Kinross Gold
KGCNYSEUSD
- Source valuation snapshot. Not a live recalculation.
- Latest filed annual earnings; price snapshot date unavailable. Not forward P/E.
- Diluted earnings per share from the latest filed annual.
- $21.53 Prior regular-session close from the quote source.
- $21.23–$21.64 Regular-session low and high so far today.
- 6.3M Regular-session shares traded · Nov 11, 4:00 PM ET.
- Not yet confirmed The company has not confirmed its next report date. Reported quarters are available in the chart’s Earnings view.
- $19.70–$39.11 52-week trading low and high returned by the quote source.
Understand the Business
Why the Stock Moved
Period-matched expectations history is not yet available. Current metrics are not a substitute for a historical explanation.
The core investment thesis
Own KGC if it sustains low unit costs, reliable production and disciplined cash allocation — otherwise the 2025 margin/cash peak proves temporary.
KGC price history
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Investment thesis
What must happen next
Kinross converts higher realized metal prices and operating leverage into materially larger operating income and operating cash flow, so commodity upside flows quickly into free cash available for capital allocation.StrengtheningMateriality: High
operating_cash_flow: 3,760,500,000 (annual FY2025) vs 2,446,400,000 (FY2024) and 1,605,300,000 (FY2023). If true, the company can generate excess cash to cut debt, return capital or buy low-cost ounces; if false, earnings and cash will collapse when prices normalize.
Watch: A sustained decline in realized gold price per ounce that materially reduces revenue per ounce sold.
Supporting sources
Source notes are factual paraphrases; read the original disclosures below.
operating_cash_flow: 3,760,500,000 (annual FY2025) vs 2,446,400,000 (FY2024) and 1,605,300,000 (FY2023).
Open source ↗Stronger OCF has meaningfully rebuilt cash/liquidity, enabling debt reduction and shareholder returns if management remains disciplined rather than spending on value-destroying acquisitions.StrengtheningMateriality: High
cash: 1,742,300,000 (instant FY2025) up from 611,500,000 (FY2024) and 352,400,000 (FY2023). A stronger balance sheet reduces financial risk and funds buybacks/dividends; poor allocation would destroy the upside from improved operations.
Watch: Announcement of a large, premium-priced acquisition funded by cash or equity that does not add low-cost ounces.
Supporting sources
Source notes are factual paraphrases; read the original disclosures below.
cash: 1,742,300,000 (instant FY2025) up from 611,500,000 (FY2024) and 352,400,000 (FY2023).
Open source ↗Recent revenue growth to date is strongly commodity-price sensitive rather than guaranteed by sustained production/low-cost volume growth; durability of top-line depends on reserve replacement and successful project execution.HoldingMateriality: Medium
revenue: 7,051,100,000 (annual FY2025) vs 5,148,800,000 (FY2024), 4,239,700,000 (FY2023), 3,455,100,000 (FY2022). If growth is mainly price-driven, a gold-price mean reversion will drive revenues and margins down even if operations remain stable; if growth is production-driven, cash flows are more durable.
Watch: Public reporting of sustained, year-over-year increases in ounces sold/produced or a falling AISC per ounce (operational metrics that would show production-led growth).
Supporting sources
Source notes are factual paraphrases; read the original disclosures below.
revenue: 7,051,100,000 (annual FY2025) vs 5,148,800,000 (FY2024), 4,239,700,000 (FY2023), 3,455,100,000 (FY2022).
Open source ↗Gross and operating margins expanded materially in 2025 due to price and/or unit-cost improvements, but margins remain exposed to input-cost inflation, royalty/tax changes and political/operational risk.StrengtheningMateriality: Medium
gross_profit: 3,715,800,000 (annual FY2025) vs 1,878,300,000 (FY2024) and 1,159,600,000 (FY2023) — implying gross-margin expansion in 2025. Sustained higher margins drive cash conversion and valuation; margin deterioration would directly compress free cash flow and returns.
Watch: New or increased government royalties/taxes or changes to fiscal terms in jurisdictions where Kinross operates.
Supporting sources
Source notes are factual paraphrases; read the original disclosures below.
gross_profit: 3,715,800,000 (annual FY2025) vs 1,878,300,000 (FY2024) and 1,159,600,000 (FY2023) — implying gross-margin expansion in 2025.
Open source ↗
Full investment case & evidence
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Original research
Kinross converts higher realized metal prices and operating leverage into materially larger operating income and operating cash flow, so commodity upside flows quickly into free cash available for capital allocation. If true, the company can generate excess cash to cut debt, return capital or buy low-cost ounces; if false, earnings and cash will collapse when prices normalize.
