Latest Ratios: P/E Ratio 19.0x · EV/EBITDA 9.0x · ROE 28.6%. (1997–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $49.9B | $43.3B | $9.9B | $7.9B | $8.2B | $8.8B | $9.5B | $9.3B | $5.2B | $4.2B | $4.4B |
| Enterprise Value | $49.4B | $42.8B | $10.7B | $9.3B | $9.2B | $9.8B | $10.2B | $11.1B | $7.0B | $6.3B | $6.3B |
| P/E Ratio → | 19.02 | 16.43 | 9.91 | — | 35.31 | 14.37 | 9.67 | 25.68 | 24.13 | 29.11 | 70.07 |
| P/S Ratio | 5.05 | 4.38 | 1.72 | 1.72 | 1.82 | 2.19 | 2.06 | 2.65 | 1.57 | 1.25 | 1.03 |
| P/B Ratio | 5.06 | 4.37 | 1.17 | 2.10 | 2.01 | 2.15 | 2.54 | 3.49 | 1.94 | 1.57 | 1.58 |
| P/FCF | 16.08 | 13.95 | 11.33 | — | 31.80 | 44.96 | 9.97 | 41.72 | 18.57 | 13.15 | 9.18 |
| P/OCF | 10.60 | 9.19 | 5.05 | 8.11 | 4.54 | 7.21 | 5.61 | 10.08 | 6.11 | 4.25 | 3.68 |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 4.33 | 1.84 | 2.04 | 2.05 | 2.42 | 2.22 | 3.15 | 2.09 | 1.86 | 1.50 |
| EV / EBITDA | 9.02 | 7.81 | 4.63 | 7.56 | 7.99 | 7.22 | 4.92 | 9.21 | 6.47 | 4.61 | 4.67 |
| EV / EBIT | 11.07 | 9.52 | 5.82 | 43.58 | 15.07 | 12.03 | 5.73 | 14.10 | 14.12 | 11.62 | 14.40 |
| EV / FCF | — | 13.79 | 12.16 | — | 35.94 | 49.76 | 10.71 | 49.53 | 24.68 | 19.55 | 13.31 |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 46.5% | 46.5% | 35.7% | 22.4% | 25.1% | 29.1% | 38.0% | 25.6% | 22.7% | 23.4% | 19.8% |
| Operating Margin | 45.1% | 45.1% | 26.8% | 12.5% | 11.5% | 23.2% | 32.6% | 17.6% | 14.8% | 16.0% | 12.9% |
| Net Profit Margin | 26.6% | 26.6% | 17.3% | -5.1% | 5.2% | 15.2% | 22.0% | -0.2% | 6.5% | 4.3% | 1.5% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 28.6% | 28.6% | 16.4% | -6.0% | 5.7% | 15.7% | 31.5% | -0.3% | 8.0% | 5.3% | 2.4% |
| ROA | 18.7% | 18.7% | 9.4% | -2.9% | 2.9% | 7.8% | 13.9% | -0.1% | 3.1% | 2.0% | 0.9% |
| ROIC | 35.9% | 35.9% | 16.1% | 8.3% | 7.6% | 14.8% | 25.3% | 10.5% | 8.1% | 8.6% | 8.6% |
| ROCE | 35.5% | 35.5% | 16.6% | 8.2% | 7.3% | 13.5% | 25.2% | 11.3% | 8.1% | 8.5% | 8.4% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 0.25 | 0.25 | 0.25 | 0.65 | 0.53 | 0.51 | 0.56 | 0.82 | 0.76 | 0.84 | 0.79 |
| Debt / EBITDA | 0.44 | 0.44 | 0.93 | 1.96 | 1.88 | 1.55 | 1.01 | 1.83 | 1.91 | 1.66 | 1.61 |
| Net Debt / Equity | — | -0.05 | 0.09 | 0.39 | 0.26 | 0.23 | 0.19 | 0.65 | 0.64 | 0.76 | 0.71 |
| Net Debt / EBITDA | -0.09 | -0.09 | 0.32 | 1.18 | 0.92 | 0.70 | 0.34 | 1.45 | 1.60 | 1.51 | 1.45 |
| Debt / FCF | — | -0.16 | 0.83 | — | 4.14 | 4.80 | 0.75 | 7.80 | 6.10 | 6.41 | 4.13 |
| Interest Coverage | 20.44 | 20.44 | 11.39 | 1.63 | 4.35 | 7.37 | 12.91 | 5.50 | 2.97 | 3.82 | 19.95 |
Net cash position: cash ($2.9B) exceeds total debt ($2.4B)
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 2.87 | 2.87 | 2.19 | 1.80 | 2.43 | 2.59 | 2.43 | 1.16 | 1.55 | 1.75 | 1.53 |
| Quick Ratio | 2.20 | 2.20 | 1.45 | 1.12 | 1.55 | 1.74 | 1.67 | 0.79 | 0.73 | 0.95 | 0.65 |
| Cash Ratio | 1.81 | 1.81 | 0.99 | 0.80 | 1.25 | 1.40 | 1.43 | 0.27 | 0.42 | 0.25 | 0.29 |
| Asset Turnover | — | 0.66 | 0.44 | 0.56 | 0.56 | 0.50 | 0.60 | 0.51 | 0.50 | 0.47 | 0.59 |
| Inventory Turnover | 4.92 | 4.92 | 3.53 | 4.29 | 4.36 | 4.06 | 3.89 | 4.15 | 3.96 | 3.81 | 5.04 |
| Days Sales Outstanding | — | 18.30 | 35.98 | 23.90 | 14.52 | 19.57 | 13.74 | 25.89 | 22.87 | 23.87 | 22.04 |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | 3.7% | 4.3% | 2.5% | 1.4% | 2.5% | 2.7% | 0.5% | 0.3% | 0.5% | 0.9% | 0.3% |
| Payout Ratio | 71.0% | 71.0% | 24.3% | — | 87.1% | 39.1% | 4.7% | — | 11.1% | 26.9% | 23.8% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 5.3% | 6.1% | 10.1% | — | 2.8% | 7.0% | 10.3% | 3.9% | 4.1% | 3.4% | 1.4% |
| FCF Yield | 6.2% | 7.2% | 8.8% | — | 3.1% | 2.2% | 10.0% | 2.4% | 5.4% | 7.6% | 10.9% |
| Buyback Yield | 0.0% | 0.0% | 0.0% | 0.2% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| Total Shareholder Yield | 3.7% | 4.3% | 2.5% | 1.6% | 2.5% | 2.7% | 0.5% | 0.3% | 0.5% | 0.9% | 0.3% |
| Shares Outstanding | — | $508M | $431M | $421M | $421M | $420M | $419M | $418M | $417M | $415M | $415M |
Includes 30+ ratios · 29 years · Updated daily
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Quick answers to the most common questions about buying AU stock.
