Franco-Nevada Corporation vs WHEATON PRECIOUS METALS CORP., two Mining stocks. A side-by-side on valuation, growth, margins, returns, and what each price is betting.
What is priced in: the market pays 58.5 times earnings for Franco-Nevada's royalty book and 35 for Wheaton's streaming one, 23 turns of spread inside the same business model, gold-and-silver receipts on other people's mines. Wheaton currently earns better, a 63.6% net margin against 54%, and 16.9% returns on equity against 9.3%, with similar debt-free sheets and near-matched cash yields, 3.7% and 4.5%. Franco's premium rests on diversification (energy royalties included) and seniority in the category. Same species, one page cheaper and currently stronger: within royalty-land, the relative value is unusually legible, and it does not point at the aristocrat.
Comparison updated 2026-07-10.
| Metric | FNV | WPM |
|---|---|---|
| Price | $215.28 | $113.45 |
| Market cap | $41.5B | $51.5B |
| Sector | Mining | Mining |
| Stage | Cyclical | Cyclical |
| P/E | 58.5 | 35.0 |
| P/B | 5.43 | 5.93 |
| P/S | 31.63 | 22.25 |
| EV/EBITDA | 34.9 | 31.8 |
| Revenue growth | +4.0% | +22.7% |
| Gross margin | 73.6% | 72.2% |
| Operating margin | 82.8% | 68.3% |
| Net margin | 54.0% | 63.6% |
| Return on equity | 9.3% | 16.9% |
| Return on assets | 8.6% | 16.1% |
| Return on invested capital | 9.3% | 15.8% |
| FCF yield | 4.5% | 3.7% |
| Debt / equity | 0.00 | 0.00 |
| Current ratio | 8.30 | 7.78 |
| Altman Z (solvency) | 6.65 | 7.68 |
| 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.