GOLD FIELDS LTD (GFI) Stock Analysis

Price updated 2 days ago · SEC data refreshed 2 days ago · Not investment advice

GOLD FIELDS LTD

GFI Basic Materials Gold & Silver Mining📄 SEC filings ↗ CUSIP 38059T106
Valuation N/A
▾ What's in the 33/100 risk score? (higher = riskier)
Fundamental health (43%) 33/100 → +14.1
leverage 40/100 · FCF trend 25/100
Smart money (short interest + insider buying) (31%) 31/100 → +9.7
Macro backdrop (VIX, curve, credit, fear/greed + week-over-week momentum) (26%) 35/100 → +9.0
early-warning: macro conditions deteriorating week-over-week
Total33/100

Contributions (weight × component score) sum to the total. This near-term score now includes fundamental health (leverage, FCF trend). See the Financial Health section for the full balance-sheet read.

💵 Price $45.10 · 2 days ago 📄 Financials SEC EDGAR · refreshed 2 days ago

How to read GFI (cyclical commodity producer)

A miner or energy producer earns whatever the commodity price is, so a single DCF swings with the cycle. Judge it against peers and where you think the commodity cycle is heading.

Where to start — the sections that matter most for this stock
  1. 1 EV/Sales peer comparison ↓
    How the price compares to similar producers is more meaningful than a through-cycle DCF.
  2. 2 Interactive calculator (test cycle assumptions) ↓
    Flex the growth/discount inputs to see how sensitive the value is to where we are in the cycle.
Or — what are you trying to decide?
A note on process: fear-driven decisions — including fear of missing out — tend to be the expensive ones. A stock up 10% a day for three days is excitement, not evidence. Whichever reader you are, the data below is there to be checked before anything is decided.
🚀
"It's surging — should I chase it?"
The momentum / FOMO trade. Before you chase, see whether the people who know it best are quietly selling into the rally.
🏷️
"Is it a cheap bargain?"
The deep-value trade. How far below assets and our value it trades — and whether it's cheap for a reason.
ⓘ Using the right valuation lens for this business type

Standard DCF doesn't fit GFI well — but that's expected for this kind of business. The EV/Sales Peer Comparison below uses the metrics actually used by analysts who value gold & silver mining. Reverse DCF + Football Field also work as cross-checks.

ⓘ Why a standard DCF doesn't settle this one — GFI is a cyclical commodity producer

Miners, metals and energy producers earn whatever the commodity price is at the time. A discounted-cash-flow model leans on recent cash flow, so it swings with the cycle: the result is dominated by where we are in the commodity cycle rather than by durable business economics.

For this business type, lean on the EV/Sales peer comparison and Reverse-DCF below (how today's price compares to similar producers and what growth it implies), and weigh the commodity-price outlook. Treat the DCF number as a rough mid-cycle reference, not a buy/sell trigger.

ⓘ Why does GFI trade at $45.10?

GOLD FIELDS LTD has 895.5 million shares outstanding. At $45.10 per share, the market values all outstanding GFI equity at $40.4 billion. That's market capitalization, not enterprise value — enterprise value also accounts for debt and cash. The share price by itself tells you almost nothing — a company can pick any share price by splitting or issuing more shares. What matters is the total value (Market Cap?Market Cap — The total dollar value the market is assigning to the entire company.
Why it matters: This is the number that actually matters when comparing companies. Two companies with the same business but different share counts have the same market cap.
Reference: Mega cap >$200B · Large $10–200B · Mid $2–10B · Small $300M–2B · Micro <$300M
Full explanation →
) compared to what the business actually produces. This page values GFI in Per Share?Per Share — A company-level figure divided by total shares — what one share represents.
Why it matters: Per-share metrics are the only way to fairly compare two companies with different share counts.
Full explanation →
economics — what each share represents of the underlying business. Play with the share-price calculator on the homepage →

Loading insider & short-seller data…
Checking filings for failure warnings…

How does GFI stack up against its closest peers?

We take the 8 same-industry companies most similar to GFI (similar size) and check what investors are paying for each dollar of their revenue (or profits). If GFI is much more expensive on the same yardstick, that's a red flag — unless you have a specific reason it deserves a premium. For a leveraged business, EV/EBIT and FCF yield (both in the table) are usually more reliable than EV/Sales, because revenue multiples ignore differences in margins and debt.