AngloGold Ashanti plc's current P/E ratio is 19.0x. The historical average is 30.2x. This places it at the 47th percentile of its historical range.
AngloGold Ashanti plc's current EV/EBITDA is 9.0x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 10.3x.
AngloGold Ashanti plc's return on equity (ROE) is 28.6%. This is above the typical threshold of 15-20% considered good for most companies. The historical average is 4.9%.
Based on historical data, AngloGold Ashanti plc is trading at a P/E of 19.0x. This is at the 47th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
AngloGold Ashanti plc's current dividend yield is 3.73% with a payout ratio of 71.0%.
AngloGold Ashanti plc has 46.5% gross margin and 45.1% operating margin. Operating margin above 20% indicates strong pricing power and cost efficiency.
AngloGold Ashanti plc's Debt/EBITDA ratio is 0.4x, indicating low leverage. A ratio below 2x is generally considered financially healthy.
Key Metrics
Top Statement Risk
West African fiscal pressure
Margin Expansion on High-Grade Mix
Gross margin surged from 19.4% in 2023Q4 to 54.9% in 2026Q2, as per reported figures, reflecting a structural shift toward higher-grade ore bodies and disciplined cost control.
The operating margin of 51.0% in 2026Q2 is exceptional, surpassing peers like Newmont (32.1% net margin) and Gold Fields (40.8% net margin). This suggests AngloGold is operating at the lower end of the global cost curve, likely due to the ramp-up of Obuasi and high-grade production from Geita. However, investors should monitor whether this margin is sustainable given potential inflationary pressures on energy and labor in African operations.
ROIC Nearly Triples in Two Years
ROIC expanded from 5.2% in 2023Q4 to 12.3% in 2026Q2, as per financial statements, indicating a significant improvement in capital efficiency driven by margin expansion and asset utilization.
The improvement in ROIC is primarily margin-driven, as asset turnover remained relatively stable around 0.20. This suggests that the company is generating higher returns on its invested capital without needing to increase asset intensity, a positive sign for long-term value creation. However, the ROIC still lags peers like Kinross (29.9%) and Gold Fields (36.3%), indicating room for further improvement if the Nevada assets ramp up as expected.
Working Capital Cycle Compresses Sharply
Cash conversion cycle improved from 25 days in 2023Q4 to 13 days in 2026Q2, as per reported figures, driven by faster collection and lower inventory days.
DSO fell from 28 days in 2025Q1 to 9 days in 2026Q2, while DIO declined from 85 to 69 days, indicating improved working capital management. DPO remained relatively stable around 65 days, suggesting the company is not stretching supplier payments excessively. This efficiency gain contributes to the robust free cash flow margin of 29.8% in 2026Q2, which is among the highest in the peer group.
Balance Sheet Deleveraging to Fortress Levels
Debt-to-equity fell from 0.65 in 2023Q4 to 0.17 in 2026Q2, while interest coverage improved from -1.15 to 44.68, as per financial statements, indicating minimal financial risk.
The dramatic reduction in leverage, combined with a stable total debt of around $2.3B, suggests that the company is using its strong cash flow to strengthen the balance sheet. Interest coverage of 44.68 in 2026Q2 is exceptionally high, providing ample cushion against any earnings volatility. This conservative capital structure may allow AngloGold to pursue growth opportunities or return capital to shareholders without straining its financial position.
Liquidity Buffer Strengthens Significantly
Current ratio improved from 1.80 in 2023Q4 to 2.71 in 2026Q2, with cash and equivalents rising to $2.8B, as per reported figures, providing a substantial cushion against operational shocks.
The quick ratio of 2.07 in 2026Q2 indicates that even without inventory, the company can cover its current liabilities more than twice over. This strong liquidity position is particularly important given the cyclicality of gold prices and potential geopolitical disruptions in African operations. The company appears well-positioned to weather short-term volatility or capitalize on distressed asset acquisitions.
P/E Misleads on Cyclical Earnings
The trailing P/E of 23.36 overstates valuation because it reflects peak earnings; forward P/E of 12.01 better captures normalized earnings, as per reported figures.
The market often misapplies trailing P/E to gold miners, which have highly cyclical earnings tied to commodity prices. AngloGold's trailing P/E is elevated due to the recent gold price surge, but the forward P/E of 12.01 suggests the market expects earnings to normalize. Investors should use EV/EBITDA (11.10) or P/FCF (19.74) to assess valuation, as these metrics are less distorted by non-cash items and better reflect the company's cash generation potential.