Can Kinross Gold Sustain Its Shareholder-Focused Momentum?
Kinross Gold Corporation KGC is leveraging its strong balance sheet and healthy free cash flow to boost shareholder returns through dividends and buybacks. It reactivated its share buyback program in April 2025 and repurchased shares worth roughly $405 million as of Nov. 4, 2025, including $165 million in shares in the third quarter. Total returns to shareholders, including dividends, were around $515 million.
KGC remains committed to returning significant capital to its shareholders going forward. It plans to return roughly $750 million through dividends and repurchases this year. Kinross has raised share buybacks by 20% and now expects to repurchase $600 million in shares in 2025. Its board has also approved a 17% increase to the quarterly dividend to 3.5 cents per common share, equating to 14 cents per share on an annualized basis.
KGC has a strong liquidity position and generates substantial cash flows, which allows it to finance its development projects, pay down debt and drive shareholder value. Tasiast and Paracatu, the company’s two biggest assets, remain the key contributors to cash flow generation and production. It ended the third quarter with robust liquidity of roughly $3.4 billion, including cash and cash equivalents of roughly $1.7 billion. It delivered record free cash flow in the quarter, with attributable free cash flow surging approximately 66% year over year to $686.7 million, driven by the strength in gold prices and strong operating performance.
Backed by solid cash flow, KGC is following a disciplined capital allocation plan that supports shareholder value, funds key growth projects and lowers debt. As gold prices reach new highs, the company is poised to maintain its shareholder-focused momentum.
Among its peers, Barrick Mining Corporation B has a solid liquidity position. It generates healthy cash flows, positioning it well to take advantage of attractive development and exploration opportunities and drive shareholder value. Barrick returned $1.2 billion to its shareholders in 2024 through dividends and repurchases. Barrick’s board, in February 2025, authorized a new program for the repurchase of up to $1 billion of its outstanding common shares. It repurchased shares worth $1 billion under this program during the first nine months of 2025, including $589 million in the third quarter.
Newmont Corporation NEM has distributed more than $5.7 billion to its shareholders through dividends and share repurchases over the past two years. Newmont has repurchased shares worth $2.1 billion this year, executing $3.3 billion from $6 billion of authorization. Newmont generated record free cash flow of $1.6 billion in the third quarter, reflecting strong financial health supporting growth initiatives and shareholder returns.
The Zacks Rundown for KGC
Kinross Gold’s shares have shot up 176.3% over a year against the Zacks Mining – Gold industry’s rise of 113.4%, largely driven by the gold price rally.
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From a valuation standpoint, KGC is currently trading at a forward 12-month earnings multiple of 12.66, a modest 3% discount to the industry average of 13.05X. It carries a Value Score of B.
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The Zacks Consensus Estimate for KGC’s 2025 and 2026 earnings implies a year-over-year rise of 144.1% and 32.6%, respectively. The EPS estimates for 2025 and 2026 have been trending higher over the past 60 days.
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KGC stock currently carries a Zacks Rank #1 (Strong Buy).
You can see the complete list of today’s Zacks #1 Rank stocks here.
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This article originally published on Zacks Investment Research (zacks.com).
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