Caledonia Mining Corporation Plc (CMCL) 10-Year Financial Performance & Capital Metrics

CMCL • • Industrial / General

Basic MaterialsGoldIntermediate Gold ProducersSingle-Asset Producers

AboutCaledonia Mining Corporation Plc primarily engages in the operation of a gold mine. It also explores for and develops mineral properties for precious metals. The company holds 64% interest in the Blanket Mine, a gold mine located in Matabeleland South Province, Zimbabwe. It also has an agreement to purchase 100% ownership in the Maligreen project, a brownfield gold exploration project located in Gweru mining district in the Zimbabwe Midlands. The company was formerly known as Caledonia Mining Corporation and changed its name to Caledonia Mining Corporation Plc in March 2016. Caledonia Mining Corporation Plc was incorporated in 1992 and is headquartered in Saint Helier, Jersey.Show more

Revenue $183M +25.1%
EBITDA $60M +134.6%
Net Income $18M +327.7%
EPS (Diluted) 0.93 +487.5%
Gross Margin 42.07% +48.4%
EBITDA Margin 32.62% +87.6%
Operating Margin 23.86% +218.7%
Net Margin 9.78% +282.0%
ROE 7.8% +289.6%
ROIC 13.1% +225.6%
Debt/Equity 0.11 -4.4%
Interest Coverage 14.75 +307.3%

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓Strong Piotroski F-Score: 7/9
✓Momentum leader: RS Rating 87 (top 13%)
✓High quality earnings: Operating CF exceeds net income
✓Strong 5Y sales CAGR of 19.3%
✓Healthy dividend yield of 2.4%

✗Weaknesses

✗Weak 3Y average ROE of 3.6%
✗Profits declining 15.7% over 5 years
✗Trading more than 30% below 52-week high

Price & Volume

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Growth Metrics

Revenue CAGR

10Y13.65%

5Y19.27%

3Y14.69%

TTM39.61%

Profit (Net Income) CAGR

10Y15.55%

5Y-15.69%

3Y0.95%

TTM458.87%

EPS CAGR

10Y8.8%

5Y-24.97%

3Y-14.35%

TTM420%

ROCE

10Y Avg21.1%

5Y Avg16.3%

3Y Avg11.5%

Latest14.78%

Peer Comparison

Single-Asset Producers

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
GAUGaliano Gold Inc.	727.41M	2.80	117.15		-12.81%	-22.37%		0.16
IDRIdaho Strategic Resources, Inc.	721.62M	46.28	69.07	88.66%	27.82%	12.81%	0.7%	0.04
BGLBlue Gold Limited	70.03M	2.25	33.28			-171.57%		1.00
CMCLCaledonia Mining Corporation Plc	519.88M	26.93	28.96	25.09%	20.63%	17.94%	2.78%	0.11
NAMMNamib Minerals Ordinary Shares	50.46M	0.94	14.26	32%	4.18%		18.11%
BGLWWBlue Gold Limited Warrant		0.26	3.84			-135.63%		1.00
DRDDRDGOLD Limited	3.1B	35.86	1.38	26.26%	23.21%	36.89%	40.49%	0.00

