NYSE · Basic Materials

Kinross Gold Corporation

KGC · Gold

$28.89

▼ -0.66 (-2.23%)

Data cached · refreshes every 10 min

Mr. Market is currently offering Kinross Gold Corporation at $28.89.

The business passes 5 of 7 of Graham's defensive criteria — adequate but not exceptional.

Overall Grade

Defensive

Enterprising

Profitability A

Gross Profit Margin 52.7%

Operating Margin 45.8%

Net Income Margin 33.9%

Fin. Health A

Years to Pay Off Debt 0.3 yrs

Working Capital vs Long-Term Debt $1.2B

Working Capital $1.9B

Valuation F

Margin of Safety 0.0%

Price-to-Book 4.02x

Cash Flow C

Free Cash Flow $2.6B

CapEx % of Net Income 50.0%

Owner Earnings $4.7B

5/7

Graham Score

Enterprising

Defensive — Graham's strict criteria (P/B, P/E, dividends, stability) · Enterprising — Profitability & cash flow focused, accepts higher valuations for quality

Market Data

Market Cap $34.5B

Enterprise Value $34.0B

P/E (TTM) 12.29

Dividend Yield 0.49%

Exchange NYSE

Key Margins

Gross Profit 52.7%

Operating Margin 45.8%

Net Margin 33.9%

Company Info

Sector Basic Materials

Industry Gold

Country Canada

Visit website

📖

Full Graham Analysis

Mr. Market is currently offering Kinross Gold Corporation at $28.89.

The business passes 5 of 7 of Graham's defensive criteria — adequate but not exceptional.

At $28.89, the stock trades at a 63% premium to its Graham Number of $17.75. Graham would consider this price speculative.

There is no margin of safety at the current price. Graham would advise patience and waiting for a better entry point.

Negative NCAV — liabilities exceed current assets. Common in capital-return businesses (buybacks, debt-funded dividends) and capital-intensive industries. Not automatically a warning sign..

Conclusion: This stock is better suited for Graham's Enterprising investor — one willing to devote time and skill to security selection.

About Kinross Gold Corporation

Kinross Gold Corporation, together with its subsidiaries, engages in the acquisition, exploration, and development of gold properties principally in the United States, Brazil, Chile, Canada, 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. The company was founded in 1993 and is headquartered in Toronto, Canada.

Showing Key Metrics

Income Highlights

Metric	2025	2024	2023	2022	2021
Gross Profit %	52.7% ▲	36.5%	27.4%	14.9%	N/A
Operating Margin %	45.8% ▲	29.1%	18.0%	2.7%	N/A
Net Income %	33.9% ▲	18.4%	9.8%	-17.5%	N/A
Diluted EPS	1.95 ▲	0.77	0.34	-0.47	N/A

Balance Sheet Highlights

Metric	2025	2024	2023	2022	2021
Total Assets	$12.4B	$10.9B	$10.5B	$10.4B	N/A
Total Debt	$738M ↓	$1.4B	$2.2B	$2.6B	N/A
Working Capital	$1.9B ▲	$1.1B	$1.1B	$1.1B	N/A
Years to Pay Debt	0.31	1.51	5.36	-4.36	N/A

Cash Flow Highlights

Metric	2025	2024	2023	2022	2021
Free Cash Flow	$2.6B ▲	$1.4B	$507M	$286M	N/A
Owner Earnings	$4.7B	$3.2B	$2.5B	$943M	N/A
CapEx % of Net Income	50.0%	113.4%	263.8%	N/A	N/A

