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PAN American Silver vs Franco Nevada: PAAS and FNV compared
PAN American Silver is the larger company: $1.2B of revenue in its latest quarter (Q4 2025) against $581M for Franco Nevada (Q2 2026). Franco Nevada is more profitable, with an operating margin of 76.7% against 43.4%.
Where the money goes: PAAS and FNV
PAN American Silver (PAAS) · Q4 2025
PAN American Silver, Q4 2025: revenue $1.2B, operating margin 43.4%, net earnings $452M, operating cash flow $554M. The chart follows the revenue to costs, profit and cash.
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.
| PAN American Silver (PAAS) | Franco Nevada (FNV) | |
|---|---|---|
| Latest quarter | Q4 2025 | Q2 2026 |
| Revenue | $1.2B | $581M |
| Revenue growth, Y/Y | — | +57% |
| Gross margin | — | 77.6% |
| Operating margin | 43.4% | 76.7% |
| Net earnings | $452M | $354M |
| Net margin | 38.3% | 60.9% |
| Operating cash flow | $554M | $482M |
| Free cash flow | — | $482M |
| Market value | — | $49.2B |
| P/E | — | 44.2× |
| Analysts’ mean target | — | $282.36 |
Questions
Which is bigger, PAN American Silver or Franco Nevada?
PAN American Silver is the larger company: $1.2B of revenue in its latest quarter (Q4 2025) against $581M for Franco Nevada (Q2 2026).
Is PAN American Silver or Franco Nevada growing faster?
Franco Nevada is more profitable, with an operating margin of 76.7% against 43.4%.
More: PAN American Silver earnings · how PAN American Silver makes money · Franco Nevada earnings · how Franco Nevada makes money
From the companies' latest 10-Q, 10-K or earnings release (6-K filed Feb 18, 2026; 6-K filed Aug 12, 2026). Fiscal quarters can end on different dates. Not investment advice.