Recent News
On February 12, 2026 Franco‑Nevada announced a $250 million net smelter return royalty financing with i‑80 Gold to fund development across multiple Nevada projects, with the royalty at 1.5% through 2030 rising to 3.0% thereafter. On January 26, 2026 the company disclosed a $100 million financing with Orezone Gold for the Casa Berardi mine and also declared its 19th consecutive annual dividend increase while announcing chair succession plans. Franco‑Nevada received recognition on January 21, 2026 as one of Corporate Knights’ 2026 Global 100 Most Sustainable Corporations.
Technical Analysis
Directional indicators show an emerging directional environment: ADX at 21.34 indicates an emerging trend rather than a well‑established one. DI+ at 26.68 registered a peak & reversal, which constitutes a bearish signal, while DI‑ at 23.37 also registered a peak & reversal, which constitutes a bullish signal—together these produce offsetting directional pressure against the background of only an emerging trend strength.
MACD sits at 5.12 below its signal line at 6.00 with a peak & reversal in its trend; that configuration indicates bearish momentum and that the MACD has failed to cross above the signal line.
MRO reads 21.57 with a dip & reversal trend; the positive MRO level indicates the price sits above the modeled target even as the dip & reversal pattern signals renewed upward momentum in the oscillator itself, creating a tension between valuation overshoot and short‑term momentum.
RSI at 59.62 carries a peak & reversal pattern, which signals the recent internal swing toward lower momentum despite the RSI remaining below overbought territory; the level suggests limited immediate room to run before encountering exhaustion.\
Price sits at $249.73 above the 20‑day average ($245.20) and well above the 200‑day average ($194.04); the 12‑day EMA is increasing at $246.41, supporting short‑term price support. Bollinger bands place the one‑standard‑deviation upper band at $259.44 and lower at $230.97. The 42‑day beta (1.53) shows short‑term sensitivity to market moves contrasted with a 52‑week beta of 0.38, indicating lower longer‑term market correlation. Volume remains below multi‑period averages, reducing conviction behind recent moves.
Fundamental Analysis
Revenue reached $487.7M with gross profit $353.5M and operating income $337.2M; EBIT stands at $363.2M and EBITDA at $450.2M. YoY revenue growth registered +4.34%, while quarter‑over‑quarter revenue expanded sharply by +117.17%, producing a reported revenue growth figure of +32.03% (period). Net income totaled $287.5M and operating cash flow reached $348.0M.
Profitability metrics remain strong: operating margin shows 69.14% and EBIT margin 74.47%. EBIT margin sits above the industry peer mean of 58.67% and above the industry peer median of 52.29%, indicating margin outperformance on a peer‑mean basis.
EPS came in at $1.43 versus an estimate of $1.38, producing an EPS surprise of +3.62%. Forward EPS stands at $2.08 with a forward P/E near 183.51. Current reported P/E equals 135.85, above the industry peer mean of 86.67; price‑to‑book at 5.35 exceeds the industry peer mean of 3.67; price‑to‑sales at 76.79 sits above the industry peer mean of 44.37. Those multiple positions place the company well above typical peer valuation benchmarks.
Cash generation metrics present contrasts: free cash flow totaled $55.6M with a free cash flow yield of 0.15%, below the industry peer mean free cash flow yield of 0.41%. The company retains a strong liquidity profile—cash and short‑term investments $236.7M, current ratio 4.64 and quick ratio 4.55—while total equity and invested capital remain sizable. Interest coverage remains very high at 454.0x, reflecting minimal interest burden.
Returns show ROE of 4.11% and ROA of 3.96%, both slightly above the industry peer means where available; earnings growth YoY recorded +129.83% while QoQ earnings growth slipped -3.56%. Notably, return on invested capital shows a YoY change of -135.39% (as reported), which the raw figure denotes a material YoY shift in that metric and should be interpreted alongside the company’s capital base and one‑off items reported for the period.
