{"schemaVersion":1,"research":true,"symbol":"fnv","name":"Franco-Nevada","topic":"moat","path":"/stock/fnv/moat","status":"published","version":4,"updatedAt":"2026-10-17T21:32:51.407Z","locked":false,"publicFairValue":false,"fairValue":null,"moat":{"verdict":"narrow","summary":"Franco-Nevada has a narrow moat from its existing contractual royalty and streaming rights, including long-duration claims on specific production and substantial protection from operator cost inflation. These rights generated actual revenue and cannot simply be displaced by a competing financier. The passages do not establish superior economics in acquiring new interests or exceptional durability across the portfolio. Pricing power is limited: favorable commodity prices increased revenue, but this demonstrates market exposure rather than an ability to set selling prices.","advantages":[{"mechanism":"intangible_assets","claim":"Existing royalty and streaming contracts provide asset-specific economic rights that competing financiers cannot replicate merely by offering new financing. The Western Limb stream demonstrates life-of-mine gold rights and approximately 25 years of platinum rights; portfolio revenue demonstrates that contractual interests are producing economic benefits.","durability":"Some disclosed rights extend for decades or the remaining mine life. Durability depends on production, enforceability and individual contract provisions; it is neither perpetual across all assets nor guaranteed.","risks":"Operator buybacks, contractual delivery reductions, depletion, production interruptions and sovereign intervention can reduce benefits. Competition for new interests can raise acquisition costs without displacing existing rights. Commodity exposure does not confer selling-price control.","invalidation":"The thesis would fail if material contractual rights were repeatedly cancelled or altered without adequate compensation, or if buybacks, delivery reductions and depletion materially reduced continuing portfolio receipts without economically attractive replacement.","competitors":[],"evidenceIds":["e1","e2","e3","e4","e5"],"counterEvidenceIds":["e6","e7","e8","e9","e10"]}],"evidence":[{"id":"e1","sourceId":"filing-3","location":"Western Limb Stream acquisition and purchase price","excerpt":"Acquisition of Precious Metals Stream on Sibanye Stillwater Limited’s Western Limb Mining Operations – South Africa On February 28, 2025, our wholly-owned subsidiary, FNBC completed the acquisition of a precious metals stream (the “Western Limb Stream”) with reference to specific production from Sibanye Stillwater Limited’s (“Sibanye-Stillwater”) Marikana, Rustenburg and Kroondal mining operations (the “Stream Area”) in South Africa for a purchase price of $500.0 million."},{"id":"e2","sourceId":"filing-3","location":"Western Limb gold and platinum contractual durations","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":"e3","sourceId":"filing-3","location":"2025 and 2024 revenue and GEO sales by commodity and 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":"e4","sourceId":"filing-3","location":"Production-based payments without operator operating-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-3","location":"Revenue share from interests protected from operator operating-cost adjustments","excerpt":"In 2025, these interests accounted for 91% of our revenue (2024 – 93%)."},{"id":"e6","sourceId":"filing-2","location":"Realized partial buyback of Salares Norte royalty","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":"e7","sourceId":"filing-3","location":"Scheduled Candelaria delivery reduction and potential offset","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":"e8","sourceId":"filing-2","location":"Risk of governmental alteration of contractual or mineral 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":"e9","sourceId":"filing-2","location":"Potential competitive disadvantages in acquiring new interests","excerpt":"Franco-Nevada may be at a competitive disadvantage in acquiring mineral and oil and gas interests, whether by way of royalty, stream or other form of investment, as competitors may have greater financial resources and technical staffs or may have different investment criteria."