KGHM Polska Miedz S.A.

KGH.WA

Copper · Basic Materials

Also trades as: KGHPF

Exchange

Warsaw Stock Exchange

Winston Score

Winston is curious

A decent business — some strong pillars, some weaker.

Data as of Aug 23, 2026 · filings through Mar 31, 2026

How the score breaks down

Quality

Strong

Growth

Good

Cash Flow

Mixed

Stability

Exceptional

Valuation

Strong

Dividends

Mixed

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Winston Score History

The full picture

KGHM Polska Miedz is one of the largest copper and silver producers in the world. The company mines copper ore from the ground and turns it into copper wire, rods, and other metal products used in construction, electronics, and energy infrastructure. It is one of the top silver producers globally and also extracts other metals like gold and molybdenum as byproducts.

KGHM earns money by selling copper and silver to industrial customers across Europe and beyond. Its core mining operations are in Poland, but it also runs mines in Chile and Canada, making it a genuinely global producer. The Polish government owns a majority stake, which gives the company stable backing but also means political decisions can influence how it operates. The biggest risk KGHM faces is the price of copper on global commodity markets, which it cannot control and which can swing sharply based on global economic conditions and demand from major buyers like China.

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

+38.3% YoY

YoY Growth Rate

Revenue accelerating

EPS Growth

+969.7% YoY

YoY Growth Rate

EPS growth accelerating

Insider Activity

31.8%ownership

→ Flat

Insider ownership roughly steady over the past year

Cash Position

Cash flow positive

14.5B PLN 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.

Score breakdown

Every number that matters to educated investors.

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Quality

Profit per sale

Gross Margin

40.2%

Healthy — 40.2% gross margin

Profit after running costs

Operating Margin

36.4%

Excellent — 36.4% operating margin

Return on the money invested

ROCE

17.2%

Strong — 17.2% 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 growth

Sales YoY

+10.7%

Steady sales growth (+10.7% YoY)

Profit growth

EPS YoY

+148.2%

Earnings growing fast (+148.2% YoY)

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

How steady the profit is

EPS Consistency

5/8 quarters

Mixed — about half the quarters showed growth

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Cash Flow

Profit that turns into cash

Cash Conversion

68%

Modest — 68% of profit becomes cash

Spare cash per sale

FCF Margin

-2.0%

Burning cash (-2.0%)

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

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Stability

What it owes vs what it owns

Debt / Equity

0.17

Conservative — low debt load (0.17)

Covers its interest

Interest Cover

47.02x

Comfortably covers interest (47.0x)

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

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Valuation

Price vs profit

P/E Ratio (TTM)

9.7x

no trend

Attractive valuation — P/E 9.7

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

Cheaper or dearer next year

P/E vs Forward

+0.6

GROWING

Earnings roughly flat

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Dividends

Dividend

Dividend Yield

0.42%

no trend

Small dividend — 0.42% yield

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

Dividend record

Dividend Growth

+6.3%

no trend

Dividend growing modestly (6.3% YoY)

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