olivLaw · US equity research
Franco-Nevada Corporation FNV
Gold and Silver Ores · SIC 1040 · Vertical: Gold and Silver Ores (SIC 1040)
Franco-Nevada acquires royalties and streams on mining and energy properties, earning revenue from the production of others without directly operating the mines. Its official filings stress that revenue depends on the prices of gold, platinum group metals, copper, nickel, silver, iron ore and oil and gas.
The AI analysis may be outdated: new filings came after its sources (see the «AI analysis» section).
At the close of 04 Nov 2026, Franco-Nevada Corporation (FNV) stock was 242.14 USD (+7.15% on the day), with market capitalisation 46.7 bn USD, P/E 42.0 on diluted EPS of 5.76 USD over the last 12 months, dividend yield 0.63%, beta 0.62, 52-week range 187.72–280.82 USD.
Data as of · AI analysis dated · Source: SEC filings and closing prices, computed by olivLaw.
Price history
Loading chart…
Technical reading
- RSI (14)
- 52.5
- neutral
- Bollinger (20, 2)
- 223.95 – 250.18
- in the upper half of the band · %B 0.69 · band width 11.1%
- SMA 50 / 200
- 249.42 / 239.77
- mixed trend
- MACD (12, 26, 9)
- -4.18 / -4.48
- MACD above signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | S&P 500 | vs S&P 500 | Vertical median | |
|---|---|---|---|---|
| 1 month | +0.6% | −1.1% | +1.7 pp | — |
| 3 months | +6.9% | −0.5% | +7.3 pp | — |
| 6 months | +3.3% | +4.4% | −1.1 pp | — |
| Year to date | +16.8% | +12.3% | +4.5 pp | — |
| 1 year | +31.1% | +13.5% | +17.5 pp | −14.3% |
| 3 years | +94.2% | +76.4% | +17.8 pp | +145.9% |
| 5 years | +69.3% | +63.7% | +5.7 pp | — |
Price returns, dividends excluded.
Quarterly results
ESEF annual reports carry no quarters: the results are annual (below).
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Today's P/E sits at the 44 percentile of its own 9-quarter history (min 36.0, median 56.4, max 93.6; quarters with earnings only).
Fiscal years
| Fiscal year | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 653.2 m | 844.1 m | 1.0 bn | 1.3 bn | 1.3 bn | 1.2 bn | 1.1 bn | 1.8 bn |
| Revenue YoY | −3.2% | +29.2% | +20.9% | +27.4% | +1.2% | −7.3% | −8.6% | +63.7% |
| Net income | 139.0 m | 344.1 m | 326.2 m | 733.7 m | 700.6 m | -466.4 m | 552.1 m | 1.1 bn |
| Net income YoY | −28.6% | +147.6% | −5.2% | +124.9% | −4.5% | −166.6% | unavailable | +101.4% |
| Diluted EPS | 0.75 | 1.83 | 1.71 | 3.83 | 3.65 | -2.43 | 2.87 | 5.76 |
| Diluted EPS YoY | −29.2% | +144.0% | −6.6% | +124.0% | −4.7% | −166.6% | unavailable | +100.7% |
| net % | 21.3% | 40.8% | 32.0% | 56.4% | 53.2% | -38.3% | 49.6% | 61.0% |
| Free cash flow | unavailable | unavailable | unavailable | unavailable | unavailable | unavailable | 829.3 m | 1.5 bn |
Reported results vs expectations
Loading…
Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 670.9 m USD
- Financial debt
- unavailable USD
- Net debt
- unavailable USD
- Equity
- 7.6 bn USD
- Total assets
- 8.2 bn USD
- Debt / equity
- unavailable
- Current ratio
- 8.30x
- ROE
- 16.3%
- ROA
- 15.3%
- FCF margin
- 81.8%
Financial statements (source on every figure)
Revenue and net income (USD)
Margins
Income statement · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Revenue | 1.0 bn | 1.3 bn | 1.3 bn | 1.2 bn | 1.1 bn | 1.8 bn | SEC (XBRL)· 19 Mar 2026verified |
