FNV vs NEM: Franco-Nevada and Newmont Goldcorp compared
The short version
From the latest prices and each company's SEC filings. Who's ahead on each measure, not which to buy.
- Newmont Goldcorp is the larger company, worth $116.2B, about 2.6 times Franco-Nevada.
- Franco-Nevada grew revenue faster over the last year (+63.7% vs +15.1%).
- Franco-Nevada keeps more of each dollar of revenue as operating profit (74.3% vs 51.2%).
- On earnings, Newmont Goldcorp is the cheaper stock (14.1x vs 42.5x).
- Franco-Nevada's price assumes faster free cash flow growth: about 10% a year, against 2% for Newmont Goldcorp (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 | NEM |
|---|---|---|
| Market cap | $44.2B | $116.2B |
| Share price | $244.85 | $117.84 |
| Revenue (last fiscal year) | $1.8B | $22.7B |
| Free cash flow (last fiscal year) | $1.5B | $7.3B |
| Revenue growth, last year | +63.7% | +15.1% |
| Revenue growth per year, last 5 fiscal years | +8.8% | +16.7% |
| Operating margin | 74.3% | 51.2% |
| Net margin | 61.0% | 33.4% |
| Return on equity | 16.8% | 24.4% |
| P/E (trailing) | 42.5x | 14.1x |
| Price / free cash flow | 29.7x | 15.9x |
| EV / EBITDA | 26.0x | 7.56x |
| FCF growth the price implies | 10.1% | 2.0% |
| Dividend yield | 0.65% | 0.95% |
| Debt / equity | 0.06x | 0.63x |
| Fundamental grade | B | B |
| Superinvestors holding it | 7 | 0 |
| 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% |
Newmont Goldcorp
| Year | Revenue | Free cash flow | Op. margin |
|---|---|---|---|
| 2021 | $12.2B | $2.6B | 10.3% |
| 2022 | $11.9B | $1.1B | 1.7% |
| 2023 | $11.8B | $97M | -14.4% |
| 2024 | $18.7B | $3.0B | 24.2% |
| 2025 | $22.7B | $7.3B | 48.4% |
Where the revenue comes from
Franco-Nevada · by segments, 2025
Precious metals$1.6B86%
Energy$204M11%
Other mining$56M3%
Newmont Goldcorp · by segments, 2024
NGM$2.5B13%
Peñasquito$2.3B12%
Ahafo South$1.9B10%
Cadia$1.9B10%
Boddington$1.7B9%
Lihir$1.5B8%
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 Newmont Goldcorp?
Newmont Goldcorp (NEM), at $116.2B against $44.2B.
Is FNV or NEM cheaper?
By trailing P/E, Newmont Goldcorp (14.1x) is cheaper than Franco-Nevada (42.5x). A lower multiple can also mean the market expects less growth.
Which grows faster, FNV or NEM?
Franco-Nevada: revenue grew +63.7% over the last year, against +15.1%.
Prices and ratios as of the last daily update; statements from SEC filings. Information only, not investment advice.