FNV changes
Pick any two versions below to diff them.
- Price
- CA$363.09 → CA$354.26(−2.4%)
- Next earnings
- Nov 11, 2026 → Feb 11, 2027
- Next earnings is estimate
- No → Yes
- About
- Franco-Nevada Corporation (Franco-Nevada) owns royalties and streams on mines and oil and gas fields. It receives a share of production or revenue, or buys metal at a low fixed or variable price, but it does not operate the mines. Most of its revenue comes from gold, silver and platinum group metals, and the rest from iron ore, other metals, oil and gas. Large assets include Candelaria, Antapaccay, Antamina, Côté Gold and the Western Limb PGM stream. The Cobre Panamá stream has been mostly halted since the mine closed in late removed: 2023. added: 2023, and deliveries from stockpiled ore started in Q3 2026. Revenue was $1,822.8 million in 2025 and removed: $580.9 added: $549.3 million in removed: Q2 added: Q3 2026. Franco-Nevada has no debt. The shares trade on the Toronto and New York stock exchanges. The head office is in Toronto, Ontario. Paul Brink is President and Chief Executive Officer.
- Thesis
- Franco-Nevada trades above the AI estimate because investors pay for a high-quality way to own gold, with no debt, no mining costs and a large portfolio. Its earnings rose fast with the gold price: Adjusted Net Income was removed: $807.5 added: $1,172.0 million in the first removed: half added: nine months of 2026, up removed: 82%. added: 63%. So the price depends mainly on the gold price and on growth in gold equivalent ounces (GEOs). added: But GEOs sold fell 6% in Q3 2026, and Franco-Nevada narrowed its 2026 guidance to 525,000 to 555,000 GEOs, towards the midpoint, after lower production at Guadalupe-Palmarejo and Candelaria. If a buyback by IAMGOLD closes as expected, the Côté Gold royalty rate falls by half from 2027. For the price to hold, three things must be true. GEOs must reach the removed: upper half of the 2026 guidance removed: of 510,000 to 570,000 and grow towards the 2030 outlook of 555,000 to 615,000. Franco-Nevada must invest its removed: $4.3 added: $4.8 billion of available removed: capital added: capital, and the cash from the Côté Gold buyback, in good new deals. And Cobre Panamá must restart under a new agreement, which could add 150,000 to 175,000 GEOs a year. The removed: Q3 2026 removed: report on November 11, 2026, added: results with the 2027 guidance, and added: the talks on Cobre removed: Panamá added: Panamá, are the next tests.
- Risks
- Revenue and earnings move with the gold price. The 2026 guidance assumes $4,500 gold, and a lower price reduces earnings quickly. Cobre Panamá is halted except for stockpile processing. The government commission proposes a project with an orderly closure, so a full restart is not certain. Franco-Nevada depends on the operators of the mines. Lower production at Candelaria, added: Guadalupe-Palmarejo, Antapaccay or other large assets lowers its removed: GEOs. added: GEOs, as in Q3 2026, when GEOs sold fell 6%. Governments can challenge contracts or raise taxes, as in Panama and Burkina Faso, where a local court tried to void the Karma stream. Competition for new royalties and streams is strong. High prices for new deals can lower future returns.
- Balance sheet
- Cash: removed: $1.0B added: $1.2B Debt: $0.0M Net cash: removed: $1.0B added: $1.2B Undrawn credit line: $1.5B, to May 2029 Franco-Nevada has no debt. At removed: June added: September 30, 2026, cash and cash equivalents were removed: $1,014.2 added: $1,232.2 million, and equity investments, without its long-term investment in Labrador Iron Ore Royalty Corporation, were removed: $1,041.2 added: $1,337.1 million. Two unsecured revolving credit facilities of $1.5 billion in total were undrawn: the $1.0 billion corporate revolver matures on March 10, 2031, and the $500 million FNIC revolver on May 8, 2029. Their accordions add $750 million. With these, available capital was removed: $4.3 added: $4.8 billion. added: Net cash from operating activities was $429.2 million in Q3 2026 and $1,432.1 million in the first nine months. Franco-Nevada expects at least $525.0 million in cash from the Côté Gold buyback in December 2026. At removed: August added: November 11, 2026, there were removed: 192,873,810 added: 192,915,469 shares. The quarterly dividend is $0.44 per share. As of removed: Jun added: Sep 30, 2026.
- Checkpoints
- Nov 11, 2026: Q3 2026 results: GEOs and Cobre Panamá deliveries. removed: Pending. added: Failed. Watch: GEOs on track for the upper half of 2026 guidance and first Cobre Panamá deliveries pass; a cut in guidance fails. removed: Mar added: Outcome: Cobre Panamá delivered its first 3,716 GEOs from stockpiles, but Franco-Nevada narrowed its 2026 guidance to 525,000 to 555,000 GEOs, towards the midpoint, and no longer expects the upper half. Dec 2026 (estimate): Côté Gold royalty buyback. Pending. Watch: A close in December 2026 with at least $525.0 million in cash passes; a delay or a lower amount fails. Feb 11, 2027 (estimate): 2026 results, 2027 guidance and five-year outlook. Pending. Watch: 2027 GEO guidance above the 2026 result passes; lower guidance fails. 2027 (estimate): Cobre Panamá talks. Pending. Watch: An agreement that restarts mining passes; an agreement for closure only, or no agreement, fails.
- Recent events
- added: Nov 11, 2026: Franco-Nevada reported Q3 2026 results. Revenue rose 13% to $549.3 million, GEOs sold fell 6% to 130,435, and Adjusted Net Income rose 33% to $364.5 million, or $1.89 per share. Net income was $395.5 million, or $2.05 per share. Franco-Nevada narrowed its 2026 guidance to 525,000 to 555,000 GEOs, towards the midpoint, because production at Guadalupe-Palmarejo and Candelaria was lower than expected. Cobre Panamá delivered 3,716 GEOs from stockpiled ore. Available capital was $4.8 billion, and the quarterly dividend stays at $0.44 per share. Nov 5, 2026: IAMGOLD gave notice that it will buy back 50% of Franco-Nevada's Côté Gold gross margin royalty. Franco-Nevada expects at least $525.0 million in cash and a close in December 2026. The royalty rate falls from 7.5% to 3.75% from January 1, 2027. Sep 30, 2026: The Panamanian ministerial commission recommended talks with First Quantum on a new agreement for Cobre Panamá, which would end the arbitrations and allow a project with an orderly closure. Sep 13, 2026: Franco-Nevada agreed to buy an additional gross royalty on the Bullabulling gold project from Minerals 260 for A$170 million, and to subscribe for A$30 million of its shares. Aug 11, 2026: Franco-Nevada reported Q2 2026 results. Revenue rose 57% to $580.9 million, GEOs sold rose 18% to 132,405, and Adjusted Net Income was $349.2 million, or $1.81 per share. It expects 2026 GEOs in the upper half of its guidance. Jun 17, 2026: A local court in Burkina Faso said that the stream agreement on the Karma mine is void. Franco-Nevada says that the judgement is not valid and seeks remedies under Ontario law. May 12, 2026: Franco-Nevada reported Q1 2026 results. Apr 7, 2026: The Government of Panama approved the processing and export of stockpiled ore at Cobre Panamá. Franco-Nevada expects deliveries of about 23,000 gold ounces and 265,000 silver ounces from it. Mar 10, 2026: Franco-Nevada reported record 2025 results, with revenue of $1,822.8 million and Adjusted Net Income of $5.58 per share. It gave a 2030 outlook of 555,000 to 615,000 GEOs, without Cobre Panamá.