BARRICK MINING CORP vs Franco-Nevada Corporation, two Mining stocks. A side-by-side on valuation, growth, margins, returns, and what each price is betting.
Barrick earns 19.9% on equity operating mines across the world's more demanding jurisdictions; Franco-Nevada earns 9.3% owning royalties on other people's, and the return gap is the operator's compensation for carrying the shovels. The market pays the royalty model 58.5 times earnings against Barrick's 12.7, a 46-turn spread, the widest quality-of-life premium in mining. Franco's 54% net margin against Barrick's 42.2% is closer than the models suggest, gold prices lifting both. Free cash favors Barrick, 6.1% against 4.5%, plus the bigger dividend. Owning the receipts costs four and a half times owning the mines; in cycles like this one, the mines pay better and the market pays them worse.
Comparison updated 2026-07-10.
| Metric | B | FNV |
|---|---|---|
| Price | $37.28 | $215.28 |
| Market cap | $63.6B | $41.5B |
| Sector | Mining | Mining |
| Stage | Cyclical | Cyclical |
| Implied growth (priced in) | -3.0% | — |
| P/E | 12.7 | 58.5 |
| P/B | 1.77 | 5.43 |
| P/S | 3.75 | 31.63 |
| EV/EBITDA | — | 34.9 |
| Revenue growth | +10.0% | +4.0% |
| Gross margin | — | 73.6% |
| Operating margin | — | 82.8% |
| Net margin | 42.2% | 54.0% |
| Return on equity | 19.9% | 9.3% |
| Return on assets | 13.9% | 8.6% |
| Return on invested capital | — | 9.3% |
| FCF yield | 6.1% | 4.5% |
| Dividend yield | 1.2% | — |
| Debt / equity | 0.00 | 0.00 |
| Current ratio | 2.92 | 8.30 |
| Altman Z (solvency) | 2.89 | 6.65 |
| Piotroski F (quality) | 7 / 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.