Kinross Gold Corp
KGC—
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Kinross Gold Corp AI Insights
Informational only. Not investment advice.Snapshot
- EPS 3Y CAGR of 117% vs industry median 19% - exceptional earnings leverage on gold price strength[EPS Growth 3Y]
- Operating margin 40.5% TTM vs industry median 0% - top-tier cost structure generating 2.6B operating income[Operating Margin TTM]
- FCF of 2.2B TTM (35% yield on invested capital) with debt/equity at 0.16 - fortress balance sheet[Free Cash Flow TTM]
Watch Triggers
- Operating Margin TTM: Falls below 30% — Signals cost inflation or gold price weakness eroding structural advantage
- Free Cash Flow TTM: Drops below 1.5B — Would indicate capex surge or margin compression threatening capital returns
- Debt to Equity: Rises above 0.30 — M&A-driven leverage would change risk profile materially
Bull Case
Cash generation machine: 2.2B FCF TTM (35% FCF margin) with 1.7B cash on hand enables dividends, buybacks, or opportunistic M&A without debt
Free Cash Flow TTMCash and EquivalentsDebt to Equity
Operational excellence: 40% operating margin and 20% ROIC vs negative industry medians demonstrates structural cost advantage
Operating Margin TTMROIC TTMAsset Turnover TTM
Bear Case
Gold price dependency: 117% EPS growth reflects commodity tailwind - mean reversion in gold would compress margins rapidly
EPS Growth 3YOperating Margin TTMNet Margin TTM
Valuation stretched: P/E 20.5x and P/B 4.5x assume sustained gold prices; P/S 5.5x vs median 6.1x offers limited cushion
PE RatioPB RatioPS Ratio
Bull vs Bear Balance
AI-generated sentiment analysis based on fundamental metrics and market conditions.
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Forward Thesis
FCF generation to exceed 2.5B annually if gold stays above $2,000/oz
1-3ymed
- 40% operating margin provides cushion
- Capex stabilizing at ~1.1B annually
- Low debt enables full FCF retention
FCF 2.2B TTM on 6.4B revenueCapex -1.1B TTM, 17% of revenueDebt/equity 0.16 vs industry norm
ROE to sustain above 20% through cycle given cost discipline
1-3ymed
- ROIC 20% TTM already proven
- Asset turnover 0.56x above median 0.18x
- Minimal leverage amplification needed
ROE 24% TTM vs median -4%Net margin 27% vs median 0%Working capital +2.2B provides buffer
Valuation Context
Caveats
KGC Fundamentals
Mining, Quarrying, and Oil and Gas Extraction → Mining (except Oil and Gas)
| Metric | Value | YoY Growth | Industry Percentile |
|---|---|---|---|
$32.11B | — | ||
$30.67B | — | ||
11 | — | ||
$7.96B | +43.1% | — | |
$2.35 | +139.8% | — | |
50.2% | +16.5% | — | |
36.0% | +14.2% | — | |
$3.02B | +85.7% | — | |
35.2% | +17.0% | — | |
Beta 5Y (Monthly) | unknown | — |
KGC Dividend History
35 dividends
2026
$0.080005/21/26$0.0400
03/11/26$0.0400
2025
$0.125011/26/25$0.0350
08/21/25$0.0300
05/29/25$0.0300
03/05/25$0.0300
2024
$0.120011/27/24$0.0300
08/22/24$0.0300
05/30/24$0.0300
03/05/24$0.0300
2023
$0.120011/29/23$0.0300
08/23/23$0.0300
05/31/23$0.0300
03/07/23$0.0300
2022
$0.120011/30/22$0.0300
08/17/22$0.0300
06/01/22$0.0300
03/08/22$0.0300
2021
$0.120011/30/21$0.0300
08/18/21$0.0300
06/02/21$0.0300
03/02/21$0.0300
2020
$0.060011/24/20$0.0300
10/07/20$0.0300
2013
$0.080003/19/13$0.0800
2012
$0.160009/19/12$0.0800
03/21/12$0.0800
2011
$0.110009/21/11$0.0600
03/22/11$0.0500
2010
$0.100008/27/10$0.0500
03/22/10$0.0500
2009
$0.090009/21/09$0.0500
03/20/09$0.0400
2008
$0.080009/19/08$0.0400
03/19/08$0.0400
KGC Stock Splits
1 stock split
