3FO Balance Sheet - Franco-Nevada Corp

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Price: 122.85 EUR 0.61%

Market Cap: €23.7B

Financial profile · Q3 FY2026

Commodity-linked royalty economics with lean costs and lumpy investment cash flows

Its royalty and streaming portfolio ties revenue to commodity prices and mine deliveries, while a lean corporate cost base supports substantial operating leverage and cash conversion. It generally retains balance-sheet capacity for dividends and portfolio additions, but investment commitments can make free cash flow uneven.

What changed

TTM free cash flow shifted from negative to positive as the unusually large reported 2025 spending period rolled out of the comparison. This is a material cash-flow inflection, but does not by itself indicate a change in the royalty model.

What matters next

Whether reported spending remains below operating cash flow, sustaining positive free cash flow.

Metric	FY2016 Dec 2016	FY2017 Dec 2017	FY2018 Dec 2018	FY2019 Dec 2019	FY2020 Dec 2020	FY2021 Dec 2021	FY2022 Dec 2022	FY2023 Dec 2023	FY2024 Dec 2024	FY2025 Dec 2025
Cash & Cash Equivalents	253m	511.1m	69.7m	132.1m	534.2m	539.3m	1.2B	1.4B	1.5B	670.9m
Cash	182.4m	469.5m	60.3m	118.7m	523.7m	529.7m	541.4m	571.4m	788.1m	433.9m
Cash Equivalents	70.6m	41.6m	9.4m	13.4m	10.5m	9.6m	655.1m	850.5m	663.2m	237m
Short-Term Investments	0	—	—	—	—	—	—	—	—	—
Total Receivables	71.1m	65.9m	75.5m	97.8m	93.4m	159.5m	135.7m	111m	157.7m	257.1m
Accounts Receivables	71.1m	65.9m	75.5m	97.8m	93.4m	119.8m	135.7m	111m	151.8m	241.9m
Other Receivables	0	0	0	0	0	39.7m	0	0	5.9m	15.2m
Inventory	2.7m	7.1m	0	—	—	—	—	—	96.8m	40.1m
Other Current Assets	34.4m	32.3m	33.3m	48.8m	36.1m	52.6m	50.9m	82.4m	11m	53.3m
Total Current Assets	361.2m	616.4m	178.5m	278.7m	663.7m	751.4m	1.4B	1.6B	1.7B	1B
PP&E Net	3.7B	4B	4.6B	4.8B	4.6B	5.2B	4.9B	4B	4.1B	6.1B
PP&E Gross	3.7B	4B	4.6B	4.8B	4.6B	5.2B	4.9B	4B	4.1B	6.1B
Accumulated Depreciation	(1.8B)	(2.1B)	(2.3B)	(2.6B)	(3.1B)	(3.4B)	(3.6B)	(5.1B)	(5.2B)	(5.6B)
Note Receivable	28.1m	30.1m	32.3m	34.6m	37.1m	0	—	24.8m	104.1m	0
Long-Term Investments	118.4m	172.2m	136.7m	145.6m	195.6m	235.1m	224.6m	246.4m	324.8m	1.1B
Other Long-Term Assets	30.9m	17.2m	18m	11.7m	57m	67m	84.9m	73.9m	75.4m	60.3m
Total Assets	4.2B	4.8B	4.9B	5.3B	5.6B	6.2B	6.6B	6B	6.3B	8.2B
Accounts Payable	9.6m	6.2m	7.3m	6.8m	3.5m	8.5m	7m	5.5m	5.1m	8.4m
Accrued Liabilities	11.4m	15.3m	16.3m	35m	37.3m	25.1m	36.1m	25.4m	23.6m	36.5m
Short-Term Debt	0	0	0	0	0	0	0	0	0	0
Other Current Liabilities	16.6m	1.1m	1.4m	11.6m	12.4m	9.6m	7.1m	8.3m	38.8m	78.1m
Total Current Liabilities	37.6m	22.6m	25m	53.4m	53.2m	43.2m	50.2m	39.2m	67.5m	123m
Long-Term Debt	0	0	207.6m	82.6m	0	0	0	0	0	0
Deferred Income Tax	37.5m	60.3m	67.3m	82.4m	91.5m	135.4m	153m	180.1m	238m	440.7m
Other Liabilities	—	—	—	—	4.4m	6.1m	6m	5.7m	28.3m	42.4m
Total Liabilities	75.1m	82.9m	299.9m	218.4m	149.1m	184.7m	209.2m	225m	333.8m	606.1m
Common Stock	4.7B	5.1B	5.2B	5.4B	5.6B	5.6B	5.7B	5.7B	5.8B	5.8B
Retained Earnings	(336.8m)	(310m)	(321.7m)	(164.4m)	(34.4m)	484.9m	940.4m	212.3m	486.5m	1.4B
Additional Paid In Capital	41.6m	14.2m	15.6m	14.2m	14m	16.1m	15.6m	20.6m	23m	21.6m
Other Equity	(224.5m)	(106.5m)	(220.3m)	(178.3m)	(115.9m)	(104.3m)	(233.7m)	(192m)	(282m)	430.5m
Total Equity	4.1B	4.7B	4.6B	5.1B	5.4B	6B	6.4B	5.8B	6B	7.6B
Total Liabilities & Equity	4.2B	4.8B	4.9B	5.3B	5.6B	6.2B	6.6B	6B	6.3B	8.2B
Common Shares Outstanding	178.5m	185.9m	186.7m	189.4m	191m	191.3m	191.9m	192.2m	193.3m	192.8m