{"schemaVersion":1,"research":true,"symbol":"fnv","name":"Franco-Nevada","topic":"moat","path":"/stock/fnv/moat","status":"stale","version":9,"updatedAt":"2026-10-19T13:03:44.327Z","locked":false,"publicFairValue":false,"fairValue":null,"moat":{"verdict":"narrow","summary":"Franco-Nevada has a narrow moat from existing asset-specific royalty and streaming rights that generate actual receipts and generally protect against operators’ cost inflation. Long contractual terms support persistence, but buybacks, delivery reductions and halted mining demonstrate limits. H1 2026 strengthens evidence of cash generation and portfolio execution without establishing superior acquisition economics. Pricing outcomes benefited from commodity markets; unilateral selling-price power remains weak.","advantages":[{"mechanism":"intangible_assets","claim":"Existing contractual rights attach Franco-Nevada to specified production or revenue. A competing financier cannot simply replace those rights by offering cheaper financing. Actual deliveries and receipts demonstrate their economic substance. Most revenue comes from interests whose payments do not adjust for operators’ operating costs; this protects existing economics but does not establish a cost advantage over other royalty companies.","durability":"Several disclosed streams have 40-year contractual terms, and Western Limb includes life-of-mine gold rights. These durations support a current advantage, conditional on production and enforceability. Contract duration does not guarantee an equally long productive mine life.","risks":"Exercised buybacks reduce future participation, even when compensated. Candelaria has a scheduled delivery stepdown. Cobre Panamá demonstrates that contractual rights cannot ensure uninterrupted mining. Competition for new interests may impair replacement economics, but the generic competition disclosures do not establish realized competitive failure.","invalidation":"The thesis would fail if material existing rights became unenforceable or were terminated without adequate recovery, or if sustained production losses, contractual reductions and depletion overwhelmed contributions from retained and newly acquired interests. A material shift toward operator-cost-sensitive contracts would also invalidate the claimed breadth of cost insulation.","competitors":[],"evidenceIds":["e1","e2","e3","e4","e5","e6","e7"],"counterEvidenceIds":["e8","e9","e10","e11","e12","e13","e14"]}],"evidence":[{"id":"e1","sourceId":"filing-11","location":"Note 26, rights to property revenue or production","excerpt":"Royalties and streams are interests that provide the right to revenue or production from the various properties, after deducting specified costs, if any."},{"id":"e2","sourceId":"filing-6","location":"Purchase commitments, stream terms and contractual durations","excerpt":"Note 23 - Fair Value Measurements\nAssets and Liabilities Measured at Fair Value on a Recurring Basis:\n​\n​\n​\n​\n​\n​\n​\n​\n​\n​\n​\n​\n​\n​\n​\n​\n​\n ​ ​ ​\nQuoted prices in\n ​ ​ ​\nSignificant other\n ​ ​ ​\nSignificant\n ​\n ​\n​\n \n​\n​\nactive markets for\n​\nobservable\n​\nunobservable\nThe following table summarizes the Company’s commitments to pay for gold, silver and PGM pursuant to the associated precious metal agreements as at June 30, 2026:\n​\n​\n​\n​\n​\n​\n​\n​\n​\n​\n​\n​\n​\n​\n​\n​\n​\n​\n​\n​\n​\n​\n​\n​\n​\n​\nAttributable payable\n​\n​\n​\n​\n​\n​\n​\n​\n​\n​\n​\n​\n​\n​\n​\n \n​\n​\nproduction to be purchased\n​\nPer ounce cash payment (1),(2)\n​\n​\nTerm of\n​\nDate of\n \nInterest\n ​ ​ ​\nGold\n ​ ​ ​\nSilver\n ​ ​ ​\nPGM\n ​ ​ ​\nGold\n ​ ​ ​\nSilver\n ​ ​ ​\n ​ ​ ​\nPGM\n ​ ​ ​\n ​ ​ ​\nagreement(3)\n ​ ​ ​\ncontract\n \nAntamina\n \n —\n% \n 22.5\n% (4)\n —\n% \n​\nn/a\n​\n​\n 5\n​\n% (5)\n​\nn/a\n​\n \n40 years\n​\n7-Oct-15\n​\nAntapaccay\n \n —\n% (6)\n —\n% (7)\n —\n% \n \n 20\n% (8)\n​\n 20\n​\n% (9)\n​\nn/a\n​\n \n40 years\n​\n10-Feb-16\n​\nCandelaria\n \n 68\n% (10)\n 68\n% (10)\n —\n% \n$\n 400\n​\n$\n 4.00\n​\n​\n​\nn/a\n​\n \n40 years\n​\n6-Oct-14\n​\nCasa Berardi\n​\n—\n% (11)\n —\n%\n —\n%\n​\n 20\n%\n​\nn/a\n​\n​\n​\nn/a\n​\n​\n40 years\n​\n26-Jan-26\n​\nCascabel\n​\n 14\n% (12)\n —\n%\n —\n%\n​\n 20\n% (13)\n​\nn/a\n​\n​\n​\nn/a\n​\n​\n40 years\n​\n15-Jul-24\n​\nCooke 4\n \n 7\n% \n —\n% \n —\n% \n$\n 400\n​\n​\nn/a\n \n​\n​\nn/a\n​\n \n40 years\n​\n5-Nov-09\n​\nCobre Panamá Fixed Payment Stream\n \n—\n% (14)\n —\n% (15)\n —\n% \n$\n 418\n(16)\n$\n 6.27\n \n(17)\n​\nn/a\n​\n \n40 years\n​\n19-Jan-18\n​\nCobre Panamá Floating Payment Stream\n​\n—\n% (18)\n —\n% (19)\n —\n% \n​\n 20\n% (20)\n​\n 20\n​\n% (21)\n​\nn/a\n​\n \n40 years\n​\n19-Jan-18\n​\nCondestable\n​\n 63\n% (22)\n 63\n% (23)\n —\n% \n​\n 20\n% (24)\n​\n 20\n​\n% (25)\n​\nn/a\n​\n \n40 years\n​\n27-Mar-24\n​\nGuadalupe-Palmarejo\n \n 50\n% \n —\n% \n —\n% \n$\n 800\n​\n​\nn/a\n \n​\n​\nn/a\n​\n \n40 years\n​\n2-Oct-14\n​\nKarma\n \n 4.875\nThereafter, 80.0% of gold contained in concentrate."},{"id":"e3","sourceId":"filing-3","location":"Western Limb acquisition, stream duration","excerpt":"The Western Limb Stream is comprised of a gold component for the life of mine (“LOM”) and a platinum component for approximately 25 years."},{"id":"e4","sourceId":"filing-8","location":"Strategy, production-based payments without operator-cost adjustments","excerpt":"The majority of our interests are royalty and streams with payments/deliveries that are based on production levels with no adjustments for the operator’s operating costs."},{"id":"e5","sourceId":"filing-8","location":"Strategy, H1 2026 revenue share from cost-insulated interests","excerpt":"In H1 2026, these interests accounted for 88% of our revenue (H1 2025 – 92%)."},{"id":"e6","sourceId":"filing-8","location":"Quarterly performance, actual Antamina silver sales","excerpt":"●\nAntamina – We sold 825,000 silver ounces in Q2 2026 compared to 700,000 silver ounces in Q2 2025."