# Kinross Gold Corporation (KGC) — Stock CV

Kinross Gold Corporation is a $28.1B materials company. Revenue grew 36.9% over the last year, it keeps 34¢ of every dollar of sales as profit, and it holds more cash than debt. It trades at 8.7× earnings.

> Kinross Gold is a Canada-based gold producer, producing roughly 2 million gold equivalent ounces in 2025. The company had about a decade of gold reserves at the end of 2025.

## Identity

- **Ticker**: KGC
- **Sector**: Basic Materials
- **Industry**: Gold
- **Employees**: 7 100
- **Website**: https://www.kinross.com
- **Market cap**: $28.1B
- **Last price**: $23.71
- **Financial profile**: Strong

## Vitals (FY2025)

- **Revenue**: $7.05B
- **Net income**: $2.39B
- **Free cash flow**: $3.06B
- **Net cash**: $1.90B
- **P/E**: 8.7
- **Revenue growth (YoY)**: 36.9%

## Skills (profile scores, 0–100)

| Pillar | Score |
|---|---|
| Valuation | 95 |
| Growth | 75 |
| Profitability | 100 |
| Health | 100 |
| Quality | 87 |
| Moat | 51 |

## Qualifications (beginner checklist) — 10 of 11 passed

- [x] Revenue growing — +36.9% YoY
- [x] Profitable — $2.39B FY2025
- [x] Profit growing — +13.0% YoY
- [x] Generates cash — $3.06B FY2025
- [x] Debt under control — more cash than debt
- [x] Established company — $28.1B market cap
- [x] Not printing shares — -2.9% shares over ~5y
- [ ] Proven track record — 4/5 profitable years
- [x] Financially stable — Altman Z 5.5 — safe
- [x] Pays a dividend — yield 0.63%
- [x] Valuation not extreme — P/E 8.7

## Experience (career milestones)

- **FY2025** — Best year on record: $2.39B net income
- **FY2024** — Became debt-free: cash now exceeds total debt
- **FY2021** — First recorded profitable year: $221M net income
- **FY2021** — Revenue already above $1B: $2.60B in first reported year
- **FY2021** — Positive free cash flow every year since: 5-year streak
- **2021** — Kinross offered to acquire Great Bear Resources for $29 per share, or about $1.8 billion, giving…
- **2012** — Securities class action lawsuits launched in the U.S
- **2010** — Kinross purchased 91% of Red Back Mining for $7.1 billion
- **2007** — The TVX merger resulted in Kinross' stake in the La Coipa open pit mine, the remainder being purchased from Goldcorp…
- **2006** — Kinross bought Crown Resources Corporation, which gave it ownership of the mineral resource Buckhorn…
- **2003** — Kinross TVX Gold and Echo Bay Mines shareholders approved a $3-billion merger, combining the three…
- **1999** — Kinross acquired Hollinger Mines in 1999 as part of a land package prior to the bankruptcy of Royal Oak Mines (later…
- **1998** — A wholly owned subsidiary of Kinross merged with Amax Gold, forming Kinam Gold, the company's largest…
- **1993** — Kinross Gold Corporation is a Canadian gold and silver mining company founded in 1993 and headquartered in Toronto,…
- **Jun 1, 1993** — Kinross was listed on the Toronto Stock Exchange and NASDAQ, then on the New York Stock Exchange in…

## Strengths

- High gross margin (56.3%)
- Strongly profitable — 33.9% net margin
- Revenue growing 36.9% year over year
- Strong cash conversion — FCF is 43.4% of revenue
- Net cash position after subtracting debt from cash

## Watch-outs

- Loss-making in 1 of the recent years

## Track record

| Year | Revenue | Net income | Free cash flow |
|---|---|---|---|
| FY2021 | $2.60B | $221M | $242M |
| FY2022 | $3.46B | -$605M | $393M |
| FY2023 | $4.24B | $416M | $1.28B |
| FY2024 | $5.15B | $949M | $2.55B |
| FY2025 | $7.05B | $2.39B | $3.06B |

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Source: https://stockcv.com/KGC — derived from company filings; may be delayed or incomplete. Information, not investment advice.