Caledonia Mining Corporation PLC
CMCL Basic Materials Gold
Caledonia Mining Corporation PLC’s revenue for fiscal 2025 (year ended December 2025) was $267.7 million, up 46.2% from fiscal 2024. In the quarter to June 2026, revenue grew 35.1%, EPS grew 202.2%, free cash flow grew 267.9% and total debt rose 332.8%, each against the same quarter a year earlier. Dividend growth for five consecutive years, revenue growth for five; insiders bought in the last twelve months.
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Caledonia Mining Corporation PLC (CMCL) Piotroski F-score
Caledonia Mining Corporation PLC's Piotroski F-score for fiscal 2025 is 8 out of 9: 8 of nine tests of profitability, leverage and efficiency passed, up from 6 in fiscal 2024.
Piotroski F-score, annual
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Annual newest first
| Period | Piotroski F-score | Change (points) |
|---|---|---|
| FY2025 | 8 | 2.00 |
| FY2024 | 6 | 3.00 |
| FY2023 | 3 | (2.00) |
| FY2022 | 5 | 1.00 |
| FY2021 | 4 | (3.00) |
| FY2020 | 7 | 1.00 |
| FY2019 | 6 | 1.00 |
| FY2018 | 5 | 1.00 |
| FY2017 | 4 | (2.00) |
| FY2016 | 6 | — |
How fiscal 2025’s score is made up
| Test | This year | Year before | Result | Points |
|---|---|---|---|---|
| Positive return on assets | 14.35% | 5.18% | Pass | 1 |
| Positive operating cash flow | 76.23m | 41.96m | Pass | 1 |
| Rising return on assets | 14.35% | 5.18% | Pass | 1 |
| Cash flow above net income | 21.70m | 24.45m | Pass | 1 |
| Falling long-term leverage | 0.02 | 0.03 | Pass | 1 |
| Rising current ratio | 1.57 | 1.35 | Pass | 1 |
| No new shares issued | 19,277,000 | 19,201,000 | Fail | 0 |
| Rising gross margin | 51.23% | 42.07% | Pass | 1 |
| Rising asset turnover | 0.70 | 0.54 | Pass | 1 |
| Piotroski F-score | Strong — most fundamentals improved | 8 | ||
How the Piotroski F-score works
One point for each of nine tests, this fiscal year against the one before: positive return on assets, positive operating cash flow, rising return on assets, cash flow above net income, falling long-term leverage, a rising current ratio, no new shares issued, a rising gross margin and rising asset turnover. The ratios are the ones on this site, so each can be checked.
Joseph Piotroski (2000) called 8–9 high and 0–1 low; reading it in three bands is the common convention:
| 7–9 | Strong — most fundamentals improved |
|---|---|
| 4–6 | Mixed |
| 0–3 | Weak — most fundamentals deteriorated |
Where this differs from the paper: return on assets is on average rather than beginning-of-year assets, and weighted basic shares stand in for shares issued. The score is shown only when all nine tests can be worked out, which takes three fiscal years; banks and insurers, which report no current assets or gross profit, have none.
Piotroski F-score against peers
| Company | Piotroski F-score |
|---|---|
| CMCL Caledonia Mining Corporation PLC | 8 |
| TRX TRX Gold Corporation compare | 6 |
| IDR Idaho Strategic Resources, Inc. compare | 6 |
| GROY Gold Royalty Corp. compare | 6 |
| DC Dakota Gold Corp. compare | — |
| GAU Galiano Gold Inc. compare | — |
| CTGO Contango Silver & Gold Inc. compare | — |
| NFGC New Found Gold Corp. compare | — |
| THM International Tower Hill Mines Ltd compare | — |
What Piotroski F-score is
The Piotroski F-Score tells an investor how many signs of improving profitability, funding and efficiency a company shows against a year earlier.
One point for each of nine tests against a year earlier: positive return on assets, positive operating cash flow, rising return on assets, cash flow above net income, falling long-term leverage, rising current ratio, no new shares issued, rising gross margin, and rising asset turnover