CMCL
Caledonia Mining Corporation Plc
Gold
Market Cap$451M
5Y Perf.+49.8%
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Stock Comparison
CMCL vs MUX
Revenue, margins, valuation, and 5-year total return — side by side.
MUX
McEwen Mining Inc.
Other Precious Metals
Market Cap$1.39B
5Y Perf.+158.6%
CMCL vs MUX — Key Financials
Market cap, revenue, margins, and valuation side-by-side.
| Company Snapshot | CMCL | MUX |
|---|---|---|
| Industry | Gold | Other Precious Metals |
| Market Cap | $451M | $1.39B |
| Revenue (TTM) | $264M | $162M |
| Net Income (TTM) | $55M | $74M |
| Gross Margin | 52.0% | 32.9% |
| Operating Margin | 44.3% | 22.2% |
| Forward P/E | 6.2x | 22.2x |
| Total Debt | $33M | $926K |
| Cash & Equiv. | $36M | $51M |
CMCL vs MUX — Long-Term Stock Performance
Price return indexed to 100 at period start. Dividends excluded.
CMCL
MUX
| Stock | May 20 | May 26 | Return |
|---|---|---|---|
| Caledonia Mining Co… (CMCL) | 100 | 149.8 | +49.8% |
| McEwen Mining Inc. (MUX) | 100 | 258.6 | +158.6% |
Price return only. Dividends and distributions are not included.
Quick Verdict: CMCL vs MUX
Each card shows where this stock fits in a portfolio — not just who wins on paper.
Bottom line: CMCL leads in 4 of 7 categories, making it the strongest pick for growth and revenue expansion and valuation and capital efficiency. McEwen Mining Inc. is the stronger pick specifically for profitability and margin quality and capital preservation and lower volatility. As sector peers, any of these can serve as alternatives in the same allocation.
CMCL
Caledonia Mining Corporation Plc
The Income Pick
CMCL carries the broadest edge in this set and is the clearest fit for income & stability and growth exposure.
- Dividend streak 2 yrs, beta 1.28, yield 4.4%
- Rev growth 38.9%, EPS growth 204.3%, 3Y rev CAGR 21.4%
- 478.3% 10Y total return vs MUX's -0.1%
Best for: income & stability and growth exposure
MUX
McEwen Mining Inc.
The Defensive Pick
MUX is the clearest fit if your priority is sleep-well-at-night.
- Lower volatility, beta 1.27, Low D/E 0.2%, current ratio 1.69x
- 45.7% margin vs CMCL's 20.9%
- Beta 1.27 vs CMCL's 1.28, lower leverage
Best for: sleep-well-at-night
See the full category breakdown
| Category | Winner | Why |
|---|---|---|
| Growth | CMCL | 38.9% revenue growth vs MUX's 13.2% |
| Value | CMCL | Lower P/E (6.2x vs 22.2x) |
| Quality / Margins | MUX | 45.7% margin vs CMCL's 20.9% |
| Stability / Safety | MUX | Beta 1.27 vs CMCL's 1.28, lower leverage |
| Dividends | CMCL | 4.4% yield, 2-year raise streak, vs MUX's 0.2% |
| Momentum (1Y) | MUX | +198.5% vs CMCL's +72.5% |
| Efficiency (ROA) | CMCL | 14.2% ROA vs MUX's 9.0%, ROIC 32.4% vs -1.9% |
CMCL vs MUX — Revenue Breakdown by Segment
How each company's revenue is distributed across its business units
Segment breakdown not available.
FY 2025
CMCL vs MUX — Financial Metrics
Side-by-side numbers across 2 stocks — who leads on profitability, valuation, growth, and risk.
BEST OVERALLCMCLLAGGINGMUX
MUXMcEwen Mining Inc.
2leads
CMCLCaledonia Mining Corp…
4leads
6 Total Categories
CATEGORYLEADERvs MUXMETRICS WON
Income & Cash FlowRevenue, margins, and cash flow strength
CMCL4/6
Valuation MetricsMultiples, price ratios, and targets
CMCL5/5
Profitability & EfficiencyROE, ROIC, leverage, and quality scores
CMCL6/9
Total Returns1Y, 3Y, 5Y total returns with dividends
MUX5/6
Risk & VolatilityBeta, volatility, and downside exposure
MUX2/2
Analyst OutlookRatings, price targets, and dividends
CMCL2/2
Income & Cash Flow (Last 12 Months)
CMCL leads this category, winning 4 of 6 comparable metrics.
