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Relative valuation derived from Materials sector median benchmarks. Model weights: EV/EBITDA (40%), P/B (35%), P/S (25%). Multiples adjusted for extreme outliers and non-recurring volatility.
Auditing capital efficiency...
Quality Profile Audit
Score: 41.5GRADE C
Composite assessment of profitability, capital efficiency, and financial strength. Top-tier entities demonstrate sustainable cash flow generation.
Return on Equity
Profit generated per dollar of shareholder equity
58.0%
Sector: 2.6%
Dividend Analysis audit
No Dividend
This company does not currently pay a dividend.
Analyst Projections
Analyst Consensus
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Based on our 6-factor quantitative model, KINROSS GOLD CORP (KGC) receives a "Hold" rating with a composite score of 57.5/100, ranked #749 out of 4446 stocks. Key factor scores: Quality 42/100, Value 73/100, Momentum 81/100. This is quantitative analysis only — not investment advice.
KINROSS GOLD CORP (KGC) Stock Analysis — April 2026 Rating, Price, and Forecast
Company Overview — What Does KINROSS GOLD CORP Do?
Kinross Gold Corporation, together with its subsidiaries, engages in the acquisition, exploration, and development of gold properties principally in the United States, the Russian Federation, Brazil, Chile, Ghana, and Mauritania. It is also involved in the extraction and processing of gold-containing ores; reclamation of gold mining properties; and production and sale of silver. Kinross Gold Corporation was founded in 1993 and is headquartered in Toronto, Canada. KINROSS GOLD CORP (KGC) is classified as a large-cap stock in the Materials sector, specifically within the Precious Metals industry. The company is led by CEO Jonathon P. Rollinson and employs approximately 37,369 people, headquartered in Toronto, Ontario. With a market capitalization of $34.4B, KGC is one of the prominent companies in the Materials sector.
KINROSS GOLD CORP (KGC) Stock Rating — Hold (April 2026)
As of April 2026, KINROSS GOLD CORP receives a Hold rating with a composite score of 57.5/100 and 3 out of 5 stars from the Blank Capital Research quantitative model.KGC ranks #749 out of 4,446 stocks in our coverage universe. Within the Materials sector, KINROSS GOLD CORP ranks #38 of 282 stocks, placing it in the top quartile of its Materials peers. The rating is generated by a multi-factor model that weighs quality (30%), momentum (25%), value (15%), investment (10%), stability (10%), and short interest (10%).
KGC Stock Price and 52-Week Range
KINROSS GOLD CORP (KGC) currently trades at $31.51. The 52-week high for KGC is $39.11, which means the stock is currently trading -19.4% from its annual peak. The 52-week low is $11.12, putting the stock 183.4% above its annual trough. Recent trading volume was 0 shares, suggesting relatively thin trading activity.
Is KGC Overvalued or Undervalued? — Valuation Analysis
KINROSS GOLD CORP (KGC) carries a value factor score of 73/100 in the Blank Capital model, suggesting the stock trades at a meaningful discount to its fundamental earning power. The price-to-book ratio stands at 5.59x, versus the sector average of 2.71x. The price-to-sales ratio is 1.93x, compared to 0.75x for the average Materials stock. On an enterprise value basis, KGC trades at 3.60x EV/EBITDA, versus 5.63x for the sector.
Based on these multiples, KINROSS GOLD CORP appears attractively valued relative to both its sector peers and the broader market. Value-oriented investors may find the current entry point compelling, particularly if the company's fundamental quality metrics also score well.
KINROSS GOLD CORP Profitability — ROE, Margins, and Quality Score
KINROSS GOLD CORP (KGC) earns a quality factor score of 42/100, signaling below-average profitability metrics relative to the broader market. The return on equity (ROE) is 58.0%, compared to the Materials sector average of 2.6%, which demonstrates strong shareholder value creation. Return on assets (ROA) comes in at 36.6% versus the sector average of 0.6%.
On a margin basis, KINROSS GOLD CORP reports gross margins of 37.8%, compared to 30.1% for the sector. The operating margin is 31.6% (sector: 6.0%). Net profit margin stands at 20.0%, versus 3.0% for the average Materials stock. Profitability is below benchmark levels, which may reflect industry headwinds, elevated reinvestment, or structural challenges.
KGC Debt, Balance Sheet, and Financial Health
KINROSS GOLD CORP has a debt-to-equity ratio of 21.0%, compared to the Materials sector average of 40.5%. The low leverage indicates a conservative balance sheet with significant financial flexibility. Total debt on the balance sheet is $1.44B. Cash and equivalents stand at $612M.
KGC has a beta of 0.49, meaning it is less volatile than the S&P 500, making it a relatively defensive holding. The stability factor score for KINROSS GOLD CORP is 60/100, reflecting average volatility within the normal range for its sector.
