Recent News
On February 12, 2026 Franco‑Nevada announced a $250 million net smelter return royalty financing with i‑80 Gold to support that company’s Nevada recapitalization plan. On March 1, 2026 the company agreed to acquire a 6% royalty on Banyan Gold’s Yukon AurMac project for approximately $52.2 million. On February 23, 2026 Franco‑Nevada confirmed a material financing investment in the Bullabulling gold project in Australia (reported as A$220 million). Management held Investor Day on April 8, 2026 (details released in mid‑March), and the company published its 2026 Asset Handbook and 2026 Sustainability Report on May 6, 2026.
Technical Analysis
ADX registers 17.76, indicating no established trend; directional strength lacks the momentum typically required for sustained, one‑direction moves. DI+ shows a dip & reversal while DI‑ shows a peak & reversal; both directional indicator signals read as bullish, but the ADX reading implies limited trend conviction behind that lift.
MACD sits negative at -5.59 with a MACD signal of -4.18 and shows a dip & reversal. That pattern signals improving momentum, yet MACD remains below its signal line, so momentum recovery remains incomplete.
MRO reads -20.72 with a peak & reversal noted; the negative MRO indicates price currently sits below the model target, implying upward potential, but the MRO trend shift cautions that earlier upside pressure showed signs of peaking.
RSI at 47.16 with a dip & reversal places momentum near neutral following a shallow pullback. Price sits at $232.11, below the 20‑day average ($234.54) and the 12‑day EMA (12‑day EMA $233.79, decreasing), but above the 200‑day average ($218.51). Shorter averages trend lower while the long‑term average stays higher, signaling near‑term consolidation with longer‑term support intact. Volume about in line with recent averages; short‑term volatility indicators and Bollinger bands reflect a moderate trading range between roughly $215 and $253 (2× bands). Overall, technicals show improving but incomplete bullish momentum that must overcome limited trend strength and nearby resistance to sustain a fresh advance while valuation pressures persist.
Fundamental Analysis
Profitability: EBIT equals $466.3M and EBITDA $553.6M. EBIT margin registers 78.07%, above the industry peer mean of 62.63% and above the industry peer high of 77.33%, indicating top‑tier operating efficiency within gold peers. Gross margin stands at 77.08% and operating margin at 76.64%, both reflecting the royalty/streaming model’s high‑margin cash flow profile. EBIT margin improved QoQ by 4.83% and strengthened YoY by 13.70%.
Growth and earnings: Total revenue reached $597.3M. Revenue growth YoY equals 36.77% while revenue growth QoQ shows a decline of 29.83%, indicating lumpy period‑to‑period sales within a strongly positive year‑over‑year trend. EPS came in at $1.90 versus an estimate of $1.67, a 13.77% positive surprise (EPS difference $0.23). Earnings growth YoY measured 56.65% and earnings growth QoQ rose 91.68%, confirming stronger profitability on a year basis despite quarter‑to‑quarter variability.
Cash flow and balance sheet: Operating cash flow $426.5M, free cash flow $391.5M, and end‑period cash $670.9M. Cash conversion ratio stands at 66.49%, cash ratio 5.45, current ratio 8.30 and quick ratio 7.98—liquidity sits well above the industry peer mean. Free cash flow yield equals 0.84%, slightly below the industry peer mean of roughly 0.90%. Capital expenditures totaled $35.0M and capex-to-revenue shows a modest outflow. Dividend payout ratio remains conservative at 19.20% with dividend coverage about 5.21x, supporting sustainable distributions.
Valuation: Trailing P/E near 130.7x and P/B at 6.10x sit well above the industry peer means; trailing P/E marginally exceeds the listed industry peer high and P/B sits above the peer mean but below that peer high. Forward P/E of about 84.9x also sits above typical peer medians. WMDST values the stock as over‑valued, reflecting elevated multiples relative to peer benchmarks despite strong margins and cash generation. The balance between high profitability and premium valuation creates limited fundamental upside absent multiple compression or more rapid earnings acceleration.
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 | $ 196.4 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 | $ 2.51 | |
| 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: 7.189 FNV: 6.105 mean: 3.814 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: 85.355 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: 45.904 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: 16.143 median: 6.006 low: 3.027 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: 0.834 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: 254.483 median: 72.559 mean: 41.661 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 | high: 13.962 FNV: 8.304 mean: 3.287 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: 1.48 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: -19.737 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: 29.741 % 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: 215.0 % mean: 42.202 % 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: 64.863 % 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: 62.628 % low: -8.875 % |
|
| 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: 63.674 % median: 55.875 % low: -8.875 % |
|
| 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: 0.902 % 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: 1643.594 % FNV: 604.137 % median: 9.593 % mean: -4.765 % low: -1399.207 % |
|
| 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: 9.395 % FNV: 4.667 % median: 4.536 % mean: 4.299 % 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: 0.097 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: 5.339 % FNV: 4.795 % low: -0.674 % |
|