| Cost of revenue | 399.8 m | 477.9 m | 463.1 m | 452.4 m | 354.3 m | 475.5 m | SEC (XBRL)· 19 Mar 2026verified |
| Gross profit | 620.4 m | 822.1 m | 852.6 m | 766.6 m | 759.3 m | 1.3 bn | SEC (XBRL)· 19 Mar 2026verified |
| Operating income | 336.5 m | 860.7 m | 820.7 m | -428.0 m | 726.6 m | 1.4 bn | SEC (XBRL)· 19 Mar 2026verified |
| Depreciation & amortisation | 241.0 m | 299.6 m | 286.2 m | 273.1 m | 225.3 m | 306.7 m | SEC (XBRL)· 19 Mar 2026verified |
| EBITDA | 577.5 m ≈ | 1.2 bn ≈ | 1.1 bn ≈ | -154.9 m ≈ | 951.9 m ≈ | 1.7 bn ≈ | SEC (XBRL)· 19 Mar 2026derived |
| Interest expense | 3.5 m | 3.6 m | 3.2 m | 2.9 m | 2.6 m | 3.1 m | SEC (XBRL)· 19 Mar 2026verified |
| Pre-tax income | 339.5 m | 857.8 m | 833.7 m | -364.2 m | 763.9 m | 1.4 bn | SEC (XBRL)· 19 Mar 2026verified |
| Income tax | 13.3 m | 124.1 m | 133.1 m | 102.2 m | 211.8 m | 303.9 m | SEC (XBRL)· 19 Mar 2026verified |
| Net income | 326.2 m | 733.7 m | 700.6 m | -466.4 m | 552.1 m | 1.1 bn | SEC (XBRL)· 19 Mar 2026verified |
| Diluted EPS | 1.71 | 3.83 | 3.65 | -2.43 | 2.87 | 5.76 | SEC (XBRL)· 19 Mar 2026verified |
| Weighted average diluted shares | 190.7 m | 191.5 m | 191.9 m | 192.3 m | 192.6 m | 193.0 m | SEC (XBRL)· 19 Mar 2026verified |
| Dividend per share | 1.03 | 1.16 | 1.28 | 1.36 | 1.44 | 1.52 | SEC (XBRL)· 19 Mar 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating income + Depreciation & amortisation.
Balance sheet · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Cash | 534.2 m | 539.3 m | 1.2 bn | 1.4 bn | 1.5 bn | 670.9 m | SEC (XBRL)· 19 Mar 2026verified |
| Inventories | 500.0 k | 500.0 k | 100.0 k | 51.8 m | 96.8 m | 40.1 m | SEC (XBRL)· 19 Mar 2026verified |
| Current assets | 663.7 m | 751.4 m | 1.4 bn | 1.6 bn | 1.7 bn | 1.0 bn | SEC (XBRL)· 19 Mar 2026verified |
| Total assets | 5.6 bn | 6.2 bn | 6.6 bn | 6.0 bn | 6.3 bn | 8.2 bn | SEC (XBRL)· 19 Mar 2026verified |
| Accounts payable | 3.5 m | 8.5 m | 7.0 m | 5.5 m | 5.1 m | 8.4 m | SEC (XBRL)· 19 Mar 2026verified |
| Current liabilities | 53.2 m | 43.2 m | 50.2 m | 39.2 m | 67.5 m | 123.0 m | SEC (XBRL)· 19 Mar 2026verified |
| Total liabilities | 149.1 m | 184.7 m | 209.2 m | 225.0 m | 333.8 m | 606.1 m | SEC (XBRL)· 19 Mar 2026verified |
| Equity | 5.4 bn | 6.0 bn | 6.4 bn | 5.8 bn | 6.0 bn | 7.6 bn | SEC (XBRL)· 19 Mar 2026verified |
| Shares outstanding at year end | 191.0 m | 191.3 m | 191.9 m | 192.2 m | 192.6 m | 192.8 m | SEC (XBRL)· 19 Mar 2026verified |
Cash flow · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Operating cash flow | 803.9 m | 955.4 m | 999.5 m | 991.2 m | 829.5 m | 1.5 bn | SEC (XBRL)· 19 Mar 2026verified |
| Capex | — | — | — | — | 200.0 k | 2.4 m | SEC (XBRL)· 19 Mar 2026verified |
| Free cash flow | — | — | — | — | 829.3 m ≈ | 1.5 bn ≈ | SEC (XBRL)· 19 Mar 2026derived |
| Investing cash flow | -309.0 m | -765.0 m | -145.5 m | -541.1 m | -537.3 m | -2.0 bn | SEC (XBRL)· 19 Mar 2026verified |
| Financing cash flow | -91.8 m | -180.2 m | -189.0 m | -230.1 m | -240.4 m | -267.4 m | SEC (XBRL)· 19 Mar 2026verified |
| Dividends paid | 154.9 m | 179.6 m | 197.6 m | 233.0 m | 242.4 m | 275.1 m | SEC (XBRL)· 19 Mar 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating cash flow − Capex.