KINROSS GOLD CORP Revenue and Earnings History — Quarterly Trend
In TTM 2026, KINROSS GOLD CORP reported revenue of $4.97B. Net income for the quarter was $994M. Gross margin was 37.8%. Operating income came in at $1.57B.
In FY 2024, KINROSS GOLD CORP reported revenue of $4.97B. Net income for the quarter was $994M. Gross margin was 37.8%. Revenue grew 21.3% year-over-year compared to FY 2023. Operating income came in at $1.57B.
In FY 2023, KINROSS GOLD CORP reported revenue of $4.10B. Net income for the quarter was $415M. Gross margin was 28.3%. Revenue grew 18.5% year-over-year compared to FY 2022. Operating income came in at $815M.
In FY 2022, KINROSS GOLD CORP reported revenue of $3.46B and earnings per share (EPS) of $-0.47. Net income for the quarter was $-606M. Gross margin was 14.9%. Revenue grew -7.4% year-over-year compared to FY 2021. Operating income came in at $118M.
Over the past 8 quarters, KINROSS GOLD CORP has demonstrated a growth trajectory, with revenue expanding from $3.21B to $4.97B. Investors analyzing KGC stock should weigh these quarterly trends alongside the valuation and quality metrics discussed above.
KGC Dividend Yield and Income Analysis
KINROSS GOLD CORP (KGC) does not currently pay a dividend. This is common among growth-oriented companies in the Precious Metals industry that prefer to reinvest cash flows into business expansion rather than returning capital to shareholders. Income-focused investors looking for Materials dividend stocks may want to explore other Materials stocks or use the stock screener to filter by dividend yield.
KGC Momentum and Technical Analysis Profile
KINROSS GOLD CORP (KGC) has a momentum factor score of 81/100, indicating strong price momentum with the stock outperforming the majority of the market over recent periods. Stocks with high momentum scores have historically tended to continue their outperformance in the near term. The investment factor score is 42/100, which measures capital allocation efficiency and asset growth patterns. The short interest score of 38/100 signals elevated short interest, which can indicate bearish sentiment among institutional investors.
KGC vs Competitors — Materials Sector Ranking and Peer Comparison
Comparing KGC against the S&P 500 benchmark is also instructive for understanding relative performance. Investors can view the full KGC vs S&P 500 (SPY) comparison to assess how KINROSS GOLD CORP stacks up against the broader market across all factor dimensions.
KGC Next Earnings Date
No upcoming earnings date has been announced for KINROSS GOLD CORP (KGC) at this time. Check the earnings calendar for the latest scheduling updates across all stocks in our coverage universe.
Should You Buy KGC? — Investment Thesis Summary
KINROSS GOLD CORP presents a balanced picture with arguments on both sides. The value score of 73/100 suggests attractive pricing relative to fundamentals. Price momentum is positive at 81/100, suggesting the trend favors buyers. Low volatility (stability score 60/100) reduces downside risk.
In summary, KINROSS GOLD CORP (KGC) earns a Hold rating with a composite score of 57.5/100 as of April 2026. The rating is derived from the Blank Capital Research methodology, which combines six factor dimensions into a single quantitative ranking. Investors should consider these quantitative signals alongside their own fundamental research, risk tolerance, and investment time horizon before making buy or sell decisions on KGC stock.
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Institutional Research Dossier
KINROSS GOLD CORP (KGC) Deep Dive Analysis
Published on March 24, 2026
Action RatingHold
Sections
Executive Summary
Kinross Gold Corp. is currently rated as a Hold, a 3-star rating reflecting a composite score of 56.8/100. This rating is primarily driven by a mixed performance profile: strong momentum and value scores are offset by weaker quality and investment scores. While the company exhibits attractive valuation multiples relative to its peers and has demonstrated improved profitability, concerns remain regarding its capital allocation strategies and historical volatility in financial performance.
The key takeaway is that Kinross presents a balanced risk-reward profile. Its operational improvements and favorable gold price environment support near-term profitability, but investors should closely monitor the company's ability to sustain these improvements and effectively manage its capital expenditures to drive long-term value creation. The Hold rating acknowledges the potential upside while recognizing the existing operational and strategic uncertainties.
Business Strategy & Overview
Kinross Gold Corporation operates as a gold mining company, focusing on the acquisition, exploration, and development of gold properties across several countries, including the United States, Russia (though its Russian assets have been a point of contention and strategic shift), Brazil, Chile, Ghana, and Mauritania. The company's primary revenue stream is derived from the extraction and processing of gold-containing ores, followed by the sale of gold and silver. Kinross's strategy involves optimizing existing operations to enhance production efficiency and reduce costs, while also pursuing strategic acquisitions and development projects to expand its resource base and production capacity.
