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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.

23.61 0.09 −0.38%
Market cap
$458.2M
P/E
5.9×
Fwd P/E
8.4×
Dividend yield
2.37%
F-score
8/9
Altman Z
3.83
Beneish M
−2.59
Dividend safety
86/100
Overview Business Profile Financial Analysis Income Statement Balance Sheet Cash Flow Metrics & Ratios 10-Q 10-K

Insider Decisions trades per month

Total buys 1.08
Total sells 0.34
Totals in millions of $.
Dec 25 Mar 26 Jun 26 Sep 26
Buy — — — — — — 1 1 — 1 — —
Sell — — — — — — 1 — — — — —
Insider Ownership 17.56%

Capital & Financial Ratios $m

Market Cap 458.24
Revenue 279.10
Net Income 71.69
Free Cash Flow 51.71
Net Debt (58.93)
Current Ratio 5.73 (at or above 1.5: strong)
Debt/Equity 0.36 (at or below 0.5: strong)
P/E ratio 5.92
Fwd P/E 8.35
P/S ratio 1.48
P/B ratio 1.28
Past 5Y EPS Growth 10.34%
This Y EPS Growth 8.39%
Next Y EPS Growth (2.32%) (below 0%: weak)
Next Y revenue growth 17.01% (at or above 10%: strong)
Next 5Y EPS Growth 6.91%

Green and red mark values outside typical ranges. How we judge →

Valuation vs history

EV/Sales, ten years
EV/Sales is 1.3×, against a ten-year median of 1.3×; over the ten years it ranged from 0.4× in 2016 to 4.5× in 2023.
P/E against its own 10 years 22.06%
10-year low 10-year high
P/S against its own 10 years 63.18%
10-year low 10-year high
P/B against its own 10 years 76.70%
10-year low 10-year high
EV/Sales against its own 10 years 51.90%
10-year low 10-year high
EV/FCF against its own 10 years 3.00%
10-year low 10-year high

Dividends

Payout Ratio 0.14
Annual Dividend Rate 0.56
Annual Dividend Yield 2.37%
total individual payouts
2028 Powerpack
2027 Powerpack
2026 0.51
0.14
0.14
0.14
2025 0.56
0.14
0.14
0.14
0.14
2024 0.56
0.14
0.14
0.14
0.14
2023 0.56
0.14
0.14
0.14
0.14
2022 0.70
0.14
0.14
0.14
0.14
0.14
2021 0.50
0.11
0.12
0.13
0.14
2020 0.34
0.08
0.08
0.09
0.10
2019 0.28
0.07
0.07
0.07
0.07
2018 0.34
0.07
0.07
0.07
0.07
0.07
2017 0.41
0.07
0.07
0.07
0.07
0.07
0.07
2016 0.38
0.06
0.01
0.07
0.06
0.07
0.05
0.07
predictions special payouts not included in total or ratios

Assets vs Liabilities $m

2023 2024 2025 Q'26
Cash 7 4 42 174
Receivables 11 13 12 8
Inventory 20 24 27 28
Other 14 14 — —
54 61 95 226
2023 2024 2025 Q'26
Payables 21 27 32 28
ST’ Debt 18 14 19 6
Other 1 1 1 1
40 45 60 39

Compound Annual Growth %

10y 5y 3y
Sales 18.51% 21.76% 23.50%
Cash Flow 27.21% 19.75% 21.39%
Earnings 27.57% 21.86% 44.96%
Book Value 18.86% 12.40% 13.59%

Revenue $m

Mar Jun Sep Dec Year
’26 66 76 — — —
’25 56 65 71 — 268
’24 39 50 47 48 183
’23 29 37 41 39 146
’22 35 37 36 34 142
’21 26 30 33 32 121
’20 24 23 25 28 100
Fiscal quarters ending in the months shown.

Operating Cash Flow $m

Mar Jun Sep Dec Year
’26 19 29 — — —
’25 13 28 14 — 76
’24 5 19 5 13 42
’23 (1) (2) 14 3 15
’22 10 17 9 7 43
’21 2 13 7 9 31
’20 10 4 5 12 31
Fiscal quarters ending in the months shown.