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
Risk
Valuation
olivLaw classification
Score: 70 / 100
A scoring methodology on indicators and valuation, not investment advice.
Closing price
04 Nov 2026Source: olivLaw, closing series
Market cap: 46.7 bn USD
Key indicators
Coverage and freshness
Score by group
- Balance sheet100
- Growth98
- Quality97
- Returns45
- Valuation23
Estimated value range
The combined range = the median of the valid methods' low, central and high values; it is not a probability interval and does not cover every result. Envelope of all methods: 19.97 – 166.22 USD.
Valuation assumptions are editorial choices, not measured; beta is not measured.
Method ranges (USD per share)
— — Mid · ▏ Price
Valuation methods
- DCF (discounted cash flow)unavailable · net debt missing: EV cannot be bridged to equity (missing debt is not zero)
- Peers: EV/EBITDAunavailable · net debt missing: EV cannot be bridged to equity (missing debt is not zero)
- Peers: P/E79.11 – 166.22 (Mid 93.35)21 companies used · median multiple 16.2x · quartiles 13.7x – 28.9xAEM, AG, AGI, ARIS, AU, B, CDE, CMCL, EQX, FSM, GFI, IAG, IDR, KGC, MUX, NAMM, NEM, PAAS, SVM, TII, VOXR
- Dividend discount (DDM)19.97 – 26.86 (Mid 22.91)
Classification (SIC) comparables group by industry code, not by economic activity; the direct group is an editorial selection by activity. Members' multiples are on their own trailing twelve months, at their own latest close.
Assumptions (illustrative, editorial)
- Risk-free rate
- 4.3%
- Equity risk premium
- 5.0%
- Beta (default)
- 1.00
- Cost of equity
- 9.3%
- Terminal growth
- 2.5%
Factor scorecard
Neutral profile · Score 70/100
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | unavailable | unavailable | — |
| Net margin · Quality | 61.0% | 94 (vs peers) | 9% |
| FCF conversion · Quality | 134.1% | 100 (on a fixed band) | 9% |
| Revenue CAGR 3Y · Growth | 11.5% | 96 (on a fixed band) | 12% |
| EPS CAGR 3Y · Growth | 16.4% | 100 (on a fixed band) | 12% |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | 436.8x | 100 (on a fixed band) | 9% |
| Current ratio · Balance sheet | 8.3x | 100 (on a fixed band) | 6% |
| P/E (TTM) · Valuation | 42.0x | 10 (vs peers) | 15% |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | 3.2% | 40 (on a fixed band) | 12% |
| Shareholder yield (distributions) · Returns | 0.6% | 8 (on a fixed band) | 9% |
| Payout ratio (FCF) · Returns | 18.4% | 100 (on a fixed band) | 6% |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet100/100 · 2/3 factors with a value
- Growth98/100 · 2/2 factors with a value
- Quality97/100 · 2/3 factors with a value
- Returns45/100 · 2/2 factors with a value
- Valuation23/100 · 2/3 factors with a value
Memo
FRANCO NEVADA Corp (FNV). Latest full fiscal year: 2025; data up to 2025-12-31.
Figures computed from the financial statements: revenue 1.8 bn USD in 2025; YoY growth 63.7%; net margin 61.0%; ROE 16.3%.
