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FRANCO NEVADA vs Wheaton Precious Metals: revenue, profit, margins and growth compared

FRANCO NEVADA brought in $1.8B of revenue in fiscal 2025, Wheaton Precious Metals $2.3B in fiscal 2025. Revenue changed by +63.7% at FRANCO NEVADA and +80.2% at Wheaton Precious Metals on the year before, so Wheaton Precious Metals grew faster. FRANCO NEVADA kept 61.0% of its revenue as net profit, Wheaton Precious Metals 63.6%.

Side by side, latest fiscal year

FNVWPM
Fiscal year endedFY2025 (December 31, 2025)FY2025 (December 31, 2025)
Revenue$1.8B$2.3B
Revenue growth+63.7%+80.2%
Net income$1.1B$1.5B
Net margin61.0%63.6%
Free cash flow$1.5Bn/a
Free cash flow margin81.8%n/a
Earnings per share (diluted)$5.76$3.24
Cash$670.9M$1.2B
Debtn/an/a
Price to earningsn/an/a
Market value$49.7B$64.9B
Dividend yieldn/an/a
Rank by revenue in sector#28 of 71 · Basic materials#20 of 71 · Basic materials

Over the years

Revenue
FNV FY2018: $653.2MFNV FY2019: $844.1MFNV FY2020: $1BFNV FY2021: $1.3BFNV FY2022: $1.3BFNV FY2023: $1.2BFNV FY2024: $1.1BFNV FY2025: $1.8BWPM FY2018: $794MWPM FY2019: $861.3MWPM FY2020: $1.1BWPM FY2021: $1.2BWPM FY2022: $1.1BWPM FY2023: $1BWPM FY2024: $1.3BWPM FY2025: $2.3BFY18FY19FY20FY21FY22FY23FY24FY25
FNV $1.8BWPM $2.3B
Net income
FNV FY2018: $139MFNV FY2019: $344.1MFNV FY2020: $326.2MFNV FY2021: $733.7MFNV FY2022: $700.6MFNV FY2023: -$466.4MFNV FY2024: $552.1MFNV FY2025: $1.1BWPM FY2018: $427.1MWPM FY2019: $86.1MWPM FY2020: $507.8MWPM FY2021: $754.9MWPM FY2022: $669.1MWPM FY2023: $537.6MWPM FY2024: $529.1MWPM FY2025: $1.5BFY18FY19FY20FY21FY22FY23FY24FY25
FNV $1.1BWPM $1.5B
Net margin
FNV FY2018: 21.3%FNV FY2019: 40.8%FNV FY2020: 32.0%FNV FY2021: 56.4%FNV FY2022: 53.2%FNV FY2023: -38.3%FNV FY2024: 49.6%FNV FY2025: 61.0%WPM FY2018: 53.8%WPM FY2019: 10.0%WPM FY2020: 46.3%WPM FY2021: 62.8%WPM FY2022: 62.8%WPM FY2023: 52.9%WPM FY2024: 41.2%WPM FY2025: 63.6%FY18FY19FY20FY21FY22FY23FY24FY25
FNV 61.0%WPM 63.6%
Revenue growth
FNV FY2019: +29.2%FNV FY2020: +20.9%FNV FY2021: +27.4%FNV FY2022: +1.2%FNV FY2023: -7.3%FNV FY2024: -8.6%FNV FY2025: +63.7%WPM FY2019: +8.5%WPM FY2020: +27.3%WPM FY2021: +9.6%WPM FY2022: -11.4%WPM FY2023: -4.6%WPM FY2024: +26.4%WPM FY2025: +80.2%FY19FY20FY21FY22FY23FY24FY25
FNV +63.7%WPM +80.2%
Free cash flow
FNV FY2024: $829.3MFNV FY2025: $1.5BFY24FY25
FNV $1.5BWPM

Fiscal years as each company reports them; the two may end in different months.

Questions about FRANCO NEVADA and Wheaton Precious Metals

Which is bigger by revenue, FRANCO NEVADA or Wheaton Precious Metals?

Wheaton Precious Metals is bigger by revenue: $2.3B in fiscal 2025, against $1.8B for FRANCO NEVADA in fiscal 2025.

Which keeps more of its revenue as profit, FRANCO NEVADA or Wheaton Precious Metals?

FRANCO NEVADA had a net margin of 61.0% in fiscal 2025; Wheaton Precious Metals had 63.6% in fiscal 2025.

Which grew revenue faster, FRANCO NEVADA or Wheaton Precious Metals?

In their latest fiscal years revenue changed by +63.7% at FRANCO NEVADA and +80.2% at Wheaton Precious Metals.

Where do these numbers come from?

From the annual reports each company files with the SEC (10-K, or 20-F and 40-F for foreign companies), read from their XBRL data. Margins and growth are simple arithmetic on those figures. Nothing here is a recommendation.

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