One-glance verdict
Undervalued
$63.31 our estimate vs market $41.63
Wall Street consensus: $49.46 (-21.9% lower than our fair-value estimate)
34% below our estimate, below the bear case
Fundamentals snapshot
Gold Fields Limited
GFI · NYQ · Basic Materials · Gold
Current price
$41.63
52-week range
$31.11 - $61.64
Market cap
$37.09B
Balance sheet
Healthy
36.50x Strong cushion
Net debt $437.40M. Interest coverage shows how many times profit covers the interest bill.
What stands out
3 Rewards
1 Risk
3 rewards · 1 risks
- Reward Revenue grew 68.2% last year.
- Reward Free cash flow was positive in 4/10 years.
- Reward Dividend yield is 5.4% with 41-year payout history.
- Risk Net debt grew 104.8% over 3 years.
What this company does
Gold Fields Limited
Gold Fields is a global company that mines for and sells gold from its operations in several countries, including Australia, South Africa, and Peru. Because its business is selling gold, the company's earnings (its profit) depend almost entirely on the worldwide price of the metal. This means its financial performance is often strong when gold prices are high but can be weaker when prices fall.
How the company got here
Gold Fields has deep roots in the South African gold rush, with its origins tracing back to 1887. The modern company was formed in 1998 through a merger of the gold assets of Gold Fields of South Africa and another company, creating one of the world's largest gold producers. A key turning point was its international expansion in the 2000s, which diversified its operations into Ghana, Australia, and Peru to reduce its reliance on a single country. In 2006, the company acquired the South Deep mine in South Africa, which holds one of the largest known gold deposits in the world.
What it actually does
Gold Fields is in the business of finding, developing, and mining for gold. Once the gold is extracted from the ground, the company processes it and sells it on the global market. While gold is its main product, some of its mines also produce and sell copper and silver that are found alongside the gold deposits. The company doesn't make consumer products; instead, it provides the raw materials that are then used to make jewelry, electronics, and financial investment products like gold bars.
Australia Region
This is Gold Fields' largest region by gold production. It operates four mines in Western Australia: St Ives, Agnew, Granny Smith, and Gruyere. These mines are a mix of underground and open-pit operations, where large pits are dug to extract the ore (rock containing gold). The company acquired the St Ives and Agnew mines in 2001, which marked a significant step in its global diversification. This region is a major focus for near-mine exploration, which means looking for new gold deposits close to existing mines to extend their operational life.
South America Region
This region includes the Cerro Corona mine in Peru and the new Salares Norte project in Chile. Cerro Corona is an open-pit mine that produces both gold and copper. The Salares Norte project, which recently started production, is a high-grade gold and silver deposit that is expected to significantly boost the company's overall production and lower its costs. This region represents a key part of the company's strategy to grow and add long-life, lower-cost assets to its portfolio.
South Africa Region
This segment consists of a single, very large mine: South Deep. Located in the Witwatersrand Basin, it is one of the deepest mines in the world and contains one of the largest gold deposits ever discovered. Unlike many of the company's other mines, South Deep is a bulk, mechanized underground operation, meaning it uses large machinery to extract the ore deep beneath the earth's surface. Improving the productivity and consistency of this massive and complex mine is a major strategic priority for the company.
West Africa Region
This region is centered on the Tarkwa mine in Ghana, in which Gold Fields holds a 90% interest, with the remaining 10% owned by the Ghanaian government. Tarkwa is a large-scale open-pit mine and has been a consistent and significant cash generator for the company. Gold Fields is also exploring a potential joint venture (a business arrangement where two or more companies pool their resources) with a neighboring mine owned by another company to improve efficiency.
Canada Region
This is the company's newest region, centered on the Windfall project in Quebec, Canada. Gold Fields recently acquired 100% ownership of this high-grade underground gold project, which is currently in the advanced development stage. Windfall is expected to become a cornerstone asset for the company, producing a significant amount of gold at a much lower cost than the company's average. First gold production from this project is anticipated by the end of 2026 or early 2027.
What management is betting on now
Management's primary focus is on bringing its new, high-quality projects into full operation to increase production and lower overall costs. A key priority is the successful ramp-up of the Salares Norte mine in Chile, moving it from a costly development project to a stable, cash-producing asset. The company is also heavily invested in developing the recently acquired Windfall project in Canada, which is expected to be a low-cost, long-life mine. Alongside these new projects, Gold Fields continues to invest in exploration near its existing mines, especially in Australia, to find new gold reserves (economically mineable rock) and extend the lifespan of its core operations.
Price history
How the share price has moved
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Earnings history
Last 8 quarters — what happened
Click any quarter to read the call summary and what the numbers say.
FY2014 Q4
$263.30M
FY2015 Q4
$145.50M
Revenue
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Net income
$-345.00M
Diluted EPS
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Operating cash flow
$580.00M
Free cash flow
$145.50M
Fetching…
Sources
Revenue
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Net income
$-27.20M
Diluted EPS
—
Operating cash flow
$743.80M
Free cash flow
$263.30M
Fetching…
Sources
Is it cheap or expensive?
Fair value $63.31 vs current price $41.63
Wall Street consensus is the average analyst price target: $49.46 (-21.9% lower than our fair-value estimate).
Our most-likely fair value is $63.31 a share — about 52.1% above today's price of $41.63, so the stock currently looks cheap (undervalued).
Is it drowning in debt?
Healthy
Net debt $437.4M. Interest coverage 36.5x.
Net debt
$437.40M
Interest coverage
36.50x
Gold Fields Limited is healthier than 0 of 1 peers on balance-sheet leverage.
Healthy
Worse cushion
Baseline
Better cushion
GFI
BASELINE
Gold Fields Limited
Total debt $2.63B Interest coverage 36.50x This is the baseline the peer rows are being compared against.
What you should know
The case for and against GFI
3 Rewards
1 Risk
Rewards
-
Revenue grew 68.2% last year.
-
Free cash flow was positive in 4/10 years.
-
Dividend yield is 5.4% with 41-year payout history.
Risks
-
Net debt grew 104.8% over 3 years.
The numbers
All the key metrics, grouped by purpose
Tap any ? icon to learn what it means.
Valuation
How expensive the stock looks
P/E (TTM)
8.48x
Forward P/E
8.04x
P/B
8.26x
P/S
3.26x
EV/EBITDA
10.82x
PEG ratio
11.59x
Profitability
How much profit each dollar creates
Gross margin
57.8%
Operating margin
55.0%
Net margin
38.7%
ROE
58.7%
ROA
28.5%
Health
Liquidity and balance-sheet strength
Debt / equity
0.29x
Current ratio
1.87x
Quick ratio
1.28x
Total debt
$2.63B
Total cash
$2.20B
Growth
How the business has been compounding
Revenue TTM
$11.37B
Revenue 5Y CAGR
26.9%
EPS TTM
4.91
EPS 5Y CAGR
71.6%
Cash flow
How much cash the business throws off
Operating CF TTM
$2.82B
Free CF TTM
$2.37B
FCF margin
20.9%
Dividend
Shareholder payout
Yield
5.4%
Payout ratio
31.8%
Last ex-div date
2026-03-13