},{"id":"e7","sourceId":"filing-3","location":"Annual performance, 2025 and 2024 revenue by interest type","excerpt":"Revenue and GEOs Revenue and GEO sales by commodity, geographical location and type of interest for the year ended December 31, 2025 and 2024 were as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Gold Equivalent Ounces(1) ​ ​ Revenue (in millions) For the year ended December 31, ​ ​ 2025 2024 ​ ​ ​ Variance ​ ​ 2025 ​ ​ 2024 ​ ​ ​ Variance ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Commodity ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Gold ​ 366,265 295,193 71,072 ​ ​ $ 1,275.8 ​ ​ $ 706.9 ​ $ 568.9 ​ Silver ​ 63,697 48,489 15,208 ​ ​ 235.6 ​ ​ 117.8 ​ 117.8 ​ PGM ​ 10,178 11,628 (1,450) ​ ​ 37.3 ​ ​ 28.3 ​ 9.0 ​ Precious Metals ​ ​ 440,140 355,310 ​ 84,830 ​ ​ $ 1,548.7 ​ ​ $ 853.0 ​ $ 695.7 ​ Iron ore(2) ​ 12,711 22,314 (9,603) ​ ​ $ 43.7 ​ ​ $ 50.5 ​ $ (6.8) ​ Other mining assets ​ ​ 3,804 3,555 ​ 249 ​ ​ ​ 12.4 ​ ​ ​ 8.2 ​ ​ 4.2 ​ Oil ​ ​ 39,665 59,030 ​ (19,365) ​ ​ ​ 118.8 ​ ​ ​ 128.6 ​ ​ (9.8) ​ Gas ​ ​ 15,294 15,147 ​ 147 ​ ​ ​ 65.4 ​ ​ ​ 44.1 ​ ​ 21.3 ​ NGL ​ ​ 7,492 7,978 ​ (486) ​ ​ ​ 19.6 ​ ​ ​ 20.3 ​ ​ (0.7) ​ Diversified ​ ​ 78,966 108,024 ​ (29,058) ​ ​ $ 259.9 ​ ​ $ 251.7 ​ $ 8.2 ​ Revenue from royalty, stream and working interests ​ ​ 519,106 463,334 ​ 55,772 ​ ​ $ 1,808.6 ​ ​ $ 1,104.7 ​ $ 703.9 ​ Interest revenue and other interest income ​ ​ — — ​ — ​ ​ $ 14.2 ​ ​ $ 8.9 ​ $ 5.3 ​ ​ ​ 519,106 463,334 55,772 ​ ​ $ 1,822.8 ​ ​ $ 1,113.6 ​ $ 709.2 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Geography ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ South America ​ 212,017 187,778 24,239 ​ ​ $ 750.5 ​ ​ $ 451.1 ​ $ 299.4 ​ Central America & Mexico ​ 62,103 36,229 25,874 ​ ​ ​ 216.6 ​ ​ ​ 86.1 ​ ​ 130.5 ​ Canada(2) ​ 97,570 76,552 21,018 ​ ​ ​ 354.0 ​ ​ 192.8 ​ 161.2 ​ United States ​ 78,438 87,212 (8,774) ​ ​ 266.1 ​ ​ ​ 205.0 ​ ​ 61.1 ​ Rest of World ​ 68,978 75,563 (6,585) ​ ​ 235.6 ​ ​ 178.6 ​ 57.0 ​ ​ ​ 519,106 463,334 55,772 ​ ​ $ 1,822.8 ​ ​ $ 1,113.6 ​ $ 709.2 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Type ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Revenue-based royalties ​ 186,607 186,472 135 ​ ​ $ 638.9 ​ ​ $ 440.1 ​ $ 198.8 ​ Streams ​ 280,431 236,158 44,273 ​ ​ 990.2 ​ ​ 567.9 ​ 422.3 ​ Profit-based royalties ​ 41,710 24,447 17,263 ​ ​ 143.9 ​ ​ 57.8 ​ 86.1 ​ Interest revenue and other(2) ​ 10,358 16,257 (5,899) ​ ​ 49.8 ​ ​ 47.8 ​ 2.0 ​ ​ ​ 519,106 463,334 55,772 ​ ​ $ 1,822.8 ​ ​ $ 1,113.6 ​ $ 709.2 ​ 1 Refer to the “Gold Equivalent Ounces and Net Gold Equivalent Ounces” section of this MD&A for more information on our methodology for calculating GEOs."},{"id":"e8","sourceId":"filing-2","location":"Three-year history, exercised Salares Norte partial buyback","excerpt":"Partial Buyback of Salares Norte NSR – Chile In May 2025, Gold Fields Limited exercised its option to buy back 1% of Franco-Nevada’s 2% NSR on Salares Norte after having paid $6.0 million in cumulative royalty payments."},{"id":"e9","sourceId":"filing-8","location":"Investing activities, acquisitions and completed Cascabel royalty buyback","excerpt":"Investing activities in Q1 2026 included the acquisition of the i-80 Gold and the Bullabulling royalties, and the Casa Berardi Stream, partially offset the $97.5 million received in connection with the 50% Cascabel royalty buy-back."},{"id":"e10","sourceId":"filing-3","location":"Outlook, scheduled Candelaria delivery stepdown","excerpt":"We anticipate a step-down in deliveries at Candelaria in H2 2027, where our stream interest will decrease from 68% to 40% of gold and silver produced, partly offset by potential production from the Candelaria Underground Expansion Project."},{"id":"e11","sourceId":"filing-6","location":"Note 9, Cobre Panamá production halt and preservation status","excerpt":"(c)\nImpairments and Impairment Reversals of Royalty, Stream and Working Interests\nCobre Panamá\nCobre Panamá currently remains in a phase of preservation and safe management (“P&SM”) with production halted since November 2023."},{"id":"e12","sourceId":"filing-2","location":"Risk factors, contractual nature of royalty and stream interests","excerpt":"52 ​ Royalty, stream and other interests may not be honoured Royalty, stream and other interests in natural resource properties are largely contractual in nature."},{"id":"e13","sourceId":"filing-2","location":"Risk factors, jurisdictional alteration of underlying rights","excerpt":"Furthermore, operators themselves face risks in the jurisdictions in which they operate that could increase the likelihood that contractual and/or mineral rights as between operators and governmental or other administrative bodies may be disregarded or unilaterally altered, thus directly or indirectly affecting Franco-Nevada’s rights to its royalty, stream or other interests."},{"id":"e14","sourceId":"filing-2","location":"Competition risks, acceptable acquisition valuations and growth","excerpt":"In addition, Franco-Nevada may be unable to acquire royalties or streams at acceptable valuations and may be unable to realize the anticipated growth opportunities from such transactions, which may result in a material and adverse effect on Franco-Nevada’s profitability, results of operations and financial condition."},{"id":"e15","sourceId":"filing-8","location":"Highlights, H1 adjusted EBITDA and margin comparison","excerpt":"●\n$1,121.6 million, or $5.82 per share, in Adjusted EBITDA (new half-year records), +63% compared to $687.6 million, or $3.57 per share, respectively;\n●\nAdjusted EBITDA Margin decreased to 91.1% compared to 93.2% in H1 2025."},{"id":"e16","sourceId":"filing-8","location":"Highlights, H1 adjusted net income and margin comparison","excerpt":"●\n$807.5 million, or $4.19 per share, in Adjusted Net Income (new half-year records), +82% and +81%, respectively, compared to $444.0 million and $2.31 per share, respectively;\n●\nAdjusted Net Income Margin (a new half-year record) increased to 65.6% during H1 2026 compared to 60.2% in H1 2025."},{"id":"e17","sourceId":"filing-7","location":"Energy portfolio update, realized oil prices and production contributions","excerpt":"The increase was primarily due to a higher share of production earned from our Continental Resources interests and stronger realized oil prices, including the benefit of higher natural gas liquids pricing across our principal gas assets."},{"id":"e18","sourceId":"filing-10","location":"Q2 2025 diversified performance, lower realized prices outweighing production","excerpt":"While production at our Energy and Iron Ore assets was generally higher than in Q2 2024, the impact was more than offset by lower realized prices."},{"id":"e19","sourceId":"filing-8","location":"Market overview, gold-price factors beyond company control","excerpt":"The price of gold can be volatile and is affected by macroeconomic and industry factors that are beyond our control."},{"id":"e20","sourceId":"filing-6","location":"Note 3, Casa Berardi ongoing purchase payment","excerpt":"●\nGold ounces delivered will be subject to an ongoing payment of 20% of spot price for each ounce of gold delivered."