},{"id":"e10","sourceId":"filing-3","location":"No Cobre Panamá contributions assumed in 2026 guidance","excerpt":"We have not assumed any contributions from Cobre Panamá in our 2026 guidance."},{"id":"e11","sourceId":"filing-2","location":"Stream upfront deposits and preset metal purchase prices","excerpt":"They are metal purchase agreements where, in exchange for an upfront deposit and ongoing payments for metal delivered, the holder purchases all or a portion of one or more metals produced from a mine, at a preset price."},{"id":"e12","sourceId":"filing-3","location":"2025 revenue growth attributed to higher gold prices","excerpt":"During the year, we benefited from the increase in gold prices, resulting in revenue of $1,822.8 million, a year-over-year increase of 64%."},{"id":"e13","sourceId":"filing-3","location":"Adjusted net income margin comparison and forward-looking caution","excerpt":"Calculation of Adjusted Net Income Margin: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the three months ended ​ ​ For the year ended ​ ​ ​ December 31, ​ ​ December 31, ​ (expressed in millions, except Adjusted Net Income Margin) ​ ​ ​ 2025 ​ ​ ​ ​ ​ ​ 2024 ​ ​ ​ ​ ​ ​ 2025 ​ ​ ​ ​ ​ ​ 2024 ​ Adjusted Net Income ​ $ 356.2 ​ ​ $ 183.3 ​ ​ $ 1,075.2 ​ ​ $ 618.1 ​ Revenue ​ 597.3 ​ ​ 321.0 ​ ​ 1,822.8 ​ ​ 1,113.6 ​ Adjusted Net Income Margin ​ 59.6 % ​ 57.1 % ​ 59.0 % ​ 55.5 % ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2025 Management’s Discussion and Analysis 43 ​ ​ Cautionary Statement on Forward-Looking Information This MD&A contains “forward-looking information” and “forward-looking statements” within the meaning of applicable Canadian securities laws and the United States Private Securities Litigation Reform Act of 1995, respectively, which may include, but are not limited to, statements with respect to future events or future performance, management’s expectations regarding Franco-Nevada’s growth, results of operations, estimated future revenues, performance guidance, carrying value of assets, future dividends and requirements for additional capital, mineral resources and mineral reserves estimates, production estimates, production costs and revenue, future demand for and prices of commodities, expected mining sequences, business prospects and opportunities, the performance and plans of third party operators, any ongoing or future audits being conducted by the CRA, the expected exposure for current and future tax assessments and available remedies, and statements with respect to the future status and any potential restart of the Cobre Panamá mine and related arbitration proceedings."},{"id":"e14","sourceId":"filing-3","location":"Initial and revised 2025 guidance compared with actual GEO sales","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":"e15","sourceId":"filing-3","location":"Completed 2025 acquisition funding","excerpt":"Investing activities in the first nine months of 2025 included the initial funding of $250.0 million for the Arthur Gold royalty, the acquisition of the Côté Gold royalty of $1,050.0 million, the closing of the Porcupine royalty of $300.0 million, the acquisition of Discovery subscription receipts of $48.6 million and the acquisition of the Western Limb Stream of $500.0 million."},{"id":"e16","sourceId":"filing-3","location":"Corporate Revolver borrowing to finance Arthur Gold acquisition","excerpt":"During the quarter, we also drew down $175.0 million from our Corporate Revolver to finance part of the acquisition of the royalty on the Arthur Gold Project."},{"id":"e17","sourceId":"filing-3","location":"Full repayment of Corporate Revolver within the quarter","excerpt":"The Corporate Revolver was fully repaid within the quarter."