Start here if you're new
what it is
Kinross digs gold, and a little silver, from six mines across the Americas, Russia, and West Africa.
how it gets paid
Last year Kinross Gold made $5.1B in revenue. Tasiast was the main engine at $1.7B, or 33% of sales.
what just happened
Kinross posted a $0.67 EPS result against $0.52 expected.
At a glance
B++ balance sheet — above average — nothing keeping you up at night
40/100 earnings predictability — expect surprises
18.0x trailing p/e — the market's not buying it — or you found a deal
0.5% dividend yield — cash in your pocket every quarter
15.5% return on capital — moderate for a major miner
xvary composite: 74/100 — average
What they do
Kinross digs gold, and a little silver, from six mines across the Americas, Russia, and West Africa.
You get scale, not theater. Kinross pulled 2.17 million gold-equivalent ounces from six mines. Tasiast and Paracatu made 1.2 million ounces combined, while the business still posted a 57.5% operating margin, meaning profit after day-to-day costs. That gap is why your cash flow is tied to metal prices, not wishful thinking.
How they make money
$5.1B
annual revenue
Tasiast
$1.7B
+9.0%
Paracatu
$1.3B
+7.0%
Round Mountain
$0.9B
+5.0%
La Coipa
$0.7B
+4.0%
Other mines
$0.5B
+2.0%
The products that matter
mines and sells gold
Gold mining
$5.1B revenue base
it is the whole $5.1B business. the mine-level split lives in the segment table above—this card is the rolled-up read.
core thesis
silver by-product sales
Silver by-products
included in $5.1B
silver rides alongside gold production, but there is no separate revenue breakout here. if you own KGC, gold is the driver and silver is support.
secondary revenue
Key numbers
2.17M
2024 GEO
That is the company’s annual production scale. More ounces give you more leverage to gold prices.
57.5%
operating margin
This is profit after day-to-day costs. It means the business keeps a lot of each sales dollar.
$1.2B
long-term debt
Debt is not huge for a $34B miner. That gives you more room if gold gets choppy.
0.5%
dividend yield
The payout is tiny. You are here for gold cash flow, not income.
Financial health
B++
strength
- balance sheet grade B++ — above average financial health
- risk rank 3 — safer than 50% of stocks
- price stability 35 / 100
- long-term debt $1.2B (4% of capital)
- net profit margin 30.9% — keeps 31 cents of every dollar in revenue
- return on equity 16% — $0.16 profit for every $1 investors have put in
B++ — functional but not a standout on the balance sheet.
Total return vs. market
You invested $10,000 in KGC 3 years ago → it's now worth $72,690.
The index would have given you $13,920.
source: institutional data · total return
What just happened
beat estimates
Kinross posted a $0.67 EPS result against $0.52 expected.
The company beat estimates by 28.85%. Gold prices did the lifting, and the latest quarter showed how tied Kinross is to the metal.
~$1.3B
Q revenue (approx.)
$0.67
eps
36.5%
gross margin
the number that mattered
EPS of $0.67 mattered most because it beat the $0.52 estimate by 28.85%. That is the market paying up for stronger gold pricing and cleaner execution.
-
as expected, kinross gold delivered a strong third-quarter performance.
-
the miner produced 504,000 gold equivalent ounces (geo) during the period, down sharply from the 564,106 geo recorded in the year-earlier interim.
-
still, robust gold markets helped kinross register impressive top- and bottom-line growth.an average realized price of $3,458 per ounce and cost of $1,145 per ounce resulted in a margin of over $2,300 per ounce. the company produced 1.5 million ounces at a cost of nearly $1,090 per ounce during the first nine months of 2025. various factors suggest earnings comparisons will remain mostly favorable during the quarters ahead. continued increases in gold prices, combined with the reliance on low-cost mines and shareholder-friendly policies, augur well for results. while fourth-quarter production is liable to moderate modestly, gold’s vigor has led us to sharply revise upwards our bottom-line outlook for the period.
-
likewise, we have raised our earnings-per-share targets for this year and next to $1.70 and $2.20, respectively.
-
projects have the potential to maintain profit momentum.the near-term developmental pipeline, including investments and/or expansion at the round mountain, bald mountain, and great bear mines, should help maintain annual production at 2.0 million ounces through 2030.
source: company earnings report, 2026
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What could go wrong
the #1 risk is a gold price reversal against a single-line $5.1B revenue base.
high
gold price reversal
There is no diversified segment mix here. the company reports one $5.1B revenue line tied to gold mining and by-product silver.
this risk touches the full $5.1B revenue base
med
mine-level execution misses
earnings predictability is 40/100. in human-speak, this is not the kind of business that shrugs off operational misses and still prints the same quarter.
a low predictability score raises the odds that profits swing harder than the 18.0x multiple suggests
med
jurisdiction and permitting exposure
Mining lives inside local politics, permits, and regulation. this snapshot does not break revenue out by mine, which leaves you with less asset-level visibility than you would want.
the balance sheet is solid, but any disruption still lands on the same $5.1B operating base
med
momentum running ahead of the midpoint
Current price is $30.57. the 3–5 year target midpoint shown here is $25, while the high target is $40. you are already above the middle of the long-range range.
if sentiment cools, the stock has room to compress toward $25 before the long-term bull case fully breaks
all $5.1B of reported revenue sits inside one mining story. if gold weakens or execution slips, that 30.9% net margin compresses faster than a diversified business would.
source: institutional data · regulatory filings · risk analysis
Pay attention to
valuation
whether $2.20 EPS holds up
at $30.57, the stock needs that fy2026 earnings estimate to stay credible. if estimates slip and the price does not, valuation gets less forgiving fast.
flow
the institutional buying streak
three straight quarters of net buying matter. if that flips to net selling, one pillar of the recent momentum story disappears.
risk
gold doing all the work
with one $5.1B revenue line, you do not need a complex model to find the key variable. watch the metal. it matters more here than segment analysis ever will.
calendar
the next data refresh
the current price already exceeds the listed 52-week high. you want the next update to tell you whether that was stale metadata or a breakout worth respecting.
Analyst rankings
earnings predictability
40 / 100
in human-speak, analysts do not view this as a smooth compounding story. expect profit swings.
risk rank
3
safer than about half the market. better than reckless, worse than defensive.
price stability
35 / 100
translation: the chart moves around more than conservative investors usually enjoy.
source: institutional data
Institutional activity
institutions have been net buying for 3 consecutive quarters — 285 buyers vs. 223 sellers in 3q2025. total institutional holdings: 0.7B shares. net buying for 3 quarters.
source: institutional data
Price targets
3-5 year target range
$14
$36
$31
current price
$25
target midpoint · 18% from current · 3-5yr high: $40 (+40% · 10% ann'l return)
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