Profit & Loss

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Sales/Revenue+	48.98M	61.99M	69.76M	68.4M	75.83M	100M	121.33M	142.08M	146.31M	183.02M
Revenue Growth %	-0.04%	0.27%	0.13%	-0.02%	0.11%	0.32%	0.21%	0.17%	0.03%	0.25%
Cost of Goods Sold+	35.8M	38.5M	43.44M	46.81M	44.69M	53.35M	67.25M	80.26M	104.83M	106.03M
COGS % of Revenue	0.73%	0.62%	0.62%	0.68%	0.59%	0.53%	0.55%	0.56%	0.72%	0.58%
Gross Profit+	13.18M	23.49M	26.32M	21.59M	31.14M	46.66M	54.07M	61.82M	41.48M	76.99M
Gross Margin %	0.27%	0.38%	0.38%	0.32%	0.41%	0.47%	0.45%	0.44%	0.28%	0.42%
Gross Profit Growth %	-0.25%	0.78%	0.12%	-0.18%	0.44%	0.5%	0.16%	0.14%	-0.33%	0.86%
Operating Expenses+	7.48M	6.78M	5.13M	246K	-29.75M	5.92M	17.93M	31.63M	30.53M	33.32M
OpEx % of Revenue	0.15%	0.11%	0.07%	0%	-0.39%	0.06%	0.15%	0.22%	0.21%	0.18%
Selling, General & Admin	6.93M	7.68M	7.04M	6.24M	6.33M	9.41M	9.57M	13.03M	18.53M	19.01M
SG&A % of Revenue	0.14%	0.12%	0.1%	0.09%	0.08%	0.09%	0.08%	0.09%	0.13%	0.1%
Research & Development	0	0	0	0	0	0	0	0	0	0
R&D % of Revenue	-	-	-	-	-	-	-	-	-	-
Other Operating Expenses	543K	-55K	-14K	-336K	-36.08M	-3.49M	8.36M	18.6M	11.99M	14.3M
Operating Income+	8.49M	16.43M	20.62M	21.42M	60.89M	40.73M	36.15M	30.19M	10.96M	43.67M
Operating Margin %	0.17%	0.27%	0.3%	0.31%	0.8%	0.41%	0.3%	0.21%	0.07%	0.24%
Operating Income Growth %	-0.26%	0.93%	0.25%	0.04%	1.84%	-0.33%	-0.11%	-0.16%	-0.64%	2.99%
EBITDA+	11.82M	19.95M	24.41M	25.51M	65.32M	45.36M	44.19M	40.33M	25.44M	59.7M
EBITDA Margin %	0.24%	0.32%	0.35%	0.37%	0.86%	0.45%	0.36%	0.28%	0.17%	0.33%
EBITDA Growth %	-0.2%	0.69%	0.22%	0.05%	1.56%	-0.31%	-0.03%	-0.09%	-0.37%	1.35%
D&A (Non-Cash Add-back)	3.32M	3.52M	3.79M	4.09M	4.43M	4.63M	8.05M	10.14M	14.49M	16.02M
EBIT	8.5M	18.97M	20.63M	21.45M	61.03M	40.8M	36.16M	30.2M	10.99M	43.7M
Net Interest Income+	-535K	-176K	-31K	-220K	-198K	-305K	-361K	-640K	-2.98M	-2.93M
Interest Income	1K	16K	38K	53K	146K	62K	14K	17K	39K	26K
Interest Expense	536K	192K	69K	273K	344K	367K	375K	657K	3.02M	2.96M
Other Income/Expense	-897K	-176K	-31K	-220K	-198K	-305K	-361K	-640K	-2.98M	-3.13M
Pretax Income+	7.96M	18.8M	20.59M	21.2M	60.69M	40.43M	35.78M	29.55M	7.97M	40.54M
Pretax Margin %	0.16%	0.3%	0.3%	0.31%	0.8%	0.4%	0.29%	0.21%	0.05%	0.22%
Income Tax+	2.37M	7.72M	8.69M	7.45M	10.29M	15.17M	13.8M	14.36M	12.81M	17.49M
Effective Tax Rate %	0.6%	0.45%	0.46%	0.51%	0.69%	0.51%	0.49%	0.38%	-0.99%	0.44%
Net Income+	4.78M	8.53M	9.38M	10.77M	42.02M	20.78M	17.4M	11.24M	-7.86M	17.9M
Net Margin %	0.1%	0.14%	0.13%	0.16%	0.55%	0.21%	0.14%	0.08%	-0.05%	0.1%
Net Income Growth %	0.13%	0.78%	0.1%	0.15%	2.9%	-0.51%	-0.16%	-0.35%	-1.7%	3.28%
Net Income (Continuing)	5.59M	11.09M	11.9M	13.76M	50.4M	25.26M	21.98M	15.19M	-4.84M	23.05M
Discontinued Operations	0	0	0	0	0	0	0	0	0	0
Minority Interest	1.5M	3.71M	5.94M	8.35M	16.3M	16.52M	14.81M	16.95M	18.46M	20.59M
EPS (Diluted)+	0.45	0.79	0.86	1.02	3.91	1.73	1.48	1.39	-0.24	0.93
EPS Growth %	0.13%	0.76%	0.09%	0.19%	2.83%	-0.56%	-0.14%	-0.06%	-1.17%	4.88%
EPS (Basic)	0.45	0.79	0.86	1.02	3.91	1.73	1.49	1.40	-0.24	0.93
Diluted Shares Outstanding	10.44M	10.48M	10.61M	10.6M	10.75M	11.72M	12.18M	12.84M	18.63M	19.2M
Basic Shares Outstanding	10.42M	10.46M	10.61M	10.6M	10.74M	11.7M	12.17M	12.83M	18.63M	19.2M
Dividend Payout Ratio	0.52%	0.35%	0.35%	0.32%	0.07%	0.22%	0.46%	0.79%	-	0.69%

