Kinross Gold Corp (TSE:K)
NYSE:K
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Kinross Gold
(NYSE:K)
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Rating:76Outperform
Price Target:
C$46.00
▼(-3.93% Downside)
Action:Reiterated
Date:06/02/26
Score is driven by materially improved financial performance (strong profitability, returns, and low leverage) and a supportive earnings call (record free cash flow, solid liquidity, guidance reaffirmed, and shareholder returns). Offsetting factors are mixed technical momentum (negative MACD and below key short/mid-term averages) and only moderate valuation support (P/E ~12 with a low dividend yield).
Positive Factors
Strong free cash flow generation
Sustained, record free cash flow (~$838M attributable) and strong operating cash generation provide durable funding for capital projects, dividends and buybacks. High FCF reduces reliance on external financing, supports the 40% FCF return target and gives flexibility to weather commodity cycles.
Negative Factors
Commodity-price and earnings cyclicality
Kinross’s revenues and margins remain highly exposed to gold prices; strong recent profitability can reverse if metal prices retreat. Earnings and cash generation are therefore volatile across cycles, limiting predictability of returns and making medium-term planning sensitive to commodity moves.
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Positive Factors
Negative Factors
Strong free cash flow generation
Sustained, record free cash flow (~$838M attributable) and strong operating cash generation provide durable funding for capital projects, dividends and buybacks. High FCF reduces reliance on external financing, supports the 40% FCF return target and gives flexibility to weather commodity cycles.
Read all positive factors
Kinross Gold (K) vs. iShares MSCI Canada ETF (EWC)
Market Cap
C$43.05B
Dividend Yield0.43%
Average Volume (3M)3.08M
Price to Earnings (P/E)10.8
Beta (1Y)2.30
Revenue Growth41.92%
EPS Growth138.48%
CountryCA
Employees8,447
SectorBasic Materials
Sector Strength58
IndustryGold
Share Statistics
EPS (TTM)2.37
Shares Outstanding1,194,100,000
10 Day Avg. Volume3,646,341
30 Day Avg. Volume3,081,633
Financial Highlights & Ratios
PEG Ratio0.09
Price to Book (P/B)4.01
Price to Sales (P/S)4.79
P/FCF Ratio13.37
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
C$63.14Price Target Upside31.88% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering9
EPS Forecast (FY)4.25
Revenue Forecast (FY)C$13.74B
Kinross Gold Business Overview & Revenue Model
Company Description
Kinross Gold Corporation and its affiliates are dedicated to identifying, exploring, and developing gold deposits primarily across the United States, Russia, Brazil, Chile, Ghana, and Mauritania. Furthermore, the company manages the extraction and...
How the Company Makes Money
Kinross makes money primarily by selling gold produced from its mining operations. Revenue is driven by (1) the volume of gold sold (generally measured in ounces) and (2) the realized gold price it receives at the time of sale, which is influenced...
Kinross Gold Earnings Call Summary
Earnings Call Date:Apr 29, 2026
(Q1-2026)
| % Change Since: |
Next Earnings Date:Jul 29, 2026
Earnings Call Sentiment Positive
The call conveyed a strongly positive operating and financial performance in Q1 — record free cash flow, robust operating cash flow, a stronger balance sheet, continued return of capital and clear project/permit progress. Operational execution at flagship mines (Paracatu, Tasiast) and active project advancement (Phase X, Great Bear, Lobo-Marte) underpin confidence in meeting full-year guidance. Notable near-term negatives were a timing-driven tax charge, some site-level production/cost volatility (Round Mountain, Quebrada), and exposure to inflation and oil-price volatility that could modestly affect costs and project capital. Overall, management presented these negatives as manageable given hedges, grade-enhancement strategy and a strong liquidity position.Positive Updates
Record cash generation and operating cash flow
Delivered fourth consecutive quarter of record free cash flow of approximately $840 million (attributable free cash flow ~$838 million) and record adjusted operating cash flow of $1.1 billion; adjusted earnings of $0.71 per share.
Negative Updates
Site-specific production and cost headwinds
Higher unit costs and lower production at several sites in Q1: Round Mountain produced 26,000 oz at cost of sales $2,776/oz, Bald Mountain 28,000 oz at $1,934/oz; combined U.S. sites produced 148,000 oz at a higher company-weighted cost of sales of $1,982/oz—above the company's average.
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Q1-2026 Updates
Positive
Negative
Record cash generation and operating cash flow
Delivered fourth consecutive quarter of record free cash flow of approximately $840 million (attributable free cash flow ~$838 million) and record adjusted operating cash flow of $1.1 billion; adjusted earnings of $0.71 per share.
