BHP GROUP LIMITED vs Franco-Nevada Corporation, two Mining stocks. A side-by-side on valuation, growth, margins, returns, and what each price is betting.
Franco-Nevada's 82.8% operating margin against BHP's 38%: royalty economics against extraction economics, and the gap is definitional rather than earned, royalties having no trucks to fuel. Below the margins the giant reasserts itself: BHP earns 21.3% on equity against 9.3%, on forty times the operational footprint. The multiples price the royalty model at 58.5 times and the miner at 22.8, both premium for their categories. Free-cash yields sit at 4.5% both, a coincidence that flatters neither. The pair prices the purest form of commodity exposure against the broadest; the purest costs two and a half times more per earnings dollar and earns less than half the return on capital.
Comparison updated 2026-07-10.
| Metric | BHP | FNV |
|---|---|---|
| Price | $81.00 | $215.28 |
| Market cap | $205.5B | $41.5B |
| Sector | Mining | Mining |
| Stage | Cyclical | Cyclical |
| Implied growth (priced in) | +4.2% | — |
| P/E | 22.8 | 58.5 |
| P/B | 3.93 | 5.43 |
| P/S | 4.01 | 31.63 |
| EV/EBITDA | 7.7 | 34.9 |
| Revenue growth | -1.8% | +4.0% |
| Gross margin | — | 73.6% |
| Operating margin | 38.0% | 82.8% |
| Net margin | 21.7% | 54.0% |
| Return on equity | 21.3% | 9.3% |
| Return on assets | 10.2% | 8.6% |
| Return on invested capital | 22.6% | 9.3% |
| FCF yield | 4.5% | 4.5% |
| Debt / equity | 0.00 | 0.00 |
| Current ratio | 1.46 | 8.30 |
| Altman Z (solvency) | 3.87 | 6.65 |
| Piotroski F (quality) | 6 / 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.