Recent News
In January 2026 the company announced its 19th consecutive annual dividend increase and disclosed chair succession plans. On February 12, 2026 Franco‑Nevada agreed to a $250 million royalty financing in support of i‑80 Gold’s recapitalization. The firm published an investor presentation in January 2026 and scheduled its year‑end 2025 results for March 10, 2026; management announced an Investor Day planned for April 8, 2026.
Technical Analysis
Directional indicators (ADX / DI+ / DI-): ADX at 23.79 signals an emerging trend in place; the directional balance shows DI- at 32.50 and rising while DI+ at 18.12 declines, which creates a clear bearish directional bias and supports a near-term price downside narrative relative to current valuation.
MACD: MACD sits at -3.79 and trends lower while the signal line reads 1.27; MACD negative and decreasing with the line below the signal confirms bearish momentum and reduces the likelihood that short-term price strength will sustain valuation expansion without fundamental support.
MRO (Momentum/Regression Oscillator): MRO at 1.21 with a peak-and-reversal signature indicates price sits slightly above target with a recent topping formation, implying downside pressure on price relative to the current WMDST valuation.
RSI and price structure: RSI at 52.04 and falling shows waning buying momentum despite the midrange reading. Price at $226.85 trades below the 20‑day and 50‑day averages (~$251 and $252) while remaining above the 200‑day average ($205), which positions the short-term trend as bearish but the longer-term trend as constructive. Ichimoku levels place price below the cloud (Senkou A $243.18; Senkou B $231.01), reinforcing short-term downside pressure.
Volatility, bands and volume: Price sits near the lower Bollinger band (lower 1x = $234.92; lower 2x = $218.66), suggesting proximity to a short-term support range. Short-term beta (42‑day) at 2.05 signals elevated sensitivity to moves, while 10‑day average volume (1.17M) versus today’s 1.32M shows modestly higher trading interest on recent moves.
Fundamental Analysis
Profitability and margins: Total revenue reached $597.3M with gross profit $460.4M and EBIT $466.3M. EBIT margin stands at 78.07%, which exceeds the industry peer high of 77.325% and sits materially above the industry peer mean of 63.029%. Operating margin at 76.645% and return on sales at 76.645% reflect the royalty/streaming business model’s high-margin profile and support a premium multiple, albeit one already reflected in market prices.
Cash, leverage and cash returns: Cash and short‑term investments total $670.9M while total liabilities equal $606.1M, producing a net cash position on the balance sheet. Free cash flow registers $391.5M with a free cash flow yield of 0.84%, slightly below the industry peer mean of 0.933%. Dividend payout ratio at 19.2% and dividend coverage of 5.21 indicate a highly covered and conservatively paced distribution.
Growth and earnings quality: Revenue growth year‑over‑year at 36.77% contrasts with quarter‑over‑quarter revenue contraction of 29.83%, showing strong annual expansion but short‑term seasonality or timing effects. Earnings growth year‑over‑year at 56.65% and QoQ earnings growth near 91.68% support the recent EPS beat: EPS actual $1.90 versus estimate $1.67, a 13.77% surprise.
- Valuation multiples: Trailing P/E 130.68 and price/book 6.10 both remain above the industry peer means and exceed peer highs in several cases; forward P/E sits at 84.89, also above the industry peer high. Price/ sales at 78.04 sits well above the industry peer mean. These multiples signal the market prices substantial optionality into the shares.
- Balance sheet & efficiency: Current ratio 8.30 and quick ratio 7.98 indicate unusually strong short-term liquidity. Asset turnover 0.0758 remains low, consistent with a royalty business model that requires less asset base turnover.
Valuation view: The current valuation as determined by WMDST classifies the stock as over‑valued, driven by premium margins and cash generation already priced at lofty multiples. Strong margins and a net cash position justify a premium, but multiples exceed industry peer highs and compress the margin for execution risk.