Valuation summary: WMDST values the stock as over‑valued given the combination of elevated multiples (P/E, P/B, P/S) relative to industry peer means and a free cash flow yield below the peer mean, despite strong margins and a debt‑free balance sheet.
MOST-RECENT QUARTERLY REPORT
| REPORT PERIOD ENDING: | 2025-09-30 |
| REPORT DATE: | 2025-11-03 |
| NEXT REPORT DATE: | 2026-02-02 |
| CASH FLOW | Begin Period Cash Flow | $ 160.3 M |
| Operating Cash Flow | $ 348.0 M | |
| Capital Expenditures | $ -292.40 M | |
| Change In Working Capital | $ -44.70 M | |
| Dividends Paid | $ -67.30 M | |
| Cash Flow Delta | $ 76.4 M | |
| End Period Cash Flow | $ 236.7 M | |
| INCOME STATEMENT | REVENUE | |
| Total Revenue | $ 487.7 M | |
| Forward Revenue | $ 170.0 M | |
| COSTS | ||
| Cost Of Revenue | $ 134.2 M | |
| Depreciation | — | |
| Depreciation and Amortization | — | |
| Research and Development | — | |
| Total Operating Expenses | $ 150.5 M | |
| PROFITABILITY | ||
| Gross Profit | $ 353.5 M | |
| EBITDA | $ 450.2 M | |
| EBIT | $ 363.2 M | |
| Operating Income | $ 337.2 M | |
| Interest Income | $ 8.0 M | |
| Interest Expense | $ 800.0 K | |
| Net Interest Income | $ 7.2 M | |
| Income Before Tax | $ 362.4 M | |
| Tax Provision | $ 74.9 M | |
| Tax Rate | 20.668 % | |
| Net Income | $ 287.5 M | |
| Net Income From Continuing Operations | $ 287.5 M | |
| EARNINGS | ||
| EPS Estimate | $ 1.38 | |
| EPS Actual | $ 1.43 | |
| EPS Difference | $ 0.05 | |
| EPS Surprise | 3.623 % | |
| Forward EPS | $ 2.08 | |
| BALANCE SHEET | ASSETS | |
| Total Assets | $ 7.5 B | |
| Intangible Assets | — | |
| Net Tangible Assets | $ 7.0 B | |
| Total Current Assets | $ 542.5 M | |
| Cash and Short-Term Investments | $ 236.7 M | |
| Cash | $ 236.7 M | |
| Net Receivables | $ 190.7 M | |
| Inventory | $ 10.3 M | |
| Long-Term Investments | $ 12.1 M | |
| LIABILITIES | ||
| Accounts Payable | $ 66.1 M | |
| Short-Term Debt | — | |
| Total Current Liabilities | $ 116.9 M | |
| Net Debt | — | |
| Total Debt | — | |
| Total Liabilities | $ 517.6 M | |
| EQUITY | ||
| Total Equity | $ 7.0 B | |
| Retained Earnings | $ 1.1 B | |
| VALUATION & PER-SHARE METRICS | EQUITY & PER-SHARE METRICS | |
| Book Value Per-Share | $ 36.31 | |
| Shares Outstanding | 192.777 M | |
| Revenue Per-Share | $ 2.53 | |
| VALUATION | Market Capitalization | $ 37.4 B |
| Enterprise Value | — | |
| Enterprise Multiple | — | |
| Enterprise Multiple QoQ | — | |
| Enterprise Multiple YoY | — | |
| Enterprise Multiple IPRWA | — | |
| EV/R | — | |
| CAPITAL STRUCTURE | ||
| Asset To Equity | 1.074 | |
| Asset To Liability | 14.523 | |
| 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) | 5.35 | |
| Price To Book QoQ | 7.645 % | |
| Price To Book YoY | 31.015 % | |
