The company demonstrated strong cash conversion with an OCF/NI ratio of 1.34 in 2026Q1, supporting a shift toward shareholder returns including $1.0 billion in dividends paid during the same period.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 | Dec'04 | Dec'03 | Dec'02 | Dec'01 | Dec'00 | Dec'99 | Dec'98 | Dec'97 |
|---|
| Cash from Operations | 5.75B | 4.71B | 1.97B | 971M | 1.8B | 1.22B | 1.69B | 927M | 857M | 997M | 1.19B | 1.14B | 1.22B | 1.25B | 1.97B | 2.43B | -942M | 512.25M | -3.13B | 561M | 770M | 347M | 492M | 453M | 584M | 333M | 113M | 252.6M | 166.1M | 125.6M |
| Operating CF Margin % | - | 47.63% | 33.97% | 21.19% | 40.04% | 30.35% | 36.82% | 26.3% | 25.69% | 29.38% | 28.08% | 28.37% | 24.64% | 24.09% | 30.99% | 40.94% | -20.34% | 12.3% | -83.54% | 17.1% | 28.36% | 13.96% | 19.52% | 21.97% | 32.46% | 16.32% | 5.12% | 11.45% | 7.43% | 15.59% |
| Operating CF Growth % | 549.34% | 139.43% | 102.68% | -46.12% | 47.34% | -27.72% | 82.52% | 8.17% | -14.04% | -15.94% | 4.13% | -6.64% | -2.09% | -36.72% | -18.89% | 357.71% | -283.9% | 116.38% | -657.4% | -27.14% | 121.9% | -29.47% | 8.61% | -22.43% | 75.38% | 194.69% | -55.27% | 52.08% | 32.25% | - |
| Net Income | 3.47B | 2.64B | 1B | -235M | 233M | 622M | 1.63B | 364M | 133M | -191M | 63M | -85M | -58M | -2.23B | 897M | 2.1B | 405M | -158.92M | -563M | -814M | -142M | -292M | 60M | 250M | 356M | 364M | 166M | 434.2M | 317.5M | 49.9M |
| Depreciation & Amortization | 558M | 1.01B | 784M | 681M | 637M | 477M | 575M | 602M | 582M | 712M | 813M | 761M | 752M | 759M | 846M | 693.94M | 692M | 627.67M | 0 | 655M | 699M | 593M | 412M | 321M | 333M | 249M | 237M | 196.3M | 135.5M | 42.5M |
| Stock-Based Compensation | 0 | 0 | 28M | 15M | 0 | 0 | 0 | 0 | 35M | 33M | 37M | 33M | 39M | 30M | 88M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Deferred Taxes | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -74M | 299M | 138M | -199M | -72M | -73M | -34M | -191M | 0 | 79M | -62M | 0 | 0 | 0 | 0 | 0 |
| Other Non-Cash Items | 1.72B | 1.06B | 412M | 685M | 1.07B | 71M | -272M | 126M | 183M | 596M | 452M | 223M | 318M | 2.72B | 226M | -542.91M | -1.88B | 371.33M | -2.25B | 963M | 279M | 250M | 105M | -91M | -27M | -263M | -247M | -365.8M | -289.8M | -17.8M |
| Working Capital Changes | 0 | 0 | -260M | -175M | -140M | 53M | -238M | -165M | -76M | -153M | -179M | 207M | 169M | -36M | -434M | -124.56M | -299M | -128.84M | -239M | -170M | -32M | -13M | -85M | -106M | -16M | -17M | -43M | -12.1M | 2.9M | 51M |
| Change in Receivables | 0 | 0 | -182M | 0 | -152M | -49M | -163M | -138M | -74M | -86M | -131M | 108M | 52M | 69M | -110M | -13M | -142M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Change in Inventory | 0 | 0 | -78M | 0 | -54M | 58M | -83M | -67M | -2M | -67M | -48M | 99M | 117M | -105M | -324M | -460.31M | -236M | 85.89M | -131M | -240M | -165M | -58M | -56M | -87M | -54M | 22M | -35M | 4.1M | 51.2M | 43.2M |
| Change in Payables | 0 | 0 | 0 | 0 | 66M | 44M | 8M | 40M | -46M | -3M | 103M | 0 | 0 | 0 | 0 | 0 | 79M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Cash from Investing | -1.49B | -1.27B | -762M | -897M | -1.56B | -1.01B | -514M | -751M | -335M | -862M | -702M | 80M | -943M | -2.04B | -2.77B | -1.42B | -871M | -270.96M | -8.64B | -1.03B | -611M | -624M | -806M | -307M | -81M | -148M | -633M | -464.9M | -107.7M | -109.3M |
| Capital Expenditures | -1.75B | -1.61B | -1.09B | -1.04B | -1.54B | -1.03B | -740M | -703M | -575M | -675M | -711M | -664M | -844M | -1.37B | -1.94B | -1.28B | -973M | -1.17B | -9.85B | -1.05B | -811M | -710M | -585M | -363M | -261M | -298M | -304M | -217.6M | -184.6M | -82.4M |
