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Gold Fields (GFI) USD

Gold Fields is a gold mining company that operates mines and explores for gold, copper, and silver deposits across several countries including South Africa, Ghana, Australia, Peru, Canada, and Chile.

At a glance: strengths & risks
✓Revenue growing (+68%)✓Profit growing (+187%)✓Margins improving (52%→58%)✓Low leverage (0.3x EBITDA)✓Model upside +32%✓Cheaper than own history (EV/EBITDA 4.4 vs avg 7.3)

Sector: Gold mining

ZA_GFI

Price chart

35.69 USDDay 0.20%

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
35.69 USD · 0.20%
Market cap
31.6 bn USD

Growth

Δ revenue y/y
70.7%
Δ EBITDA y/y
95.5%

Multiples

P/E (LTM)
7.2x
3y avg: 14.6x
P/B (FY)
3.6x
P/E (ann.)
8.5x
EV/EBITDA (LTM)
4.4x
3y avg: 7.3x
EV/EBITDA (ann.)
4.1x

Cash return

Dividend yield
6.9%
FCF yield (LTM)
3.3%

Value creation

to target market cap (spot commodity model)
Upside (potential)
+31.6%
↓ details

Liquidity

Daily turnover (listing)
82.7 mln USD

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
2026-06-30H1 2026 (6M)OK5936.9
y/y 70.7%
3265.1
y/y 102.2%
629.0
y/y 66.9%
3894.1
y/y 95.5%
1854.6
y/y 80.6%
3026.9-709.115599.9
y/y 43.7%
9223.9
y/y 47.7%
41.5%437.0Link
2025-12-31H2 2025 (6M)OK5273.8
y/y 71.4%
2790.6
y/y 93.7%
543.2
y/y 51.4%
3333.8
y/y 85.3%
2540.7
y/y 196.8%
2120.0-734.315225.2
y/y 50.1%
8672.4
y/y 66.7%
47.8%1442.0Report (PDF)
2025-06-30H1 2025 (6M)OK3477.5
y/y 63.7%
1614.9
y/y 147.5%
376.8
y/y 40.3%
1991.7
y/y 116.2%
1026.7
y/y 163.9%
1652.2-664.710858.2
y/y 29.8%
6246.6
y/y 30.0%
35.9%1487.0Link
2024-12-31H2 2024 (6M)OK3077.7
y/y 37.7%
1440.6
y/y 99.5%
358.8
y/y -3.5%
1799.4
y/y 64.5%
856.0
y/y 248.7%
978.1-582.610142.9
y/y 23.3%
5201.4
y/y 16.2%
24.9%1635.4Link
2024-06-30H1 2024 (6M)OK2123.9
y/y -6.3%
652.6
y/y -12.4%
268.6
y/y -36.6%
921.2
y/y -21.2%
389.0
y/y -15.0%
628.9-600.88365.2
y/y 6.6%
4804.7
y/y 8.8%
16.8%719.5Link
2023-12-31H2 2023 (6M)OK2234.4
y/y —
722.1
y/y —
371.8
y/y —
1093.9
y/y —
245.5
y/y —
466.1-547.28226.3
y/y —
4476.1
y/y —
15.8%587.8Link
2023-06-30H1 2023 (6M)OK2266.3
y/y —
745.0
y/y —
423.5
y/y —
1168.5
y/y —
457.8
y/y —
726.7-507.57847.3
y/y —
4415.6
y/y —
—629.4Link

Revenue & EBITDA

RevenueEBITDA

Quarterly values ($ mln)

02 0004 0006 0002023 H12023 H22024 H12024 H22025 H12025 H22026 H1

Year-over-year change

-50%0%50%100%2023 H12023 H22024 H12024 H22025 H12025 H22026 H1

Cash flow

FCF ($ mln)

-2 000-1 00001 0002 0002023 H12023 H22024 H12024 H22025 H12025 H22026 H1

Net debt / cash ($ mln)

05001 0001 5002023 H12023 FY2024 H12024 FY2025 H12025 FY2026 H1

Profit and cash

Profit is cash-backed
In a typical year of 2022–2025 operating cash flow came to 1.49x of reported net profit; after capex, 0.39x.
year2022202320242025
cash flow / profit1.94x1.70x1.29x1.06x
accruals, % of assets-9.1%-5.9%-3.6%-1.4%
Last twelve months (to 2026-06-30): 1.17x of profit came back as operating cash flow.
net debt / EBITDA 0.3x · capex 1.5x 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.

Research & reviews

Our earnings breakdowns and investment notes on this issuer.

All research →

Production & Reserves

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

Gold (attributable gold-equivalent; incl. copper & silver by-products)

Proved reserves
48.30 Moz
2025
Reserve life (R/P)
19.8 yrs
reserves ÷ annual output
Annual production
2.44 Moz
2025
Production guidance
2.50 Moz

Production, Moz

2.2420202.3420212.4020222.3020232.0720242.442025

Proved reserves

YearReserves, Moz
202548.30
202444.30
202344.60

Production

YearProduction, Mozper day, Moz
20252.44
+17.7%		0.01
20242.07
−10.0%		0.01
20232.30
−4.2%		0.01
20222.40
+2.6%		0.01
20212.34
+4.5%		0.01
20202.240.01

Gold Fields FY2025 Reviewed Results + MRMR 2024 Supplement (goldfields.com; SEC 20-F filer). Reserves = attributable Proved & Probable gold; R/P = 48.3Moz ÷ 2.438Moz FY2025 output; FY2026 guidance 2.40-2.60Moz (midpoint).