▾ What's "EV / Sales" in plain English?

EV (Enterprise Value) = market cap + total debt − cash. It's "what you'd pay to buy the entire company outright" — you pay the market cap to shareholders and take over their debt, but you keep their cash. EV is fairer than market cap alone because it includes the debt the new owner inherits.

EV / Sales = EV ÷ annual revenue. So "2.5×" means investors pay $2.50 of enterprise value per $1 of yearly sales. Higher = market is paying more per dollar of sales (usually because they expect future growth or fat margins).

p25 / median / p75 are the 25th, 50th (middle), and 75th percentile of the peers' multiples. Half the peers fall between p25 and p75. The median (p50) is the typical peer — that's the benchmark we compare to.

What peers trade at (p25 / median / p75)
EV / Sales?EV / Sales — For every $1 of yearly revenue, this is how many dollars investors pay to own the whole business (including debt).
Why it matters: Works for pre-profit growth companies where P/E and FCF don't apply. The most apples-to-apples cross-company multiple because it ignores accounting choices.
Reference: 1–3x for mature companies · 4–10x for software/SaaS · 10–20x for hypergrowth · >20x is rare and demanding
Full explanation →
4.6x / 5.3x / 6.2x
EV / Gross Profit?EV / Gross Profit — Enterprise value divided by gross profit — the multiple paid for what each dollar of sales contributes after direct costs.
Why it matters: More refined than EV/Sales for high-margin businesses (software, marketplaces) where gross margin is the real economic engine.
Reference: 8–15x for SaaS · 15–25x for hypergrowth software · >30x demanding
Full explanation →
9.6x / 14.2x / 33.0x

Bold middle number = median peer. Half the peers trade above it, half below. Computed over 8 same-industry peers; implausible multiples excluded.

Peer-implied value check
$28.95
If GFI traded at the typical (median) peer's EV/Sales multiple, the share price would be about $28.95.
Plain English: the stock currently trades at $45.10. That's 55.8% MORE than the peer multiple suggests. The market is paying a big premium — GFI looks expensive vs peers. Either the market thinks this stock deserves a premium (faster growth, better margins, brand moat), or it's overpriced.

⚠️ Important caveat: peer multiples only work if the peers are genuinely comparable. Always check the peer list below — if the auto-picker grabbed micro-caps or unrelated businesses, the comparison is noise. A medical-device giant priced against tiny biotech startups won't produce a useful signal.

▾ View peer list (8)
Ticker Company Industry Mcap EV/Sales EV/GPEV/EBIT FCF Yield
FNV FRANCO NEVADA Corp Gold & Silver Mining $44.5B 33.0x
SBSW Sibanye Stillwater Ltd Gold & Silver Mining $35.5B 6.2x 4.1%
KGC KINROSS GOLD CORP Gold & Silver Mining $35.0B 5.1x 9.6x10.9x 1.8%
AU AngloGold Ashanti PLC Gold & Silver Mining $52.7B 5.5x 11.2x 1.4%
PAAS PAN AMERICAN SILVER CORP Gold & Silver Mining $24.0B 17.1x
WPM Wheaton Precious Metals Corp. Gold & Silver Mining $70.0B suspect 30.2x 41.9x44.2x 0.5%
DRD DRDGOLD LTD Gold & Silver Mining $22.8B
B BARRICK MINING CORP Gold & Silver Mining $73.2B 4.6x 1.6%

Bankruptcy + quality screens

Cheap stocks can be cheap for a reason. These screens warn when a low valuation comes paired with structural fragility.

Altman Z-Score?Altman Z-Score — A bankruptcy-risk score combining 5 financial ratios into one number. Predictive of bankruptcy within 2 years.
Why it matters: Cheap-looking stocks (low P/E or P/B) often have low Z-scores because the market knows the company is dying. Z-score warns you before you fall into a value trap.
Reference: > 3.0 = safe zone · 1.81–3.0 = grey zone · < 1.81 = distress zone
Full explanation →
6.34
Safe zone

Safe zone under the classic Altman thresholds — companies scoring here have historically gone bankrupt only rarely within ~2 years. A screening signal, not a guarantee.