},{"id":"e21","sourceId":"filing-6","location":"Unaudited cash-flow statement, H1 operating cash generation and interest acquisitions","excerpt":"(unaudited, in millions of U.S. dollars)\n​\n​\n​\n​\n​\n​\n​\n​\n​\n​\n​\n​\n​\n​\n​\n​\n​\n​\n​\nFor the three months ended \n​\nFor the six months ended \n​\n​\nJune 30, \n​\nJune 30, \n​\n ​\n2026\n ​\n ​\n2025\n \n ​\n2026\n ​\n ​\n2025\n \nCash flows from operating activities\n​\n​\n​\n​\n​\n​\n​\n​\n​\n​\n​\n​\n​\n​\n​\n​\nNet income\n​\n$\n 354.0\n​\n​\n$\n 247.1\n​\n​\n$\n 822.6\n​\n​\n$\n 456.9\n​\nAdjustments to reconcile net income to net cash provided by operating activities:\n​\n​\n​\n​\n​\n​\n​\n​\n​\n​\n​\n​\n​\n​\n​\n​\nDepletion and depreciation\n​\n \n 84.0\n​\n​\n \n 64.0\n​\n​\n \n 161.9\n​\n​\n \n 132.4\n​\nShare-based compensation expenses\n​\n \n 1.0\n​\n​\n \n 1.0\n​\n​\n \n 2.1\n​\n​\n \n 3.1\n​\nImpairment loss (reversal)\n​\n \n —\n​\n​\n \n (4.1)\n​\n​\n \n —\n​\n​\n \n (4.1)\n​\nGain on buy-back of royalty and stream interests\n​\n \n —\n​\n​\n \n —\n​\n​\n \n (63.8)\n​\n​\n \n —\n​\nUnrealized foreign exchange gain\n​\n \n (2.5)\n​\n​\n \n (5.2)\n​\n​\n \n (3.8)\n​\n​\n \n (11.2)\n​\nDeferred income tax expense\n​\n \n 36.1\n​\n​\n \n 37.2\n​\n​\n \n 69.8\n​\n​\n \n 46.3\n​\nLoss (gain) on sale of gold and silver bullion\n​\n​\n 1.0\n​\n​\n​\n (42.2)\n​\n​\n​\n (2.1)\n​\n​\n​\n (49.3)\n​\n(Gain) loss on derivative financial instruments\n​\n​\n (4.1)\n​\n​\n​\n (5.7)\n​\n​\n​\n (15.1)\n​\n​\n​\n (5.6)\n​\nOther non-cash items\n​\n \n 0.1\n​\n​\n \n 0.4\n​\n​\n \n (0.1)\n​\n​\n \n —\n​\nGold and silver bullion from royalties received in-kind\n​\n​\n (50.3)\n​\n​\n​\n (10.9)\n​\n​\n​\n (97.7)\n​\n​\n​\n (30.1)\n​\nProceeds from sale of gold and silver bullion \n​\n​\n 59.8\n​\n​\n​\n 147.1\n​\n​\n​\n 74.9\n​\n​\n​\n 177.3\n​\nReceipt of deposits and interest from Canada Revenue Agency\n​\n \n —\n​\n​\n \n —\n​\n​\n \n 49.5\n​\n​\n \n —\n​\nIncrease in other assets\n​\n​\n —\n​\n​\n​\n —\n​\n​\n​\n (8.2)\n​\n​\n​\n —\n​\nIncrease (decrease) in non-current income tax liabilities\n​\n​\n 9.2\n​\n​\n​\n (13.5)\n​\n​\n​\n (12.2)\n​\n​\n​\n (6.8)\n​\nOperating cash flows before changes in non-cash working capital\n​\n$\n 488.3\n​\n​\n$\n 415.2\n​\n​\n$\n 977.8\n​\n​\n$\n 708.9\n​\nChanges in non-cash working capital:\n​\n​\n​\n​\n​\n​\n​\n​\n​\n​\n​\n​\n​\n​\n​\n​\nDecrease in receivables\n​\n$\n 30.0\n​\n​\n$\n 13.5\n​\n​\n$\n 4.4\n​\n​\n$\n 5.1\n​\nIncrease in other current assets\n​\n \n (0.7)\n​\n​\n \n (20.0)\n​\n​\n \n (3.9)\n​\n​\n \n (11.1)\n​\n(Decrease) increase in accounts payable and accrued liabilities\n​\n​\n (10.4)\n​\n​\n​\n 1.4\n​\n​\n​\n (6.1)\n​\n​\n​\n 4.7\n​\n(Decrease) increase in current income tax liabilities\n​\n \n (24.7)\n​\n​\n \n 20.2\n​\n​\n \n 30.7\n​\n​\n \n 11.6\n​\nNet cash provided by operating activities\n​\n$\n 482.5\n​\n​\n$\n 430.3\n​\n​\n$\n 1,002.9\n​\n​\n$\n 719.2\n​\n​\n​\n​\n​\n​\n​\n​\n​\n​\n​\n​\n​\n​\n​\n​\n​\n​\nCash flows used in investing activities\n​\n​\n​\n​\n​\n​\n​\n​\n​\n​\n​\n​\n​\n​\n​\n​\nAcquisition of royalty, stream and working interests\n​\n$\n (80.3)\n​\n​\n$\n (1,360.4)\n​\n​\n$\n (529.7)\n​\n​\n$\n (1,865.6)\n​\nProceeds from buy-back of royalty interest\n​\n​"},{"id":"e22","sourceId":"filing-6","location":"Unaudited cash-flow statement, H1 investing, dividends and cash balances","excerpt":"—\n​\n​\n \n —\n​\nAcquisition of gold bullion from buy-back of stream interest\n​\n​\n —\n​\n​\n​\n —\n​\n​\n​\n (10.2)\n​\n​\n​\n —\n​\nAcquisition of energy well equipment\n​\n \n (0.3)\n​\n​\n \n (0.4)\n​\n​\n \n (0.6)\n​\n​\n \n (1.6)\n​\nAcquisition of property and equipment\n​\n​\n (0.1)\n​\n​\n \n (0.1)\n​\n​\n \n (0.3)\n​\n​\n \n (2.1)\n​\nNet cash used in investing activities\n​\n$\n (101.4)\n​\n​\n$\n (1,338.1)\n​\n​\n$\n (499.3)\n​\n​\n$\n (1,889.1)\n​\n​\n​\n​\n​\n​\n​\n​\n​\n​\n​\n​\n​\n​\n​\n​\n​\n​\nCash flows used in financing activities\n​\n​\n​\n​\n​\n​\n​\n​\n​\n​\n​\n​\n​\n​\n​\n​\nPayment of dividends \n​\n$\n (80.6)\n​\n​\n$\n (67.0)\n​\n​\n$\n (161.1)\n​\n​\n$\n (137.2)\n​\nCapitalized debt issue costs\n​\n \n (0.8)\n​\n​\n \n —\n​\n​\n \n (1.5)\n​\n​\n \n —\n​\nProceeds from exercise of stock options \n​\n \n 0.2\n​\n​\n \n 0.9\n​\n​\n \n 0.6\n​\n​\n \n 4.3\n​\nNet cash used in financing activities\n​\n$\n (81.2)\n​\n​\n$\n (66.1)\n​\n​\n$\n (162.0)\n​\n​\n$\n (132.9)\n​\nEffect of exchange rate changes on cash and cash equivalents\n​\n$\n (0.4)\n​\n​\n$\n 6.1\n​\n​\n$\n 1.7\n​\n​\n$\n 11.8\n​\nNet change in cash and cash equivalents\n​\n$\n 299.5\n​\n​\n$\n (967.8)\n​\n​\n$\n 343.3\n​\n​\n$\n (1,291.0)\n​\nCash and cash equivalents at beginning of period\n​\n$\n 714.7\n​\n​\n$\n 1,128.1\n​\n​\n$\n 670.9\n​\n​\n$\n 1,451.3\n​\nCash and cash equivalents at end of period\n​\n$\n 1,014.2\n​\n​\n$\n 160.3\n​\n​\n$\n 1,014.2\n​\n​\n$\n 160.3\n​\n​\n​\n​\n​\n​\n​\n​\n​\n​\n​\n​\n​\n​\n​\n​\n​\n​\nSupplemental cash flow information:\n​\n​\n​\n​\n​\n​\n​\n​\n​\n​\n​\n​\n​\n​\n​\n​\nIncome taxes paid\n​\n$\n 89.3\n​\n​\n$\n 45.7\n​\n​\n$\n 147.4\n​\n​\n$\n 93.2\n​\nDividend income received\n​\n$\n 1.5\n​\n​\n$\n 2.2\n​\n​\n$\n 3.1\n​\n​\n$\n 5.5\n​\nInterest and standby fees paid \n​\n$\n 0.6\n​\n​\n$\n 0.4\n​\n​\n$\n 1.4\n​\n​\n$\n 1.4\n​\n​\nThe accompanying notes are an integral part of these condensed consolidated financial statements."},{"id":"e23","sourceId":"filing-6","location":"Note 20, actual share issuances and outstanding share reconciliation","excerpt":"Changes in share capital for the periods ended June 30, 2026 and December 31, 2025 were as follows:\n​\n​\n​\n​\n​\n​\n​\n​\n​\n​\n​\n​\nNumber \n​\n​\n​\n​\n​\n ​\n ​\nof shares\n ​\n ​\nAmount\n \nBalance at January 1, 2025\n​\n \n 192,552,695\n​\n$\n 5,769.1\n​\nExercise of stock options\n​\n​\n 110,917\n​\n​\n 9.9\n​\nVesting of restricted share units\n​\n​\n 33,274\n​\n​\n 5.7\n​\nDividend reinvestment plan \n​\n​\n 101,806\n​\n​\n 18.7\n​\nBalance at December 31, 2025\n​\n​\n 192,798,692\n​\n$\n 5,803.4\n​\n​\n​\n​\n​\n​\n​\n​\n​\nBalance at January 1, 2026\n​\n​\n 192,798,692\n​\n$\n 5,803.4\n​\nExercise of stock options \n​\n​\n 6,883\n​\n​\n 0.8\n​\nVesting of restricted share units\n​\n​\n 34,834\n​\n​\n 6.1\n​\nDividend reinvestment plan \n​\n​\n 33,401\n​\n​\n 7.3\n​\nBalance at June 30, 2026\n​\n​\n 192,873,810\n​\n$\n 5,817.6\n​\n​\n(b)\nDividends\nFor the three months ended June 30, 2026, the Company declared dividends of $0.44 per common share (Q2 2025 – $0.38)."