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Wheaton Precious Metals vs Franco Nevada: WPM and FNV compared
Wheaton Precious Metals is the larger company: $772M of revenue in its latest quarter (Q3 2026) against $369M for Franco Nevada (Q2 2025). Franco Nevada is more profitable, with an operating margin of 82.8% against 66.2%.
Where the money goes: WPM and FNV
Wheaton Precious Metals (WPM) · Q3 2026
Wheaton Precious Metals, Q3 2026: revenue $772M, operating margin 66.2%, net earnings $410M. The chart follows the revenue to costs, profit and cash.
Franco Nevada (FNV) · Q2 2025
Franco Nevada, Q2 2025: revenue $369M (+42% year over year), operating margin 82.8%, net earnings $247M, operating cash flow $430M. The chart follows the revenue to costs, profit and cash.
| Wheaton Precious Metals (WPM) | Franco Nevada (FNV) | |
|---|---|---|
| Latest quarter | Q3 2026 | Q2 2025 |
| Revenue | $772M | $369M |
| Revenue growth, Y/Y | — | +42% |
| Gross margin | 69.8% | 73.6% |
| Operating margin | 66.2% | 82.8% |
| Net earnings | $410M | $247M |
| Net margin | 53.2% | 66.9% |
| Operating cash flow | — | $430M |
| Free cash flow | — | $430M |
| Market value | $61.9B | $49.2B |
| P/E | 42.1× | 44.2× |
| Analysts’ mean target | $172.22 | $282.36 |
Where the revenue comes from
Franco Nevada
- Revenue: $369M (100%)
- Basic: $1.3M (0%)
Questions
Which is bigger, Wheaton Precious Metals or Franco Nevada?
Wheaton Precious Metals is the larger company: $772M of revenue in its latest quarter (Q3 2026) against $369M for Franco Nevada (Q2 2025).
Is Wheaton Precious Metals or Franco Nevada growing faster?
Franco Nevada is more profitable, with an operating margin of 82.8% against 66.2%.
More: Wheaton Precious Metals earnings · how Wheaton Precious Metals makes money · Franco Nevada earnings · how Franco Nevada makes money
From the companies' latest 10-Q, 10-K or earnings release (6-K filed Nov 6, 2026; 6-K filed Aug 11, 2025). Fiscal quarters can end on different dates. Not investment advice.