Kinross Gold Corporation K

MaterialsMetals & MiningCanada

Last close 28.74 CAD on Nov 2, 2026, −25.4% year to date

Quant rating

Quant rating A+ Rank 9 of 154 in Materials

Growth B 49 of 154
Valuation A 7 of 154
Quality A 5 of 154
Revisions B 52 of 154
Momentum C 117 of 154

Wall Street consensus Buy (2.00)Average target 50.21 CAD +74.7%

Historical valuation

Multiples use consensus estimates for the next twelve months. The dashed line is the 5-year average.

Key data

Market cap: 33.8B
Enterprise value: 31.3B
52-week range: 27.50 – 53.57
3-year range: 6.50 – 53.57
Dividend yield: 0.80%
Beta (5 years): 1.53
Shares outstanding: 1,173M
Next earnings: Feb 16, 2027

About the company

Kinross Gold Corporation is a gold mining company with operations and projects in the United States, Brazil, Mauritania, Chile and Canada. The Company is engaged in gold mining and related activities, including exploration and acquisition of gold-bearing properties, the extraction and processing of gold-containing ore, and reclamation of gold mining properties. Its operations and projects include Fort Knox, Round Mountain, Bald Mountain, Manh Choh, Paracatu, La Coipa, Tasiast, and the Great Bear project, among others. Fort Knox is an open-pit gold mine located near the city of Fairbanks, Alaska. Round Mountain is an open-pit mine located in Nevada. Paracatu is a cornerstone operation located near the city of Paracatu in Brazil’s Minas Gerais region. The Tasiast mine is an open-pit operation located in northwestern Mauritania. The La Coipa mine is located in the Atacama region in Chile. The Great Bear is a development project in Canada.

Growth and profitability fiscal year ends December 31

Growth and profitability by fiscal year
	2025	2024	2023	2022	2021	5Y avg
Revenue (mil)	9,677	7,404	5,615	4,681	4,712	–
Revenue growth	30.7%	31.8%	20.0%	−0.6%	−12.2%	12.5%
EPS (basic, normalized)	2.52	0.97	0.60	0.29	0.55	–
EPS growth	159.0%	63.3%	102.2%	−46.0%	–	–
Gross margin	51.1%	35.0%	28.3%	25.0%	31.2%	34.1%
Net margin	33.9%	18.4%	9.8%	0.9%	5.9%	13.8%
ROE	31.0%	14.7%	7.0%	0.5%	3.4%	11.3%

Balance sheet, last quarter
Cash & short-term investments (mil)	3,754
Current ratio	2.87x
Long-term debt (mil)	1,052
Net debt (mil)	−2,521
Total equity (mil)	14,187
Net debt / equity	−0.18x
Net debt / EBITDA	−0.43x

Estimates and valuation

Consensus estimates and implied multiples
	Sales (mil)			EBITDA (mil)			EPS
Fiscal year	Mean est.	Growth	EV/Sales	Mean est.	Growth	EV/EBITDA	Mean est.	Growth	P/E
2025 actual	9,677	+30.7%	3.2x	5,883	+57.6%	5.3x	2.52	+159.0%	11.4x
2026	12,020	+24.2%	2.6x	7,186	+22.2%	4.4x	3.54	+40.5%	8.1x
2027	12,349	+2.7%	2.5x	8,205	+14.2%	3.8x	3.83	+8.2%	7.5x
2028	13,209	+7.0%	2.4x	8,931	+8.8%	3.5x	4.34	+13.2%	6.6x

Estimate revisions

Change in consensus estimates over 1, 3 and 6 months
	Sales				EPS
Fiscal year	Estimate (mil)	1M	3M	6M	Estimate	1M	3M	6M
2026	12,020	−1.0%	−6.6%	−13.2%	3.54	−1.1%	−8.3%	−20.2%
2027	12,349	−0.4%	−9.0%	−13.0%	3.83	−1.0%	−2.4%	−22.6%
2028	13,209	−0.4%	−1.3%	−1.0%	4.34	+1.4%	+1.0%	−4.7%