The estimated value range is 49.54–96.54 USD per share (median of 2 methods, agreement: low); assumptions are illustrative. Against the central value of 58.13 USD, the price of 242.14 USD leaves a potential of -76.0% (value / price − 1) and a margin of safety of -316.5% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.
olivLaw score 70/100, methodological classification: neutral profile (score, margin of safety and method agreement together; not a judgement of the right price). Not investment advice.
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- Net margin: 61.0%
- FCF conversion: 134.1%
- Revenue CAGR 3Y: 11.5%
- EPS CAGR 3Y: 16.4%
- Interest coverage: 436.8x
- Current ratio: 8.3x
- Payout ratio (FCF): 18.4%
What contradicts it
- P/E (TTM): 42.0x
- Shareholder yield (distributions): 0.6%
- The price is above the estimated value range
- The valuation methods diverge
Not assessed (insufficient data or a ratio without meaning): ROIC, Net debt / EBITDA, EV/EBITDA.
Versus the vertical median
Gold and Silver Ores (SIC 1040) · same industry (4-digit SIC) · compared with 39 companies
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| NEMNewmont Corporation | 122.7 bn | 13.7 | 26.8% | 34.7% | +21.3% | +30% / +194% |
| AEMAgnico Eagle Mines Limited | 91.7 bn | 20.7 | 19.6% | 37.5% | +43.7% | +5% / +242% |
| BBarrick Mining Corp | 67.2 bn | 13.7 | 19.6% | 29.4% | +31.2% | −3% / +128% |
| FNVFRANCO NEVADA Corp | 46.7 bn | 42.0 | 16.3% | 61.0% | +63.7% | +31% / +94% |
| AUAngloGold Ashanti plc | 44.4 bn | 17.0 | 43.1% | 32.1% | +70.8% | +3% / +357% |
| GFIGold Fields Limited | 32.9 bn | 26.6 | 25.7% | 23.9% | +15.6% | −14% / +140% |
| KGCKinross Gold Corp | 25.7 bn | 11.0 | 31.0% | 33.9% | +36.9% | −24% / +264% |
| PAASPan American Silver Corp. | 17.5 bn | 16.2 | 16.8% | 27.1% | +28.4% | −9% / +165% |
| CDECoeur Mining, Inc. | 14.9 bn | 16.0 | 10.3% | 19.2% | +96.4% | −16% / +378% |
| AGIAlamos Gold Inc. | 12.6 bn | 14.3 | 22.1% | 49.0% | +34.3% | −20% / +103% |
| HMYHarmony Gold Mining Company Limited | 10.4 bn | — | — | — | +25.8% | −17% / +163% |
| IAGIAMGOLD Corporation | 10.3 bn | 15.3 | 19.5% | 25.7% | +74.7% | +12% / +588% |
| EQXEquinox Gold Corp. | 8.9 bn | 32.2 | 4.8% | 12.2% | +99.1% | −19% / +106% |
| AGFirst Majestic Silver Corp. | 7.6 bn | 45.3 | 8.0% | 13.1% | +124.3% | +1% / +158% |
| ARISAris Mining Corp | 3.2 bn | 38.3 | 7.0% | 8.4% | +81.7% | +12% / +396% |
| FSMFortuna Mining Corp. | 2.9 bn | 10.7 | 18.7% | 30.4% | +39.8% | −5% / +146% |
| NGNovagold Resources Inc. | 2.7 bn | — | -32.8% | — | unavailable | −40% / +45% |
| AAUCAllied Gold Corporation | 2.5 bn | — | -13.8% | -3.9% | +82.3% | −3% / unavailable |
| SVMSilvercorp Metals Inc. | 1.9 bn | 30.9 | 9.6% | 19.5% | +38.9% | +10% / +198% |
| HYMCHycroft Mining Holding Corporation | 1.6 bn | — | -72.3% | — | −100.0% | +49% / +716% |
| MUXMcEWEN INC. | 916.1 m | 12.8 | 13.5% | 32.5% | +13.2% | −20% / +94% |
| GROYGold Royalty Corp. | 648.9 m | — | -0.7% | -26.5% | +54.5% | −34% / +86% |
| OGGOsisko Development Corp. | 602.0 m | — | -27.0% | -476.4% | +678.0% | −33% / −17% |
| ITRGIntegra Resources Corp. | 398.7 m | — | -1.4% | -0.9% | +703.7% | −37% / +157% |
| CMCLCaledonia Mining Corp Plc | 397.9 m | 22.6 | 8.5% | 9.8% | +25.1% | −33% / +74% |
1- and 3-year price returns: for FNV from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.
