Recent News
On March 25, 2026 Franco‑Nevada closed a gold stream financing tied to the Casa Berardi mine in Quebec; in March the company disclosed acquisition activity including a royalty on the Arthur Gold Project; and on May 13, 2026 the board election results were announced.
Technical Analysis
Directional indicators (ADX / DI+ / DI-): ADX at 14.47 indicates no strong trend; both DI+ (22.30) showing a peak-and-reversal and DI- (25.67) showing a dip-and-reversal point to increasing downside pressure, which supports a near-term bearish price bias relative to the current over-valued stance.
MACD: MACD sits negative at -4.76, below the signal line (-4.28) with a peak-and-reversal pattern, which signals bearish momentum and aligns with the immediate weakness implied by directional indicators.
MRO (Momentum/Regression Oscillator): MRO at -8.87 (dip-and-reversal) implies the price sits below the modeled target and carries potential upside mean reversion; however, the magnitude remains modest and does not outweigh the prevailing bearish momentum for short-term price action.
RSI: RSI at 45.55 with a peak-and-reversal describes fading bullish conviction and adds to the near-term negative momentum narrative while remaining away from oversold extremes.
Price vs Moving Averages and Bollinger Bands: Last close $222.74 sits below the 50-day average ($243.28) and marginally below the 1‑sigma lower Bollinger band ($223.72), which suggests short-term weakness yet leaves room for a volatility-driven bounce toward the mid-range averages.
Volume and volatility context: Daily volume (751,108) trails the 10‑day average (865,837), indicating lower participation on recent moves; 42‑day beta (1.39) shows above-market short-term sensitivity, increasing the potential for sharp intrarange swings despite the lack of trend.
Fundamental Analysis
Profitability: EBIT of $595.7M and EBITDA of $673.6M produce an EBIT margin of 91.55%, above the industry peer range high, and gross margin of 80.88%, also above the industry peer high—these metrics demonstrate unusually high operating leverage and royalty-style economics that support premium valuation.
Growth and top-line dynamics: Total revenue $650.7M shows YoY revenue contraction of 39.46% and a QoQ decline of 60.22%, indicating meaningful near-term revenue volatility driven by commodity-linked receipts and timing of asset contributions; YoY and QoQ margin improvement (EBIT margin YoY +24.77 percentage points; QoQ +17.27 percentage points) reflect higher realized margins despite lower revenue.
Liquidity and balance sheet: Cash and short‑term investments $714.7M, current ratio 6.16 and quick ratio 5.48 sit well above the industry peer means, signaling ample liquidity; interest coverage (~745x) eliminates near-term solvency risk and supports ongoing dividend coverage (dividend payout ~17.18%, coverage ~5.82x).
Cash flow and valuation multiples: Free cash flow $60.3M yields 0.13%, well below the industry peer mean, and free cash flow growth shows sharp QoQ and YoY declines; price multiples remain elevated—P/B ~5.72 (above the industry peer mean), P/S ~71.28 (above the industry peer high), forward P/E ~96.8 (above the industry peer mean)—all consistent with the current WMDST valuation judgment.
Returns: ROA ~5.50%, ROE ~5.78%, and ROCI ~6.92% sit at or above industry peer means, reflecting capital-efficient royalty returns but not at levels that justify the stretched multiples given near-term revenue contraction.
Valuation Conclusion: WMDST values the stock as over-valued based on elevated multiples versus realized free cash flow yield and recent top-line declines despite superior margin metrics and a liquid balance sheet.
MOST-RECENT QUARTERLY REPORT
| REPORT PERIOD ENDING: | 2026-03-31 |
| REPORT DATE: | 2026-08-11 |
| NEXT REPORT DATE: | 2026-11-10 |
