Kenmare Resources (GB:KMR)
LSE:KMR
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Kenmare Resources
(LSE:KMR)
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Rating:52Neutral
Price Target:
224.00 p
▼(-0.22% Downside)
Action:ReiteratedDate:04/09/26
The score is held back primarily by the 2025 earnings collapse (large net loss), negative free cash flow, and increased leverage, alongside weak technical momentum (below key moving averages with negative MACD). The main offset is the very high dividend yield, though the negative P/E reflects the recent loss.
Positive Factors
Positive operating cash flow
Sustained positive operating cash flow (~104m in 2025) shows the Moma operation still generates cash from core activities despite earnings volatility. Durable OCF supports ongoing mine operations, funds maintenance capex, and provides a runway to manage cyclical downturns without immediate external financing.
Negative Factors
2025 large net loss
The substantial 2025 net loss (-331.9m) materially weakens reported earnings power and retained equity. Beyond short-term volatility, such a large loss can constrain capital allocation, impair investor and lender confidence, and limit the company's ability to invest or maintain distributions until profitability normalizes.
Read all positive and negative factors
Positive Factors
Negative Factors
Positive operating cash flow
Sustained positive operating cash flow (~104m in 2025) shows the Moma operation still generates cash from core activities despite earnings volatility. Durable OCF supports ongoing mine operations, funds maintenance capex, and provides a runway to manage cyclical downturns without immediate external financing.
Read all positive factors
Kenmare Resources (KMR) vs. iShares MSCI United Kingdom ETF (EWC)
Market Cap
£205.17M
Dividend Yield7.3%
Average Volume (3M)146.74K
Price to Earnings (P/E)―
Beta (1Y)0.80
Revenue Growth-22.99%
EPS Growth-583.84%
CountryUK
Employees1,761
SectorBasic Materials
Sector Strength58
IndustryIndustrial Materials
Share Statistics
EPS (TTM)-1.94
Shares Outstanding89,228,165
10 Day Avg. Volume99,996
30 Day Avg. Volume146,738
Financial Highlights & Ratios
PEG Ratio<0.01
Price to Book (P/B)0.36
Price to Sales (P/S)0.88
P/FCF Ratio-2.82
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
£220.00Price Target Upside-2.00% Downside
Rating ConsensusHold
Number of Analyst Covering1
EPS Forecast (FY)-0.26
Revenue Forecast (FY)£331.00M
Kenmare Resources Business Overview & Revenue Model
Company Description
Kenmare Resources plc, together with its subsidiaries, produces and sells mineral sand products in China, Europe, the United States, and internationally. It operates the Moma Titanium Minerals Mine located on the northeast coast of Mozambique. The...
How the Company Makes Money
Kenmare makes money primarily by mining and processing mineral sands ore and selling the resulting mineral products to customers under commercial sales contracts. Its key revenue streams are (1) sales of ilmenite (a titanium-bearing mineral that i...
Kenmare Resources Financial Statement Overview
Summary
Income Statement
38
Negative
Balance Sheet
72
Positive
Cash Flow
55
Neutral
| Breakdown | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 335.47M | 414.75M | 458.48M | 525.99M | 455.94M |
| Gross Profit | 18.05M | 95.38M | 163.55M | 243.29M | 160.93M |
| EBITDA | 59.31M | 154.75M | 223.75M | 296.42M | 210.89M |
| Net Income | -331.87M | 64.89M | 130.98M | 206.03M | 128.53M |
Balance Sheet | |||||
| Total Assets | 1.11B | 1.31B | 1.26B | 1.25B | 1.16B |
| Cash, Cash Equivalents and Short-Term Investments | 48.64M | 56.68M | 71.05M | 108.27M | 69.06M |
| Total Debt | 205.70M | 79.25M | 49.39M | 80.36M | 150.28M |
| Total Liabilities | 293.69M | 148.24M | 117.88M | 145.29M | 230.07M |
| Stockholders Equity | 815.07M | 1.16B | 1.14B | 1.10B | 930.64M |
Cash Flow | |||||
| Free Cash Flow | -105.23M | 7.24M | 86.66M | 149.55M | 87.46M |
| Operating Cash Flow | 104.10M | 159.83M | 153.19M | 209.42M | 147.81M |
| Investing Cash Flow | -209.33M | -152.59M | -66.54M | -59.87M | -60.34M |
| Financing Cash Flow | 97.00M | -21.60M | -123.88M | -109.73M | -100.97M |
Kenmare Resources Technical Analysis
Neutral
224.50
Price Trends
235.46
Negative
243.89
Negative
272.20
Negative
Market Momentum
-3.59
Negative
52.72
Neutral
68.48
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For GB:KMR, the sentiment is Neutral. The current price of 224.5 is above the 20-day moving average (MA) of 209.42, below the 50-day MA of 235.46, and below the 200-day MA of 272.20, indicating a neutral trend. The MACD of -3.59 indicates Negative momentum. The RSI at 52.72 is Neutral, neither overbought nor oversold. The STOCH value of 68.48 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral sentiment for GB:KMR.
