Will Kinross Gold's Liquidity Strength Fuel Growth and Returns Ahead?

Kinross Gold Corporation KGC ended fourth-quarter 2025 with strong liquidity of $3.5 billion, including cash and cash equivalents of $1.7 billion. Its liquidity increased from $3.4 billion in the prior quarter. KGC also delivered record free cash flow, with attributable free cash flow surging approximately 77% year over year to $769.4 million in the fourth quarter, driven by the strength in gold prices and operating performance.  KGC also generated a record free cash flow of $2.5 billion in 2025. 

Kinross’ strong liquidity and surging free cash flow add strength to its growth plans and debt reduction efforts, while driving shareholder value. KGC attained a net cash position of about $1 billion at the end of 2025.

A robust balance sheet supports KGC’s major growth initiatives such as Round Mountain Phase X and Bald Mountain Redbird 2 in Nevada, and the Kettle River–Curlew project in Washington. These developments are expected to lift production and cash flows while creating meaningful long-term value. Strong financial health also enables disciplined capital allocation, continued shareholder returns and steady progress across its development pipeline.

Among its peers, Agnico Eagle Mines Limited AEM also ended 2025 with strong liquidity, including cash and cash equivalents of $2,866 million. Agnico Eagle recorded fourth-quarter free cash flow of $1.3 billion, more than doubling the prior-year figure of $570 million. Agnico Eagle’s strong financial health allows it to maintain a robust exploration budget and fund a strong pipeline of growth projects.

Barrick Mining Corporation’s B cash and cash equivalents were around $6.7 billion at the end of 2025. Barrick’s free cash flow rose 9% year over year to $1.6 billion in the fourth quarter.  The upside reflects Barrick’s higher operating cash flows driven by an uptick in realized gold prices.

The Zacks Rundown for KGC

Kinross Gold’s shares have shot up 78.5% in the past six months against the Zacks Mining – Gold industry’s rise of 73.7%, largely driven by the gold price rally.

From a valuation standpoint, KGC is currently trading at a forward 12-month earnings multiple of 14.02, a 7.3% discount to the industry average of 15.13X. It carries a Value Score of B.

The Zacks Consensus Estimate for KGC’s 2026 and 2027 earnings implies a year-over-year rise of 38% and 1.1%, respectively. The EPS estimates for 2026 and 2027 have been trending higher over the past 60 days.

KGC stock currently carries a Zacks Rank #3 (Hold). 

You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

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This article originally published on Zacks Investment Research (zacks.com).

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