AGNICO EAGLE MINES LIMITED vs Franco-Nevada Corporation, two Mining stocks. A side-by-side on valuation, growth, margins, returns, and what each price is betting.
What is priced in: Franco-Nevada at 58.5 times earnings is priced as a royalty annuity on other people's mines, Agnico Eagle at 17.7 as an operator with dirt under its fingernails, and the 41-turn spread is the market's fee for never touching a shovel. Franco's economics justify the category: an 82.8% operating margin and 54% net margin, royalty cash with almost no cost base, against Agnico's excellent-for-an-operator 37.5%. Returns invert it: Agnico earns 18% on equity, Franco 9.3%, the price of holding a portfolio rather than working it. Free-cash yields sit at 5.6% and 4.5%. Both are debt-free. Owning the metal's upside without the mine's problems costs three times the multiple; this pair posts the tariff.
Comparison updated 2026-07-10.
| Metric | AEM | FNV |
|---|---|---|
| Price | $157.18 | $215.28 |
| Market cap | $78.9B | $41.5B |
| Sector | Mining | Mining |
| Stage | Cyclical | Cyclical |
| P/E | 17.7 | 58.5 |
| P/B | 3.19 | 5.43 |
| P/S | 6.63 | 31.63 |
| EV/EBITDA | — | 34.9 |
| Revenue growth | +33.1% | +4.0% |
| Gross margin | — | 73.6% |
| Operating margin | — | 82.8% |
| Net margin | 37.5% | 54.0% |
| Return on equity | 18.0% | 9.3% |
| Return on assets | 12.9% | 8.6% |
| Return on invested capital | — | 9.3% |
| FCF yield | 5.6% | 4.5% |
| Dividend yield | 0.4% | — |
| Debt / equity | 0.00 | 0.00 |
| Current ratio | 2.02 | 8.30 |
| Altman Z (solvency) | 5.52 | 6.65 |
| Piotroski F (quality) | 8 / 9 | 8 / 9 |
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The stronger value is highlighted per metric where one is strictly better on that single number; it is not an overall verdict on either company. For informational and research purposes only. Not investment advice. Not a recommendation to buy, sell, or hold any security. boothcheck is not a registered investment adviser. Past performance does not guarantee future results.