Gold Fields Limited (GFI) 10-Year Financial Performance & Capital Metrics

GFI • • Industrial / General

Basic MaterialsGoldMajor Gold ProducersRegional Gold Producers

AboutGold Fields Limited operates as a gold producer with reserves and resources in Chile, South Africa, Ghana, West Africa, Australia, and Peru. The company also explores for copper deposits. It holds interests in 9 operating mines with an annual gold-equivalent production of approximately 2.34 million ounces, as well as gold mineral reserves of approximately 48.6 million ounces and mineral resources of approximately 111.8 million ounces. Gold Fields Limited was founded in 1887 and is based in Sandton, South Africa.Show more

Revenue $5.2B +15.6%
EBITDA $2.72B +22.7%
Net Income $1.25B +77.0%
EPS (Diluted) 1.38 +79.2%
Gross Margin 42.49% +16.8%
EBITDA Margin 52.3% +6.2%
Operating Margin 40.24% +27.4%
Net Margin 23.93% +53.2%
ROE 24.93% +61.1%
ROIC 23.97% +21.6%
Debt/Equity 0.55 +51.6%
Interest Coverage 115.65 +411.6%

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓Strong 5Y profit CAGR of 50.4%
✓Momentum leader: RS Rating 89 (top 11%)
✓High quality earnings: Operating CF exceeds net income
✓Strong 5Y sales CAGR of 11.9%
✓Good 3Y average ROE of 18.9%
✓Healthy 5Y average net margin of 18.7%

✗Weaknesses

No significant weaknesses identified

Price & Volume

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Growth Metrics

Revenue CAGR

10Y6.13%

5Y11.88%

3Y7.43%

TTM24.62%

Profit (Net Income) CAGR

10Y58.05%

5Y50.43%

3Y16.41%

TTM62.98%

EPS CAGR

10Y55.59%

5Y48.67%

3Y14.89%

TTM64.53%

ROCE

10Y Avg15.62%

5Y Avg23.81%

3Y Avg23.5%

Latest27.63%

Peer Comparison

Regional Gold Producers

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
GFIGold Fields Limited	44.35B	49.55	35.91	15.57%	23.24%	40.64%	1.6%	0.55
HMYHarmony Gold Mining Company Limited	13.78B	22.07	0.96	20.39%	16.98%	47.35%	78.29%	0.05
SBSWSibanye Stillwater Limited	12.13B	17.14	-1.66	-1.37%	-25.49%	-126.47%		0.87