},{"id":"e24","sourceId":"filing-6","location":"Note 24, milestone-conditioned capital commitments","excerpt":"The following table provides an update on significant new capital commitments and material changes to existing capital commitments since the year ended December 31, 2025:\n​\n​\n​\n​\n​\n​\n​\nAsset\n​\nCommitment\n​\nObligating Event\n \nCascabel stream\n​\n$239.1 million\n​\nWithout limitation, completion of key development milestones, receipt of all material permits, a construction decision approved by the board of directors of JCC, and availability of the remainder of the required project financing \n​\nRoyalty Acquisition Venture with Continental\n​\n$30.1 million\n​\nAcquisition of mineral rights acquired through the Royalty Acquisition Venture with Continental, triggering funding requirements by the Company \n​\ni-80 Gold Royalty\n​\n$25.0 million\n​\nThe incurrence by i-80 Gold of an initial $25.0 million of budgeted expenditures to advance Mineral Point technical and permitting work in 2026\n​\n​\n​\nNote 25 - Contingencies\nCanada Revenue Agency Audit\nSettlement of Canada Revenue Agency Transfer Pricing Tax Dispute"},{"id":"e25","sourceId":"filing-2","location":"Directors and officers, aggregate ownership as of March 18, 2026","excerpt":"As of March 18, 2026, the directors and executive officers of Franco-Nevada, as a group, beneficially own, directly or indirectly, or exercise control or direction over an aggregate of 1,178,204 Common Shares, representing approximately 0.6% of the Common Shares outstanding."},{"id":"e26","sourceId":"filing-3","location":"Non-GAAP measures, actual annual incentive metric","excerpt":"Franco-Nevada uses Adjusted Net Income Margin in its annual incentive compensation process to evaluate management’s performance in increasing revenue and containing costs."},{"id":"e27","sourceId":"filing-8","location":"Outstanding share data, time-based and performance-based RSUs","excerpt":"2\nThere were 26,777 time-based RSUs and 61,481 performance-based RSUs."},{"id":"e28","sourceId":"filing-8","location":"Outstanding share data, performance RSU vesting conditions","excerpt":"Vesting of the performance-based RSUs is subject to the achievement of certain performance criteria and a performance multiplier which will range from 0% to 200% of the number granted."},{"id":"e29","sourceId":"filing-3","location":"2025 actual GEO sales versus initial and revised guidance","excerpt":"​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Initial 2025 Guidance (1) Revised 2025 Guidance (2) 2025 Actual GEOs Sold (3) Precious Metal GEO sales ​ ​ 385,000 - 425,000 ​ 420,000 - 440,000 ​ ​ 440,140 ​ Total GEO sales ​ ​ 465,000 - 525,000 ​ 495,000 - 525,000 ​ ​ 519,106 ​ 1 Initial 2025 guidance as disclosed in our 2024 MD&A filed on March 10, 2025."},{"id":"e30","sourceId":"filing-7","location":"Q2 2026 portfolio update, existing deliveries and incremental asset contributions","excerpt":"This was primarily due to higher deliveries from Antapaccay, Antamina, South Arturo and Musselwhite, and incremental contributions from Côté Gold, Casa Berardi, Valentine and Porcupine, which were acquired or commenced production approximately over the past year."},{"id":"e31","sourceId":"filing-1","location":"Board of directors, majority independence","excerpt":"​ BOARD OF DIRECTORS ​ The Board is comprised of a majority of independent directors in accordance with the requirements of Sections 303A.01 and 303A.02 of the New York Stock Exchange Listed Company Manual (the “NYSE Manual”)."},{"id":"e32","sourceId":"filing-1","location":"Board committees, independent membership","excerpt":"​ In addition, the Board has established the Audit and Risk Committee (as described more fully below under “Audit and Risk Committee”), the Compensation and Sustainability Committee, and the Nominating and Governance Committee, each of which is comprised of independent directors, as determined under the NYSE Manual."},{"id":"e33","sourceId":"filing-11","location":"Independent auditor opinion, effective 2025 internal controls","excerpt":"Also in our opinion, the Company maintained, in all material respects, effective internal control over financial reporting as of December 31, 2025, based on criteria established in Internal Control ‒ Integrated Framework (2013) issued by the COSO."},{"id":"e34","sourceId":"filing-1","location":"Governance differences, private issuance shareholder-approval threshold","excerpt":"The TSX threshold for shareholder approval of private issuances of common shares is generally 25%, subject to additional shareholder approval requirements in the case of certain issuances to insiders, and accordingly, the Registrant will be permitted to rely on shareholder approval rules that may be less favorable to shareholders than for U.S."},{"id":"e35","sourceId":"filing-8","location":"Highlights, operating cash-flow drivers including CRA deposit recovery","excerpt":"●\n$1,002.9 million in net cash provided by operating activities (a new half-year record), +39% compared to $719.2 million, primarily due to an increase in gross profit and the collection of $49.5 million of deposits and interests as a result of our settlement with the Canada Revenue Agency (“CRA”)."},{"id":"e36","sourceId":"filing-6","location":"Note 9, completed commissioning and initial stockpile processing at Cobre Panamá","excerpt":"Commissioning of the first processing train was completed during May 2026, followed by the commencement of stockpile processing and the production of the first copper concentrate."},{"id":"e37","sourceId":"filing-7","location":"Cobre Panamá update, expected future stream deliveries","excerpt":"Deliveries of stream ounces to Franco-Nevada, which are determined based on the sale of copper concentrate by First Quantum under its offtake agreements, are expected to commence in Q3 2026, with one-third of deliveries anticipated in H2 2026."},{"id":"e38","sourceId":"filing-2","location":"Royalty definitions, profit-based exposure to production costs","excerpt":"Although the royalty holder is generally not responsible for providing capital, covering operating losses or environmental liabilities, increases in production costs will affect net profits and royalties payable."},{"id":"e39","sourceId":"filing-7","location":"GEO methodology, adoption of fixed conversion ratios in 2026","excerpt":"Beginning in 2026, the Company adopted fixed GEO conversion ratios based on the pricing assumptions outlined in our guidance."},{"id":"e40","sourceId":"filing-8","location":"Quarterly performance, lower actual Candelaria GEO sales","excerpt":"The above increases were partly offset by the following:\n●\nCandelaria – We sold 13,233 GEOs in Q2 2026 compared to 16,648 GEOs in Q2 2025."