Kinross Gold Corporation (KGC) 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

-56.2%

$9.13

vs $20.87 price

Levered DCF

$35.62

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	14.15×	12.04×	17.79×	-8.7×	34.18×	6.55×	8.03×	-171.43×
P/B	4.01×	1.66×	1.23×	0.9×	1.11×	1.4×	1.12×	0.9×
P/S	4.79×	2.21×	1.75×	1.52×	2.81×	2.19×	1.7×	1.26×
EV / EBITDA	7.52×	4.56×	5.28×	7.77×	9.93×	3.57×	4×	5.78×
Gross margin	47.5%	36.5%	27.4%	14.9%	20.8%	54.5%	38.6%	18.0%
Operating margin	43.2%	29.9%	18.9%	3.4%	2.8%	45.1%	28.3%	6.2%
Net margin	33.9%	18.4%	9.8%	-17.5%	8.5%	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×	11.61×	1.73×	1.01×	21.2×	12.89×	2.78×
Dividend yield	0.4%	1.3%	2.0%	2.9%	2.1%	0.8%	0.0%	0.0%
Payout ratio	6.3%	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%	4.8%	0.3%	-0.3%	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%	12.0%	6.8%	5.5%	4.3%	11.3%	2.8%	-6.3%
Earnings yield	7.1%	8.3%	5.6%	-11.6%	3.0%	14.5%	12.1%	-0.6%
Enterprise value	$33.4B	$12.2B	$9.3B	$7.4B	$8.5B	$10B	$7.2B	$5.4B
Net debt / EBITDA	-0.22×	0.31×	1.07×	2.31×	1.34×	0.28×	0.72×	1.46×
Cash conversion cycle (days)	124	133	127	129	201	195	176	148