A critical aspect of Kinross's business strategy is its geographic diversification, which aims to mitigate political and operational risks associated with operating in specific regions. However, this diversification also introduces complexities in managing operations across different regulatory environments and geopolitical landscapes. The company's past involvement in Russia, for instance, presented significant challenges and ultimately led to divestment decisions due to geopolitical pressures and sanctions.
Kinross's strategic positioning within the gold mining industry is characterized by its focus on large-scale, long-life assets. This approach requires significant upfront capital investment but offers the potential for sustained production and cost advantages over the long term. The company's success hinges on its ability to effectively manage these large-scale projects, control operating costs, and navigate the cyclical nature of gold prices.
The company's product pipeline consists of ongoing exploration and development projects aimed at increasing its gold reserves and resources. These projects are crucial for maintaining and growing its production profile in the future. The success of these projects depends on factors such as exploration results, permitting processes, and the availability of capital. Kinross faces competition from other major gold mining companies, as well as smaller exploration and development companies, for access to attractive gold properties and resources.
Execution Benchmarks audit
Gross Margin
Core pricing power
37.8%
Sector: 30.1%
+26% VS SCTR
Economic Moat Analysis
Kinross Gold's economic moat can be classified as Narrow. While the company benefits from certain advantages, they are not strong enough to create a wide and sustainable competitive edge. The primary source of its narrow moat stems from cost advantages associated with its large-scale operations and, potentially, the location of some of its mines. Larger mines can often achieve economies of scale in extraction and processing, leading to lower per-ounce production costs compared to smaller competitors. However, these cost advantages are not insurmountable and can be eroded by factors such as fluctuating energy prices, labor costs, and geological challenges.
Kinross also possesses some intangible assets in the form of mining licenses and permits, which grant it exclusive rights to extract gold from specific areas. These licenses create a barrier to entry for other companies, but they are subject to regulatory oversight and can be revoked or modified under certain circumstances. Furthermore, the value of these licenses depends on the underlying gold reserves and the feasibility of extracting them economically.
Unlike some industries, the gold mining sector does not typically benefit from strong network effects or high switching costs. Customers (primarily refineries and bullion dealers) are generally indifferent to the source of the gold, as long as it meets certain purity standards. This lack of differentiation limits Kinross's ability to command premium prices or build strong customer loyalty.
The company's moat is further constrained by the cyclical nature of the gold market. Gold prices are influenced by macroeconomic factors such as inflation, interest rates, and currency fluctuations, which are beyond Kinross's control. During periods of low gold prices, the company's profitability can be significantly impacted, reducing its ability to invest in new projects and maintain its competitive position. While Kinross has made efforts to improve its cost structure and operational efficiency, it remains vulnerable to external factors that can erode its narrow moat.
Financial Health & Profitability
Kinross Gold's financial health presents a mixed picture. The company's revenue has fluctuated significantly over the past decade, with a recent increase to $4.97 billion in FY2024 from $4.10 billion in FY2023. This volatility reflects the inherent cyclicality of the gold mining industry and the impact of production volumes and gold prices on revenue. The company's gross margin has also shown considerable variation, ranging from a low of 14.2% in FY2016 to a high of 54.5% in FY2020. The FY2024 gross margin of 37.8% represents a significant improvement from the 28.3% in FY2023, indicating enhanced operational efficiency and cost management.
Kinross's profitability has also been inconsistent. The company reported a net income of $994.00 million in FY2024, a substantial increase from the $415.40 million in FY2023. However, it experienced net losses in FY2022 and FY2018, highlighting the sensitivity of its earnings to gold prices and operational challenges. The company's ROE of 58.0% significantly exceeds the sector average of 2.7%, suggesting superior profitability relative to its peers. However, this high ROE should be interpreted cautiously, as it may be influenced by factors such as asset write-downs or accounting adjustments.
The company's balance sheet exhibits a moderate level of leverage. As of the latest data, Kinross has total cash of $611.50 million and total debt of $1.44 billion, resulting in a debt-to-equity ratio of 21.00, which is lower than the sector average of 40.00. This suggests that Kinross is less leveraged than its peers, providing it with greater financial flexibility. However, the company's current ratio is not available, making it difficult to assess its short-term liquidity position.
Kinross's cash flow generation has been volatile. The company generated free cash flow of $1.28 billion in FY2024, a significant improvement from the $697.94 million in FY2023. However, it experienced negative free cash flow in FY2022, FY2021, FY2019, and FY2018, indicating periods of significant capital expenditures or operational challenges. The company's ability to consistently generate positive free cash flow is crucial for funding its growth projects and returning capital to shareholders.
Valuation Assessment
Kinross Gold's valuation presents an interesting case, particularly when compared to its peers in the materials sector. The company's P/E ratio is not available (N/A), which limits the ability to assess its valuation based on earnings. However, its EV/EBITDA multiple of 3.0x is significantly lower than the sector average of 5.2x, suggesting that Kinross may be undervalued relative to its peers based on enterprise value and operating profitability. This lower multiple could reflect investor concerns about the company's historical volatility, geopolitical risks, or operational challenges.
