Barrick Mining (ABX) AI Stock Analysis

• Market Cap: $106.05B
• Dividend Yield: 1.17%
• Average Volume (3M): 7.47M
• Price to Earnings (P/E): 15.5
• Beta (1Y): 1.62
• Revenue Growth: 21.76%
• EPS Growth: 129.56%
• Country: CA
• Employees: 22,100
• Sector: Basic Materials
• Sector Strength: 58
• Industry: Gold
• EPS (TTM): 1.42
• Shares Outstanding: 1,675,360,400
• 10 Day Avg. Volume: 9,188,706
• 30 Day Avg. Volume: 7,465,046
• PEG Ratio: 0.10
• Price to Book (P/B): 2.80
• Price to Sales (P/S): 4.33
• P/FCF Ratio: 17.72
• Enterprise Value/Market Cap: 0.72
• Enterprise Value/Revenue: 4.48
• Enterprise Value/Gross Profit: 8.93
• Enterprise Value/Ebitda: 6.86
• 1Y Price Target: $79.61
• Price Target Upside: 25.77% Upside
• Rating Consensus: Strong Buy
• Number of Analyst Covering: 16
• EPS Forecast (FY): 4.77
• Revenue Forecast (FY): $30.30B

• Rating: 73 Outperform
• Price Target: C$77.00 ▲(21.64% Upside)
• Action: Reiterated Date: 02/07/26
• Date: Action: Reiterated 02/07/26

The score is driven primarily by strong financial performance (material margin expansion, improving leverage, and stronger cash generation) and a constructive earnings outlook with an enhanced shareholder-return framework. These positives are tempered by weak near-term technical momentum (oversold/bearish indicators) and operational risks flagged on the call (safety and PV recovery issues), while valuation appears reasonable but not a major catalyst.

Positive Factors

Strong cash generation & margins

Sustained free cash flow (~$4.2B) and materially higher margins (net margin ~29% in 2025) provide durable capacity to fund sustaining/growth capex, pay the dividend, and support a 50% FCF payout policy. Strong cash generation improves optionality across cycles and underpins capital allocation resilience.

Conservative balance sheet

Low sector-relative leverage (debt-to-equity ~0.18) and a large equity base give the company structural financial flexibility to withstand commodity cycles, pursue project financing or IPO plans, and prioritize shareholder returns without forcing distressed asset sales or heavy refinancing.

Diversified resource base & project pipeline

Meaningful resource expansions (Fourmile, Kibali) plus extended PV life and improving North America operations diversify production and de-risk future output. A broad gold+copper reserve/resource base supports long-term production optionality and provides multiple organic growth avenues.

Negative Factors

Serious safety incidents

Multiple fatalities and admitted safety lapses create durable operational and reputational risk: potential regulatory scrutiny, stricter oversight, insurance and compliance costs, higher contractor/ labor expenses, and possible production interruptions until systemic safety improvements are proven.

PV metallurgical recovery shortfall

Sustained lower-than-feasibility recoveries at a major asset structurally reduce recoverable ounces, lift unit costs and may require technical fixes or additional capital. This materially alters long-term asset economics, life-of-mine profiles and cash-flow expectations if not fully resolved.

Production volatility & talent shortages

A significant drop in gold sales and persistent Nevada staffing/retention issues weaken production reliability. Structural workforce gaps can delay ramp-ups, raise operating costs, and hamper realization of operational improvements, making revenue and margin forecasts more variable over time.

Barrick Mining Business Overview & Revenue Model

Company Description

Barrick Gold Corporation engages in the exploration, mine development, production, and sale of gold and copper properties. It has ownership interests in producing gold mines that are located in Argentina, Canada, Côte d'Ivoire, the Democratic Republic of Congo, Dominican Republic, Mali, Tanzania, and the United States. The company also has ownership interests in producing copper mines located in Chile, Saudi Arabia, and Zambia; and various other projects located throughout the Americas and Africa. Barrick Gold Corporation was founded in 1983 and is headquartered in Toronto, Canada.

How the Company Makes Money

Barrick Gold generates revenue primarily through the sale of gold and copper produced at its mining operations. The company has a diversified revenue model that includes several key revenue streams: gold sales account for the majority of its income, while copper sales contribute a smaller but significant portion. Additionally, Barrick engages in hedging strategies to manage price volatility and mitigate risks associated with fluctuating commodity prices. The company also benefits from strategic partnerships and joint ventures, which enhance its operational capabilities and resource access. Factors contributing to Barrick's earnings include global gold prices, operational efficiencies, production levels, and the successful execution of its exploration and development projects.

