KINROSS GOLD CORP

KGC

Kinross Gold Corporation, together with its subsidiaries, engages in the acquisition, exploration, and development of gold properties principally in the United States, Brazil, Chile, Canada, and Mauritania. It is also involved in the extraction and processing of gold-containing ores; reclamation of gold mining properties; and production and sale of silver.

About the company

Price: $20.76Market Cap: $24.5B

Investment snapshot

65%positive consensus

Scored 1d ago

Positive

BUY / PASS

Neutral / negative

6 / 0

NEUTRAL / FAIL

Median fair value

$17.71

-14.7% vs price

Models with upside

5 / 17

Positive margin of safety

Strongest signal

All 12 investors pass KGC's debt & leverage

Key risk

8 of 13 flag KGC's valuation — Graham, Dreman, Marks +5 more

Framework analysis

Verdict	Meaning
BUY	Positive purchase signal: the framework's buy requirements are met.
PASS	The company clears the framework's checklist or screen, but the framework does not produce a buy signal. For valuation frameworks this often means margin of safety is missing, insufficient, or unavailable; some screen-only frameworks have no intrinsic-value BUY state.
NEUTRAL	Neither a positive nor negative conclusion. It does not mean to hold an existing position.
FAIL	The company does not clear the framework's requirements.
Ranked	Ranked strategies do not use PASS: selected cohort is BUY, outside the cohort is FAIL, and unranked is NEUTRAL.

Current investor scores use trailing 12-month flows and the latest balance sheet where supported. Multi-year and EPS tests retain annual history; each framework shows its financial basis below. Intrinsic values use annual financials.

Metric	Graham Defensive Value	Buffett Quality Compounder	Lynch GARP	Greenblatt Magic Formula	Piotroski F-Score	Dreman Contrarian Value	Munger Quality Focus	Pabrai Dhandho Framework	Akre Three-Legged Stool	Marks Risk-Aware Value	Ackman Activist Value	Templeton Global Bargain Hunter	Sleep Scale Economies Shared	Asness Systematic Factors	Neff Low-P/E Total Return	Schloss Asset-Value Discipline	O'Shaughnessy Systematic Factor Composite
Verdict	PASS	PASS	BUY	BUY · Rank #265 (Top 8.6%)	BUY	BUY	BUY	NEUTRAL	PASS	NEUTRAL	BUY	NEUTRAL	PASS	BUY	NEUTRAL	NEUTRAL	NEUTRAL
Score
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Intrinsic Value (annual)					N/A								N/A	N/A	N/A	N/A	N/A
Margin of Safety	-17.2%	+57.8%	+17.9%	-68.4%	N/A	-35.7%	+71.5%	+21.2%	-126.6%	-198.3%	+72.9%	-213.1%	N/A	N/A	N/A	N/A	N/A
Financial Basis	Annual history · FY 2025 Latest source filing: 2026-03-26 Score computed: 2026-11-14	Annual history · FY 2025 Latest source filing: 2026-03-26 Score computed: 2026-11-14	Annual history · FY 2025 Latest source filing: 2026-03-26 Score computed: 2026-11-14	Annual history · FY 2025 Latest source filing: 2026-03-26 Score computed: 2026-11-14	Annual history · FY 2025 Latest source filing: 2026-03-26 Score computed: 2026-11-14	Annual history · FY 2025 · Market data at 2026-11-01 Latest source filing: 2026-03-26 Score computed: 2026-11-14	Qualitative assessment · Annual history · FY 2025 Latest source filing: 2026-03-26 Score computed: 2026-11-14	Qualitative assessment · Annual history · FY 2025 Latest source filing: 2026-03-26 Score computed: 2026-11-14	Annual history · FY 2025 · Qualitative assessment Latest source filing: 2026-03-26 Score computed: 2026-11-14	Annual history · FY 2025 · Qualitative assessment Latest source filing: 2026-03-26 Score computed: 2026-11-14	Annual history · FY 2025 · Market data at 2026-11-01 Latest source filing: 2026-03-26 Score computed: 2026-11-14	Annual history · FY 2025 · Price history 2025-01-01–2026-11-01 Latest source filing: 2026-03-26 Score computed: 2026-11-14	Annual history · FY 2025 · Qualitative assessment Latest source filing: 2026-03-26 Score computed: 2026-11-14	Annual history · FY 2025 · Price history 2025-01-01–2026-11-01 Latest source filing: 2026-03-26 Score computed: 2026-11-14	Annual history · FY 2025 Latest source filing: 2026-03-26 Score computed: 2026-11-14	Annual history · FY 2025 Latest source filing: 2026-03-26 Score computed: 2026-11-14	Annual history · FY 2025 · Price history 2025-01-01–2026-11-01 Latest source filing: 2026-03-26 Score computed: 2026-11-14

