dividend (yield on the price)0.7%
Pace: 5 vs 10 years ⓘTwo data points, not a trend model: earnings growth per share over the last 5 fiscal years against the last 10. Labelled "steady" when both rates are within 3 percentage points of each other, otherwise picking up or flattening. Shown only when ten years of history exist.25.8% vs 23.5%, steady
Profit margin 2020 to 2025 ⓘOperating margin then vs now, from reported annual statements. A falling margin after a boom year is the classic peak-earnings signal: the growth rate then leans on an inflated base.33% → 71%
Pace: the 5-year rate starts in 2020 (pandemic)
Growth Forecast
Price in line with expectations
The price assumes more growth than the company has delivered so far and about what analysts expect.
What the price assumes ⓘThis turns our valuation around: instead of asking what the share is worth, it asks what growth the current price requires. It uses the cash the company keeps after all spending (free cash flow), the same discount rate as our models, five years of growth, then slowing evenly to 2 % a year by year ten. Compared with the analysts' sales forecasts extended to the same five years (at least three analysts, for context only, it does not enter the Fair Value): within 3 percentage points counts as "in line" (amber), below that little optimism (green), above that a lot of optimism (red).
+15.4%
Yearly growth needed for the next five years to justify today's price.
What forecasts expect ⓘAnalysts publish sales forecasts for the next two fiscal years. For the years after that, growth slows evenly to 2 % a year by year ten (2 % is the long-run rate our models use). Projected years are marked as such.
+13.8%
Yearly sales growth analysts expect, extended to five years.
After inflation (USA: IMF forecast 2.4% a year to 2030, 3.1% from 2016 to 2025) that is about +12.7% a year for the price and +11.2% for the forecasts.
News mood ⓘNews mood, the average tone of recent news (91 articles), rated against how stocks are usually covered. 🚀 Hype = unusually upbeat · 🙂 Positive = above average · 😐 Neutral = typical · 🙁 Negative = below average · 😨 Very negative = unusually downbeat. It reflects the tone of coverage, not our valuation.Hype
Recent news coverage is unusually upbeat, far more positive than stocks are typically covered.
AI conclusion: Royalty model with high margins and deal expertise forms the core strength while weak innovation and limited human capital signals remain the main weakness.
Main risk: Dependence on commodity prices represents the biggest risk as it would directly reduce royalty and streaming revenues.
Franco-Nevada has acquired a 12 percent stake in early-stage explorer Kenorland Minerals via a block purchase of existing shares. This move supports its royalty-focused model by positioning the company for potential future streaming deals from promising Canadian gold projects. Does the direct equity holding create stronger pipeline advantages than sticking to pure royalty and stream agreements, or does it add avoidable exposure to exploration-stage volatility?
Compare Franco-Nevada Corporation with another stock
Price, fair value, quality and upside side by side.
Free, no sign-up
Peer GroupⓘHow this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.Gold · 208 stocks
Beats the industry median on 8/15 measures
A mixed picture versus its industry peers.
Valuation
Quality Score84 · Top 25%
Fair Value upside+15.5% · Above median
Profitability
Return on equity (12 months)19.9% · Above median
Return on assets13.5% · Top 25%
Net margin (12 months)64.2% · Top 25%
Operating margin (12 months)77.0% · Top 25%
Growth and dividend
Revenue growth (quarter YoY)58.2% · Above median
Dividend yield (12 months)0.7% · Below median
Balance sheet
Debt / equity0.01× · Below median
Valuation Multiplesvs Gold median · lower = cheaper
For bloggers, editors and developers: paste this into your site or blog (a “Custom HTML” block in WordPress), it shows the current fair value and links back here. Free, plain HTML, and welcome. Full data streams (CSV/JSON) at /developers.
Cite: Fair Value Calculator (2026). "Franco-Nevada Corporation Fair Value". https://www.fairvalue-calculator.com/stock/FNV
Frequently asked questions
Is Franco-Nevada Corporation (FNV) overvalued or undervalued?
As of Oct 22, 2026, our model estimates a fair value of $267.84 versus a price of $231.94, about +15% upside (undervalued).
What is the fair value of FNV?
Our model-based fair value for Franco-Nevada Corporation is $267.84 (as of Oct 22, 2026), built from audited fundamentals. The current price: $231.94.
What is the quality score of FNV?
Franco-Nevada Corporation has a Quality Score of 84/100. It measures business quality (profitability, growth, cash flow, balance-sheet strength, investment discipline, share issuance). Market factors such as price momentum and volatility do not enter the number; they are shown separately in the detail view.
What is the price target for Franco-Nevada Corporation (FNV)?
Our model-based price target is the fair value of $267.84 (as of Oct 22, 2026) from 25 valuation models. Cautious scenario $149.80, optimistic scenario $348.19. It is a calculation from audited fundamentals, not an analyst target.
