Cash conversion remains strong with an OCF/NI ratio of 1.12 in 2025Q4, as the company shifts from heavy capital investment to a period of significant cash harvesting.
| Metric | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Jun'10 | Jun'09 | Jun'08 | Jun'07 | Jun'06 | Jun'05 | Jun'04 | Jun'03 | Jun'02 | Jun'01 | Jun'00 | Jun'99 | Jun'98 | Jun'97 |
|---|
| Cash from Operations | 4.55B | 1.96B | 1.56B | 1.68B | 1.55B | 1.25B | 890.5M | 614.2M | 794.8M | 956.7M | 759M | 838.3M | 528.3M | 1.15B | 1.91B | 1.16B | 1.16B | 657.2M | 899M | 205.2M | 465.4M | 181.9M | 242.4M | 465.7M | 440.3M | 207.8M | 191.7M | 205M | 72.6M | 191.1M |
| Operating CF Margin % | 51.81% | 37.64% | 34.69% | 39.27% | 37.01% | 32.09% | 30.01% | 23.83% | 28.78% | 35.88% | 30.93% | 29.22% | 18.18% | 20.66% | 32.89% | 23.24% | 27.93% | 20.36% | 28.04% | 7.5% | 20.39% | 9.61% | 14.21% | 30.4% | 35.81% | 20.56% | 17.2% | 21.59% | 18.91% | 34.88% |
| Operating CF Growth % | 132.3% | 25.39% | -7.26% | 8.44% | 24.29% | 40.27% | 44.99% | -22.72% | -16.92% | 26.05% | -9.46% | 58.68% | -53.94% | -39.87% | 64.03% | 0% | 76.95% | -26.9% | 338.11% | -55.91% | 155.85% | -24.96% | -47.95% | 5.77% | 111.89% | 8.4% | -6.49% | 182.37% | -62.01% | -13.49% |
| Net Income | 3.58B | 1.25B | 703.3M | 711M | 789.3M | 723M | 161.6M | -348.2M | -18.7M | 158.2M | -247.3M | 12.8M | -295.7M | 652.5M | 953M | 470.3M | 470.3M | 160.9M | 452.5M | 246.1M | 138.5M | -206.2M | 291.2M | 325.6M | 301.5M | -119.2M | 102.7M | 209.5M | 205.8M | 166.1M |
| Depreciation & Amortization | 952.45M | 627.4M | 795.3M | 844.3M | 744.5M | 688M | 640M | 708M | 749.7M | 781.6M | 663.1M | 669.4M | 0 | 729.9M | 745.3M | 631.1M | 631.1M | 459.7M | 400.5M | 388.2M | 269.2M | 274.5M | 243.26M | 147.8M | 96.1M | 80.8M | 100M | 6.5M | 0 | 0 |
| Stock-Based Compensation | 0 | 4.4M | 9.1M | 6.9M | 12.7M | 14.5M | 20.5M | 37.5M | 26.8M | 14M | 10.7M | 26M | 40.5M | 77.7M | 66.4M | 53.9M | 53.9M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Deferred Taxes | 671.08M | 146.9M | 0 | -33M | 23.8M | 66M | -15M | 0 | 0 | 0 | 0 | 0 | 0 | 291.9M | 500K | 0 | 358.4M | -194.6M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Cash Items | -841.81M | 15.7M | 268.2M | 278M | 90.4M | 1.5M | 130.2M | 216.6M | 111.7M | 39.3M | 248.5M | 119.1M | 773.5M | -446M | 222.6M | 943.87K | -360.1M | 328.9M | 141.5M | 203M | 135.6M | 101.2M | -74.8M | -28.6M | 33.8M | 277.6M | -19.7M | 127.5M | -118.2M | 22.4M |
| Working Capital Changes | 187.98M | -81.5M | -214.5M | -156.6M | -84.4M | -177.9M | -61.8M | 300K | -74.7M | -36.4M | 84M | 11M | 10M | -159.1M | -80.3M | 6.66M | 9.3M | -131.4M | -95.5M | -632.1M | -77.9M | 12.4M | 26M | 20.9M | 8.9M | -31.4M | 8.7M | -138.5M | -15M | 2.6M |
| Change in Receivables | 0 | -96.8M | -61.4M | 38.5M | 47.7M | -88M | -5.6M | -500K | -19.6M | 2.8M | 36.5M | 26.6M | 0 | -113M | 23.38M | -20.73M | -20.73M | -11.1M | -126.85M | -55.14M | 171.77M | -38.44M | 24.31M | -25.62M | 0 | 0 | 0 | 0 | 0 | 0 |
| Change in Inventory | 0 | 15.3M | -153.1M | -195.1M | -132.1M | -89.9M | -56.2M | 800K | -55.1M | -39.2M | 47.5M | -15.6M | 0 | -93.4M | -165.2M | -29.66M | -43.4M | -60.3M | -34M | -31.1M | -24.1M | -26.5M | 5.4M | -600K | -11.1M | -13.3M | -16.3M | -12M | 2.6M | -1M |
| Change in Payables | 0 | 0 | 15.4M | 22.4M | -5M | 6.1M | 37.2M | 0 | 0 | 0 | 0 | 0 | 0 | 86.1M | 62.8M | 57.05M | -41.7M | 44.9M | 44.51M | 105.65M | -143.94M | 59.04M | -2.41M | 46.33M | 0 | 0 | 0 | 0 | 0 | 0 |
| Cash from Investing | -2.77B | -2.59B | -1.37B | -1.07B | -1.07B | -607.4M | -446.8M | -886.8M | -908.6M | -867.9M | -651.5M | -530.9M | -914.6M | -1.37B | -1.22B | -852M | -852M | -809.6M | -970.1M | -2.07B | -836.4M | -318.3M | -444.2M | -204.9M | -386.7M | -166.1M | -121.6M | -199.3M | 62.9M | -118.6M |
