Franco-Nevada (FNV)
What the price implies
A reverse DCF: instead of guessing a fair value, it asks what growth today's price already assumes. How it works.
At a market value of $44.0B, Franco-Nevada's free cash flow of $1.5B (fiscal 2025) would need to grow about 10% a year for the stock to be worth today's price. That is slower than the company has grown its free cash flow over the last 9 years.
Assumes a 9% discount rate and 3% growth after year 10, on free cash flow (operating cash flow minus capital spending) from Franco-Nevada's SEC filings. Change any assumption, or model revenue and margins instead, in the Modeling tab, or try your own numbers in the reverse DCF calculator.
Fundamental grade
Five factors scored 1 to 9 from FNV's latest numbers, weighted into one grade. It describes the business, not whether the stock is a buy.
Key numbers
Results from SEC filings
Fiscal years, from Franco-Nevada's 10-K filings. The deep dive has 15+ years, quarters and every line.
| Fiscal year | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Revenue | $1.3B | $1.3B | $1.2B | $1.1B | $1.8B |
| Net income | $734M | $701M | -$466M | $552M | $1.1B |
| Free cash flow | — | — | — | $829M | $1.5B |
| EPS (diluted) | $3.83 | $3.65 | -$2.43 | $2.87 | $5.76 |
| Operating margin | 66.2% | 62.4% | -35.1% | 65.2% | 74.3% |
Where the revenue comes from
Revenue by segments, fiscal 2025.
Superinvestors who own FNV
From each investor's latest 13F filing (what a 13F shows). 7 of the investors we track hold it.
| Investor | Last quarter | Value | % of portfolio | Quarter |
|---|---|---|---|---|
| Jean-Marie Eveillard First Eagle Investment Management |
Trimmed | $1.1B | 1.8% | Q2 2026 |
| Tom Gayner Markel Group Inc. |
Added | $161M | 1.2% | Q2 2026 |
| Murray Stahl Horizon Kinetics LLC |
Added | $161M | 1.8% | Q2 2026 |
| Hersh Cohen ClearBridge Investments |
Trimmed | $127M | 0.10% | Q2 2026 |
| Cliff Asness AQR Capital Management |
Added | $61M | 0.02% | Q2 2026 |
| Mario Gabelli GAMCO Investors |
Trimmed | $2M | 0.02% | Q2 2026 |
| Joel Greenblatt Gotham Asset Management |
Added | $553,200 | 0.00% | Q2 2026 |
Insider buying
Open-market purchases by Franco-Nevada's executives and directors in the last 12 months, from SEC Form 4 filings. What insider buying tells you.
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In the full deep dive
Questions
What growth does Franco-Nevada's stock price imply?
At a market value of $44.0B, Franco-Nevada would need its free cash flow to grow about 10% a year for 10 years (discounted at 9%, 3% growth after that) to be worth today's price. Over the last 9 years its free cash flow grew 14% a year.
Are Franco-Nevada insiders buying the stock?
No open-market insider purchases of FNV in the last 12 months, according to SEC Form 4 filings.
Which superinvestors own Franco-Nevada?
7 of the superinvestors Investingly tracks hold FNV in their latest 13F, including Jean-Marie Eveillard, Tom Gayner, Murray Stahl.
Prices and ratios as of Oct 7, 2026; statements from SEC filings. Information only, not investment advice. Superinvestor holdings come from 13F filings, which are filed up to 45 days after each quarter ends.