| CapEx % of Revenue | 15.64% | 16.24% | 18.82% | 22.74% | 34.33% | 25.52% | 16.1% | 19.94% | 17.24% | 19.89% | 16.84% | 16.54% | 17.04% | 26.45% | 30.49% | 21.66% | 21.01% | 28.15% | 263.05% | 32.16% | 29.87% | 28.57% | 23.21% | 17.6% | 14.51% | 14.6% | 13.77% | 9.87% | 8.26% | 10.23% |
| Acquisitions | 91.83M | 91M | 66M | 14M | 8M | 25M | 29M | 3M | 10M | 7M | 4M | 802M | 40M | -464M | -684M | -106.46M | -43M | -358.48M | 48M | 30M | 66M | 12M | -171M | 6M | 1M | -1M | -345M | -468.3M | 0 | 0 |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | 20.17M | 19M | 292M | 111M | -1M | -15M | 196M | -60M | 240M | -187M | 9M | 744M | -99M | -672M | -838M | 143.69M | 117M | 1.12B | -8.65B | 26M | 209M | 112M | -30M | 1M | 56M | 154M | 16M | 221M | 76.9M | -26.9M |
| Cash from Financing | -2.57B | -1.94B | -727M | -87M | -224M | -345M | -329M | -49M | -393M | -148M | -763M | -1.19B | -421M | 560M | 591M | -434.16M | 1.19B | 220.7M | 13.9B | 462M | 119M | 200M | 104M | -107M | -356M | -131M | 260M | 487M | -37.3M | -24.9M |
| Debt Issued (Net) | 21.36M | 40M | -345M | 162M | 71M | -33M | -131M | 45M | -214M | 48M | -546M | -867M | -144M | 864M | 1.22B | -168.88M | 568.03M | 43M | 105M | 323M | -394M | 305M | 259M | 225M | -114M | -138M | 261M | 475.2M | -21M | 27.3M |
| Equity Issued (Net) | 0 | 0 | 0 | -19M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 2M | 9.09M | 798M | 306M | 1.72B | 34M | 512M | 9M | 3M | 10M | 18M | 7M | 2M | 3.5M | 1M | 0 |
| Dividends Paid | -2.49B | -1.87B | -244M | -107M | -203M | -240M | -47M | -27M | -24M | -39M | -15M | -5M | -17M | -39M | -214M | -159.39M | -117M | -64.22M | -455M | -144M | -132M | -169M | -198M | -314M | -260M | 0 | 0 | 0 | 0 | -75M |
| Share Repurchases | 0 | 0 | 0 | -19M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Financing | -106.99M | -109M | -138M | -123M | -92M | -72M | -151M | -67M | -155M | -157M | -202M | -319M | -260M | -265M | -390M | 0 | -105.03M | -1M | -71M | 249M | 133M | 55M | 40M | 0 | 0 | -167M | -3M | 8.3M | -41M | 74.8M |
| Net Change in Cash | 1.67B | 1.48B | 442M | -151M | -45M | -192M | 874M | 129M | 124M | -10M | -269M | 16M | -160M | -264M | -220M | 631.48M | -514M | 370.94M | 2.19B | 6M | 275M | -80M | -193M | 92M | 222M | -4M | -298M | 238.9M | -15M | -8.6M |
| Free Cash Flow | 4B | 3.1B | 878M | -71M | 257M | 196M | 952M | 224M | 282M | 322M | 475M | 475M | 376M | -122M | 32M | 1.14B | -1.92B | -660.46M | -12.97B | -494M | -41M | -363M | -93M | 90M | 323M | 35M | -191M | 35M | -18.5M | 43.2M |
| FCF Margin % | 35.83% | 31.39% | 15.16% | -1.55% | 5.71% | 4.86% | 20.72% | 6.35% | 8.45% | 9.49% | 11.25% | 11.83% | 7.59% | -2.36% | 0.5% | 19.27% | -41.34% | -15.86% | -346.59% | -15.06% | -1.51% | -14.61% | -3.69% | 4.36% | 17.95% | 1.71% | -8.65% | 1.59% | -0.83% | 5.36% |
| FCF Growth % | 254.1% | 253.64% | 1336.62% | -127.63% | 31.12% | -79.41% | 325% | -20.57% | -12.42% | -32.21% | 0% | 26.33% | 408.2% | -481.25% | -97.2% | 159.68% | -189.95% | 94.91% | -2526.11% | -1104.88% | 88.71% | -290.32% | -203.33% | -72.14% | 822.86% | 118.32% | -645.71% | 289.19% | -142.82% | - |
| FCF per Share | 7.93 | 6.11 | 2.04 | -0.17 | 0.61 | 0.47 | 2.27 | 0.54 | 0.68 | 0.78 | 1.15 | 1.16 | 0.92 | -0.30 | 0.08 | 2.71 | -5.13 | -1.83 | -40.90 | -1.78 | -0.15 | -1.37 | -0.36 | 0.40 | 1.46 | 0.16 | -0.88 | 0.16 | -0.08 | 1.00 |
