FNV (Franco-Nevada) Beneish M-Score: -2.47 (As of Jun. 24, 2026)

What is Franco-Nevada Beneish M-Score?

Franco-Nevada FNV -2.28% 82 Beneish M-Score is -2.47 as of Jun. 24, 2026. GuruFocus rates FNV with a GF Score™ of 82/100 and a GF Value™ of $263.17 (Modestly Undervalued). Among 685 Metals & Mining companies, Franco-Nevada ranks better than 58.98% on this metric.

The zones of discrimination for M-Score is as such:

An M-Score of equal or less than -1.78 suggests that the company is unlikely to be a manipulator.
An M-Score of greater than -1.78 signals that the company is likely to be a manipulator.

Good Sign:

Beneish M-Score -2.47 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

The historical rank and industry rank for Franco-Nevada's Beneish M-Score or its related term are showing as below:

FNV' s Beneish M-Score Range Over the Past 10 Years
Min: -8.74 Med: -2.54 Max: -1.88
Current: -2.47

During the past 13 years, the highest Beneish M-Score of Franco-Nevada was -1.88. The lowest was -8.74. And the median was -2.54.

Franco-Nevada Beneish M-Score Related Terms

Franco-Nevada Beneish M-Score Historical Data

* Premium members only.

The historical data trend for Franco-Nevada's Beneish M-Score can be seen below:

* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD.
* For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.

Franco-Nevada Beneish M-Score Chart

Franco-Nevada Annual Data

Trend

Dec16

Dec17

Dec18

Dec19

Dec20

Dec21

Dec22

Dec23

Dec24

Dec25

Beneish M-Score

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-2.06

-2.84

-2.75

-2.19

-2.07

Franco-Nevada Quarterly Data
	Jun21	Sep21	Dec21	Mar22	Jun22	Sep22	Dec22	Mar23	Jun23	Sep23	Dec23	Mar24	Jun24	Sep24	Dec24	Mar25	Jun25	Sep25	Dec25	Mar26
Beneish M-Score	Get a 7-Day Free Trial															-2.20	-2.50	-2.26	-2.07	-2.47

FNV vs NEM, AU, CDE: Beneish M-Score Comparison

For the Gold subindustry, Franco-Nevada's Beneish M-Score, along with its competitors' market caps and Beneish M-Score data, can be viewed below:

* Competitive companies are chosen from companies within the same industry, with headquarter located in same country, with closest market capitalization; x-axis shows the market cap, and y-axis shows the term value; the bigger the dot, the larger the market cap. Note that "N/A" values will not show up in the chart.

Franco-Nevada Beneish M-Score vs Metals & Mining Industry

For the Metals & Mining industry and Basic Materials sector, Franco-Nevada's Beneish M-Score distribution charts can be found below:

* The bar in red indicates where Franco-Nevada's Beneish M-Score falls into.

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82GF Score

Franco-Nevada Corp FNV

Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.

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Franco-Nevada Beneish M-Score Calculation

The M-score was created by Professor Messod Beneish. Instead of measuring the bankruptcy risk (Altman Z-Score) or business trend (Piotroski F-Score), M-score can be used to detect the risk of earnings manipulation. This is the original research paper on M-score.

The M-Score Variables:

The M-score of Franco-Nevada for today is based on a combination of the following eight different indices:

-4.84

0.92 * DSRI

0.528 * GMI

0.404 * AQI

0.892 * SGI

0.115 * DEPI

-4.84

0.92 * 0.9046

0.528 * 0.9121

0.404 * 1.4325

0.892 * 1.7182

0.115 * 1.0332

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 0.6166

4.679 * -0.057618

0.327 * 2.2751

-2.42

This Year (Mar26) TTM:

Last Year (Mar25) TTM:

Total Receivables was $268 Mil.
Revenue was 650.7 + 597.3 + 487.7 + 369.4 = $2,105 Mil.
Gross Profit was 526.3 + 460.4 + 353.5 + 271.9 = $1,612 Mil.
Total Current Assets was $1,128 Mil.
Total Assets was $8,798 Mil.
Property, Plant and Equipment(Net PPE) was $6,307 Mil.
Depreciation, Depletion and Amortization(DDA) was $316 Mil.
Selling, General, & Admin. Expense(SGA) was $43 Mil.
Total Current Liabilities was $183 Mil.
Long-Term Debt & Capital Lease Obligation was $0 Mil.
Net Income was 468.6 + 367.7 + 287.5 + 247.1 = $1,371 Mil.
Non Operating Income was 79.3 + 8.8 + 18 + 46.5 = $153 Mil.
Cash Flow from Operations was 520.4 + 426.5 + 348 + 430.3 = $1,725 Mil.

