AngloGold Ashanti plc vs Franco-Nevada Corporation, two Mining stocks. A side-by-side on valuation, growth, margins, returns, and what each price is betting.
The figure that decides this pair is 41.5: both companies are worth exactly $41.5B, which turns everything else into a controlled experiment. Same price buys, at AngloGold Ashanti, an operating gold miner earning 32% on equity with an 11.5% free-cash yield at 15.7 times earnings; at Franco-Nevada, a royalty portfolio earning 9.3% on equity with a 4.5% yield at 58.5 times. The royalty model's margins are untouchable, 54% net against 32.1%, because royalties have no cost inflation; the operator's returns are untouchable because operations, done well, compound harder. Identical market caps, opposite philosophies: the market cannot decide whether to own mines or their receipts, so tonight it pays the same for both.
Comparison updated 2026-07-10.
| Metric | AU | FNV |
|---|---|---|
| Price | $81.56 | $215.28 |
| Market cap | $41.5B | $41.5B |
| Sector | Mining | Mining |
| Stage | Cyclical | Cyclical |
| P/E | 15.7 | 58.5 |
| P/B | 4.18 | 5.43 |
| P/S | 4.19 | 31.63 |
| EV/EBITDA | — | 34.9 |
| Revenue growth | +27.7% | +4.0% |
| Gross margin | 49.2% | 73.6% |
| Operating margin | — | 82.8% |
| Net margin | 32.1% | 54.0% |
| Return on equity | 32.0% | 9.3% |
| Return on assets | 21.1% | 8.6% |
| Return on invested capital | — | 9.3% |
| FCF yield | 11.5% | 4.5% |
| Debt / equity | 0.00 | 0.00 |
| Current ratio | 2.87 | 8.30 |
| Altman Z (solvency) | 5.72 | 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.