Where It Passes

Debt & Leverage100% pass✓ 15▾
All 12 investors pass KGC's debt & leverage
LT Debt vs Net Current AssetsLT Debt $738.2M vs NCA $1.9B
✓GrahamLT Debt <= Net Current Assets
Debt/Equity & Interest CoverageD/E: 0.09, IC: 40.1x
✓BuffettD/E < 0.5 AND Interest Coverage > 5x
Total Debt / Equity0.09
✓Lynch< 0.33
Cash - Long-term Debt$148.6M
✓LynchPositive preferred
LT Debt / Total Assets Change11.37% -> 5.95%
✓PiotroskiDecreased YoY
Current Assets / Current Liabilities2.35
✓Dreman> 1.5✓SchlossCurrent ratio >= 1.50x (app cutoff)
Total Debt / Shareholders' Equity0.09
✓Dreman< 0.8✓Templeton< 1.0 (fixed cap; proxy for below-sector-median leverage)✓SchlossD/E < 1.00x
Debt Levels0.09
✓MungerDebt/Equity < 0.5✓AkreDebt/Equity < 0.3
Interest Coverage & Debt/EBITDAIC=40.1x, D/EBITDA=0.2x
✓MarksInterest Coverage > 3x; Debt/EBITDA < 4x
Total Debt / Shareholders Equity0.09
✓Ackman<= 1.0
Negative debt-to-equity (higher means less debt)-0.0861; #1213/4210 (top 28.8%)
✓AsnessTop 30% of eligible cross-section
Verdicts100% pass✓ 11▾
Split decision: 6 BUY · 6 NEUTRAL · 4 PASS
Overall verdict
✓GrahamPASS (4/9)✓BuffettPASS (5/9)✓LynchBUY (7/7)✓GreenblattRank #265✓PiotroskiBUY (F-Score 9)✓DremanBUY (9/11)✓MungerBUY (4/4)•PabraiNEUTRAL (2/3)✓AkrePASS (3/6)•MarksNEUTRAL (4/5)✓AckmanBUY (9/9)•TempletonNEUTRAL (5/8)✓SleepPASS (3/6)✓AsnessBUY (Rank #666/2370 (Top 28.1%))•NeffNEUTRAL (4/6)•SchlossNEUTRAL (4/7)•OshaughnessyNEUTRAL (Not ranked)
Cash Flow90% pass✓ 11✗ 1▾
9 of 10 pass — Oshaughnessy objects
Free Cash Flow Proxy$2.4B
✓BuffettPositive and growing
FCF Positive and Growing$2.6B
✓LynchPositive and growing
Operating Cash Flow$3.8B
✓PiotroskiCFO > 0
(CFO / Total Assets) vs ROACFO/Assets=30.30%, ROA=19.26%
✓PiotroskiCFO/Assets > ROA
Price / (CFO / Shares)6.6x
✓Dreman< 8x
P/E or FCF YieldP/E=10.6x, FCF Yield=10.5%
✓PabraiP/E < 15 or FCF Yield > 10%
FCF Positive8/9 years FCF positive
✓MarksPositive FCF in majority of recent years
(OCF - CapEx) / Market Cap10.3%
✓Ackman>= 4%
Price / FCF per Share9.7x
✓Ackman<= 25
Positive Operating Cash Flow frequency9/9 years positive
✓SleepPositive OCF in >= 70% of available years
Operating Cash Flow - Capital Expenditures$2.6B
✓Neff> $0 (app proxy for a strong fundamental case)
(Operating cash flow - capex) / market capitalization+10.49%; #698/4519 (top 15.4%)
✗OshaughnessyTop 10% of eligible cross-section
