Latest Ratios: P/E Ratio 12.4x · EV/EBITDA 6.7x · ROE 31.0%. (1996–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $29.6B | $34.5B | $11.4B | $7.5B | $5.2B | $7.4B | $9.3B | $6.0B | $4.0B | $5.4B | $3.8B |
| Enterprise Value | $28.6B | $33.5B | $12.3B | $9.4B | $7.4B | $8.5B | $10.1B | $7.3B | $5.4B | $6.1B | $4.7B |
| P/E Ratio → | 12.42 | 14.15 | 12.04 | 17.79 | — | 34.18 | 6.61 | 8.17 | — | 12.34 | — |
| P/S Ratio | 4.13 | 4.81 | 2.22 | 1.76 | 1.52 | 2.84 | 2.21 | 1.71 | 1.26 | 1.64 | 1.10 |
| P/B Ratio | 3.49 | 3.97 | 1.64 | 1.22 | 0.89 | 1.11 | 1.40 | 1.12 | 0.89 | 1.18 | 0.91 |
| P/FCF | 11.53 | 13.43 | 8.35 | 14.76 | 18.32 | 23.52 | 8.94 | 36.33 | — | 100.56 | 8.20 |
| P/OCF | 7.82 | 9.11 | 4.68 | 4.66 | 4.99 | 6.50 | 4.75 | 4.88 | 5.13 | 5.71 | 3.47 |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 4.67 | 2.38 | 2.21 | 2.16 | 3.28 | 2.39 | 2.08 | 1.69 | 1.85 | 1.36 |
| EV / EBITDA | 6.70 | 7.84 | 4.57 | 5.24 | 8.26 | 11.09 | 3.68 | 4.23 | 5.57 | 5.30 | 5.23 |
| EV / EBIT | 9.24 | 10.81 | 8.01 | 12.05 | 42.59 | 54.61 | 5.34 | 7.00 | 29.26 | 12.12 | 115.17 |
| EV / FCF | — | 13.05 | 8.95 | 18.48 | 26.05 | 27.16 | 9.68 | 44.23 | — | 113.42 | 10.12 |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 47.5% | 47.5% | 36.5% | 27.4% | 14.9% | 20.8% | 54.5% | 38.6% | 18.0% | 21.3% | 14.2% |
| Operating Margin | 43.2% | 43.2% | 29.9% | 18.9% | 3.4% | 2.8% | 45.1% | 28.3% | 6.2% | 10.2% | 1.3% |
| Net Profit Margin | 33.9% | 33.9% | 18.4% | 9.8% | -17.5% | 8.5% | 31.9% | 20.5% | -0.7% | 13.5% | -3.0% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 31.0% | 31.0% | 14.4% | 6.9% | -9.7% | 3.3% | 22.4% | 14.6% | -0.5% | 10.1% | -2.6% |
| ROA | 20.9% | 20.9% | 8.9% | 4.0% | -5.8% | 2.1% | 13.4% | 8.4% | -0.3% | 5.5% | -1.3% |
| ROIC | 29.9% | 29.9% | 14.6% | 7.5% | 1.1% | 0.7% | 20.2% | 11.9% | 2.7% | 4.9% | 0.7% |
| ROCE | 29.8% | 29.8% | 15.7% | 8.2% | 1.2% | 0.7% | 21.1% | 12.5% | 2.7% | 4.5% | 0.6% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 0.09 | 0.09 | 0.21 | 0.37 | 0.45 | 0.25 | 0.30 | 0.35 | 0.38 | 0.38 | 0.41 |
| Debt / EBITDA | 0.18 | 0.18 | 0.54 | 1.26 | 2.93 | 2.19 | 0.73 | 1.10 | 1.78 | 1.50 | 1.92 |
| Net Debt / Equity | — | -0.11 | 0.12 | 0.31 | 0.38 | 0.17 | 0.12 | 0.24 | 0.30 | 0.15 | 0.21 |
| Net Debt / EBITDA | -0.23 | -0.23 | 0.31 | 1.06 | 2.45 | 1.49 | 0.28 | 0.76 | 1.41 | 0.60 | 0.99 |
| Debt / FCF | — | -0.38 | 0.61 | 3.72 | 7.73 | 3.64 | 0.74 | 7.91 | — | 12.86 | 1.92 |
| Interest Coverage | 37.23 | 37.23 | 30.33 | 11.27 | 2.56 | 2.18 | 21.07 | 13.53 | 2.57 | 5.84 | 0.41 |
Net cash position: cash ($1.8B) exceeds total debt ($777M)
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 2.35 | 2.35 | 1.91 | 2.47 | 2.30 | 2.63 | 1.82 | 2.96 | 2.61 | 3.90 | 3.26 |
| Quick Ratio | 1.37 | 1.37 | 0.74 | 0.79 | 0.87 | 1.08 | 1.02 | 1.25 | 0.89 | 2.03 | 1.72 |
| Cash Ratio | 1.25 | 1.25 | 0.59 | 0.53 | 0.57 | 0.73 | 0.91 | 0.96 | 0.60 | 1.80 | 1.34 |
| Asset Turnover | — | 0.58 | 0.47 | 0.40 | 0.33 | 0.25 | 0.39 | 0.39 | 0.40 | 0.40 | 0.44 |
| Inventory Turnover | 2.76 | 2.76 | 2.63 | 2.69 | 2.74 | 1.79 | 1.79 | 2.04 | 2.50 | 2.37 | 3.02 |
| Days Sales Outstanding | — | 4.28 | 3.22 | 4.12 | 10.50 | 12.58 | 7.33 | 12.49 | 14.88 | 9.35 | 20.11 |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | 0.5% | 0.4% | 1.3% | 2.0% | 2.9% | 2.0% | 0.8% | — | — | — | — |
| Payout Ratio | 6.4% | 6.4% | 15.5% | 35.4% | — | 68.3% | 5.6% | — | — | — | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 8.1% | 7.1% | 8.3% | 5.6% | — | 2.9% | 15.1% | 12.2% | — | 8.1% | — |
| FCF Yield | 8.7% | 7.4% | 12.0% | 6.8% | 5.5% | 4.3% | 11.2% | 2.8% | — | 1.0% | 12.2% |
| Buyback Yield | 2.1% | 1.8% | 0.0% | 0.0% | 5.7% | 1.4% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| Total Shareholder Yield | 2.6% | 2.2% | 1.3% | 2.0% | 8.7% | 3.4% | 0.8% | 0.0% | 0.0% | 0.0% | 0.0% |
| Shares Outstanding | — | $1.2B | $1.2B | $1.2B | $1.3B | $1.3B | $1.3B | $1.3B | $1.2B | $1.3B | $1.2B |
Jurisdictional and commodity volatility
