FNV vs WPM: Franco-Nevada and Wheaton Precious Metals compared
The short version
From the latest prices and each company's SEC filings. Who's ahead on each measure, not which to buy.
- Wheaton Precious Metals is the larger company, worth $55.1B, about 1.2 times Franco-Nevada.
- Wheaton Precious Metals grew revenue faster over the last year (+80.2% vs +63.7%).
- Franco-Nevada keeps more of each dollar of revenue as operating profit (74.3% vs 68.3%).
- On earnings, Franco-Nevada is the cheaper stock (42.5x vs 42.8x).
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 | WPM |
|---|---|---|
| Market cap | $44.2B | $55.1B |
| Share price | $244.85 | $138.65 |
| Revenue (last fiscal year) | $1.8B | $2.3B |
| Free cash flow (last fiscal year) | $1.5B | — |
| Revenue growth, last year | +63.7% | +80.2% |
| Revenue growth per year, last 5 fiscal years | +8.8% | +17.8% |
| Operating margin | 74.3% | 68.3% |
| Net margin | 61.0% | 63.6% |
| Return on equity | 16.8% | 19.1% |
| P/E (trailing) | 42.5x | 42.8x |
| Price / free cash flow | 29.7x | 96.1x |
| EV / EBITDA | 26.0x | 31.0x |
| FCF growth the price implies | 10.1% | — |
| Dividend yield | 0.65% | 0.57% |
| Debt / equity | 0.06x | 0.03x |
| Fundamental grade | B | B |
| Superinvestors holding it | 7 | 7 |
| Insider purchases, last 12 months | 0 | 6 |
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% |
Wheaton Precious Metals
| Year | Revenue | Free cash flow | Op. margin |
|---|---|---|---|
| 2021 | $1.2B | — | 62.8% |
| 2022 | $1.1B | — | 48.1% |
| 2023 | $1.0B | — | 49.7% |
| 2024 | $1.3B | — | 48.3% |
| 2025 | $2.3B | — | 68.3% |
Where the revenue comes from
Franco-Nevada · by segments, 2025
Precious metals$1.6B86%
Energy$204M11%
Other mining$56M3%
Wheaton Precious Metals · by regions, 2025
Brazil$1.0B45%
Peru$451M19%
Mexico$438M19%
Canada$168M7%
Sweden$89M4%
Portugal$79M3%
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 Wheaton Precious Metals?
Wheaton Precious Metals (WPM), at $55.1B against $44.2B.
Is FNV or WPM cheaper?
By trailing P/E, Franco-Nevada (42.5x) is cheaper than Wheaton Precious Metals (42.8x). A lower multiple can also mean the market expects less growth.
Which grows faster, FNV or WPM?
Wheaton Precious Metals: revenue grew +80.2% 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.