Free Cash Flow $m

Mar Jun Sep Dec Year
’26 12 18 — — —
’25 5 16 6 — 40
’24 1 11 (2) 1 11
’23 (6) (8) 4 (6) (16)
’22 0 3 (2) (3) (1)
’21 (5) 5 (2) (5) (7)
’20 5 1 (3) 0 3
Fiscal quarters ending in the months shown.

EPS $

Mar Jun Sep Dec Year
’26 0.80 1.36 — — —
’25 0.45 1.06 0.77 — 2.83
’24 0.11 0.43 0.12 0.30 0.91
’23 (0.30) (0.01) 0.15 (0.31) (0.24)
’22 0.45 0.88 0.64 (0.63) 1.35
’21 0.37 0.21 0.57 0.33 1.48
’20 0.71 0.43 0.37 0.24 1.73
Fiscal quarters ending in the months shown.

Target Price Range

Analyst price targets

Recommendation Rating

1.4
1Buy 2 3Hold 4 5Sell

Ten years at a glance Fiscal years to December

Group Line 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Trend 2026e 2027e 2028e
Price, $
Price, $ Low 2.70 5.17 5.01 5.01 6.51 10.65 8.75 9.48 8.91 8.81

Analyst estimates 2026–2028

Powerpack
High 9.20 7.96 9.94 8.68 29.39 18.58 18.23 17.58 16.95 38.75
People
People Employees 782 1,429 1,465 1,586 1,718 1,949 2,147 2,332 2,204 2,357
Revenue/emp, $m 0.08 0.05 0.05 0.05 0.06 0.06 0.07 0.06 0.08 0.11
Income, $m
Income, $m Revenue 62 70 68 76 100 121 142 146 183 268
Gross margin, % 37.90 37.73 31.56 41.07 46.66 44.57 43.51 28.35 42.07 51.23
EBT 19 21 21 61 40 38 40 8 41 107
EBT margin, % 30.33 29.51 31.00 80.04 40.43 31.32 27.90 5.45 22.15 39.81
Net income 11 21 21 61 41 38 40 11 44 110
Depreciation 3 4 4 4 5 8 10 14 16 16
Per share, $
Per share, $ Revenue 5.93 6.58 6.45 7.15 8.54 9.97 11.07 7.86 9.53 13.89
Earnings 0.80 0.86 0.99 3.82 1.73 1.49 1.36 (0.24) 0.91 2.83
Cash flow 2.20 2.31 1.67 1.70 2.65 2.54 3.32 0.79 2.19 3.95
Capex (1.90) (2.04) (1.90) (1.89) (2.38) (3.11) (3.44) (1.63) (1.63) (1.87)
Free cash flow 0.30 0.27 (0.24) (0.19) 0.27 (0.57) (0.11) (0.84) 0.55 2.08
Book value 5.67 6.52 7.43 11.76 13.50 14.84 15.08 12.04 12.21 14.71
Shares, m 10 11 11 11 12 12 13 19 19 19
Valuation, ×
Valuation, × P/E 7.25 9.02 5.36 2.20 9.07 7.88 9.38 0.00 9.80 10.14
P/S 0.98 1.15 0.81 1.18 1.86 1.17 1.15 1.59 0.99 2.14
P/B 1.02 1.16 0.71 0.72 1.18 0.79 0.85 1.04 0.77 1.81
EV/Sales 0.80 1.00 0.80 1.09 1.66 1.04 1.14 1.71 1.10 2.07
EV/FCF 15.76 24.18 (21.68) (42.14) 53.23 (18.19) (109.72) (16.03) 18.84 18.26
Cash, $m
Cash, $m Operating cash flow 23 25 18 18 31 31 43 15 42 76
Capex (20) (22) (20) (20) (28) (38) (44) (30) (31) (36)
Free cash flow 3 3 (3) (2) 3 (7) (1) (16) 11 40
Balance, $m
Balance, $m Working capital 16 12 16 20 35 35 6 14 16 35
Total debt 3 2 6 3 1 1 5 24 24 25
Net debt (11) (11) (5) (7) (20) (16) (2) 17 20 (17)
Shareholders’ equity 59 69 79 125 158 181 193 224 234 284
Returns, %
Returns, % ROA 10.43 9.35 9.13 31.21 12.63 9.30 8.03 (2.88) 5.18 14.35
ROIC 24.73 22.24 18.20 32.20 18.52 14.56 13.13 2.83 10.73 25.72
ROE 15.55 14.60 14.55 41.29 14.35 10.68 9.57 (3.89) 7.64 21.05
Negative figures in brackets.