Balance Sheet

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Total Current Assets+	23.56M	25.79M	27.91M	28.17M	27.85M	44.59M	52.93M	38.43M	54.23M	61.32M
Cash & Short-Term Investments	12.57M	14.34M	13.07M	11.19M	9.38M	19.09M	17.15M	6.74M	4.25M	4.26M
Cash Only	12.57M	14.34M	13.07M	11.19M	9.38M	19.09M	17.15M	6.74M	4.25M	4.26M
Short-Term Investments	0	0	0	0	0	0	0	0	0	0
Accounts Receivable	4.24M	3.42M	4.96M	6.39M	4.92M	1.31M	8.04M	9.22M	11.07M	13.03M
Days Sales Outstanding	31.57	20.17	25.96	34.11	23.69	4.79	24.18	23.7	27.62	25.99
Inventory	6.09M	7.22M	9.18M	9.43M	11.09M	16.8M	20.81M	18.33M	20.3M	23.77M
Days Inventory Outstanding	62.11	68.47	77.09	73.5	90.6	114.93	112.95	83.37	70.69	81.82
Other Current Assets	0	0	0	296K	102K	5.41M	0	440K	16.06M	13.51M
Total Non-Current Assets+	49.28M	64.92M	82.14M	97.53M	115.7M	133.33M	157.94M	196.76M	274.07M	287.05M
Property, Plant & Equipment	49.22M	64.87M	82.08M	97.43M	113.65M	133.25M	157.75M	196.56M	273.92M	286.78M
Fixed Asset Turnover	1.00x	0.96x	0.85x	0.70x	0.67x	0.75x	0.77x	0.72x	0.53x	0.64x
Goodwill	0	0	0	0	0	0	0	0	0	0
Intangible Assets	0	0	0	0	0	0	0	0	0	0
Long-Term Investments	0	0	0	0	0	0	0	0	0	0
Other Non-Current Assets	0	0	0	0	1.99M	87K	0	0	0	0
Total Assets+	72.84M	90.71M	110.06M	125.69M	143.55M	177.92M	210.88M	235.19M	328.3M	348.36M
Asset Turnover	0.67x	0.68x	0.63x	0.54x	0.53x	0.56x	0.58x	0.60x	0.45x	0.53x
Asset Growth %	0.09%	0.25%	0.21%	0.14%	0.14%	0.24%	0.19%	0.12%	0.4%	0.06%
Total Current Liabilities+	8.4M	9.83M	15.6M	12.2M	9.88M	9.96M	17.69M	32.44M	40.13M	45.4M
Accounts Payable	1.26M	2.85M	2.94M	2.51M	2.83M	1.9M	9.96M	17.45M	6.17M	8.04M
Days Payables Outstanding	12.82	27.03	24.69	19.57	23.07	12.98	54.04	79.37	21.47	27.66
Short-Term Debt	1.69M	1.41M	1.8M	0	1.37M	408K	887K	12.34M	18.41M	14.96M
Deferred Revenue (Current)	0	0	0	0	0	0	0	0	0	0
Other Current Liabilities	1.65M	3.94M	8.58M	2.84M	1.94M	2.21M	2.42M	-4.61M	7.71M	8.01M
Current Ratio	2.81x	2.62x	1.79x	2.31x	2.82x	4.47x	2.99x	1.18x	1.35x	1.35x
Quick Ratio	2.08x	1.89x	1.20x	1.54x	1.70x	2.79x	1.82x	0.62x	0.85x	0.83x
Cash Conversion Cycle	80.86	61.61	78.36	88.04	91.21	106.74	83.1	27.7	76.85	80.14
Total Non-Current Liabilities+	14.08M	21.56M	25.24M	34.69M	8.96M	9.91M	40.73M	45.06M	63.97M	68.5M
Long-Term Debt	0	1.58M	0	5.96M	1.94M	0	0	0	6.45M	9.81M
Capital Lease Obligations	0	0	0	0	0	178K	331K	181K	41K	199K
Deferred Tax Liabilities	11.32M	15.91M	19.62M	23.33M	3.13M	0	36.13M	40.89M	46.12M	48.42M
Other Non-Current Liabilities	2.76M	4.07M	5.62M	5.4M	3.89M	9.73M	4.27M	3.99M	11.36M	10.07M
Total Liabilities	22.48M	31.39M	40.84M	46.88M	18.84M	19.88M	58.41M	77.5M	104.1M	113.9M
Total Debt+	1.69M	2.99M	1.8M	5.96M	3.31M	647K	1.35M	12.66M	25.06M	25.06M
Net Debt	-10.88M	-11.35M	-11.27M	-5.23M	-6.07M	-18.45M	-15.8M	5.92M	20.81M	20.8M
Debt / Equity	0.03x	0.05x	0.03x	0.08x	0.03x	0.00x	0.01x	0.08x	0.11x	0.11x
Debt / EBITDA	0.14x	0.15x	0.07x	0.23x	0.05x	0.01x	0.03x	0.31x	0.99x	0.42x
Net Debt / EBITDA	-0.92x	-0.57x	-0.46x	-0.20x	-0.09x	-0.41x	-0.36x	0.15x	0.82x	0.35x
Interest Coverage	15.85x	85.60x	298.81x	78.47x	177.00x	110.99x	96.39x	45.95x	3.62x	14.75x
Total Equity+	50.36M	59.32M	69.21M	78.81M	124.72M	158.04M	152.46M	157.69M	224.2M	234.46M
Equity Growth %	-0%	0.18%	0.17%	0.14%	0.58%	0.27%	-0.04%	0.03%	0.42%	0.05%
Book Value per Share	4.82	5.66	6.52	7.43	11.60	13.49	12.52	12.28	12.03	12.21
Total Shareholders' Equity	48.86M	55.61M	63.27M	70.46M	108.42M	141.52M	137.65M	140.74M	205.74M	213.88M
Common Stock	54.57M	55M	55.1M	55.1M	56.06M	74.7M	82.67M	83.47M	165.07M	165.41M
Retained Earnings	-147.65M	-141.77M	-135.29M	-127.43M	-88.38M	-71.49M	-82.79M	-80.53M	-97.14M	-90M
Treasury Stock	0	0	0	0	0	0	0	0	0	0
Accumulated OCI	-6.52M	-6.26M	-5.88M	-6.56M	8.14M	5.72M	137.78M	137.8M	-10.41M	-10.53M
Minority Interest	1.5M	3.71M	5.94M	8.35M	16.3M	16.52M	14.81M	16.95M	18.46M	20.59M

