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Kinross Gold Corp KGC

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Stock XNYS Rating as of
$22.57 −0.35 (1.53%)
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The Softer Gold Price Means We Reduce Kinross' Fair Value Estimate

Jon Mills

Kinross Gold is a senior gold miner with production split roughly 75% in the Americas and 25% in West Africa. Its Paracatu mine in Brazil and Tasiast mine in Mauritania accounted for about 55% of the roughly 2 million gold equivalent ounces it sold in 2025. The company’s average all-in sustaining cost (including byproduct credits) of roughly USD 1,540 per ounce in 2025 places Kinross within the second quartile of the gold cost curve, at around the 45th percentile. Kinross had about a decade of gold reserves at the end of 2025.

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Price vs Fair Value

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KGC is trading at a LOCK|N>cgvQs premium.
Price
$22.57
Fair Value
LOCK|td
Uncertainty
LOCK|>M
1-Star Price
LOCK|.XZK
5-Star Price
LOCK|pK
Economic Moat
LOCK|>!^
Capital Allocation
LOCK|>D$>!<

Bulls Say, Bears Say

Bulls

Tasiast and Paracatu, Kinross' two largest operations by production, sit in the lower half of the industry cost curve.

Bears

Kinross sits broadly in the middle of the gold cost curve, making it more leveraged to movements in gold prices compared with its lower-cost competitors.

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Trading Information

Previous Close Price
$22.92
Day Range
$22.29–22.88
52-Week Range
$15.29–39.11
Bid/Ask
$22.58 / $22.60
Shares Outstanding
1.19B
Market Cap
$26.95B
Volume/Avg
9M / 8M

Key Statistics

Price/Earnings (Normalized)
9.95
Price/Sales
3.45
Dividend Yield (Trailing)
0.64%
Dividend Yield (Forward)
0.64%
Total Yield
3.80%

Company Profile

Kinross Gold is a Canada-based gold producer, producing roughly 2 million gold equivalent ounces in 2025. The company had about a decade of gold reserves at the end of 2025. It operates mines in the Americas and West Africa after selling its low-cost Russian operations in 2022 in response to the invasion of Ukraine. Kinross has historically used acquisitions to fuel expansion into new regions and production growth. In 2022, Kinross purchased the Great Bear project in Canada. If developed as we think likely, it could produce an average of more than 500,000 ounces of gold per year for at least a decade, with its unit cash costs likely in the first quartile of the industry cost curve. Though Great Bear's production is likely to be replacement ounces for falling volumes at other mines.
Sector
Basic Materials
Industry
Gold
Stock Style Box
Large Growth
Total Number of Employees
7,100
Website
https://www.kinross.com

Competitors

Valuation

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Metric
KGC
B
NEM
Price/Earnings (Normalized)
 9.9511.3810.48
Price/Book Value
 2.962.142.76
Price/Sales
 3.453.113.94
Price/Cash Flow
 6.416.407.97
Price/Earnings
KGC
B
NEM

Financial Strength

Metric
KGC
B
NEM
Quick Ratio
 1.792.271.89
Current Ratio
 2.843.062.44
Interest Coverage
 59.8224.7870.83
Quick Ratio
KGC
B
NEM

Profitability

Metric
KGC
B
NEM
Return on Assets (Normalized)
 22.84%14.70%16.75%
Return on Equity (Normalized)
 33.85%28.39%28.38%
Return on Invested Capital (Normalized)
 29.44%19.24%23.52%
Return on Assets
KGC
B
NEM

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