# Gold Fields (GFI.US)

Canonical: https://gigainvestors.com/s/GFI

Analysis as of: 2026-10-16T07:28:44.796Z. Financial observations: FY2017–FY2025.

Listing currency: USD. Reporting currency: USD.

## Verdict

Not a wonderful business

Quality tests for Buy: not passed (profit record: pass; earnings resilience is evidence only). Published buy qualification: no.

Share price: $37.09 per share; close as of 2026-10-15.

Estimated value: low $22.44 per share, central $25.23 per share, high $28.93 per share. Buy at or below the central value $25.23 per share. Valuation as of 2026-10-16T07:28:44.796Z; scenarios are not confidence intervals.

Expected annual return: 7.6% at the stated quote. About 7.6% a year at today's price (required return 10.0%). required return 10.0% a year (10% floor; US 10-year bond 5.1% + 4 points).

## Checklist

### understandable: fail

- 1 revenue decline in the last 10 years (informational)

- operating margin variation exceeds 0.35

- Financial history: 9 years

- Years with declining revenue: 1

- Years with a net loss: 2

- Operating margin variation: 0.37×

Chart: Operating margin; fiscal year observations.

- FY2017: 0.17×

- FY2018: 0.11×

- FY2019: 0.23×

- FY2020: 0.38×

- FY2021: 0.37×

- FY2022: 0.33×

- FY2023: 0.32×

- FY2024: 0.40×

- FY2025: 0.48×

### moat: fail

- ROIC worst years below threshold (more than 1 bad year allowed)

- ROIC, median of available years: 18.1%

- ROIC, second-lowest year: 6.5%

- Typical minus recent gross margin: -5.9 pp

- Typical gross margin (annual median): 36.6%

- Recent gross margin (lower of latest and 3-year median): 42.5%

- Years with nonpositive capital: 0

- Capital spending / revenue: 24.9%

- ROIC including acquisitions, ten-year median: 11.9%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2017: 6.5%

- FY2018: 4.9%

- FY2019: 9.7%

- FY2020: 20.6%

- FY2021: 20.3%

- FY2022: 18.1%

- FY2023: 16.8%

- FY2024: 18.7%

- FY2025: 29.6%

### economics: pass

- Owner earnings / net income, 5-yr: 0.98×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: $6.9B

- Net income, five-year total: $7.0B

- Return on incremental invested capital: 108.5%

- Working capital / revenue, annual change: 0.0 pp

Chart: Annual owner cash / profit; fiscal year observations.

- FY2021: 1.00×

- FY2022: 0.86×

- FY2023: 0.91×

- FY2024: 1.00×

- FY2025: 1.00×

### management: pass

- Historical market-dollar context (not the management verdict): 2017 to 2025 (8 years)

- buybacks unrelated to price (informational)

- ROIC first 3 years vs last 3 years: 6.5% vs 18.7%

- Per-share earnings: -0.04 to 1.39 (three-year endpoint medians)

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 5-year annual growth: -0.3%

- Market cap gain: $35B

- Cumulative retained earnings: $5.2B

- Diluted shares, 5-year annual growth: -0.3%

- $1 test, starting fiscal year: FY2017

- $1 test, ending fiscal year: FY2025

- Per-share value change: $1.43

- Per-share value, starting three-year median: -$0.04

- Per-share value, ending three-year median: $1.39

- Average buyback yield: 0.1%

- Buyback history: 1 years

- Debt-funded buybacks: No

- ROIC, first three-year median: 6.5%

- ROIC, last three-year median: 18.7%

Chart: Earnings per share; fiscal year observations.

- FY2017: -$0.04

- FY2018: -$0.41

- FY2019: $0.20

- FY2020: $0.80

- FY2021: $0.88

- FY2022: $0.80

- FY2023: $0.79

- FY2024: $1.39

- FY2025: $4.00

### accounting: pass

- Sloan accruals: -6.4%

- Receivables to sales index (DSRI): 0.61×

- Restructuring years, last five: 0

- Stock compensation / operating cash flow: 0.6%

- Earnings backed by cash: Yes

- Operating cash / earnings: 1.27×

- Accounting red flags: 0

- Goodwill and intangibles / equity: 0.00×

Chart: Sloan accruals; fiscal year observations.