Profit & Loss

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Sales/Revenue+	2.45B	2.67B	2.76B	2.58B	2.97B	3.89B	4.2B	4.29B	4.5B	5.2B
Revenue Growth %	-0.14%	0.09%	0.04%	-0.07%	0.15%	0.31%	0.08%	0.02%	0.05%	0.16%
Cost of Goods Sold+	2.07B	2.08B	2.17B	2.11B	2.11B	2.26B	2.49B	2.72B	2.86B	2.99B
COGS % of Revenue	0.84%	0.78%	0.78%	0.82%	0.71%	0.58%	0.59%	0.63%	0.64%	0.58%
Gross Profit+	383.7M	586.8M	594.7M	472.3M	859.9M	1.64B	1.71B	1.57B	1.64B	2.21B
Gross Margin %	0.16%	0.22%	0.22%	0.18%	0.29%	0.42%	0.41%	0.37%	0.36%	0.42%
Gross Profit Growth %	-0.14%	0.53%	0.01%	-0.21%	0.82%	0.9%	0.04%	-0.08%	0.04%	0.35%
Operating Expenses+	309.9M	170.3M	379.6M	816.5M	427.7M	353M	341.2M	371.4M	411.7M	117M
OpEx % of Revenue	0.13%	0.06%	0.14%	0.32%	0.14%	0.09%	0.08%	0.09%	0.09%	0.02%
Selling, General & Admin	41.2M	72M	92.5M	107.4M	84M	127.6M	80.5M	130.5M	64.9M	18.9M
SG&A % of Revenue	0.02%	0.03%	0.03%	0.04%	0.03%	0.03%	0.02%	0.03%	0.01%	0%
Research & Development	0	0	0	0	0	0	0	0	0	0
R&D % of Revenue	-	-	-	-	-	-	-	-	-	-
Other Operating Expenses	0	0	0	0	-123.5M	23.9M	-49.2M	-15.3M	0	0
Operating Income+	240.2M	362.2M	464.3M	271.1M	684.7M	1.46B	1.55B	1.4B	1.42B	2.09B
Operating Margin %	0.1%	0.14%	0.17%	0.11%	0.23%	0.38%	0.37%	0.33%	0.32%	0.4%
Operating Income Growth %	-0.12%	0.51%	0.28%	-0.42%	1.53%	1.13%	0.06%	-0.09%	0.01%	0.47%
EBITDA+	903.3M	1.14B	1.21B	979.1M	1.32B	2.15B	2.29B	2.17B	2.22B	2.72B
EBITDA Margin %	0.37%	0.43%	0.44%	0.38%	0.45%	0.55%	0.55%	0.51%	0.49%	0.52%
EBITDA Growth %	-0.04%	0.27%	0.06%	-0.19%	0.35%	0.62%	0.07%	-0.05%	0.02%	0.23%
D&A (Non-Cash Add-back)	663.1M	781.6M	749.7M	708M	640M	688M	744.5M	771.7M	795.3M	627.4M
EBIT	91.8M	435.5M	233.7M	-323.3M	452.5M	1.3B	1.38B	1.22B	1.27B	2.03B
Net Interest Income+	-76.6M	-69.8M	-75.7M	-80.6M	-94.9M	-118.4M	-92.7M	-59.3M	-38.3M	3.7M
Interest Income	6.3M	8.3M	5.6M	7.4M	7.3M	8.3M	8.2M	13.2M	24.6M	21.8M
Interest Expense	82.9M	78.1M	81.3M	88M	102.2M	126.7M	100.9M	72.5M	62.9M	18.1M
Other Income/Expense	-231.3M	-4.8M	-270.5M	-744.7M	-334.4M	-283.4M	-265.3M	-251.3M	-211.5M	-105.6M
Pretax Income+	8.9M	357.4M	152.4M	-410.7M	350.3M	1.18B	1.28B	1.15B	1.21B	1.99B
Pretax Margin %	0%	0.13%	0.06%	-0.16%	0.12%	0.3%	0.31%	0.27%	0.27%	0.38%
Income Tax+	248.5M	189.5M	173.2M	65.9M	175.6M	432.5M	424.9M	442.1M	465.1M	697.1M
Effective Tax Rate %	-26.87%	0.44%	-0.21%	0.85%	0.46%	0.61%	0.61%	0.62%	0.58%	0.63%
Net Income+	-239.1M	157M	-31.8M	-348.2M	161.6M	723M	789.3M	711M	703.3M	1.25B
Net Margin %	-0.1%	0.06%	-0.01%	-0.14%	0.05%	0.19%	0.19%	0.17%	0.16%	0.24%
Net Income Growth %	-19.68%	1.66%	-1.2%	-9.95%	1.46%	3.47%	0.09%	-0.1%	-0.01%	0.77%
Net Income (Continuing)	-239.6M	170.2M	-20.8M	-331.7M	171.6M	748M	858.9M	711.6M	777.8M	1.29B
Discontinued Operations	2.7M	1.2M	0	0	0	0	2.6M	13M	-18.9M	0
Minority Interest	82.1M	122.6M	127.2M	120.8M	131.7M	163.7M	152.3M	131.9M	143.7M	165.5M
EPS (Diluted)+	-0.31	0.19	-0.04	-0.42	0.19	0.81	0.91	0.77	0.77	1.38
EPS Growth %	-19.67%	1.61%	-1.21%	-9.5%	1.45%	3.26%	0.12%	-0.15%	0%	0.79%
EPS (Basic)	-0.31	0.19	-0.04	-0.42	0.20	0.82	0.92	0.78	0.77	1.39
Diluted Shares Outstanding	774.76M	810.08M	826.92M	832.47M	839.23M	889.84M	893.5M	893.92M	895.04M	895.5M
Basic Shares Outstanding	771.29M	826.32M	795M	821.53M	850.53M	894.42M	901.65M	906.51M	893.32M	894.88M
Dividend Payout Ratio	-	0.25%	-	-	0.28%	0.19%	0.41%	0.43%	0.52%	0.28%

