Franco-Nevada Corporation (FNV) fair value: what the stock is really worth
We calculate from audited financials what Franco-Nevada Corporation is really worth. The fair value tells you whether the price is too high or too low, the quality score (0 to 100) how solid the business behind it is. 26 models, 37 quality factors, updated daily, free.
Compare price with fair valuebelow fair value = cheap, above = expensive
Check the quality50 and up solid, 75 and up strong
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Basic Materials · US · Market cap $51.6B · ISIN CA3518581051
At a glance
FNFranco-Nevada CorporationFNV · US
Price$264.31
Fair Value$96.63
Upside−63.4%
Quality84/100
A strong business, but trading 174% above our fair value of $96.63.
As of Sep 6, 2026, the fair value of Franco-Nevada Corporation is $96.63 per share against a price of $264.31, so the fair value sits 63% below the price. A model estimate from reported figures, not an analyst target.
✓Healthy Growth (revenue 5y +12.3 %/yr)
✓Highly profitable · 64.2% net margin
✓Low debt · generates free cash flow
·0.60% dividend yield
!Mixed vs. peers (7/15)
✓Wide moat 88/100
!Weak on dividend: 12 out of 100
Evidence: HighRange $73.02 to $145.94
Fair value as of: Sep 6, 2026
From 25 valuation models · updated 3 days ago
Share price +10.8% over the past month.
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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 Sep 6, 2026.
How to read this chart
60‑month range $101.28 – $279.76 · fair‑value band $73.02 – $145.94 · the $264.31 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 Sep 6, 2026.
Franco-Nevada Corporation (FNV) currently trades at $264.31, while our model-based Fair Value estimate is $96.63, implying the stock looks roughly 173.5% 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 $264.31 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 Sep 6, 2026
Scenario range: $73.02 (bear) to $145.94 (bull), the price of $264.31 sits above it. Bear and bull are the same models on cautious and optimistic assumptions, a range, not a price target. The share trades about 7% below its 52-week high and 74% 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 −63%, FNV screens richer than that median.
Fair Value models
Based on fiscal year 2025 figures (about 8 months old). Earnings retained since then ($3.80 per share) are deliberately not added.
Each model values the company its own way; the fair value above is the evidence-weighted blend. Evidence (0 to 100) shows how complete a model's inputs are. How we calculate →
ModelBear ⓘ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.Evidence
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Key figures & financial health
P/E ratio37.3
P/S ratio22.7P/E × margin
EPS (TTM)$7.09price ÷ EPS = P/E 37.3
Dividend yield0.6%payout 22.3%
Net margin61.0%FY2025
Return on equity19.0%TTM
More key figures
Profitability
Return on assets (EBIT)12.9%avg 5y
Operating margin79.3%TTM
Growth
Revenue (TTM)$2.1BTTM
Revenue growth (YoY)+77.7%3y avg +11.5%
EPS growth (YoY)+123%
Balance sheet & cash flow
Free cash flow$1.5BFY2025
Net cash$425MFY2025
Figures from reported company fundamentals · as of Sep 6, 2026. TTM = trailing twelve months.
Quality Score breakdown
Overall quality84/100
Of which business quality 79
· Market factors (momentum, volatility) 64
Profitability55
Margins and returns on capital today
Quality Growth94
Are margins and returns improving?
Cashflow89
Earnings quality: real cash, not paper profit
Fin. Strength83
Balance sheet, leverage, solvency risk
Investment78
Disciplined investing over empire-building
Low Volatility57
Calm price path (market factor)
Momentum60
Price trend over the last 3–12 months (market factor)
52W Momentum78
Distance to the 52-week high (market factor)
Net Issuance80
Buybacks instead of dilution
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.
Growth Quality 80/100
Revenue growth appears healthy and is supported by profitability and cash-flow quality.
Latest Revenue (FY 2025)
$1.8B
Latest YoY
+63.7%
Avg. revenue growth/yr (3Y) ⓘ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.
+11.5%
Avg. revenue growth/yr (5Y) ⓘ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.
+12.3%
Avg. revenue growth/yr (18Y) ⓘ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.
+42.1%
Value creation/yr (5Y) ⓘEarnings growth per share (CAGR 5 years, adjusted) plus dividend yield: value created per share and year.
+18.7%
Earnings growth per share plus dividend yield: the value created per share and year.