| Capital Expenditures | -1.43B | -1.19B | -1.05B | -1.07B | -1.09B | -583.7M | -612.5M | -814.2M | -833.6M | -825.6M | -614.1M | -608.9M | -874.3M | -1.32B | -1.15B | -913.1M | -1.17B | -845.4M | -1.15B | -797M | -255.4M | -317.7M | -417.4M | -252.9M | -153.7M | -149.3M | -107.5M | -362.2M | -96.5M | -122.9M |
| CapEx % of Revenue | 16.25% | 22.85% | 23.43% | 24.94% | 25.95% | 15% | 20.64% | 31.59% | 30.18% | 30.96% | 25.02% | 21.22% | 30.08% | 23.83% | 19.88% | 18.25% | 28.1% | 26.19% | 36.01% | 29.14% | 11.19% | 16.78% | 24.46% | 16.51% | 12.5% | 14.77% | 9.65% | 38.14% | 25.14% | 22.43% |
| Acquisitions | -2.13B | -1.39B | -316.2M | 28.3M | 31.5M | 700K | 9.9M | 0 | 0 | 0 | 0 | 0 | -12.8M | -9.72M | 5.3M | 0 | -43M | 5M | 5.8M | -1.24B | -415.6M | 10.2M | 56.8M | 13.7M | -212.9M | 0 | 0 | 0 | 0 | 0 |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | -10.13M | -10.5M | 37.5M | -2.9M | 18.2M | -23.7M | 165.7M | -72.6M | -75M | -42.3M | -37.4M | 78M | -27.5M | 2M | -7M | -311.2M | 1.2M | -10.7M | 310.9M | 8.8M | -4.7M | 1M | -10.5M | -30.8M | -7.2M | -6.9M | -4.1M | 162.9M | 6.3M | 4.3M |
| Cash from Financing | -938.11M | 861.7M | -286.2M | -361.3M | -832.8M | -277.5M | -150.1M | 106.1M | 22.3M | -2.2M | -103.4M | -155.7M | 191.8M | 115.8M | -724.6M | -176.5M | -176.5M | 255.7M | -20.2M | 1.93B | 78.6M | -11.4M | 682.2M | -335.8M | 123.4M | -87.8M | -31.7M | -63.8M | -39.8M | -99.7M |
| Debt Issued (Net) | -33.91M | 1.21B | 153.9M | 8.6M | -436.7M | -388.8M | -66.3M | 151.6M | 85.1M | -114.5M | -88.3M | -127.9M | 206.4M | -39.6M | 498.09M | 0 | 206.19M | -27.3M | 226.82M | 16.3M | 646.02M | 108.96M | 2.7M | 546M | -140.4M | 183.6M | -30M | 2.6M | -58.6M | 0 |
| Equity Issued (Net) | -36.41M | 0 | 0 | 0 | 0 | 249M | 0 | 0 | 0 | 151.5M | 0 | 0 | 800K | 2M | 6.5M | 0 | 5.22M | 7.4M | 10.7M | 106M | 1.41B | 18.4M | 3.6M | 219.7M | 4.5M | 5.3M | 5.2M | 1M | 0 | 0 |
| Dividends Paid | -710M | -350.9M | -368.6M | -304.4M | -322.3M | -137.7M | -45.5M | -45.5M | -62.8M | -39.2M | -15.1M | -29.8M | -61.2M | -346.62M | -169.35M | -118.1M | -67.57M | 0 | -108.74M | -143.24M | -158.5M | -74.44M | -73.31M | -97.24M | 0 | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | -36.41M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -11.7M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Financing | -157.79M | -120.37M | -71.5M | -96.7M | -73.8M | 0 | -41.9M | 45.5M | 0 | 0 | 0 | 2M | -76.7M | 517.6M | -1.05B | -58.4M | -269.81M | 393.7M | -136.52M | 0 | -1.82B | 25.68M | 36.8M | -1.01B | -199.9M | -2.1M | 57M | 1.3M | -5M | -4.1M |
| Net Change in Cash | 919.07M | 211.5M | -120.7M | 244.7M | -362.1M | 371.8M | 295.3M | -79.3M | -47.7M | 86.7M | -18M | 133M | -330.6M | -88.4M | -65.5M | 143.2M | 143.2M | 97M | -72.7M | 108.7M | -286M | -152.6M | 522.7M | -62.1M | 172.2M | -52.6M | 33.7M | -58.1M | 95.7M | -27.2M |
| Free Cash Flow | 3.12B | 709.2M | 437.6M | 614.3M | 463.8M | 665.4M | 278M | -200M | -38.8M | 131.1M | 144.9M | 229.4M | -346M | -175.9M | 754.5M | 249.8M | -7.3M | -188.2M | -255.4M | -591.8M | 210M | -135.8M | -175M | 212.8M | 286.6M | 58.5M | 84.2M | -157.2M | -23.9M | 68.2M |
| FCF Margin % | 35.56% | 13.63% | 9.72% | 14.33% | 11.06% | 17.1% | 9.37% | -7.76% | -1.4% | 4.92% | 5.9% | 8% | -11.91% | -3.17% | 13.01% | 4.99% | -0.18% | -5.83% | -7.97% | -21.64% | 9.2% | -7.17% | -10.26% | 13.89% | 23.31% | 5.79% | 7.56% | -16.55% | -6.23% | 12.45% |
| FCF Growth % | 340.14% | 62.07% | -28.76% | 32.45% | -30.3% | 139.35% | 239% | -415.46% | -129.6% | -9.52% | -36.84% | 166.3% | -96.7% | -123.31% | 202.04% | 3521.92% | 96.12% | 26.31% | 56.84% | -381.81% | 254.64% | 22.4% | -182.24% | -25.75% | 389.91% | -30.52% | 153.56% | -557.74% | -135.04% | -32.68% |