Income Statement

	2025	2024	2023	2022	2021
Tax Effect Of Unusual Items	0	0	0	16,879
Tax Rate For Calcs	0	0	0	0
Normalized EBITDA	4,381,500	2,679,400	1,764,400	894,500
Total Unusual Items			-27,300	64,400	81,300
Total Unusual Items Excluding Goodwill			-27,300	64,400	81,300
Net Income From Continuing Operation Net Minority Interest	2,390,100	948,800	416,300	31,100
Reconciled Depreciation	1,105,000	1,147,500	986,800	784,000
Reconciled Cost Of Revenue	3,335,300	3,270,500	3,080,100	2,939,700
EBITDA	4,381,500	2,679,400	1,764,400	958,900
EBIT	3,276,500	1,531,900	777,600	174,900
Net Interest Income	-8,800	-32,300	-28,500	-49,900
Interest Expense	81,800	50,500	69,000	68,200
Interest Income	73,000	18,200	40,500	18,300
Normalized Income	2,390,100	948,800	416,300	-16,421
Net Income From Continuing And Discontinued Operation	2,390,100	948,800	416,300	-605,200
Total Expenses	3,823,000	3,649,400	3,475,300	3,362,900
Total Operating Income As Reported	3,277,600	1,540,300	801,400	117,700
Diluted Average Shares	1,224,607	1,234,504	1,236,670	1,280,500
Basic Average Shares	1,219,466	1,228,855	1,226,985	1,280,500
Diluted EPS	0	0	0	0
Basic EPS	0	0	0	0
Diluted NI Availto Com Stockholders	2,390,100	948,800	416,300	-605,200
Net Income Common Stockholders	2,390,100	948,800	416,300	-605,200
Net Income	2,390,100	948,800	416,300	-605,200
Minority Interests	-79,900	-45,200	900	500
Net Income Including Noncontrolling Interests	2,470,000	994,000	415,400	-605,700
Net Income Discontinuous Operations			0	-636,300	249,400
Net Income Continuous Operations	2,470,000	994,000	415,400	30,600
Tax Provision	724,700	487,400	293,200	76,100
Pretax Income	3,194,700	1,481,400	708,600	106,700
Other Income Expense	-24,600	14,300	-27,300	64,400
Other Non Operating Income Expenses	-24,600	14,300	-27,300	-1,100
Special Income Charges			-14,800	65,500	81,300
Gain On Sale Of Ppe			-14,800	-14,300	-9,800
Other Special Charges				-79,800	-91,100
Gain On Sale Of Security			-12,500	-1,100	-5,700
Net Non Operating Interest Income Expense	-8,800	-32,300	-28,500	-49,900
Interest Expense Non Operating	81,800	50,500	69,000	68,200
Interest Income Non Operating	73,000	18,200	40,500	18,300
Operating Income	3,228,100	1,499,400	764,400	92,200
Operating Expense	487,700	378,900	395,200	423,200
Other Operating Expenses	347,800	252,700	286,500	293,400
Selling General And Administration	139,900	126,200	108,700	129,800
General And Administrative Expense	139,900	126,200	108,700	129,800
Other Gand A	139,900	126,200	108,700	129,800
Gross Profit	3,715,800	1,878,300	1,159,600	515,400
Cost Of Revenue	3,335,300	3,270,500	3,080,100	2,939,700
Total Revenue	7,051,100	5,148,800	4,239,700	3,455,100
Operating Revenue	7,051,100	5,148,800	4,239,700	3,455,100