}],"changes":["Retained the narrow verdict after reassessing the current catalog; existing contractual rights remain evidenced, while superior economics in acquiring replacement assets remain unestablished.","Updated cost-insulation coverage to 88% of H1 2026 revenue versus 92% in H1 2025. Adjusted EBITDA margin declined while adjusted net income margin increased, qualifying the previous resilience argument.","Cascabel buybacks now have completed cash-flow evidence. Cobre Panamá progressed to actual stockpile processing, but future stream deliveries and a full mining restart remain unproven in the supplied passages.","Raised capital_discipline from 2 to 3 because current disclosures demonstrate cash generation covering H1 investment spending and dividends, rising cash balances and limited dilution. This does not establish acquisition returns.","Other criterion grades remain unchanged after fresh citation review. Actual performance-based RSUs add alignment evidence, but their specific performance metrics and the complete compensation framework remain missing."],"limitations":["Competition passages identify generic competitor categories, without establishing named competitive rivals. Named operators, counterparties and co-investors are not automatically competitors; competitor arrays are therefore empty.","Portfolio leadership, prospective growth and exploration optionality are issuer claims or forecasts. They do not establish exceptional durability, network effects, efficient scale or superior acquisition access.","The latest supplied operating evidence covers June 30, 2026, with some subsequent events. August 12, 2026 is the filing date, retaining dateKind filed; it is not treated as the date of every underlying event.","Interim statements are unaudited. Annual audit and control opinions support reported accounting and controls, rather than independently proving competitive superiority.","Aggregate receipts provide indirect evidence of relationship persistence, not a cohort retention rate. Acquisitions, commodity prices, shipment timing and the 2026 GEO conversion change complicate growth comparisons.","Individual management ownership, complete proxy compensation terms and realized acquisition returns are missing. March ownership disclosures and contemplated governance changes are not assumed to describe later implementation."],"qualityAssessments":[{"category":"moat","checks":[{"criterion":"structural_advantage","grade":3,"rationale":"Asset-specific rights, actual receipts and production-linked payments insulated from operator costs demonstrate a contractual advantage in the existing portfolio. The evidence does not establish superior access to new investments or exclusivity of the business model.","evidenceIds":["e1","e2","e4","e5","e6","e7"]},{"criterion":"durability","grade":2,"rationale":"Disclosed 40-year agreements and life-of-mine rights support duration. Exercised buybacks, scheduled stepdowns and Cobre Panamá’s prolonged mining halt limit the durability of realized economics; contract length alone cannot establish productive life.","evidenceIds":["e2","e3","e8","e9","e10","e11"]},{"criterion":"customer_dependency","grade":2,"rationale":"Operators remain contractually attached to specified production obligations, with actual Antamina deliveries supporting persistence indirectly. This is contractual attachment rather than demonstrated dependence on a service; exercised buybacks provide an exit from part of the economics.","evidenceIds":["e1","e2","e6","e8","e9"]},{"criterion":"erosion_resilience","grade":2,"rationale":"Broad cost insulation and contributions from existing and new assets support resilience. Its revenue coverage fell to 88% from 92%, Candelaria sales declined, and buybacks reduced participation. Stockpile processing at Cobre Panamá improves the situation but does not demonstrate restored ongoing mining.","evidenceIds":["e4","e5","e9","e11","e30","e36","e40"]}]},{"category":"pricing_power","checks":[{"criterion":"realized_pricing","grade":2,"rationale":"Higher realized oil prices supported current revenue, while earlier lower realized prices outweighed diversified production gains. Observed pricing outcomes are assessable and mixed across periods. They demonstrate commodity exposure rather than a company-controlled premium.","evidenceIds":["e17","e18","e19"]},{"criterion":"retention","grade":2,"rationale":"Long agreements and repeated deliveries demonstrate persistence indirectly, including Antamina sales across comparable quarters. Buybacks and delivery stepdowns limit retained participation. No renewal or cohort retention rate is supplied.","evidenceIds":["e2","e6","e7","e8","e9","e10"]},{"criterion":"margin_resilience","grade":3,"rationale":"Contractual insulation from operator operating costs covered 88% of H1 revenue, providing structural support beyond margins alone. Adjusted net income margin increased to 65.6% from 60.2%, although adjusted EBITDA margin declined to 91.1% from 93.2%. Profit-based interests retain cost exposure and favorable commodity markets helped.","evidenceIds":["e4","e5","e15","e16","e17","e38"]},{"criterion":"contractual_freedom","grade":1,"rationale":"Preset purchase payments and spot-linked terms protect agreed economics but offer little demonstrated unilateral repricing freedom. Commodity prices are outside company control, and exercised operator buybacks constrain retained terms. Superior bargaining power when negotiating new agreements is unproven.","evidenceIds":["e2","e8","e9","e19","e20"]}]},{"category":"strong_management","checks":[{"criterion":"capital_discipline","grade":3,"rationale":"H1 operating cash flow of $1,002.9 million covered $499.3 million of net investing outflows and $161.1 million of cash dividends; cash increased to $1,014.2 million with only modest actual share issuance. Milestone-conditioned commitments add protection. Cash flow included a $49.5 million CRA recovery, buybacks contributed investment proceeds, and through-cycle acquisition returns remain unproven.","evidenceIds":["e21","e22","e23","e24","e35"]},{"criterion":"incentive_alignment","grade":2,"rationale":"Actual aggregate insider ownership of approximately 0.6%, an annual incentive metric and outstanding performance-based RSUs establish some alignment. RSU vesting depends on performance with a 0%–200% multiplier, but specific metrics are missing. Commodity-driven earnings can influence the disclosed annual margin metric; exceptional alignment is not established.","evidenceIds":["e25","e26","e27","e28"]},{"criterion":"execution","grade":3,"rationale":"2025 actual sales were near the upper end of revised total guidance and slightly above revised precious-metal guidance. Q2 2026 disclosures demonstrate contributions from recently acquired or producing interests alongside