The classic Z-score was calibrated on manufacturers. It is less reliable for asset-light or non-manufacturing businesses (broadcasters, media, software, services) and not applicable to banks, REITs, or insurers — for those the coefficients and the asset-turnover term distort the result. Read it as one screening input, not a verdict.

Piotroski-style checks (partial — not a standard F-score)
5 passed · 3 failed · 1 n/a
Partial result, not a standard F-score: 5 of 8 measurable checks passed. 1 of the 9 standard checks couldn't be measured, so this is scored out of 8, not 9 — it isn't comparable to a published F-score.
▾ The checks — what passed, what didn't (and what we couldn't measure)
  • Positive net income
    Net income $1,290.5M in FY2024.
  • Positive operating cash flow
    Operating cash flow $1,607.0M (was $1,192.8M the prior year).
  • Cash flow backs up reported profit
    Operating cash flow $1,607.0M vs net income $1,290.5M.
  • Return on assets improving
    Return on assets 12.7% vs 8.8% a year ago.
  • Debt load (vs assets)
    Long-term debt is 17.5% of assets vs 7.9% a year ago ($1,776.5M of $10,142.9M assets).
    Why this matters: Rising debt relative to assets means more risk and more cash going to interest instead of shareholders. Falling debt is a sign of strengthening.
  • Short-term liquidity (current ratio)
    Current ratio 0.00x vs 0.00x a year ago — below 1.0, a caution flag.
    Why this matters: The current ratio compares assets it can turn to cash within a year against bills due within a year. Below 1.0 means it may struggle to cover near-term obligations.
  • Share count (dilution)
    Share count held roughly flat (893.3M → 894.9M year-over-year).
  • · Pricing power (gross margin) (n/a — data not reported; not scored)
  • Sales per asset (asset turnover)
    Asset turnover 0.51x vs 0.55x a year ago.
    Why this matters: Asset turnover measures how much revenue each dollar of assets generates. Rising = more productive use of the asset base.

Missing data is never counted as a pass or a fail — it's shown as n/a and excluded from the denominator. Each check compares the company against its own prior year.

What if you assume different inputs?

Here's where we land — and what happens if you change the assumptions. Drag the sliders to set your own Discount Rate?Discount Rate — The annual return you demand for taking single-stock risk instead of buying a safe Treasury or index fund.
Why it matters: Higher discount rate = stricter valuation (a stock has to produce more cash to be worth holding). Lower = more generous.
Reference: 8–12% is standard · 9–10% matches S&P 500 historical return · Below 7% is illogical for single-stock risk
Full explanation →
(the annual return you demand for single-stock risk) and terminal growth; the value updates live so you can see whether the stock looks cheaper or richer. The discount rate starts at 10.0%, the figure our model used for GFI. Open Advanced to also change beta, growth and the rate path.

Note: no headline intrinsic value is published for this stock (the valuation is held for a data-quality reason — see the notes above). The calculator below is a what-if tool: the values it produces are your assumptions played out, not our estimate.

4.5% (risk-free)9-10% normal18% (deep-risk)
0%2-3% (GDP)5% (rarely sustainable)

A full intrinsic value isn't shown for GFI because the valuation is currently held for a data-quality reason (see the guardrail notes above). The reverse-DCF reading still works — it needs only the price and cash flow — but we won't publish a forward value until the underlying data passes our checks.

For comparison — the revenue growth today's price already assumes

⚙ Advanced — tinker with every input (beta, growth, rate path, margin → full intrinsic value)
Where the discount rate comes from — discount rate = risk-free + beta × equity-risk-premium
What you'd earn risk-free from government bonds — the floor under every other rate. Slide it down to model the market expecting rate cuts (value rises); up for higher-for-longer.
The extra yearly return investors demand for owning stocks instead of safe bonds — the price of risk. History runs ~4.5–6.5%; we default to 5.5% (slightly conservative). It's an estimate, not a law — lower it if you think equities are less risky than that.
Inflation reduces the purchasing power of a nominal return: a 9% gain at 3% inflation is about 6% in real terms. The intrinsic value above is already in today's dollars (a nominal DCF carries inflation in both the growth and the discount rate), so this switch does not change the value — it restates the return in real terms.
Higher beta → higher discount rate (sets the rate above). 1.0 = moves with the market.
What you think GFI can grow revenue for ~5 years, then fades to terminal.
For a pre-profit company: the % of revenue that eventually becomes free cash flow once mature. (Our published value uses the sector norm.)
All inputs start at the values our model used.