Income & Cash Flow (Last 12 Months)
CMCL is the larger business by revenue, generating $264M annually — 1.6x MUX's $162M. MUX is the more profitable business, keeping 45.7% of every revenue dollar as net income compared to CMCL's 20.9%. On growth, CMCL holds the edge at +49.4% YoY revenue growth, suggesting stronger near-term business momentum.
| Metric | CMCLCaledonia Mining … | MUXMcEwen Mining Inc. |
|---|---|---|
| RevenueTrailing 12 months | $264M | $162M |
| EBITDAEarnings before interest/tax | $132M | $61M |
| Net IncomeAfter-tax profit | $55M | $74M |
| Free Cash FlowCash after capex | $40M | -$24M |
| Gross MarginGross profit ÷ Revenue | +52.0% | +32.9% |
| Operating MarginEBIT ÷ Revenue | +44.3% | +22.2% |
| Net MarginNet income ÷ Revenue | +20.9% | +45.7% |
| FCF MarginFCF ÷ Revenue | +15.2% | -14.7% |
| Rev. Growth (YoY)Latest quarter vs prior year | +49.4% | -100.0% |
| EPS Growth (YoY)Latest quarter vs prior year | +73.3% | +4.9% |
CMCL leads this category, winning 4 of 6 comparable metrics.
Valuation Metrics
CMCL leads this category, winning 5 of 5 comparable metrics.
Valuation Metrics
At 8.3x trailing earnings, CMCL trades at a 79% valuation discount to MUX's 39.6x P/E. On an enterprise value basis, CMCL's 3.4x EV/EBITDA is more attractive than MUX's 74.7x.
| Metric | CMCLCaledonia Mining … | MUXMcEwen Mining Inc. |
|---|---|---|
| Market CapShares × price | $451M | $1.4B |
| Enterprise ValueMkt cap + debt − cash | $448M | $1.3B |
| Trailing P/EPrice ÷ TTM EPS | 8.25x | 39.61x |
| Forward P/EPrice ÷ next-FY EPS est. | 6.20x | 22.21x |
| PEG RatioP/E ÷ EPS growth rate | 0.80x | — |
| EV / EBITDAEnterprise value multiple | 3.41x | 74.65x |
| Price / SalesMarket cap ÷ Revenue | 1.77x | 7.03x |
| Price / BookPrice ÷ Book value/share | 1.61x | 2.31x |
| Price / FCFMarket cap ÷ FCF | 10.39x | — |
CMCL leads this category, winning 5 of 5 comparable metrics.
Profitability & Efficiency
CMCL leads this category, winning 6 of 9 comparable metrics.
Profitability & Efficiency
CMCL delivers a 20.7% return on equity — every $100 of shareholder capital generates $21 in annual profit, vs $14 for MUX. MUX carries lower financial leverage with a 0.00x debt-to-equity ratio, signaling a more conservative balance sheet compared to CMCL's 0.11x. On the Piotroski fundamental quality scale (0–9), CMCL scores 7/9 vs MUX's 5/9, reflecting strong financial health.
| Metric | CMCLCaledonia Mining … | MUXMcEwen Mining Inc. |
|---|---|---|
| ROE (TTM)Return on equity | +20.7% | +13.6% |
| ROA (TTM)Return on assets | +14.2% | +9.0% |
| ROICReturn on invested capital | +32.4% | -1.9% |
| ROCEReturn on capital employed | +35.3% | -1.9% |
| Piotroski ScoreFundamental quality 0–9 | 7 | 5 |
| Debt / EquityFinancial leverage | 0.11x | 0.00x |
| Net DebtTotal debt minus cash | -$3M | -$50M |
| Cash & Equiv.Liquid assets | $36M | $51M |
| Total DebtShort + long-term debt | $33M | $926,000 |
| Interest CoverageEBIT ÷ Interest expense | 33.33x | -1.52x |
CMCL leads this category, winning 6 of 9 comparable metrics.
Total Returns (Dividends Reinvested)
MUX leads this category, winning 5 of 6 comparable metrics.