Barrick Mining Financial Statement Overview

Summary

Strong 2025 rebound: revenue up ~18% with sharply higher net margin (~29% vs ~17% in 2024), conservative leverage (debt-to-equity ~0.18) and improved ROE (~19%). Cash generation strengthened (FCF ~$4.2B), though FCF conversion remains less consistent given mining reinvestment and cyclicality.

Income Statement

Profitability and momentum strengthened materially in the latest year. Revenue rose to ~$17.3B in 2025 (up ~18%), while margins expanded sharply, with net margin improving to ~29% from ~17% in 2024. The multi-year picture shows volatility (notably weaker profitability in 2022), but the last two years reflect a strong rebound with improving operating leverage and earnings power.

Balance Sheet

Leverage is conservative for the sector: debt-to-equity improved to ~0.18 in 2025 (down from ~0.22–0.23 in prior years), supported by a large equity base (~$26.5B). Returns on equity also accelerated to ~19% in 2025 from high-single-digits in 2024, signaling better capital efficiency. Key watch-out is that mining results can swing, and sustained high returns may be harder to defend through the cycle.

Cash Flow

Cash generation improved meaningfully in 2025: operating cash flow rose to ~$8.1B and free cash flow to ~$4.2B, with free cash flow up ~53% year over year. Operating cash flow was strong relative to net income (about 2.3x), providing a solid buffer. The main weakness is conversion consistency—free cash flow remains only ~52% of net income in 2025 (improved vs. prior years), reflecting ongoing reinvestment and the inherent variability of capital spending in mining.

Breakdown	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	17.15B	12.92B	11.40B	11.01B	11.98B
Gross Profit	8.27B	4.96B	3.46B	3.52B	4.90B
EBITDA	10.78B	7.01B	5.54B	3.70B	6.65B
Net Income	5.08B	2.14B	1.27B	432.00M	2.02B
Balance Sheet
Total Assets	51.48B	47.63B	45.81B	45.97B	46.89B
Cash, Cash Equivalents and Short-Term Investments	6.69B	4.07B	4.15B	4.44B	5.28B
Total Debt	4.74B	5.26B	5.22B	5.25B	5.47B
Total Liabilities	15.63B	14.37B	13.81B	14.68B	14.58B
Stockholders Equity	26.51B	24.29B	23.34B	22.77B	23.86B
Cash Flow
Free Cash Flow	4.19B	1.32B	646.00M	432.00M	1.94B
Operating Cash Flow	8.08B	4.49B	3.73B	3.48B	4.38B
Investing Cash Flow	-1.15B	-2.76B	-2.82B	-1.71B	-1.90B
Financing Cash Flow	-4.26B	-1.79B	-1.21B	-2.60B	-2.39B

Barrick Mining Technical Analysis

• Technical Analysis Sentiment: Positive
• Last Price: 63.30
• 50DMA: Positive
• 100DMA: Positive
• 200DMA: Positive
• MACD: Negative
• RSI: Neutral
• STOCH: Negative

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For TSE:ABX, the sentiment is Positive. The current price of 63.3 is below the 20-day moving average (MA) of 64.91, below the 50-day MA of 65.03, and above the 200-day MA of 45.11, indicating a bullish trend. The MACD of 1.10 indicates Negative momentum. The RSI at 60.05 is Neutral, neither overbought nor oversold. The STOCH value of 89.90 is Negative, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for TSE:ABX.

Barrick Mining Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
AEM	83 Outperform	C$160.56B	25.81	19.58%	0.91%	38.72%	250.70%
LUG	80 Outperform	C$28.04B	25.26	55.69%	2.47%	57.32%	126.96%
K	78 Outperform	C$55.39B	16.86	30.96%	0.43%	36.41%	144.79%
WPM	76 Outperform	C$93.94B	67.17	13.05%	0.55%	54.48%	68.44%
ABX	73 Outperform	$106.05B	15.49	19.64%	1.17%	21.76%	129.56%
FNV	72 Outperform	C$69.07B	53.74	14.17%	0.72%	44.76%	―
Sector *	61 Neutral	$10.43B	7.12	-0.05%	2.87%	2.86%	-36.73%

Barrick Mining Corporate Events

Barrick Bolsters Executive Ranks With New Legal and Global Affairs Chiefs

Barrick Mining has strengthened its senior leadership team with the appointment of James J. McGuire as Chief Legal and Policy Officer and Woo Lee as Chief Global Affairs Officer, both joining the executive committee and reporting to President and CEO Mark Hill. McGuire will oversee legal, compliance, regulatory and public policy functions, while Lee will lead global government affairs strategy and manage key sovereign relationships, underscoring the company’s heightened focus on government engagement and public policy as central to its strategy, license to operate and long-term value creation.

The most recent analyst rating on (TSE:ABX) stock is a Buy with a C$65.00 price target. To see the full list of analyst forecasts on Barrick Mining stock, see the TSE:ABX Stock Forecast page.

