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KGHM Polska Miedz USD

At a glance: strengths & risks
✓Revenue growing (+52% y/y, Q2 2026)✓Profit growing (+739% y/y, Q2 2026)✓Margins improving (14%→20%, Q2 2026)✓Low leverage (0.8x EBITDA)✓Cheaper than own history (EV/EBITDA 6.3 vs avg 8.1)

Sector: Copper mining

COMM_KGH

Price chart

322.55 PLNDay -2.12%

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
321.7 PLN · -2.38%
Market cap
16.8 bn USD

Growth

Δ revenue y/y
51.8%
Δ EBITDA y/y
71.0%

Multiples

P/E (LTM)
7.1x
3y avg: 13.3x
P/B (FY)
1.8x
P/E (ann.)
7.5x
EV/EBITDA (LTM)
6.3x
3y avg: 8.1x
EV/EBITDA (ann.)
6.3x

Cash return

Dividend yield
0.5%
FCF yield (LTM)
1.5%

Value creation

to target market cap (spot commodity model)
Upside (potential)
+4.9%
↓ details

Liquidity

Daily turnover (listing)
99.6 mln PLN

Shares: connector/market_inputs

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)OK3488.9
y/y 51.8%
562.8
y/y 110.5%
148.1
y/y -0.2%
710.9
y/y 71.0%
557.1
y/y 738.5%
509.8-214.917470.0
y/y 16.2%
10541.6
y/y 19.1%
21.8%1241.6Yahoo Finance
2026-03-31Q1 2026 (3M)OK3247.4
y/y —
1113.8
y/y —
133.5
y/y —
1247.3
y/y —
965.3
y/y —
186.0-226.217011.2
y/y —
9903.2
y/y —
40.6%1542.5Yahoo Finance
2025-12-31Q4 2025 (3M)OK2883.4
y/y —
284.1
y/y —
183.5
y/y —
467.6
y/y —
734.9
y/y —
371.7-354.416212.5
y/y 23.8%
9138.4
y/y 21.3%
10.9%1306.7Yahoo Finance
2025-09-30Q3 2025 (3M)OK2281.2
y/y —
238.4
y/y —
187.7
y/y —
426.1
y/y —
118.8
y/y —
237.0-273.515153.6
y/y —
8884.7
y/y —
1.8%1515.7Yahoo Finance
2025-06-30Q2 2025 (3M)OK2298.3
y/y —
267.3
y/y —
148.3
y/y —
415.7
y/y —
66.4
y/y —
110.7-190.815030.3
y/y —
8853.5
y/y —
3.2%1499.0Yahoo Finance
2024-12-31FY 2024 (12M)OK8841.3
y/y 10.3%
929.2
y/y —
502.1
y/y -9.3%
1431.3
y/y 592.6%
717.9
y/y —
1174.0-1378.313096.8
y/y 0.1%
7531.2
y/y 3.5%
9.7%1153.6Yahoo Finance
2023-12-31FY 2023 (12M)OK8014.3
y/y —
-346.8
y/y —
553.4
y/y —
206.7
y/y —
-885.6
y/y —
1449.0-1149.013084.2
y/y —
7273.8
y/y —
—836.5Yahoo Finance

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

Short-term debt (incl. ST leases)363
Long-term debt (incl. LT leases)1 201
− Cash & equivalents323
Net debt1 242

Net debt / LTM EBITDA: 0.4x

Revenue & EBITDA

RevenueEBITDA

Quarterly values ($ mln)

02 0004 0006 0008 0002023 FY2024 FY2025 q22025 q32025 q42026 q12026 q2

Year-over-year change

0%20%40%60%80%2023 FY2024 FY2025 q22025 q32025 q42026 q12026 q2

Cash flow

FCF ($ mln)

-400-20002004002023 FY2024 FY2025 q22025 q32025 q42026 q12026 q2

Net debt / cash ($ mln)

05001 0001 5002023 FY2024 FY2025 q22025 q32025 q42026 q12026 q2

Profit and cash

Profit is cash-backed
In a typical year of 2022–2025 operating cash flow came to 1.09x of reported net profit. Loss years (2023) are left out of the ratio.
year2022202320242025
cash flow / profit0.52x—1.64x1.09x
accruals, % of assets4.3%-17.8%-3.5%-0.6%
Last twelve months (to 2026-06-30): 0.55x of profit came back as operating cash flow.
net debt / EBITDA 0.8x
● Over the last twelve months operating cash flow covered 55% of profit, against 1x across the annual window.
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.