Read all positive updates
Company Guidance
Kinross reconfirmed 2026 guidance of 2.0 million ounces of production, cost of sales of $1,360/oz and all‑in sustaining costs of $1,730/oz, with capital spending of $1.5 billion; Q1 was a strong start with 493,000 oz produced, cost of sales $1,380/oz, AISC $1,732/oz, record attributable free cash flow of ~$838 million (adjusted operating cash flow $1.1 billion) and adjusted EPS of $0.71. Guidance is based on a $4,500/oz gold price and $70/bbl oil; fuel is ~11% of total costs and Kinross cites a direct sensitivity of about $3/oz in cost of sales per $10/bbl crude move (and a 2026 operational sensitivity of ~$10/oz per $10/bbl when including refined‑product effects), implying oil at $100/bbl for the year would add ~ $20/oz to AISC (and up to ~$30/oz including secondary inflation — under ~2% of AISC). The company has hedged 63% of the oil component at an average $62/bbl for its U.S. and Tasiast operations (these sites account for ~75% of company fuel use), is ~42% hedged for U.S./Tasiast in 2027 (~30% company‑wide), targets to return ~40% of free cash flow to shareholders, and ended Q1 with $2.2 billion cash, $3.9 billion total liquidity and ~$1.4 billion net cash after repurchasing $250 million of shares in Q1 (plus $50 million subsequently).Kinross Gold Financial Statement Overview
Summary
Income Statement
86
Very Positive
Balance Sheet
82
Very Positive
Cash Flow
79
Positive
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 7.97B | 7.17B | 5.15B | 4.24B | 3.46B | 3.73B |
| Gross Profit | 4.26B | 3.40B | 1.88B | 1.16B | 515.40M | 1.02B |
| EBITDA | 5.03B | 4.27B | 2.60B | 1.76B | 945.40M | 854.61M |
| Net Income | 2.87B | 2.43B | 948.80M | 416.30M | -605.20M | 221.20M |
Balance Sheet | ||||||
| Total Assets | 12.88B | 12.39B | 10.86B | 10.49B | 10.39B | 10.41B |
| Cash, Cash Equivalents and Short-Term Investments | 2.19B | 1.75B | 621.33M | 360.35M | 428.01M | 542.17M |
| Total Debt | 738.50M | 777.38M | 1.45B | 2.25B | 2.64B | 1.68B |
| Total Liabilities | 3.66B | 3.71B | 3.86B | 4.34B | 4.51B | 3.77B |
| Stockholders Equity | 9.10B | 8.56B | 6.86B | 6.05B | 5.82B | 6.57B |
Cash Flow | ||||||
| Free Cash Flow | 2.35B | 2.57B | 1.28B | 507.00M | 242.20M | 313.50M |
| Operating Cash Flow | 3.32B | 3.78B | 2.45B | 1.61B | 1.05B | 1.14B |
| Investing Cash Flow | -796.90M | -1.04B | -1.18B | -1.01B | -1.60B | -1.19B |
| Financing Cash Flow | -1.47B | -1.59B | -1.01B | -549.00M | 437.50M | -623.20M |
Kinross Gold Technical Analysis
Negative
47.88
Price Trends
42.14
Negative
43.80
Negative
39.50
Negative
Market Momentum
-1.15
Positive
35.23
Neutral
13.03
Positive
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For TSE:K, the sentiment is Negative. The current price of 47.88 is above the 20-day moving average (MA) of 40.09, above the 50-day MA of 42.14, and above the 200-day MA of 39.50, indicating a bearish trend. The MACD of -1.15 indicates Positive momentum. The RSI at 35.23 is Neutral, neither overbought nor oversold. The STOCH value of 13.03 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for TSE:K.
Kinross Gold Peers Comparison
UnderperformOutperform
Sector (61)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
76 Outperform | C$43.05B | 10.84 | 34.46% | 0.43% | 41.92% | 138.48% | |
75 Outperform | C$12.55B | 9.07 | 26.05% | ― | 87.39% | 21.18% | |
74 Outperform | C$18.95B | 14.86 | 68.29% | 2.47% | 49.56% | 67.17% | |
74 Outperform | C$17.55B | 14.84 | 27.75% | 2.31% | 38.40% | ― | |
72 Outperform | C$20.99B | 14.17 | 25.24% | 0.25% | 46.83% | 306.46% | |
72 Outperform | C$11.92B | 13.99 | 10.73% | ― | 65.86% | 10.18% | |
61 Neutral | $10.43B | 7.12 | -0.05% | 2.87% | 2.86% | -36.73% |
* Basic Materials Sector Average
TSE:K
Kinross Gold
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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.