Balance Sheet

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Total Current Assets+	904.3M	1.05B	1.11B	921.1M	1.1B	1.76B	1.42B	1.8B	1.89B	1.95B
Cash & Short-Term Investments	440M	526.7M	479M	399.7M	515M	886.8M	524.7M	769.4M	648.7M	860.2M
Cash Only	440M	526.7M	479M	399.7M	515M	886.8M	524.7M	769.4M	648.7M	860.2M
Short-Term Investments	0	0	0	0	0	0	0	0	0	0
Accounts Receivable	128.2M	119.8M	150.3M	42.2M	94.6M	133.7M	155.5M	207.7M	198.5M	293.1M
Days Sales Outstanding	19.07	16.4	19.86	5.98	11.64	12.54	13.53	17.68	16.1	20.57
Inventory	294.4M	329.4M	393.5M	368.2M	417.8M	521.6M	627.6M	759M	827.9M	699.3M
Days Inventory Outstanding	51.9	57.81	66.28	63.83	72.37	84.41	92.1	101.92	105.53	85.33
Other Current Assets	1M	26.4M	40.1M	63.3M	32.3M	111.3M	5.1M	0	153.3M	44.4M
Total Non-Current Assets+	4.61B	5.28B	5.51B	5.18B	5.46B	5.71B	5.93B	5.54B	6.34B	8.2B
Property, Plant & Equipment	3.71B	4.55B	4.89B	4.26B	4.66B	4.77B	5.08B	4.82B	5.07B	7.3B
Fixed Asset Turnover	0.66x	0.59x	0.56x	0.61x	0.64x	0.82x	0.83x	0.89x	0.89x	0.71x
Goodwill	295.3M	317.8M	76.6M	0	0	112.7M	0	0	0	0
Intangible Assets	0	0	0	0	0	0	27.3M	0	0	0
Long-Term Investments	175M	190.4M	275.9M	460.4M	327.1M	447.6M	317.4M	197M	764.4M	277.7M
Other Non-Current Assets	148.1M	177.3M	188.3M	194.1M	210.5M	141.5M	243.3M	327.5M	327.6M	619M
Total Assets+	5.51B	6.33B	6.62B	6.1B	6.56B	7.47B	7.35B	7.34B	8.23B	10.14B
Asset Turnover	0.45x	0.42x	0.42x	0.42x	0.45x	0.52x	0.57x	0.58x	0.55x	0.51x
Asset Growth %	-0.18%	0.15%	0.05%	-0.08%	0.07%	0.14%	-0.02%	-0%	0.12%	0.23%
Total Current Liabilities+	522.1M	859.4M	854M	615.5M	1.37B	916.5M	822.4M	785.4M	1.51B	1.71B
Accounts Payable	155.3M	169.3M	105.4M	60.4M	138.1M	133.4M	165M	133.1M	161.8M	151.7M
Days Payables Outstanding	27.38	29.71	17.75	10.47	23.92	21.59	24.21	17.87	20.62	18.51
Short-Term Debt	58.7M	188M	193.6M	92.5M	684.9M	83.5M	0	0	583.1M	719.1M
Deferred Revenue (Current)	1000K	-1000K	-1000K	-1000K	-1000K	1000K	-1000K	0	0	0
Other Current Liabilities	77.8M	114M	297.9M	282.3M	393.3M	415.5M	383.9M	435.1M	477M	685.5M
Current Ratio	1.73x	1.22x	1.30x	1.50x	0.81x	1.92x	1.73x	2.29x	1.25x	1.14x
Quick Ratio	1.17x	0.84x	0.84x	0.90x	0.50x	1.35x	0.96x	1.33x	0.70x	0.73x
Cash Conversion Cycle	43.59	44.5	68.39	59.33	60.09	75.36	81.41	101.73	101.01	87.38
Total Non-Current Liabilities+	2.35B	2.29B	2.36B	2.78B	2.28B	2.73B	2.4B	2.21B	2.1B	3.07B
Long-Term Debt	1.76B	1.5B	1.59B	1.81B	1.16B	1.44B	1.08B	1.08B	653.4M	1.78B
Capital Lease Obligations	0	0	0	80.1M	287.7M	364.8M	355.1M	330.1M	359.7M	363.3M
Deferred Tax Liabilities	254.1M	465.5M	453.9M	454.9M	433.6M	499.9M	500.9M	399.8M	389.3M	0
Other Non-Current Liabilities	784M	780.8M	321.3M	321.6M	402.6M	420M	462.2M	404M	698.3M	925.8M
Total Liabilities	2.88B	3.15B	3.22B	3.4B	3.65B	3.64B	3.22B	3B	3.61B	4.78B
Total Debt+	1.82B	1.69B	1.78B	2.1B	2.18B	1.96B	1.49B	1.47B	1.67B	2.95B
Net Debt	1.38B	1.17B	1.3B	1.7B	1.66B	1.07B	968.9M	704.1M	1.02B	2.09B
Debt / Equity	0.69x	0.51x	0.50x	0.74x	0.72x	0.51x	0.35x	0.33x	0.36x	0.55x
Debt / EBITDA	2.02x	1.48x	1.47x	2.15x	1.64x	0.91x	0.65x	0.68x	0.75x	1.08x
Net Debt / EBITDA	1.53x	1.02x	1.07x	1.74x	1.26x	0.50x	0.42x	0.32x	0.46x	0.77x
Interest Coverage	2.90x	4.64x	5.71x	3.08x	6.70x	11.53x	15.35x	19.34x	22.60x	115.65x
Total Equity+	2.64B	3.31B	3.53B	2.83B	3.04B	3.83B	4.28B	4.47B	4.62B	5.37B
Equity Growth %	-0.29%	0.26%	0.07%	-0.2%	0.08%	0.26%	0.12%	0.04%	0.03%	0.16%
Book Value per Share	3.40	4.09	4.27	3.40	3.62	4.30	4.79	5.00	5.16	5.99
Total Shareholders' Equity	2.55B	3.19B	3.4B	2.71B	2.91B	3.66B	4.13B	4.34B	4.48B	5.2B
Common Stock	63.2M	59.6M	59.6M	3.62B	3.62B	3.87B	3.87B	3.87B	3.87B	3.87B
Retained Earnings	324M	1.57B	1.47B	1.07B	1.19B	1.76B	2.22B	2.63B	2.96B	3.86B
Treasury Stock	0	0	0	0	0	0	0	0	0	0
Accumulated OCI	-2.31B	-2.13B	-1.82B	-2.11B	-2.04B	-1.96B	-2.12B	-2.29B	-2.36B	-2.53B
Minority Interest	82.1M	122.6M	127.2M	120.8M	131.7M	163.7M	152.3M	131.9M	143.7M	165.5M