MOST-RECENT QUARTERLY REPORT
| REPORT PERIOD ENDING: | 2025-12-31 |
| REPORT DATE: | 2026-03-10 |
| NEXT REPORT DATE: | 2026-06-09 |
| CASH FLOW | Begin Period Cash Flow | $ 236.7 M |
| Operating Cash Flow | $ 426.5 M | |
| Capital Expenditures | $ -35.00 M | |
| Change In Working Capital | $ 10.2 M | |
| Dividends Paid | $ -70.60 M | |
| Cash Flow Delta | $ 434.2 M | |
| End Period Cash Flow | $ 670.9 M | |
| INCOME STATEMENT | REVENUE | |
| Total Revenue | $ 597.3 M | |
| Forward Revenue | $ 189.5 M | |
| COSTS | ||
| Cost Of Revenue | $ 136.9 M | |
| Depreciation | — | |
| Depreciation and Amortization | — | |
| Research and Development | — | |
| Total Operating Expenses | $ 139.5 M | |
| PROFITABILITY | ||
| Gross Profit | $ 460.4 M | |
| EBITDA | $ 553.6 M | |
| EBIT | $ 466.3 M | |
| Operating Income | $ 457.8 M | |
| Interest Income | $ 2.5 M | |
| Interest Expense | $ -2.00 M | |
| Net Interest Income | $ 1.7 M | |
| Income Before Tax | $ 468.3 M | |
| Tax Provision | $ 100.6 M | |
| Tax Rate | 21.482 % | |
| Net Income | $ 367.7 M | |
| Net Income From Continuing Operations | $ 367.7 M | |
| EARNINGS | ||
| EPS Estimate | $ 1.67 | |
| EPS Actual | $ 1.90 | |
| EPS Difference | $ 0.23 | |
| EPS Surprise | 13.772 % | |
| Forward EPS | $ 2.42 | |
| BALANCE SHEET | ASSETS | |
| Total Assets | $ 8.2 B | |
| Intangible Assets | — | |
| Net Tangible Assets | $ 7.6 B | |
| Total Current Assets | $ 1.0 B | |
| Cash and Short-Term Investments | $ 670.9 M | |
| Cash | $ 670.9 M | |
| Net Receivables | $ 241.9 M | |
| Inventory | $ 40.1 M | |
| Long-Term Investments | $ 1.1 M | |
| LIABILITIES | ||
| Accounts Payable | $ 8.4 M | |
| Short-Term Debt | — | |
| Total Current Liabilities | $ 123.0 M | |
| Net Debt | — | |
| Total Debt | — | |
| Total Liabilities | $ 606.1 M | |
| EQUITY | ||
| Total Equity | $ 7.6 B | |
| Retained Earnings | $ 1.4 B | |
| VALUATION & PER-SHARE METRICS | EQUITY & PER-SHARE METRICS | |
| Book Value Per-Share | $ 39.60 | |
| Shares Outstanding | 192.799 M | |
| Revenue Per-Share | $ 3.10 | |
| VALUATION | Market Capitalization | $ 46.6 B |
| Enterprise Value | — | |
| Enterprise Multiple | — | |
| Enterprise Multiple QoQ | — | |
| Enterprise Multiple YoY | — | |
| Enterprise Multiple IPRWA | — | |
| EV/R | — | |
| CAPITAL STRUCTURE | ||
| Asset To Equity | 1.079 | |
| Asset To Liability | 13.597 | |
| Debt To Capital | — | |
| Debt To Assets | — | |
| Debt To Assets QoQ | — | |
| Debt To Assets YoY | — | |
| Debt To Assets IPRWA | — | |
| Debt To Equity | — | |
| Debt To Equity QoQ | — | |
| Debt To Equity YoY | — | |
| Debt To Equity IPRWA | — | |
| PRICE-BASED VALUATION | ||
| Price To Book (P/B) | 6.105 | |
| Price To Book QoQ | 14.096 % | |
| Price To Book YoY | 42.109 % | |