Balance Sheet

	2025	2024	2023	2022	2021
Ordinary Shares Number	1,199,843	1,229,126	1,227,838	1,221,891
Share Issued	1,199,843	1,229,126	1,227,838	1,221,891
Net Debt		624,000	1,880,200	2,174,800	1,098,400
Total Debt	738,200	1,435,400	2,232,600	2,640,500
Tangible Book Value	8,576,000	6,861,600	6,083,700	5,823,700
Invested Capital	9,314,200	8,097,100	8,316,300	8,416,600
Working Capital	1,888,900	1,066,600	1,116,800	1,101,100
Net Tangible Assets	8,576,000	6,861,600	6,083,700	5,823,700
Capital Lease Obligations			27,600	47,600	54,800
Common Stock Equity	8,576,000	6,861,600	6,083,700	5,823,700
Total Capitalization	9,314,200	8,097,100	8,316,300	8,380,600
Total Equity Gross Minority Interest	8,694,100	7,000,600	6,185,700	5,882,200
Minority Interest	118,100	139,000	102,000	58,500
Stockholders Equity	8,576,000	6,861,600	6,083,700	5,823,700
Gains Losses Not Affecting Retained Earnings	-300	-87,400	-61,300	-41,700
Other Equity Adjustments	-300	-87,400	-61,300	-41,700
Retained Earnings	-5,943,300	-8,181,300	-8,982,600	-9,251,600
Additional Paid In Capital	10,137,600	10,643,000	10,646,000	10,667,500
Capital Stock	4,382,000	4,487,300	4,481,600	4,449,500
Common Stock	4,382,000	4,487,300	4,481,600	4,449,500
Total Liabilities Net Minority Interest	3,717,000	3,865,000	4,357,600	4,514,200
Total Non Current Liabilities Net Minority Interest	2,317,400	2,804,900	3,672,100	3,762,700
Other Non Current Liabilities	64,800	78,900	99,900	125,300
Non Current Deferred Liabilities	537,800	549,000	449,700	301,500
Non Current Deferred Taxes Liabilities	537,800	549,000	449,700	301,500
Long Term Debt And Capital Lease Obligation	738,200	1,235,500	2,232,600	2,580,000
Long Term Capital Lease Obligation			17,500	23,100	35,100
Long Term Debt	738,200	1,235,500	2,232,600	2,556,900
Long Term Provisions	976,600	941,500	889,900	755,900
Current Liabilities	1,399,600	1,060,100	685,500	751,500
Other Current Liabilities	13,300	18,000	12,300	800
Current Debt And Capital Lease Obligation		199,900	10,100	60,500	59,700
Current Capital Lease Obligation			10,100	24,500	19,700
Current Debt				36,000	40,000
Other Current Borrowings				36,000	40,000
Current Provisions	74,200	62,500	48,800	50,800
Payables And Accrued Expenses	1,312,100	779,700	624,400	639,400
Current Accrued Expenses	586,800	459,100	417,800	430,900
Interest Payable	20,000	31,100	36,300
Payables	725,300	320,600	206,600	208,500
Total Tax Payable	595,700	236,700	92,900	89,400
Income Tax Payable	595,700	236,700	92,900	89,400
Accounts Payable	129,600	83,900	113,700	119,100
Total Assets	12,411,100	10,865,600	10,543,300	10,396,400
Total Non Current Assets	9,122,600	8,738,900	8,741,000	8,543,800
Other Non Current Assets	503,700	577,300	589,200	471,000
Non Current Prepaid Assets	72,600	46,600
Non Current Deferred Assets	25,000	5,300	12,500	4,600
Non Current Deferred Taxes Assets	25,000	5,300	12,500	4,600
Non Current Accounts Receivable	83,000	75,500	75,400	143,700
Financial Assets				1,500	15,100
Investments And Advances	148,900	65,600	61,200	123,000
Other Investments					98,200
Investmentin Financial Assets	99,300	51,900	54,700	116,900
Available For Sale Securities	99,300	51,900	54,700	116,900
Long Term Equity Investment	49,600	13,700	6,500	6,100
Investmentsin Joint Venturesat Cost	49,600	13,700	6,500	6,100
Goodwill And Other Intangible Assets				0	158,800
Goodwill				0	158,800
Net PPE	8,289,400	7,968,600	8,002,700	7,801,500
Accumulated Depreciation	-14,667,100	-13,717,500	-12,520,800	-11,399,300
Gross PPE	22,956,500	21,686,100	20,523,500	19,200,800
Construction In Progress		46,600	39,500	60,100	45,800
Land And Improvements	11,099,400	10,581,500	10,138,600	9,515,200
Current Assets	3,288,500	2,126,700	1,802,300	1,852,600
Other Current Assets	16,600	4,500	15,000	125,800
Hedging Assets Current			15,000	25,500	30,000
Current Deferred Assets	0	100,000	107,900	125,800
Restricted Cash	13,500	10,200	9,800	10,100
Prepaid Assets	61,600	60,100	57,600	41,700
Inventory	1,370,300	1,243,200	1,153,000	1,072,200
Finished Goods	21,700	19,400	17,300	62,000
Work In Process	202,000	186,900	139,500	82,500
Raw Materials	1,146,600	1,036,900	996,200	927,700
Receivables	84,200	97,200	106,600	159,200
Other Receivables	30,500	52,600	58,500	59,800
Taxes Receivable	53,700	44,600	48,100	99,400
Accounts Receivable					3,300
Cash Cash Equivalents And Short Term Investments	1,742,300	611,500	352,400	418,100
Cash And Cash Equivalents	1,742,300	611,500	352,400	418,100
Cash Equivalents	855,400	329,900	154,000	148,300
Cash Financial	886,800	281,600	198,400	269,800

