Franco-Nevada Corp (FNV) is overvalued and Wheaton Precious Metals Corp (WPM) is overvalued.
Both trade above our estimate of their intrinsic value. WPM is the closer of the two: -57%, against -58% for FNV.
Values as of the 22 Sept 2026 close.
Discounting its cash flows at 7.7% (average of 3 methods) values the shares at $168.65; the price of $267.20 is 58% above that value, and 81% of that value comes from beyond year five.
Leak Score 44/100 on 2 of 12 signals
Discounting its cash flows at 8.2% (average of 3 methods) values the shares at $97.78; the price of $153.81 is 57% above that value, and 79% of that value comes from beyond year five.
Leak Score 59/100 on 3 of 12 signals
| Metric | FNV | WPM |
|---|---|---|
| Verdict | Overvalued | Overvalued |
| Price | $267.20 | $153.81 |
| Intrinsic value | $168.65 | $97.78 |
| Margin of safety | -58% | -57% |
| Leak Score | 44/100 (2/12) | 59/100 (3/12) |
| Market cap | $51.5B | $69.9B |
| Revenue growth, 5 years | 12.4% | 16.1% |
| Operating margin | 75.4% | 73.0% |
| Net margin | 63.9% | 64.7% |
| Return on equity | 19.9% | 23.6% |
| Debt to equity | 0.00 | 0.20 |
| P/E | 34.9x | 34.1x |
| Forward P/E | 28.5x | 30.5x |
| P/B | 6.3x | 7.2x |
| Dividend yield | 0.7% | 0.5% |