B vs FNV: Barrick Mining 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.
- Barrick Mining is the larger company, worth $62.4B, about 1.4 times Franco-Nevada.
- Franco-Nevada grew revenue faster over the last year (+63.7% vs +31.2%).
- On earnings, Barrick Mining is the cheaper stock (14.0x vs 42.5x).
- Franco-Nevada's price assumes faster free cash flow growth: about 10% a year, against 2% for Barrick Mining (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 | B | FNV |
|---|---|---|
| Market cap | $62.4B | $44.2B |
| Share price | $41.06 | $244.85 |
| Revenue (last fiscal year) | $17.0B | $1.8B |
| Free cash flow (last fiscal year) | $3.9B | $1.5B |
| Revenue growth, last year | +31.2% | +63.7% |
| Revenue growth per year, last 5 fiscal years | +9.1% | +8.8% |
| Operating margin | — | 74.3% |
| Net margin | 29.4% | 61.0% |
| Return on equity | 20.1% | 16.8% |
| P/E (trailing) | 14.0x | 42.5x |
| Price / free cash flow | 16.9x | 29.7x |
| EV / EBITDA | 5.86x | 26.0x |
| FCF growth the price implies | 2.2% | 10.1% |
| Dividend yield | 1.5% | 0.65% |
| Debt / equity | 0.56x | 0.06x |
| Fundamental grade | A | B |
| Superinvestors holding it | 10 | 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.
Barrick Mining
| Year | Revenue | Free cash flow | Op. margin |
|---|---|---|---|
| 2021 | $12.0B | $1.9B | — |
| 2022 | $11.0B | $432M | — |
| 2023 | $11.4B | $646M | — |
| 2024 | $12.9B | $1.3B | — |
| 2025 | $17.0B | $3.9B | — |
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
Barrick Mining · by segments, 2025
Carlin$4.0B22%
Cortez$2.7B15%
Other Mines$2.4B13%
Pueblo Viejo$2.3B13%
Turquoise Ridge$2.0B11%
Lumwana$1.5B8%
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 B in InvestinglyQuestions
Which is bigger, Barrick Mining or Franco-Nevada?
Barrick Mining (B), at $62.4B against $44.2B.
Is B or FNV cheaper?
By trailing P/E, Barrick Mining (14.0x) is cheaper than Franco-Nevada (42.5x). A lower multiple can also mean the market expects less growth.
Which grows faster, B or FNV?
Franco-Nevada: revenue grew +63.7% over the last year, against +31.2%.
Prices and ratios as of the last daily update; statements from SEC filings. Information only, not investment advice.