| CASH FLOW | Begin Period Cash Flow | $ 670.9 M |
| Operating Cash Flow | $ 520.4 M | |
| Capital Expenditures | $ -460.10 M | |
| Change In Working Capital | $ 1.3 M | |
| Dividends Paid | $ -80.50 M | |
| Cash Flow Delta | $ 43.8 M | |
| End Period Cash Flow | $ 714.7 M | |
| INCOME STATEMENT | REVENUE | |
| Total Revenue | $ 650.7 M | |
| Forward Revenue | $ 166.9 M | |
| COSTS | ||
| Cost Of Revenue | $ 124.4 M | |
| Depreciation | — | |
| Depreciation and Amortization | — | |
| Research and Development | — | |
| Total Operating Expenses | $ 139.8 M | |
| PROFITABILITY | ||
| Gross Profit | $ 526.3 M | |
| EBITDA | $ 673.6 M | |
| EBIT | $ 595.7 M | |
| Operating Income | $ 510.9 M | |
| Interest Income | $ 5.5 M | |
| Interest Expense | $ 800.0 K | |
| Net Interest Income | $ 4.7 M | |
| Income Before Tax | $ 594.9 M | |
| Tax Provision | $ 126.3 M | |
| Tax Rate | 21.23 % | |
| Net Income | $ 468.6 M | |
| Net Income From Continuing Operations | $ 468.6 M | |
| EARNINGS | ||
| EPS Estimate | — | |
| EPS Actual | — | |
| EPS Difference | — | |
| EPS Surprise | — | |
| Forward EPS | $ 2.49 | |
| BALANCE SHEET | ASSETS | |
| Total Assets | $ 8.8 B | |
| Intangible Assets | — | |
| Net Tangible Assets | $ 8.1 B | |
| Total Current Assets | $ 1.1 B | |
| Cash and Short-Term Investments | $ 714.7 M | |
| Cash | $ 714.7 M | |
| Net Receivables | $ 267.5 M | |
| Inventory | $ 123.3 M | |
| Long-Term Investments | $ 21.0 M | |
| LIABILITIES | ||
| Accounts Payable | $ 49.7 M | |
| Short-Term Debt | — | |
| Total Current Liabilities | $ 183.2 M | |
| Net Debt | — | |
| Total Debt | — | |
| Total Liabilities | $ 690.9 M | |
| EQUITY | ||
| Total Equity | $ 8.1 B | |
| Retained Earnings | $ 1.8 B | |
| VALUATION & PER-SHARE METRICS | EQUITY & PER-SHARE METRICS | |
| Book Value Per-Share | $ 42.04 | |
| Shares Outstanding | 192.856 M | |
| Revenue Per-Share | $ 3.37 | |
| VALUATION | Market Capitalization | $ 46.4 B |
| Enterprise Value | — | |
| Enterprise Multiple | — | |
| Enterprise Multiple QoQ | — | |
| Enterprise Multiple YoY | — | |
| Enterprise Multiple IPRWA | — | |
| EV/R | — | |
| CAPITAL STRUCTURE | ||
| Asset To Equity | 1.085 | |
| Asset To Liability | 12.734 | |
| 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) | 5.721 | |
| Price To Book QoQ | -6.276 % | |
| Price To Book YoY | 20.517 % | |
| Price To Book IPRWA | high: 6.657 FNV: 5.721 mean: 4.295 median: 3.901 low: 0.005 |
|
| Price To Earnings (P/E) | — | |
| Price To Earnings QoQ | — | |
| Price To Earnings YoY | — | |
| Price To Earnings IPRWA | — | |
| PE/G Ratio | — | |
| Price To Sales (P/S) | 71.28 | |
| Price To Sales QoQ | -8.656 % | |
| Price To Sales YoY | -12.096 % | |
| Price To Sales IPRWA | FNV: 71.28 high: 68.262 mean: 37.416 median: 25.003 low: 5.511 |
|
| FORWARD MULTIPLES | ||
| Forward P/E | 96.824 | |
| Forward PE/G | — | |
| Forward P/S | 277.88 | |
| EFFICIENCY | OPERATIONAL | |
| Operating Leverage | 3.104 | |
| ASSET & SALES | ||
| Asset Turnover Ratio | 0.076 | |
| Asset Turnover Ratio QoQ | 0.752 % | |
| Asset Turnover Ratio YoY | 34.59 % | |
| Asset Turnover Ratio IPRWA | high: 0.237 median: 0.118 mean: 0.104 FNV: 0.076 low: 0.002 |
|
| Receivables Turnover | 2.555 | |
| Receivables Turnover Ratio QoQ | -7.484 % | |
| Receivables Turnover Ratio YoY | 8.182 % | |
| Receivables Turnover Ratio IPRWA | high: 29.082 median: 25.232 mean: 17.809 FNV: 2.555 low: 0.363 |
|
| Inventory Turnover | 1.523 | |
| Inventory Turnover Ratio QoQ | -71.972 % | |
| Inventory Turnover Ratio YoY | 32.608 % | |
| Inventory Turnover Ratio IPRWA | high: 5.445 FNV: 1.523 mean: 1.486 median: 0.84 low: 0.067 |
|
| Days Sales Outstanding (DSO) | 35.718 | |
| CASH CYCLE | ||
| Cash Conversion Cycle Days (CCC) | 70.811 | |
| Cash Conversion Cycle Days QoQ | 184.944 % | |
| Cash Conversion Cycle Days YoY | -36.396 % | |