existing deliveries. This assesses portfolio and financing execution through indirect operating evidence, not mine management or proven investment returns; 2026 full-year guidance remains prospective.","evidenceIds":["e29","e30","e21","e22"]},{"criterion":"governance","grade":2,"rationale":"A majority-independent board, independent committees and an auditor opinion confirming effective 2025 internal controls support functioning oversight. The disclosed private-issuance approval threshold can be less protective than US requirements. These facts support a mixed assessment without assuming later board appointments occurred.","evidenceIds":["e31","e32","e33","e34"]}]}],"financialAssessments":[],"qualityPolicy":"quality-scores-2","basisHash":"6aafa924f2842ab2b1be81692ec065bd5c1cbb3e913db22590c539d4ab0687f8","updatedAt":"2026-10-19T13:03:44.327Z","sources":[{"id":"filing-1","url":"https://www.sec.gov/Archives/edgar/data/1456346/000110465926032133/fnv-20251231x40f.htm","publishedAt":"2026-03-19","sha256":"8bbe18e8b3b92f969d1c2f1ccbf5e0e8e57dabe0cd85cf172d69a6bd48b8fcfc","dateKind":"filed","citationPolicy":"numeric-lines-1"},{"id":"filing-2","url":"https://www.sec.gov/Archives/edgar/data/1456346/000110465926032133/fnv-20251231xex99d1.htm","publishedAt":"2026-03-19","sha256":"293080792ad20da65edff59e9e6ea2688750e4ac701d463d22e74cd26f7f35fc","dateKind":"filed","citationPolicy":"numeric-lines-1"},{"id":"filing-3","url":"https://www.sec.gov/Archives/edgar/data/1456346/000110465926032133/fnv-20251231xex99d2.htm","publishedAt":"2026-03-19","sha256":"d0160ea42c5260acedf420cfcfc6bf37fda0ff71d098cb2a932e4d4151fc4a43","dateKind":"filed"},{"id":"filing-4","url":"https://www.sec.gov/Archives/edgar/data/1456346/000155837025003388/fnv-20241231x40f.htm","publishedAt":"2025-03-20","sha256":"b158482d0c608ece6c526f3defd780b16949becb0467a60bc94ec17679d5b471","citationPolicy":"numeric-lines-1","dateKind":"filed"},{"id":"filing-5","url":"https://www.sec.gov/Archives/edgar/data/1456346/000155837024003443/fnv-20231231x40f.htm","publishedAt":"2024-03-15","sha256":"1aa3f665583f696172727e3b29699b109ffe90d2dd3c4d73aab7dc8ac419b3c6","citationPolicy":"numeric-lines-1","dateKind":"filed"},{"id":"filing-6","url":"https://www.sec.gov/Archives/edgar/data/1456346/000110465926094181/fnv-20260630xex99d3.htm","publishedAt":"2026-08-12","sha256":"6c7d46af33a9f335c258ee101373e4fb253742ec520b7a38cd68a049179ec497","citationPolicy":"numeric-lines-1","dateKind":"filed"},{"id":"filing-7","url":"https://www.sec.gov/Archives/edgar/data/1456346/000110465926094181/fnv-20260630xex99d1.htm","publishedAt":"2026-08-12","sha256":"953472fe9f52944fa46a70dee3cfc30151dfbb2c6f755b9d7b2e1a5b19aaa882","citationPolicy":"numeric-lines-1","dateKind":"filed"},{"id":"filing-8","url":"https://www.sec.gov/Archives/edgar/data/1456346/000110465926094181/fnv-20260630xex99d2.htm","publishedAt":"2026-08-12","sha256":"fa19e38967ce30a41f72c5a8effb6335dae491801dd8bdd88ec054dfda0906a6","citationPolicy":"numeric-lines-1","dateKind":"filed"},{"id":"filing-9","url":"https://www.sec.gov/Archives/edgar/data/1456346/000155837025010965/fnv-20250630xex99d1.htm","publishedAt":"2025-08-11","sha256":"0c3699a76d6833b9bcb6e7d79d618b13af7a84e13d980e96f485155ee458865d","citationPolicy":"numeric-lines-1","dateKind":"filed"},{"id":"filing-10","url":"https://www.sec.gov/Archives/edgar/data/1456346/000155837025010965/fnv-20250630xex99d2.htm","publishedAt":"2025-08-11","sha256":"2598e5ed5bba3e6931d6f836e03f8346d665c645e64281dea14b435d58370632","citationPolicy":"numeric-lines-1","dateKind":"filed"},{"id":"filing-11","url":"https://www.sec.gov/Archives/edgar/data/1456346/000110465926032133/fnv-20251231xex99d3.htm","publishedAt":"2026-03-19","sha256":"c400876a167d74e4f1cb659601c7c1a4912688ed1c95731ae47bd44c121147c9","citationPolicy":"numeric-lines-1","dateKind":"filed"}],"model":"gpt-6.1-sol","providerId":"codex:08636649e33437c32d1344acd29f62f05f3dd59c31fc9392674347df83e7d318","usage":{"input_tokens":146042,"cached_input_tokens":21120,"cache_write_input_tokens":0,"output_tokens":4321,"reasoning_output_tokens":122},"basisSupplement":{"previousHash":"a925a05de94d725172ce7b8830109a55297ddefdf4be633baf70e9c87d0ff7c1","checkedAt":"2026-10-19T16:53:05.174Z","rule":"dated historical and missing inputs only; accepted observations and research date retained"}},"signals":[{"period":"2021","end":"2021-12-31","values":{"gross_margin":63.23846153846154,"operating_margin":66.20769230769231,"roic":null,"fcf_margin":null,"sbc_revenue":0.6153846153846154},"issues":{"pe":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","peg":"Two complete TTM earnings bases and their diluted share counts are required for year-over-year growth.","pfcf":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","pfcf_growth":"Two complete TTM FCF bases and their diluted share counts are required for year-over-year growth.","pb":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","fcf_yield":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","earnings_yield":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","ev_sales":"Reported borrowing balances are unavailable in the extracted statements for this period.","ev_ebitda":"Reported borrowing balances are unavailable in the extracted statements for this period.","capex":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","fcf":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","software_capex":"Separately disclosed software and intangible investment is unavailable in the extracted statements for this period.","sbc_fcf":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","ebitda_margin":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","fcf_margin":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","capex_intensity":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","roic":"Reported borrowing balances are unavailable in the extracted statements for this period.","roiic":"Reported borrowing balances are unavailable in the extracted statements for this period.","roe":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","roic_wacc":"Enter a WACC assumption from 0 to 100%.","debt":"Reported borrowing balances are unavailable in the extracted statements for this period.","net_debt":"Reported borrowing balances are unavailable in the extracted statements for this period.","debt_equity":"Reported borrowing balances are unavailable in the extracted statements for this period.","debt_assets":"Reported borrowing balances are unavailable in the extracted statements for this period.","net_debt_ebitda":"Reported borrowing balances are unavailable in the extracted statements for this period.","debt_fcf":"Reported borrowing balances are unavailable in the extracted statements for this period.","buybacks":"The reported inputs required for this metric are unavailable in the extracted statements for this period."