What is the Franco-Nevada Corporation stock forecast for 2026?
Our models put fair value at $267.84, about +15% upside versus a price of $231.94 (undervalued). Cautious scenario $149.80, optimistic scenario $348.19. The calculation is refreshed regularly with new filings.
What is the revenue of Franco-Nevada Corporation (FNV)?
Franco-Nevada Corporation reported trailing-twelve-month revenue of about $2.3B (latest available figure, as of Oct 22, 2026).
Does Franco-Nevada Corporation pay a dividend?
Franco-Nevada Corporation currently shows a dividend yield of 0.71% relative to its recent price (as of Oct 22, 2026).
What growth is priced into Franco-Nevada Corporation (FNV)?
For today's price to be fair in a discounted-cash-flow model, Franco-Nevada Corporation would have to grow free cash flow by +15.4 % per year for five years (discount rate 9.1 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 5 years revenue grew +12.3 % per year. As of Oct 22, 2026.
What discount rate (WACC) does the fair value of FNV use?
Our models discount Franco-Nevada Corporation at 9.1 %: a base by market capitalisation (large), damped by beta 0.94, country premium for USA. The same rate applies in all 26 models.
What is a reverse DCF?
A reverse DCF turns the usual calculation around. Instead of deriving a value from assumptions, it takes today's price as given and asks: what free-cash-flow growth would a company have to deliver for exactly this price to be fair? The result is not a forecast but the expectation already priced in. For Franco-Nevada Corporation that is +15.4 % per year a year over ten years, using the same discount rate (9.1 %) and the same formula as our fair value.
How much growth has Franco-Nevada Corporation (FNV) delivered so far?
Over the past 5 years revenue at Franco-Nevada Corporation grew +12.3 % a year. The price currently implies +15.4 % per year free-cash-flow growth a year. Comparing the two shows how much confidence is in the price: if it demands more than has been delivered, the business has to accelerate for the maths to work.
How fast is the sector of Franco-Nevada Corporation (FNV) growing?
The median revenue growth in the sector is +9.5 % a year. That is the yardstick for the growth priced into Franco-Nevada Corporation (+15.4 % per year a year): it shows whether the expectation is within the usual range or beyond it.
What is the free cash flow yield of Franco-Nevada Corporation (FNV)?
The free-cash-flow yield on the price is 3.32 %: that much free cash flow Franco-Nevada Corporation produces per unit of market value. When it exceeds the discount rate of our models (9.1 %), the business already earns more than its cost of capital demands, and the price needs little additional growth.
What is the intrinsic value of Franco-Nevada Corporation (FNV)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Franco-Nevada Corporation it is $267.84 per share (as of Oct 22, 2026), against a price of $231.94. It is the blended result of 25 valuation models (cash flow, earnings, asset, dividend).
Is Franco-Nevada Corporation stock overvalued or undervalued in 2026?
As of Oct 22, 2026, FNV trades below its calculated fair value: price $231.94, fair value $267.84, a gap of about +15% (undervalued). The calculation is refreshed with each new quarterly report, so the verdict can change during the year.
Is fair value the same as the market price of FNV?
No. The price is what the market pays today ($231.94); the fair value is what the company's own numbers justify ($267.84). For Franco-Nevada Corporation the two are $35.90 per share apart. That gap is exactly why we show both numbers side by side.
How much is Franco-Nevada Corporation worth?
The market values Franco-Nevada Corporation at about $44.8B (market capitalisation, as of Oct 22, 2026). Per share that is $231.94; our models calculate a fair value of $267.84 per share.
What do the bullish and bearish scenarios say about FNV?
Our models span a range for Franco-Nevada Corporation: cautious scenario $149.80, base $267.84, optimistic $348.19 per share (as of Oct 22, 2026, price $231.94). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of FNV?
Franco-Nevada Corporation trades at a price-to-earnings ratio of 30.4 (as of Oct 22, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of $267.84 is built from several models across several years. Other multiples: PEG 11.8, P/B 5.9, P/S 19.5, EV/EBITDA 21.3.
What is the PEG ratio of FNV?
The PEG ratio of Franco-Nevada Corporation is 11.81 (P/E divided by earnings growth, as of Oct 22, 2026). That is above 1, so the growth is already paid for in the price.
How solid is the balance sheet of Franco-Nevada Corporation (FNV)?
Balance-sheet figures for Franco-Nevada Corporation (as of Oct 22, 2026): return on equity 19.9%, debt of 0.01 per unit of equity. They feed the Quality Score of 84/100, which measures business quality independently of the share price.
How far is FNV from its 52-week high?
Franco-Nevada Corporation trades at $231.94, about 17% below its 52-week high of $279.30 and 27% above the low of $182.63 (as of Oct 22, 2026). Distance from the high says nothing about value: that is what the fair value of $267.84 is for.
Which stocks are comparable to Franco-Nevada Corporation?