All 10 years →

Fiscal years to Dec 2025 · latest quarter Jun 2026

Charts ten years each

Caledonia Mining Corporation PLC vs peers in Gold (Q) = latest quarter vs a year earlier

Company Market cap P/E Fwd P/E Revenue growth (Q) EPS growth (Q) FCF growth (Q) Gross margin (Q) EBIT margin (Q) Compare
DC Dakota Gold Corp. $740.6M — (loss-making) — — n/m −71.27% (below 0%: shrinking) 0.00% 0.00% Compare
GROY Gold Royalty Corp. $681.2M 745× 47.2× +76.09% (above 0%: growing) n/m +246.00% (above 0%: growing) 69.31% 32.26% Compare
NFGC New Found Gold Corp. $608.6M — (loss-making) — — n/m −108.07% (below 0%: shrinking) 12.96% (109.76%) Compare
THM International Tower Hill Mines Ltd $573.0M — (loss-making) — — n/m −36.56% (below 0%: shrinking) 0.00% 0.00% Compare
GAU Galiano Gold Inc. $572.9M 8.1× 3.4× +116.69% (above 0%: growing) +242.86% (above 0%: growing) −414.66% (below 0%: shrinking) 70.07% 49.18% Compare
CTGO Contango Silver & Gold Inc. $506.6M — (loss-making) — — −88.89% (below 0%: shrinking) −209.25% (below 0%: shrinking) 0.00% 0.00% Compare
CMCL Caledonia Mining Corporation PLC $458.2M 5.9× 8.4× +35.13% (above 0%: growing) +202.22% (above 0%: growing) +267.89% (above 0%: growing) 51.61% 54.94%
TRX TRX Gold Corporation $348.0M — (loss-making) 16.5× +163.33% (above 0%: growing) n/m +88.08% (above 0%: growing) 59.21% 47.81% Compare
IDR Idaho Strategic Resources, Inc. $339.6M 14.9× 21.4× +13.25% (above 0%: growing) +15.00% (above 0%: growing) −294.99% (below 0%: shrinking) 56.20% 34.13% Compare
Median of peers $572.9M 14.9× 19.0× +96.39% +15.00% −89.67% 34.58% 16.13%

All 37 Gold stocks →

Caledonia Mining Corporation PLC (CMCL) key facts

  • Strength: Caledonia Mining Corporation PLC’s revenue for fiscal 2025 (year ended December 2025) was $267.7 million, up 46.2% from fiscal 2024.
  • Caledonia Mining Corporation PLC (CMCL) is a Gold company in the Basic Materials sector, traded in the US as an ADR.
  • As of October 16, 2026, CMCL traded at $23.61, a market capitalization of $458.2 million.
  • Caledonia Mining Corporation PLC pays an annual dividend of $0.56 per share, a yield of 2.37%, with a payout ratio of 14.0%.
  • Return on equity was 21.1% and debt-to-equity 0.36.
  • Its Piotroski F-score is 8 out of 9 and its Altman Z-score is 3.83 (safe zone) for fiscal 2025.

Source: company filings (standardised) and stockrow calculations.

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stockrow.com/CMCL · Data as of Jun 30, 2026 · For information only; not investment advice. · © 2026 stockrow.com