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Franco Nevada vs First Majestic Silver: FNV and AG compared
Franco Nevada is the larger company: $581M of revenue in its latest quarter (Q2 2026) against $264M for First Majestic Silver (Q2 2025). First Majestic Silver is growing faster (+94% against +57% a year earlier). Franco Nevada is more profitable, with an operating margin of 76.7% against 21.4%.
Where the money goes: FNV and AG
Franco Nevada (FNV) · Q2 2026
Franco Nevada, Q2 2026: revenue $581M (+57% year over year), operating margin 76.7%, net earnings $354M, operating cash flow $482M. The chart follows the revenue to costs, profit and cash.
First Majestic Silver (AG) · Q2 2025
First Majestic Silver, Q2 2025: revenue $264M (+94% year over year), operating margin 21.4%, net earnings $52.5M. The chart follows the revenue to costs, profit and cash.
| Franco Nevada (FNV) | First Majestic Silver (AG) | |
|---|---|---|
| Latest quarter | Q2 2026 | Q2 2025 |
| Revenue | $581M | $264M |
| Revenue growth, Y/Y | +57% | +94% |
| Gross margin | 77.6% | — |
| Operating margin | 76.7% | 21.4% |
| Net earnings | $354M | $52.5M |
| Net margin | 60.9% | 19.9% |
| Operating cash flow | $482M | — |
| Free cash flow | $482M | — |
| Market value | $49.2B | $7.6B |
| P/E | 44.2× | 35.8× |
| Analysts’ mean target | $282.36 | $24.00 |
Where the revenue comes from
First Majestic Silver
- Silver: $144M (54%)
- Gold: $88.8M (34%)
- Zinc: $21.0M (8%)
- Lead: $10.7M (4%)
Questions
Which is bigger, Franco Nevada or First Majestic Silver?
Franco Nevada is the larger company: $581M of revenue in its latest quarter (Q2 2026) against $264M for First Majestic Silver (Q2 2025).
Is Franco Nevada or First Majestic Silver growing faster?
First Majestic Silver is growing faster (+94% against +57% a year earlier).
Which is more profitable, Franco Nevada or First Majestic Silver?
Franco Nevada is more profitable, with an operating margin of 76.7% against 21.4%.
More: Franco Nevada earnings · how Franco Nevada makes money · First Majestic Silver earnings · how First Majestic Silver makes money
From the companies' latest 10-Q, 10-K or earnings release (6-K filed Aug 12, 2026; 6-K filed Aug 14, 2025). Fiscal quarters can end on different dates. Not investment advice.