| Price To Book IPRWA | high: 12.782 FNV: 6.105 mean: 4.264 median: 3.775 low: 0.005 |
|
| Price To Earnings (P/E) | 130.68 | |
| Price To Earnings QoQ | -3.804 % | |
| Price To Earnings YoY | -7.202 % | |
| Price To Earnings IPRWA | FNV: 130.68 high: 127.55 mean: 85.705 median: 69.175 low: -78.214 |
|
| PE/G Ratio | 4.449 | |
| Price To Sales (P/S) | 78.035 | |
| Price To Sales QoQ | 1.625 % | |
| Price To Sales YoY | -2.758 % | |
| Price To Sales IPRWA | high: 116.796 FNV: 78.035 mean: 46.098 median: 31.388 low: 4.329 |
|
| FORWARD MULTIPLES | ||
| Forward P/E | 84.885 | |
| Forward PE/G | 2.89 | |
| Forward P/S | 249.955 | |
| EFFICIENCY | OPERATIONAL | |
| Operating Leverage | 1.263 | |
| ASSET & SALES | ||
| Asset Turnover Ratio | 0.076 | |
| Asset Turnover Ratio QoQ | 12.981 % | |
| Asset Turnover Ratio YoY | 49.144 % | |
| Asset Turnover Ratio IPRWA | high: 0.27 median: 0.106 mean: 0.097 FNV: 0.076 low: 0.009 |
|
| Receivables Turnover | 2.761 | |
| Receivables Turnover Ratio QoQ | -4.479 % | |
| Receivables Turnover Ratio YoY | 22.889 % | |
| Receivables Turnover Ratio IPRWA | high: 28.756 mean: 16.295 median: 6.006 low: 3.284 FNV: 2.761 |
|
| Inventory Turnover | 5.433 | |
| Inventory Turnover Ratio QoQ | -64.984 % | |
| Inventory Turnover Ratio YoY | — | |
| Inventory Turnover Ratio IPRWA | FNV: 5.433 high: 1.74 mean: 0.825 median: 0.8 low: -0.161 |
|
| Days Sales Outstanding (DSO) | 33.044 | |
| CASH CYCLE | ||
| Cash Conversion Cycle Days (CCC) | 24.851 | |
| Cash Conversion Cycle Days QoQ | -455.279 % | |
| Cash Conversion Cycle Days YoY | — | |
| Cash Conversion Cycle Days IPRWA | high: 134.388 median: 72.559 mean: 41.33 FNV: 24.851 low: -314.649 |
|
| CAPITAL DEPLOYMENT | ||
| Cash Conversion Ratio | 0.665 | |
| CapEx To Revenue | -0.059 | |
| CapEx To Depreciation | — | |
| CAPITAL, LIQUIDITY & COVERAGE | CAPITAL STRUCTURE | |
| Total Capital | $ 7.6 B | |
| Net Invested Capital | $ 7.6 B | |
| Invested Capital | $ 7.6 B | |
| Net Tangible Assets | $ 7.6 B | |
| Net Working Capital | $ 898.4 M | |
| LIQUIDITY | ||
| Cash Ratio | 5.454 | |
| Current Ratio | 8.304 | |
| Current Ratio QoQ | 78.939 % | |
| Current Ratio YoY | -67.351 % | |
| Current Ratio IPRWA | FNV: 8.304 high: 7.785 mean: 3.449 median: 2.02 low: 0.542 |
|
| Quick Ratio | 7.978 | |
| Quick Ratio QoQ | 75.241 % | |
| Quick Ratio YoY | -66.758 % | |
| Quick Ratio IPRWA | FNV: 7.978 high: 3.803 mean: 1.607 median: 1.333 low: 0.38 |
|
| COVERAGE & LEVERAGE | ||
| Debt To EBITDA | — | |
| Cost Of Debt | — | |
| Interest Coverage Ratio | -233.15 | |
| Interest Coverage Ratio QoQ | -151.355 % | |
| Interest Coverage Ratio YoY | 90.413 % | |
| Interest Coverage Ratio IPRWA | high: 68.981 mean: -19.901 low: -49.223 median: -49.223 FNV: -233.15 |
|
| Operating Cash Flow Ratio | 3.467 | |
