• Franco-Nevada average return on tangible equity for 2023 was 6, a 50.54% decline from 2022.
• Franco-Nevada average return on tangible equity for 2022 was 12.13, a 0.5% decline from 2021.
• Franco-Nevada average return on tangible equity for 2021 was 12.07, a 148.87% increase from 2020.

Return on tangible equity can be defined as the amount of net income returned as a percentage of shareholders equity, after subtracting intangible assets, goodwill and preferred equity.