Total Receivables was $172 Mil.
Revenue was 368.4 + 321 + 275.7 + 260.1 = $1,225 Mil.
Gross Profit was 261.5 + 226.6 + 189.6 + 178.1 = $856 Mil.
Total Current Assets was $1,395 Mil.
Total Assets was $6,653 Mil.
Property, Plant and Equipment(Net PPE) was $4,539 Mil.
Depreciation, Depletion and Amortization(DDA) was $236 Mil.
Selling, General, & Admin. Expense(SGA) was $40 Mil.
Total Current Liabilities was $61 Mil.
Long-Term Debt & Capital Lease Obligation was $0 Mil.

1. DSRI = Days Sales in Receivables Index

Measured as the ratio of Revenue in Total Receivables in year t to year t-1.

A large increase in DSR could be indicative of revenue inflation.

DSRI	=	(Receivables_t / Revenue_t)	/	(Receivables_t-1 / Revenue_t-1)
	=	(267.5 / 2105.1)	/	(172.1 / 1225.2)
	=	0.127072	/	0.140467
	=	0.9046

2. GMI = Gross Margin Index

Measured as the ratio of gross margin in year t-1 to gross margin in year t.

Gross margin has deteriorated when this index is above 1. A firm with poorer prospects is more likely to manipulate earnings.

GMI	=	GrossMargin_t-1	/	GrossMargin_t
	=	(GrossProfit_t-1 / Revenue_t-1)	/	(GrossProfit_t / Revenue_t)
	=	(855.8 / 1225.2)	/	(1612.1 / 2105.1)
	=	0.698498	/	0.765807
	=	0.9121

3. AQI = Asset Quality Index

AQI is the ratio of asset quality in year t to year t-1.

Asset quality is measured as the ratio of non-current assets other than Property, Plant and Equipment to Total Assets.

AQI	=	(1 - (CurrentAssets_t + PPE_t) / TotalAssets_t)	/	(1 - (CurrentAssets_t-1 + PPE_t-1) / TotalAssets_t-1)
	=	(1 - (1127.6 + 6307.2) / 8797.6)	/	(1 - (1394.9 + 4539) / 6653.4)
	=	0.154906	/	0.10814
	=	1.4325

4. SGI = Sales Growth Index

Ratio of Revenue in year t to sales in year t-1.

Sales growth is not itself a measure of manipulation. However, growth companies are likely to find themselves under pressure to manipulate in order to keep up appearances.

SGI	=	Sales_t	/	Sales_t-1
	=	Revenue_t	/	Revenue_t-1
	=	2105.1	/	1225.2
	=	1.7182

5. DEPI = Depreciation Index

Measured as the ratio of the rate of Depreciation, Depletion and Amortization in year t-1 to the corresponding rate in year t.

DEPI greater than 1 indicates that assets are being depreciated at a slower rate. This suggests that the firm might be revising useful asset life assumptions upwards, or adopting a new method that is income friendly.

DEPI	=	(Depreciation_t-1 / (Depreciaton_t-1 + PPE_t-1))	/	(Depreciation_t / (Depreciaton_t + PPE_t))
	=	(235.5 / (235.5 + 4539))	/	(316.2 / (316.2 + 6307.2))
	=	0.049325	/	0.04774
	=	1.0332

Note: If the Depreciation, Depletion and Amortization data is not available, we assume that the depreciation rate is constant and set the Depreciation Index to 1.

6. SGAI = Sales, General and Administrative expenses Index

The ratio of Selling, General, & Admin. Expense(SGA) to Sales in year t relative to year t-1.

SGA expenses index > 1 means that the company is becoming less efficient in generate sales.

SGAI	=	(SGA_t / Sales_t)	/	(SGA_t-1 /Sales_t-1)
	=	(42.8 / 2105.1)	/	(40.4 / 1225.2)
	=	0.020332	/	0.032974
	=	0.6166

7. LVGI = Leverage Index

The ratio of total debt to Total Assets in year t relative to yeat t-1.

An LVGI > 1 indicates an increase in leverage

LVGI	=	((LTD_t + CurrentLiabilities_t) / TotalAssets_t)	/	((LTD_t-1 + CurrentLiabilities_t-1) / TotalAssets_t-1)
	=	((0 + 183.2) / 8797.6)	/	((0 + 60.9) / 6653.4)
	=	0.020824	/	0.009153
	=	2.2751

8. TATA = Total Accruals to Total Assets

Total accruals calculated as the change in working capital accounts other than cash less depreciation.

TATA	=	(IncomefromContinuingOperations_t	-	CashFlowsfromOperations_t)	/	TotalAssets_t
	=	(NetIncome_t - NonOperatingIncome_t	-	CashFlowsfromOperations_t)	/	TotalAssets_t
	=	(1370.9 - 152.6	-	1725.2)	/	8797.6
	=	-0.057618

An M-Score of equal or less than -1.78 suggests that the company is unlikely to be a manipulator. An M-Score of greater than -1.78 signals that the company is likely to be a manipulator.