}},{"period":"2022","end":"2022-12-31","values":{"gross_margin":64.80200653644448,"operating_margin":62.37744166603329,"roic":null,"fcf_margin":null,"sbc_revenue":0.6232423804818727},"issues":{"pe":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","peg":"Two complete TTM earnings bases and their diluted share counts are required for year-over-year growth.","pfcf":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","pfcf_growth":"Two complete TTM FCF bases and their diluted share counts are required for year-over-year growth.","pb":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","fcf_yield":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","earnings_yield":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","ev_sales":"Reported borrowing balances are unavailable in the extracted statements for this period.","ev_ebitda":"Reported borrowing balances are unavailable in the extracted statements for this period.","capex":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","fcf":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","software_capex":"Separately disclosed software and intangible investment is unavailable in the extracted statements for this period.","sbc_fcf":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","ebitda_margin":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","fcf_margin":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","capex_intensity":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","roic":"Reported borrowing balances are unavailable in the extracted statements for this period.","roiic":"Reported borrowing balances are unavailable in the extracted statements for this period.","roe":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","roic_wacc":"Enter a WACC assumption from 0 to 100%.","debt":"Reported borrowing balances are unavailable in the extracted statements for this period.","net_debt":"Reported borrowing balances are unavailable in the extracted statements for this period.","debt_equity":"Reported borrowing balances are unavailable in the extracted statements for this period.","debt_assets":"Reported borrowing balances are unavailable in the extracted statements for this period.","net_debt_ebitda":"Reported borrowing balances are unavailable in the extracted statements for this period.","debt_fcf":"Reported borrowing balances are unavailable in the extracted statements for this period.","buybacks":"The reported inputs required for this metric are unavailable in the extracted statements for this period."}},{"period":"2023","end":"2023-12-31","values":{"gross_margin":62.887612797374906,"operating_margin":-35.11074651353569,"roic":null,"fcf_margin":null,"sbc_revenue":0.4511894995898278},"issues":{"pe":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","peg":"Two complete TTM earnings bases and their diluted share counts are required for year-over-year growth.","pfcf":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","pfcf_growth":"Two complete TTM FCF bases and their diluted share counts are required for year-over-year growth.","pb":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","fcf_yield":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","earnings_yield":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","ev_sales":"Reported borrowing balances are unavailable in the extracted statements for this period.","ev_ebitda":"Reported borrowing balances are unavailable in the extracted statements for this period.","capex":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","fcf":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","software_capex":"Separately disclosed software and intangible investment is unavailable in the extracted statements for this period.","sbc_fcf":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","ebitda_margin":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","fcf_margin":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","capex_intensity":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","roic":"NOPAT is undefined under this method: pretax profit must be positive and the effective tax rate must be between 0 and 100%.","roiic":"NOPAT is undefined under this method: pretax profit must be positive and the effective tax rate must be between 0 and 100%.","roe":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","roic_wacc":"Enter a WACC assumption from 0 to 100%.","debt":"Reported borrowing balances are unavailable in the extracted statements for this period.","net_debt":"Reported borrowing balances are unavailable in the extracted statements for this period.","debt_equity":"Reported borrowing balances are unavailable in the extracted statements for this period.","debt_assets":"Reported borrowing balances are unavailable in the extracted statements for this period.","net_debt_ebitda":"Reported borrowing balances are unavailable in the extracted statements for this period.","debt_fcf":"Reported borrowing balances are unavailable in the extracted statements for this period.","buybacks":"The reported inputs required for this metric are unavailable in the extracted statements for this period."}},{"period":"2024","end":"2024-12-31","values":{"gross_margin":68.18426724137932,"operating_margin":65.2478448275862,"roic":null,"fcf_margin":74.47018678160919,"sbc_revenue":0.4849137931034484},"issues":{"pe":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","peg":"Two complete TTM earnings bases and their diluted share counts are required for year-over-year growth.","pfcf_growth":"Two complete TTM FCF bases and their diluted share counts are required for year-over-year growth.","pb":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","earnings_yield":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","ev_sales":"Reported borrowing balances are unavailable in the extracted statements for this period.","ev_ebitda":"Reported borrowing balances are unavailable in the extracted statements for this period.","software_capex":"Separately disclosed software and intangible investment is unavailable in the extracted statements for this period.","ebitda_margin":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","roic":"Reported borrowing balances are unavailable in the extracted statements for this period.","roiic":"NOPAT is undefined under this method: pretax profit must be positive and the effective tax rate must be between 0 and 100%.","roe":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","roic_wacc":"Enter a WACC assumption from 0 to 100%.","debt":"Reported borrowing balances are unavailable in the extracted statements for this period.","net_debt":"Reported borrowing balances are unavailable in the extracted statements for this period.","debt_equity":"Reported borrowing balances are unavailable in the extracted statements for this period.","debt_assets":"Reported borrowing balances are unavailable in the extracted statements for this period.","net_debt_ebitda":"Reported borrowing balances are unavailable in the extracted statements for this period.","debt_fcf":"Reported borrowing balances are unavailable in the extracted statements for this period.","buybacks":"The reported inputs required for this metric are unavailable in the extracted statements for this period."