Cash Flow

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Cash from Operations+	759M	956.7M	794.8M	614.2M	890.5M	1.25B	1.55B	1.68B	1.56B	1.96B
Operating CF Margin %	0.31%	0.36%	0.29%	0.24%	0.3%	0.32%	0.37%	0.39%	0.35%	0.38%
Operating CF Growth %	-0.09%	0.26%	-0.17%	-0.23%	0.45%	0.4%	0.24%	0.08%	-0.07%	0.25%
Net Income	-247.3M	158.2M	-18.7M	-348.2M	161.6M	723M	789.3M	711M	703.3M	1.25B
Depreciation & Amortization	663.1M	781.6M	749.7M	708M	640M	688M	744.5M	844.3M	795.3M	627.4M
Stock-Based Compensation	10.7M	14M	26.8M	37.5M	20.5M	14.5M	12.7M	6.9M	9.1M	4.4M
Deferred Taxes	0	0	0	0	-15M	66M	23.8M	-33M	0	146.9M
Other Non-Cash Items	248.5M	39.3M	111.7M	216.6M	130.2M	1.5M	90.4M	278M	268.2M	15.7M
Working Capital Changes	84M	-36.4M	-74.7M	300K	-61.8M	-177.9M	-84.4M	-156.6M	-214.5M	-81.5M
Change in Receivables	36.5M	2.8M	-19.6M	-500K	-5.6M	-88M	47.7M	38.5M	-61.4M	-96.8M
Change in Inventory	47.5M	-39.2M	-55.1M	800K	-56.2M	-89.9M	-132.1M	-195.1M	-153.1M	15.3M
Change in Payables	0	0	0	0	37.2M	6.1M	-5M	22.4M	15.4M	0
Cash from Investing+	-651.5M	-867.9M	-908.6M	-886.8M	-446.8M	-607.4M	-1.07B	-1.07B	-1.37B	-2.59B
Capital Expenditures	-614.1M	-825.6M	-833.6M	-814.2M	-612.5M	-583.7M	-1.09B	-1.07B	-1.05B	-1.19B
CapEx % of Revenue	0.25%	0.31%	0.3%	0.32%	0.21%	0.15%	0.26%	0.25%	0.23%	0.23%
Acquisitions	-	-	-	-	-	-	-	-	-	-
Investments	-	-	-	-	-	-	-	-	-	-
Other Investing	-37.4M	-42.3M	-75M	-72.6M	165.7M	-23.7M	18.2M	-2.9M	37.5M	-10.5M
Cash from Financing+	-103.4M	-2.2M	22.3M	106.1M	-150.1M	-277.5M	-832.8M	-361.3M	-286.2M	861.7M
Debt Issued (Net)	-	-	-	-	-	-	-	-	-	-
Equity Issued (Net)	-	-	-	-	-	-	-	-	-	-
Dividends Paid	-15.1M	-39.2M	-62.8M	-45.5M	-45.5M	-137.7M	-322.3M	-304.4M	-368.6M	-350.9M
Share Repurchases	-	-	-	-	-	-	-	-	-	-
Other Financing	0	0	0	45.5M	-41.9M	0	-73.8M	-96.7M	-71.5M	0
Net Change in Cash	-	-	-	-	-	-	-	-	-	-
Free Cash Flow+	144.9M	131.1M	-38.8M	-200M	278M	665.4M	463.8M	614.3M	437.6M	709.2M
FCF Margin %	0.06%	0.05%	-0.01%	-0.08%	0.09%	0.17%	0.11%	0.14%	0.1%	0.14%
FCF Growth %	-0.37%	-0.1%	-1.3%	-4.15%	2.39%	1.39%	-0.3%	0.32%	-0.29%	0.62%
FCF per Share	0.19	0.16	-0.05	-0.24	0.33	0.75	0.52	0.69	0.49	0.79
FCF Conversion (FCF/Net Income)	-3.17x	6.09x	-24.99x	-1.76x	5.51x	1.73x	1.97x	2.37x	2.22x	1.57x
Interest Paid	0	0	0	0	0	0	0	0	0	0
Taxes Paid	0	0	0	0	0	0	0	0	0	0