Earnings surprises EPS beat in 3 of the last 4 quarters

Reported results versus consensus, last 10 fiscal quarters
Quarter ended	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
Sales reported (mil)	1,082	1,220	1,432	1,416	1,498	1,728	1,802	2,023	2,408	2,238
Sales mean (mil)	944	1,065	–	–	1.4	1,411	1,598	1,988	2,227	2,274
Surprise	+14.6%	+14.5%	–	–	+104,987.7%	+22.5%	+12.8%	+1.8%	+8.1%	−1.6%
EPS reported	0.10	0.14	0.24	0.20	0.30	0.44	0.44	0.67	0.71	0.71
EPS mean	0.06	0.13	0.19	0.24	0.23	0.30	0.36	0.59	0.66	0.73
Surprise	+60.2%	+3.8%	+28.4%	−17.2%	+31.2%	+49.1%	+22.6%	+13.6%	+7.6%	−2.2%

Peer comparison Metals & Mining

Peers in the same industry group, by market capitalization
Company	Market cap	Net debt/EBITDA	Net margin	P/B	FY1 P/E	FY2 P/E	FY1 EV/EBITDA	FY2 EV/EBITDA
K Kinross Gold Corporation	33.8B	−0.43x	33.9%	2.43x	8.1x	7.5x	4.4x	3.8x
AEM Agnico Eagle Mines Limited	120.6B	−0.43x	37.5%	2.91x	14.6x	14.9x	7.6x	7.4x
NEM Newmont Corporation	158.6B	−0.23x	31.3%	3.19x	11.9x	10.9x	6.5x	6.3x
ABX Barrick Mining Corporation	87.5B	1.05x	29.4%	2.29x	10.4x	8.7x	5.1x	4.3x
WPM Wheaton Precious Metals Corp.	75.8B	1.09x	63.6%	5.59x	25.8x	25.0x	18.4x	17.1x
FNV Franco-Nevada Corporation	62.0B	–	61.0%	5.37x	27.4x	25.2x	19.2x	18.0x
Mean		0.21x	42.8%	3.63x	16.4x	15.4x	10.2x	9.5x
Median		−0.23x	35.7%	3.05x	13.2x	12.9x	7.1x	6.8x

Technical analysis

1M−16.3%
3M−11.0%
1Y−11.4%
3Y+307.2%

Financial statements in millions of CAD

Income statement in millions of CAD, fiscal years

Income statement, Kinross Gold Corporation, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Total revenue	9,677	7,404	5,615	4,681	4,712	5,364
Cost of revenue	4,737	4,810	4,028	3,509	3,243	3,269
Gross profit	4,940	2,594	1,587	1,173	1,469	2,095
Selling, general & administrative expenses	192	181	148	176	160	150
Research & development	281	284	245	209	168	118
Interest expense (income), operating	–	–	–	–	–	–
Unusual expense (income)	−236	−96.6	51.5	546	338	−736
Other operating expenses	206	10.2	81.6	−22.1	103	145
Operating income	4,498	2,215	1,061	264	699	2,418
Net interest income (expense)	−12.1	−46.4	−37.7	−67.6	−82.0	−117
Gain (loss) on sale of assets	–	–	−19.6	−19.4	−12.0	1.5
Other non-operating income (expense)	−102	−38.3	−65.6	−32.4	−12.4	−13.2
Net income before taxes	4,384	2,130	939	145	593	2,289
Provision for taxes	995	701	388	103	317	696
Minority interest	−110	−65.0	1.2	0.7	3.2	−20.7
Equity in affiliates	–	–	–	–	–	–
U.S. GAAP adjustment	–	–	–	–	–	–
Net income before extraordinary items	3,280	1,364	551	42.1	279	1,573
Extraordinary items	–	–	0	−862	–	136
Net income	3,280	1,364	551	−820	279	1,709
EBIT, normalized	4,316	2,091	1,115	779	1,204	1,682
EBITDA, normalized	5,869	4,050	2,736	2,012	2,459	2,917
Basic EPS, normalized	2.52	0.97	0.60	0.29	0.55	–

