Analyst Consensus ?
ConsensusHold25 ratings
Bullish1144.0%
Neutral1248.0%
Bearish28.0%
Franco-Nevada Corporation · FNV · FY2025 Q4 · Calendar Q1 2026
Franco-Nevada: growth pipeline expands, execution risks remain
The evidence supports a constructive operating thesis: precious-metals exposure, acquired royalty assets, mine ramp-ups, and a debt-free balance sheet provide growth capacity. The thesis remains conditional on commodity prices, disciplined acquisitions, and execution on Cobre Panama and other development assets.
Reported After market closeNYSEBasic Materials
$45.47B market cap
100quality score
Earnings scorecard
Reported versus consensus
Reported EPS
$1.85
Consensus $1.68
EPS surprise
+10.1%
Reported versus consensus
Reported revenue
$597.3M
Consensus $539.8M
Revenue surprise
+10.7%
Reported versus consensus
Market reaction
event-close to next-session close
Stock move
+1.2%
Event window
SPY move
-0.1%
Same window
Abnormal move
+1.3%
Stock minus SPY
Volume
3.5×
Versus trailing sessions
Subsequent drift
-2.1%
Up to 20 sessions
FNVSPY benchmark
Ask FN2 about FNV FY2025 Q4
Transcript, numbers and history already loaded
Why did FNV rise 1.2% after beating EPS estimates in FY2025 Q4?What changed in FNV's guidance and outlook in FY2025 Q4?Give me the bull and bear case for FNV after FY2025 Q4 earnings.
Free account. Your question opens in FN2 with this report's transcript and numbers attached.
Transcript intelligence
What changed
The current analysis shifts the focus from a strong acquisition pipeline to delivery: acquired assets and ramp-ups are now central to the outlook, while Cobre Panama remains a material but uncertain source of additional growth.
Guidance delta
Management’s outlook is higher, with growth supported by newly acquired assets, mine ramp-ups, and potential Cobre Panama contributions.
Key takeaways
- The current call analysis points to a record performance period supported by precious-metals pricing and acquired assets.
- Management emphasized debt-free capital allocation, continued royalty and stream acquisitions, and dividend growth.
- The main upside case depends on mine ramp-ups, exploration optionality, and progress at Cobre Panama.
Management priorities
- Advance low-cost royalty and stream acquisitions.
- Support Bullabulling and the development of newly acquired assets.
- Maintain a debt-free balance sheet and progressive dividend policy.
- Use exploration on existing land packages to add future optionality.
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Estimate
Beat
Miss
Match
Analyst 52W Price Targets
$239.3Current
$139Low
$238.74Average
$310High
Latest persisted target per named analyst; persisted current price from FN2's market snapshot as of Oct 2, 2026. Not an FN2 forecast.
Firm-level rating actions
FMP grade actions identify the grading firm, not a named analyst.
| Firm | Rating | Prior rating | Action | Date |
|---|---|---|---|---|
| RBC Capital | Outperform | Outperform | Maintain | Sep 16, 2026 |
| Scotiabank | Sector Perform | Sector Perform | Maintain | Jul 14, 2026 |
| B of A Securities | Neutral | Neutral | Maintain | Jul 9, 2026 |
| Jefferies | Hold | Hold | Maintain | Jul 6, 2026 |
| UBS | Buy | Buy | Maintain | Jun 30, 2026 |
| TD Cowen | Buy | Hold | Upgrade | May 20, 2026 |
| HC Wainwright & Co. | Buy | Buy | Maintain | May 13, 2026 |
| TD Securities | Hold | Hold | Maintain | Nov 5, 2025 |
| Raymond James | Outperform | Outperform | Maintain | Oct 10, 2025 |
| Barclays | Underweight | Underweight | Maintain | Jul 7, 2023 |
| Keybanc | Overweight | Overweight | Maintain | Jul 18, 2022 |
| JP Morgan | Neutral | Neutral | Maintain | Mar 4, 2021 |
| Deutsche Bank | Hold | Hold | Maintain | Jun 17, 2020 |
| Credit Suisse | Neutral | Neutral | Maintain | Aug 8, 2019 |
| GMP Securities | Hold | Buy | Downgrade | Jul 23, 2019 |
| Dundee | Buy | Neutral | Upgrade | Dec 8, 2016 |
| Canaccord Genuity | Buy | Hold | Upgrade | Nov 15, 2016 |
| Desjardins | Buy | Buy | Maintain | Oct 26, 2016 |
| National Bank Financial Inc | Sector Perform | Outperform | Downgrade | Oct 13, 2016 |
| National Bank FInancial | Sector Perform | Outperform | Downgrade | Oct 13, 2016 |
| BMO Capital | Market Perform | Outperform | Downgrade | May 12, 2016 |
| Goldman Sachs | Sell | Neutral | Downgrade | May 11, 2016 |
| Clarksons Platou | Buy | Buy | Maintain | Feb 16, 2016 |
| Macquarie | Outperform | Outperform | Maintain | May 14, 2015 |
| Morgan Stanley | Equal Weight | Equal Weight | Maintain | May 29, 2014 |
Named analyst price targets
Upside is calculated against the persisted current price $239.3. FMP does not supply a rating on these named-analyst rows.
