AU vs FNV: AngloGold Ashanti 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.
- AngloGold Ashanti is the larger company, worth $44.4B, close to Franco-Nevada's $44.2B.
- AngloGold Ashanti grew revenue faster over the last year (+70.8% vs +63.7%).
- On earnings, AngloGold Ashanti is the cheaper stock (18.2x vs 42.5x).
- Franco-Nevada's price assumes faster free cash flow growth: about 10% a year, against -0% for AngloGold Ashanti (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 | AU | FNV |
|---|---|---|
| Market cap | $44.4B | $44.2B |
| Share price | $94.16 | $244.85 |
| Revenue (last fiscal year) | $9.9B | $1.8B |
| Free cash flow (last fiscal year) | $3.3B | $1.5B |
| Revenue growth, last year | +70.8% | +63.7% |
| Revenue growth per year, last 5 fiscal years | +25.2% | +8.8% |
| Operating margin | — | 74.3% |
| Net margin | 32.1% | 61.0% |
| Return on equity | 39.2% | 16.8% |
| P/E (trailing) | 18.2x | 42.5x |
| Price / free cash flow | 14.3x | 29.7x |
| EV / EBITDA | 7.19x | 26.0x |
| FCF growth the price implies | -0.35% | 10.1% |
| Dividend yield | 5.4% | 0.65% |
| Debt / equity | 0.64x | 0.06x |
| Fundamental grade | A | B |
| Superinvestors holding it | 4 | 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.
AngloGold Ashanti
| Year | Revenue | Free cash flow | Op. margin |
|---|---|---|---|
| 2021 | $4.0B | $240M | — |
| 2022 | $4.5B | $776M | — |
| 2023 | $4.6B | -$71M | — |
| 2024 | $5.8B | $878M | — |
| 2025 | $9.9B | $3.3B | — |
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
AngloGold Ashanti
No segment breakdown reported.
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 AU in InvestinglyQuestions
Which is bigger, AngloGold Ashanti or Franco-Nevada?
AngloGold Ashanti (AU), at $44.4B against $44.2B.
Is AU or FNV cheaper?
By trailing P/E, AngloGold Ashanti (18.2x) is cheaper than Franco-Nevada (42.5x). A lower multiple can also mean the market expects less growth.
Which grows faster, AU or FNV?
AngloGold Ashanti: revenue grew +70.8% over the last year, against +63.7%.
Prices and ratios as of the last daily update; statements from SEC filings. Information only, not investment advice.