Growth88% pass✓ 12✗ 1▾
7 of 8 pass — Sleep objects
EPS Growth (3-yr avg, 10-yr window)1124.0%
✓Graham>= 33% growth
Basic earnings-growth PEG (dividends excluded)0.82
✓Lynch< 1.0 (ideally < 0.5)
3-5 Year EPS CAGR13.0%
✓Lynch15-30% (Fast Grower); > 0% to pass
Inventory Growth vs Revenue GrowthInv: 10.2% vs Rev: 36.9%
✓LynchInventory growth < Revenue growth
EPS Growth Direction$-0.08 (2016) -> $1.95 (2025)
✓DremanPositive over recent years
EPS CAGR23.9% CAGR over 8 years
✓Dreman> 5% annualized
Positive Net Income Frequency7/10 years positive
✓MarksPositive net income in >= 7 of last 10 years
3yr Median Revenue Growth22.7%
✓Ackman>= 5%
Positive EPS Growth Frequency3/5 years with positive EPS growth
✓AckmanPositive EPS growth in >= 3 of last 5 years
5-Year EPS CAGR13.0% CAGR over 5 years
✓Templeton> 0% (5-year EPS CAGR)
Revenue growth vs. gross and operating margin trendgross margin 27.4% -> 52.7%, operating margin 18.9% -> 46.5%
✗SleepRevenue rising; gross margin flat or falling; operating margin holding
5-year Revenue CAGR10.8%
✓SleepCAGR > 7%
3-5 Year Diluted EPS CAGR13.0% over 5 years
✓Neff7%-20% annualized
Efficiency75% pass✓ 9✗ 2▾
6 of 8 pass — Akre and Sleep object
Current Ratio2.35
✓Graham>= 2.0
ROIC (3-5 yr avg)11.1%
✓Buffett> 10%
ROIC - WACC+1.1%
✓BuffettPositive (WACC = 10%)
EBIT / (NWC + Net Fixed Assets)35.3%
✓Greenblatt> 25%
Current Ratio Change YoY2.01 -> 2.35
✓PiotroskiIncreased YoY
Revenue / Total Assets Change YoY0.47x -> 0.57x
✓PiotroskiImproved YoY
Current Assets / Current Liabilities2.35
✓Dreman> 1.5
Return on Invested Capital27.8%
✓Munger> 15%
ROIC (high and growing)FY2023: ROIC=7.6%; FY2024: ROIC=14.7%; FY2025: ROIC=27.8%
✗AkreLatest 3 consecutive FYs: ROIC > 15% in each
Reinvestment Rate x ROIC27.8% (RR=100% x ROIC=27.8%)
✓AkreReinvestment Rate * ROIC > 10%
ROIC (5-year)2/5 years above 12% (latest 27.8%)
✗SleepROIC > 12% in a majority of years
Profitability56% pass✓ 24✗ 11▾
9 of 16 pass — Graham, Buffett, Akre +4 more object
Net income / market capitalization+9.77%; #687/6340 (top 10.8%)
✓AsnessTop 30% of eligible cross-section✗OshaughnessyTop 10% of eligible cross-section
Positive EPS (10 years)7/10 years positive
✗GrahamPositive EPS every year for 10 years
EPS Growth (3-yr avg, 10-yr window)1124.0%
✓Graham>= 33% growth
Net Income Positive (10+ years)7/10 years positive
