AEM vs FNV: How Agnico Eagle Mines and Franco-Nevada Compare (2026)
Last updated July 2026
Short answer
AEM is the larger of the two ($70.34B market cap): the incumbent the market prices for continued execution (11.08x forward earnings, beta 0.60). FNV is the smaller challenger ($40.40B), actually pricier on forward earnings (22.72x): more room to run, but more to prove. The real question is which set of drivers you believe, and whether owning one (or both) leaves you over-concentrated.
AEM vs FNV: the tie-breaker metrics
Same yardstick, side by side (as of July 2026). Valuation lined up like this is most meaningful for two names in the same corner of the market, which these are. Figures are approximate; verify before investing.
| Metric | AEM | FNV | What it tells you |
|---|---|---|---|
| Market cap | $70.34B | $40.40B | Size. The larger name is the incumbent; the smaller has more room to grow and more to prove. |
| Forward P/E | 11.08 | 22.72 | Valuation on next year's expected earnings, the same yardstick for both. Lower is cheaper for that growth; higher means the market is paying up. |
| Trailing P/E | 13.24 | 29.50 | Valuation on the last 12 months. A big drop from trailing to forward means the market expects earnings to jump, so more growth is already in the price. |
| Beta | 0.60 | 0.90 | Volatility vs the market. Above 1 swings harder than the index; below 1 is steadier. Higher beta means bigger drawdowns to hold through. |
| Price vs 52-week range | 14% of range | 41% of range | Where today's price sits between the 52-week low and high. Near the high is momentum with less margin of safety; near the low is out of favor or a discount, depending on why. |
| Price / book | 2.68 | 4.98 | How much you pay over book value. Very high can signal an asset-light, high-return business or a rich price. |
Reading it: AEM is the cheaper of the two on forward earnings, but cheaper is not the same as better. Pair the valuation with growth (how far the forward P/E sits below the trailing P/E) and risk (beta) before you decide.
Before you buy: how AEM and FNV affect your concentration
The metrics above tell you which is the marginally better business. The bigger risk for most people is not picking the slightly worse stock, it is over-concentrating. AEM and FNV share themes, so owning both, or adding either to what you already hold, can quietly push a large share of your portfolio into one bet.
This is the part a generic comparison page cannot answer, because it depends on what you own. Connect your brokerage and Walnut shows your real, combined AEM and FNV exposure, flags overlap with your existing positions, and tells you if adding one would tip you past a concentration you are comfortable with, read-only by default, with your login staying at your broker. Walnut is not an investment adviser.
What does Agnico Eagle Mines (AEM) do?
Agnico Eagle Mines is a senior gold producer and, by market value, one of the three largest gold miners in the world alongside Newmont and Barrick. It mines and sells gold from a portfolio of operations concentrated in low-risk jurisdictions: Canada is the core, complemented by mines in Australia, Finland, and Mexico. Because it sells a globally priced commodity, Agnico is largely a price-taker: its revenue moves with the gold price, while a large share of its mining costs are relatively fixed. That combination gives it operating leverage, meaning profits can rise faster than the gold price in a strong market and fall faster in a weak one.
What does Franco-Nevada (FNV) do?
Franco-Nevada does not dig for metal. It buys royalties and streams, contracts that entitle it to a percentage of production or the right to buy metal at a fixed low price, across a portfolio of more than 400 assets operated by other mining companies. The model is capital-light and largely insulated from cost inflation, which is why margins are extreme (Adjusted EBITDA margin ran around 91% in Q1 2026). The bulk of revenue is gold, silver and other precious metals, but Franco-Nevada is unique among the senior royalty names in also holding base-metal and energy (oil and gas) interests, which adds diversification.
AEM vs FNV: how do they differ?
Both fit overlapping themes, but they are not interchangeable. The useful comparison is which set of drivers and risks you want exposure to.
- AEM drivers: Leverage to a strong gold price; Low-cost operations in stable jurisdictions.
- FNV drivers: Gold price leverage without operating risk; Diversified portfolio and steady deal flow.
Which fits which kind of investor
A faster-growing, richer-valued name usually swings harder, so it suits a longer horizon and a higher tolerance for volatility; a steadier, more cash-generative business suits a more conservative or income-minded investor. The honest test is which set of risks you could hold through a drawdown: The dominant risk is the gold price itself. For FNV, the single biggest risk is commodity prices: if gold and silver fall, FNV revenue and the share price fall with them, and the stock often trades at a premium multiple that can compress quickly.
AEM or FNV: which should you pick?
Growth-minded investors who believe the theme has years to run tend to accept the richer multiple for more upside; value-minded investors lean toward the cheaper forward earnings and steadier profile. Pick AEM if you believe its drivers more; FNV if you believe its. Many investors hold both, but since they share themes, that is a concentrated bet, not diversification. Decide deliberately and check overlap. For the full detail, see the AEM and FNV guides.
