GFI vs. CDE: Which Gold-Mining Stock is the Better Buy Right Now?

Core Insights - Gold Fields Limited (GFI) and Coeur Mining, Inc. (CDE) have distinct business models and asset portfolios that influence their competitive positions in the precious metals sector [1] Gold Fields Limited (GFI) - GFI is a globally diversified gold producer with large-scale, long-life assets across Africa, Australia, and the Americas, focusing on consistent production and disciplined cost management [2] - In Q3 2025, GFI's attributable gold output increased to approximately 621,000 ounces, a 22% year-over-year rise, driven by the Salares Norte mine [4] - The Salares Norte mine produced about 112,000 ounces in Q3 2025, marking a 53% increase from the previous quarter [5] - GFI realized an average gold price of roughly $3,468 per ounce, with all-in sustaining costs reduced to about $1,557 per ounce, leading to expanded margins [5] - The Tarkwa mine in Ghana produced around 123,000 ounces in Q3 2025 and has historically produced over 500,000 ounces annually [6] - GFI's dividend yield is approximately 1.60%, with a 5-year annualized dividend growth of 17.51% [7] - As of September 2025, GFI's net debt was $791 million, down $696 million from the previous quarter, with a debt-to-capital ratio of 34.8% [8] Coeur Mining, Inc. (CDE) - CDE has a North American-centric portfolio, primarily focused on silver, with gold production increasing [3] - In Q3 2025, CDE's gold production reached 111,364 ounces, a 3% quarter-over-quarter and 17% year-over-year increase [9] - CDE realized an average gold price of $3,148 per ounce, contributing to margin expansion [9] - CDE is in the process of acquiring New Gold Inc., which would create one of the largest North American precious metals producers [10] - The combined entity is projected to produce approximately 900,000 ounces of gold and 20 million ounces of silver in 2026 [11] - CDE's cash and cash equivalents were around $266 million as of September 2025, with a debt-to-capital ratio of 10.5% [13] Price Performance & Valuation - GFI stock has increased by 227.4% year-to-date, while CDE has risen by 183.1% [14] - GFI is trading at a forward 12-month sales multiple of 5.87, compared to CDE's 3.85 [17] - The Zacks Consensus Estimate for GFI's fiscal 2025 sales implies an 81% year-over-year growth, while CDE's fiscal 2026 sales estimate suggests a 90% rise [19][22] Comparative Analysis - GFI benefits from a larger production base, producing over 2 million ounces of gold annually, while CDE has less diversity [24] - GFI's cost structure is more competitive, with lower all-in sustaining costs and wider operating margins supported by long-life assets [24] - GFI's reserve base is significantly higher, providing multi-year visibility and reduced replacement risk, while CDE faces more exposure to cost volatility and integration risks [24] - GFI is preferred for investors seeking stronger upside potential in the gold sector, holding a Zacks Rank of 1 (Strong Buy) compared to CDE's Zacks Rank of 3 (Hold) [25]