KGHM Polska Miedz S.A. (KGHPF) Stock Analysis & Winston Score

KGHM Polska Miedz is a Polish mining company that digs copper and silver out of the ground and turns them into metal products. Its main outputs are copper cathodes, wire rods, and silver, which it sells to manufacturers in industries like electronics, construction, and energy. It is one of the largest silver producers in the world and a major European copper producer.

The company earns money by selling the metals it mines and processes, so its revenue rises and falls with global commodity prices. KGHM operates mines in Poland, Chile, and Canada, giving it a geographically spread production base, and its long-life Polish mines represent a significant barrier to entry for competitors. The biggest risk the company faces is a sustained drop in copper or silver prices, which would directly compress its margins and cash flow, though growing demand for copper in electric vehicles and power grids provides a meaningful long-term tailwind.

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

+38.2% YoY

YoY Growth Rate

Revenue accelerating

EPS Growth

+969.1% 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

31.8%ownership

Insiders own a meaningful stake in the company

Cash Position

Cash flow positive

$14.5B cash & investments

Quarterly Free Cash Flow

↓ Burn rate worsening

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

Revenue accelerating

KGHM Polska Miedz S.A. grew revenue 38% 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

0.0% over 4y

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

Diluted shares outstanding: 200.0M (2021) → 200.0M (2025)

Score breakdown

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Quality

Gross Margin

40.2%

Healthy — 40.2% gross margin

Operating Margin

36.4%

Excellent — 36.4% operating margin

ROCE

10.4%

Below par — 10.4% return on capital

ROIC between 5% and 15%. They earn 5 to 15 cents back per year on every dollar invested.

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Growth

Sales YoY

+10.7%

Steady sales growth (10.7% YoY)

EPS YoY

+148.1%

Earnings growing fast (148.1% YoY)

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

EPS Consistency

4/8 quarters

Earnings inconsistent quarter-to-quarter

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Cash Flow

Cash Conversion

58%

Weak — only 58% of profit becomes cash

FCF Margin

-1.3%

Burning cash (-1.3%)

Free cash flow is negative. They are burning cash, not generating it.

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Stability

Debt / Equity

0.17

Conservative — low debt load (0.17)

Interest Cover

108.24x

Comfortably covers interest (108.2x)

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

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Valuation

P/E Ratio (TTM)

2.3x

Attractive valuation — P/E 2.3

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

P/E vs Forward

+0.1

GROWING

Earnings roughly flat

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Dividends

Dividend Yield

0.46%

Small dividend — 0.46% yield

Modest yield. The bulk of any return needs to come from price appreciation.

Dividend Growth

-20.6%

Dividend cut (-20.6% YoY) — warning sign

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