    Copy shareable link to this scenario →

    Price$45.10
    Model IVNot applicable — DCF couldn't price this stock. The other valuation lenses on this page (reverse-DCF, peers, sector lens — whichever apply to this filer) carry the read instead.

    A standard DCF?DCF — Discounted Cash Flow — sums up all future cash a business will produce, adjusted for the fact that future dollars are worth less than dollars today.
    Why it matters: It is the most fundamentally honest valuation method when applicable — but only works for companies with predictable, positive cash flow.
    Reference: Best for: mature, profitable businesses. Fails for: pre-profit growth, banks, REITs.
    Full explanation →
    valuation is not meaningful for Gold Fields Ltd. because, while operating cash flow is positive, its cyclical nature and commodity exposure make future cash flows highly variable, as indicated by its normalized cash flow model. Investors are likely focused on the company's ability to maintain positive operating cash flow and capitalize on gold price movements. The number one quantifiable risk is its low franchise/durability score of 1/5, suggesting limited long-term competitive advantages.

    ⚠️ Cyclical sector: using normalized cash flow (median OCF minus estimated maintenance capex).

    As of 2 days ago

    Anatomy of a share

    What you're buying per share. Bars are at the same scale so you can see the relative size of revenue, costs, cash flow, and debt — not just read them in a table.

    GFI GOLD FIELDS LTD stock anatomy showing per-share revenue, operating expenses, free cash flow, and debt
    24.8%
    profit
    Where each $1 of revenue goes
    Net profit — 24.8¢ of every dollar ($1.44/sh = latest fiscal-year net income ÷ current shares. The table below shows GAAP diluted EPS of $1.38, computed on that year's weighted-average diluted shares — the share count moved, which is why they differ)
    Costs & taxes — 75.2¢ (on $5.81 revenue/sh)
    Net margin = net income ÷ revenue (most recent fiscal year).
    Plain English: each share (at $45) represents $5.81 of revenue per share per year, $1.44 of net income per current share, and $0.47 of free cash flow per share from the latest fiscal year. Each share carries $2.79 of total debt (interest-bearing borrowings, current + long-term).
    What's free cash flow / what do these mean?

    Revenue per share — how much the business earns from customers, divided by the number of shares outstanding. Top of the income statement.

    Earnings per share — profit left after operating costs, interest, and taxes, per share. Two versions appear on this page and are not interchangeable: GAAP diluted EPS uses the company's weighted-average diluted share count during the reporting period (this is the "earnings" in "price-to-earnings"); net income per current share divides annual net income by today's share count. They differ whenever the share count has changed.

    Owner-earnings free cash flow per share — the cash the business produces for shareholders. Savng's owner-earnings FCF subtracts capital expenditures and stock-based compensation from operating cash flow (SBC is a real dilution cost even though it's non-cash). This is deliberately more conservative than "standard" FCF, which subtracts only capital expenditures — so our figure is lower than the headline FCF you'll see elsewhere. FCF funds dividends, buybacks, debt repayment, and acquisitions; a company can report positive earnings yet negative FCF.

    Debt per share — total interest-bearing borrowings divided by shares. High debt-per-share next to thin FCF-per-share is a fragility signal.

    What you actually need to decide

    Every stock price is a disagreement. Here's the single thing that must go right for the bulls, the single thing that breaks the thesis, and the concrete signposts to watch so you can update your view as real results arrive.

    🐂 The Bull Case
    For the stock to work, gold prices must remain elevated or increase, allowing the company to generate substantial free cash flow?Free Cash Flow (FCF) — Operating cash flow minus capital spending: cash left after a company covers operating costs, taxes and interest and reinvests in the business — but BEFORE repaying debt principal or paying dividends. The cash actually available to investors.
    Why it matters: A company can show big profits on paper while burning through cash. FCF is what actually fills the bank account.
    Reference: Healthy mature businesses convert 8–15% of revenue into FCF · Growth companies often negative
    Full explanation →
    beyond the normalized $297.52M.
    🐻 The Bear Case
    The biggest fundamental risk is the company's low franchise/durability score of 1/5, implying that it may struggle to maintain profitability and cash flow if commodity prices decline or operational costs increase significantly.
    📌 Signposts to watch — update your view as these print
    • Quarterly gold production volumes
    • Average realized gold price per ounce
    • All-in sustaining costs (AISC) per ounce

    The trend, in plain numbers (FY2023 → FY2024, latest reported)

    Straight from the financial statements — no model, no opinion. For a small or unprofitable company, the direction of these numbers usually tells you more than any single valuation.