From the same area (Basic Materials) we also value Newmont Corporation, Zijin Mining Group, Agnico Eagle Mines Limited, Wheaton Precious Metals Corp, among others. Each of them has its own fair-value calculation on this site using the same models, so the comparison is like for like.
Is Franco-Nevada Corporation stock attractive at the current price?
The data as of Oct 22, 2026: price $231.94, calculated fair value $267.84 (+15%), Quality Score 84/100, from 25 models. Whether that fits your horizon and risk tolerance is your call. We provide the calculation, not investment advice.
How is the fair value of FNV calculated?
We run Franco-Nevada Corporation through 25 models from four families: discounted cash flow, earnings models, asset and balance-sheet models, and dividend models. Every model gets the same audited fundamentals; the result is the weighted average of $267.84, with the spread shown as a cautious and an optimistic scenario.
Is it still worth investing in stocks now?
The global stock market currently sits 12.3 % above its aggregate fair value. Franco-Nevada Corporation currently trades 13 % below its own fair value, and the market average says nothing about that. An expensive market is no reason to stay out and no reason to buy everything at once: keep a broad savings plan running, buy single stocks only with money you can do without, and hold part of your money liquid while the market is high. The full picture including sectors is on is it worth investing now.
What is the share price of Franco-Nevada Corporation (FNV)?
The closing price on Oct 22, 2026 was $231.94. Our model-based fair value is $267.84, about +15% upside (undervalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Franco-Nevada Corporation right now?
A fairly wide model range ($149.80 to $348.19) leaves room in how you read the outcome. The price sits in the lower half of our model range, the side with the larger margin of safety. The data supports the verdict: every model runs on fully documented inputs.
Where does the earnings growth of Franco-Nevada Corporation (FNV) come from?
Earnings per share at Franco-Nevada Corporation grew +24.8 % a year from 2014 to 2025. Broken into its drivers: revenue per share +9.9 %, EBIT margin +11.6 %, tax rate +1.2 %, residual (interest, one-offs) +0.5 %. The four rates multiply to the earnings growth rate, they do not add up. Start and end are three-year averages so a single exceptional year does not distort the result.
Key figures of Franco-Nevada Corporation
How large is the market capitalisation of Franco-Nevada Corporation (FNV)?
The market capitalisation of Franco-Nevada Corporation is $44.8B. The stock-market value of the whole company: share price times number of shares. It is what the market asks for the entire business today.
What is the P/S ratio of Franco-Nevada Corporation (FNV)?
The price-to-sales ratio of Franco-Nevada Corporation is 19.5 (last twelve months). Price to sales: market value relative to yearly revenue. Useful when profit is thin or distorted.
What are the earnings per share of Franco-Nevada Corporation (FNV)?
Earnings per share at Franco-Nevada Corporation are $7.64 (price ÷ EPS = P/E 30.4). Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of Franco-Nevada Corporation (FNV)?
The dividend yield of Franco-Nevada Corporation is 0.7% (payout 21.5%). Yearly dividend relative to the share price. 3% pays 3 per 100 invested. Below: how much of profit is used for it.
What is the net margin of Franco-Nevada Corporation (FNV)?
The net margin of Franco-Nevada Corporation is 64.2% (last twelve months). How much of every unit of revenue ends up as profit. 10% means 10 cents of profit per dollar of sales.
What is the return on equity of Franco-Nevada Corporation (FNV)?
The return on equity (ROE) of Franco-Nevada Corporation is 19.9% (last twelve months). Profit relative to shareholders' equity, how efficiently the company works with its owners' money.
What is the EBIT return on assets of Franco-Nevada Corporation (FNV)?
On an EBIT basis the return on assets of Franco-Nevada Corporation is 12.9% (avg 5y). Operating profit (EBIT) relative to everything the company owns, as a multi-year average. It describes the business model rather than one good or bad year.
What is the operating margin of Franco-Nevada Corporation (FNV)?
The operating margin of Franco-Nevada Corporation is 77.0% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Franco-Nevada Corporation (FNV)?
Revenue at Franco-Nevada Corporation is growing +58.2% versus a year earlier (3y avg +11.5%). How much revenue grew versus a year earlier (YoY). The 3-year average next to it puts the single year in context.
How fast are earnings growing at Franco-Nevada Corporation (FNV)?
Earnings per share at Franco-Nevada Corporation are growing +43.0% versus a year earlier. How much earnings per share grew versus a year earlier.
How much net cash does Franco-Nevada Corporation (FNV) hold?
Franco-Nevada Corporation holds more cash than debt, $425M net (fiscal year 2025). The company holds more cash than debt, a safety cushion.
Free · no account needed
Watch Franco-Nevada Corporation in the live analysis
One click puts Franco-Nevada Corporation on your watchlist: fair value and trend at a glance, plus comparison, the diversification check and the 28,000+ stock screener.
Broad data
Oct 22, 2026