Total Returns (Dividends Reinvested)
A $10,000 investment in MUX five years ago would be worth $17,977 today (with dividends reinvested), compared to $17,438 for CMCL. Over the past 12 months, MUX leads with a +198.5% total return vs CMCL's +72.5%. The 3-year compound annual growth rate (CAGR) favors MUX at 38.1% vs CMCL's 20.5% — a key indicator of consistent wealth creation.
| Metric | CMCLCaledonia Mining … | MUXMcEwen Mining Inc. |
|---|---|---|
| YTD ReturnYear-to-date | -10.8% | +25.1% |
| 1-Year ReturnPast 12 months | +72.5% | +198.5% |
| 3-Year ReturnCumulative with dividends | +75.2% | +163.5% |
| 5-Year ReturnCumulative with dividends | +74.4% | +79.8% |
| 10-Year ReturnCumulative with dividends | +478.3% | -0.1% |
| CAGR (3Y)Annualised 3-year return | +20.5% | +38.1% |
MUX leads this category, winning 5 of 6 comparable metrics.
Risk & Volatility
MUX leads this category, winning 2 of 2 comparable metrics.
Risk & Volatility
MUX is the less volatile stock with a 1.27 beta — it tends to amplify market swings less than CMCL's 1.28 beta. A beta below 1.0 means the stock typically moves less than the S&P 500. MUX currently trades 78.7% from its 52-week high vs CMCL's 60.3% drawdown — a narrower gap to the peak suggests stronger recent price momentum.
| Metric | CMCLCaledonia Mining … | MUXMcEwen Mining Inc. |
|---|---|---|
| Beta (5Y)Sensitivity to S&P 500 | 1.28x | 1.27x |
| 52-Week HighHighest price in past year | $38.75 | $29.70 |
| 52-Week LowLowest price in past year | $13.05 | $6.88 |
| % of 52W HighCurrent price vs 52-week peak | +60.3% | +78.7% |
| RSI (14)Momentum oscillator 0–100 | 43.2 | 51.0 |
| Avg Volume (50D)Average daily shares traded | 189K | 992K |
MUX leads this category, winning 2 of 2 comparable metrics.
Analyst Outlook
CMCL leads this category, winning 2 of 2 comparable metrics.
Analyst Outlook
Wall Street rates CMCL as "Buy" and MUX as "Buy". Consensus price targets imply 28.4% upside for MUX (target: $30) vs -26.1% for CMCL (target: $17). For income investors, CMCL offers the higher dividend yield at 4.37% vs MUX's 0.18%.
| Metric | CMCLCaledonia Mining … | MUXMcEwen Mining Inc. |
|---|---|---|
| Analyst RatingConsensus buy/hold/sell | Buy | Buy |
| Price TargetConsensus 12-month target | $17.25 | $30.00 |
| # AnalystsCovering analysts | 2 | 7 |
| Dividend YieldAnnual dividend ÷ price | +4.4% | +0.2% |
| Dividend StreakConsecutive years of raises | 2 | 0 |
| Dividend / ShareAnnual DPS | $1.02 | $0.04 |
| Buyback YieldShare repurchases ÷ mkt cap | 0.0% | 0.0% |
CMCL leads this category, winning 2 of 2 comparable metrics.
Key Takeaway
CMCL leads in 4 of 6 categories (Income & Cash Flow, Valuation Metrics). MUX leads in 2 (Total Returns, Risk & Volatility).
Best OverallCaledonia Mining Corporatio… (CMCL)Leads 4 of 6 categories
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CMCL vs MUX: Frequently Asked Questions
10 questions · data-driven answers · updated daily
01Is CMCL or MUX a better buy right now?
For growth investors, Caledonia Mining Corporation Plc (CMCL) is the stronger pick with 38.
9% revenue growth year-over-year, versus 13. 2% for McEwen Mining Inc. (MUX). Caledonia Mining Corporation Plc (CMCL) offers the better valuation at 8. 3x trailing P/E (6. 2x forward), making it the more compelling value choice. Analysts rate Caledonia Mining Corporation Plc (CMCL) a "Buy" — based on 2 analyst ratings — the highest consensus in this comparison. The "better buy" depends entirely on your goals: growth investors should weight revenue trajectory, value investors should weight P/E and PEG, and income investors should weight dividend yield and streak.
02Which has the better valuation — CMCL or MUX?