Kenmare Resources Peers Comparison
UnderperformOutperform
Sector (61)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
61 Neutral | $10.43B | 7.12 | -0.05% | 2.87% | 2.86% | -36.73% | |
58 Neutral | £188.92M | -8.72 | -9.67% | ― | ― | -37.29% | |
53 Neutral | £517.78M | -0.10 | 233.54% | ― | ― | -232.99% | |
52 Neutral | £205.17M | -0.89 | -34.92% | 7.30% | -22.99% | -583.84% | |
49 Neutral | £71.80M | -15.47 | -6.85% | ― | ― | ― | |
48 Neutral | £349.98M | ― | -20.38% | ― | ― | -88.27% | |
47 Neutral | £90.25M | -2.48 | -17.08% | ― | ― | ― |
* Basic Materials Sector Average
GB:KMR
Kenmare Resources
231.00
-160.23
-40.95%
GB:JLP
Jubilee Metals Group
2.90
-0.26
-8.23%
GB:RBW
Rainbow Rare Earths
26.10
14.10
117.50%
GB:PRE
Pensana Rare Earths PLC
101.20
70.60
230.72%
GB:TUN
Tungsten West Plc
39.90
36.07
941.78%
GB:1SN
First Tin Plc
13.00
7.12
121.09%
Kenmare Resources Corporate Events
Business Operations and StrategyDividendsFinancial Disclosures
Kenmare swings to loss as weak markets, heavy capex force dividend halt and job cuts
Negative
Mar 25, 2026
Kenmare Resources reported a sharp deterioration in 2025 earnings as weak titanium feedstock markets, lower shipments and prices, and a major impairment charge pushed the group to an adjusted loss after tax of $23.7 million. Mineral product revenu...
Business Operations and StrategyLegal Proceedings
Kenmare clashes with Mozambican tax authority over Moma mine terms
Negative
Mar 9, 2026
Kenmare Resources has warned that Mozambique’s Tax Authority is unilaterally seeking to impose new terms on its processing and export operations at the Moma mine, despite ongoing negotiations to renew its Implementation Agreement. The compan...
Business Operations and Strategy
Kenmare Hosts Analyst and Investor Tour of Moma Titanium Minerals Mine
Positive
Feb 5, 2026
Kenmare Resources is hosting a two-day site visit for analysts and investors at its Moma Titanium Minerals Mine in Mozambique on 5–6 February 2026, showcasing key operational assets such as the recently upgraded Wet Concentrator Plant A, the...
Business Operations and StrategyExecutive/Board Changes
Kenmare reshapes board committee roles in governance refresh
Neutral
Jan 30, 2026
Kenmare Resources has announced changes to its board committee structure effective 31 January 2026, as part of an ongoing refresh of its governance framework. Non-executive director Clever Fonseca will step down from the Audit Risk Committee to j...
Business Operations and StrategyFinancial Disclosures
Kenmare Cuts Output and Capex for 2026 as Prices Weaken and Impairment Looms
Negative
Jan 21, 2026
Kenmare Resources reported that 2025 production declined across key products as upgrade work at its main Wet Concentrator Plant A and the elimination of some higher-cost dry mining reduced heavy mineral concentrate output, while weather-related di...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.