FNV vs. HMY: Franco-Nevada vs. Harmony Gold Mining Stock Comparison

November 11, 2026

How do Franco-Nevada (FNV) and Harmony Gold Mining (HMY) stack up? This page sets them side by side across company profile, performance and risk, profitability, growth, financial strength, dividends, and valuation, with selected fundamentals also measured against each stock's industry-group peers.

Company Profile

Franco-Nevada (FNV) and Harmony Gold Mining (HMY) are both classified in the Gold sub-industry within the broader Metals & Mining industry, placing them in the closest GICS peer bucket.

Franco-Nevada (FNV) trades as ordinary local shares, while Harmony Gold Mining (HMY) trades as an ADR — compare with FX exposure, depositary-program fees, and dividend-withholding-tax differences in mind.

Company profile comparison for Franco-Nevada (FNV) and Harmony Gold Mining (HMY)
Profile Item	FNV	HMY
Name	Franco-Nevada Corporation	Harmony Gold Mining Company Limited - Depositary Receipt (Common Stock)
Country/Region	Canada	South Africa
GICS Sector	Materials	Materials
GICS Industry Group	Materials	Materials
GICS Industry	Metals & Mining	Metals & Mining
GICS Sub-Industry	Gold	Gold
Market Capitalization	49.17 billion USD	10.77 billion USD
Currency	USD	USD
Exchange	NYSE	NYSE
Listing Date	December 7, 2007	May 17, 1994
Security Type	Common Stock	ADR

Price Performance

Cumulative Growth

FNV

HMY

GSPC

Franco-Nevada (FNV) vs. Harmony Gold Mining (HMY), with S&P 500 (GSPC) for reference: Growth of a $10,000 investment over the past five years. Adjusted for dividends and splits.

Trailing Returns

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Trailing total returns for Franco-Nevada (FNV) and Harmony Gold Mining (HMY). Returns over one year are annualized.

Calendar-Year Returns

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Calendar-year total returns for Franco-Nevada (FNV) and Harmony Gold Mining (HMY). Each bar is that year's total return, measured year-end to year-end.

Performance Metrics

Price performance metrics for Franco-Nevada (FNV) and Harmony Gold Mining (HMY)
Metric	FNV	HMY
Total Return (1Y)	37.48%	10.98%
Total Return (3Y, Annualized)	30.93%	60.07%
Total Return (5Y, Annualized)	13.51%	39.44%

Risk Profile

Drawdown History

FNV

HMY

GSPC

Franco-Nevada (FNV) vs. Harmony Gold Mining (HMY), with S&P 500 (GSPC) for reference: Drawdown from the running peak over the past five years. Each line shows the decline from its prior peak; 0% marks a new high.

Return Distribution

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Distribution of monthly total returns for Franco-Nevada (FNV) and Harmony Gold Mining (HMY). Each bar is the share of months whose return fell in that 5% bucket.

Risk Metrics

Risk profile metrics for Franco-Nevada (FNV) and Harmony Gold Mining (HMY)
Metric	FNV	HMY
Volatility (1Y, Annualized)	39.71%	63.56%
Beta (5Y)	0.28	1.08
Max Drawdown (5Y)	-37.12%	-62.48%
Avg. Volume (3M)	716.56K	3.68M

Risk-Adjusted Performance

Risk-Return Positioning

FNV and HMY are plotted by 1-year volatility (risk) and 1-year return. The dashed Capital Allocation Line runs from the risk-free rate through the shared industry median.

Risk-Adjusted Metrics

Risk-adjusted metrics for Franco-Nevada (FNV) and Harmony Gold Mining (HMY)
Metric	FNV	HMY
Sharpe Ratio (1Y)	0.84	0.11
Sortino Ratio (1Y)	1.19	0.15

Profitability

ROE (TTM)

Both Franco-Nevada (FNV) at 19.91% and Harmony Gold Mining (HMY) at 48.05% sit in the top peer quartile for ROE, suggesting each generates more profit from shareholders’ equity than typical industry peers.

FNV

Materials industry group

19.91%

Max: 52.88%
FNV: 19.91%
Q3: 19.49%
Median: 8.76%
Q1: -3.41%
Min: -32.81%

HMY

Materials industry group

48.05%

Max: 52.88%
HMY: 48.05%
Q3: 19.49%
Median: 8.76%
Q1: -3.41%
Min: -32.81%

Franco-Nevada (FNV) vs. Harmony Gold Mining (HMY): A comparison of their ROE against the Materials industry group benchmark.

