Latest Ratios: P/E Ratio 10.4x · EV/EBITDA 7.3x · ROE 51.0%. (1996–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $36.5B | $39.2B | $11.8B | $12.9B | $9.3B | $9.8B | $8.2B | $5.5B | $2.9B | $3.6B | $2.4B |
| Enterprise Value | $38.0B | $40.6B | $13.9B | $14.0B | $10.0B | $10.8B | $9.3B | $7.2B | $4.6B | $4.9B | $3.6B |
| P/E Ratio → | 10.36 | 11.08 | 9.57 | 18.78 | 13.44 | 12.08 | 11.44 | 34.74 | — | — | 15.84 |
| P/S Ratio | 4.16 | 4.46 | 2.27 | 2.88 | 2.16 | 2.34 | 2.12 | 1.87 | 1.14 | 1.29 | 0.91 |
| P/B Ratio | 4.22 | 4.52 | 2.20 | 2.80 | 2.07 | 2.29 | 2.15 | 1.82 | 1.04 | 1.01 | 0.74 |
| P/FCF | 11.70 | 12.55 | 16.67 | 29.58 | 15.06 | 21.17 | 12.40 | 19.92 | — | — | 18.60 |
| P/OCF | 8.03 | 8.61 | 6.04 | 8.29 | 5.50 | 6.32 | 6.60 | 6.22 | 4.77 | 4.47 | 2.55 |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 4.63 | 2.67 | 3.10 | 2.32 | 2.57 | 2.39 | 2.43 | 1.80 | 1.76 | 1.35 |
| EV / EBITDA | 7.35 | 7.86 | 5.11 | 6.30 | 4.58 | 4.70 | 4.34 | 5.44 | 4.73 | 4.00 | 3.15 |
| EV / EBIT | 8.94 | 9.26 | 6.86 | 10.97 | 8.14 | 7.79 | 7.14 | 15.92 | — | 20.79 | 8.28 |
| EV / FCF | — | 13.01 | 19.61 | 31.92 | 16.21 | 23.26 | 14.00 | 25.91 | — | — | 27.49 |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 55.1% | 55.1% | 42.5% | 36.4% | 36.6% | 40.7% | 42.1% | 29.0% | 18.3% | 21.5% | 22.0% |
| Operating Margin | 48.4% | 48.4% | 40.2% | 31.6% | 32.7% | 36.9% | 37.5% | 23.1% | 10.5% | 16.8% | 13.6% |
| Net Profit Margin | 40.8% | 40.8% | 23.9% | 15.6% | 16.6% | 18.8% | 18.6% | 5.4% | -13.5% | -1.2% | 5.9% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 51.0% | 51.0% | 24.9% | 15.5% | 16.2% | 19.5% | 21.1% | 5.5% | -11.0% | -0.9% | 5.3% |
| ROA | 28.2% | 28.2% | 13.6% | 9.0% | 9.7% | 10.7% | 10.3% | 2.6% | -5.5% | -0.5% | 2.7% |
| ROIC | 36.3% | 36.3% | 24.0% | 19.7% | 20.2% | 22.9% | 22.8% | 11.1% | 4.3% | 7.5% | 6.4% |
| ROCE | 38.7% | 38.7% | 27.6% | 21.4% | 21.4% | 23.7% | 24.9% | 12.8% | 4.8% | 8.3% | 6.9% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 0.37 | 0.37 | 0.55 | 0.36 | 0.33 | 0.35 | 0.51 | 0.72 | 0.74 | 0.50 | 0.51 |
| Debt / EBITDA | 0.62 | 0.62 | 1.08 | 0.75 | 0.68 | 0.65 | 0.91 | 1.64 | 2.15 | 1.47 | 1.48 |
| Net Debt / Equity | — | 0.17 | 0.39 | 0.22 | 0.16 | 0.23 | 0.28 | 0.55 | 0.60 | 0.37 | 0.35 |
| Net Debt / EBITDA | 0.28 | 0.28 | 0.77 | 0.46 | 0.32 | 0.42 | 0.50 | 1.26 | 1.74 | 1.07 | 1.02 |
| Debt / FCF | — | 0.46 | 2.94 | 2.34 | 1.15 | 2.09 | 1.61 | 5.98 | — | — | 8.90 |
| Interest Coverage | 48.06 | 48.06 | 112.08 | 20.24 | 16.87 | 13.72 | 10.30 | 4.43 | -3.67 | 2.87 | 5.58 |
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 1.75 | 1.75 | 1.14 | 1.25 | 2.29 | 1.73 | 1.92 | 0.81 | 1.50 | 1.30 | 1.22 |
| Quick Ratio | 1.75 | 1.75 | 0.73 | 0.70 | 1.33 | 0.96 | 1.35 | 0.50 | 0.90 | 0.84 | 0.84 |
| Cash Ratio | 1.05 | 1.05 | 0.50 | 0.43 | 0.98 | 0.64 | 0.97 | 0.38 | 0.65 | 0.56 | 0.61 |
| Asset Turnover | — | 0.58 | 0.51 | 0.55 | 0.58 | 0.57 | 0.52 | 0.45 | 0.42 | 0.42 | 0.42 |
| Inventory Turnover | — | — | 4.28 | 3.46 | 3.58 | 3.96 | 4.32 | 5.04 | 5.72 | 5.51 | 6.31 |
| Days Sales Outstanding | — | 12.45 | 20.57 | 16.10 | 17.68 | 13.53 | 12.54 | 11.64 | 5.98 | 19.86 | 16.40 |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | 1.9% | 1.8% | 3.0% | 2.8% | 3.3% | 3.3% | 1.7% | 0.8% | 1.6% | 1.8% | 1.6% |
| Payout Ratio | 19.8% | 19.8% | 28.2% | 52.4% | 42.8% | 40.8% | 19.0% | 28.2% | — | — | 25.0% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 9.7% | 9.0% | 10.5% | 5.3% | 7.4% | 8.3% | 8.7% | 2.9% | — | — | 6.3% |
| FCF Yield | 8.5% | 8.0% | 6.0% | 3.4% | 6.6% | 4.7% | 8.1% | 5.0% | — | — | 5.4% |
| Buyback Yield | 0.1% | 0.1% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| Total Shareholder Yield | 2.0% | 1.9% | 3.0% | 2.8% | 3.3% | 3.3% | 1.7% | 0.8% | 1.6% | 1.8% | 1.6% |
| Shares Outstanding | — | $897M | $896M | $895M | $894M | $893M | $890M | $839M | $832M | $827M | $810M |
Includes 30+ ratios · 30 years · Updated daily
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Quick answers to the most common questions about buying GFI stock.
