FNV vs KGC: Franco-Nevada and Kinross Gold 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 1.8 times Kinross Gold.
- Franco-Nevada grew revenue faster over the last year (+63.7% vs +37.0%).
- Franco-Nevada keeps more of each dollar of revenue as operating profit (74.3% vs 46.5%).
- On earnings, Kinross Gold is the cheaper stock (12.2x vs 42.5x).
- Franco-Nevada's price assumes faster free cash flow growth: about 10% a year, against -5% for Kinross Gold (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 | KGC |
|---|---|---|
| Market cap | $44.2B | $24.9B |
| Share price | $244.85 | $23.74 |
| Revenue (last fiscal year) | $1.8B | $7.1B |
| Free cash flow (last fiscal year) | $1.5B | $2.6B |
| Revenue growth, last year | +63.7% | +37.0% |
| Revenue growth per year, last 5 fiscal years | +8.8% | +28.3% |
| Operating margin | 74.3% | 46.5% |
| Net margin | 61.0% | 33.9% |
| Return on equity | 16.8% | 27.9% |
| P/E (trailing) | 42.5x | 12.2x |
| Price / free cash flow | 29.7x | 9.69x |
| EV / EBITDA | 26.0x | 6.47x |
| FCF growth the price implies | 10.1% | -4.6% |
| Dividend yield | 0.65% | 0.67% |
| Debt / equity | 0.06x | 0.43x |
| Fundamental grade | B | A |
| Superinvestors holding it | 7 | 5 |
| 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% |
Kinross Gold
| Year | Revenue | Free cash flow | Op. margin |
|---|---|---|---|
| 2021 | $2.6B | $314M | 2.8% |
| 2022 | $3.5B | — | 3.4% |
| 2023 | $4.2B | $507M | 18.9% |
| 2024 | $5.1B | $1.4B | 29.9% |
| 2025 | $7.1B | $2.6B | 46.5% |
Where the revenue comes from
Franco-Nevada · by segments, 2025
Precious metals$1.6B86%
Energy$204M11%
Other mining$56M3%
Kinross Gold · by segments, 2025
Paracatu$2.1B29%
Tasiast$1.7B24%
Fort Knox$1.4B20%
La Coipa$825M12%
Bald Mountain$604M9%
Round Mountain$490M7%
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 Kinross Gold?
Franco-Nevada (FNV), at $44.2B against $24.9B.
Is FNV or KGC cheaper?
By trailing P/E, Kinross Gold (12.2x) is cheaper than Franco-Nevada (42.5x). A lower multiple can also mean the market expects less growth.
Which grows faster, FNV or KGC?
Franco-Nevada: revenue grew +63.7% over the last year, against +37.0%.
Prices and ratios as of the last daily update; statements from SEC filings. Information only, not investment advice.