Cash Flow

	2025	2024	2023	2022	2021
Free Cash Flow	2,566,300	1,370,900	507,000	285,900
Repurchase Of Capital Stock	-600,300	0	0	-300,800
Repayment Of Debt	-707,200	-812,100	-990,200	-363,200
Issuance Of Debt		0	588,100	1,297,600	200,000
Capital Expenditure	-1,194,200	-1,075,500	-1,098,300	-764,200
End Cash Position	1,742,300	611,500	352,400	418,100
Beginning Cash Position	611,500	352,400	418,100	531,500
Effect Of Exchange Rate Changes	1,700	-1,500	200	-800
Changes In Cash	1,129,100	260,600	-65,900	-112,600
Cash Flow From Discontinued Operation			0	1,600	500
Financing Cash Flow	-1,628,000	-1,005,900	-549,000	437,500
Cash Flow From Continuing Financing Activities	-1,628,000	-1,005,900	-549,000	437,500
Net Other Financing Charges	-103,200	-10,700	53,600	10,300
Interest Paid Cff	-65,200	-35,600	-53,200	-52,400
Cash Dividends Paid	-152,100	-147,500	-147,300	-154,000
Common Stock Dividend Paid	-152,100	-147,500	-147,300	-154,000
Net Common Stock Issuance	-600,300	0	0	-300,800
Common Stock Payments	-600,300	0	0	-300,800
Net Issuance Payments Of Debt	-707,200	-812,100	-402,100	934,400
Net Long Term Debt Issuance	-707,200	-812,100	-402,100	934,400
Long Term Debt Payments	-707,200	-812,100	-990,200	-363,200
Long Term Debt Issuance		0	588,100	1,297,600	200,000
Investing Cash Flow	-1,003,400	-1,179,900	-1,122,200	-1,601,800
Cash From Discontinued Investing Activities	53,400	10,000	45,000	296,200
Cash Flow From Continuing Investing Activities	-1,056,800	-1,189,900	-1,167,200	-1,898,000
Net Other Investing Changes	-3,300	-400	25,300	-4,200
Interest Received Cfi	23,000	-75,600	-95,900	-34,900
Net Investment Purchase And Sale	117,700	-38,400	1,700	-67,200
Sale Of Investment	189,800	4,800
Purchase Of Investment	-72,100	-43,200		-67,200	-66,300
Net Business Purchase And Sale			0	-1,027,500	0
Purchase Of Business			0	-1,027,500	0
Net PPE Purchase And Sale	-1,194,200	-1,075,500	-1,098,300	-764,200
Sale Of PPE					1,300
Purchase Of PPE	-1,194,200	-1,075,500	-1,098,300	-764,200
Capital Expenditure Reported				-43,700	-47,800
Operating Cash Flow	3,760,500	2,446,400	1,605,300	1,050,100
Cash From Discontinued Operating Activities			0	47,600	440,100
Cash Flow From Continuing Operating Activities	3,760,500	2,446,400	1,605,300	1,002,500
Taxes Refund Paid	-418,400	-178,200	-137,400	-140,700
Change In Working Capital	39,700	67,800	72,800	-113,300
Change In Payables And Accrued Expense	114,100	26,000	95,500	130,400
Change In Inventory	-83,900	14,300	-91,400	-261,600
Change In Receivables	9,500	27,500	68,700	17,900
Changes In Account Receivables	9,500	27,500	68,700	17,900
Other Non Cash Items	-200	6,800	86,800	117,200
Stock Based Compensation	13,100	9,000	6,700	9,300
Asset Impairment Charge	-116,100	-74,100	38,900	350,000
Deferred Tax	724,700	487,400	143,900	-56,200
Deferred Income Tax	724,700	487,400	143,900	-56,200
Depreciation Amortization Depletion	1,105,000	1,147,500	986,800	784,000
Operating Gains Losses	-57,300	-13,800	-8,600	21,600
Net Foreign Currency Exchange Gain Loss	5,700	-13,800	-8,600	21,600
Gain Loss On Sale Of Business	-63,000	0
Net Income From Continuing Operations	2,470,000	994,000	415,400	30,600

These metrics estimate what Kinross Gold Corporation is worth based on its fundamentals — independent of what the market currently prices it at. Graham's Fair Value and NCAV are conservative floors rooted in 1930s–60s principles. EPV assumes zero growth. None are price targets — they are reference points for judging whether the current price offers a margin of safety.