| Price To Book IPRWA | high: 7.0 FNV: 5.35 mean: 3.674 median: 3.286 low: 0.013 |
|
| Price To Earnings (P/E) | 135.847 | |
| Price To Earnings QoQ | 3.514 % | |
| Price To Earnings YoY | -14.435 % | |
| Price To Earnings IPRWA | high: 157.789 FNV: 135.847 mean: 86.675 median: 73.268 low: -21.388 |
|
| PE/G Ratio | 8.866 | |
| Price To Sales (P/S) | 76.787 | |
| Price To Sales QoQ | -13.559 % | |
| Price To Sales YoY | -13.41 % | |
| Price To Sales IPRWA | high: 95.733 FNV: 76.787 mean: 44.369 median: 25.248 low: 4.984 |
|
| FORWARD MULTIPLES | ||
| Forward P/E | 183.51 | |
| Forward PE/G | 11.976 | |
| Forward P/S | 451.299 | |
| EFFICIENCY | OPERATIONAL | |
| Operating Leverage | 0.461 | |
| ASSET & SALES | ||
| Asset Turnover Ratio | 0.067 | |
| Asset Turnover Ratio QoQ | 24.19 % | |
| Asset Turnover Ratio YoY | 51.399 % | |
| Asset Turnover Ratio IPRWA | high: 0.205 median: 0.095 mean: 0.084 FNV: 0.067 low: 0.005 |
|
| Receivables Turnover | 2.891 | |
| Receivables Turnover Ratio QoQ | 20.09 % | |
| Receivables Turnover Ratio YoY | 33.589 % | |
| Receivables Turnover Ratio IPRWA | high: 33.336 median: 33.103 mean: 22.942 FNV: 2.891 low: 0.868 |
|
| Inventory Turnover | 15.514 | |
| Inventory Turnover Ratio QoQ | 666.971 % | |
| Inventory Turnover Ratio YoY | — | |
| Inventory Turnover Ratio IPRWA | FNV: 15.514 high: 4.1 mean: 1.204 median: 0.789 low: 0.401 |
|
| Days Sales Outstanding (DSO) | 31.564 | |
| CASH CYCLE | ||
| Cash Conversion Cycle Days (CCC) | -6.995 | |
| Cash Conversion Cycle Days QoQ | -113.554 % | |
| Cash Conversion Cycle Days YoY | — | |
| Cash Conversion Cycle Days IPRWA | high: 270.657 median: 49.851 mean: 43.721 FNV: -6.995 low: -63.08 |
|
| CAPITAL DEPLOYMENT | ||
| Cash Conversion Ratio | 1.146 | |
| CapEx To Revenue | -0.6 | |
| CapEx To Depreciation | — | |
| CAPITAL, LIQUIDITY & COVERAGE | CAPITAL STRUCTURE | |
| Total Capital | $ 7.0 B | |
| Net Invested Capital | $ 7.0 B | |
| Invested Capital | $ 7.0 B | |
| Net Tangible Assets | $ 7.0 B | |
| Net Working Capital | $ 425.6 M | |
| LIQUIDITY | ||
| Cash Ratio | 2.025 | |
| Current Ratio | 4.641 | |
| Current Ratio QoQ | 9.102 % | |
| Current Ratio YoY | -80.162 % | |
| Current Ratio IPRWA | high: 19.039 FNV: 4.641 mean: 3.705 median: 2.12 low: 0.978 |
|
| Quick Ratio | 4.553 | |
| Quick Ratio QoQ | 9.169 % | |
| Quick Ratio YoY | — | |
| Quick Ratio IPRWA | high: 8.339 FNV: 4.553 mean: 1.444 median: 1.306 low: 0.456 |
|
| COVERAGE & LEVERAGE | ||
| Debt To EBITDA | — | |
| Cost Of Debt | — | |
| Interest Coverage Ratio | 454.0 | |
| Interest Coverage Ratio QoQ | 14.755 % | |
| Interest Coverage Ratio YoY | 62.474 % | |
| Interest Coverage Ratio IPRWA | FNV: 454.0 high: 118.727 median: 66.23 mean: 49.567 low: -34.479 |
|
| Operating Cash Flow Ratio | 2.977 | |
