Kinross Gold Corp (KGC) – Cash Flow, Gold Momentum, and Room to Run
Kinross Gold (NYSE: KGC) is up 75% so far in 2025, and we think there could still be more upside ahead. While the easy gains may be behind it, this isn’t a case of chasing momentum. Kinross is benefiting from multiple tailwinds—strong gold prices, disciplined financial management, and improving shareholder returns—that continue to support the case for further gains.
We’re especially interested in how Kinross is positioned relative to its larger-cap gold mining peers. The company has outperformed names like Agnico Eagle (AEM), Newmont (NEM), and Barrick (ABX) over the past 2–3 years. Part of that outperformance has come from the fact that Kinross was re-rated off a lower base, but that re-rating appears justified given how management has executed.
With gold prices expected to remain elevated—UBS sees bullion holding around $3,500 an ounce through 2026—Kinross stands to benefit from ongoing strong margins and free cash flow. At the same time, the company has been actively reducing debt and returning capital to shareholders, a combination that adds appeal at this stage of the cycle.
UBS recently initiated coverage on Kinross with a buy rating and a $20 price target, implying more than 23% upside from the stock’s $16.21 closing price on Friday, August 1. Analyst Daniel Major called KGC “attractive vs senior gold peers” and cited “accelerating cash returns” as a key driver of further upside.
The gold sector can be volatile, and Kinross isn’t immune to swings in sentiment. But for investors looking for a way to gain exposure to gold prices without paying up for the biggest names in the space, KGC is worth a serious look. Strong recent performance, improving fundamentals, and favorable macro conditions make this one a compelling name to consider adding now—not after it hits new highs.
