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Franco-NevadaFRA:3FO +0.28%91 Net-Net Working Capital is €1.28 as of Mar. 2026. GuruFocus rates FRA:3FO with a GF Score™ of 91/100 and a GF Value™ of €236.75 (Modestly Undervalued). Among 1,140 Metals & Mining companies, Franco-Nevada ranks worse than 98.68% on this metric.
In calculating the Net-Net Working Capital (NNWC), Benjamin Graham assumed that a company's accounts receivable is only worth 75% its value, its inventory is only worth 50% of its value, but its liabilities have to be paid in full. In addition, Graham believed that preferred stock belongs on the liability side of the balance sheet, not as part of capital and surplus. This is a conservative way of estimating the company's value.
Franco-Nevada's Net-Net Working Capital for the quarter that ended in Mar. 2026 was €1.28.
The industry rank for Franco-Nevada's Net-Net Working Capital or its related term are showing as below:
FRA:3FO's Price-to-Net-Net-Working-Capital is ranked worse than 98.68% of 1140
companies
in the Metals & Mining industry
Industry Median: 7.175
vs FRA:3FO: 159.64
Franco-Nevada (FRA:3FO) Net-Net Working Capital Explanation
One research study, covering the years 1970 through 1983 showed that portfolios picked at the beginning of each year, and held for one year, returned 29.4 percent, on average, over the 13-year period, compared to 11.5 percent for the S&P 500 Index. Other studies of Graham's strategy produced similar results.
Benjamin Graham looked for companies whose market values were less than two-thirds of their net-net value. They are collected under our Net-Net screener.
Franco-Nevada Net-Net Working Capital Related Terms
Franco-Nevada Net-Net Working Capital Historical Data
* Premium members only.
The historical data trend for Franco-Nevada's Net-Net Working Capital 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.
FRA:3FO vs NEM, AU, RGLD: Net-Net Working Capital Comparison
For the Gold subindustry, Franco-Nevada's Price-to-Net-Net-Working-Capital, along with its competitors' market caps and Price-to-Net-Net-Working-Capital 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 Price-to-Net-Net-Working-Capital vs Metals & Mining Industry
For the Metals & Mining industry and Basic Materials sector, Franco-Nevada's Price-to-Net-Net-Working-Capital distribution charts can be found below:
* The bar in red indicates where Franco-Nevada's Price-to-Net-Net-Working-Capital falls into.
* 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.
In calculating the Net-Net Working Capital (NNWC), Benjamin Graham assumed that a company's accounts receivable is only worth 75% its value, its inventory is only worth 50% of its value, but its liabilities have to be paid in full.
In addition, Graham believed that preferred stock belongs on the liability side of the balance sheet, not as part of capital and surplus. In "Security Analysis", preferred stock is dubbed "an imperfect creditorship position" that is best placed on the balance sheet alongside funded debt.
This is a conservative way of estimating the company's value.
What does a Net-Net Working Capital of €1.28 mean?
Franco-Nevada (FRA:3FO) has a Net-Net Working Capital of €1.28 as of Mar. 2026. Ben Graham defined net-net working capital as the per-share sum of cash, 75% of receivables and 50% of inventory less total liabilities. View historical data on Franco-Nevada According to the industry distribution chart, Franco-Nevada ranks #1125 out of 1140 companies in the Metals & Mining industry, placing it in the top 98.7%.
Is Franco-Nevada's Net-Net Working Capital too high?
Franco-Nevada's current Net-Net Working Capital is €1.28. Based on the distribution chart, Franco-Nevada ranks #1125 out of 1140 companies in the Metals & Mining industry, which is in the bottom quartile relative to peers. Overall, Franco-Nevada has a GF Score™ of 91/100 and is considered Modestly Undervalued, reflecting its overall financial health beyond just this single metric.
How does Franco-Nevada's Net-Net Working Capital compare to NEM and AU?
According to the Metals & Mining industry distribution chart, Franco-Nevada ranks #1125 out of 1140 companies for Net-Net Working Capital. This places Franco-Nevada in the lower half of its industry. The industry median Net-Net Working Capital is 7.18. See the competitive comparison table and distribution chart on this page for a detailed peer-by-peer breakdown.
What is a good Net-Net Working Capital for a Metals & Mining company?
The median Net-Net Working Capital among Metals & Mining companies is 7.18, based on 1,140 companies in the industry. Companies in the top quartile (top 25%) have a Net-Net Working Capital significantly above this median, while those in the bottom quartile fall well below. However, Net-Net Working Capital 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 Net-Net Working Capital mean?
A high Net-Net Working Capital can signal that a stock is expensive relative to its fundamentals. Ben Graham defined net-net working capital as the per-share sum of cash, 75% of receivables and 50% of inventory less total liabilities. View historical data on Franco-Nevada For the Metals & Mining industry, the median Net-Net Working Capital is 7.18 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. Franco-Nevada's current Net-Net Working Capital is €1.28. 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 (FRA:3FO) is currently considered Modestly Undervalued. The stock's GF Value™ is €236.75, compared to a current price of €197.95 — trading 16.4% below its estimated fair value. The current Net-Net Working Capital is €1.28. Franco-Nevada's overall GF Score™ is 91/100. Investors should evaluate multiple metrics — including profitability, growth, and financial strength — before making a decision.
How is Net-Net Working Capital calculated?
Net-Net Working Capital is calculated from a company's financial statements. For Franco-Nevada (FRA:3FO), the current Net-Net Working Capital is €1.28 as of Mar. 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 (FRA:3FO) Overvalued in 2026?
Based on GuruFocus' analysis, Franco-Nevada stock appears to be undervalued.
The current stock price of €197.95 is trading 16.4% below its estimated GF Value™ of €236.75.
GuruFocus considers Franco-Nevada to be Modestly Undervalued.
Key valuation signals for FRA:3FO:
Net-Net Working Capital: €1.28
GF Value™: €236.75 vs. price of €197.95 (16.4% below fair value)
No single metric tells the full story. See the FRA:3FO stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
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.
91GF Score
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