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Kinross Gold
(NYSE:K)
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Rating:75Outperform
Price Target:
C$43.00
â–²(27.75% Upside)
Action:Reiterated
Date:07/31/26
The score is driven primarily by strong financial performance (high profitability, robust free cash flow, and low leverage) and a constructive earnings call (reaffirmed guidance, record liquidity, and meaningful capital returns). These positives are tempered by weak technical positioning (trading below key moving averages) and execution risks highlighted on the call (permitting timelines and inflation/capex pressure), while valuation appears supportive with a low P/E.
Positive Factors
Strong free cash flow generation
Sustained, large free cash flow provides durable funding for dividends, buybacks, and project funding without relying on new debt. This enhances financial flexibility to weather commodity cycles, supports disciplined capital returns, and funds growth capex while preserving liquidity over the medium term.
Negative Factors
Permitting and timing risk on key projects
Lengthy regulatory timetables introduce the risk that expected production and cash flows from major projects are delayed by years. Such delays can push out returns, increase carrying costs, and compress planned production ramps, materially affecting multi-year planning and cash deployment.
Read all positive and negative factors
Positive Factors
Negative Factors
Strong free cash flow generation
Sustained, large free cash flow provides durable funding for dividends, buybacks, and project funding without relying on new debt. This enhances financial flexibility to weather commodity cycles, supports disciplined capital returns, and funds growth capex while preserving liquidity over the medium term.
Read all positive factors
Kinross Gold (K) vs. iShares MSCI Canada ETF (EWC)
Market Cap
C$44.95B
Dividend Yield0.64%
Average Volume (3M)3.10M
Price to Earnings (P/E)10.4
Beta (1Y)2.45
Revenue Growth38.09%
EPS Growth110.34%
CountryCA
Employees7,100
SectorBasic Materials
Sector Strength58
IndustryGold
Share Statistics
EPS (TTM)2.63
Shares Outstanding1,186,240,800
10 Day Avg. Volume2,867,243
30 Day Avg. Volume3,096,852
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$55.05Price Target Upside63.54% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering8
EPS Forecast (FY)3.9
Revenue Forecast (FY)C$13.17B
Kinross Gold Business Overview & Revenue Model
Company Description
Kinross Gold Corporation (K) is a gold mining company engaged in the acquisition, exploration, development, and operation of mineral properties. It operates producing mines and development projects, primarily focused on extracting and processing g...
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:Jul 29, 2026
(Q2-2026)
| % Change Since: |
Next Earnings Date:Oct 28, 2026
Earnings Call Sentiment Positive
The call conveyed a strongly positive operational and financial performance in Q2 and H1 2026: robust free cash flow, record cash/net cash positions, disciplined capital returns and meaningful progress across a high-quality pipeline (Great Bear, Lobo-Marte and U.S. projects). Management reiterated guidance and highlighted cost controls, hedging and productivity gains that support margins. Key risks noted include permitting timelines (especially for Lobo-Marte and the Great Bear federal approval), elevated inflationary pressures that have increased Lobo-Marte CapEx versus 2021, localized operating cost pressures (power in Alaska, tight Nevada labor), and near-term production impacts from stripping at Round Mountain. Overall, the strengths and cash generation materially outweigh the challenges, with a focus on disciplined capital allocation and project execution.Positive Updates
Strong cash generation and free cash flow
Q2 attributable free cash flow of ~$727 million (after $406M capex and $327M tax payments); free cash flow >$725M in Q2 and >$1.5B in H1 2026; adjusted operating cash flow >$1.1B in Q2.
Negative Updates
U.S. operations and Round Mountain ramp impacts
U.S. combined production was 142,000 oz in Q2 with cost of sales $1,871/oz; Round Mountain production was lower quarter-over-quarter due to higher waste mining and lower-grade ore as Phase S stripping continues, creating a near-term production drag ahead of expected higher-grade contributions in H2 and 2028 Phase X ramp.
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Q2-2026 Updates
Positive
Negative
Strong cash generation and free cash flow
Q2 attributable free cash flow of ~$727 million (after $406M capex and $327M tax payments); free cash flow >$725M in Q2 and >$1.5B in H1 2026; adjusted operating cash flow >$1.1B in Q2.