| FCF Conversion (FCF/Net Income) | 1.15x | 1.79x | 1.96x | -4.13x | 7.73x | 1.99x | 1.68x | -132.43x | 3.97x | 6.88x | 18.83x | 36.74x | -16.49x | -0.63x | 2.38x | 1.74x | -12.39x | -1.37x | 2.62x | -0.69x | -5.42x | -1.19x | 6.07x | 1.83x | 1.64x | 1.36x | 0.68x | 0.58x | 0.52x | 2.52x |
| Interest Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Taxes Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Geopolitical jurisdictional exposure
According to the latest quarterly filings, AngloGold Ashanti's OCF/NI ratio of 1.34 in 2026Q1 demonstrates a strong conversion of accounting profits into tangible cash, significantly improving from the volatile and often negative ratios observed during the 2023 fiscal periods as operational performance stabilized.
The consistent ability to generate operating cash flow in excess of net income suggests that the company's earnings are not reliant on aggressive accounting accruals. This trend indicates that the underlying mining operations are effectively capturing the value of gold production without being hampered by significant non-cash distortions.
As reported in financial statements, the company achieved a 39.8% FCF margin in 2026Q1, a substantial recovery from the negative 1.2% margin recorded in 2023Q2, highlighting a successful transition toward a highly cash-generative business model as production volumes and gold prices aligned favorably.
The trajectory of free cash flow suggests that the company has moved past the heavy investment phase required for its recent asset ramp-ups. Investors should monitor whether this margin expansion can be sustained if gold prices retreat from current levels or if inflationary pressures on mining inputs intensify.
Based on reported figures, the company's CapEx/Revenue ratio of 13.2% in 2026Q1 indicates a disciplined approach to capital allocation, balancing the need for ongoing maintenance of legacy assets with the strategic development of new production pillars in the Nevada Beatty district.
The moderate capital intensity suggests that management is prioritizing high-return projects while avoiding excessive spending on non-core assets. This disciplined reinvestment strategy appears to be a key driver in maintaining the company's competitive position on the global cost curve.
Data from recent filings shows that AngloGold Ashanti returned $1.0 billion to shareholders via dividends in 2026Q1, a significant increase from the minimal distributions in 2023, signaling a shift in capital allocation priorities toward rewarding investors as the balance sheet reached a healthy state.
The transition from debt reduction to meaningful dividend payouts suggests that management is confident in the durability of its current cash flow generation. This shift may attract a more income-oriented investor base, potentially supporting the company's valuation as it continues its re-domiciliation efforts.
Quick answers to the most common questions about buying AU stock.
AngloGold Ashanti Plc (AU) generated $4.71B in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
AngloGold Ashanti Plc (AU) generated $3.10B in free cash flow in 2025. Free cash flow is the cash left over after capital expenditures, which can be used to pay dividends, repurchase shares, or pay down debt.
AngloGold Ashanti Plc (AU) spent $1.61B on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.
In 2025, AngloGold Ashanti Plc (AU) returned $1.87B to shareholders via cash dividends. This shows the company's commitment to returning capital to its equity investors.