Franco-Nevada Corporation
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+ FollowMarket Cap$47.65B
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Earnings Call Q3 2026
November 12, 2026 - AI Summary
Q3 results were strong and outperformed YoY, driven mainly by higher gold + oil prices
- Revenue up 13% YoY to $549.3M; Adjusted EBITDA up 15% to $493.9M; Adjusted net income up 33% to $364.5M.
- Operating cash flow improved (management characterized it as higher than prior year).
- GEO deliveries/sales: total GEO sold 130k vs 139k in Q3’25 (down ~7% for precious-metals GEOs), but diversified/energy revenue offset.
- Cost side helped: cost of sales $43.1M vs $47.2M and depletion lower ($78.6M vs $87.0M) largely from timing/stream delivery volumes.
Guidance outlook improved/updated: GEO ranges narrowed; diversified (energy) revenue expected to surge
- Management narrowed total GEO sold guidance to 525,000–555,000 (from prior broader range), and included ~10,000 GEOs from Cobre Panamá stockpile processing (not in the original guidance).
- Diversified revenue (energy) is the standout: diversified revenue expected $300M–$330M (higher than prior expectation), attributed largely to price strength rather than volume.
- Clarification from CFO/management on energy: the guidance increase is “all energy”—iron ore is relatively flat YoY; oil price/energy pricing drives the increase, with production increases contributing but most of the uplift is price-driven.
Challenges/negatives: GEO volume shortfalls at some precious-metal assets and some delivery/timing disruptions
- Precious-metal GEOs slightly below expectations: although Cobre Panamá contributed 3,720 GEOs from stockpile processing, comparisons were affected because in prior year Franco Nevada received more GEOs related to concentrate shipments.
- Guadalupe impacted by heavy rainfall leading to supply chain constraints and delayed access to high-grade areas.
- Antapaccay deliveries lower due to timing of GEO deliveries.
- Net: operationally “slightly weaker” at some precious-metal points, but financial performance still came through via oil/energy and pricing.
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$60.27
75.6% downside
Current Fair Value
75.6% downsideOvervalued by 75.6% based on the discounted cash flow analysis.
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Share Statistics
| Market cap | $47.65 Billion |
|---|---|
| Enterprise Value | $46.51 Billion |
| Annual dividend | $1.70 |
| Dividend yield | 0.69% |
| Earnings per Share | $5.87 |
| Beta | 0.93 |
| Outstanding Shares | 192,900,000 |
Return
| Return on Equity | 18.01% |
|---|---|
| Return on Assets | 16.60% |
| Return on Invested Capital | 19.95% |
Valuation & Multiples
| P/E Ratio | 30.05 |
|---|---|
| PEG | 79.99 |
| Price to Sales | 20.59 |
| Price to Book Ratio | 5.49 |
| Enterprise Value to Revenue | 19.57 |
| Enterprise Value to EBIT | 24.79 |
| Enterprise Value to Net Income | 29 |
| Total Debt to Enterprise | 0 |
| Debt to Equity | 0.01 |
Revenue Sources
No data
Last Earnings Call
Report Date
November 11, 2026
EPS
$1.89
Est. $1.77Revenue
$549.30 M
Est. $568.44 MNext Earnings Call
Expected Date
March 9, 2027
EPS Estimate
$2.00
Consensus analyst estimateRevenue Estimate
$621.71 M
Consensus analyst estimateInstitutional Put/Call Ratio
Compares institutional put options with call options. At 0.00, the ratio is below 1, so institutions hold more calls than puts.
| Put/Call Ratio | 0.0000▼ 89.47% |
|---|---|
| Total Calls | -▼ 100.00% |
| Total Puts | -▼ 100.00% |
Institutional Ownership
Holdings and activity of institutional investors.
| Ownership % | 8.75%▼ 63.12% |
|---|---|
| Total Invested | $4.04B▼ 86.13% |
| Investors Holding | 320▼ 373.00% |
About Franco-Nevada Corporation
44 employees
CEO: Paul J. Brink
Franco-Nevada Corporation is the leading gold-focused royalty and streaming company with the largest and most diversified portfolio of cash-flow producing assets. The Company has the largest and most diversified portfolio of royalties an...