Franco-Nevada dividend: payout and coverage
Franco-Nevada paid US$1.43 per share in dividends in 2025. Its cash did not cover the full shareholder payout: US$5.07 per share was paid out in excess of free cash flow.
How much does Franco-Nevada pay in dividends?
Revenue rose 63.7% in 2025 as gold prices increased. GEOs Sold remained below 2021–22 levels. Diluted EPS was US$5.76 in 2025. It was US$2.87 in 2024. The key turn is the company’s own free cash flow: 37.4% of revenue in 2024 became -38.9% in 2025 as acquisitions drove spending. The shortfall left US$5.07 per share paid out in excess of free cash flow; dividends were US$1.43 per share. Year-end net cash was US$670.9 million.
| 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|
| Revenue | 1,822.8 | 1,113.6 | 1,219.0 | 1,315.7 | 1,300.0 |
| Net income | 1,112.1 | 552.1 | -466.4 | 700.6 | 733.7 |
| EPS, diluted | 5.76 | 2.87 | -2.43 | 3.65 | 3.83 |
| Dividend per share | 1.52 | 1.44 | 1.36 | 1.28 | 1.16 |
What this means. The 2025 sales growth includes sales from newly bought royalties and streams, so it does not show how much the existing business grew on its own.
Does Franco-Nevada's cash cover its dividend?
Free cash flow was US$194.9 million in 2021. It rose to US$858.0 million in 2022, then remained positive at US$469.6 million in 2023 and US$421.5 million in 2024. In 2025 it turned negative at US$703.0 million because this measure deducts purchases of royalty and stream interests. Negative free cash flow therefore meant heavy reinvestment, not that the existing portfolio stopped producing cash.
Shareholders still received rising dividends. Dividends paid increased from US$179.6 million in 2021 to US$275.1 million in 2025, while the company bought back no shares in any of the five years. At year-end, cash and short-term investments stood at US$670.9 million, with no debt. The company had spent its reserve aggressively without creating a lasting borrowing burden.
| 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|
| Free cash flow | -703.0 | 421.5 | 469.6 | 858.0 | 194.9 |
| − Dividends paid | 275.1 | 242.4 | 233.0 | 197.6 | 179.6 |
| − Share buybacks | 0 | 0 | 0 | 0 | 0 |
| = Free cash flow not paid out | 179.1 | 236.6 | 660.4 | 15.3 | |
| Paid out, % of free cash flow | not meaningful | 57.5% | 49.6% | 23.0% | 92.1% |
What this means. In 2025, the company paid shareholders 275.1 million United States dollars even though it lost 703.0 million United States dollars in free cash flow, so it paid 978.1 million more than it generated.
What could change Franco-Nevada's dividend?
Base dividends begin at US$1.76 per share and reach US$2.08 by 2029. The bear case holds them at US$1.60, while the bull case reaches US$2.76. The base reflects the latest US$0.44 quarterly dividend and a history of annual increases, moderated because acquisitions and weak deliveries can compete for cash.
The bear case would gain weight if gold prices fall, deliveries weaken, or Candelaria and Antapaccay reductions arrive before replacement projects contribute, particularly through the second half of 2027 and 2028. A failure to secure a restart agreement would keep Panama’s receipts finite.
What is Franco-Nevada's dividend yield today?
| Today (Oct 15, 2026) | |
|---|---|
| Share price | 334.37 |
| Market value (calculated) | 64,491.2 |
| Dividend yield (calculated) | 0.7% |
What this means. The negative free cash flow yield means the company spent more cash than it generated during the latest year, even though it still paid a dividend.