Net Margin (TTM)

Franco-Nevada (FNV) at 64.23% keeps the most of each sales dollar — above its industry’s net margin range — and Harmony Gold Mining (HMY) at 29.57% also retains a top-quartile share.

FNV

Materials industry group

64.23%

FNV: 64.23%
Max: 38.66%
Q3: 15.98%
Median: 5.28%
Q1: 0.00%
Min: -20.40%

HMY

Materials industry group

29.57%

Max: 38.66%
HMY: 29.57%
Q3: 15.98%
Median: 5.28%
Q1: 0.00%
Min: -20.40%

Franco-Nevada (FNV) vs. Harmony Gold Mining (HMY): A comparison of their net margin against the Materials industry group benchmark.

Operating Margin (TTM)

Franco-Nevada (FNV) at 76.98% shows unusually strong operating efficiency — above its industry’s operating margin range — and Harmony Gold Mining (HMY) at 47.18% also operates in the top quartile.

FNV

Materials industry group

76.98%

FNV: 76.98%
Max: 66.70%
Q3: 28.92%
Median: 12.56%
Q1: 3.28%
Min: -14.07%

HMY

Materials industry group

47.18%

Max: 66.70%
HMY: 47.18%
Q3: 28.92%
Median: 12.56%
Q1: 3.28%
Min: -14.07%

Franco-Nevada (FNV) vs. Harmony Gold Mining (HMY): A comparison of their operating margin against the Materials industry group benchmark.

Profitability Metrics

Profitability metrics for Franco-Nevada (FNV) and Harmony Gold Mining (HMY)
Metric	FNV	HMY
ROE (TTM)	19.91%	48.05%
ROA (TTM)	13.74%	25.06%
Net Margin (TTM)	64.23%	29.57%
Operating Margin (TTM)	76.98%	47.18%
Gross Margin (TTM)	92.09%	49.62%

Growth

Revenue Growth

Only one side can be read here: Franco-Nevada (FNV) reports revenue growth of 63.69%, ranked against its industry; Harmony Gold Mining (HMY) has no revenue growth figure this period.

Franco-Nevada (FNV) vs. Harmony Gold Mining (HMY): A comparison of their Revenue Growth across different time periods.

EPS Growth

Only one side can be read here: Franco-Nevada (FNV) reports EPS growth of 100.70%, ranked against its industry; Harmony Gold Mining (HMY) has no EPS growth figure this period.

Franco-Nevada (FNV) vs. Harmony Gold Mining (HMY): A comparison of their EPS Growth across different time periods.

Growth Metrics

Growth metrics for Franco-Nevada (FNV) and Harmony Gold Mining (HMY)
Metric	FNV	HMY
Revenue Growth (YoY)	63.69%	--
Revenue Growth (3Y CAGR)	11.48%	26.28%
EPS Growth (YoY)	100.70%	--
EPS Growth (3Y CAGR)	16.42%	81.32%

Financial Strength

Current Ratio (MRQ)

Franco-Nevada (FNV) at 9.38 carries current ratio above its industry’s typical mid-range, while Harmony Gold Mining (HMY) at 0.84 runs in the tighter-liquidity quartile — different working-capital profiles, both worth examining.

FNV

Materials industry group

9.38

FNV: 9.38
Max: 5.96
Q3: 3.30
Median: 2.24
Q1: 1.45
Min: 0.16

HMY

Materials industry group

0.84

Max: 5.96
Q3: 3.30
Median: 2.24
Q1: 1.45
HMY: 0.84
Min: 0.16

Franco-Nevada (FNV) vs. Harmony Gold Mining (HMY): A comparison of their current ratio against the Materials industry group benchmark.

Debt / Equity (MRQ)

Only one side’s leverage can be read here: Harmony Gold Mining (HMY) carries debt-to-equity ratio of 0.13 against its industry range, while Franco-Nevada (FNV) reports no figure this period.

FNV

Materials industry group

Max: 1.98
Q3: 0.89
Median: 0.47
Q1: 0.13
Min: 0.00
FNV: --

HMY

Materials industry group

0.13

Max: 1.98
Q3: 0.89
Median: 0.47
Q1: 0.13
HMY: 0.13
Min: 0.00

Franco-Nevada (FNV) vs. Harmony Gold Mining (HMY): FNV does not report debt-to-equity ratio, so it has no value marker; HMY is benchmarked against the Materials industry group.

