Franco-Nevada Corporation

TSX:FNV Stock Report

Market Cap: CA$59.7b

Franco-Nevada Future Growth

Future criteria checks 3/6

Franco-Nevada is forecast to grow earnings and revenue by 11.7% and 11% per annum respectively. EPS is expected to grow by 12.3% per annum. Return on equity is forecast to be 16.3% in 3 years.

Key information

11.7%

Earnings growth rate

12.34%

EPS growth rate

Metals and Mining earnings growth17.9%
Revenue growth rate11.0%
Future return on equity16.26%
Analyst coverage

Good

Last updated30 Jun 2026

Recent future growth updates

Analysis Article • Aug 14

Franco-Nevada Corporation Just Recorded A 15% EPS Beat: Here's What Analysts Are Forecasting Next

TSX:FNV 1 Year Share Price vs Fair Value Explore Franco-Nevada's Fair Values from the Community and select yours...

Recent updates

Narrative Update • Jun 23

FNV: Cobre Panama Restart Will Underpin Future Cash Flow Upside

Franco-Nevada's analyst price target has been nudged higher to CA$417.41 from CA$410.64. Analysts point to upgraded ratings, modest tweaks to growth and discount rate assumptions, and expectations around the Cobre Panama restart as key supports for the revised outlook.
Narrative Update • Jun 06

FNV: Cobre Panama Restart And New Deals Will Drive Future Upside

Analysts have nudged their fair value estimate for Franco-Nevada slightly higher to CA$410.64, reflecting updated assumptions on revenue growth, margins and P/E, alongside recent price target increases and upgrades tied to expectations around Cobre Panama and a pipeline of potential new deals. Analyst Commentary Recent research around Franco-Nevada has leaned constructive, with several firms adjusting ratings and price targets as they revisit assumptions on Cobre Panama, transaction activity and commodity exposure.
Narrative Update • May 21

FNV: Cobre Panama Restart Outlook Will Drive Future Upside Potential

Analysts have raised the Franco-Nevada fair value estimate by about CA$10 to CA$410, with updated models reflecting recent target increases, improved profit margin assumptions and views that the company's balance sheet and exposure to Cobre Panama position it well for new deal opportunities. Analyst Commentary Recent research on Franco-Nevada centers on updated price targets, ratings upgrades and views on how the company is positioned around Cobre Panama and future transactions.
Narrative Update • May 04

FNV: Cobre Panama Progress And Commodity Leverage Will Drive Future Upside Potential

The Analyst Price Target for Franco-Nevada has been raised by CA$11.74, with analysts pointing to updated metal price assumptions, stronger projected profit margins near 72.0%, and the stock's leverage to commodity prices as key drivers for the change. Analyst Commentary Recent research updates on Franco-Nevada point to a cluster of higher price targets, with analysts largely focused on metal price assumptions, asset specific developments and the company’s leverage to commodity prices when they think about valuation and execution risk.
Narrative Update • Apr 19

FNV: Cobre Panama Progress And Commodity Leverage Will Shape Balanced Future Outlook

Analysts have lifted Franco-Nevada's CA$ price targets, citing updated metal price forecasts, a continued focus on Cobre Panama and related permits, and the stock's leverage to commodity prices. Together, these factors support a slightly higher fair value and P/E assumption in current models.
Narrative Update • Apr 03

FNV: Cobre Panama Progress And Dividend Policy Will Shape Future Commodity Upside

Analysts have lifted Franco-Nevada's average price target, with several recent CA$20 to CA$75 increases that cite updated commodity price forecasts, Cobre Panama progress and the company's exposure to metal prices as key drivers for the revised outlook. Analyst Commentary Recent Street research on Franco-Nevada points to a wide range of views on how to price the stock, with several firms updating their models after new metal price forecasts, Cobre Panama progress and the latest company results.
Narrative Update • Mar 20

FNV: Cobre Panama Progress And Higher Dividend Will Shape Future Cash Flows

Analysts have raised Franco-Nevada's fair value estimate to CA$393.11 from CA$369.94, reflecting updated views on Cobre Panama progress, transaction opportunities, and leverage to commodity prices that also underpin higher Street price targets. Analyst Commentary Recent research updates on Franco-Nevada point to a mix of optimism and caution as analysts refine their targets around the updated fair value estimate and the latest company developments.
Narrative Update • Mar 05

FNV: Metal Price Revisions And Dividend Progress Will Shape Future Cash Flows

The analyst price target for Franco-Nevada has inched up to CA$280 as analysts incorporate updated 2026 metal price forecasts along with revised assumptions for discount rates, revenue growth, profit margins, and future P/E multiples. Analyst Commentary Recent research on Franco-Nevada points to a mix of optimism around valuation support from updated metal price forecasts and caution around execution risk and stock positioning.
Narrative Update • Feb 19