Barrick Strengthens Board and Names New CEO Ahead of North American Gold IPO

Barrick Mining Corporation has strengthened its leadership bench with the appointment of former McKinsey & Company senior partner Robert Samek to its Board of Directors and key Audit & Risk and Compensation committees, adding deep global experience in energy, materials, AI applications in mining and capital projects to support the company’s strategic direction. The Board has also named Mark Hill as President and CEO and elevated him to the Board as a non-independent director to lead Barrick through the planned IPO of its North American gold assets, a move aimed at capitalizing on the strong performance of the business under his leadership and positioning the company for its next phase of growth and value creation for shareholders.

The most recent analyst rating on (TSE:ABX) stock is a Buy with a C$71.00 price target. To see the full list of analyst forecasts on Barrick Mining stock, see the TSE:ABX Stock Forecast page.

Barrick Boosts Dividend 140% and Unveils Cash Flow–Linked Payout Policy

Barrick Mining Corporation has declared a sharply higher fourth-quarter 2025 dividend of $0.42 per share, a 140% increase over the prior quarter, and detailed a new capital returns framework that also reflects heavy use of share buybacks. The company repurchased about 51.9 million shares, or roughly 3% of its outstanding stock, for $1.5 billion under its 2025 program, including $500 million in the fourth quarter, and has adopted a new dividend policy targeting a total annual payout of 50% of attributable free cash flow through a combination of a fixed base quarterly dividend of $0.175 per share and a year-end performance top-up, subject to cash flow strength, capital requirements and balance sheet considerations, signaling a stronger commitment to returning cash to shareholders while retaining flexibility for future investment.

The most recent analyst rating on (TSE:ABX) stock is a Buy with a C$71.00 price target. To see the full list of analyst forecasts on Barrick Mining stock, see the TSE:ABX Stock Forecast page.

Barrick Posts Record 2025 Results, Boosts Payouts and Plans IPO of North American Gold Assets

Barrick Mining reported record financial results for the fourth quarter and full year 2025, with Q4 gold output rising 5% sequentially to 871,000 ounces and copper production up 13%, driving quarterly revenue to $6.0 billion and free cash flow to $1.62 billion. For 2025, revenue climbed to $16.96 billion and free cash flow nearly tripled versus 2024 as the company met its gold and copper production guidance despite lower year-on-year gold volumes and higher costs tied to royalties and consumables. The miner posted its highest-ever quarterly earnings per share, sharply boosted year over year, and responded with a more aggressive capital return strategy that includes a new dividend framework targeting a 50% payout of attributable free cash flow, a 40% increase in the base quarterly dividend, a Q4 dividend totaling $0.42 per share, and $1.5 billion of share buybacks representing about 3% of shares outstanding. Barrick also doubled the gold resource at its Fourmile project in Nevada and issued 2026 guidance of 2.90–3.25 million ounces of gold and 190,000–220,000 tonnes of copper. In a significant strategic move, the board has decided to advance preparations for an IPO of its North American gold assets, signaling an effort to unlock additional value from its portfolio and potentially reshape its regional asset base for the benefit of shareholders.

The most recent analyst rating on (TSE:ABX) stock is a Buy with a C$71.00 price target. To see the full list of analyst forecasts on Barrick Mining stock, see the TSE:ABX Stock Forecast page.

Barrick Names Helen Cai as New Chief Financial Officer

Barrick Mining Corporation has appointed Helen Cai as Senior Executive Vice President and Chief Financial Officer, effective March 1, 2026, succeeding long-serving CFO Graham Shuttleworth following the company’s year-end results. Cai, who has served on Barrick’s board since 2021, brings more than 20 years of mining-focused experience in equity research, corporate finance, capital markets and M&A at firms including Goldman Sachs and CICC, and her appointment is positioned as a key leadership move at a pivotal time for Barrick as it seeks to enhance operational performance and shareholder value through strengthened financial stewardship.

The most recent analyst rating on (TSE:ABX) stock is a Buy with a C$78.00 price target. To see the full list of analyst forecasts on Barrick Mining stock, see the TSE:ABX Stock Forecast page.

Barrick Mining Sets February 5 Date for Full-Year and Q4 2025 Results

Barrick Mining Corporation announced it will publish its full-year and fourth-quarter 2025 financial results before the market opens on February 5, 2026, followed by a live webcast and management presentation later that morning. The scheduled webcast, including a Q&A session with analysts, and the availability of presentation materials and replay on the company’s website underscore Barrick’s continuing efforts to maintain transparent communication with investors and other stakeholders around its operational and financial performance.

The most recent analyst rating on (TSE:ABX) stock is a Buy with a C$51.00 price target. To see the full list of analyst forecasts on Barrick Mining stock, see the TSE:ABX Stock Forecast page.