Kinross Gold Corp.
KGC
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+ FollowMarket Cap$40.42B
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Earnings Call Q2 2026
July 30, 2026 - AI Summary
Q2 delivered strong cash flow and margins; set up solid first half
- Production: 492,000 oz (gold equivalent) in Q2.
- Costs: Cost of sales $1,336/oz, AISC $1,821/oz (both described as “on plan”).
- Profitability: margins over $3,100/oz; adjusted earnings $0.71/share.
- Cash flow: adjusted operating cash flow > $1.1B; free cash flow (FCF) $727M in Q2 and $1.5B+ in the first half.
- Message to investors: company “holding the line on costs” after a strong Q1 and positioning for full-year guidance.
Strong capital return program—40% of FCF target on track
- Q2 shareholder returns: $230M buybacks (7.9M shares) + ~$50M dividend.
- First half: return of capital ~37% of attributable FCF, reiterated as on track for 2026 target of ~40%.
- Balance sheet strength: ended Q2 with $2.7B cash and $1.9B net cash (after adding >$470M cash even while returning $275M to shareholders).
- Post-quarter: additional $40M buybacks after quarter end.
2026 outlook maintained: on track for ~2.0M oz with cost guidance; Q3/Q4 shape explained
- Full-year guidance (reiterated): ~2.0M oz, cost of sales ~$1,360/oz, AISC ~$1,730/oz, capital ~$1.5B.
- Quarter-by-quarter expectation: Q3 in line with Q1/Q2; Q4 higher.
- Cost outlook: costs modestly higher in H2, attributed to greater U.S. contribution, but expected to remain within guidance.
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$34.31
43.9% upside
Current Fair Value
43.9% upsideUndervalued by 43.9% based on the discounted cash flow analysis.
Share Statistics
| Market cap | $40.42 Billion |
|---|---|
| Enterprise Value | $38.49 Billion |
| Dividend Yield | $0.15 (0.65%) |
| Earnings per Share | $1.99 |
| Beta | 1.41 |
| Outstanding Shares | 1,191,629,000 |
Return
| Return on Equity | 32.70% |
|---|---|
| Return on Assets | 23.22% |
| Return on Invested Capital | 35.39% |
Valuation & Multiples
| P/E Ratio | 9.06 |
|---|---|
| PEG | 17.25 |
| Price to Sales | 3.41 |
| Price to Book Ratio | 2.98 |
| Enterprise Value to Revenue | 4.59 |
| Enterprise Value to EBIT | 8.98 |
| Enterprise Value to Net Income | 12 |
| Total Debt to Enterprise | 0.02 |
| Debt to Equity | 0.08 |
Revenue Sources
No data
Insider Trades
Last Earnings Call
Report Date
July 29, 2026
EPS Estimate
$0.66
Average shareholder expectationRevenue Estimate
$2.24 B
Average shareholder expectationNext Earnings Call
Expected Date
October 28, 2026
EPS Estimate
$0.47
Average shareholder expectationRevenue Estimate
$1.93 B
Average shareholder expectationInstitutional Put/Call Ratio
Market sentiment based on institutional option activity.
| Put/Call Ratio | 0.0000▼ 92.97% |
|---|---|
| Total Calls | -▼ 100.00% |
| Total Puts | -▼ 100.00% |
Institutional Ownership
Holdings and activity of institutional investors.
| Ownership % | 0.04%▼ 61.03% |
|---|---|
| Total Invested | $12.65M▼ 99.93% |
| Investors Holding | 24▼ 666.00% |
ESG Score
No data
About Kinross Gold Corp.
7,100 employees
CEO: J. Paul Rollinson Kinross Gold Corporation, along with its various subsidiary companies, concentrates its efforts on obtaining, prospecting, and establishing sites rich in gold. Its principal areas of operation are spread across the United States, Russia,...