Gold Fields Ltd (GFI)
NYSE:GFI
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Gold Fields
(NYSE:GFI)
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Rating:75Outperform
Price Target:
$53.00
▲(5.75% Upside)
Action:ReiteratedDate:02/21/26
The score is driven primarily by strong financial performance in 2025 (profitability and free cash flow) and a constructive earnings-call outlook with reiterated guidance and shareholder returns. Technicals are neutral-to-positive, while valuation is the main drag given the higher P/E and modest dividend yield alongside cyclical and cost/regulatory risks.
Positive Factors
High Free Cash Flow
Material free-cash-flow generation in 2025 provides durable financial flexibility to fund sustaining and growth capex, pay dividends and buybacks, and de-lever if needed. Strong FCF underpins capital-allocation optionality and resilience through commodity cycles over the medium term.
Negative Factors
Rising Unit Costs
Persistent inflationary pressures, currency moves and higher royalties can compress margins over time if not offset by higher realized metal prices or productivity gains. Structural cost inflation raises the breakeven profile and can materially reduce cash flow per ounce across the cycle.
Read all positive and negative factors
Positive Factors
Negative Factors
High Free Cash Flow
Material free-cash-flow generation in 2025 provides durable financial flexibility to fund sustaining and growth capex, pay dividends and buybacks, and de-lever if needed. Strong FCF underpins capital-allocation optionality and resilience through commodity cycles over the medium term.
Read all positive factors
Gold Fields (GFI) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$44.04B
Dividend Yield1.51%
Average Volume (3M)3.67M
Price to Earnings (P/E)10.9
Beta (1Y)0.79
Revenue Growth49.62%
EPS Growth195.39%
CountryUS
Employees6,560
SectorBasic Materials
Sector Strength58
IndustryGold
Share Statistics
EPS (TTM)2.12
Shares Outstanding895,024,230
10 Day Avg. Volume3,006,508
30 Day Avg. Volume3,666,785
Financial Highlights & Ratios
PEG Ratio0.06
Price to Book (P/B)4.63
Price to Sales (P/S)4.45
P/FCF Ratio12.52
Enterprise Value/Market Cap1.05
Enterprise Value/Revenue5.29
Enterprise Value/Gross Profit9.75
Enterprise Value/Ebitda7.30
Forecast
1Y Price Target
$68.00Price Target Upside35.67% Upside
Rating ConsensusHold
Number of Analyst Covering4
EPS Forecast (FY)5.83
Revenue Forecast (FY)$12.84B
Gold Fields Business Overview & Revenue Model
Company Description
Gold Fields Limited operates as a gold producer with reserves and resources in Chile, South Africa, Ghana, West Africa, Australia, and Peru. The company also explores for copper deposits. It holds interests in 9 operating mines with an annual gold...
How the Company Makes Money
Gold Fields makes money primarily by producing and selling gold from its mining operations. Revenue is generated when ore is mined and processed to recover gold, which is then sold (commonly as doré to refiners or as refined gold) at prevailing ma...
Gold Fields Earnings Call Summary
Earnings Call Date:Feb 19, 2026
(Q4-2025)
| % Change Since: |
Next Earnings Date:Aug 20, 2026
Earnings Call Sentiment Positive
The call conveys a predominantly positive performance: material production growth, strong cash generation, substantial reserve replacement and a marked increase in shareholder returns underpin a healthy operational and financial momentum. Offsetting risks include modest cost inflation, elevated capital requirements (especially in Australia), specific operational declines (Damang, Tarkwa), safety incidents, high contractor turnover at Gruyere and potential Ghana royalty/lease uncertainty that could raise future unit costs. Management has clear mitigation plans (portfolio optimization, capital allocation framework, community/permitting progress and contractor remediation), and balance-sheet metrics remain strong, supporting continued returns and growth investment.Positive Updates
Strong Production Growth
Attributable production rose 18% year-on-year to 2.44 million ounces, at the upper end of guidance (2.25–2.45 Moz). Salares Norte ramp-up was a major contributor to the increase.
Negative Updates
Rising Unit Costs and Inflationary Pressures
All-in costs increased ~3% year-on-year and all-in sustaining costs increased ~1% year-on-year. Company cited cost inflation, strengthening producer currencies, higher royalties and higher sustaining capital (e.g., winterization at Salares) as drivers.
Read all updates
Q4-2025 Updates
Positive
Negative
Strong Production Growth
Attributable production rose 18% year-on-year to 2.44 million ounces, at the upper end of guidance (2.25–2.45 Moz). Salares Norte ramp-up was a major contributor to the increase.