| FCF per Share | 3.48 | 0.79 | 0.49 | 0.69 | 0.52 | 0.75 | 0.33 | -0.24 | -0.05 | 0.16 | 0.19 | 0.30 | -0.47 | -0.24 | 1.03 | 0.35 | -0.01 | -0.28 | -0.39 | -1.05 | 0.42 | -0.28 | -0.36 | 0.45 | 0.61 | 0.13 | 0.19 | -0.48 | -0.12 | 0.33 |
| FCF Conversion (FCF/Net Income) | 1.27x | 1.57x | 2.22x | 2.37x | 1.97x | 1.73x | 5.51x | -1.76x | -24.99x | 6.09x | -3.17x | 65.49x | -0.91x | 1.75x | 2.16x | 0.96x | 2.97x | 3.85x | 1.99x | 0.83x | 3.36x | -0.88x | 2.18x | 1.43x | 1.46x | -1.74x | 1.87x | 0.98x | 0.35x | 1.15x |
| Interest Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Taxes Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Geopolitical and Regulatory Volatility
According to recent financial statements, Gold Fields demonstrated a consistent ability to convert net income into operating cash flow, with the OCF/NI ratio reaching 1.12 in 2025Q4, suggesting that reported earnings are supported by actual cash generation rather than non-cash accounting adjustments or aggressive revenue recognition.
The consistent premium of operating cash flow over net income indicates a high quality of earnings, as the company avoids the common pitfall of inflating profits through non-cash accruals. Investors should monitor whether this conversion efficiency persists as the company integrates newer, higher-cost assets into its portfolio.
As reported in quarterly filings, GFI’s free cash flow margin surged to 39.7% in 2025Q4, a marked improvement from the 2.1% observed in 2024Q2, which suggests that the company is successfully transitioning from a heavy investment phase into a period of significant cash harvesting from its global operations.
The trajectory of free cash flow reflects the successful scaling of production relative to sustaining capital requirements. This trend appears to validate the company's strategic pivot toward mechanized, lower-cost jurisdictions, though the sustainability of these margins remains sensitive to gold price volatility.
Based on the provided data, GFI’s capital expenditure as a percentage of revenue declined to 14.3% in 2025Q4 from a peak of 28.6% in 2022Q4, indicating that the company is moving past the most intensive phase of its recent growth-oriented capital deployment cycle.
The reduction in capital intensity suggests that the major infrastructure projects, such as the Salares Norte ramp-up, are nearing completion or reaching operational maturity. Analysts should investigate whether this lower spending level is sufficient to maintain long-term reserve replacement without compromising future production volumes.
As indicated by recent cash flow statements, GFI utilized $362 million for dividends and $2.1 billion for acquisitions in 2025Q4, reflecting a dual-track strategy of returning capital to shareholders while aggressively pursuing inorganic growth to bolster its long-term production profile in key mining jurisdictions.
The significant acquisition spend in the most recent quarter warrants close scrutiny regarding the expected return on invested capital for these new assets. While the dividend payout remains consistent, the large-scale deployment of cash into acquisitions suggests management is prioritizing growth over further balance sheet de-leveraging.
Quick answers to the most common questions about buying GFI stock.
Gold Fields Limited (GFI) generated $4.55B in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Gold Fields Limited (GFI) generated $3.12B in free cash flow in 2025. Free cash flow is the cash left over after capital expenditures, which can be used to pay dividends, repurchase shares, or pay down debt.
Gold Fields Limited (GFI) spent $1.43B on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.
In 2025, Gold Fields Limited (GFI) returned $710.0M to shareholders via cash dividends and spent $36.4M on share repurchases. This shows the company's commitment to returning capital to its equity investors.