| TIMING / LIQUIDITY | ||
| Days Payables Outstanding (DPO) | 25.328 | |
| DIVIDENDS | ||
| Dividend Coverage Ratio | 5.208 | |
| Dividend Payout Ratio | 0.192 | |
| Dividend Rate | $ 0.37 | |
| Dividend Yield | 0.002 | |
| PERFORMANCE | GROWTH | |
| Asset Growth Rate | 9.638 % | |
| Revenue Growth | 22.473 % | |
| Revenue Growth QoQ | -29.827 % | |
| Revenue Growth YoY | 36.772 % | |
| Revenue Growth IPRWA | high: 81.565 % mean: 34.952 % FNV: 22.473 % median: 16.488 % low: -33.508 % |
|
| Earnings Growth | 29.371 % | |
| Earnings Growth QoQ | 91.679 % | |
| Earnings Growth YoY | 56.645 % | |
| Earnings Growth IPRWA | high: 209.091 % mean: 41.735 % FNV: 29.371 % median: 28.571 % low: -196.277 % |
|
| MARGINS | ||
| Gross Margin | 77.08 % | |
| Gross Margin QoQ | 6.342 % | |
| Gross Margin YoY | 9.191 % | |
| Gross Margin IPRWA | FNV: 77.08 % high: 76.734 % mean: 65.053 % median: 61.671 % low: 22.001 % |
|
| EBIT Margin | 78.068 % | |
| EBIT Margin QoQ | 4.829 % | |
| EBIT Margin YoY | 13.702 % | |
| EBIT Margin IPRWA | FNV: 78.068 % high: 77.325 % median: 63.721 % mean: 63.029 % low: 18.478 % |
|
| Return On Sales (ROS) | 76.645 % | |
| Return On Sales QoQ | 10.853 % | |
| Return On Sales YoY | 11.63 % | |
| Return On Sales IPRWA | high: 133.38 % FNV: 76.645 % mean: 63.952 % median: 55.875 % low: 27.285 % |
|
| CASH FLOW | ||
| Free Cash Flow (FCF) | $ 391.5 M | |
| Free Cash Flow Yield | 0.84 % | |
| Free Cash Flow Yield QoQ | 467.568 % | |
| Free Cash Flow Yield YoY | -9.189 % | |
| Free Cash Flow Yield IPRWA | high: 4.463 % median: 1.167 % mean: 0.933 % FNV: 0.84 % low: -8.465 % |
|
| Free Cash Growth | 604.137 % | |
| Free Cash Growth QoQ | -670.075 % | |
| Free Cash Growth YoY | -158.834 % | |
| Free Cash Growth IPRWA | high: 2202.526 % FNV: 604.137 % mean: 104.63 % median: 9.593 % low: -248.812 % |
|
| Free Cash To Net Income | 1.065 | |
| Cash Flow Margin | 38.339 % | |
| Cash Flow To Earnings | 1.16 | |
| VALUE & RETURNS | ||
| Economic Value Added | — | |
| Return On Assets (ROA) | 4.667 % | |
| Return On Assets QoQ | 18.003 % | |
| Return On Assets YoY | 67.999 % | |
| Return On Assets IPRWA | high: 6.825 % FNV: 4.667 % median: 4.536 % mean: 4.278 % low: -12.356 % |
|
| Return On Capital Employed (ROCE) | 5.744 % | |
| Return On Equity (ROE) | 0.048 | |
| Return On Equity QoQ | 17.235 % | |
| Return On Equity YoY | 64.65 % | |
| Return On Equity IPRWA | high: 0.094 median: 0.062 mean: 0.052 FNV: 0.048 low: -0.247 |
|
| DuPont ROE | 5.025 % | |
| Return On Invested Capital (ROIC) | 4.795 % | |
| Return On Invested Capital QoQ | 16.468 % | |
| Return On Invested Capital YoY | -139.998 % | |
| Return On Invested Capital IPRWA | high: 17.557 % median: 5.986 % mean: 5.358 % FNV: 4.795 % low: 0.771 % |
|