Gold Fields Limited (GFI) Stock Analysis & Winston Score

Gold Fields Limited is a South African company that mines gold and sells it to banks, refiners, and commodity markets around the world. Gold is its core product, and the company operates large mines across South Africa, Ghana, Australia, Peru, and Chile. It is one of the largest gold mining companies globally by production volume.

Gold Fields makes money by extracting gold from the ground and selling it at market prices, so its revenue rises and falls with the price of gold. The company generates roughly 3–4 million ounces of gold equivalent per year, making it a mid-to-large producer in the industry. Its competitive position comes from owning long-life, low-cost mines in multiple countries, which reduces dependence on any single region. The key risk the company faces is that gold prices are set by global markets and can drop sharply, squeezing profits even if production stays steady.

Winston Score History

Growth Profile

For growth stock investors

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

+71.8% YoY

YoY Growth Rate

Revenue accelerating

EPS Growth

+200.0% YoY

YoY Growth Rate

EPS growth accelerating

R&D Spend

$0/ year

0.0% of revenue

Below sector average (3%)

Research and development spending

Insider Activity

0.0%ownership

Relatively low insider ownership

Cash Position

Cash flow positive

$2.0B cash & investments

Quarterly Free Cash Flow

↑ Burn rate improving

Company generates more cash than it spends — no dilution risk from fundraising

Revenue accelerating

Gold Fields Limited grew revenue 72% year-over-year and the growth rate is speeding up. That's the kind of momentum growth investors look for — the question is whether margins can follow.

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Share count broadly stable

+0.4% over 4y

The share count has stayed roughly flat over this period — little dilution or buyback activity.

Diluted shares outstanding: 893.5M (2021) → 897.3M (2025)

Score breakdown

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Quality

Gross Margin

56.7%

Premium pricing power — 56.7% gross margin

Operating Margin

51.3%

Excellent — 51.3% operating margin

ROCE

24.3%

Exceptional — 24.3% return on capital

ROIC between 15% and 25%. Every dollar invested in the business earns 15 to 25 cents back per year.

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Growth

Sales YoY

+68.7%

Fast-growing sales (68.7% YoY)

EPS YoY

+189.9%

Earnings growing fast (189.9% YoY)

Earnings growing 25%+ a year. The compounder zone.

EPS Consistency

8/8 quarters

Every recent quarter grew earnings vs last year

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Cash Flow

Cash Conversion

127%

Turns 127% of profit into real cash

FCF Margin

35.6%

Converts sales into free cash efficiently (35.6%)

Free cash flow margin above 20%. Out of every $100 in sales, more than $20 is real cash they keep.

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Stability

Debt / Equity

0.32

Conservative — low debt load (0.32)

Interest Cover

47.49x

Comfortably covers interest (47.5x)

Interest coverage above 8. Profits cover interest many times over.

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Valuation

P/E Ratio (TTM)

7.8x

Attractive valuation — P/E 7.8

P/E under 10. The price tag is small relative to last year's profit.

P/E vs Forward

+1.2

GROWING

Earnings expected to grow — slightly cheaper on forward P/E

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Dividends

Dividend Yield

5.80%

Healthy income — 5.80% yield

Generous yield. Worth checking whether the payout is sustainable.

Dividend Growth

+188.5%

Dividend growing fast (188.5% YoY)

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