AEM vs FNV: the full fundamentals
AEM. Figures are approximate and tied to the asOf date; verify live numbers before acting. Agnico's recent record results reflect an exceptionally high gold price, so a low or reasonable-looking earnings multiple can be misleading if it rests on peak-cycle margins that may not persist if bullion falls. The premium the market often assigns Agnico versus peers is a bet on both continued strong gold prices and the company's operational quality, so the stock can be sensitive to disappointment on either front.
FNV. Franco-Nevada posted record Q1 2026 results on higher metal prices and newly acquired streams, with Adjusted Net Income of ~$458 million and available capital of ~$3.36 billion. Margins are far above those of mine operators because the royalty model carries almost no operating cost. The premium valuation reflects that quality, but it also means the stock prices in continued strong gold prices.
Headline figures (approximate, Jul 2026): AEM shows business model Senior gold producer; revenue is a price-taker on the gold market with largely fixed mining costs, creating operating leverage, q1 2026 production About 825,000 payable ounces of gold; all-in sustaining costs around $1,483 per ounce, q1 2026 profitability Record net income of roughly $1.7 billion on a realized gold price near $4,861 per ounce, up sharply year over year, 2026 guidance Reaffirmed gold production of 3.3 to 3.5 million ounces for the full year; FNV shows revenue (q1 2026) ~$650.7M (up ~77% YoY), revenue (ttm) ~$1.7B, adjusted ebitda margin (q1 2026) ~91%, market cap ~$47B.
The bottom line: AEM vs FNV
AEM and FNV are related but distinct: same themes, different businesses and risks. Neither wins in the abstract; the right pick is whichever thesis you actually believe, sized so you are not over-concentrated in one theme. Walnut can show your combined AEM and FNV exposure against your real portfolio. It is not an investment adviser.
Investing in Agnico Eagle Mines with AI
Connect the broker you already use and ask Walnut's AI how AEM fits what you actually hold: whether you own it already through a fund, what it would do to your concentration, and how it has tracked the S&P 500. Read-only by default, and you approve anything before it reaches your broker.
FAQ
What is the difference between AEM and FNV?
+
Agnico Eagle Mines is a senior gold producer and, by market value, one of the three largest gold miners in the world alongside Newmont and Barrick. Franco-Nevada does not dig for metal. They show up together because they share investment themes, but they are different businesses, so the better fit depends on which thesis you are expressing.
Is AEM or FNV the better stock?
+
Neither is universally better. AEM is the larger incumbent; FNV is the smaller challenger and looks pricier on forward earnings. Walnut is informational, not investment advice. Compare what each does, the tie-breaker metrics above, and the risks, then decide which fits your thesis and what you already own.
Which is cheaper, AEM or FNV?
+
On forward P/E (as of July 2026), AEM trades at 11.08x and FNV at 22.72x, so AEM is the cheaper of the two on next year's expected earnings. A lower multiple is not automatically the better buy: a richer valuation can be justified by faster growth, and a lower one can reflect real risk. Weigh the multiple against how fast each business is compounding.
Should you own both AEM and FNV?
+
Because they share themes, owning both concentrates you in that theme. That can be intentional (a focused bet) or accidental (less diversification than it looks). Walnut can show your combined exposure across both, and whether adding either over-concentrates you, before you buy.
What are the risks of AEM vs FNV?
+
AEM: The dominant risk is the gold price itself. Agnico is fundamentally a commodity producer, so a sustained decline in bullion would compress margins and earnings quickly, and the same operating leverage that magnifies profits on the way up magnifies losses on the way down. Because the shares often carry a premium valuation built on strong gold prices and operational quality, they can fall hard if either the metal or the operating story disappoints. Cost inflation is a structural risk: energy, labor, and consumables can push all-in sustaining costs higher and erode margins even when gold is firm. Mining is also operationally hazardous, exposed to grade variability, permitting delays, and reserve-replacement challenges, since every ounce mined must eventually be replaced through exploration or acquisition. Finally, while Agnico's jurisdictions are relatively stable, it still faces regulatory, environmental, and local-community risks that can delay or raise the cost of new projects. FNV: The single biggest risk is commodity prices: if gold and silver fall, FNV revenue and the share price fall with them, and the stock often trades at a premium multiple that can compress quickly. Cobre Panama remains uncertain, with the mine in preservation, an audit still finalizing and arbitration not heard until October 2026, so a poor outcome or prolonged shutdown would remove a meaningful stream. The valuation is rich (a trailing P/E in the roughly 29 to 34 range and a high price-to-sales), leaving little margin for disappointment. Franco-Nevada also depends on third-party operators it does not control, so mine closures, permitting disputes and political risk at partner assets flow straight to its royalties. Finally, the dividend yield is low (well under 1%), so this is a capital-appreciation vehicle rather than an income holding.
Related comparisons
Browse all stock comparisons.
Walnut is informational, not investment advice. This page is descriptive and not a recommendation to buy or sell AEM or FNV; figures are approximate and dated (as of July 2026). Verify current data before investing.