WallStSmart

Franco-Nevada Corporation (FNV)vsRoyal Gold Inc (RGLD)

VS

Smart Verdict

WallStSmart Research — data-driven comparison

Franco-Nevada Corporation generates 50% more annual revenue ($2.30B vs $1.54B). FNV leads profitability with a 64.2% profit margin vs 48.0%. RGLD appears more attractively valued with a PEG of 1.06. RGLD earns a higher WallStSmart Score of 77/100 (B+).

FNV

Strong Buy

68

out of 100

Grade: B-

Growth: 9.3Profit: 9.0Value: 2.7Quality: 7.8
Piotroski: 4/9Altman Z: 8.71

RGLD

Strong Buy

77

out of 100

Grade: B+

Growth: 10.0Profit: 8.5Value: 7.3Quality: 7.0
Piotroski: 1/9Altman Z: 2.38
IV

Intrinsic Value Comparison

Multi-model valuation · Graham Formula

FNVSignificantly Overvalued (-23.9%)

Margin of Safety

-23.9%

Fair Value

$207.97

Current Price

$266.00

$58.03 premium

UndervaluedFair: $207.97Overvalued
RGLDUndervalued (+49.1%)

Margin of Safety

+49.1%

Fair Value

$560.19

Current Price

$252.28

$307.91 discount

UndervaluedFair: $560.19Overvalued

Key Strengths & Concerns

Side-by-side fundamental analysis

Key Strengths

FNV6 strengths · Avg: 9.5/10
Profit MarginProfitability
64.2%10/10

Keeps 64 of every $100 in revenue as profit

Operating MarginProfitability
77.0%10/10

Strong operational efficiency at 77.0%

Revenue GrowthGrowth
58.2%10/10

Revenue surging 58.2% year-over-year

Altman Z-ScoreHealth
8.7110/10

Safe zone — low bankruptcy risk

Market CapQuality
$51.34B9/10

Large-cap with strong market position

EPS GrowthGrowth
43.0%8/10

Earnings expanding 43.0% YoY

RGLD6 strengths · Avg: 9.3/10
Profit MarginProfitability
48.0%10/10

Keeps 48 of every $100 in revenue as profit

Operating MarginProfitability
62.0%10/10

Strong operational efficiency at 62.0%

Revenue GrowthGrowth
115.5%10/10

Revenue surging 115.5% year-over-year

Debt/EquityHealth
0.0510/10

Conservative balance sheet, low leverage

Price/BookValuation
2.9x8/10

Reasonable price relative to book value

EPS GrowthGrowth
38.3%8/10

Earnings expanding 38.3% YoY

Areas to Watch

FNV2 concerns · Avg: 3.0/10
P/E RatioValuation
34.8x4/10

Premium valuation, high expectations priced in

PEG RatioValuation
11.812/10

Expensive relative to growth rate

RGLD2 concerns · Avg: 3.5/10
P/E RatioValuation
29.8x4/10

Moderate valuation

Piotroski F-ScoreQuality
1/93/10

Weak financial health signals

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 64.2% and operating margin at 77.0%. Revenue growth of 58.2% demonstrates continued momentum.

Bull Case : RGLD

The strongest argument for RGLD centers on Profit Margin, Operating Margin, Revenue Growth. Profitability is solid with margins at 48.0% and operating margin at 62.0%. Revenue growth of 115.5% demonstrates continued momentum.

Bear Case : FNV

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

Bear Case : RGLD

The primary concerns for RGLD are P/E Ratio, Piotroski F-Score.

Key Dynamics to Monitor

FNV carries more volatility with a beta of 0.96 — expect wider price swings.

RGLD is growing revenue faster at 115.5% — sustainability is the question.

FNV generates stronger free cash flow (402M), providing more financial flexibility.

Monitor GOLD industry trends, competitive dynamics, and regulatory changes.

Bottom Line

RGLD scores higher overall (77/100 vs 68/100), backed by strong 48.0% margins and 115.5% revenue growth. Both earn "Strong Buy" and "Strong Buy" 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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Royal Gold Inc

BASIC MATERIALS · GOLD · USA

Royal Gold, Inc., acquires and manages precious metal flows, royalties and related interests. The company is headquartered in Denver, Colorado.

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