Franco-Nevada has a M-score of -2.42 suggests that the company is unlikely to be a manipulator.

Frequently Asked Questions Learn more about Beneish M-Score →

What does a Beneish M-Score of -2.47 mean?

Franco-Nevada (FNV) has a Beneish M-Score of -2.47 as of Jun. 24, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Franco-Nevada and its competitors. According to the industry distribution chart, Franco-Nevada ranks #281 out of 685 companies in the Metals & Mining industry, placing it in the top 41%.

Is Franco-Nevada's Beneish M-Score too high?

Franco-Nevada's current Beneish M-Score is -2.47. Based on the distribution chart, Franco-Nevada ranks #281 out of 685 companies in the Metals & Mining industry, which is above the industry midpoint. Overall, Franco-Nevada has a GF Score™ of 82/100 and is considered Modestly Undervalued, reflecting its overall financial health beyond just this single metric.

How does Franco-Nevada's Beneish M-Score compare to NEM and AU?

According to the Metals & Mining industry distribution chart, Franco-Nevada ranks #281 out of 685 companies for Beneish M-Score. This puts Franco-Nevada in the upper half of its industry. See the competitive comparison table and distribution chart on this page for a detailed peer-by-peer breakdown.

What is a good Beneish M-Score for a Metals & Mining company?

A good Beneish M-Score depends on the Metals & Mining industry context. However, Beneish M-Score should not be evaluated in isolation — investors should consider it alongside profitability, growth, and financial strength metrics. Use the industry distribution chart on this page to see where any company falls relative to its peers.

What does a high Beneish M-Score mean?

A high Beneish M-Score can signal that a stock is expensive relative to its fundamentals. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Franco-Nevada and its competitors. Franco-Nevada's current Beneish M-Score is -2.47. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.

Is Franco-Nevada stock overvalued right now?

Based on GuruFocus' analysis, Franco-Nevada (FNV) is currently considered Modestly Undervalued. The stock's GF Value™ is $263.17, compared to a current price of $209.05 — trading 20.6% below its estimated fair value. The current Beneish M-Score is -2.47. Franco-Nevada's overall GF Score™ is 82/100. Investors should evaluate multiple metrics — including profitability, growth, and financial strength — before making a decision.

How is Beneish M-Score calculated?

Beneish M-Score is calculated from a company's financial statements. For Franco-Nevada (FNV), the current Beneish M-Score is -2.47 as of Jun. 24, 2026. GuruFocus calculates this using data sourced from SEC filings and annual reports. See the calculation section and 30-year financial data on this page for the full breakdown.

Is Franco-Nevada (FNV) Overvalued in 2026?

Based on GuruFocus' analysis, Franco-Nevada stock appears to be undervalued. The current stock price of $209.05 is trading 20.6% below its estimated GF Value™ of $263.17. GuruFocus considers Franco-Nevada to be Modestly Undervalued.

Key valuation signals for FNV:

Beneish M-Score: -2.47
GF Value™: $263.17 vs. price of $209.05 (20.6% below fair value)
GF Score™: 82/100

No single metric tells the full story. See the FNV stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.

Franco-Nevada Business Description

Industry Basic Materials Metals & Mining

Comparable Companies TSX:K TSX:WPM TSX:PAAS TSX:ABX TSX:AGI TSX:LUG TSX:EQX TSX:IMG TSX:ELD TSX:GMIN SHSE:601899 NEM TSX:AEM AU HKSE:02259 JSE:GFI CDE ASX:NST RGLD SHSE:600547

Other Exchanges FNV N:Mexico 0QYZ:UK 3FO:Germany FNV:Canada F2NV34:Brazil

Address 199 Bay Street, Suite 2000, Commerce Court West, Toronto, ON, CAN, M5L 1G9

Website https://www.franco-nevada.com

Franco-Nevada Corp is a precious-metals-focused royalty and investment company. The company owns a diversified portfolio of precious metals and royalty streams, which is actively managed to generate the bulk of its revenue from gold, silver, and platinum. The company does not operate mines, develop projects, or conduct exploration. The company's short-term financial performance is linked to the price of commodities and the amount of production from its portfolio of producing assets. Its long-term performance is affected by the availability of exploration and development capital. The company holds a portfolio of assets, diversified by commodity, revenue type, and stage of a project.

82GF Score

Get the complete analysis for FNV

Beneish M-Score is just one metric. See GF Value™, 30-year financials, guru trades, warning signs, and more.

$209.05

Price

$263.17

GF Value

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