Kinross Gold Corporation (K.TO) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

-70.2%

CA$8.57

vs CA$28.74 price

Levered DCF

CA$36.71

After debt service

Piotroski score

9 / 9

Strong

Altman Z-score

5.32

Safe zone

Rating

Overall 4 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
P/E	14.08×	12.05×	17.78×	-8.66×	34.14×	6.54×	8.03×	-170.6×
P/B	4.01×	1.66×	1.23×	0.9×	1.11×	1.4×	1.12×	0.89×
P/S	4.79×	2.21×	1.75×	1.51×	1.96×	2.19×	1.7×	1.25×
EV / EBITDA	7.81×	4.75×	5.27×	7.85×	9.88×	3.64×	3.96×	5.64×
Gross margin	47.5%	36.5%	27.4%	14.9%	27.3%	54.5%	38.6%	18.0%
Operating margin	43.2%	29.9%	18.0%	5.8%	12.4%	45.1%	28.3%	6.2%
Net margin	33.9%	18.4%	9.8%	-17.5%	5.9%	31.9%	20.5%	-0.7%
Current ratio	2.35×	1.91×	2.47×	2.3×	2.63×	1.82×	2.96×	2.61×
Debt / equity	0.09×	0.21×	0.37×	0.45×	0.26×	0.3×	0.36×	0.38×
Interest coverage	37.23×	30.5×	11.08×	2.94×	6.47×	21.2×	12.89×	2.78×
Dividend yield	0.5%	1.3%	2.0%	3.0%	2.1%	0.8%	0.0%	0.0%
Payout ratio	6.4%	15.5%	35.4%	-25.4%	68.3%	5.6%	0.0%	0.0%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	28.4%	13.8%	6.9%	-10.4%	3.4%	20.4%	13.5%	-0.5%
Return on invested capital	21.8%	10.3%	4.6%	0.6%	3.6%	14.2%	8.7%	-0.6%
Return on assets	19.6%	8.7%	4.0%	-5.8%	2.1%	12.3%	7.9%	-0.3%
Free cash flow yield	7.5%	11.2%	6.8%	4.6%	4.3%	10.8%	2.0%	-6.3%
Earnings yield	7.1%	8.3%	5.6%	-11.6%	3.0%	14.6%	12.1%	-0.6%
Enterprise value	CA$33.4B	CA$12.2B	CA$9.3B	CA$7.4B	CA$8.4B	CA$10B	CA$7.2B	CA$5.4B
Net debt / EBITDA	-0.23×	0.32×	1.07×	2.34×	1.33×	0.28×	0.71×	1.43×
Cash conversion cycle (days)	124	133	127	129	152	195	176	148