},{"id":"e18","sourceId":"filing-3","location":"Net income, adjusted earnings and weighted average shares","excerpt":"​ ​ ​ ​ 2025 Management’s Discussion and Analysis 42 ​ ​ Reconciliation of Net Income to Adjusted Net Income: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the three months ended ​ For the year ended ​ ​ ​ December 31, ​ ​ December 31, ​ (expressed in millions, except per share amounts) ​ ​ ​ 2025 ​ ​ ​ ​ ​ ​ 2024 ​ ​ ​ ​ ​ ​ 2025 ​ ​ ​ ​ ​ ​ 2024 ​ Net income ​ $ 367.7 ​ ​ $ 175.4 ​ ​ $ 1,112.1 ​ ​ $ 552.1 ​ Impairment reversal ​ — ​ ​ — ​ ​ (4.8) ​ ​ — ​ Gain on disposal of royalty interests ​ — ​ ​ ​ — ​ ​ ​ — ​ ​ ​ (0.3) ​ Foreign exchange (gain) loss and other (income) expenses ​ (12.7) ​ ​ 8.0 ​ ​ (36.7) ​ ​ 20.7 ​ Tax effect of adjustments ​ ​ 1.2 ​ ​ ​ (0.4) ​ ​ ​ 4.6 ​ ​ ​ (2.4) ​ Other tax related adjustments ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Deferred tax expense related to the remeasurement of deferred tax liability due to changes in Barbados tax rate ​ ​ — ​ ​ ​ — ​ ​ ​ — ​ ​ ​ 49.1 ​ Change in unrecognized deferred income tax assets ​ ​ — ​ ​ ​ 0.3 ​ ​ ​ — ​ ​ ​ (1.1) ​ Adjusted Net Income ​ $ 356.2 ​ ​ $ 183.3 ​ ​ $ 1,075.2 ​ ​ $ 618.1 ​ Basic weighted average shares outstanding ​ 192.8 ​ ​ 192.5 ​ ​ 192.7 ​ ​ 192.4 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Basic earnings per share ​ $ 1.91 ​ ​ $ 0.91 ​ ​ $ 5.77 ​ ​ $ 2.87 ​ Impairment reversal ​ ​ — ​ ​ ​ — ​ ​ ​ (0.02) ​ ​ ​ — ​ Gain on disposal of royalty interests ​ ​ — ​ ​ ​ — ​ ​ ​ — ​ ​ ​ — ​ Foreign exchange (gain) loss and other (income) expenses ​ (0.07) ​ ​ 0.04 ​ ​ (0.19) ​ ​ 0.11 ​ Tax effect of adjustments ​ ​ 0.01 ​ ​ ​ — ​ ​ ​ 0.02 ​ ​ ​ (0.01) ​ Other tax related adjustments ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Deferred tax expense related to the remeasurement of deferred tax liability due to changes in Barbados tax rate ​ — ​ ​ — ​ ​ — ​ ​ 0.26 ​ Change in unrecognized deferred income tax assets ​ — ​ ​ — ​ ​ — ​ ​ (0.02) ​ Adjusted Net Income per share ​ $ 1.85 ​ ​ $ 0.95 ​ ​ $ 5.58 ​ ​ $ 3.21 ​ Adjusted Net Income Margin Adjusted Net Income Margin is a non-GAAP ratio which is defined by Franco-Nevada as Adjusted Net Income divided by revenue."},{"id":"e19","sourceId":"filing-2","location":"Director and executive officer beneficial 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":"e20","sourceId":"filing-3","location":"Actual use of adjusted net income margin in annual incentive compensation","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":"e21","sourceId":"filing-1","location":"Majority-independent board","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":"e22","sourceId":"filing-1","location":"Independent board committees","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":"e23","sourceId":"filing-1","location":"Unqualified auditor opinion on internal control effectiveness at December 31, 2025","excerpt":"​ ATTESTATION REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM ​ PricewaterhouseCoopers LLP (PCAOB ID 271), an independent registered public accounting firm, audited the effectiveness of the Registrant’s internal control over financial reporting as of December 31, 2025, and issued an 4 unqualified opinion thereon, as stated in their report included in Exhibit 99.3 hereto and incorporated by reference herein."},{"id":"e24","sourceId":"filing-1","location":"TSX private issuance shareholder approval threshold and shareholder protection qualification","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":"e25","sourceId":"filing-3","location":"Outstanding investment commitments and milestone conditions","excerpt":"​ Capital Commitments As at December 31, 2025, we have the following investment commitments with respect to our royalty and stream interests: ​ ​ ​ ​ ​ ​ Asset ​ Commitment ​ Obligating Event Cascabel stream ​ $478.3 million (reduced to $239.2 million following the operator's buy-back of 50% of the Cascabel stream exercised subsequent to 2025 year-end) ​ Without limitation, completion of key development milestones, receipt of all material permits, a construction decision approved by the board of directors of SolGold plc, and availability of the remainder of the required project financing ​ Royalty Acquisition Venture with Continental ​ $36.5 million ​ Acquisition of mineral rights acquired through the Royalty Acquisition Venture with Continental, triggering funding requirements by the Company ​ Yanacocha royalty ​ 118,534 Franco-Nevada common shares (equivalent to $15.0 million at closing) ​ Achievement of commercial production and receipt of royalty payments from the Conga project for a full year within 20 years of the August 13, 2024 purchase agreement ​ Copper World royalty ​ $12.5 million ​ 50% of commitment payable upon the project having all necessary permits and approvals and being free of legal challenges."