FRANCO NEVADA Corp financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data FRANCO NEVADA Corp files with the SEC in its annual reports.

In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

	FY2017	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	610	675	653	844	1,020	1,300	1,316	1,219	1,114	1,823
Cost of revenue	380	415	366	408	400	478	463	452	354	476
Gross profit	231	260	287	436	620	822	853	767	759	1,347
General and administrative	20.7	21.3							0.7	1.5
Operating income	155	235	189	410	337	861	821	-428	727	1,354
Interest expense	3.6	3.4	4.6	10.6	3.5	3.6	3.2	2.9	2.6	3.1
Interest income	3.5	5.4	3.1	3.5	3.7	3.7	12.6	52.3	60.6	28.2
Pre-tax income	168	236	189	406	340	858	834	-364	764	1,416
Income tax	45.7	41.3	50.1	61.8	13.3	124	133	102	212	304
Net income	122	195	139	344	326	734	701	-466	552	1,112
EBITDA	429	508	437	673	578	1,160	1,107	-155	952	1,661
EPS, basic	0.70	1.06	0.75	1.83	1.71	3.84	3.66	-2.43	2.87	5.77
EPS, diluted	0.69	1.06	0.75	1.83	1.71	3.83	3.65	-2.43	2.87	5.76

Balance sheet

	FY2017	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	253	511	69.7	132	534	539	1,197	1,422	1,451	671
Short-term investments						39.7
Inventory	2.7	7.1		4.4	0.5	0.5	0.1	51.8	96.8	40.1
Total current assets	361	616	179	279	664	751	1,383	1,615	1,717	1,021
Lease right-of-use assets				2.5	2	1.5	0.9	0.6	4.5	4.2
Total assets	4,222	4,788	4,932	5,281	5,593	6,210	6,627	5,994	6,330	8,241
Accounts payable	9.6	6.2	7.3	6.8	3.5	8.5	7	5.5	5.1	8.4
Total current liabilities	37.6	22.6	25	53.4	53.2	43.2	50.2	39.2	67.5	123
Lease liabilities				2.6
Total liabilities	75.1	82.9	300	218	149	185	209	225	334	606
Total debt			210	80
Retained earnings	-337	-310	-322	-164	-34.4	485	940	212	487	1,380
Total equity	4,147	4,706	4,632	5,062	5,444	6,025	6,418	5,769	5,997	7,635
Total liabilities and equity	4,222	4,788	4,932	5,281	5,593	6,210	6,627	5,994	6,330	8,241

Cash flow statement

	FY2017	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	122	195	139	344	326	734	701	-466	552	1,112
Depreciation and amortization	274	273	248	263	241	300	286	273	225	307
Cash from operations	471	489	475	618	804	955	1,000	991	830	1,494
Capital expenditures	-0.2								-0.2	-2.4
Cash from investing	-690	-501	-989	-436	-309	-765	-146	-541	-537	-2,033
Debt issued			237	435		150				175
Debt repaid			-27	-80	-80					-175
Stock issued	884			136	136
Dividends paid	-118	-126	-136	-138	-155	-180	-198	-233	-242	-275
Cash from financing	322	240	77.6	-120	-91.8	-180	-189	-230	-240	-267
Exchange rate effect	0.9	30.7	-5.1	0.6	-1	-5.1	-7.8	5.4	-22.4	26.3
Net change in cash	104	258	-441	62.4	402	5.1	657	225	29.4	-780
Free cash flow	471								829	1,491