Research & reviews

Our earnings breakdowns and investment notes on this issuer.

All research →

Operating statistics

Production indicators — supplementary, not part of the financial statements

PeriodCopper production
kt		Gold production
Moz		C1 cash cost (copper)
USD/lb		Molybdenum production
kt
Q2 2026-06146.200.032.94—
H1 2026-06291.50
+7.0%		0.05
+11.4%		2.44
−22.5%		0.82
+5.8%
Q1 2026-03145.300.021.91—
FY 2025-12570.900.093.162.27
H1 2025-06272.400.043.150.77

Company reports (PLR coverage review 2026-10-01), extracted with DeepSeek and every number checked against the document text: https://kghm.com/sites/default/files/2026-03/Consolidated%20Financial%20Statements%20for%202025.pdf; https://kghm.com/sites/default/files/2026-08/KGHM%20Group%20consolidated%20financial%20statements%20PSr%202026.pdf; https://kghm.com/sites/default/files/2026-08/MB%20report%20on%20activities%20of%20the%20KGHM%20Group%20PSr%202026.pdf; https://media.kghm.com/en/news-and-press-releases/investments-and-costs-control-kghm-s-budget-for-2026

Production & Reserves

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

Annual production
570.90 kt
2025

Production

YearProduction, ktper day, kt
2025570.901.56

Company reports: https://kghm.com/sites/default/files/2026-03/Consolidated%20Financial%20Statements%20for%202025.pdf; https://kghm.com/sites/default/files/2026-08/KGHM%20Group%20consolidated%20financial%20statements%20PSr%202026.pdf; https://kghm.com/sites/default/files/2026-08/MB%20report%20on%20activities%20of%20the%20KGHM%20Group%20PSr%202026.pdf; https://media.kghm.com/en/news-and-press-releases/investments-and-costs-control-kghm-s-budget-for-2026

Key-commodity price — Copper

Current 14 486spot vs LTM +18%

Commodity-player potential

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

Upside: +4.9% ▲ +3.1 pp 1d

Main driver: Copper +18% vs LTM; revenue ×1.13 vs costs ×1.11; EBITDA 2 888→2 336; at 8.3× EV/EBITDA → +5%.

Product prices — moves vs the LTM average

CommodityShareSpotLTM3-yrvs LTM, $3y vs LTM
Copper (rev)+72%14 486.4612 225.5911 157.07+18%-9%
Silver (rev)+18%61.0362.3044.25-2%-29%
US Diesel Index (cost) (input cost) (cost)-10%6.384.214.19+51%-1%
Electricity Spot (input cost) (cost)-5%117.4077.9262.56+51%-20%
Gold (rev)+4%4 174.704 242.243 348.40-2%-21%
Molybdenum (rev)+2%35.9028.3926.14+26%-8%

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

1 · Reported baseline (LTM)
LTM revenue11 901
LTM EBITDA2 888
LTM cash costs (revenue − EBITDA)9 013
2 · Revenue projection
Revenue multiplier — spot×1.134 (+13%)
= Spot revenue13 497
Revenue multiplier — 3y price×0.875 (-13%)
= 3-year-price revenue10 412
3 · Costs projection
Cost multiplier — spot×1.111 (+11%)
= Spot cash costs10 011
Cost multiplier — 3y price×1.024 (+2%)
= 3-year-price cash costs9 226
4 · EBITDA projection (revenue − costs)
= Spot EBITDA3 486
= 3-year-price EBITDA1 186
Conservative EBITDA = min(spot, avg)2 336
5 · Valuation → target market cap
Historical EV/projected-EBITDA (75th pct)8.3x
Target EV = EV/EBITDA × conservative EBITDA19 319
Net debt1 242
Target market cap = EV − net debt18 010
Current market cap17 167