Read all positive updates
Company Guidance
Kinross reaffirmed 2026 guidance of approximately 2.0 million ounces of production, cost of sales of $1,360/oz and an all-in sustaining cost (AISC) of $1,730/oz with capital expenditures around $1.5 billion; Q2 results were strong (492k oz produced, Q2 cost of sales $1,336/oz, Q2 AISC $1,821/oz, margins >$3,100/oz), adjusted EPS $0.71 and adjusted operating cash flow >$1.1 billion. The company generated attributable free cash flow of $727 million in Q2 (after $406 million capex and $327 million tax), >$1.5 billion in H1, added >$470 million in cash in the quarter to finish with $2.7 billion cash and $1.9 billion net cash, and continues returning capital targeting 40% of free cash flow (H1 return ≈37%): Q2 buybacks were 7.9 million shares for $230 million plus a ≈$50 million quarterly dividend and a $40 million post‑quarter repurchase (>$1.1 billion repurchased since Q2 2025). Guidance assumes $70/bbl oil; sensitivity is roughly +$10/oz per $10/bbl oil move (plus ~$4/oz secondary impacts), with fuel hedges through 2026–27 and an expected AISC impact of <2% if recent oil levels persist; production is expected Q3 in line with H1 and higher in Q4, with modestly higher costs in H2 due to U.S. weighting. Looking longer term, grade enhancement is expected to help offset inflation (Phase X and Curlew contributing higher‑grade ounces from 2028) and Great Bear plus Lobo‑Marte are projected to add ~850,000 oz/year of high‑grade, low‑cost production (Lobo‑Marte: ~4.6 Moz over a 15‑year life, ~350k oz/year steady state, initial capex ≈$1.8B, AISC ~$1,000/oz in the refreshed economics).Kinross Gold Financial Statement Overview
Summary
Income Statement
86
Very Positive
Balance Sheet
88
Very Positive
Cash Flow
84
Very Positive
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 8.42B | 7.17B | 5.15B | 4.24B | 3.46B | 3.73B |
| Gross Profit | 4.57B | 3.40B | 1.88B | 1.16B | 515.40M | 1.02B |
| EBITDA | 5.44B | 4.27B | 2.60B | 1.76B | 945.40M | 854.61M |
| Net Income | 3.16B | 2.43B | 948.80M | 416.30M | -605.20M | 221.20M |
Balance Sheet | ||||||
| Total Assets | 13.57B | 12.39B | 10.86B | 10.49B | 10.39B | 10.41B |
| Cash, Cash Equivalents and Short-Term Investments | 2.67B | 1.75B | 621.33M | 360.35M | 428.01M | 542.17M |
| Total Debt | 737.60M | 777.38M | 1.45B | 2.25B | 2.64B | 1.68B |
| Total Liabilities | 3.82B | 3.71B | 3.86B | 4.34B | 4.51B | 3.77B |
| Stockholders Equity | 9.64B | 8.56B | 6.86B | 6.05B | 5.82B | 6.57B |
Cash Flow | ||||||
| Free Cash Flow | 3.09B | 2.57B | 1.28B | 507.00M | 242.20M | 313.50M |
| Operating Cash Flow | 4.47B | 3.78B | 2.45B | 1.61B | 1.05B | 1.14B |
| Investing Cash Flow | -1.19B | -1.04B | -1.18B | -1.01B | -1.60B | -1.19B |
| Financing Cash Flow | -1.76B | -1.59B | -1.01B | -549.00M | 437.50M | -623.20M |
Kinross Gold Technical Analysis
Positive
33.66
Price Trends
35.07
Positive
38.65
Negative
40.12
Negative
Market Momentum
0.92
Negative
61.08
Neutral
82.26
Negative
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For TSE:K, the sentiment is Positive. The current price of 33.66 is below the 20-day moving average (MA) of 34.80, below the 50-day MA of 35.07, and below the 200-day MA of 40.12, indicating a neutral trend. The MACD of 0.92 indicates Negative momentum. The RSI at 61.08 is Neutral, neither overbought nor oversold. The STOCH value of 82.26 is Negative, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive 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 |
|---|---|---|---|---|---|---|---|
82 Outperform | C$21.86B | 16.84 | 81.63% | 2.08% | 35.61% | 49.78% | |
81 Outperform | C$14.52B | 9.20 | 28.08% | ― | 83.00% | 41.80% | |
75 Outperform | C$44.95B | 10.42 | 35.75% | 0.72% | 38.09% | 110.34% | |
72 Outperform | C$19.40B | 12.09 | 26.09% | 0.43% | 46.49% | 237.61% | |
72 Outperform | C$18.58B | 16.03 | 26.18% | 2.99% | 27.09% | 253.66% | |
72 Outperform | C$18.80B | 11.05 | 13.71% | 0.32% | 62.66% | ― | |
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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Kinross Gold Corporate Events
Business Operations and StrategyFinancial Disclosures
Kinross Secures S&P Investment-Grade ‘BBB’ Upgrade on Strong Balance Sheet
Positive
Aug 6, 2026
Kinross Gold has been upgraded by SP Global Ratings to an investment-grade ‘BBB’ long-term issuer and unsecured debt rating, up from ‘BBB-’, with a stable outlook, reflecting improved credit measures supported by solid cash...
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.