| Firm | Analyst | 52W target | Price when posted | Upside | Date |
|---|---|---|---|---|---|
| Scotiabank | Tanya Jakusconek | $274 | $202.32 | +14.5% | Jul 14, 2026 |
| RBC Capital | Analyst unavailable | $285 | $207.5 | +19.1% | Jul 9, 2026 |
| Jefferies | Analyst unavailable | $245 | $217.58 | +2.4% | Jul 6, 2026 |
| UBS | Daniel Major | $280 | $204.5 | +17.0% | Jun 30, 2026 |
| TD Securities | Analyst unavailable | $291 | $222.74 | +21.6% | May 20, 2026 |
| Scotiabank | Analyst unavailable | $290 | $237.11 | +21.2% | May 14, 2026 |
| H.C. Wainwright | Heiko Ihle | $305 | $265.72 | +27.5% | Mar 12, 2026 |
| H.C. Wainwright | Analyst unavailable | $285 | $250.65 | +19.1% | Feb 13, 2026 |
| UBS | Analyst unavailable | $310 | $242.45 | +29.5% | Jan 30, 2026 |
| Scotiabank | Analyst unavailable | $283 | $265.05 | +18.3% | Jan 26, 2026 |
| RBC Capital | Josh Wolfson | $250 | $202.93 | +4.5% | Dec 10, 2025 |
| Jefferies | Analyst unavailable | $228 | $203.17 | -4.7% | Dec 7, 2025 |
| UBS | Analyst unavailable | $270 | $208.1 | +12.8% | Dec 1, 2025 |
| H.C. Wainwright | Analyst unavailable | $210 | $185.14 | -12.2% | Nov 4, 2025 |
| Scotiabank | Tanya Jakusconek | $225 | $191.21 | -6.0% | Oct 23, 2025 |
| UBS | Daniel Major | $260 | $209.43 | +8.7% | Oct 16, 2025 |
| Raymond James | Analyst unavailable | $234 | $203.78 | -2.2% | Oct 10, 2025 |
| Raymond James | Brian MacArthur | $218 | $214.17 | -8.9% | Sep 23, 2025 |
| UBS | Daniel Major | $250 | $208.58 | +4.5% | Sep 19, 2025 |
| Raymond James | Brian MacArthur | $186 | $168.5 | -22.3% | May 28, 2025 |
| Scotiabank | Analyst unavailable | $150 | $145.74 | -37.3% | Mar 11, 2025 |
| TD Securities | Derick Ma | $152 | $145.74 | -36.5% | Mar 11, 2025 |
| Bank of America Securities | Lawson Winder | $139 | $124.46 | -41.9% | Oct 1, 2024 |
| Scotiabank | Tanya Jakusconek | $141 | $122.71 | -41.1% | May 23, 2024 |
| H.C. Wainwright | Analyst unavailable | $145 | $133.79 | -39.4% | Aug 11, 2022 |
| H.C. Wainwright | Analyst unavailable | $144 | $126 | -39.8% | Jul 19, 2022 |
| H.C. Wainwright | Analyst unavailable | $180 | $156.09 | -24.8% | May 5, 2022 |
| Industrial Alliance Securities | Puneet Singh | $187 | $130.35 | -21.9% | Jan 21, 2022 |
| KeyBanc | Adam Josephson | $154.38 | $134.33 | -35.5% | Dec 22, 2021 |
| Desjardins | John Sclodnick | $159.15 | $150.21 | -33.5% | May 20, 2021 |
Track every rating change on FNV the moment it posts. Free to start.
Start freeCompany context
Snapshot as of publicationFranco-Nevada Corporation operates as a royalty and stream company focused on precious metals in South America, Central America, Mexico, the United States, Canada, Australia, Europe, and Africa. It operates through Precious Metals, Other Mining and Energy segments. The company manages its portfolio with a focus on precious metals, such as gold, silver, and platinum group metals; and engages in the sale of crude oil, natural gas, and natural gas liquids through a third-party marketing agent. The company was founded in 1986 and is headquartered in Toronto, Canada.
Historical context
All FNV earningsBasic Materials peers this season
Latest reports in the same sector| Company | Quarter | EPS surprise | Market move | Headline |
|---|---|---|---|---|
| HMY Harmony Gold Mining Company Limited | FY2026 Q4 · Calendar Q3 2026 | 0.0% | -6.2% | Harmony Gold posts record FY2026 while Eva Copper risks remain |
Latest beats and misses
Who reports nextBeat on EPS
- ACNFY2026 Q4 · October 1, 2026+3.5% EPS+15.8% move
- MKCFY2026 Q3 · October 1, 2026+13.9% EPS-4.9% move
- NKEFY2027 Q1 · October 1, 2026+10.0% EPS-0.7% move
- CAGFY2027 Q1 · September 30, 2026+44.4% EPS-4.9% move
- FDSFY2026 Q4 · September 30, 2026+3.9% EPS+3.8% move
- JBLFY2026 Q4 · September 30, 2026+8.1% EPS-10.0% move
Get the FNV recap when the next report posts
One email per quarter with the scorecard, the market reaction and what changed on the call. No account needed.
Sources
- Earnings call transcript and parsed analysis · 2026-05-11T10:29:34.698584+00:00
- FN2 earnings calendar · 2026-07-26T00:37:12.209961+00:00
- Polygon adjusted daily market bars · 2026-10-02T19:46:12.287120+00:00
- Financial Modeling Prep analyst price-target consensus and quote snapshot · 2026-10-02T19:46:12.284041+00:00
Methodology
Reported and consensus figures come from FN2's earnings event records. Market reaction and volume are calculated from daily adjusted bars around the event; abnormal move subtracts the SPY move over the same window.
Analyst target low, average, and high values are derived at request time from each named analyst's latest persisted FMP target. The current-price marker comes from FN2's persisted market snapshot. They are sell-side estimates, not an FN2 valuation or recommendation.
Transcript intelligence is a structured synthesis of the current and prior earnings-call analyses. Missing values stay missing and are never estimated.
By FN2 Research · Updated · As of 2026-10-02. For educational purposes only; not investment advice.