- FY2017: -12.5%

- FY2018: -15.8%

- FY2019: -11.1%

- FY2020: -7.0%

- FY2021: -10.4%

- FY2022: -13.3%

- FY2023: -10.4%

- FY2024: -7.0%

- FY2025: -6.4%

## Holders

- [Sarah Ketterer](https://gigainvestors.com/CAU): tracked 13F investor; follow the investor page for holding quarter and amounts.

- [Matthew McLennan](https://gigainvestors.com/FE): tracked 13F investor; follow the investor page for holding quarter and amounts.

## Price story

Down 37% since Feb 2026 · sales +68.8%

Story as of 2026-10-16T09:58:48.779Z; price observation 2026-10-15.

Price needs cash profits to grow 6.1% a year for ten years

- 2025-08-22: Gold Fields H1 Profit Surges On Revenue Growth; Ups Dividend; Confirms Annual Outlook ([nasdaq.com](https://www.nasdaq.com/articles/gold-fields-h1-profit-surges-revenue-growth-ups-dividend-confirms-annual-outlook))

- 2025-11-20: Gold Fields' Q3 Production Jumps 22% on Strong Salares Norte Ramp-Up ([finance.yahoo.com](https://finance.yahoo.com/news/gold-fields-q3-production-jumps-141800835.html))

- 2026-02-06: Gold Fields flags up to 196% earnings surge on gold price rally ([finance.yahoo.com](https://finance.yahoo.com/news/gold-fields-flags-196-earnings-163816021.html))

- 2026-08-27: Gold Fields (GFI) Rides A Gold Price Surge To Record Cash Flow ([finance.yahoo.com](https://finance.yahoo.com/markets/commodities/articles/gold-fields-gfi-rides-gold-092911735.html))

### Sales · FY2024–2025

sales +68.8%; source https://www.sec.gov/Archives/edgar/data/1172724/000162828026021904/gfi-20251231.htm; observed 2026-03-30.

- FY2017: $2.8B 

- FY2018: $2.6B 

- FY2019: $3.0B 

- FY2020: $3.9B 

- FY2021: $4.2B 

- FY2022: $4.3B 

- FY2023: $4.5B 

- FY2024: $5.2B 

- FY2025: $8.8B 

### Gross margin · FY2025

gross margin 55.1%; source https://www.sec.gov/Archives/edgar/data/1172724/000162828026021904/gfi-20251231.htm; observed 2026-03-30.

- FY2017: 21.5% 

- FY2018: 18.3% 

- FY2019: 29.0% 

- FY2020: 42.1% 

- FY2021: 40.7% 

- FY2022: 36.6% 

- FY2023: 36.4% 

- FY2024: 42.5% 

- FY2025: 55.1% 

## Owner memo

Memo as of 2026-10-16T08:06:05.509Z.

### How it makes money

Operates in gold; annual sales are USD 8.8 billion.

- Source: https://www.sec.gov/Archives/edgar/data/1172724/000162828026021904/gfi-20251231.htm (filed 2026-03-30); FY2025: revenue 8778495137; grossProfit 4838600000; margin = grossProfit / revenue.

### Why customers stay

Margins ranged from 36.4% to 55.1% during 2023–25; it earns 18.1% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-30); FY2023: grossProfit / revenue = 36.4%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-30); FY2024: grossProfit / revenue = 42.5%.