FNV: Future Cash Flow Resilience And Dividend Growth Will Temper Valuation Risks

Franco-Nevada's Analyst Price Target has been raised by CA$75 in our model, reflecting a series of recent target hikes from firms such as H.C. Wainwright, Stifel, CIBC, UBS, Scotiabank, and BofA as analysts update their assumptions around revenue growth, profitability, discount rates, and future P/E expectations. Analyst Commentary Recent research has focused on how Franco-Nevada's fundamentals and risk profile stack up against its current valuation, which helps explain the wide range of price target changes across the Street.
Narrative Update • Feb 04

FNV: Future Royalty Cash Flows Will Support Rising Dividend And Metals Sentiment

Analysts have raised their price target for Franco-Nevada by about $13. This reflects updated assumptions for fair value, discount rate, revenue growth, profit margin, and future P/E, following recent target increases from several firms alongside a downgrade from one broker.
Analysis Article • Jan 29

Franco-Nevada Corporation's (TSE:FNV) Shares Climb 28% But Its Business Is Yet to Catch Up

Despite an already strong run, Franco-Nevada Corporation ( TSE:FNV ) shares have been powering on, with a gain of 28...
Narrative Update • Jan 21

FNV: Future Royalty Cash Flows Will Balance Metals Strength And Sentiment Risks

Analysts have nudged their price targets on Franco-Nevada higher, using an updated fair value framework and making small adjustments to discount rate, revenue growth, profit margin and future P/E assumptions to reflect stronger support from persistently firm precious metals pricing and steady royalty cash flows. Analyst Commentary Recent research on Franco-Nevada reflects a mix of optimism around precious metals exposure and royalty cash flows, alongside some caution tied to sentiment and commodity price volatility.
Narrative Update • Jan 06

FNV: Future Royalty Cash Flows Will Reflect Strong Precious Metal Pricing

The updated analyst price target for Franco-Nevada reflects a modest uplift in fair value to about $346, as analysts balance higher valuation multiples on cash-flowing royalty assets and stronger precious metals pricing with more cautious sentiment linked to recent gold price volatility. Analyst Commentary Recent Street research on Franco-Nevada shows a split view, with some analysts lifting targets and ratings based on royalty asset quality and commodity pricing, while others point to sentiment risk around gold price volatility.
Narrative Update • Dec 15

FNV: Future Royalty Cash Flows Will Benefit From Strong Precious Metal Prices

Analysts have modestly lowered their blended price target on Franco-Nevada by approximately $20 to around $225 per share. This reflects a balance between stronger royalty-driven cash flow potential amid firm commodity prices and heightened market volatility, as well as softer investor sentiment following the recent gold pullback.
Narrative Update • Nov 30

FNV: Rising Precious Metal Prices And New Asset Contributions Will Drive Upside Momentum

The analyst consensus price target for Franco-Nevada has edged higher from approximately $341.26 to $343.38. Analysts cite ongoing strong commodity prices, updated royalty valuations, and continued optimism for key asset contributions as supporting factors behind the modest increase.
Narrative Update • Nov 16

FNV: Ongoing Commodity Price Strength Will Drive Improved Earnings Momentum

Franco-Nevada's analyst price target has shifted modestly, rising from $337.23 to $341.26. Analysts incorporate adjustments for higher profit margins and update expectations based on persistent strength in commodity prices along with evolving market dynamics.
Analysis Article • Nov 10

Franco-Nevada (TSE:FNV) Posted Healthy Earnings But There Are Some Other Factors To Be Aware Of

Franco-Nevada Corporation ( TSE:FNV ) announced strong profits, but the stock was stagnant. We did some digging, and we...
Narrative Update • Nov 02

FNV: Precious Metals Rally and Asset Contributions Will Drive Shareholder Value

Analysts have raised Franco-Nevada’s price target from $323.50 to $337.23. They cite anticipated revenue growth, improving profit margins, and recent increases in precious metals prices as key drivers for the upward revision.
Narrative Update • Oct 18

Record Gold Prices And Acquisitions Will Unlock Future Markets

Franco-Nevada’s analyst price target was recently raised from approximately $304 to $323. Analysts cited robust outlooks for metals prices and continued strength in the company’s deal pipeline as supporting factors.
Narrative Update • Oct 04

Record Gold Prices And Acquisitions Will Unlock Future Markets

Franco-Nevada's analyst price target was increased significantly, rising from approximately $285 to $304. Analysts cited robust earnings outperformance and enduring optimism around the company's commodity exposure and deal pipeline.
Narrative Update • Sep 19

Record Gold Prices And Acquisitions Will Unlock Future Markets

Analysts modestly raised Franco-Nevada’s price target to CA$284.81, citing improved financial models and a strong deal pipeline while maintaining a balanced outlook given current sector and commodity conditions. Analyst Commentary Bullish analysts cited updated financial models after the Q2 report, prompting modest price target increases.
Narrative Update • Sep 04

Record Gold Prices And Acquisitions Will Unlock Future Markets

Franco-Nevada’s modest price target increase reflects analyst confidence in the company’s resilient deal pipeline and robust asset quality, resulting in a new consensus analyst price target of CA$279.07. Analyst Commentary Modest upward price target revisions followed the Q2 report and related model updates.
Analysis Article • Aug 14

Franco-Nevada Corporation Just Recorded A 15% EPS Beat: Here's What Analysts Are Forecasting Next

TSX:FNV 1 Year Share Price vs Fair Value Explore Franco-Nevada's Fair Values from the Community and select yours...
Analysis Article • Jul 26

Franco-Nevada (TSE:FNV) Might Have The Makings Of A Multi-Bagger

To find a multi-bagger stock, what are the underlying trends we should look for in a business? In a perfect world, we'd...
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New Narrative • Apr 24

Acquisitions And Cobre Panama Mining Projects Will Shape Bright Future

Strategic acquisitions and mine contributions are expected to boost revenue growth and earnings significantly in 2025.