✗BuffettPositive every year for 10+ years
ROE (up to 5-year arithmetic mean)8.3%
✗Buffett> 15% arithmetic mean (app rule)
Operating Margin (10-yr trend)46.5% (latest)
✓BuffettStable or rising over 10 years
Free Cash Flow Proxy$2.4B
✓BuffettPositive and growing
Earnings Variance (10-yr CoV)1.39
✗BuffettCoV < 0.3
Retained Earnings Effectiveness
✗Buffett$1 retained -> > $1 market value created
Basic earnings-growth PEG (dividends excluded)0.82
✓Lynch< 1.0 (ideally < 0.5)
3-5 Year EPS CAGR13.0%
✓Lynch15-30% (Fast Grower); > 0% to pass
ROE27.9%
✓Lynch> 15%
EBIT / Enterprise Value13.5%
✓Greenblatt> 10%
Earnings Yield + ROC AssessmentEY=13.5%, ROC=35.3%
✓GreenblattBoth EY > 10% and ROC > 25%
Net Income / Total Assets19.26%
✓PiotroskiROA > 0
ROA Change YoY8.73% -> 19.26% (delta: +10.53%)
✓PiotroskiCurrent ROA > Prior ROA
(CFO / Total Assets) vs ROACFO/Assets=30.30%, ROA=19.26%
✓PiotroskiCFO/Assets > ROA
Gross Margin Change YoY36.5% -> 52.7%
✓PiotroskiImproved YoY
Pre-Tax Income / Revenue45.3%
✓Dreman>= 8%
Net Income / Shareholders' Equity27.9%
✓Dreman> 12%
Margin of SafetyP/E=10.6x, P/B=2.9x
✓PabraiP/B < 1.5 or P/E < 15
Return on Equity16.2% (3-yr avg)
✗AkreROE > 20% (3-year avg)
Discount to Intrinsic Value-35.7% (IV=$15.30 vs Price=$20.76)
✗Marks>= 20% below intrinsic value
Positive Net Income Frequency7/10 years positive
✓MarksPositive net income in >= 7 of last 10 years
Operating Income / Revenue46.5%
✓Ackman>= 15%
Net Income / Shareholders Equity27.9%
✓Ackman>= 15%
5-Year EPS CAGR13.0% CAGR over 5 years
✓Templeton> 0% (5-year EPS CAGR)
Operating Margin Trend18.9% (2023) -> 46.5% (2025)
✓TempletonNon-negative operating-margin trend over 3 years
Revenue growth vs. gross and operating margin trendgross margin 27.4% -> 52.7%, operating margin 18.9% -> 46.5%
✗SleepRevenue rising; gross margin flat or falling; operating margin holding
Gross profit / total assets+29.94%; #1434/3702 (top 38.7%)
✗AsnessTop 30% of eligible cross-section
Net income / positive book equity+27.87%; #504/5226 (top 9.6%)
✓AsnessTop 30% of eligible cross-section
Negative 5-year standard deviation of ROA-0.0827; #3245/5884 (top 55.1%)
✗AsnessTop 30% of eligible cross-section
3-5 Year Diluted EPS CAGR13.0% over 5 years
✓Neff7%-20% annualized
Positive Diluted-EPS Years7/10 years positive
✓Schloss>= 70% positive over 5-10 observed years (app rule)