- Source: https://www.sec.gov/Archives/edgar/data/1172724/000162828026021904/gfi-20251231.htm (filed 2026-03-30); FY2025: grossProfit / revenue = 55.1%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-30); 9-year return on capital observations [[2017,0.06519799520404415],[2018,0.04859304805554295],[2019,0.09733509754177237],[2020,0.20555411283516198],[2021,0.2032542677878764],[2022,0.18069731937504957],[2023,0.16802174426849445],[2024,0.18671332509949223],[2025,0.2962967423586359]]; median 0.18069731937504957. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Spends 14.1% of cash earnings on expansion; earns over 100% on new investment.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-30); FY2019: growth capex 0; upkeep 612500000; owner earnings 189100000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-30); FY2020: growth capex 0; upkeep 583700000; owner earnings 827300000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-30); FY2021: growth capex 344200000; upkeep 744500000; owner earnings 789300000. Growth capex / owner earnings = 0.4360826048397314.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-30); FY2022: growth capex 124107072.6667304; upkeep 945192927.3332696; owner earnings 610107072.6667304. Growth capex / owner earnings = 0.2034185116462723.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-30); FY2023: growth capex 267800228.7954371; upkeep 855999771.2045629; owner earnings 642600228.7954371. Growth capex / owner earnings = 0.41674468323397934.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-30); FY2024: growth capex 621300000; upkeep 627400000; owner earnings 1245000000. Growth capex / owner earnings = 0.49903614457831325.

- Source: https://www.sec.gov/Archives/edgar/data/1172724/000162828026021904/gfi-20251231.htm (filed 2026-03-30); FY2025: growth capex 506319870; upkeep 920400000; owner earnings 3578485888. Growth capex / owner earnings = 0.1414899725322041.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-30); Incremental return on capital 1.085057381724827, from the economics test's unchanged annual inputs.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-30); Dividend observations: [[2017,62800000],[2018,45500000],[2019,45500000],[2020,137700000],[2021,322300000],[2022,304400000],[2023,368600000],[2024,350900000],[2025,709999526]]. Zero only counted when supported by a complete cash-flow statement.

- Source: https://www.sec.gov/Archives/edgar/data/1172724/000162828026021904/gfi-20251231.htm (filed 2026-03-30); FY2025: cash repurchases 36412804 USD.

### Are managers owners

Insiders own 0% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); GFI.US SharesStats.PercentInsiders = 0 percentage points; cache date 2026-10-16.

### What the price says

The price assumes cash profits grow 6.1% yearly over ten years.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-30); Ten-year compound average after fade. Initial solved rate 0.0747054373688529. Price 37.09; FX 1; discount 0.1; same standard ten-year fade to terminal 0.03.  Closing-price date 2026-10-15.