Earnings and Revenue Growth Forecasts

TSX:FNV - Analysts future estimates and past financials data (USD Millions)
DateRevenueEarningsFree Cash FlowCash from OpAvg. No. Analysts
12/31/20282,9682,0282,3562,3595
12/31/20273,1021,9052,3652,44810
12/31/20262,6991,7681,9102,22712
3/31/20262,0881,371-4131,725N/A
12/31/20251,8041,112-7031,494N/A
9/30/20251,531920-8561,310N/A
6/30/20251,321785-9381,176N/A
3/31/20251,212617177940N/A
12/31/20241,102552433830N/A
9/30/20241,087-606393870N/A
6/30/20241,124-583490892N/A
3/31/20241,196-478405960N/A
12/31/20231,217-466477991N/A
9/30/20231,234681432987N/A
6/30/20231,229663591983N/A
3/31/20231,251675738979N/A
12/31/20221,3147018581,000N/A
9/30/20221,321757964999N/A
6/30/20221,333765934974N/A
3/31/20221,328744389962N/A
12/31/20211,298734195955N/A
9/30/20211,27469043923N/A
6/30/20211,238677-80928N/A
3/31/20211,086597364833N/A
12/31/20201,017326491804N/A
9/30/2020971263560742N/A
6/30/2020927211313700N/A
3/31/2020902180247669N/A
12/31/2019842344N/A618N/A
9/30/2019732200N/A531N/A
6/30/2019667150N/A489N/A
3/31/2019657140N/A481N/A
12/31/2018651139N/A475N/A
9/30/2018670214N/A503N/A
6/30/2018671222N/A491N/A
3/31/2018673214N/A506N/A
12/31/2017673195N/A489N/A
9/30/2017663147N/A484N/A
6/30/2017663141N/A490N/A
3/31/2017650138N/A467N/A
12/31/2016610122N/A471N/A
9/30/201657395N/A434N/A
6/30/201650556N/A412N/A
3/31/201646435N/A369N/A
12/31/201544125N/A314N/A
9/30/201544457N/A301N/A

Analyst Future Growth Forecasts

Earnings vs Savings Rate: FNV's forecast earnings growth (11.7% per year) is above the savings rate (3%).

Earnings vs Market: FNV's earnings (11.7% per year) are forecast to grow faster than the Canadian market (11% per year).

High Growth Earnings: FNV's earnings are forecast to grow, but not significantly.

Revenue vs Market: FNV's revenue (11% per year) is forecast to grow faster than the Canadian market (4.8% per year).

High Growth Revenue: FNV's revenue (11% per year) is forecast to grow slower than 20% per year.

Earnings per Share Growth Forecasts

Future Return on Equity

Future ROE: FNV's Return on Equity is forecast to be low in 3 years time (16.3%).

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Company Analysis and Financial Data Status

DataLast Updated (UTC time)
Company Analysis2026/07/03 21:59
End of Day Share Price 2026/07/03 00:00
Earnings2026/03/31
Annual Earnings2025/12/31

Data Sources

The data used in our company analysis is from S&P Global Market Intelligence LLC. The following data is used in our analysis model to generate this report. Data is normalised which can introduce a delay from the source being available.

PackageDataTimeframeExample US Source *
Company Financials10 years
  • Income statement
  • Cash flow statement
  • Balance sheet
Analyst Consensus Estimates+3 years
  • Forecast financials
  • Analyst price targets
Market Prices30 years
  • Stock prices
  • Dividends, Splits and Actions
Ownership10 years
  • Top shareholders
  • Insider trading
Management10 years
  • Leadership team
  • Board of directors
Key Developments10 years
  • Company announcements

* Example for US securities, for non-US equivalent regulatory forms and sources are used.

Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more.

Analysis Model and Snowflake

Details of the analysis model used to generate this report is available on our Github page, we also have guides on how to use our reports and tutorials on Youtube.

Learn about the world class team who designed and built the Simply Wall St analysis model.

Industry and Sector Metrics

Our industry and section metrics are calculated every 6 hours by Simply Wall St, details of our process are available on Github.

Analyst Sources

Franco-Nevada Corporation is covered by 30 analysts. 12 of those analysts submitted the estimates of revenue or earnings used as inputs to our report. Analysts submissions are updated throughout the day.

AnalystInstitution
Harriet LiAccountability Research Corporation
Farooq HamedBarclays
Matthew MurphyBMO Capital Markets Equity Research