Given the absence of a P/E ratio, alternative valuation metrics become more important. The company's free cash flow yield, calculated using the market capitalization and free cash flow, provides insights into its cash-generating ability. With a market cap of $31.84 billion and free cash flow of $1.28 billion, the implied FCF yield is approximately 4.0%. This yield is reasonable, but not exceptionally high, suggesting that the stock is not deeply undervalued based on its current free cash flow generation.
Comparing Kinross's valuation to its historical performance is also crucial. The company's valuation has fluctuated significantly over time, reflecting changes in gold prices, production volumes, and investor sentiment. During periods of high gold prices and strong operational performance, Kinross's valuation has typically been higher. Conversely, during periods of low gold prices or operational challenges, its valuation has declined. The current valuation appears to be in a moderate range, reflecting a balance between the company's improved recent performance and the inherent uncertainties of the gold mining industry.
Overall, Kinross Gold's valuation appears to be relatively attractive compared to its peers, particularly based on its EV/EBITDA multiple. However, the absence of a P/E ratio and the moderate free cash flow yield suggest that the stock is not significantly undervalued. Investors should carefully consider the company's historical volatility, operational risks, and the cyclical nature of the gold market when assessing its valuation. A fair valuation acknowledges the potential upside from improved operational performance and higher gold prices, while also accounting for the downside risks associated with the industry.
Risk & Uncertainty
Kinross Gold faces several specific risks that could impact its business and financial performance. One of the most significant risks is gold price volatility. As a gold mining company, Kinross's revenue and profitability are directly tied to the price of gold, which can fluctuate significantly due to macroeconomic factors such as inflation, interest rates, and currency fluctuations. A sustained decline in gold prices could reduce the company's revenue, margins, and cash flow, potentially leading to asset write-downs and reduced investment in new projects.
Another key risk is operational challenges. Kinross operates large-scale mining operations in various countries, each with its own unique geological, environmental, and political risks. Unexpected geological conditions, equipment failures, or labor disruptions could disrupt production and increase costs. Furthermore, the company faces environmental risks associated with mining activities, including potential spills, water contamination, and land degradation. Compliance with environmental regulations can be costly and time-consuming, and failure to comply could result in fines, penalties, and reputational damage.
Political and regulatory risks are also significant concerns for Kinross. The company operates in several countries with varying levels of political stability and regulatory oversight. Changes in government policies, tax laws, or mining regulations could adversely affect the company's operations and profitability. Furthermore, the company faces the risk of expropriation or nationalization of its assets in certain countries. The company's past experience in Russia highlights the potential for geopolitical risks to disrupt its operations and strategic plans.
Finally, project execution risk is a critical consideration. Kinross relies on the successful execution of its development projects to maintain and grow its production profile. Delays in project completion, cost overruns, or technical challenges could negatively impact the company's future earnings and cash flow. Effective project management and risk mitigation are essential for ensuring the successful execution of these projects.
Bulls Say / Bears Say
The Bull Case
BULL VIEWKinross's improved operational efficiency and cost management will drive higher margins and free cash flow, making it an attractive investment at its current valuation.
BULL VIEWThe company's diversified asset base and strategic focus on large-scale, long-life mines provide a stable platform for future growth and value creation.
BULL VIEWRising gold prices, driven by inflationary pressures and geopolitical uncertainty, will significantly boost Kinross's revenue and profitability.
The Bear Case
BEAR VIEWKinross's historical volatility and inconsistent financial performance make it a risky investment, particularly in a cyclical industry.
BEAR VIEWThe company's exposure to political and regulatory risks in certain countries could lead to unexpected disruptions and asset write-downs.
BEAR VIEWKinross's high ROE is unsustainable and reflects accounting adjustments rather than genuine operational improvements.
About the Author
Marques Blank
Founder & Chief Investment Officer, Blank Capital
Marques brings 15 years of institutional finance and investing experience, having overseen financial planning for a $1.6B defense business unit. He developed the proprietary 6-factor quantitative model used to score KGC and 4,400+ other equities.
KINROSS GOLD CORP exhibits a 41% valuation premium relative to institutional benchmarks. This represents a potential valuation overextension based on current multiples.
Return on Assets
Efficiency of asset utilization
36.6%
Sector: 0.6%
Gross Margin
Pricing power and cost efficiency
37.8%
Sector: 30.1%
Operating Margin
Core business profitability
31.6%
Sector: 6.0%
Net Margin
Bottom-line profitability
20.0%
Sector: 3.0%
Factor Methodology
The Quality factor evaluates the persistence and magnitude of cash flows. Companies with scores >70 exhibit superior competitive moats and financial resilience through economic cycles.
