AEM vs FNV: Agnico Eagle Mines Limited and Franco-Nevada compared
The short version
From the latest prices and each company's SEC filings. Who's ahead on each measure, not which to buy.
- Agnico Eagle Mines Limited is the larger company, worth $87.0B, about 2.0 times Franco-Nevada.
- Franco-Nevada grew revenue faster over the last year (+63.7% vs +43.7%).
- On earnings, Agnico Eagle Mines Limited is the cheaper stock (21.3x vs 42.5x).
- Franco-Nevada's price assumes faster free cash flow growth: about 10% a year, against 5% for Agnico Eagle Mines Limited (reverse DCF).
Side by side
The stronger figure is shaded where higher (or, for valuation multiples, lower) reads as better. How the implied growth works.
| Measure | AEM | FNV |
|---|---|---|
| Market cap | $87.0B | $44.2B |
| Share price | $189.02 | $244.85 |
| Revenue (last fiscal year) | $11.9B | $1.8B |
| Free cash flow (last fiscal year) | $4.4B | $1.5B |
| Revenue growth, last year | +43.7% | +63.7% |
| Revenue growth per year, last 5 fiscal years | +32.4% | +8.8% |
| Operating margin | — | 74.3% |
| Net margin | 37.5% | 61.0% |
| Return on equity | 104.0% | 16.8% |
| P/E (trailing) | 21.3x | 42.5x |
| Price / free cash flow | 20.4x | 29.7x |
| EV / EBITDA | 9.65x | 26.0x |
| FCF growth the price implies | 4.8% | 10.1% |
| Dividend yield | 0.89% | 0.65% |
| Debt / equity | 0.56x | 0.06x |
| Fundamental grade | A | B |
| Superinvestors holding it | 7 | 7 |
| Insider purchases, last 12 months | 0 | 0 |
Results from SEC filings
Revenue and free cash flow by fiscal year, from each company's 10-K filings.
Agnico Eagle Mines Limited
| Year | Revenue | Free cash flow | Op. margin |
|---|---|---|---|
| 2021 | $3.9B | $448M | 50.2% |
| 2022 | $5.7B | $558M | 48.3% |
| 2023 | $6.6B | $947M | — |
| 2024 | $8.3B | $2.1B | — |
| 2025 | $11.9B | $4.4B | — |
Franco-Nevada
| Year | Revenue | Free cash flow | Op. margin |
|---|---|---|---|
| 2021 | $1.3B | — | 66.2% |
| 2022 | $1.3B | — | 62.4% |
| 2023 | $1.2B | — | -35.1% |
| 2024 | $1.1B | $829M | 65.2% |
| 2025 | $1.8B | $1.5B | 74.3% |
Where the revenue comes from
Agnico Eagle Mines Limited · by segments, 2025
Detour Lake$2.4B20%
Canadian Malartic$2.1B17%
Meadowbank$1.7B14%
Meliadine$1.3B11%
LaRonde mine$1.3B11%
Macassa$1.0B9%
Franco-Nevada · by segments, 2025
Precious metals$1.6B86%
Energy$204M11%
Other mining$56M3%
Compare them in fullFifteen years of statements, quarterly results, DCF and IRR models, and any number of peers side by side.
Open AEM in InvestinglyQuestions
Which is bigger, Agnico Eagle Mines Limited or Franco-Nevada?
Agnico Eagle Mines Limited (AEM), at $87.0B against $44.2B.
Is AEM or FNV cheaper?
By trailing P/E, Agnico Eagle Mines Limited (21.3x) is cheaper than Franco-Nevada (42.5x). A lower multiple can also mean the market expects less growth.
Which grows faster, AEM or FNV?
Franco-Nevada: revenue grew +63.7% over the last year, against +43.7%.
Prices and ratios as of the last daily update; statements from SEC filings. Information only, not investment advice.