Financial Strength Metrics

Financial strength metrics for Franco-Nevada (FNV) and Harmony Gold Mining (HMY)
Metric	FNV	HMY
Current Ratio (MRQ)	9.38	0.84
Debt / Equity (MRQ)	--	0.13
Net Debt / EBITDA	-0.49	0.02

Dividends

Dividend Yield (TTM)

Franco-Nevada (FNV) at 0.65% pays an industry-typical yield; Harmony Gold Mining (HMY) at 75.74% is above its entire peer range — the higher number, but one that calls for a look at payout sustainability before treating it as an advantage.

FNV

Materials industry group

0.65%

Max: 4.52%
Q3: 1.85%
FNV: 0.65%
Median: 0.38%
Q1: 0.00%
Min: 0.00%

HMY

Materials industry group

75.74%

HMY: 75.74%
Max: 4.52%
Q3: 1.85%
Median: 0.38%
Q1: 0.00%
Min: 0.00%

Franco-Nevada (FNV) vs. Harmony Gold Mining (HMY): A comparison of their dividend yield against the Materials industry group benchmark.

Dividend Payout Ratio (TTM)

Both Franco-Nevada (FNV) at 21.44% and Harmony Gold Mining (HMY) at 15.28% keep payout ratio within their industries’ typical mid-ranges — dividend policies that share earnings without consuming too much of them.

FNV

Materials industry group

21.44%

Max: 83.62%
Q3: 41.37%
FNV: 21.44%
Median: 9.54%
Q1: 0.00%
Min: 0.00%

HMY

Materials industry group

15.28%

Max: 83.62%
Q3: 41.37%
HMY: 15.28%
Median: 9.54%
Q1: 0.00%
Min: 0.00%

Franco-Nevada (FNV) vs. Harmony Gold Mining (HMY): A comparison of their payout ratio against the Materials industry group benchmark.

Dividend Metrics

Dividend metrics for Franco-Nevada (FNV) and Harmony Gold Mining (HMY)
Metric	FNV	HMY
Dividend Yield (TTM)	0.65%	75.74%
Dividend Payout Ratio (TTM)	21.44%	15.28%

Valuation

P/E Ratio (TTM)

Harmony Gold Mining (HMY) at 6.27 sits in the cheaper P/E ratio quartile, while Franco-Nevada (FNV) at 33.33 sits in the richer quartile — a clear split in what investors pay for each dollar of trailing earnings.

FNV

Materials industry group

33.33

Max: 59.00
FNV: 33.33
Q3: 32.93
Median: 18.82
Q1: 11.96
Min: 3.93

HMY

Materials industry group

6.27

Max: 59.00
Q3: 32.93
Median: 18.82
Q1: 11.96
HMY: 6.27
Min: 3.93

Franco-Nevada (FNV) vs. Harmony Gold Mining (HMY): A comparison of their P/E ratio against the Materials industry group benchmark.

P/S Ratio (TTM)

Harmony Gold Mining (HMY) at 0.11 sits in the cheaper P/S ratio quartile while Franco-Nevada (FNV) at 21.37 prices above its industry range — a wide gap in sales valuation between them.

FNV

Materials industry group

21.37

FNV: 21.37
Max: 9.62
Q3: 4.34
Median: 1.87
Q1: 0.73
Min: 0.00

HMY

Materials industry group

0.11

Max: 9.62
Q3: 4.34
Median: 1.87
Q1: 0.73
HMY: 0.11
Min: 0.00

Franco-Nevada (FNV) vs. Harmony Gold Mining (HMY): A comparison of their P/S ratio against the Materials industry group benchmark.

P/B Ratio (MRQ)

Harmony Gold Mining (HMY) at 2.34 is valued about in line with its industry on P/B ratio, while Franco-Nevada (FNV) at 5.97 carries an above-peer premium to book — FNV is pricier on assets.

FNV

Materials industry group

5.97

Max: 6.59
FNV: 5.97
Q3: 3.55
Median: 2.08
Q1: 1.26
Min: -0.17

HMY

Materials industry group

2.34

Max: 6.59
Q3: 3.55
HMY: 2.34
Median: 2.08
Q1: 1.26
Min: -0.17

Franco-Nevada (FNV) vs. Harmony Gold Mining (HMY): A comparison of their P/B ratio against the Materials industry group benchmark.

Valuation Metrics

Valuation metrics for Franco-Nevada (FNV) and Harmony Gold Mining (HMY)
Metric	FNV	HMY
P/E Ratio (TTM)	33.33	6.27
P/S Ratio (TTM)	21.37	0.11
P/B Ratio (MRQ)	5.97	2.34
Free Cash Flow Yield (TTM)	0.96%	91.49%