KINROSS GOLD CORP
KGCdata completeness 100%10 fiscal years on fileData notes: no data for concept 'interestExpense'
KINROSS GOLD CORP earns about 10% on invested capital, barely covering its ~9% cost of capital, and has bought back 4% of its shares over 5 years. The estimate methods put fair value between $3.6 and $68.98 a share.Whether it’s worth owning at today’s price is the last question — and yours to answer, below.
| Figure | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 |
|---|---|---|---|---|---|
| Revenue | $2.6B1 | $3.46B2 | $4.24B3 | $5.15B4 | $7.05B4 |
| Net income | $221.2M5 | −$605.2M6 | $416.3M7 | $948.8M8 | $2.39B8 |
| Operating cash flow | $1.14B9 | — | $1.61B10 | $2.45B11 | $3.76B11 |
| Capital expenditure | $821.7M12 | $764.2M13 | $1.1B14 | $1.08B15 | $1.19B15 |
| Free cash flow (derived) | $313.5M9 | — | $507M10 | $1.37B11 | $2.57B11 |
| Total debt | $1.63B16 | $2.59B17 | $2.23B18 | $1.44B19 | $738.2M19 |
| Cash & equivalents | $531.5M20 | $418.1M21 | $352.4M22 | $611.5M22 | $1.74B22 |
| Diluted shares | 1.24B | 1.22B | 1.23B | 1.23B | 1.20B |
Superscripts are receipts. Each links to the SEC filing the number came from (full list at the bottom).
10 shares is a claim on $71.48 of net worth that earned you $19.92 and generated $21.39 of cash last year, against $6.15 of debt.
It earned about 10% on invested capital against a ~9% cost of capital — roughly what it costs to fund the business, so the numbers show no clear edge.
seeing a moat in the numbers →Share count is down 4% over 5 years — management has been buying back stock, quietly handing owners a bigger slice. Total debt has fallen 55% — deleveraging.
reading capital allocation →Signals, not verdicts — read from the filings above. Numbers don’t prove a moat; they show its footprint. You decide.
The 3 estimate methods that apply put fair value between $3.6 and $68.98 a share. They rest on different assumptions, so where they diverge is the story; the Graham Number is a stricter floor, not a target.
assumptions (10)
- riskFreeRate4.7%
- equityRiskPremium5.0%
- beta100.0%
- equityWeight85.0%
- costOfDebtSpread1.5%
- taxRate21.0%
- terminalGrowth2.5%
- projectionYears10
- fcfGrowth20.0%
- fcfBase$1.37B
assumptions (10)
- riskFreeRate4.7%
- equityRiskPremium5.0%
- beta100.0%
- equityWeight85.0%
- costOfDebtSpread1.5%
- taxRate21.0%
- terminalGrowth2.5%
- projectionYears5
- fcfGrowth20.0%
- fcfBase$1.37B
assumptions (8)
- riskFreeRate4.7%
- equityRiskPremium5.0%
- beta100.0%
- equityWeight85.0%
- costOfDebtSpread1.5%
- taxRate21.0%
- normalizedEarnings$416.3M
- growthAssumed0.0%
assumptions (1)
- grahamMultiplier2250.0%
Different models answer different questions — which to trust when →
| Bear | 0.0% | $17.16 |
| Base | 20.0% | $38.09 |
| Bull | 20.0% | $38.09 |
Bear/base/bull growth = 0% / filed history / history + 5pp. Type a price to see the return each case implies.
Default growth 20.0%= this company’s own filed history (median-to-median FCF CAGR, clamped 0–20%). Your adjustments are recorded anonymously. They become the “what do owners actually believe” dataset.
- 40-F · period ending 2021-12-31 · accession 0001104659-23-040149 (RevenueFromContractsWithCustomers)
- 40-F · period ending 2022-12-31 · accession 0001104659-24-039723 (RevenueFromContractsWithCustomers)
- 40-F · period ending 2023-12-31 · accession 0001104659-25-028819 (RevenueFromContractsWithCustomers)
- 40-F · period ending 2024-12-31 · accession 0001104659-26-035268 (RevenueFromContractsWithCustomers)
- 40-F · period ending 2021-12-31 · accession 0001104659-23-040149 (ProfitLossAttributableToOwnersOfParent)
- 40-F · period ending 2022-12-31 · accession 0001104659-24-039723 (ProfitLossAttributableToOwnersOfParent)
- 40-F · period ending 2023-12-31 · accession 0001104659-25-028819 (ProfitLossAttributableToOwnersOfParent)
- 40-F · period ending 2024-12-31 · accession 0001104659-26-035268 (ProfitLossAttributableToOwnersOfParent)
- 40-F · period ending 2021-12-31 · accession 0001104659-22-041156 (CashFlowsFromUsedInOperatingActivities)
- 40-F · period ending 2023-12-31 · accession 0001104659-25-028819 (CashFlowsFromUsedInOperatingActivities)
- 40-F · period ending 2024-12-31 · accession 0001104659-26-035268 (CashFlowsFromUsedInOperatingActivities)
- 40-F · period ending 2021-12-31 · accession 0001104659-23-040149 (PurchaseOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities)
- 40-F · period ending 2022-12-31 · accession 0001104659-24-039723 (PurchaseOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities)
- 40-F · period ending 2023-12-31 · accession 0001104659-25-028819 (PurchaseOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities)
- 40-F · period ending 2024-12-31 · accession 0001104659-26-035268 (PurchaseOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities)
- 40-F · period ending 2021-12-31 · accession 0001104659-23-040149 (Borrowings)
- 40-F · period ending 2022-12-31 · accession 0001104659-24-039723 (Borrowings)
- 40-F · period ending 2023-12-31 · accession 0001104659-25-028819 (Borrowings)
- 40-F · period ending 2024-12-31 · accession 0001104659-26-035268 (Borrowings)
- 40-F · period ending 2021-12-31 · accession 0001104659-24-039723 (CashAndCashEquivalents)
- 40-F · period ending 2022-12-31 · accession 0001104659-25-028819 (CashAndCashEquivalents)
- 40-F · period ending 2023-12-31 · accession 0001104659-26-035268 (CashAndCashEquivalents)