Stronger OCF has meaningfully rebuilt cash/liquidity, enabling debt reduction and shareholder returns if management remains disciplined rather than spending on value-destroying acquisitions. A stronger balance sheet reduces financial risk and funds buybacks/dividends; poor allocation would destroy the upside from improved operations.
Recent revenue growth to date is strongly commodity-price sensitive rather than guaranteed by sustained production/low-cost volume growth; durability of top-line depends on reserve replacement and successful project execution. If growth is mainly price-driven, a gold-price mean reversion will drive revenues and margins down even if operations remain stable; if growth is production-driven, cash flows are more durable.
Gross and operating margins expanded materially in 2025 due to price and/or unit-cost improvements, but margins remain exposed to input-cost inflation, royalty/tax changes and political/operational risk. Sustained higher margins drive cash conversion and valuation; margin deterioration would directly compress free cash flow and returns.
All standing thesis claims
Original report summary
it sustains low unit costs, reliable production and disciplined cash allocation — otherwise the 2025 margin/cash peak proves temporary.
Bull case and bear case
Bull case and bear case for Kinross Gold
Where the evidence on Kinross Gold stands: Holding on the latest evidence (Nov 7, 2026). Of its 4 thesis points, 3 strengthening and 1 holding.
Bull case: what the evidence supports
Kinross converts higher realized metal prices and operating leverage into materially larger operating income and operating cash flow, so commodity upside flows quickly into free cash available for capital allocation.
Stronger OCF has meaningfully rebuilt cash/liquidity, enabling debt reduction and shareholder returns if management remains disciplined rather than spending on value-destroying acquisitions.
Recent revenue growth to date is strongly commodity-price sensitive rather than guaranteed by sustained production/low-cost volume growth; durability of top-line depends on reserve replacement and successful project execution.
Gross and operating margins expanded materially in 2025 due to price and/or unit-cost improvements, but margins remain exposed to input-cost inflation, royalty/tax changes and political/operational risk.
Bear case: what would count against it
A sustained decline in realized gold price per ounce that materially reduces revenue per ounce sold.
Announcement of a large, premium-priced acquisition funded by cash or equity that does not add low-cost ounces.
Public reporting of sustained, year-over-year increases in ounces sold/produced or a falling AISC per ounce (operational metrics that would show production-led growth).
Thesis-Break Engine
Thesis-break watch · Kinross Gold
No break has crossed Kinross Gold’s thesis. Its break conditions are checked against every new filing as it lands.
MARKET + FINANCIAL SNAPSHOT
The numbers behind the thesis
What Changed
- MixedForeign issuer material report (6-K).
Kinross Gold filed an SEC report on 2026-10-28: Foreign issuer material report (6-K). It is a dated development that tests the current thesis.
- MixedForeign issuer material report (6-K).
Kinross Gold filed an SEC report on 2026-10-06: Foreign issuer material report (6-K). It is a dated development that tests the current thesis.
- MixedForeign issuer material report (6-K).
Kinross Gold filed an SEC report on 2026-09-24: Foreign issuer material report (6-K). It is a dated development that tests the current thesis.
Risks / falsifiers
What could break the thesis
- A sustained decline in realized gold price per ounce that materially reduces revenue per ounce sold.
- Announcement of a large, premium-priced acquisition funded by cash or equity that does not add low-cost ounces.
- Public reporting of sustained, year-over-year increases in ounces sold/produced or a falling AISC per ounce (operational metrics that would show production-led growth).
- New or increased government royalties/taxes or changes to fiscal terms in jurisdictions where Kinross operates.
KGC news
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Financial statements
KGC income statement
Annual filed results · USD · Oldest to newest. Margins are calculated from the reported figures.
KGC: quick answers
- What is KGC's short interest?
- As of October 30, 2026, 20.3M KGC shares were sold short, up 18.2% from the count before. At the stock's average daily volume that is 2.7 days to cover. FINRA publishes the count twice a month. KGC short interest history
- Have members of Congress traded KGC?
- 2 trades in KGC have been disclosed under the STOCK Act by members of Congress, the President or senior officials, none in reports made public in the last 90 days. Every disclosed KGC trade
- Which well-known investors own KGC?
- 2 of the 37 well-known funds tracked here reported KGC shares in their latest 13F filings. By share of the fund's portfolio: Bridgewater Associates (Ray Dalio), 0.1%; Maverick Capital, 0.0%. Fund portfolios
KGC in well-known investors’ portfolios
2 of 37 funds reported KGC shares in their latest 13F filing. A 13F shows quarter-end positions and arrives up to 45 days later.
| Fund | Of its portfolio | Value | Change | Quarter |
|---|---|---|---|---|
| Ray DalioBridgewater Associates | 0.12% | $29.3M | +7.0% | Q2 2026 |
| Maverick Capital | 0.00% | $556K | +17.6% | Q2 2026 |