Read all positive updates
Company Guidance
Management reiterated 2026 guidance in line with the Capital Markets Day: group production of 2.4–2.6 million ounces, total capital expenditure of $1.9–$2.1 billion, all‑in sustaining costs of $1,800–$2,000/oz and all‑in costs of $2,075–$2,300/oz. Salares Norte guidance remains 525,000–550,000 oz gold‑equivalent with AISC of $450–$600/oz. Windfall milestones target FID mid‑2026, main environmental approval and secondary permits by end‑H1/June 2026, site clearance and core infrastructure in 2027, plant construction in H1 2027, commissioning late‑2028 and first gold in 2029. Management noted portfolio metrics that underpin the plan, including ~4.0 million oz of reserve additions (a 9% increase) versus 2.5 million oz of depletion, and a capital‑allocation framework that directs roughly 35% of free cash flow (before discretionary growth) to shareholder returns.Gold Fields Financial Statement Overview
Summary
Income Statement
88
Very Positive
Balance Sheet
78
Positive
Cash Flow
83
Very Positive
| Breakdown | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 8.78B | 5.20B | 4.50B | 4.29B | 4.20B |
| Gross Profit | 4.76B | 2.21B | 1.64B | 1.57B | 1.71B |
| EBITDA | 5.29B | 2.66B | 2.07B | 2.00B | 2.13B |
| Net Income | 3.58B | 1.25B | 703.30M | 711.00M | 789.30M |
Balance Sheet | |||||
| Total Assets | 15.23B | 10.14B | 8.23B | 7.34B | 7.35B |
| Cash, Cash Equivalents and Short-Term Investments | 1.78B | 860.20M | 648.70M | 769.40M | 524.70M |
| Total Debt | 3.60B | 2.95B | 1.67B | 1.47B | 1.49B |
| Total Liabilities | 6.55B | 4.78B | 3.61B | 3.00B | 3.22B |
| Stockholders Equity | 8.43B | 5.20B | 4.48B | 4.34B | 4.13B |
Cash Flow | |||||
| Free Cash Flow | 3.12B | 709.20M | 437.60M | 614.30M | 463.80M |
| Operating Cash Flow | 4.55B | 1.96B | 1.56B | 1.68B | 1.55B |
| Investing Cash Flow | -2.77B | -2.59B | -1.37B | -1.07B | -1.07B |
| Financing Cash Flow | -938.11M | 861.70M | -286.20M | -361.30M | -832.80M |
Gold Fields Technical Analysis
Positive
50.12
Price Trends
49.15
Positive
47.04
Positive
40.16
Positive
Market Momentum
0.33
Negative
58.36
Neutral
62.74
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For GFI, the sentiment is Positive. The current price of 50.12 is above the 20-day moving average (MA) of 44.89, above the 50-day MA of 49.15, and above the 200-day MA of 40.16, indicating a bullish trend. The MACD of 0.33 indicates Negative momentum. The RSI at 58.36 is Neutral, neither overbought nor oversold. The STOCH value of 62.74 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for GFI.
Gold Fields Risk Analysis
Gold Fields disclosed 49 risk factors in its most recent earnings report. Gold Fields reported the most risks in the "Finance & Corporate" category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 0 New Risks
Gold Fields Peers Comparison
UnderperformOutperform
Sector (61)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
80 Outperform | $55.11B | 16.43 | 35.18% | 2.82% | 26.43% | ― | |
75 Outperform | $44.04B | 10.92 | 50.82% | 1.51% | 49.62% | 195.39% | |
73 Outperform | $10.45B | 5.53 | 32.51% | 0.87% | 29.08% | 72.12% | |
72 Outperform | $126.74B | 15.59 | 21.72% | 0.95% | 26.25% | ― | |
70 Outperform | $21.01B | 19.33 | 19.56% | ― | 72.94% | ― | |
67 Neutral | $22.43B | 33.10 | 10.92% | 0.77% | 28.11% | 66.85% | |
61 Neutral | $10.43B | 7.12 | -0.05% | 2.87% | 2.86% | -36.73% |
* Basic Materials Sector Average
GFI
Gold Fields
50.12
26.99
116.67%
CDE
Coeur Mining
21.17
15.07
247.05%
HMY
Harmony Gold Mining
17.08
-0.20
-1.16%
NEM
Newmont Mining
119.30
65.42
121.42%
RGLD
Royal Gold
271.52
88.13
48.05%
AU
Anglogold Ashanti PLC
109.80
67.88
161.91%
Gold Fields Corporate Events
Gold Fields Publishes 2025 B-BBEE Compliance Report and Certificate
Apr 2, 2026
On 31 March 2026, Gold Fields Limited announced that its 2025 Broad-Based Black Economic Empowerment (B-BBEE) Annual Compliance Reports and its 2025 B-BBEE Certificate have been published. The disclosure, made in line with JSE Listings Requirement...
Gold Fields Releases 2025 Annual Reports and Unveils New Sustainability and Tax Transparency Disclosures
Mar 30, 2026
Gold Fields has published its full 2025 suite of annual reports for the year ended 31 December 2025, including its Integrated Annual Report, Annual Financial Report with audited results, Sustainability Report, Tax Transparency Report, Mineral Reso...
Gold Fields Discloses February 2026 Insider Dealings Under 2012 Share Plan
Mar 2, 2026
On 26 February 2026, several directors and prescribed officers of Gold Fields and its major subsidiaries took ownership of vested performance shares under the company’s 2012 Share Plan and executed on-market sales of a portion of these award...
Gold Fields Discloses Van Eck Clients Building 5.42% Stake
Mar 2, 2026
Gold Fields Limited disclosed that clients of Van Eck Associates Corporation have increased their aggregate holding in the miner’s ordinary shares to 5.42% of the company’s total issued share capital. The transaction, formally notified...
Gold Fields Unveils Record 2025 Profit and US$1.7 Billion Capital Return Programme
Feb 20, 2026
Gold Fields reported on 19 February 2026 that profit attributable to shareholders for the year ended 31 December 2025 surged to US$3.57 billion, or US$3.99 per share, from US$1.25 billion a year earlier, driven by higher gold-equivalent output of ...
Gold Fields Names John Fraser MacKenzie as New Board Chair, Effective May 2026
Feb 19, 2026
On 19 February 2026, Gold Fields announced that its board has elected independent non-executive director John Fraser MacKenzie as chair of the board and chair of the Nomination and Governance Committee, effective 25 May 2026 after the company̵...
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.