Key Ratios

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Return on Equity (ROE)	-7.56%	5.28%	-0.93%	-10.95%	5.51%	21.05%	19.46%	16.24%	15.47%	24.93%
Return on Invested Capital (ROIC)	3.93%	6.4%	7.48%	4.34%	11.12%	22.83%	22.9%	20.17%	19.71%	23.97%
Gross Margin	15.64%	22.01%	21.53%	18.32%	28.98%	42.05%	40.71%	36.59%	36.38%	42.49%
Net Margin	-9.74%	5.89%	-1.15%	-13.51%	5.45%	18.58%	18.81%	16.59%	15.63%	23.93%
Debt / Equity	0.69x	0.51x	0.50x	0.74x	0.72x	0.51x	0.35x	0.33x	0.36x	0.55x
Interest Coverage	2.90x	4.64x	5.71x	3.08x	6.70x	11.53x	15.35x	19.34x	22.60x	115.65x
FCF Conversion	-3.17x	6.09x	-24.99x	-1.76x	5.51x	1.73x	1.97x	2.37x	2.22x	1.57x
Revenue Growth	-14.46%	8.65%	3.58%	-6.66%	15.1%	31.18%	7.79%	2.18%	4.99%	15.57%

Revenue by Segment

	2011	2012	2013	2014	2015	2018	2019	2020	2021	2022
Gold	-	-	-	-	-	2.41B	2.8B	3.75B	3.96B	4.09B
Gold Growth	-	-	-	-	-	-	16.33%	33.76%	5.73%	3.08%
Copper	-	-	-	-	-	169.2M	165.1M	144.1M	232.3M	201.6M
Copper Growth	-	-	-	-	-	-	-2.42%	-12.72%	61.21%	-13.22%

Revenue by Geography

	2011	2012	2013	2014	2015	2018	2019	2020	2021	2022
PERU	-	-	-	375.5M	292.2M	-	-	-	-	-
PERU Growth	-	-	-	-	-22.18%	-	-	-	-	-
SOUTH AFRICA	-	-	-	254.8M	232.3M	-	-	-	-	-
SOUTH AFRICA Growth	-	-	-	-	-8.83%	-	-	-	-	-
Z A	-	-	425.7M	-	-	-	-	-	-	-
Z A Growth	-	-	-	-	-	-	-	-	-	-
P E	560.5M	556.6M	390.9M	-	-	-	-	-	-	-
P E Growth	-	-0.70%	-29.77%	-	-	-	-	-	-	-

Frequently Asked Questions

Valuation & Price

Gold Fields Limited (GFI) has a price-to-earnings (P/E) ratio of 35.9x. This suggests investors expect higher future growth.

Growth & Financials

Gold Fields Limited (GFI) reported $10.92B in revenue for fiscal year 2024. This represents a 88% increase from $5.80B in 2011.

Gold Fields Limited (GFI) grew revenue by 15.6% over the past year. This is strong growth.

Yes, Gold Fields Limited (GFI) is profitable, generating $2.54B in net income for fiscal year 2024 (23.9% net margin).

Dividend & Returns

Yes, Gold Fields Limited (GFI) pays a dividend with a yield of 0.79%. This makes it attractive for income-focused investors.

Gold Fields Limited (GFI) has a return on equity (ROE) of 24.9%. This is excellent, indicating efficient use of shareholder capital.

Gold Fields Limited (GFI) generated $2.05B in free cash flow for fiscal year 2024. Positive FCF indicates the company can fund dividends, buybacks, or reinvestment.

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