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Kinross Gold (KGC) USD

At a glance: strengths & risks
✓Revenue growing (+37%)✓Profit growing (+160%)✓Margins improving (52%→62%)✓Net cash balance sheet

Sector: Gold mining

Geography: Canada, USA, Brazil, Chile

COMM_KGC

Price chart

27.24 USDDay -0.58%

Key metrics

Net debt (table and EV/EBITDA): |short-term borrowings| + |long-term borrowings| + |other financial liabilities| when extracted + |non-controlling interest| when extracted − |cash and equivalents|; amounts in millions of the reporting currency.

Market

Price
27.24 USD · -0.58%
Market cap
32.7 bn USD

Growth

Δ revenue y/y
29.5%
Δ EBITDA y/y
39.7%

Multiples

P/E (LTM)
10.3x
3y avg: 15.2x
P/B (FY)
3.8x
P/E (ann.)
9.7x
EV/EBITDA (LTM)
5.6x
3y avg: 6.4x
EV/EBITDA (ann.)
5.3x

Cash return

Dividend yield
0.4%
FCF yield (LTM)
7.1%

Value creation

to target market cap (spot commodity model)
Upside (potential)
-20.3%
↓ details

Liquidity

Daily turnover (listing)
190.2 mln USD

Shares: yahoo_fundamentals_timeseries/KGC

Financial results

Monetary columns are in M USD, one decimal; scale (K/M/B/T) keeps values readable. For the period (default) shows P&L and cash flow for that row’s reporting window: quarterly amounts when the feed uses quarter-duration facts (typical US 10-Q revenue and income), quarterly cash flows after stripping YTD where only cumulative tags exist, and an implied Q4 on 31 Dec FY rows (P&L: FY minus Q1–Q3; operating / investing cash flow: FY 12m minus 9M YTD to 30 Sep when sourced from SEC builder evidence) so they match 10-Q scale. Some issuers still use cumulative YTD minus the prior row in the same calendar year. As reported shows values stored on each row (e.g. full-year on FY). Balance sheet is always as reported. Source JSON may use millions etc.; conversion uses amounts_unit per row.