Key-commodity price — Gold

Current 4 167spot vs LTM -2%

Commodity-player potential

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

Upside: +31.6%

Main driver: Gold -2% vs LTM; revenue ×0.98 vs costs ×1.05; EBITDA 6 947→5 446; at 7.8× EV/EBITDA → +32%.

Product prices — moves vs the LTM average

CommodityShareSpotLTM3-yrvs LTM, $3y vs LTM
Gold (rev)+100%4 166.944 242.243 357.31-2%-21%

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

1 · Reported baseline (LTM)
LTM revenue11 211
LTM EBITDA6 947
LTM cash costs (revenue − EBITDA)4 264
2 · Revenue projection
Revenue multiplier — spot×0.982 (-2%)
= Spot revenue11 012
Revenue multiplier — 3y price×0.791 (-21%)
= 3-year-price revenue8 872
3 · Costs projection
Cost multiplier — spot×1.054 (+5%)
= Spot cash costs4 496
Cost multiplier — 3y price×1.054 (+5%)
= 3-year-price cash costs4 496
4 · EBITDA projection (revenue − costs)
= Spot EBITDA6 516
= 3-year-price EBITDA4 376
Conservative EBITDA = min(spot, avg)5 446
5 · Valuation → target market cap
Historical EV/EBITDA (75th pct)7.8x
Target EV = EV/EBITDA × conservative EBITDA42 211
Net debt437
Target market cap = EV − net debt41 774
Current market cap31 733

Upside = target market cap ÷ current − 1 = +31.6%

Life of mine: 20 yrs

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
2021 FY4 1953 933+6.7%2 1011 930+8.8%
2022 FY4 2874 194+2.2%2 0932 015+3.8%
2023 FY4 5014 624-2.7%2 1112 342-9.9%
2024 FY5 2025 534-6.0%2 7463 049-9.9%

Revenue growth & acceleration

Growth accelerating ▲
Last-year revenue growth +68% vs +16% the year before — a +52.7 pp move. 3-year CAGR +27%.
revenue growth by year: 2023 +5% · 2024 +16% · 2025 +68%
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 4.8x · target 75th pct (3y) 22.3x · LTM avg 7.8x

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

Peer comparison

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

CompanyMarketCap, $bnEV/EBITDAEV/EBITDA, adjusted
IAMGOLDglobal10.74.8x3.0x
Kinross Goldglobal28.94.9x3.1x
Barrick Mining Corporationglobal67.45.2x3.3x
Harmony GoldSouth Africa10.83.8x3.8x
Coeur Miningglobal11.37.0x4.5x
Newmont Corporationglobal125.87.6x4.8x
Northern Star ResourcesAustralia23.68.1x5.0x
Evolution MiningAustralia18.38.4x5.2x
Agnico Eagle Minesglobal92.28.7x5.6x
Alamos Goldglobal13.79.0x5.8x
AngloGold AshantiSouth Africa47.96.3x6.3x
Hecla Mining Companyglobal11.512.0x7.7x
Group median7.3x4.9x
Group average7.1x4.8x
This companySouth Africa31.64.4x4.4x

Group median 7.3x as traded, 4.9x adjusted; this company 4.4x — a 9% discount.

Group average 7.1x as traded, 4.8x adjusted; against the average this company is at a 8% discount.

At the adjusted group median the market cap would be +11% 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 22.8x, Russia 3.9x, South Africa 5.1x, Kazakhstan 6.6x, India 18.2x, Indonesia 4.8x); it is about where a name is listed, not what it does. Peer multiples come from the nightly rebuild of 2026-10-05; the company's own is live.

Dividends

Paid (completed)

DatePer shareDetailsStatusSource
2026-09-111.014 USDEx-dividend: 1.014 USD per sharePaidYahoo Finance (ex-div)
2026-03-131.442 USDEx-dividend: 1.442 USD per sharePaidYahoo Finance (ex-div)
2025-03-140.375 USDEx-dividend: 0.375 USD per sharePaidYahoo Finance (ex-div)
2024-09-130.169 USDEx-dividend: 0.169 USD per sharePaidYahoo Finance (ex-div)
2024-03-140.219 USDEx-dividend: 0.219 USD per sharePaidYahoo Finance (ex-div)
2023-09-070.171 USDEx-dividend: 0.171 USD per sharePaidYahoo Finance (ex-div)
2023-03-160.243 USDEx-dividend: 0.243 USD per sharePaidYahoo Finance (ex-div)
2022-09-150.178 USDEx-dividend: 0.178 USD per sharePaidYahoo Finance (ex-div)
2022-03-100.174 USDEx-dividend: 0.174 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).

Investor reporting (IR): https://www.goldfields.com/investor-overview.php

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 Gold Fields (GFI) — from primary filings.

Frequently asked questions

What is Gold Fields (GFI)'s P/E ratio?
Gold Fields (GFI) trades at a P/E of 7.2x (price to trailing 12-month earnings).
What is Gold Fields (GFI)'s EV/EBITDA?
Gold Fields (GFI) trades at 4.4x EV/EBITDA.
What is Gold Fields (GFI)'s P/B ratio?
Gold Fields (GFI) trades at a P/B of 3.6x.
What is Gold Fields (GFI)'s dividend yield?
Gold Fields (GFI)'s trailing 12-month dividend yield is 6.9%.
What is Gold Fields (GFI)'s return on equity (ROE)?
Gold Fields (GFI)'s ROE is 41.5%.
What is Gold Fields (GFI)'s market capitalization?
Gold Fields (GFI)'s market cap is 31.6 bn USD.

See also: South African Stocks (2026): Gold, Cheap Banks and the JSE Discount · 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