}},{"period":"2025","end":"2025-12-31","values":{"gross_margin":73.9137590520079,"operating_margin":74.29229756418697,"roic":null,"fcf_margin":81.81369321922317,"sbc_revenue":0.3456221198156682},"issues":{"pe":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","peg":"Two complete TTM earnings bases and their diluted share counts are required for year-over-year growth.","pb":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","earnings_yield":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","ev_sales":"Reported borrowing balances are unavailable in the extracted statements for this period.","ev_ebitda":"Reported borrowing balances are unavailable in the extracted statements for this period.","software_capex":"Separately disclosed software and intangible investment is unavailable in the extracted statements for this period.","ebitda_margin":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","roic":"Reported borrowing balances are unavailable in the extracted statements for this period.","roiic":"Reported borrowing balances are unavailable in the extracted statements for this period.","roe":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","roic_wacc":"Enter a WACC assumption from 0 to 100%.","debt":"Reported borrowing balances are unavailable in the extracted statements for this period.","net_debt":"Reported borrowing balances are unavailable in the extracted statements for this period.","debt_equity":"Reported borrowing balances are unavailable in the extracted statements for this period.","debt_assets":"Reported borrowing balances are unavailable in the extracted statements for this period.","net_debt_ebitda":"Reported borrowing balances are unavailable in the extracted statements for this period.","debt_fcf":"Reported borrowing balances are unavailable in the extracted statements for this period.","buybacks":"The reported inputs required for this metric are unavailable in the extracted statements for this period."}}],"sources":[{"id":"filing-1","url":"https://www.sec.gov/Archives/edgar/data/1456346/000110465926032133/fnv-20251231x40f.htm","publishedAt":"2026-03-19","sha256":"8bbe18e8b3b92f969d1c2f1ccbf5e0e8e57dabe0cd85cf172d69a6bd48b8fcfc","dateKind":"filed","citationPolicy":"numeric-lines-1"},{"id":"filing-2","url":"https://www.sec.gov/Archives/edgar/data/1456346/000110465926032133/fnv-20251231xex99d1.htm","publishedAt":"2026-03-19","sha256":"293080792ad20da65edff59e9e6ea2688750e4ac701d463d22e74cd26f7f35fc","dateKind":"filed","citationPolicy":"numeric-lines-1"},{"id":"filing-3","url":"https://www.sec.gov/Archives/edgar/data/1456346/000110465926032133/fnv-20251231xex99d2.htm","publishedAt":"2026-03-19","sha256":"d0160ea42c5260acedf420cfcfc6bf37fda0ff71d098cb2a932e4d4151fc4a43","dateKind":"filed"},{"id":"filing-4","url":"https://www.sec.gov/Archives/edgar/data/1456346/000155837025003388/fnv-20241231x40f.htm","publishedAt":"2025-03-20","sha256":"b158482d0c608ece6c526f3defd780b16949becb0467a60bc94ec17679d5b471","citationPolicy":"numeric-lines-1","dateKind":"filed"},{"id":"filing-5","url":"https://www.sec.gov/Archives/edgar/data/1456346/000155837024003443/fnv-20231231x40f.htm","publishedAt":"2024-03-15","sha256":"1aa3f665583f696172727e3b29699b109ffe90d2dd3c4d73aab7dc8ac419b3c6","citationPolicy":"numeric-lines-1","dateKind":"filed"},{"id":"filing-6","url":"https://www.sec.gov/Archives/edgar/data/1456346/000110465926094181/fnv-20260630xex99d3.htm","publishedAt":"2026-08-12","sha256":"6c7d46af33a9f335c258ee101373e4fb253742ec520b7a38cd68a049179ec497","citationPolicy":"numeric-lines-1","dateKind":"filed"},{"id":"filing-7","url":"https://www.sec.gov/Archives/edgar/data/1456346/000110465926094181/fnv-20260630xex99d1.htm","publishedAt":"2026-08-12","sha256":"953472fe9f52944fa46a70dee3cfc30151dfbb2c6f755b9d7b2e1a5b19aaa882","citationPolicy":"numeric-lines-1","dateKind":"filed"},{"id":"filing-8","url":"https://www.sec.gov/Archives/edgar/data/1456346/000110465926094181/fnv-20260630xex99d2.htm","publishedAt":"2026-08-12","sha256":"fa19e38967ce30a41f72c5a8effb6335dae491801dd8bdd88ec054dfda0906a6","citationPolicy":"numeric-lines-1","dateKind":"filed"},{"id":"filing-9","url":"https://www.sec.gov/Archives/edgar/data/1456346/000155837025010965/fnv-20250630xex99d1.htm","publishedAt":"2025-08-11","sha256":"0c3699a76d6833b9bcb6e7d79d618b13af7a84e13d980e96f485155ee458865d","citationPolicy":"numeric-lines-1","dateKind":"filed"},{"id":"filing-10","url":"https://www.sec.gov/Archives/edgar/data/1456346/000155837025010965/fnv-20250630xex99d2.htm","publishedAt":"2025-08-11","sha256":"2598e5ed5bba3e6931d6f836e03f8346d665c645e64281dea14b435d58370632","citationPolicy":"numeric-lines-1","dateKind":"filed"},{"id":"filing-11","url":"https://www.sec.gov/Archives/edgar/data/1456346/000110465926032133/fnv-20251231xex99d3.htm","publishedAt":"2026-03-19","sha256":"c400876a167d74e4f1cb659601c7c1a4912688ed1c95731ae47bd44c121147c9","citationPolicy":"numeric-lines-1","dateKind":"filed"}],"history":[{"version":9,"updatedAt":"2026-10-23T05:45:13.121Z","verdict":"narrow","value":null},{"version":8,"updatedAt":"2026-10-22T19:53:10.822Z","verdict":"narrow","value":null},{"version":7,"updatedAt":"2026-10-19T18:33:29.802Z","verdict":"narrow","value":null},{"version":6,"updatedAt":"2026-10-19T18:30:53.154Z","verdict":"narrow","value":null},{"version":5,"updatedAt":"2026-10-19T13:57:15.039Z","verdict":"narrow","value":null},{"version":4,"updatedAt":"2026-10-18T16:49:32.080Z","verdict":"narrow","value":null},{"version":3,"updatedAt":"2026-10-18T16:35:43.872Z","verdict":"narrow","value":null},{"version":2,"updatedAt":"2026-10-18T02:27:49.793Z","verdict":"narrow","value":null},{"version":1,"updatedAt":"2026-10-18T02:18:02.026Z","verdict":null,"value":null}],"hasRequested":false,"requestStatus":"queued","researchIssue":null,"archivedMoat":null,"scope":"supported_catalog"}