    ✅ Improving
    • Revenue grew +16% to $5.20B.
    • Free cash flow rose to $419.2M.
    • Net income grew +78% to $1.29B.

    Nothing was clearly worsening year-over-year.

    Management & Leadership

    Gold Fields is led by CEO Mike Fraser, who assumed the role in 2023. The company's executive team focuses on operational efficiency and sustainable gold production across its global portfolio.

    Michael John Fraser
    Chief Executive Officer (per SEC Form 3, 2026-03-18)
    Alexander Thomas Dall
    Chief Financial Officer (per SEC Form 3, 2026-03-18)
    Mariette Steyn
    EVP People and Sustainability (per SEC Form 3, 2026-03-18)
    Jongisa Magagula
    EVP IR and Corporate Affairs (per SEC Form 3, 2026-03-18)
    John Fraser Mackenzie
    Director (per SEC Form 4, 2026-06-24)
    Jacqueline Elizabeth McGill
    Director (per SEC Form 4, 2026-06-03)

    What They Make

    Gold Fields Ltd. is a global gold mining company that produces and sells gold, with a secondary focus on copper. Its primary customers are refiners and financial institutions.

    End Markets

    Gold miningCopper miningPrecious metals market

    Revenue Drivers

    Gold production volume
    Realized gold prices
    Operational efficiency
    Market Cap: 40.4BBeta: 1.53

    Why Is It Priced Like This?

    Why Customers Pay

    Reliable gold supply
    Diversified geographic operations
    Responsible mining practices
    No discounted-cash-flow value for this filer We aren't publishing a discounted-cash-flow value here: the model's output failed our plausibility checks, so showing it would imply more precision than we have.

    What we use instead: earnings (P/E, EV/EBIT), book value (P/B), dividend yield & payout — computed from the figures this company does report, shown in the sections below. Those numbers are unaffected by the missing cash-flow data.

    The market prices Gold Fields based on expectations for future gold prices and the company's ability to maintain positive operating cash flow, which has been positive for 5/5 years. Given its cyclical sector and low franchise/durability score of 1/5, investors are likely betting on commodity price movements and operational execution rather than a stable, predictable cash flow stream.

    Business Model & Valuation

    How They Make Money

    Gold ore extraction and processing
    Sale of refined gold
    Sale of copper by-products

    The company funds itself through its positive operating cash flow and may use it for capital expenditures, debt servicing, and dividends, though specific dividend rates are not provided in the FLAGS.

    Normalized FCF

    Cyclical/commodity sector (Gold & Silver Mining): normalized FCF uses 5-year median to smooth peak/trough distortions.

    Show advanced inputs
    Revenue Growth7.5%
    Eps Growth14.5%
    Historical Fcf Growth-4.9%
    Sector Default5.0%
    Sector Default SourceBasic Materials sector default
    Best Estimate6.8%
    Methodblend(70% revenue_cagr, 30% sector)
    Growth Basistotal

    What this model does NOT do: this is a consolidated owner-earnings FCF model. Standalone segment assumptions: none. It does not project production volumes, realized commodity prices and unit cash costs independently; their combined effect is embedded in the historical revenue and cash-flow trend the model extrapolates. The calculator above can only approximate a segment's impact through the single consolidated growth rate — it cannot model any one line separately. For a true segment-level view, build a separate model from the company's segment disclosures.

    Maturity & Competitive Position

    Cyclical / commodity-linked producer

    Moat Signals

    Large-scale mining operations
    Diversified asset base
    Established production history

    Net income has been positive for 5/5 years, and operating cash flow has been positive for 5/5 years.

    Geography & Markets

    Gold Fields operates globally with significant mining operations in South Africa, Ghana, Australia, and the Americas. Exact geographic revenue mix is not available from current data sources.

