Gold Fields Ltd. (GFI) intrinsic value & 10-year financials
Gold Fields Ltd. (GFI) has a Graham intrinsic value of $45.84 per share. Over the last 10 fiscal years revenue grew 8.7% a year to $5.2B, with an average return on invested capital of 7.8%.
- Graham intrinsic value
- $45.84
- Revenue (FY2024)
- $5.2B
- Revenue growth (10-yr CAGR)
- 8.7%
- ROIC (10-yr avg)
- 7.8%
- Free cash flow (FY2024)
- $423.6M
GFI 10-year financial history
| Fiscal year | Revenue | Net income | EPS (diluted) | Free cash flow | Operating margin | ROIC |
|---|---|---|---|---|---|---|
| FY2024 | $5.2B | $1.3B | $1.38 | $423.6M | — | 21.1% |
| FY2023 | $4.5B | $726.3M | $0.77 | $138.1M | — | 14.7% |
| FY2022 | $4.3B | $721.7M | $0.78 | $309.9M | — | 15.5% |
| FY2021 | $4.2B | $829.5M | $0.88 | $141.5M | — | 18.1% |
| FY2020 | $3.9B | $745.4M | $0.81 | $527.7M | — | 17.1% |
| FY2019 | $3.0B | $174.7M | $0.19 | $232.5M | — | 4.1% |
| FY2018 | $2.6B | -$344.8M | -$0.42 | -$256.4M | — | -7.7% |
| FY2017 | $2.8B | -$7.7M | — | $388.6M | — | -0.2% |
| FY2016 | $2.7B | $169.1M | — | $621.9M | — | 4.1% |
| FY2015 | $2.5B | -$345.0M | — | $145.5M | — | -8.8% |
Source: annual 10-K filings on SEC EDGAR. Figures in USD.
Executive summary
GOLD FIELDS LTD is a consistent compounder, expanding top-line revenue at 8.7% annually over the past decade.
GOLD FIELDS LTD has historically struggled to out-earn its cost of capital, averaging just 7.8% ROIC.
GOLD FIELDS LTD has not shown aggressive share repurchases (>10% retirement) or a major balance-sheet leverage increase (>50% net debt growth) over the 10-year window.
Benjamin Graham lens
Under Benjamin Graham's formula using SEC EDGAR fundamentals, GOLD FIELDS LTD is modeled at 15.0% normalized earnings growth with a 5.1% bond-yield adjustment. The resulting Graham intrinsic value estimate is $45.84 per share.