According to current market data, Kinross trades at a forward P/E of 8.06, which appears to discount the company relative to senior peers like Agnico Eagle, likely reflecting lingering investor caution regarding the firm's historical jurisdictional risk profile in West Africa and South America.
The current valuation suggests the market is not yet fully pricing in the recent balance sheet transformation or the potential for a re-rating as the Great Bear project matures. Investors should monitor whether this valuation gap narrows as the company demonstrates sustained operational stability in its core jurisdictions.
Based on reported financial statements, Kinross has seen its ROIC climb from 1.8% in 2023Q4 to 12.7% in 2026Q1, indicating a significant improvement in the company's ability to generate returns on its invested capital as it shifts toward higher-margin production and disciplined capital allocation.
This trend suggests that the company's recent focus on operational efficiency and the divestment of non-core assets is successfully driving value creation. The improvement in ROIC appears to be a structural shift rather than a temporary fluctuation, warranting further investigation into the sustainability of these returns.
As reported in recent filings, the company's cash conversion cycle has stabilized around 69 days in 2026Q1, a notable improvement from the 123-day cycle observed in 2024Q1, suggesting more efficient management of inventory and supplier payment terms across its global mining operations.
The reduction in the cash conversion cycle implies that Kinross is becoming more adept at managing its working capital, which directly supports its robust free cash flow generation. This efficiency gain appears to be a key driver of the company's improved liquidity position compared to its historical performance.
According to quarterly data, the debt-to-equity ratio has compressed to a nominal 0.08 in 2026Q1 from 0.37 in 2023Q4, reflecting a disciplined approach to debt reduction that has significantly lowered the firm's interest burden and enhanced its overall financial flexibility in a volatile commodity environment.
This rapid deleveraging suggests that management is prioritizing balance sheet strength to mitigate the inherent risks of the gold mining sector. The current interest coverage ratio of 184.21 indicates that debt service is no longer a material constraint on the company's operational or strategic flexibility.
The price-to-book ratio is frequently misapplied to Kinross, as it fails to account for the significant non-cash impairment charges and historical write-downs that have artificially depressed the book value of the company's long-lived mining assets over the past decade.
Investors should instead focus on EV/EBITDA or P/FCF, which better capture the company's actual cash-generating capacity and operational efficiency. Relying on P/B may lead to an inaccurate assessment of the company's valuation, as it ignores the underlying value of the reserves and the potential for future production.
Includes 30+ ratios · 30 years · Updated daily
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Quick answers to the most common questions about buying KGC stock.
Kinross Gold Corporation's current P/E ratio is 12.4x. The historical average is 26.1x. This places it at the 33th percentile of its historical range.
Kinross Gold Corporation's current EV/EBITDA is 6.7x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 10.4x.
Kinross Gold Corporation's return on equity (ROE) is 31.0%. This is above the typical threshold of 15-20% considered good for most companies. The historical average is -5.8%.
Based on historical data, Kinross Gold Corporation is trading at a P/E of 12.4x. This is at the 33th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
Kinross Gold Corporation's current dividend yield is 0.51% with a payout ratio of 6.4%.
Kinross Gold Corporation has 47.5% gross margin and 43.2% operating margin. Operating margin above 20% indicates strong pricing power and cost efficiency.
Kinross Gold Corporation's Debt/EBITDA ratio is 0.2x, indicating low leverage. A ratio below 2x is generally considered financially healthy.