On trailing P/E, Caledonia Mining Corporation Plc (CMCL) is the cheapest at 8.
3x versus McEwen Mining Inc. at 39. 6x. On forward P/E, Caledonia Mining Corporation Plc is actually cheaper at 6. 2x.
03Which is the better long-term investment — CMCL or MUX?
Over the past 5 years, McEwen Mining Inc.
(MUX) delivered a total return of +79. 8%, compared to +74. 4% for Caledonia Mining Corporation Plc (CMCL). Over 10 years, the gap is even starker: CMCL returned +478. 3% versus MUX's -0. 1%. Past returns do not guarantee future results, and the stock with the higher historical return may already have its best growth priced in.
04Which is safer — CMCL or MUX?
By beta (market sensitivity over 5 years), McEwen Mining Inc.
(MUX) is the lower-risk stock at 1. 27β versus Caledonia Mining Corporation Plc's 1. 28β — meaning CMCL is approximately 0% more volatile than MUX relative to the S&P 500. On balance sheet safety, McEwen Mining Inc. (MUX) carries a lower debt/equity ratio of 0% versus 11% for Caledonia Mining Corporation Plc — giving it more financial flexibility in a downturn.
05Which is growing faster — CMCL or MUX?
By revenue growth (latest reported year), Caledonia Mining Corporation Plc (CMCL) is pulling ahead at 38.
9% versus 13. 2% for McEwen Mining Inc. (MUX). On earnings-per-share growth, the picture is similar: Caledonia Mining Corporation Plc grew EPS 204. 3% year-over-year, compared to 168. 6% for McEwen Mining Inc.. Over a 3-year CAGR, MUX leads at 21. 4% annualised revenue growth. Higher growth typically commands a higher valuation multiple — check whether the premium P/E or P/S is justified by the growth rate using the PEG ratio.
06Which has better profit margins — CMCL or MUX?
Caledonia Mining Corporation Plc (CMCL) is the more profitable company, earning 21.
7% net margin versus 17. 4% for McEwen Mining Inc. — meaning it keeps 21. 7% of every revenue dollar as bottom-line profit. Operating margin tells a similar story: CMCL leads at 45. 5% versus -6. 5% for MUX. At the gross margin level — before operating expenses — CMCL leads at 54. 0%, reflecting greater pricing power or product mix advantage. Stronger margins indicate durable pricing power, lower cost of revenue, or higher mix of software/services. They are one of the clearest signs of business quality.
07Is CMCL or MUX more undervalued right now?
On forward earnings alone, Caledonia Mining Corporation Plc (CMCL) trades at 6.
2x forward P/E versus 22. 2x for McEwen Mining Inc. — 16. 0x cheaper on a one-year earnings basis. Analyst consensus price targets imply the most upside for MUX: 28. 4% to $30. 00.
08Which pays a better dividend — CMCL or MUX?
All stocks in this comparison pay dividends.
Caledonia Mining Corporation Plc (CMCL) offers the highest yield at 4. 4%, versus 0. 2% for McEwen Mining Inc. (MUX).
09Is CMCL or MUX better for a retirement portfolio?
For long-horizon retirement investors, Caledonia Mining Corporation Plc (CMCL) is the stronger choice — it scores higher on the combination of lower volatility, dividend reliability, and long-term compounding (low volatility (β 1.
28), 4. 4% yield, +478. 3% 10Y return). Both have compounded well over 10 years (CMCL: +478. 3%, MUX: -0. 1%), confirming both are viable long-term holds — but the lower-volatility option typically results in less emotional selling during corrections. Retirement portfolios generally favour predictability over maximum returns. Consult a financial advisor before making allocation decisions.
10What are the main differences between CMCL and MUX?
Both stocks operate in the Basic Materials sector, making this a peer-level intra-sector comparison — the same macro tailwinds and headwinds will affect both.
In terms of investment character: CMCL is a small-cap high-growth stock; MUX is a small-cap quality compounder stock. CMCL pays a dividend while MUX does not, making them suitable for different income and tax situations. These fundamental differences mean investors should not choose between them on a single metric — the "better stock" depends entirely on which of these characteristics aligns with your investment strategy.
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Revenue Growth>
%
(CMCL: 49.4% · MUX: -100.0%)Net Margin>
%
(CMCL: 20.9% · MUX: 45.7%)P/E Ratio<
x
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