    Geographic Risks

    Exposure to volatile gold prices
    Geopolitical risks in operating regions

    Market Signals

    These are timing signals, not value signals — they describe the stock's recent price behavior, not what the business is worth. Use them for the "the thesis looks good, but is now the moment?" question. Each tile below explains what it's saying.

    Model bearish, tape neutral
    RSI?RSI — Relative Strength Index — a 0-100 momentum gauge. Above 70 = overbought; below 30 = oversold.
    Why it matters: Short-term contrarian indicator. Extreme readings often precede mean reversion, though not always.
    Reference: 30–70 normal · >70 overbought · <30 oversold
    Full explanation →
    (14)
    54.6NeutralMomentum is balanced — neither overbought nor oversold.
    MACD?MACD — Moving Average Convergence Divergence — compares a fast and a slow price trend to gauge momentum direction.
    Why it matters: When the fast line crosses above the slow line, short-term momentum is turning up; below, turning down. A timing cue, not a value signal.
    Reference: Line above signal = bullish momentum · below = bearish
    Full explanation →
    BearishLine below signalThe fast trend is below the slow trend — short-term momentum is currently downward.
    50-Day Average$39.08Price above (+15.4%)Price above its 50-day average = near-term uptrend.
    200-Day Average$43.84Price aboveThe 200-day line is the long-term trend divider — above it is generally considered a bull market for the stock.
    50 vs 200 CrossDeath50-day below 200-dayA "death cross" — the medium trend is below the long trend (often read as bearish).

    Technicals describe price, not the business. A great company can have a "bearish" tape (a buying chance) and a weak one a "bullish" tape (a trap). Pair these with the valuation and health sections above.

    Data Quality & Risk Flags (5 notes — click to expand/collapse)

    Guardrail Notes (5)
    • Cyclical sector: using normalized cash flow (median OCF minus estimated maintenance capex).
    • Median OCF: $1.23B, est. maintenance capex: $738.12M, normalized SBC: $9.10M, normalized owner-earnings FCF: $482.98M.
    • Price is far above the model output - market may be pricing optionality, narrative catalysts, or margin expansion beyond what trailing cash flows support.
    • Cyclical commodity producer: price is far above our modelled value. FCF-DCF structurally understates capital-intensive miners/energy — use the EV/Sales peer lens and the commodity-price outlook, not this single number.
    • Extreme valuation gap (P/IV withheld — see the note above): result may be dominated by model assumptions, share count issues, or sector-specific dynamics. Treat as low confidence.

    Financial Statements (5-year tables — click to expand)

    From GOLD FIELDS LTD's SEC filings (EDGAR).

    Income (5yr)

    YearRevenueNet IncomeEPS
    20245.2B1.3B$1.38
    20234.5B726.3M$0.77
    20224.3B721.7M$0.78
    20214.2B829.5M$0.88
    20203.9B745.4M$0.81

    Cash Flow (5yr)

    YearOperating CFCapEx− SBCFree Cash Flow
    2024 1.6B 1.2B 419.2M
    2023 1.2B 1.1B 9.1M 129.0M
    2022 1.4B 1.1B 6.9M 303.0M
    2021 1.2B 1.1B 12.7M 128.8M
    2020 1.1B 583.7M 14.5M 513.2M

    How we define FCF: operating cash flow − capital expenditure − stock-based compensation (owner-earnings basis — SBC is a real cost to shareholders even though it's non-cash). This is the same owner-earnings FCF definition the valuation model uses, though the DCF's starting value is a mid-cycle estimate (median operating cash flow less estimated maintenance capex and stock compensation — by design NOT the table's FCF, which deducts every year's full capex), not this single year.

    Balance Sheet

    Total Assets10.1B
    Total Liabilities4.8B
    Equity5.2B
    Total Debt2.5B

    Similar companies worth a look

    Same sector and industry, similar fundamentals shape. Verify everything yourself — this list is computed mechanically and does not reflect our judgment about whether any of these are a good investment.

    PG
    Methodology by Pouyan Golshani, MD — founder of Gighz. Savng was built by a physician for busy professionals: every number on this page comes from SEC filings (EDGAR) and FINRA data through transparent, rules-based models — no analyst opinions, no hidden inputs. How we calculate every number →
    ⚠️ Not investment advice. Automated model outputs, last refreshed 2 days ago (the analysis-refresh date, not the latest filing period). All models have blind spots. Full disclaimer →
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