02/03/033:1 split
KGC SEC Filings
| Filing Date | Report Date | Report Type | Filing Link |
|---|---|---|---|
04/29/26 | 03/31/26 | 6-K | |
03/26/26 | 12/31/25 | 40-F | |
02/18/26 | 12/31/25 | 6-K | |
11/04/25 | 09/30/25 | 6-K | |
07/30/25 | 06/30/25 | 6-K | |
05/06/25 | 03/31/25 | 6-K | |
03/27/25 | 12/31/24 | 40-F | |
11/05/24 | 09/30/24 | 6-K | |
07/31/24 | 06/30/24 | 6-K | |
05/08/24 | 03/31/24 | 6-K | |
03/27/24 | 12/31/23 | 40-F | |
11/08/23 | 09/30/23 | 6-K | |
08/02/23 | 06/30/23 | 6-K | |
05/10/23 | 03/31/23 | 6-K | |
05/08/24 | 03/31/23 | 6-K | |
03/31/23 | 12/31/22 | 40-F | |
11/09/22 | 09/30/22 | 6-K | |
07/27/22 | 06/30/22 | 6-K | |
05/10/22 | 03/31/22 | 6-K | |
03/31/22 | 12/31/21 | 40-F | |
11/12/21 | 09/30/21 | 6-K | |
07/29/21 | 06/30/21 | 6-K | |
05/12/21 | 03/31/21 | 6-K | |
03/30/21 | 12/31/20 | 40-F | |
11/04/20 | 09/30/20 | 6-K | |
07/30/20 | 06/30/20 | 6-K | |
05/05/20 | 03/31/20 | 6-K | |
03/30/20 | 12/31/19 | 40-F | |
11/06/19 | 09/30/19 | 6-K | |
07/31/19 | 06/30/19 | 6-K | |
05/07/19 | 03/31/19 | 6-K | |
03/29/19 | 12/31/18 | 40-F | |
11/08/18 | 09/30/18 | 6-K | |
08/02/18 | 06/30/18 | 6-K | |
05/09/18 | 03/31/18 | 6-K | |
03/29/18 | 12/31/17 | 40-F | |
11/08/17 | 09/30/17 | 6-K | |
08/02/17 | 06/30/17 | 6-K | |
05/09/18 | 03/31/17 | 6-K | |
05/02/17 | 03/31/17 | 6-K | |
04/03/17 | 12/31/16 | 40-F | |
11/02/16 | 09/30/16 | 6-K | |
07/27/16 | 06/30/16 | 6-K | |
05/10/16 | 03/31/16 | 6-K | |
03/30/16 | 12/31/15 | 40-F | |
11/10/15 | 09/30/15 | 6-K | |
07/29/15 | 06/30/15 | 6-K | |
05/06/15 | 03/31/15 | 6-K | |
03/31/15 | 12/31/14 | 40-F | |
11/05/14 | 09/30/14 | 6-K | |
07/30/14 | 06/30/14 | 6-K | |
05/07/14 | 03/31/14 | 6-K | |
03/31/14 | 12/31/13 | 40-F | |
11/13/13 | 09/30/13 | 6-K | |
08/01/13 | 06/30/13 | 6-K | |
05/07/13 | 03/31/13 | 6-K | |
04/01/13 | 12/31/12 | 40-F | |
11/08/12 | 09/30/12 | 6-K | |
08/10/12 | 06/30/12 | 6-K | |
05/09/12 | 03/31/12 | 6-K | |
03/30/12 | 12/31/11 | 40-F | |
11/03/11 | 09/30/11 | 6-K | |
08/10/11 | 06/30/11 | 6-K | |
05/03/11 | 03/31/11 | 6-K | |
03/31/11 | 12/31/10 | 40-F | |
11/03/10 | 09/30/10 | 6-K | |
08/04/10 | 06/30/10 | 6-K | |
05/04/10 | 03/31/10 | 6-K | |
03/31/10 | 12/31/09 | 40-F | |
11/03/09 | 09/30/09 | 6-K | |
08/12/09 | 06/30/09 | 6-K | |
05/06/09 | 03/31/09 | 6-K | |
03/31/09 | 12/31/08 | 40-F | |
09/30/08 | 09/30/08 | 6-K | |
06/30/08 | 06/30/08 | 6-K | |
03/31/08 | 03/30/08 | Unknown | -- |
03/31/08 | 12/31/07 | 40-F | |
09/30/07 | 09/30/07 | Unknown | -- |
06/30/07 | 06/30/07 | 6-K | |
03/31/07 | 03/31/07 | 6-K | |
04/02/07 | 12/31/06 | 40-F | |
09/30/06 | 09/30/06 | 6-K | |
06/30/06 | 06/30/06 | 6-K | |
04/03/06 | 03/30/06 | Unknown | -- |
12/31/05 | 12/31/05 | 6-K | |
09/30/05 | 09/30/05 | 6-K | |
06/30/05 | 06/30/05 | 6-K | |
03/31/05 | 03/30/05 | Unknown | -- |
02/17/06 | 12/31/04 | 6-K | |
09/30/04 | 09/30/04 | 6-K | |
06/30/04 | 06/30/04 | 6-K | |
03/31/04 | 03/30/04 | Unknown | -- |
05/03/04 | 12/31/03 | 6-K | |
09/30/03 | 09/30/03 | 6-K | |
06/30/03 | 06/30/03 | Unknown | -- |
03/31/03 | 03/30/03 | Unknown | -- |
05/20/03 | 12/31/02 | 40-F | |
09/30/02 | 09/30/02 | Unknown | -- |
06/30/02 | 06/30/02 | 6-K | |
03/31/02 | 03/30/02 | Unknown | -- |
05/10/02 | 12/31/01 | 6-K | |
09/30/01 | 09/30/01 | Unknown | -- |
06/30/01 | 06/30/01 | Unknown | -- |
03/31/01 | 03/30/01 | Unknown | -- |
12/31/00 | 12/31/00 | Unknown | -- |
09/30/00 | 09/30/00 | Unknown | -- |
06/30/00 | 06/30/00 | Unknown | -- |
03/31/00 | 03/30/00 | Unknown | -- |