Where It Falls Short

Valuation38% pass✓ 13✗ 15▾
8 of 13 flag KGC's valuation — Graham, Dreman, Marks +5 more
Net income / market capitalization+9.77%; #687/6340 (top 10.8%)
✓AsnessTop 30% of eligible cross-section✗OshaughnessyTop 10% of eligible cross-section
Price / 3-yr avg EPS20.4x
✗Graham<= 15x
Price-to-Book Ratio2.9x
✗Graham<= 1.5x
P/E x P/B59.10
✗Graham<= 22.5
Basic earnings-growth PEG (dividends excluded)0.82
✓Lynch< 1.0 (ideally < 0.5)
EBIT / Enterprise Value13.5%
✓Greenblatt> 10%
Earnings Yield + ROC AssessmentEY=13.5%, ROC=35.3%
✓GreenblattBoth EY > 10% and ROC > 25%
Price / EPS10.6x
✓Dreman< 12x✓Templeton< 12x (fixed ceiling; proxy for the market's cheapest 40%)
Price / (CFO / Shares)6.6x
✓Dreman< 8x
Price / Book Value per Share2.9x
✗Dreman< 1.2x✗Templeton< 1.5x✗SchlossP/B <= 0.80x (app cutoff)
Valuation ReasonablenessP/E=10.6x, OE Yield=9.2%
✓MungerP/E < 25 or Owner Earnings Yield > 5%
P/E or FCF YieldP/E=10.6x, FCF Yield=10.5%
✓PabraiP/E < 15 or FCF Yield > 10%
P/B or P/E vs. Historical AverageP/E=10.6x, P/B=2.9x
✓MarksP/E < 15 or P/B < 2.0
Discount to Intrinsic Value-35.7% (IV=$15.30 vs Price=$20.76)
✗Marks>= 20% below intrinsic value
Price / FCF per Share9.7x
✓Ackman<= 25
Price vs. Trailing Low194% of trailing low ($10.72)
✗Templeton<= 120% of trailing low (certified split-adjusted live window)
Positive book equity / market capitalization+0.3507; #3461/6449 (top 53.7%)
✗AsnessTop 30% of eligible cross-section
Price / Diluted EPS10.6x
✓NeffP/E <= 15x (app proxy for a P/E 40%-60% below the market)
(EPS CAGR % + Dividend Yield %) / P/E
✗Neff> 0.7 (Neff's published traditional edge)
Price / Tangible Book Value per Share2.90x
✗SchlossP/TBV <= 1.00x (app cutoff)
Book Value per Share Change+36.3%
✓SchlossLatest BVPS >= earliest BVPS over >= 3 years (app rule)
Revenue / market capitalization+0.2883; #3372/5247 (top 64.3%)
✗OshaughnessyTop 10% of eligible cross-section
(Operating cash flow - capex) / market capitalization+10.49%; #698/4519 (top 15.4%)
✗OshaughnessyTop 10% of eligible cross-section
Trailing six-month price return through the evaluation date-31.21%; #4467/6202 (top 72.0%)
✗OshaughnessyTop 10% of eligible cross-section
Valuation models45% pass✓ 5✗ 6▾
Models split on KGC at $20.76 — fair values range $6.63–$76.62
Graham fair value$17.71
✗Graham-17.2% margin vs $20.76
Buffett fair value$49.23
✓Buffett+57.8% margin vs $20.76
Lynch fair value$25.28
✓Lynch+17.9% margin vs $20.76
Greenblatt fair value$12.33
✗Greenblatt-68.4% margin vs $20.76
Dreman fair value$15.30
✗Dreman-35.7% margin vs $20.76
Munger fair value$72.85
✓Munger+71.5% margin vs $20.76
Pabrai fair value$26.36
✓Pabrai+21.2% margin vs $20.76
Akre fair value$9.16
✗Akre-126.6% margin vs $20.76
Marks fair value$6.96
✗Marks-198.3% margin vs $20.76
Ackman fair value$76.62
✓Ackman+72.9% margin vs $20.76
Templeton fair value$6.63
✗Templeton-213.1% margin vs $20.76

Business & financials

Financial snapshot: annual FY 2025. Current investor scores may use newer quarterly data.

Company Profile

Industry: Precious Metals

SIC Sector: Metal Mining

Size: Large Cap($24.5B)

Revenue: $7.1B+36.9% YoY

Net Income: $2.4B+151.9% YoY

Financial Snapshot

Operating Margin46.5%

Return on Equity27.9%

Debt / Equity0.09

Current Ratio2.35

EPS (Diluted)$1.95+153.2% 1y

Buybacks (1y)$600.3M

Shares Retired2.4% / 2.3% 2y

Similar Companies

AEMAGNICO EAGLE MINES LTD

PAASPAN AMERICAN SILVER CORP

$15.5B

Shareholder Return

Fiscal 2025

Retired 2.4% of shares last year, 2.3% over two.

Buybacks: $600.3M
Dividends: —

What drove EPS

A buyback raises earnings per share without the company earning more. This splits each year's change into the two.

FY24

126.5% = 127.9% + −0.6%

FY25

153.2% = 151.9% + 0.5%

Earnings Fewer shares More shares

The two parts do not sum exactly to the total — the difference is the cross-term, plus preferred capital where the company has any. It is left visible rather than distributed into the other two.

Share count is the denominator the filer used for diluted EPS, recovered as net income ÷ EPS — not the balance-sheet count, which is a point-in-time figure and would put the timing difference into this split. Years with a loss are omitted: a smaller share count makes a loss per share larger, so the decomposition inverts.

Company Financials

Latest TTM and quarters alongside annual years

TTM sums four consecutive quarters and uses the latest quarter-end balances. Quarter columns show three-month results; annual columns show full-year totals. Growth compares the same period a year earlier. EPS is not added for TTM; full-year ratios are blank for quarters.