Estimated price (USD)
| Estimated price | Bear | Base | Bull |
|---|---|---|---|
| 1 years | 153.38 Total return -36% · Per year -36% | 270.32 Total return 12% · Per year 12% | 406.01 Total return 69% · Per year 69% |
| 3 years | 170.48 Total return -28% · Per year -10% | 335.94 Total return 41% · Per year 12% | 550.86 Total return 130% · Per year 32% |
| 5 years | 189.48 Total return -19% · Per year -4% | 417.50 Total return 77% · Per year 12% | 747.37 Total return 214% · Per year 26% |
- Exit P/E± 83.99
- Net margin± 58.79
- Annual revenue growth± 45.23
- Annual dilution± 4.94
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
Possibly outdated: the newest document it read is from 19 Mar 2026; since then the company filed 6-K (13 Oct 2026), 6-K (30 Sept 2026), 6-K (28 Sept 2026), 6-K (14 Sept 2026), 6-K (12 Aug 2026), 6-K (20 Jul 2026).
In brief
Franco-Nevada acquires royalties and streams on mining and energy properties, earning revenue from the production of others without directly operating the mines. Its official filings stress that revenue depends on the prices of gold, platinum group metals, copper, nickel, silver, iron ore and oil and gas 1.
SWOT
Strengths
- The royalty and stream model means the company does not bear direct operating costs, providing a revenue structure diversified across several assets 1.
- The portfolio spans several commodities, reducing dependence on a single metal or a single jurisdiction 1.
- Reporting under IFRS Accounting Standards, with audited financial statements and an audited internal control opinion, provides a framework of transparency for investors 1.
Weaknesses
- Revenue depends on operator performance, and decisions on production and development timing are not controlled by the company 1.
- Exposure to several foreign currencies may create volatility in results reported in U.S. dollars 1.
- The filing warns that passive foreign investment company status is uncertain and cannot be predicted with certainty, complicating tax treatment for shareholders 1.
Opportunities
- Higher commodity prices could support royalty and stream revenue if trends persist 1.
- Acquiring new assets could expand the portfolio if access to capital and market opportunities remain favourable 1.
- Advancing development of projects in the portfolio could increase production volumes from which the company receives revenue 1.
Threats
- Tariff measures and retaliatory trade actions could disrupt production chains and conditions at properties in the portfolio 1.
- Changes in tax legislation, including a global minimum tax, could reduce the net return on agreements 1.
- Uncertainties around certain properties, such as disputes over title, permits or licences, could affect revenue streams 1.
Risks
- Commodity priceshigh
Revenue depends directly on metal and energy prices, and significant declines could reduce cash flows from royalties and streams 1.
- Operator riskhigh
The company does not control operations at portfolio properties, so operational problems, ownership changes or operator decisions could affect revenue 1.
- Currency riskmedium
Fluctuations between the U.S. dollar and currencies in which revenue is generated could change reported results 1.
- Tax and regulatory riskmedium
Legislative changes, the Canadian tax treatment of offshore streams and PFIC rules could alter the tax burden for the company and its shareholders 1.
- Title and licence risklow
Disputes over title, permits or licences at portfolio properties could affect asset value and related revenue 1.
Investment thesis
What would need to be true (bull case)
- If commodity prices remain high and operators maintain production, the royalty and stream model could generate stable revenue with limited operating costs for the company 1.
- Diversification across several commodities and jurisdictions could cushion the impact of localised shocks on revenue 1.
- If access to capital remains favourable, the company could expand its portfolio through new royalty and stream acquisitions 1.
What would break the thesis
- If gold or other metal prices fall, revenue from royalty and stream agreements could decline quickly, weighing on results 1.
- The company depends on decisions and performance of operators it does not control, which could delay or reduce revenue flows 1.