DatePeriodStatusRevenueM USDOperating profitM USDD&AM USDEBITDAM USDNet profitM USDOperating CFM USDCapex + M&AM USDAssetsM USDEquityM USDROE (annualized)Net debtM USDSource
2026-06-30Q2 2026 (3M)OK2238.1
y/y 29.5%
1174.5
y/y 51.6%
275.5
y/y 4.8%
1450.0
y/y 39.7%
844.2
y/y 59.1%
1145.9-411.013596.6
y/y 18.3%
9653.3
y/y 27.5%
36.0%-1917.6Link
2026-03-31Q1 2026 (3M)OK2407.7
y/y 60.8%
1326.3
y/y 137.8%
275.7
y/y -4.4%
1602.0
y/y 89.3%
843.0
y/y 129.1%
1139.5-283.212883.8
y/y 17.6%
9098.3
y/y 26.3%
38.2%-1446.5Link
2025-12-31Q4 2025 (3M)PARTIAL2023.0
y/y 43.5%
1110.7
y/y 112.6%
268.3
y/y 7.3%
1379.0
y/y 78.5%
906.5
y/y 232.4%
1146.9-368.212411.1
y/y 14.3%
8576.0
y/y 25.1%
29.9%-1004.1Link
2025-09-30Q3 2025 (3M)OK1782.1
y/y 23.5%
762.6
y/y 39.2%
294.7
y/y -4.6%
1057.3
y/y 23.4%
578.4
y/y 61.5%
981.2-306.312118.2
y/y 12.6%
7949.1
y/y 19.6%
9.9%-476.9Link
2025-06-30Q2 2025 (3M)OK1728.5
y/y 41.8%
774.8
y/y 169.1%
262.9
y/y -14.1%
1037.7
y/y 74.7%
530.7
y/y 151.6%
992.4-306.111488.9
y/y 8.0%
7570.5
y/y 19.8%
28.7%87.4Link
2025-03-31Q1 2025 (3M)OK1497.5
y/y 39.1%
557.8
y/y 206.2%
288.4
y/y 3.1%
846.2
y/y 83.2%
368.0
y/y 243.9%
607.1-207.710953.9
y/y 3.9%
7202.3
y/y 17.2%
20.9%541.3Link
2024-12-31Q4 2024 (3M)OK1409.4
y/y 26.3%
522.5
y/y 170.0%
250.1
y/y -7.9%
772.6
y/y 66.1%
272.7
y/y 318.3%
835.6-280.710859.1
y/y 3.5%
6857.5
y/y 13.3%
14.1%817.9Link
2024-09-30Q3 2024 (3M)OK1443.5
y/y 30.9%
547.7
y/y 142.1%
308.9
y/y 17.0%
856.6
y/y 74.8%
358.2
y/y 226.5%
692.0-279.310758.4
y/y 1.6%
6645.9
y/y 9.7%
7.4%775.2Link
2024-06-30Q2 2024 (3M)OK1219.2
y/y 11.6%
287.9
y/y 21.1%
306.0
y/y 27.9%
594.0
y/y 24.5%
210.9
y/y 39.7%
599.2-293.410637.6
y/y 0.9%
6319.2
y/y 5.4%
13.5%1559.7Link
2024-03-31Q1 2024 (3M)OK1076.7
y/y 15.9%
182.2
y/y 26.6%
279.6
y/y 23.9%
461.8
y/y 25.0%
107.0
y/y 18.6%
319.6-243.910542.0
y/y 0.4%
6145.6
y/y 4.4%
7.0%1814.2Link
2023-12-31Q4 2023 (3M)OK1115.7
y/y —
193.5
y/y —
271.7
y/y —
465.2
y/y —
65.2
y/y —
410.9-311.310489.4
y/y —
6052.6
y/y —
6.9%1870.9Link
2023-09-30Q3 2023 (3M)OK1102.4
y/y —
226.2
y/y —
263.9
y/y —
490.1
y/y —
109.7
y/y —
406.8-326.910593.1
y/y —
6060.4
y/y —
2.4%1983.9Link
2023-06-30Q2 2023 (3M)OK1092.3
y/y —
237.8
y/y —
239.3
y/y —
477.1
y/y —
151.0
y/y —
528.6-290.410546.7
y/y —
5997.8
y/y —
10.2%2034.0Link
2023-03-31Q1 2023 (3M)OK929.3
y/y —
143.9
y/y —
225.7
y/y —
369.6
y/y —
90.2
y/y —
259.0-259.510500.4
y/y —
5887.0
y/y —
—2247.2Link

Net debt structure (leases included, IFRS 16) 2026-06-30

Long-term debt (incl. LT leases)739
− Cash & equivalents2 656
Net debt-1 918

Net debt / LTM EBITDA: -0.3x

Revenue & EBITDA

RevenueEBITDA

Quarterly values ($ mln)

05001 0001 5002 0002 5002024 q12024 q22024 q32024 q42025 q12025 q22025 q32025 q42026 q12026 q2

Year-over-year change

0%25%50%75%100%2024 q12024 q22024 q32024 q42025 q12025 q22025 q32025 q42026 q12026 q2

Cash flow

FCF ($ mln)

02004006008002024 q12024 q22024 q32024 q42025 q12025 q22025 q32025 q42026 q12026 q2

Net debt / cash ($ mln)

-2 000-1 00001 0002 0002024 q12024 q22024 q32024 q42025 q12025 q22025 q32025 q42026 q12026 q2

Profit and cash

Profit is cash-backed
In a typical year of 2021–2025 operating cash flow came to 3.22x of reported net profit; after capex, 1.32x. Loss years (2022) are left out of the ratio.
year20212022202320242025
cash flow / profit5.13x—3.86x2.58x1.52x
accruals, % of assets-8.8%-15.9%-11.3%-13.8%-10.4%
Last twelve months (to 2025-Q3): 1.36x of profit came back as operating cash flow.
net debt / EBITDA -0.2x · EBIT covers interest 40.1x · capex 1.1x of depreciation
Read from the reported annual statements: cash flow / profit is the median of the yearly operating cash flow over net profit for the years shown; accruals are (profit − operating cash flow) / assets, the classic gap between what was booked and what was collected. A gap can be growth in working capital, capitalised costs, revaluations or profit from associates — the panel points at it, the statements explain it. Not investment advice.

