Franco Nevada
FNV · NYSEGold and Silver Ores · Fiscal year ends Dec 31
Net income was $1.1B. Operating cash flow of $1.5B less capital expenditure of $2M left free cash flow of $1.5B.
Last 5 fiscal years
Revenue and net income
Income statement
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Cost of revenue | $478M | $463M | $452M | $354M | $476M |
| Gross profit | $822M | $853M | $767M | $759M | $1.3B |
| Operating income | $861M | $821M | −$428M | $727M | $1.4B |
| Interest expense | $200,000 | $3M | $3M | $3M | $3M |
| Pre-tax income | $858M | $834M | −$364M | $764M | $1.4B |
| Income tax | $124M | $133M | $102M | $212M | $304M |
| Net income | $734M | $701M | −$466M | $552M | $1.1B |
Balance sheet
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Cash & equivalents | $539M | $1.2B | $1.4B | $1.5B | $671M |
| Inventory | $500,000 | $100,000 | $52M | $97M | $40M |
| Current assets | $751M | $1.4B | $1.6B | $1.7B | $1B |
| Total assets | $6.2B | $6.6B | $6B | $6.3B | $8.2B |
| Payables | $9M | $7M | $6M | $5M | $8M |
| Current liabilities | $43M | $50M | $39M | $68M | $123M |
| Total liabilities | $185M | $209M | $225M | $334M | $606M |
| Shareholders' equity | $6B | $6.4B | $5.8B | $6B | $7.6B |
Cash flow
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Operating cash flow | $955M | $1,000M | $991M | $830M | $1.5B |
| Capital expenditure | – | – | – | $200,000 | $2M |
| Free cash flow | – | – | – | $829M | $1.5B |
Key ratios
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Operating income growth (YoY) | – | −4.6% | −152.2% | – | 86.4% |
| Return on equityBlank when equity is negative | 12.2% | 10.9% | −8.1% | 9.2% | 14.6% |
| ROCEEBIT ÷ (assets − current liabilities) | 14.0% | 12.5% | −7.2% | 11.6% | 16.7% |
| Cash conversion (CFO ÷ net income) | 1.30x | 1.43x | −2.13x | 1.50x | 1.34x |
| Inventory days | 0 | 0 | 42 | 100 | 31 |
| Payable days | 6 | 6 | 4 | 5 | 6 |
| Interest cover | 4304x | 256x | −148x | 279x | 437x |
| Current ratio | 17.4x | 27.6x | 41.2x | 25.4x | 8.30x |
Recent filings
More in Gold And Silver Ores
Standardised figures from the company's XBRL filings with the SEC (10-K, 10-Q). Line items follow US GAAP tags, so a company's own statement layout may differ and some lines show “–” where the company does not report that item. Ratios are calculated from these figures. For education only; not investment advice or a recommendation.