| TIMING / LIQUIDITY | ||
| Days Payables Outstanding (DPO) | 46.654 | |
| DIVIDENDS | ||
| Dividend Coverage Ratio | 4.272 | |
| Dividend Payout Ratio | 0.234 | |
| Dividend Rate | $ 0.35 | |
| Dividend Yield | 0.002 | |
| PERFORMANCE | GROWTH | |
| Asset Growth Rate | 7.069 % | |
| Revenue Growth | 32.025 % | |
| Revenue Growth QoQ | 11717.343 % | |
| Revenue Growth YoY | 433.928 % | |
| Revenue Growth IPRWA | high: 88.424 % FNV: 32.025 % mean: 9.506 % median: 8.644 % low: -35.719 % |
|
| Earnings Growth | 15.323 % | |
| Earnings Growth QoQ | -3.556 % | |
| Earnings Growth YoY | 129.834 % | |
| Earnings Growth IPRWA | high: 72.727 % FNV: 15.323 % mean: 12.108 % median: -0.943 % low: -112.5 % |
|
| MARGINS | ||
| Gross Margin | 72.483 % | |
| Gross Margin QoQ | -1.526 % | |
| Gross Margin YoY | 5.399 % | |
| Gross Margin IPRWA | high: 73.534 % FNV: 72.483 % mean: 59.856 % median: 58.514 % low: 9.738 % |
|
| EBIT Margin | 74.472 % | |
| EBIT Margin QoQ | -13.08 % | |
| EBIT Margin YoY | 4.968 % | |
| EBIT Margin IPRWA | high: 89.775 % FNV: 74.472 % mean: 58.667 % median: 52.287 % low: -109.663 % |
|
| Return On Sales (ROS) | 69.141 % | |
| Return On Sales QoQ | -3.035 % | |
| Return On Sales YoY | -2.546 % | |
| Return On Sales IPRWA | high: 69.482 % FNV: 69.141 % mean: 54.107 % median: 53.767 % low: -86.72 % |
|
| CASH FLOW | ||
| Free Cash Flow (FCF) | $ 55.6 M | |
| Free Cash Flow Yield | 0.148 % | |
| Free Cash Flow Yield QoQ | -105.219 % | |
| Free Cash Flow Yield YoY | -240.952 % | |
| Free Cash Flow Yield IPRWA | high: 6.951 % median: 1.218 % mean: 0.411 % FNV: 0.148 % low: -6.782 % |
|
| Free Cash Growth | -105.975 % | |
| Free Cash Growth QoQ | -132.712 % | |
| Free Cash Growth YoY | -7.415 % | |
| Free Cash Growth IPRWA | high: 177.998 % mean: 7.399 % median: -8.527 % FNV: -105.975 % low: -485.652 % |
|
| Free Cash To Net Income | 0.193 | |
| Cash Flow Margin | 55.916 % | |
| Cash Flow To Earnings | 1.21 | |
| VALUE & RETURNS | ||
| Economic Value Added | — | |
| Return On Assets (ROA) | 3.955 % | |
| Return On Assets QoQ | 9.436 % | |
| Return On Assets YoY | 61.1 % | |
| Return On Assets IPRWA | high: 11.671 % FNV: 3.955 % median: 3.277 % mean: 3.189 % low: -15.435 % |
|
| Return On Capital Employed (ROCE) | 4.908 % | |
| Return On Equity (ROE) | 0.041 | |
| Return On Equity QoQ | 9.752 % | |
| Return On Equity YoY | 61.035 % | |
| Return On Equity IPRWA | high: 0.151 median: 0.045 FNV: 0.041 mean: 0.038 low: -0.275 |
|
| DuPont ROE | 4.228 % | |
| Return On Invested Capital (ROIC) | 4.117 % | |
| Return On Invested Capital QoQ | 9.728 % | |
| Return On Invested Capital YoY | -135.388 % | |
| Return On Invested Capital IPRWA | high: 12.873 % median: 4.522 % FNV: 4.117 % mean: 4.091 % low: -4.106 % |
|