WallStSmart

Franco-Nevada Corporation (FNV)vsGold Royalty Corp. (GROY)

VS

Smart Verdict

WallStSmart Research — data-driven comparison

Franco-Nevada Corporation generates 10524% more annual revenue ($2.09B vs $19.65M). FNV leads profitability with a 65.7% profit margin vs -5.7%. FNV earns a higher WallStSmart Score of 71/100 (B).

FNV

Strong Buy

71

out of 100

Grade: B

Growth: 9.3Profit: 9.0Value: 3.3Quality: 7.8
Piotroski: 4/9Altman Z: 8.71

GROY

Hold

44

out of 100

Grade: D

Growth: 8.0Profit: 4.5Value: 6.7Quality: 8.5
Piotroski: 4/9Altman Z: 2.95
IV

Intrinsic Value Comparison

Multi-model valuation · Graham Formula

FNVSignificantly Overvalued (-36.4%)

Margin of Safety

-36.4%

Fair Value

$188.88

Current Price

$218.74

$29.86 premium

UndervaluedFair: $188.88Overvalued
GROYUndervalued (+81.8%)

Margin of Safety

+81.8%

Fair Value

$24.62

Current Price

$2.83

$21.79 discount

UndervaluedFair: $24.62Overvalued

Key Strengths & Concerns

Side-by-side fundamental analysis

Key Strengths

FNV5 strengths · Avg: 10.0/10
Profit MarginProfitability
65.7%10/10

Keeps 66 of every $100 in revenue as profit

Operating MarginProfitability
79.3%10/10

Strong operational efficiency at 79.3%

Revenue GrowthGrowth
77.7%10/10

Revenue surging 77.7% year-over-year

EPS GrowthGrowth
123.1%10/10

Earnings expanding 123.1% YoY

Altman Z-ScoreHealth
8.7110/10

Safe zone — low bankruptcy risk

GROY4 strengths · Avg: 10.0/10
Price/BookValuation
0.9x10/10

Reasonable price relative to book value

Operating MarginProfitability
36.7%10/10

Strong operational efficiency at 36.7%

Revenue GrowthGrowth
128.7%10/10

Revenue surging 128.7% year-over-year

Debt/EquityHealth
0.0010/10

Conservative balance sheet, low leverage

Areas to Watch

FNV2 concerns · Avg: 3.0/10
P/E RatioValuation
29.5x4/10

Moderate valuation

PEG RatioValuation
11.812/10

Expensive relative to growth rate

GROY4 concerns · Avg: 2.8/10
EPS GrowthGrowth
0.0%4/10

0.0% earnings growth

Market CapQuality
$653.19M3/10

Smaller company, higher risk/reward

Return on EquityProfitability
-0.1%2/10

ROE of -0.1% — below average capital efficiency

Free Cash FlowQuality
$-26.11M2/10

Negative free cash flow — burning cash

Comparative Analysis Report

WallStSmart Research

Bull Case : FNV

The strongest argument for FNV centers on Profit Margin, Operating Margin, Revenue Growth. Profitability is solid with margins at 65.7% and operating margin at 79.3%. Revenue growth of 77.7% demonstrates continued momentum.

Bull Case : GROY

The strongest argument for GROY centers on Price/Book, Operating Margin, Revenue Growth. Revenue growth of 128.7% demonstrates continued momentum.

Bear Case : FNV

The primary concerns for FNV are P/E Ratio, PEG Ratio.

Bear Case : GROY

The primary concerns for GROY are EPS Growth, Market Cap, Return on Equity.

Key Dynamics to Monitor

FNV profiles as a growth stock while GROY is a hypergrowth play — different risk/reward profiles.

GROY carries more volatility with a beta of 0.91 — expect wider price swings.

GROY is growing revenue faster at 128.7% — sustainability is the question.

FNV generates stronger free cash flow (70M), providing more financial flexibility.

Bottom Line

FNV scores higher overall (71/100 vs 44/100), backed by strong 65.7% margins and 77.7% revenue growth. GROY offers better value entry with a 81.8% margin of safety. Both earn "Strong Buy" and "Hold" ratings respectively — the choice depends on your investment horizon and risk tolerance.

This analysis is generated from publicly available financial data. Not financial advice.

Franco-Nevada Corporation

BASIC MATERIALS · GOLD · USA

Franco-Nevada Corporation is a gold-focused royalty and flow company in the United States, Latin America, Canada, Australia, Europe and Africa, and internationally. The company is headquartered in Toronto, Canada.

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Gold Royalty Corp.

BASIC MATERIALS · GOLD · USA

Gold Royalty Corp. The company is headquartered in Vancouver, Canada.

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