FNV vs GFI: Franco-Nevada and Gold Fields Ltd ADR compared
The short version
From the latest prices and each company's SEC filings. Who's ahead on each measure, not which to buy.
- Franco-Nevada is the larger company, worth $44.2B, about 1.5 times Gold Fields Ltd ADR.
- Franco-Nevada grew revenue faster over the last year (+63.7% vs +15.6%).
- On earnings, Gold Fields Ltd ADR is the cheaper stock (26.7x vs 42.5x).
- Gold Fields Ltd ADR's price assumes faster free cash flow growth: about 21% a year, against 10% for Franco-Nevada (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 | FNV | GFI |
|---|---|---|
| Market cap | $44.2B | $28.8B |
| Share price | $244.85 | $36.82 |
| Revenue (last fiscal year) | $1.8B | $5.2B |
| Free cash flow (last fiscal year) | $1.5B | $424M |
| Revenue growth, last year | +63.7% | +15.6% |
| Revenue growth per year, last 5 fiscal years | +8.8% | +7.5% |
| Operating margin | 74.3% | — |
| Net margin | 61.0% | 23.9% |
| Return on equity | 16.8% | 23.9% |
| P/E (trailing) | 42.5x | 26.7x |
| Price / free cash flow | 29.7x | 9.23x |
| EV / EBITDA | 26.0x | 12.8x |
| FCF growth the price implies | 10.1% | 21.1% |
| Dividend yield | 0.65% | 7.2% |
| Debt / equity | 0.06x | 0.92x |
| Fundamental grade | B | B |
| Superinvestors holding it | 7 | 4 |
| 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.
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% |
Gold Fields Ltd ADR
| Year | Revenue | Free cash flow | Op. margin |
|---|---|---|---|
| 2020 | $3.9B | $528M | — |
| 2021 | $4.2B | $142M | — |
| 2022 | $4.3B | $310M | — |
| 2023 | $4.5B | $138M | — |
| 2024 | $5.2B | $424M | — |
Where the revenue comes from
Franco-Nevada · by segments, 2025
Precious metals$1.6B86%
Energy$204M11%
Other mining$56M3%
Gold Fields Ltd ADR · by products, 2025
Gold$8.4B96%
Copper$228M3%
Silver$117M1%
Compare them in fullFifteen years of statements, quarterly results, DCF and IRR models, and any number of peers side by side.
Open FNV in InvestinglyQuestions
Which is bigger, Franco-Nevada or Gold Fields Ltd ADR?
Franco-Nevada (FNV), at $44.2B against $28.8B.
Is FNV or GFI cheaper?
By trailing P/E, Gold Fields Ltd ADR (26.7x) is cheaper than Franco-Nevada (42.5x). A lower multiple can also mean the market expects less growth.
Which grows faster, FNV or GFI?
Franco-Nevada: revenue grew +63.7% over the last year, against +15.6%.
Prices and ratios as of the last daily update; statements from SEC filings. Information only, not investment advice.