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Franco-Nevada’s royalty and streaming model combines expanding operating margins, substantial operating cash generation, and no reported debt. Historically it has funded dividends and portfolio growth internally, but the recent acquisition cycle has made free cash flow more volatile.
Q1 2026 confirmed the earnings and operating-cash engine, with record comparable results, but TTM free cash flow remained negative because portfolio investment stayed elevated. This is a meaningful cash-profile development, not yet evidence that the royalty model itself has changed.
Whether quarterly acquisition outflows moderate enough for operating cash flow to keep free cash flow positive.
| Metric | FY2016 | FY2017 | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| 610.2m | 675m | 653.2m | 844.1m | 1B | 1.3B | 1.3B | 1.2B | 1.1B | 1.8B | |
| (379.6m) | (415m) | (365.9m) | (408m) | (399.8m) | (477.9m) | (463.1m) | (452.4m) | (354.3m) | (475.5m) | |
| 230.6m | 260m | 287.3m | 436.1m | 620.4m | 822.1m | 852.6m | 766.6m | 759.3m | 1.3B | |
| (24.1m) | (24.9m) | (22.6m) | (28.8m) | (28.8m) | (30.8m) | (32.6m) | (28.9m) | (40.9m) | (46.4m) | |
| (20.7m) | (21.3m) | (22.6m) | (28.8m) | (28.8m) | (30.8m) | (32.6m) | (28.9m) | (40.9m) | (46.4m) | |
| (3.4m) | (3.6m) | — | — | — | — | — | — | — | — | |
| 206.5m | 235.1m | 264.7m | 407.3m | 591.6m | 791.3m | 820m | 737.7m | 718.4m | 1.3B | |
| 12m | 4.5m | (1.1m) | (2.2m) | 4.8m | (500k) | 15.2m | 65.3m | 39.4m | 64.5m | |
| — | — | — | 8.5m | 1.4m | 1.4m | 1m | 600k | 500k | 700k | |
| (51.1m) | (4.2m) | (75.9m) | 2.9m | (255.1m) | 69.4m | 700k | (1.2B) | 8.2m | 53.3m | |
| 500k | 600k | 1.4m | (2.1m) | (1.8m) | (2.4m) | (2.2m) | (1.5m) | (2.1m) | (2.7m) | |
| 167.9m | 236m | 189.1m | 405.9m | 339.5m | 857.8m | 833.7m | (364.2m) | 763.9m | 1.4B | |
| (45.7m) | (34.2m) | (48.1m) | (61.8m) | (13.3m) | (124.1m) | (133.1m) | (102.2m) | (211.8m) | (303.9m) | |
| 122.2m | 201.8m | 141m | 344.1m | 326.2m | 733.7m | 700.6m | (466.4m) | 552.1m | 1.1B | |
| 122.2m | 194.7m | 139m | 344.1m | 326.2m | 733.7m | 700.6m | (466.4m) | 552.1m | 1.1B | |
| 0.69 | 1.06 | 0.76 | 1.83 | 1.71 | 3.83 | 3.65 | (2.43) | 2.87 | 5.76 |
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Stock intrinsic value is the real worth of a company's stock, based on its financial health and performance.
Instead of looking at the stock's current market price, which can change due to people's opinions and emotions, intrinsic value helps us understand if a stock is truly a good deal or not.
By focusing on the company's actual financial strength, like its earnings and debts, we can make better decisions about which stocks to buy and when.
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