Metric	FY 2025 Sources 40-F · 2026-03-26	FY 2024 Sources 40-F · 2025-03-27	FY 2023 Sources 40-F · 2024-03-27	FY 2022 Sources 40-F · 2023-03-31	FY 2021 Sources 40-F · 2022-03-31
Market Cap	$24.5Bcurrent	$13.9Best.	$6.6Best.	$5.4Best.	$6.2Best.
Revenue	$7.1B↑37%	$5.1B↑21%	$4.2B↑23%	$3.5B↑33%	$2.6B
Operating Income	$3.3B↑113%	$1.5B↑92%	$801.4M↑581%	$117.7M↑63%	$72.1M
Net Income	$2.4B↑152%	$948.8M↑128%	$416.3M↑169%	-$605.2M↓374%	$221.2M
EPS (Diluted)	$1.95↑153%	$0.77↑126%	$0.34↑172%	$-0.47↓376%	$0.17
Gross Margin	52.7%↑44%	36.5%↑33%	27.4%↑83%	14.9%↓28%	20.8%
Operating Margin	46.5%↑55%	29.9%↑58%	18.9%↑455%	3.4%↑23%	2.8%
ROE	27.9%↑102%	13.8%↑102%	6.8%↑166%	-10.4%↓409%	3.4%
Total Debt	$738.2M↓49%	$1.4B↓36%	$2.2B↓14%	$2.6B↑59%	$1.6B
Shareholders' Equity	$8.6B↑25%	$6.9B↑13%	$6.1B↑4%	$5.8B↓12%	$6.6B
Current Ratio	2.35↑17%	2.01↓24%	2.63↑7%	2.47↓6%	2.63
Debt / Equity	0.09↓59%	0.21↓43%	0.37↓18%	0.45↑80%	0.25
Operating Cash Flow	$3.8B↑54%	$2.4B↑52%	$1.6B	--	$1.1B
Free Cash Flow	$2.6B↑87%	$1.4B↑170%	$507.0M	--	$313.5M

Score history

Historical Score Timeline

Industry peers

Industry Peers

Similar companies in Precious Metals

KGC vs Peers — Financial Grading

Revenue$7.1BTop 25%

Net Income$2.4BTop 25%

ROE27.9%Top 25%

D/E0.09Median

Op. Margin46.5%Top 25%

Curr. Ratio2.35Median

Company	Market Cap	Price	Revenue	Net Income	ROE	D/E	Op. Margin	Curr. Ratio	Graham	Buffett	Lynch	Greenblatt	Piotroski	Dreman
AGNICO EAGLE MINES LTDAEM	$90.2B	$178.45	$11.9B	$4.5B	18.0%	0.01	—	2.02	3/9	5/9	5/7	1/3	F-Score 9	5/11
BARRICK MINING CORPB	$61.2B	$37.59	$17.0B	$5.0B	18.8%	0.17	—	2.92	3/9	5/9	7/7	3/3	F-Score 9	5/11
GOLD FIELDS LTDGFI	$31.6B	$35.76	$5.2B	$1.2B	23.9%	0.48	—	—	2/9	3/9	5/7	0/3	F-Score 5	6/11
PAN AMERICAN SILVER CORPPAAS	$15.5B	$37.50	$3.6B	$980.0M	14.0%	0.10	34.1%	2.69	3/9	2/9	4/7	0/3	F-Score 7	5/11
Coeur Mining, Inc.CDE	$14.3B	$13.98	$2.1B	$585.9M	17.7%	0.02	34.2%	2.47	2/9	2/9	2/7	1/3	F-Score 6	4/11
Equinox Gold Corp.EQX	$12.3B	$10.31	$1.8B	$221.5M	3.8%	0.27	23.8%	—	2/9	2/9	3/7	0/3	F-Score 6	2/11
ALAMOS GOLD INCAGI	$12.0B	$28.61	$1.8B	$885.8M	19.9%	0.04	60.7%	2.00	4/9	2/9	7/7	0/3	F-Score 8	7/11
HARMONY GOLD MINING CO LTDHMY	$9.5B	$15.09	$4.2B	$809.4M	29.8%	0.04	27.5%	1.72	3/9	6/9	7/7	3/3	F-Score 7	9/11