Production & Reserves

Physical operating metrics — supplementary, not part of the financial statements

Gold

Proved reserves
21.16 mln gold eq. ounces
2025
Annual production
3.76 mln GEOs
2023

Proved reserves

YearReserves, mln gold eq. ounces
202521.16
202323.08
202226.33

Production

YearProduction, mln GEOsper day, mln GEOs
20233.760.01
20221.99 * (12M)0.01

* partial year

EI1 ___NASDAQ_press_comm (NASDAQ / SEC filings)

Key-commodity price — Gold

Current 4 370spot vs LTM +3%

Commodity-player potential

Target market cap from conservative EBITDA and the historical EV/EBITDA

Upside: -20.3% ▲ +0.2 pp 1d

Main driver: Gold +3% vs LTM; revenue ×1.03 vs costs ×1.08; EBITDA 5 514→4 445; at 5.7× EV/EBITDA → -20%.

Product prices — moves vs the LTM average

CommodityShareSpotLTM3-yrvs LTM, $vs LTM, BRL3y vs LTM
Gold (rev)+100%4 370.224 242.243 229.19+3%-4%-24%
US Diesel Index (EIA) (cost)-15%5.264.214.13+25%+16%-2%

How it is calculated — revenue → costs → EBITDA → target market cap

1 · Reported baseline (LTM)
LTM revenue8 451
LTM EBITDA5 514
LTM cash costs (revenue − EBITDA)2 937
2 · Revenue projection
Revenue multiplier — spot×1.030 (+3%)
= Spot revenue8 706
Revenue multiplier — 3y price×0.761 (-24%)
= 3-year-price revenue6 433
3 · Costs projection
Cost multiplier — spot×1.084 (+8%)
= Spot cash costs3 183
Cost multiplier — 3y price×1.044 (+4%)
= 3-year-price cash costs3 065
4 · EBITDA projection (revenue − costs)
= Spot EBITDA5 523
= 3-year-price EBITDA3 368
Conservative EBITDA = min(spot, avg)4 445
5 · Valuation → target market cap
Historical EV/projected-EBITDA (75th pct)5.7x
Target EV = EV/EBITDA × conservative EBITDA25 117
Net debt-1 918
Target market cap = EV − net debt27 385
Current market cap34 375

Upside = target market cap ÷ current − 1 = -20.3%

Spot model vs reported — what the spot model projected (trailing-LTM base brought to the period × the period's commodity-price move) against the actual report, per reported period (quarter, half-year or full year — per the filer's calendar); amounts in USD mln. green = reported above projection, pink = below.

PeriodAct. revModel revΔ revAct. EBITDAModel EBITDAΔ EBITDA
2023 Q31 1021 023+7.8%490532-7.9%
2023 Q41 1161 089+2.5%465578-19.5%
2024 Q11 0771 133-5.0%462515-10.3%
2024 Q21 2191 286-5.2%594658-9.7%
2024 Q31 4441 345+7.3%851718+18.6%
2024 Q41 4091 455-3.1%773839-7.9%
2025 Q11 4981 536-2.5%837910-8.0%
2025 Q21 7281 770-2.4%1 0381 117-7.1%
2025 Q31 7821 864-4.4%1 0571 181-10.5%
2025 Q42 0232 173-6.9%1 3871 460-5.0%
2026 Q12 4082 475-2.7%1 6041 760-8.8%
2026 Q22 2382 279-1.8%1 4661 504-2.5%

Revenue growth & acceleration

Growth accelerating ▲
Last-year revenue growth +37% vs +21% the year before — a +15.5 pp move. 3-year CAGR +27%.
revenue growth by year: 2023 +23% · 2024 +21% · 2025 +37%
The growth-acceleration signal behind the GARP+acceleration strategy — it favours companies whose revenue growth is speeding up and flags those slowing down (the second derivative of growth).

