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. Revenue growth for three consecutive years, operating cash flow growth for three.
Follow HMY
Harmony Gold Mining Company Limited (HMY) Piotroski F-score
Harmony Gold Mining Company Limited's Piotroski F-score for fiscal 2026 is 6 out of 9: 6 of nine tests of profitability, leverage and efficiency passed, down from 8 in fiscal 2025.
Piotroski F-score, annual
Embed this chart
Annual newest first
| Period | Piotroski F-score | Change (points) |
|---|---|---|
| FY2026 | 6 | (2.00) |
| FY2025 | 8 | 0.00 |
| FY2024 | 8 | 3.00 |
| FY2023 | 5 | 3.00 |
| FY2022 | 2 | (6.00) |
| FY2021 | 8 | 4.00 |
| FY2020 | 4 | (2.00) |
| FY2019 | 6 | 3.00 |
| FY2018 | 3 | (2.00) |
| FY2017 | 5 | — |
How fiscal 2026’s score is made up
| Test | This year | Year before | Result | Points |
|---|---|---|---|---|
| Positive return on assets | 29.63% | 21.12% | Pass | 1 |
| Positive operating cash flow | 1.99b | 1.25b | Pass | 1 |
| Rising return on assets | 29.63% | 21.12% | Pass | 1 |
| Cash flow above net income | 252.49m | 455.29m | Pass | 1 |
| Falling long-term leverage | 0.00 | 0.03 | Pass | 1 |
| Rising current ratio | 0.84 | 1.72 | Fail | 0 |
| No new shares issued | 624,000,000 | 621,849,000 | Fail | 0 |
| Rising gross margin | 44.92% | 32.83% | Pass | 1 |
| Rising asset turnover | 1.00 | 1.09 | Fail | 0 |
| Piotroski F-score | Mixed | 6 | ||
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 |
|---|---|
| CDE Coeur Mining, Inc. compare | 8 |
| OR OR Royalties Inc. compare | 8 |
| EQX Equinox Gold Corp. compare | 7 |
| ARIS Aris Mining Corporation compare | 7 |
| SSRM Silver Standard Resources Inc. compare | 7 |
| BTG B2Gold Corp compare | 6 |
| HMY Harmony Gold Mining Company Limited | 6 |
| AUGO Aura Minerals Inc. compare | 5 |
| RGLD Royal Gold, Inc. compare | 4 |
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