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Harmony Gold Mining Company Limited

HMY Basic Materials Gold

Harmony Gold Mining Company Limited’s revenue for fiscal 2026 (year ended June 2026) was $5.9 billion, up 44.3% from fiscal 2025.

16.95 0.54 +3.29%
Market cap
$10.6B
P/E
52.0×
Fwd P/E
4.8×
Dividend yield
4.60%
F-score
6/9
Altman Z
4.14
Beneish M
−2.22
Dividend safety
70/100
Overview
Financials
Income Statement Balance Sheet Cash Flow Metrics & Ratios

Insider Decisions last twelve months

Trades a month
Jan 26 Apr 26 Jul 26 Oct 26
Buy — — — — — — — — — — — —
Sell — — — — — — — — — — — —
Insider Ownership 0.00%

Capital & Financial Ratios $m

Size
Market Cap 10,600.00
Revenue ttm 5,361.05
Net income ttm 969.00
Free cash flow ttm 355.54
Net debt Q 304.38
Valuation
P/E 52.03 (above 35: high)
Forward P/E 4.78
Price / sales 1.38
Forward P/S Powerpack
Price / FCF 20.75
Price / book 2.42
Financial health
Current ratio Q 0.54 (below 1: weak)
Debt / equity Q 0.25 (at or below 0.5: strong)
Interest coverage Q 0.00
Growth
Revenue growth Q −3.10% (below 0%: shrinking)
Operating income growth Q +109.20% (above 0%: growing)
EPS, this year +10.95%
EPS, next year A +26.10% (at or above 15%: strong)
Revenue, next year A +929.16% (at or above 10%: strong)
EPS, past 5 yrs +38.48% (at or above 15%: strong)
EPS, next 5 yrs A +10.37%

Green and red mark values outside typical ranges; (Q) is the latest quarter, (A) analysts’ estimates. How we judge →

Valuation vs history

EV/Sales, ten years
EV/Sales is 1.4×, against a ten-year median of 0.7×; over the ten years it ranged from 0.2× in 2022 to 1.9× in 2026.
P/E against its own 10 years 86.48%
10-year low 10-year high
P/S against its own 10 years 91.75%
10-year low 10-year high
P/B against its own 10 years 89.66%
10-year low 10-year high
EV/Sales against its own 10 years 92.19%
10-year low 10-year high
EV/FCF against its own 10 years 85.79%
10-year low 10-year high

Dividends raised 3 years running

Yield
4.60%
Annual rate
0.78
Payout ratio
—
Growth, 2016–25
+21.1%/yr
  1. 0.04 ’16
  2. 0.07 ’17 +77
  3. 0.00 ’20 −100
  4. 0.10 ’21
  5. 0.04 ’22 −58
  6. 0.04 ’23 +1
  7. 0.13 ’24 +228
  8. 0.21 ’25 +59
  9. 8.24 ’26e +3849
paid forecast change on the year, % Powerpack

Assets vs Liabilities $m

2023 2024 2025 2026
Cash 170 283 743 562
Receivables 135 139 221 355
Inventory 184 193 211 289
Other — — — —
489 615 1,174 1,206
2023 2024 2025 2026
Payables 295 301 370 576
ST’ Debt 6 0 3 561
Other 86 92 309 250
387 394 683 1,439

Compound Annual Growth %

10y 5y 3y
Sales 16.61% 16.64% 28.34%
Cash Flow 20.36% 27.16% 52.50%
Earnings 38.69% 39.26% 85.58%
Book Value 8.83% 17.00% 31.39%

Earnings Trends EPS, adjusted, against the consensus

Mar 2013 Estimate 0.26 Actual −0.05

Earnings per share against the consensus, by quarter
Quarter Estimate Reported Result
Dec 2012 0.12 0.18 Beat by 0.06
Mar 2013 0.26 −0.05 Miss by 0.31

EPS $

Mar Jun Sep Dec Year
’26 — — — — —
’26 — — — — 2.74
’25 — — — — 1.26
’24 — — — — 0.73
’23 — — — — 0.44
’22 — — — — (0.11)
’21 — — — — 0.54
Fiscal quarters ending in the months shown.

Revenue $m

Mar Jun Sep Dec Year
’26 — — — — —
’26 — — — — 5,875
’25 — — — — 4,072
’24 — — — — 3,284
’23 — — — — 2,779
’22 — — — — 2,806
’21 — — — — 2,721
Fiscal quarters ending in the months shown.

Operating Cash Flow $m

Mar Jun Sep Dec Year
’26 — — — — —
’26 — — — 809 1,990
’25 — — — 568 1,248
’24 — — — — 837
’23 — — — — 561
’22 — — — — 456
’21 — — — — 598
Fiscal quarters ending in the months shown.

Free Cash Flow $m

Mar Jun Sep Dec Year
’26 — — — — —
’26 — — — 339 938
’25 — — — 300 596
’24 — — — (206) 388
’23 — 363 — (205) 133
’22 — 198 — (205) 48
’21 — 238 — (152) 264
Fiscal quarters ending in the months shown.

