FNV vs HMY: How Franco-Nevada and Harmony Gold Mining Company Limited Compare (2026)

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.

Reading it: HMY 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.

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. FNV and HMY 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 FNV and HMY 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.

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.

Full FNV guide

Harmony Gold Mining Company Limited is South Africa's largest gold producer, operating a mix of deep-level underground and surface mines across South Africa plus the Hidden Valley open-pit mine in Papua New Guinea. In FY2025 (year ended June 2025) the group produced about 46,023 kg of gold (roughly 1.5 million ounces) and reported revenue of about $4.07 billion, up 24%, helped by an average received gold price around US$2,620 per ounce. Because it sells gold into global markets, Harmony is largely a price-taker: its revenue and margins are driven by the dollar gold price, the rand/dollar exchange rate, and its own mining costs, which run higher than many peers because of the depth and age of its South African orebodies.

Full HMY guide

Both fit overlapping themes, but they are not interchangeable. The useful comparison is which set of drivers and risks you want exposure to.

• FNV drivers: Gold price leverage without operating risk; Diversified portfolio and steady deal flow.
• HMY drivers: Gold price and margin leverage; Copper diversification.

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 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. For HMY, the dominant risk is gold-price cyclicality: because Harmony is a higher-cost producer, a sustained drop in bullion or a stronger rand can compress margins quickly, and its low headline P/E can flatter peak-cycle earnings.

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 FNV if you believe its drivers more; HMY 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 FNV and HMY guides.

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.

HMY. Figures are approximate and tied to the asOf date; verify live numbers before acting. Harmony reports on a June fiscal year in both rand and US dollars, so US-dollar results also reflect rand/dollar moves. For a higher-cost gold producer, a low trailing P/E can be a trap because it reflects strong-cycle earnings that may not repeat if gold falls or costs rise, so where the gold price sits in its cycle matters more than the multiple.

Headline figures (approximate, MAY 2026): FNV shows revenue (q1 2026) ~$650.7M (up ~77% YoY), revenue (ttm) ~$1.7B, adjusted ebitda margin (q1 2026) ~91%, market cap ~$47B; HMY shows revenue (fy2025, year ended june 2025) ~$4.07 billion (up ~24% year over year), gold production (fy2025) ~46,023 kg (~1.5 million ounces), diluted eps (fy2025) ~71 US cents (up ~32%; 1,265 SA cents), free cash flow (fy2025) ~$614 million (record, up ~58%).

FNV and HMY 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 FNV and HMY exposure against your real portfolio. It is not an investment adviser.