Key metrics

Worked out from the statements above. Latest values use fiscal 2025. Valuation uses the share price of $257.87 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Gross margin	73.9%	Gross profit / revenue.
Operating margin	74.3%	Operating income / revenue.
EBITDA margin	91.1%	EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin	77.7%	Pre-tax income / revenue.
Net margin	61.0%	Net income / revenue.
FCF margin	81.8%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	81.9%	Cash from operations / revenue.
Effective tax rate	21.5%	Income tax / pre-tax income, when pre-tax income is positive.
Return on assets (ROA)	15.3%	Net income / average total assets.
Capex / revenue	0.1%	Capital expenditures / revenue.
D&A / revenue	16.8%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	63.7%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	11.5%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	12.3%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Gross profit growth, 1y	77.4%	Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 3y	16.5%	Compound annual growth of gross profit over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Gross profit CAGR, 5y	16.8%	Compound annual growth of gross profit over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating income growth, 1y	86.4%	Operating income vs the same period a year earlier. Only from a positive base.
Operating income CAGR, 3y	18.2%	Compound annual growth of operating income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating income CAGR, 5y	32.1%	Compound annual growth of operating income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EBITDA growth, 1y	74.5%	EBITDA vs the same period a year earlier. Only from a positive base.
EBITDA CAGR, 3y	14.5%	Compound annual growth of ebitda over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EBITDA CAGR, 5y	23.5%	Compound annual growth of ebitda over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Net income growth, 1y	101.4%	Net income vs the same period a year earlier. Only from a positive base.
Net income CAGR, 3y	16.7%	Compound annual growth of net income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Net income CAGR, 5y	27.8%	Compound annual growth of net income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EPS growth, 1y	100.7%	EPS vs the same period a year earlier. Only from a positive base.
EPS CAGR, 3y	16.4%	Compound annual growth of eps over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EPS CAGR, 5y	27.5%	Compound annual growth of eps over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating cash flow growth, 1y	80.1%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	14.3%	Compound annual growth of operating cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating cash flow CAGR, 5y	13.2%	Compound annual growth of operating cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Free cash flow growth, 1y	79.8%	Free cash flow vs the same period a year earlier. Only from a positive base.
Total assets growth, 1y	30.2%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	7.5%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y	8.1%	Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.

Balance sheet health

Metric	Value	How it is calculated
Current ratio	8.30x	Current assets / current liabilities.
Quick ratio	5.45x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	5.45x	(Cash + short-term investments) / current liabilities.
Liabilities / assets	7.4%	Total liabilities / total assets.
Interest coverage	437x	Operating income / interest expense.
Working capital	$898.4M	Current assets - current liabilities.

Efficiency

Metric	Value	How it is calculated
Asset turnover	0.25x	Revenue / average total assets.
Inventory turnover	6.95x	Cost of revenue / average inventory.
Days inventory	53 days	365 x average inventory / cost of revenue.
Days payables	5 days	365 x average accounts payable / cost of revenue.
FCF conversion	134.1%	Free cash flow / net income, when net income is positive.
Capex / operating cash flow	0.2%	Capital expenditures / cash from operations, when that is positive.

Per share

Metric	Value	How it is calculated
EPS, diluted	$5.76	Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
EPS, basic	$5.77	Net income per basic share, as reported (split-adjusted).
Payout ratio	24.7%	Dividends paid / net income, when net income is positive.
Dividends / FCF	18.4%	Dividends paid / free cash flow, when free cash flow is positive.

Valuation

Metric	Value	How it is calculated
Market cap	$49.74B	Share price x shares outstanding.
Enterprise value	$49.07B	Market cap + total debt - cash - short-term investments.
P/E	44.7x	Market cap / net income. Only when net income is positive.
P/S	27.3x	Market cap / revenue.
P/FCF	33.4x	Market cap / free cash flow. Only when free cash flow is positive.
P/OCF	33.3x	Market cap / cash from operations, when positive.
EV/Sales	26.9x	Enterprise value / revenue.
EV/EBIT	36.2x	Enterprise value / operating income, when both are positive.
EV/EBITDA	29.5x	Enterprise value / EBITDA, when both are positive.
EV/FCF	32.9x	Enterprise value / free cash flow, when both are positive.
FCF yield	3.0%	Free cash flow / market cap.
Earnings yield	2.2%	Net income / market cap (the inverse of P/E).
Dividend yield	0.6%	Dividends paid over the period / market cap.
Shareholder yield	0.6%	(Dividends paid + share buybacks) / market cap.
PEG	2.72x	P/E / EPS growth per year over 3 years (in percent). Only when both are positive.

What was FRANCO NEVADA Corp's revenue in fiscal 2025?

FRANCO NEVADA Corp reported revenue of $1.82B for fiscal 2025, 63.7% higher than the year before.

Was FRANCO NEVADA Corp profitable in fiscal 2025?

Yes. Net income was $1.11B, a net margin of 61%.

How much free cash flow did FRANCO NEVADA Corp generate in fiscal 2025?

Cash from operations of $1.49B minus capital expenditures of $2.4M left free cash flow of $1.49B.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

Open interactive statements, quarterly figures and charts

Back to FRANCO NEVADA Corp