Freeport-McMoRan Inc. vs Franco-Nevada Corporation, two Mining stocks. A side-by-side on valuation, growth, margins, returns, and what each price is betting.
41.5 is the number that flatters the comparison: Franco-Nevada's market value, less than half of Freeport's $90B, for a royalty book against the western hemisphere's copper flagship. Franco earns like an abstraction, a 54% net margin and 82.8% operating; Freeport earns like a mine, 18% net with one-time items currently erasing its trailing multiple. Returns on equity favor Freeport, 15.1% against 9.3%; balance sheets are near-clean both. Franco trades at 58.5 times, Freeport at a valuation the market carries on copper conviction alone. Gold receipts against copper leverage: the pair prices insulation at double per dollar and torque at faith, the sector's two favorite exaggerations on one screen.
Comparison updated 2026-07-10.
| Metric | FCX | FNV |
|---|---|---|
| Price | $62.31 | $215.28 |
| Market cap | $90.0B | $41.5B |
| Sector | Mining | Mining |
| Stage | Cyclical | Cyclical |
| Implied growth (priced in) | +23.0% | — |
| P/E | — | 58.5 |
| P/B | 2.86 | 5.43 |
| P/S | 3.40 | 31.63 |
| EV/EBITDA | 12.2 | 34.9 |
| Revenue growth | +6.2% | +4.0% |
| Gross margin | — | 73.6% |
| Operating margin | 34.2% | 82.8% |
| Net margin | 17.9% | 54.0% |
| Return on equity | 15.1% | 9.3% |
| Return on assets | 8.1% | 8.6% |
| Return on invested capital | 14.0% | 9.3% |
| FCF yield | 1.9% | 4.5% |
| Dividend yield | 1.0% | — |
| Debt / equity | 0.31 | 0.00 |
| Current ratio | 2.39 | 8.30 |
| Altman Z (solvency) | 2.76 | 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.