Upside = target market cap ÷ current − 1 = +4.9%

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 FY8 0147 623+5.1%5071 579-67.9%
2024 FY8 8418 943-1.1%1 4361 230+16.7%
2025 FY9 68910 635-8.9%1 7342 839-38.9%

Revenue growth & acceleration

Growth steady →
Last-year revenue growth +10% vs +10% the year before — a -0.7 pp move. 3-year CAGR +8%.
revenue growth by year: 2023 +5% · 2024 +10% · 2025 +10%
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 6.6x · target 75th pct (3y) 8.3x · LTM avg 13.5x

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

Peer comparison

Group: Copper mining. Each peer is shown as it trades and re-priced onto this company's market (global) by the ratio of our coverage medians.

CompanyMarketCap, $bnEV/EBITDAEV/EBITDA, adjusted
Sandfire ResourcesAustralia7.07.9x7.4x
Antofagastaglobal48.78.5x8.5x
Atalaya Miningglobal2.28.8x8.8x
Hudbay Mineralsglobal10.69.1x9.1x
Lundin Miningglobal20.49.1x9.1x
Amerigo Resourcesglobal1.09.4x9.4x
Ero Copperglobal3.810.3x10.3x
Freeport-McMoRanglobal100.311.8x11.8x
Taseko Minesglobal3.212.2x12.2x
First Quantum Mineralsglobal22.515.7x15.7x
Southern Copperglobal172.717.4x17.4x
Group median9.4x9.4x
Group average10.9x10.9x
This companyglobal16.76.3x6.3x

Group median 9.4x as traded, 9.4x adjusted; this company 6.3x — a 33% discount.

Group average 10.9x as traded, 10.9x adjusted; against the average this company is at a 42% discount.

At the adjusted group median the market cap would be +53% versus today.

The gap and the implied upside are measured against the median: one richly priced peer moves an average, not a median. The market adjustment uses our coverage medians (US 22.4x, Russia 3.8x, South Africa 5.1x, Kazakhstan 6.6x, India 18.5x, Indonesia 4.8x); it is about where a name is listed, not what it does. Peer multiples come from the nightly rebuild of 2026-10-01; the company's own is live.

Dividends

Paid (completed)

DatePer shareDetailsStatusSource
2026-06-241.5 PLNEx-dividend: 1.5 PLN per sharePaidYahoo Finance (ex-div)
2024-06-273 PLNEx-dividend: 3 PLN per sharePaidYahoo Finance (ex-div)
2023-07-261 PLNEx-dividend: 1 PLN per sharePaidYahoo Finance (ex-div)
2022-07-063 PLNEx-dividend: 3 PLN 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 KGHM Polska Miedz — from primary filings.

Frequently asked questions

What is KGHM Polska Miedz's P/E ratio?
KGHM Polska Miedz trades at a P/E of 7.1x (price to trailing 12-month earnings).
What is KGHM Polska Miedz's EV/EBITDA?
KGHM Polska Miedz trades at 6.3x EV/EBITDA.
What is KGHM Polska Miedz's P/B ratio?
KGHM Polska Miedz trades at a P/B of 1.8x.
What is KGHM Polska Miedz's dividend yield?
KGHM Polska Miedz's trailing 12-month dividend yield is 0.5%.
What is KGHM Polska Miedz's return on equity (ROE)?
KGHM Polska Miedz's ROE is 21.8%.
What is KGHM Polska Miedz's market capitalization?
KGHM Polska Miedz's market cap is 16.8 bn USD.

See also: The Cheapest Metals & Mining Stocks (2026): Copper, Steel, Silver by Valuation · The Cheapest Stocks in the World (2026): What Value Investing Says About Buying Cheap · global valuation map