Target Price Range

Analyst price targets

Recommendation Rating

1.7
1Buy 2 3Hold 4 5Sell

Ten years at a glance Fiscal years to June

Ten-year view Analyst estimates Powerpack
Group Line 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 Trend 10 yrs 2027e 2028e 2029e Next 3/yr
Income, $m
Income, $m Revenue 1,416 1,584 1,897 1,883 2,721 2,806 2,779 3,284 4,072 5,875 +17.1% 60,462 68,890 72,511 +131.1%
Gross margin, % (2.26) (13.64) (7.27) 11.41 14.96 1.68 19.77 23.05 32.83 44.92 +47.2 pt
EBT (20) (339) (194) (38) 416 (70) 373 630 1,168 2,271 n/m
EBT margin, % (1.41) (21.40) (10.20) (2.03) 15.29 (2.48) 13.41 19.18 28.70 38.65 +40.1 pt
Net income (20) (339) (194) (38) 416 (70) 373 630 1,168 2,271 n/m
Per share, $
Per share, $ Revenue 3.23 3.55 3.62 3.48 4.50 4.58 4.50 5.30 6.55 9.41 +12.6%
Earnings 0.04 (0.78) (0.35) (0.11) 0.55 (0.11) 0.44 0.75 1.27 2.78 +60.8%
Cash flow 0.64 0.68 0.63 0.56 0.99 0.74 0.91 1.35 2.01 3.19 +19.6%
Capex (0.64) (0.80) (0.68) (0.43) (0.55) (0.66) (0.69) (0.72) (1.05) (1.69) +11.3%
Free cash flow (0.01) (0.12) (0.05) 0.13 0.44 0.08 0.22 0.63 0.96 1.50 n/m
Book value 5.09 4.11 3.04 2.78 3.37 3.24 3.19 3.54 4.30 7.15 +3.8%
Shares, m 439 446 524 542 604 612 618 619 622 624 +4.0%
Valuation, ×
Valuation, × P/E 0.00 0.00 0.00 0.00 7.21 6.61 12.89 28.15 42.88 46.69 14.4
P/S 0.57 0.56 0.37 0.47 0.32 0.24 0.34 0.74 1.13 1.24 0.6
P/B 0.42 0.41 0.58 1.35 0.75 0.74 1.00 1.87 2.37 2.17 1.2
EV/Sales 0.71 0.70 0.51 0.50 0.31 0.25 0.37 0.74 1.06 1.29 0.6
EV/FCF (32.97) (32.49) 10.00 12.34 2.85 2.79 7.95 11.64 (39.61) 19.48 (3.8)
Cash, $m
Cash, $m Operating cash flow 280 303 330 304 598 456 561 837 1,248 1,990 +24.3%
Capex (283) (356) (355) (232) (335) (407) (428) (449) (652) (1,052) +15.7%
Free cash flow (3) (53) (25) 72 264 48 133 388 596 938 n/m
Balance, $m
Balance, $m Working capital 82 40 81 168 195 166 102 221 491 (234) n/m
Net debt (36) 327 336 95 (65) 14 151 (187) (635) (1) (32.4%)
Shareholders’ equity 2,234 1,835 1,594 1,505 2,035 1,982 1,967 2,191 2,673 4,462 +8.0%
Returns, %
Returns, % ROA 0.62 (11.02) (6.74) (2.07) 10.95 (2.21) 8.62 14.22 21.12 29.63 +29.0 pt
ROIC (2.30) (9.68) (5.79) (0.90) 13.34 (1.56) 11.81 19.48 34.40 33.70 +36.0 pt
ROE 0.82 (15.78) (10.72) (3.65) 18.74 (3.45) 13.77 22.10 32.59 48.70 +47.9 pt
People
People Employees 30,441 34,031 32,837 33,093 38,459 37,609 34,913 43,667 34,350 — +1.5%
Revenue/emp, $m 0.05 0.05 0.06 0.06 0.07 0.07 0.08 0.08 0.12 0.00 n/m
Negative figures in brackets.
estimates

All 10 years →

Fiscal years to Jun 2026 · latest quarter Dec 2015 · fundamentals updated 5 Nov 2026

Harmony Gold Mining Company Limited 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
RGLD Royal Gold, Inc. $22.1B 26.4× 19.7× +84.38% (above 0%: growing) +39.58% (above 0%: growing) +97.96% (above 0%: growing) 86.59% 65.35% Compare
CDE Coeur Mining, Inc. $15.0B 15.8× 11.5× +77.37% (above 0%: growing) −73.81% (below 0%: shrinking) +104.47% (above 0%: growing) 0.00% 17.74% Compare
EQX Equinox Gold Corp. $13.2B 10.9× 9.3× +169.33% (above 0%: growing) +480.00% (above 0%: growing) −103.64% (below 0%: shrinking) 39.20% 32.14% Compare
HMY Harmony Gold Mining Company Limited $10.6B 52.0× 4.8× −3.10% (below 0%: shrinking) n/m +265.24% (above 0%: growing) 26.37% 0.00%
BTG B2Gold Corp $7.0B 8.8× 6.0× +14.03% (above 0%: growing) +158.33% (above 0%: growing) +462.54% (above 0%: growing) 39.06% 66.07% Compare
OR OR Royalties Inc. $6.6B 23.4× 21.9× +62.05% (above 0%: growing) +94.12% (above 0%: growing) +61.89% (above 0%: growing) 84.05% 77.00% Compare
OGC Oceanagold Corp. $6.1B 7.1× — +49.70% (above 0%: growing) +95.30% (above 0%: growing) +8.33% (above 0%: growing) 66.77% 48.52% Compare
AUGO Aura Minerals Inc. $6.0B 20.1× 9.4× +76.42% (above 0%: growing) +2,263.64% (above 0%: growing) +0.29% (above 0%: growing) 56.99% 52.18% Compare
SSRM Silver Standard Resources Inc. $5.6B 22.8× 10.1× +16.02% (above 0%: growing) +23.00% (above 0%: growing) −152.32% (below 0%: shrinking) 58.21% 27.29% Compare
Median of peers $6.8B 18.0× 10.1× +69.24% +94.71% +35.11% 57.60% 50.35%

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Harmony Gold Mining Company Limited (HMY) Latest News

25 Oct

Impact 4 · · The Motley Fool

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27 Aug

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HMY metrics, ten years each

stockrow.com/HMY · Data as of Nov 5, 2026 · For information only; not investment advice. · © 2026 stockrow.com