EV/EBITDA — LTM vs projected

Projected EV/EBITDA 5.4x · target 75th pct (3y) 5.7x · LTM avg 7.0x

EV/EBITDA (LTM)EV/EBITDA (projected)target 75th pct (projected, 3y)

Dividends

Paid (completed)

DatePer shareDetailsStatusSource
2026-05-210.04 USDEx-dividend: 0.04 USD per sharePaidYahoo Finance (ex-div)
2026-03-110.04 USDEx-dividend: 0.04 USD per sharePaidYahoo Finance (ex-div)
2025-08-210.03 USDEx-dividend: 0.03 USD per sharePaidYahoo Finance (ex-div)
2025-05-290.03 USDEx-dividend: 0.03 USD per sharePaidYahoo Finance (ex-div)
2025-03-050.03 USDEx-dividend: 0.03 USD per sharePaidYahoo Finance (ex-div)
2024-11-270.03 USDEx-dividend: 0.03 USD per sharePaidYahoo Finance (ex-div)
2024-08-220.03 USDEx-dividend: 0.03 USD per sharePaidYahoo Finance (ex-div)
2024-05-300.03 USDEx-dividend: 0.03 USD per sharePaidYahoo Finance (ex-div)
2024-03-050.03 USDEx-dividend: 0.03 USD per sharePaidYahoo Finance (ex-div)
2023-11-290.03 USDEx-dividend: 0.03 USD per sharePaidYahoo Finance (ex-div)
2023-08-230.03 USDEx-dividend: 0.03 USD per sharePaidYahoo Finance (ex-div)
2023-05-310.03 USDEx-dividend: 0.03 USD per sharePaidYahoo Finance (ex-div)
2023-03-070.03 USDEx-dividend: 0.03 USD per sharePaidYahoo Finance (ex-div)
2022-11-300.03 USDEx-dividend: 0.03 USD per sharePaidYahoo Finance (ex-div)
2022-08-170.03 USDEx-dividend: 0.03 USD per sharePaidYahoo Finance (ex-div)
2022-06-010.03 USDEx-dividend: 0.03 USD per sharePaidYahoo Finance (ex-div)
2022-03-080.03 USDEx-dividend: 0.03 USD per sharePaidYahoo Finance (ex-div)
2021-11-300.03 USDEx-dividend: 0.03 USD per sharePaidYahoo Finance (ex-div)
2021-08-180.03 USDEx-dividend: 0.03 USD per sharePaidYahoo Finance (ex-div)

KASE: status follows wording in the news headline (paid vs intends to pay). Yahoo: amounts are cash dividends per share on ex-dividend dates (UTC calendar date). stockscope.uz (UZ): amounts are per share in UZS by publication date (not necessarily ex-div).

Reporting forms detected in loaded periods: ✓ ✓ ✓ (Balance sheet / Profit or loss (P&L) / Cash flows)

Financial results, valuation multiples (P/E, P/B, EV/EBITDA), profitability and dividend yield of Kinross Gold (KGC) — from primary filings.

Kinross Gold Corporation is a mining company that acquires, explores, and develops gold properties, and extracts and processes gold-containing ores, also producing silver as a byproduct.

Frequently asked questions

What is Kinross Gold (KGC)'s P/E ratio?
Kinross Gold (KGC) trades at a P/E of 10.3x (price to trailing 12-month earnings).
What is Kinross Gold (KGC)'s EV/EBITDA?
Kinross Gold (KGC) trades at 5.6x EV/EBITDA.
What is Kinross Gold (KGC)'s P/B ratio?
Kinross Gold (KGC) trades at a P/B of 3.8x.
What is Kinross Gold (KGC)'s dividend yield?
Kinross Gold (KGC)'s trailing 12-month dividend yield is 0.4%.
What is Kinross Gold (KGC)'s return on equity (ROE)?
Kinross Gold (KGC)'s ROE is 36.0%.
What is Kinross Gold (KGC)'s market capitalization?
Kinross Gold (KGC)'s market cap is 32.7 bn USD.

See also: Gold Mining Stocks: The Cheapest Gold Miners by Valuation (2026) · The Cheapest Stocks in the World (2026): What Value Investing Says About Buying Cheap · global valuation map