| Cash Conversion Cycle Days IPRWA | high: 159.376 FNV: 70.811 median: 61.997 mean: 28.525 low: -197.082 |
|
| CAPITAL DEPLOYMENT | ||
| Cash Conversion Ratio | 0.689 | |
| CapEx To Revenue | -0.707 | |
| CapEx To Depreciation | — | |
| CAPITAL, LIQUIDITY & COVERAGE | CAPITAL STRUCTURE | |
| Total Capital | $ 8.1 B | |
| Net Invested Capital | $ 8.1 B | |
| Invested Capital | $ 8.1 B | |
| Net Tangible Assets | $ 8.1 B | |
| Net Working Capital | $ 944.4 M | |
| LIQUIDITY | ||
| Cash Ratio | 3.901 | |
| Current Ratio | 6.155 | |
| Current Ratio QoQ | -25.879 % | |
| Current Ratio YoY | -73.128 % | |
| Current Ratio IPRWA | high: 12.768 FNV: 6.155 mean: 3.569 median: 3.148 low: 1.136 |
|
| Quick Ratio | 5.482 | |
| Quick Ratio QoQ | -31.287 % | |
| Quick Ratio YoY | -74.427 % | |
| Quick Ratio IPRWA | high: 12.48 FNV: 5.482 mean: 2.523 median: 2.179 low: 0.588 |
|
| COVERAGE & LEVERAGE | ||
| Debt To EBITDA | — | |
| Cost Of Debt | — | |
| Interest Coverage Ratio | 744.625 | |
| Interest Coverage Ratio QoQ | -419.376 % | |
| Interest Coverage Ratio YoY | 92.837 % | |
| Interest Coverage Ratio IPRWA | FNV: 744.625 high: 204.2 median: 163.454 mean: 104.791 low: -82.967 |
|
| Operating Cash Flow Ratio | 2.841 | |
| TIMING / LIQUIDITY | ||
| Days Payables Outstanding (DPO) | 19.363 | |
| DIVIDENDS | ||
| Dividend Coverage Ratio | 5.821 | |
| Dividend Payout Ratio | 0.172 | |
| Dividend Rate | $ 0.42 | |
| Dividend Yield | 0.002 | |
| PERFORMANCE | GROWTH | |
| Asset Growth Rate | 6.749 % | |
| Revenue Growth | 8.94 % | |
| Revenue Growth QoQ | -60.219 % | |
| Revenue Growth YoY | -39.456 % | |
| Revenue Growth IPRWA | high: 35.653 % median: 15.029 % mean: 11.257 % FNV: 8.94 % low: -8.185 % |
|
| Earnings Growth | — | |
| Earnings Growth QoQ | — | |
| Earnings Growth YoY | — | |
| Earnings Growth IPRWA | — | |
| MARGINS | ||
| Gross Margin | 80.882 % | |
| Gross Margin QoQ | 4.933 % | |
| Gross Margin YoY | 13.946 % | |
| Gross Margin IPRWA | FNV: 80.882 % high: 77.582 % mean: 67.078 % median: 66.439 % low: 30.689 % |
|
| EBIT Margin | 91.548 % | |
| EBIT Margin QoQ | 17.267 % | |
| EBIT Margin YoY | 24.774 % | |
| EBIT Margin IPRWA | FNV: 91.548 % high: 88.705 % mean: 64.213 % median: 62.82 % low: -21.425 % |
|
| Return On Sales (ROS) | 78.515 % | |
| Return On Sales QoQ | 2.44 % | |
| Return On Sales YoY | 7.011 % | |
| Return On Sales IPRWA | FNV: 78.515 % high: 74.855 % mean: 62.472 % median: 62.366 % low: -41.645 % |
|
| CASH FLOW | ||
| Free Cash Flow (FCF) | $ 60.3 M | |
| Free Cash Flow Yield | 0.13 % | |
| Free Cash Flow Yield QoQ | -84.524 % | |
| Free Cash Flow Yield YoY | -117.687 % | |
| Free Cash Flow Yield IPRWA | high: 8.448 % mean: 0.916 % median: 0.709 % FNV: 0.13 % low: -6.789 % |
|
| Free Cash Growth | -84.598 % | |
| Free Cash Growth QoQ | -114.003 % | |
| Free Cash Growth YoY | -55.973 % | |
| Free Cash Growth IPRWA | high: 85.659 % mean: -24.548 % median: -44.246 % low: -62.471 % FNV: -84.598 % |
|
| Free Cash To Net Income | 0.129 | |
| Cash Flow Margin | — | |
| Cash Flow To Earnings | 1.111 | |
| VALUE & RETURNS | ||
| Economic Value Added | — | |
| Return On Assets (ROA) | 5.5 % | |
| Return On Assets QoQ | 17.849 % | |
| Return On Assets YoY | 70.173 % | |
| Return On Assets IPRWA | high: 6.136 % FNV: 5.5 % median: 4.87 % mean: 4.045 % low: -18.121 % |
|
| Return On Capital Employed (ROCE) | 6.915 % | |
| Return On Equity (ROE) | 0.058 | |
| Return On Equity QoQ | 20.017 % | |
| Return On Equity YoY | 73.365 % | |
| Return On Equity IPRWA | high: 0.065 median: 0.063 FNV: 0.058 mean: 0.049 low: -0.263 |
|
| DuPont ROE | 5.954 % | |
| Return On Invested Capital (ROIC) | 5.788 % | |
| Return On Invested Capital QoQ | 20.709 % | |
| Return On Invested Capital YoY | 73.138 % | |
| Return On Invested Capital IPRWA | high: 7.539 % median: 6.298 % FNV: 5.788 % mean: 5.65 % low: -5.83 % |
|