Graham's Fair Value

$17.75

Margin of Safety

Market Cap ÷ Company Value

1.07

P/B Ratio

4.02

Warren's Owner Earnings

$4.7B

Latest fiscal year

Graham's 7 Criteria

Defensive Investor Checklist

5/7 — Enterprising Investor

✅ Adequate Size

$7.1B

vs > $1.5B revenue

✅ Strong Financial Condition

2.35x

vs Current Ratio > 2.0x

❌ Earnings Stability

1 loss years (4 yrs data)

vs No negative EPS years

✅ Dividend Record

0.49%

vs Uninterrupted dividends

✅ Earnings Growth

+473.5% EPS growth

vs > 33% EPS growth

✅ Moderate P/E Ratio

12.3x

vs P/E ≤ 15.0x

❌ Moderate Price-to-Book

4.02x P/B (P/E×P/B: 49.5)

vs P/B ≤ 1.5x | P/E × P/B ≤ 22.5

Net Current Asset Value

$-0.36

Negative NCAV — liabilities exceed current assets. Common in capital-return businesses (buybacks, debt-funded dividends) and capital-intensive industries. Not automatically a warning sign.

"Buy at two-thirds of net current assets." — Graham

Earnings Power Value

$30.04

Per share, no-growth floor. Compare to current price.

Cash Flow Analysis

Metric	2025	2024	2023	2022	2021
Capital Expenditure % of Net Income	50.0%	113.4%	263.8%	N/A	N/A
Repurchase of Capital Stock	-$600M	$0M	$0M	-$301M	N/A
Free Cash Flow	$2.6B ▲	$1.4B ▲	$507M ▲	$286M •	N/A •
Warren's Owner Earnings	$4.7B	$3.2B	$2.5B	$943M	N/A

Peers & Industry

No auto-detected peers for Gold. You can manually compare KGC against any stock using the Compare tool.

"The management of a business is its most important single factor — more important than market position, patents, or financial structure."

— Benjamin Graham

Capital Allocation & Alignment

Insider Ownership

0.16%

Low — management has little skin in the game

Return on Equity (ROE)

27.9%

Excellent — management generates strong returns on equity

Return on Assets (ROA)

19.3%

Strong — management uses assets efficiently

Share Buybacks (Latest Year)

$600M

Management is returning capital to shareholders via buybacks

Debt Trend YoY

-48.6% YoY

Debt is declining — management is deleveraging

Leadership Team

Paul Rollinson

CEO & Director

Age 63

Pay: $3,843,628

0.161% of net income

Geoffrey Gold

President

Pay: $1,901,341

0.080% of net income

Andrea Susan Freeborough

Executive VP & CFO

Pay: $1,103,636

0.046% of net income

Claude Schimper

Executive VP & COO

Pay: $1,109,801

0.046% of net income

Lucas Crosby

Senior Vice-President & General Counsel

Top Institutional Holders

Institution	% Owned	Shares
Van Eck Associates Corporation	8.53%	101,886,755
Vanguard Group Inc	4.26%	50,887,386
Boston Partners	3.19%	38,068,658
Royal Bank of Canada	2.54%	30,360,663
FIL LTD	2.44%	29,146,959
Renaissance Technologies, LLC	2.09%	24,975,313
NORGES BANK	1.54%	18,414,288
FMR, LLC	1.23%	14,670,588

Risk Analysis

Beta (Market Risk)

1.37

Moderate volatility — moves slightly more than market

Debt-to-Equity

0.08x

Conservative balance sheet — low financial risk

Current Ratio

2.84x

Strong liquidity — Graham approved

52-Week Price Range

Low: $13.28 Current: $28.89 High: $39.11

Currently at 60% of 52-week range

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