- Tariffs, a global minimum tax and tax uncertainties could reduce the net return on agreements, particularly over the longer term 1.
What to watch
- Development of royalty and stream revenue relative to commodity price movementsNext 10-K
- The company's PFIC status and any outcome of the CRA audit2027
- Status of the Cobre Panamá mine and the related arbitration proceedings2027
- Implementation of the global minimum tax and U.S. tariff measuresnext 10-K
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
Possibly outdated: the newest document it read is from 19 Mar 2026; since then the company filed 6-K (13 Oct 2026), 6-K (30 Sept 2026), 6-K (28 Sept 2026), 6-K (14 Sept 2026), 6-K (12 Aug 2026), 6-K (20 Jul 2026).
The business
According to the Form 40-F for the year ended December 31, 2025, the company describes its activity as royalties and streams over a portfolio of mining and oil and gas properties 1. Its revenue is generated from its share of operators' production, which limits exposure to operating costs but makes it dependent on their decisions and performance 1. The company reports in U.S. dollars under IFRS Accounting Standards 1.
Segments
Royalties and streams
The core activity consists of royalty and stream agreements, through which the company receives a share of a property's production or revenue without bearing direct operating costs 1.
Multi-commodity asset portfolio
The portfolio covers assets linked to gold, platinum group metals, copper, nickel, silver, iron ore, and oil and gas, and revenue is sensitive to fluctuations in these commodity prices 1.
Market context
The company operates in the market for mining finance through royalties and streams, where revenue tracks commodity prices and risks include currency fluctuations among the Canadian and Australian dollar, Brazilian real and Mexican peso against the U.S. dollar 1. The filings also mention proposed U.S. tariff measures, possible retaliation by trading partners, and the adoption of a global minimum tax on corporations 1.
Trends
- Commodity price trajectorymixed
Revenue depends directly on prices of gold, platinum group metals, copper, silver and other commodities, so their evolution could significantly influence results in either direction 1.
- Tariffs and trade measuresheadwind
Tariffs proposed by the United States and possible retaliatory measures by trading partners could affect properties in the affected jurisdictions and broader economic conditions 1.
- Global minimum taxheadwind
Adoption and implementation of a global minimum tax on corporations could change the tax burden of the company and of operators of properties in its portfolio 1.
- Access to capitalmixed
Access to debt and equity capital could influence the company's ability to acquire new royalties and streams, and growth depends on available opportunities 1.
Competitive position
The Form 40-F does not explicitly name direct competitors, but a royalty and stream model implies competition for the same acquisition opportunities in mining assets 1. Competition may influence the terms and price at which new agreements are concluded.
- Other mining royalty and stream providers
Companies running the same financing model and competing for the same acquisition opportunities, consistent with the activity described in the source 1.
- Mine operators developing their own projects
Operators may prefer to finance development through other means, which limits the number of royalty and stream opportunities available 1.
- Real asset investment funds
Funds specialising in resource assets may compete for the same assets or the same sources of capital 1.
- Energy and resource project financiers
Financiers in the energy and resources sector may compete in the oil and gas segment of the portfolio 1.
Links, dependencies and risks
Who the company is tied to, from its own SEC filings (customers, suppliers, production, partners, competitors, countries, regulation), from the 5 %+ holders' statements (13D/13G) and from what other companies say about it. Click a node for its evidence; on a listed company the graph moves to it.
Loading the links…
News & filings
In the press
No news in our archive over the last 180 days.
SEC filings
- Current report (foreign issuer)13 Oct 2026
- Current report (foreign issuer)30 Sept 2026
- Current report (foreign issuer)28 Sept 2026
- Current report (foreign issuer)14 Sept 2026
- Current report (foreign issuer)12 Aug 2026
- Current report (foreign issuer)20 Jul 2026
- Current report (foreign issuer)10 Jul 2026
- Current report (foreign issuer)17 Jun 2026
- Current report (foreign issuer)13 May 2026
- Current report (foreign issuer)12 May 2026
Sources
- [1] Form 40-F, fiscal year ended 2025-12-31 · SEC / Franco-Nevada Corporation · 19 Mar 2026
Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.