Earnings growth per share+18.1%
Dividend yield0.6%
Trend ⓘ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.5Y 25.8% vs 10Y 23.5%, steady
Operating margin (EBIT) ⓘ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.33.0% (2020) → 71.4% (2025) · rising
Worst earnings drop117% (2023) (loss year, drop beyond 100%) · in USD
Revenue+8.8%/yr
FY21$1.3B
FY22$1.3B
FY23$1.2B
FY24$1.1B
FY25$1.8B
Net income+11.0%/yr
FY21$734M
FY22$701M
FY23−$466M
FY24$552M
FY25$1.1B
Character of growth · EPS growth decomposed (2014-2025)+24.8 % p.a.
Revenue per share+9.9 %
of which total revenue +12.0 % · buybacks/dilution −1.9 %
EBIT margin+11.6 %
Tax rate+1.2 %
Residual (interest, one-offs)+0.5 %
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).
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.
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
Quality Score84 · Top 25%
Fair Value upside−64% · Bottom 25%
Profitability
Return on equity (TTM)20% · Above median
Return on assets14% · Above median
Net margin (TTM)64% · Top 25%
Operating margin (TTM)77% · Top 25%
Growth and dividend
Revenue growth58% · Above median
Dividend yield (TTM)0.6% · Below median
Balance sheet
Debt / equity0.01× · Below median
Valuation Multiples vs Gold median · lower = cheaper
P/E (TTM)37.3× · Priciest 25%
P/B6.77× · Priciest 25%
P/S (TTM)22.41× · Priciest 25%
P/FCF34.6× · Priciest 25%
EV/EBITDA24.5× · Priciest 25%
PEG11.81× · Priciest 25%
What the price implies (reverse DCF)
The inverse question: what free-cash-flow growth must Franco-Nevada Corporation deliver for ten years so that today's price is fair in our DCF model? Same formula, same discount rate as the fair value.
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.
This stockSector peers
VALUE0· sector 0
FUTURE100· sector 100
PAST80· sector 1
HEALTH100· sector 98
DIVIDEND12· sector 21
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.
None of the checked exposures detected
Similar stocks
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Is Franco-Nevada Corporation (FNV) overvalued or undervalued?
As of Sep 6, 2026, our model estimates a fair value of $96.63 versus a price of $264.31, about −63% upside (overvalued).
What is the fair value of FNV?
Our model-based fair value for Franco-Nevada Corporation is $96.63 (as of Sep 6, 2026), built from audited fundamentals. The current price: $264.31.
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 $96.63 (as of Sep 6, 2026) from 25 valuation models. Cautious scenario $73.02, optimistic scenario $145.94. 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 $96.63, about −63% upside versus a price of $264.31 (overvalued). Cautious scenario $73.02, optimistic scenario $145.94. 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 $2.1B (latest available figure, as of Sep 6, 2026).
What is the net profit margin of FNV?
The net profit margin of Franco-Nevada Corporation is about 65.7%, meaning it keeps roughly 65.7% of revenue as net income. Based on the latest reported figures.
Does Franco-Nevada Corporation pay a dividend?
Franco-Nevada Corporation currently shows a dividend yield of about 0.60% relative to its recent price (as of Sep 6, 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 +13.4 % per year for ten years (discount rate 9.0 %, then 2 % perpetual growth). Over the last 5 years revenue grew +12.3 % per year. As of Sep 6, 2026.
What discount rate (WACC) does the fair value of FNV use?
Our models discount Franco-Nevada Corporation at 9.0 %: a base by market capitalisation (large), damped by beta 0.90, country premium for USA. The same rate applies in all 26 models.
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 $96.63 per share (as of Sep 6, 2026), against a price of $264.31. 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 Sep 6, 2026, FNV trades above its calculated fair value: price $264.31, fair value $96.63, a gap of about −63% (overvalued). 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 ($264.31); the fair value is what the company's own numbers justify ($96.63). For Franco-Nevada Corporation the two are $167.68 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 $51.6B (market capitalisation, as of Sep 6, 2026). Per share that is $264.31; our models calculate a fair value of $96.63 per share.
What do the bullish and bearish scenarios say about FNV?
Our models span a range for Franco-Nevada Corporation: cautious scenario $73.02, base $96.63, optimistic $145.94 per share (as of Sep 6, 2026, price $264.31). 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 37.3 (as of Sep 6, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of $96.63 is built from several models across several years. Other multiples: PEG 11.8, P/B 6.8, P/S 22.4, EV/EBITDA 24.5.
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 Sep 6, 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 Sep 6, 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 $264.31, about 7% below its 52-week high of $285.20 and 74% above the low of $152.06 (as of Sep 6, 2026). Distance from the high says nothing about value: that is what the fair value of $96.63 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, Barrick Mining Corporation, 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 Sep 6, 2026: price $264.31, calculated fair value $96.63 (−63%), 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 $96.63, with the spread shown as a cautious and an optimistic scenario.
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Franco-Nevada Corporation
FNV · US