},{"id":"e26","sourceId":"filing-2","location":"Profit-based royalty exposure to production-cost increases","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":"e27","sourceId":"filing-3","location":"Agreement-specific references to realized or average market prices","excerpt":"The price used in the computation of GEOs earned from a particular asset varies depending on the royalty or stream agreement, which may make reference to the market price realized by the operator, or the average price for the month, quarter, or year in which the commodity was produced or sold."}],"changes":["No comparable previous version; previous accepted analysis was null."],"limitations":["All supplied sources are issuer filings dated March 19, 2026, with dateKind filed. Later operating developments are not established.","Competition passages identify generic categories, not named competitors. Named operators, sellers and directors' affiliated companies are not established competitors and are excluded.","Contractual rights support an existing asset advantage, but comparative acquisition returns, proprietary deal access, funding-cost superiority and barriers facing other royalty companies are not demonstrated.","Portfolio leadership and business-model benefits are issuer assertions. Disclosed contracts and operating results support the assessment without proving exceptional durability.","No complete compensation framework, individual ownership distribution, vesting conditions or realized executive award outcomes are supplied.","Cobre Panamá's future contribution remains uncertain. Its exclusion from guidance is not treated as proof of permanent loss, and generic risk factors are not treated as realized breaches.","Mine-life extensions, exploration optionality and development forecasts are potential benefits rather than demonstrated future receipts."],"qualityAssessments":[{"category":"moat","checks":[{"criterion":"structural_advantage","grade":3,"rationale":"Existing asset-specific production rights, demonstrated receipts and cost-insulated payment structures support a contractual advantage. They do not establish superior access to new investments.","evidenceIds":["e2","e3","e4","e5"]},{"criterion":"durability","grade":2,"rationale":"Life-of-mine and approximately 25-year rights support meaningful duration, balanced by exercised buybacks, scheduled delivery reductions and enforceability risks. Equivalent duration across the entire portfolio is unproven.","evidenceIds":["e2","e6","e7","e8"]},{"criterion":"customer_dependency","grade":2,"rationale":"Operators owe production-linked benefits under existing contracts, supporting contractual attachment rather than dependence on a replaceable service. Actual portfolio receipts support this indirectly; the exercised buyback demonstrates a contractual exit route.","evidenceIds":["e2","e3","e6","e11"]},{"criterion":"erosion_resilience","grade":2,"rationale":"Cost-insulated interests generated 91% of 2025 revenue and aggregate receipts increased. Buybacks and scheduled reductions nevertheless erode individual interests, while competition threatens replacement economics.","evidenceIds":["e3","e5","e6","e7","e9"]}]},{"category":"pricing_power","checks":[{"criterion":"realized_pricing","grade":2,"rationale":"Higher gold prices produced favorable realized revenue outcomes, while oil and iron ore revenue declined. These mixed commodity-linked outcomes demonstrate price exposure, not company-controlled pricing or a sustained premium.","evidenceIds":["e3","e12","e27"]},{"criterion":"retention","grade":2,"rationale":"Continuing royalty and streaming receipts and long-duration contracts indirectly support persistence of economic relationships. This is not a measured renewal rate; exercised buybacks and delivery stepdowns limit retained economics.","evidenceIds":["e2","e3","e6","e7"]},{"criterion":"margin_resilience","grade":3,"rationale":"Production-based