Balance sheet in millions of CAD, fiscal years

Balance sheet, Kinross Gold Corporation, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Assets
Cash & short-term investments	2,391	879	467	566	671	1,541
Receivables	116	141	141	216	223	121
Total inventory	1,881	1,788	1,527	1,453	1,455	1,366
Prepaid expenses	57.9	62.4	57.1	45.8	40.3	27.5
Other current assets	67.9	188	195	229	73.3	62.5
Total current assets	4,513	3,058	2,387	2,510	2,462	3,118
Property, plant & equipment	11,376	11,459	10,547	10,489	9,624	9,743
Goodwill	–	–	–	0	201	202
Intangibles	–	–	–	–	–	–
Long-term investments	304	161	133	248	191	179
Note receivable	114	109	99.9	195	140	158
Other long-term assets	726	838	797	644	557	518
Total assets	17,033	15,625	13,965	14,086	13,175	13,918
Liabilities
Accounts payable	178	121	151	161	111	113
Payable/accrued	–	–	–	–	–	–
Accrued expenses	805	660	553	584	512	497
Short-term debt	0	0	0	0	0	0
Current portion of long-term debt	0	287	13.4	82.0	75.4	672
Other current liabilities	938	456	191	191	239	434
Total current liabilities	1,921	1,524	908	1,018	937	1,717
Long-term debt	1,013	1,777	2,980	3,496	2,053	1,872
Minority interest	162	200	135	79.3	86.8	84.7
Other liabilities	2,167	2,257	1,883	1,602	1,784	1,848
Total liabilities	5,263	5,758	5,907	6,196	4,861	5,521
Shareholders' equity
Preferred stock	–	–	–	–	–	–
Common stock	6,014	6,453	5,936	6,029	5,594	5,695
Additional paid-in capital	13,913	15,305	14,101	14,453	13,473	13,633
Retained earnings (accumulated deficit)	−8,157	−11,765	−11,897	−12,535	−10,729	−10,900
Treasury stock	–	–	–	–	–	–
Other equity	−0.4	−126	−81.2	−56.5	−23.8	−30.2
Total equity	11,770	9,867	8,058	7,891	8,314	8,397
Total liabilities & shareholders' equity	17,033	15,625	13,965	14,086	13,175	13,918

Cash flow statement in millions of CAD, fiscal years

Cash flow statement, Kinross Gold Corporation, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Operating activities
Net income	3,390	1,429	550	41.5	276	1,730
Depreciation, depletion & amortization	1,517	1,650	1,307	1,062	1,062	1,072
Deferred taxes	–	161	191	−76.1	−80.5	277
Non-cash items	774	−37.2	164	739	397	−644
Changes in working capital	−520	314	−85.6	−344	−221	57.2
Cash from operations	5,161	3,518	2,126	1,423	1,434	2,492
Investing activities
Capital expenditures	−1,639	−1,547	−1,455	−1,035	−1,186	−1,166
Other investing cash flows	262	−150	−31.7	−1,135	−321	−424
Cash from investing	−1,377	−1,697	−1,486	−2,170	−1,507	−1,590
Financing activities
Financing cash flow items	−231	−66.6	0.5	−57.0	−48.1	−91.0
Cash dividends paid	−209	−212	−195	−209	−191	−96.1
Issuance (retirement) of debt, net	–	–	–	–	–	–
Other financing cash flows	−1,794	−1,168	−533	858	−548	101
Cash from financing	−2,234	−1,446	−727	593	−787	−86.2
Foreign exchange effects	2.3	−2.2	0	1.1	1.5	−6.4
Net change in cash	1,552	373	−87.3	−154	−858	809
Free cash flow	3,522	1,971	672	387	248	1,326

Disclaimer

The financial data presented in this report is delayed and obtained from sources QDD Research believes to be reliable, including stock exchanges, SEDAR, and EDGAR. However, no representation or warranty is made as to the accuracy, completeness, or timeliness of the information. QDD Research accepts no liability for any errors, omissions, or financial losses arising from the use of this data.

This report is generated using a fully systematic and quantitative approach. All factor scores and the overall quant rating (ranging from D to A+) are derived from algorithmic models and are based solely on objective financial metrics. These scores are intended for informational purposes only and should not be interpreted as investment advice or a recommendation to buy, sell, or hold any securities.

QDD Research is not a registered investment advisor or broker-dealer and does not provide personalized financial advice. The content is not tailored to the specific investment goals, financial situation, or risk profile of any individual investor. We strongly encourage readers to consult with a licensed broker or investment advisor before making any investment decisions based on the information contained in this report.

Live quote provided by TradingView. Report data updated Nov 2, 2026 after market close.