Gold Fields Limited's current P/E ratio is 10.4x. The historical average is 19.5x. This places it at the 18th percentile of its historical range.
Gold Fields Limited's current EV/EBITDA is 7.3x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 7.2x.
Gold Fields Limited's return on equity (ROE) is 51.0%. This is above the typical threshold of 15-20% considered good for most companies. The historical average is 10.0%.
Based on historical data, Gold Fields Limited is trading at a P/E of 10.4x. This is at the 18th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
Gold Fields Limited's current dividend yield is 1.94% with a payout ratio of 19.8%.
Gold Fields Limited has 55.1% gross margin and 48.4% operating margin. Operating margin above 20% indicates strong pricing power and cost efficiency.
Gold Fields Limited's Debt/EBITDA ratio is 0.6x, indicating low leverage. A ratio below 2x is generally considered financially healthy.
Key Metrics
Top Statement Risk
Gold Price Sensitivity
Valuation Discount to Peers
Gold Fields trades at a significant discount to its senior gold peers, with a forward P/E of 9.16x versus the peer average of approximately 17.7x, suggesting the market is not fully pricing in its operational shift and margin expansion.
The company's forward EV/EBITDA of 4.93x is also well below peers like Newmont (10.13x) and AngloGold Ashanti (10.35x), indicating a potential valuation re-rating if the market recognizes its improved geographic and cost profile. The PEG ratio of 0.31 implies the market is severely underappreciating the company's earnings growth trajectory relative to its valuation.
Structural Margin Inflection
Operating margin has expanded to a structurally higher level of 55.0% in 2026Q2, up from 30.7% in 2024Q2, driven by a combination of higher gold prices and the operational leverage from its fixed-cost mining base.
This margin expansion appears sustainable as it reflects the company's strategic pivot toward lower-cost, mechanized operations in Australia and Chile. The gross margin of 57.9% provides a substantial buffer against input cost inflation, though investors should monitor the impact of potential gold price corrections on this highly cyclical profitability.
Compounding Returns on Capital
Return on Invested Capital (ROIC) has surged to 24.8% in 2026Q2, a significant improvement from the 8.4% level in 2024Q2, indicating the company is now generating superior returns on its expanded asset base.
This ROIC expansion is driven by both margin improvement and enhanced asset turnover, which rose to 0.39 from 0.26 over the same period. The trend suggests the company's capital allocation is becoming more efficient, though the high ROIC level may be partially cyclical and dependent on sustained elevated gold prices.
Negligible Leverage Amplifies Returns
With a debt-to-equity ratio of just 0.29% and interest coverage of 34.26x, Gold Fields maintains a fortress balance sheet that eliminates financial risk and allows it to fully capitalize on operational cash flows.
This minimal leverage is a deliberate strategic choice that provides significant flexibility for opportunistic M&A or increased shareholder returns. The near-zero debt position contrasts sharply with peers like AngloGold Ashanti (0.25 D/E) and makes GFI a cleaner play on gold price appreciation without the amplification of financial leverage.
The Misapplied P/E Multiple
The trailing P/E ratio of 11.66x is the most commonly misapplied metric for Gold Fields, as it fails to account for the significant non-cash depreciation charges that depress reported earnings relative to the company's robust cash generation.
For a capital-intensive miner with long-lived assets like South Deep, the P/E ratio can be misleading because it includes depreciation schedules that may not reflect the true economic life of the assets. A more appropriate metric is the P/FCF ratio of 13.18x, which better captures the company's ability to generate distributable cash, or the EV/EBITDA multiple, which neutralizes differences in capital structure and depreciation policies.