## Monthly share-price history (USD per share)

- 2016-10: $4.15 per share

- 2016-11: $3.07 per share

- 2016-12: $3.01 per share

- 2017-01: $3.51 per share

- 2017-02: $3.09 per share

- 2017-03: $3.53 per share

- 2017-04: $3.25 per share

- 2017-05: $3.58 per share

- 2017-06: $3.48 per share

- 2017-07: $3.99 per share

- 2017-08: $4.46 per share

- 2017-09: $4.31 per share

- 2017-10: $3.97 per share

- 2017-11: $4.23 per share

- 2017-12: $4.30 per share

- 2018-01: $4.28 per share

- 2018-02: $3.92 per share

- 2018-03: $4.02 per share

- 2018-04: $3.82 per share

- 2018-05: $3.57 per share

- 2018-06: $3.57 per share

- 2018-07: $3.74 per share

- 2018-08: $2.49 per share

- 2018-09: $2.42 per share

- 2018-10: $2.66 per share

- 2018-11: $2.93 per share

- 2018-12: $3.52 per share

- 2019-01: $4.10 per share

- 2019-02: $4.13 per share

- 2019-03: $3.73 per share

- 2019-04: $3.75 per share

- 2019-05: $4.46 per share

- 2019-06: $5.41 per share

- 2019-07: $5.05 per share

- 2019-08: $5.94 per share

- 2019-09: $4.92 per share

- 2019-10: $6.18 per share

- 2019-11: $5.35 per share

- 2019-12: $6.60 per share

- 2020-01: $6.40 per share

- 2020-02: $5.93 per share

- 2020-03: $4.75 per share

- 2020-04: $7.34 per share

- 2020-05: $7.72 per share

- 2020-06: $9.40 per share

- 2020-07: $13.09 per share

- 2020-08: $13.03 per share

- 2020-09: $12.29 per share

- 2020-10: $10.93 per share

- 2020-11: $8.71 per share

- 2020-12: $9.27 per share

- 2021-01: $9.33 per share

- 2021-02: $8.19 per share

- 2021-03: $9.49 per share

- 2021-04: $9.38 per share

- 2021-05: $12.11 per share

- 2021-06: $8.90 per share

- 2021-07: $9.82 per share

- 2021-08: $9.48 per share

- 2021-09: $8.12 per share

- 2021-10: $9.28 per share

- 2021-11: $11.34 per share

- 2021-12: $10.99 per share

- 2022-01: $10.60 per share

- 2022-02: $14.02 per share

- 2022-03: $15.46 per share

- 2022-04: $13.43 per share

- 2022-05: $9.34 per share

- 2022-06: $9.12 per share

- 2022-07: $9.20 per share

- 2022-08: $8.09 per share

- 2022-09: $8.09 per share

- 2022-10: $7.88 per share

- 2022-11: $11.15 per share

- 2022-12: $10.35 per share

- 2023-01: $11.44 per share

- 2023-02: $9.09 per share

- 2023-03: $13.32 per share

- 2023-04: $15.56 per share

- 2023-05: $15.12 per share

- 2023-06: $13.83 per share

- 2023-07: $15.47 per share

- 2023-08: $12.63 per share

- 2023-09: $10.86 per share

- 2023-10: $13.02 per share

- 2023-11: $15.29 per share

- 2023-12: $14.46 per share

- 2024-01: $14.80 per share

- 2024-02: $13.04 per share

- 2024-03: $15.89 per share

- 2024-04: $16.17 per share

- 2024-05: $15.75 per share

- 2024-06: $14.90 per share

- 2024-07: $17.16 per share

- 2024-08: $13.74 per share

- 2024-09: $15.35 per share

- 2024-10: $16.48 per share

- 2024-11: $14.49 per share

- 2024-12: $13.20 per share

- 2025-01: $16.93 per share

- 2025-02: $17.97 per share

- 2025-03: $22.09 per share

- 2025-04: $22.54 per share

- 2025-05: $23.00 per share

- 2025-06: $23.67 per share

- 2025-07: $24.36 per share

- 2025-08: $33.48 per share

- 2025-09: $41.96 per share

- 2025-10: $38.41 per share

- 2025-11: $42.89 per share

- 2025-12: $43.66 per share

- 2026-01: $50.12 per share

- 2026-02: $58.84 per share

- 2026-03: $45.40 per share

- 2026-04: $42.48 per share

- 2026-05: $39.86 per share

- 2026-06: $33.59 per share

- 2026-07: $32.42 per share

- 2026-08: $46.37 per share

- 2026-09: $36.12 per share

- 2026-10: $36.82 per share

## Annual estimated value (USD per share)

- FY2021: low $3.76 per share, central $4.21 per share, high $4.81 per share

- FY2022: low $8.24 per share, central $9.27 per share, high $10.65 per share

- FY2023: low $8.46 per share, central $9.54 per share, high $10.98 per share

- FY2024: low $12.79 per share, central $14.44 per share, high $16.63 per share

- FY2025: low $21.98 per share, central $24.76 per share, high $28.46 per share

Historical values use today's bond yield for every fiscal year

Historical values use today's FX rate into trading currency for every fiscal year

Historical values use current restated fundamentals and current commodity classification; they are not point-in-time estimates

## Sources

[Original 20-F filing](https://www.sec.gov/Archives/edgar/data/1172724/000162828026021904/gfi-20251231.htm); period 2025-12-31, filed 2026-03-30.

Estimates depend on assumptions and are not guarantees or investment advice. Underlying data remains subject to its source licenses; public reading does not grant bulk redistribution rights.