interests insulated from operator operating-cost adjustments generated 91% of revenue, and adjusted net income margin increased from 55.5% to 59.0%. Contract structure supports resilience beyond the margin observation, although favorable commodity prices helped and profit-based royalties retain cost exposure.","evidenceIds":["e4","e5","e12","e13","e26"]},{"criterion":"contractual_freedom","grade":1,"rationale":"Preset stream purchase terms and market-linked royalty pricing constrain unilateral repricing. Existing terms can protect economics, but disclosed buyback rights give operators contractual flexibility; superior bargaining power in setting new agreements is unproven.","evidenceIds":["e6","e11","e27"]}]},{"category":"strong_management","checks":[{"criterion":"capital_discipline","grade":2,"rationale":"Large completed acquisitions, prompt revolver repayment, rising earnings and limited change in weighted average shares provide concrete financing and capital-allocation evidence. Milestone-conditioned commitments add protection, but acquisition returns and full cash-generation coverage are insufficient to establish strong through-cycle discipline.","evidenceIds":["e15","e16","e17","e18","e25"]},{"criterion":"incentive_alignment","grade":2,"rationale":"Directors and executives collectively held approximately 0.6% of shares as of March 18, 2026, and adjusted net income margin was actually used in annual incentives. This establishes some alignment, but commodity-driven margin gains can reward external conditions; individual holdings and the complete compensation framework are missing.","evidenceIds":["e19","e20","e12"]},{"criterion":"execution","grade":3,"rationale":"Actual 2025 GEO sales were near the upper end of revised total guidance and slightly exceeded revised precious-metal guidance. Completed acquisitions and same-quarter borrowing repayment support demonstrated execution. This assesses portfolio and financing delivery, not mine operation, and does not prove acquisition value creation.","evidenceIds":["e14","e15","e16","e17"]},{"criterion":"governance","grade":2,"rationale":"A majority-independent board, independent committees and an unqualified internal-control opinion support functioning oversight. Less protective private issuance approval thresholds temper the assessment; control effectiveness alone does not establish exceptional shareholder governance.","evidenceIds":["e21","e22","e23","e24"]}]}],"qualityPolicy":"quality-scores-2","basisHash":"a925a05de94d725172ce7b8830109a55297ddefdf4be633baf70e9c87d0ff7c1","updatedAt":"2026-10-17T21:32:51.407Z","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"},{"id":"filing-2","url":"https://www.sec.gov/Archives/edgar/data/1456346/000110465926032133/fnv-20251231xex99d1.htm","publishedAt":"2026-03-19","sha256":"293080792ad20da65edff59e9e6ea2688750e4ac701d463d22e74cd26f7f35fc","dateKind":"filed"},{"id":"filing-3","url":"https://www.sec.gov/Archives/edgar/data/1456346/000110465926032133/fnv-20251231xex99d2.htm","publishedAt":"2026-03-19","sha256":"d0160ea42c5260acedf420cfcfc6bf37fda0ff71d098cb2a932e4d4151fc4a43","dateKind":"filed"}],"model":"gpt-6.1-sol","providerId":"codex:05fc2d346bfe2a2b7c47f1d4defb8cbcbb437f83a78fe9570fd7332392cc45eb","usage":{"input_tokens":52511,"cached_input_tokens":0,"cache_write_input_tokens":0,"output_tokens":3179,"reasoning_output_tokens":134},"basisSupplement":{"previousHash":"c00ae1ee448a9ecf1d41cbdd3cd03283fab9edcdebcbed31355dd62c14494958","checkedAt":"2026-10-18T16:49:32.080Z","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"},{"id":"filing-2","url":"https://www.sec.gov/Archives/edgar/data/1456346/000110465926032133/fnv-20251231xex99d1.htm","publishedAt":"2026-03-19","sha256":"293080792ad20da65edff59e9e6ea2688750e4ac701d463d22e74cd26f7f35fc","dateKind":"filed"},{"id":"filing-3","url":"https://www.sec.gov/Archives/edgar/data/1456346/000110465926032133/fnv-20251231xex99d2.htm","publishedAt":"2026-03-19","sha256":"d0160ea42c5260acedf420cfcfc6bf37fda0ff71d098cb2a932e4d4151fc4a43","dateKind":"filed"}],"history":[{"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":"completed","researchIssue":null,"archivedMoat":null,"scope":"supported_catalog"}