Franco-Nevada Corporation (FNV) Fair Value & Analysis
Basic Materials · US · Market cap $51.6B · ISIN CA3518581051
What is Franco-Nevada Corporation really worth?
Franco-Nevada Corporation
FNV · US
A strong business, but trading 180% above our fair value of $96.63.
Strengths
Risks
For context
Fair value as of: Aug 28, 2026
From 25 valuation models · updated 8 days ago
Share price +23.5% over the past month.
What runs behind every stock
69 individual criteria per stock, every one traceable See the method →
What matters now
- A high-quality business (quality 84/100), yet the market already pays well above fair value. Quality at a full price, with little margin of safety.
- The price sits above even our optimistic bull case ($145.94). The favourable scenario is already priced in.
- A fairly wide model range ($73.02 to $145.94) leaves room in how you read the outcome.
Price vs Fair Value (5 years)
White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Aug 28, 2026.
How to read this chart
60‑month range $101.28 – $279.76 · fair‑value band $73.02 – $145.94 · the $270.31 price screens above the $96.63 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Aug 28, 2026.
Analysis
Franco-Nevada Corporation (FNV) currently trades at $270.31, while our model-based Fair Value estimate is $96.63, implying the stock looks roughly 179.7% overvalued today. The Quality Score stands at 84/100 (high quality), in the Basic Materials sector. Bull case: the Growth DCF group reads highest at a median of $229.10 per share, and 1 of the 25 models we run sit above the $270.31 price. Bear case: the Dividend Discount group reads lowest at $22.96, and 24 of the 25 models stay below the price. Evidence for this calculation is high.
Over the trailing twelve months, Franco-Nevada Corporation generated revenue of $2.1B at a net margin of 65.7%. Revenue grew 77.7% year over year. It earns a return on equity of 19.0%. The balance sheet holds a net cash position of $425M. Fundamentals as of Aug 28, 2026
Our scenario range runs from $73.02 (bear case) to $145.94 (bull case); at $270.31, the current price sits above that range. Bear and bull are the same models run on conservative and optimistic assumptions (margins, growth, valuation multiples), so a plausible valuation range, not a price target. The share trades about 5% below its 52-week high and 78% above its 52-week low, currently above its 200-day average. For context, the median of 10 Basic Materials peers we cover trades at −12% fair-value upside, at −64%, FNV screens richer than that median.
Fair Value models
This estimate rests on fiscal year 2025 figures, and about 8 months have passed since. In that time the company retained roughly $3.73 per share, which is 3.9 % of the fair value. The fair value deliberately does not add this in: the models value reported figures, not a projection.
Each model estimates fair value its own way; the Fair Value above is the evidence-weighted, family-balanced blend. Evidence (0–100) measures how completely this model’s inputs are available: well-fed models carry more weight in the blend. The spread across models is intentional, each one stresses a different value driver; dividend models, for instance, come out structurally low when payout is small. Every input is real reported data, nothing guessed.
All 25 models by family
Widest divergence: Growth DCF ($229.10) versus Dividend Discount ($22.96). Highest evidence: FCF DCF (75).
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Key figures & financial health
More key figures
Figures from reported company fundamentals · as of Aug 28, 2026. TTM = trailing twelve months.
Quality Score breakdown
Of which business quality 79 · Market factors (momentum, volatility) 64
Non-valuation factor families (profitability, growth, cashflow, financial strength, momentum …), each academically grounded. Valuation itself sits in the Fair Value and is deliberately excluded here to avoid double-counting.
All values are scores from 0 to 100 (100 = best against fixed, research-based bands), not percentages. The three market factors (momentum, 52-week proximity, low volatility) are displayed but carry zero weight in the headline number: market sentiment is not a business property.
About the company
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.
Full company description
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. 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.
Company description, as reported by the company or data provider.
Revenue & earnings trend
FY2021 – FY2025 · reported fiscal years
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.
of which total revenue +12.0 % · buybacks/dilution −1.9 %
Annual growth per factor. These are factors, not summands: multiplied they give the EPS growth rate, added they do not quite. Start and end points are 3-year averages (details on hover).
FNV screens 180% overvalued. Compare with Newmont Corporation →
Earlier news
External third-party headlines (Yahoo Finance, Reuters and others), not an editorial selection.
- Zacks Industry Outlook Franco-Nevada, Centerra, Novagold, Northern Dynasty and Dakota
- Franco-Nevada (TSX:FNV) Updates 2026 Guidance, Is The Upside Already Priced In?
- Franco-Nevada Q2 Earnings Miss Estimates, Revenues Soar 57% Y/Y
- Is Franco-Nevada (TSX:FNV) Above Fair Value Or Near Fair Value?
Peer Group
Gold · 245 stocks
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.
Valuation Multiples vs Gold median · lower = cheaper
Strength profile in five axes (Snowflake)
Five quick dimensions, each 0 to 100: VALUE (fair-value potential), FUTURE (revenue growth), PAST (return on equity), HEALTH (low debt), DIVIDEND (yield). Green = this stock, grey = typical sector peer.
VALUE 0: the price sits above our fair-value range.
Insider activity: 45/100
Values & ESG
Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.
Similar stocks
10 more Gold stocks, each showing price versus our Fair Value estimate (as of Aug 28, 2026).
| Stock | Price | Fair Value | vs Fair Value |
|---|---|---|---|
| Newmont Corporation NEMCL | $128.00 | $112.82 | −12% |
| Zijin Mining Group 601899 | ¥32.21 | ¥39.42 | +22% |
| Agnico Eagle Mines Limited AEM | C$268.76 | C$213.40 | −21% |
| Barrick Mining Corporation B | $41.23 | $50.66 | +23% |
| Wheaton Precious Metals Corp WPM | C$201.40 | C$56.05 | −72% |
| AngloGold Ashanti plc AU | $97.92 | $88.63 | −9% |
| Kinross Gold Corporation KGC | $32.51 | $34.62 | +6% |
| Royal Gold, Inc RGLD | $262.85 | $93.56 | −64% |
| Northern Star Resources Limited NST | A$23.19 | A$15.98 | −31% |
| Lundin Gold Inc LUG | kr 708.00 | kr 504.76 | −29% |
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