Cash Flow

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Cash from Operations+	6.87M	23.01M	24.51M	17.67M	18.06M	30.96M	30.9M	42.62M	14.77M	41.95M
Operating CF Margin %	0.14%	0.37%	0.35%	0.26%	0.24%	0.31%	0.25%	0.3%	0.1%	0.23%
Operating CF Growth %	-0.42%	2.35%	0.07%	-0.28%	0.02%	0.71%	-0%	0.38%	-0.65%	1.84%
Net Income	8.49M	18.8M	11.9M	21.42M	42.02M	40.73M	38.36M	11.24M	10.96M	17.9M
Depreciation & Amortization	3.32M	3.49M	3.76M	4.07M	4.43M	4.63M	8.05M	10.61M	14.49M	16.22M
Stock-Based Compensation	24K	788K	2.04M	285K	796K	2.05M	749K	478K	68K	0
Deferred Taxes	-13.56M	-1.84M	8.69M	-3.47M	0	-49.96M	0	0	0	0
Other Non-Cash Items	8.82M	208K	-3.96M	28K	-25.83M	37.97M	-5.26M	21.31M	-8.59M	17.87M
Working Capital Changes	-232K	1.56M	2.08M	-4.67M	-3.36M	-4.45M	-10.99M	-1.02M	-2.15M	-10.03M
Change in Receivables	-1.47M	555K	-1.44M	-1.92M	393K	539K	-4.75M	-1.56M	-1.91M	-5.61M
Change in Inventory	375K	-1.99M	-1.98M	-277K	-1.66M	-5.71M	-4.02M	1.92M	-2.18M	-3.78M
Change in Payables	1.19M	3.1M	5.41M	-2.41M	0	-101K	0	0	0	3.07M
Cash from Investing+	-16.57M	-19.88M	-21.64M	-20.19M	-19.02M	-28M	-35.72M	-44.33M	-31.16M	-32.05M
Capital Expenditures	-16.57M	-19.89M	-21.64M	-20.19M	-20.02M	-27.84M	-37.83M	-44.09M	-30.39M	-31.31M
CapEx % of Revenue	0.34%	0.32%	0.31%	0.3%	0.26%	0.28%	0.31%	0.31%	0.21%	0.17%
Acquisitions	-	-	-	-	-	-	-	-	-	-
Investments	-	-	-	-	-	-	-	-	-	-
Other Investing	0	3K	0	0	1M	-1.06M	500K	-238K	0	-743K
Cash from Financing+	-2.5M	366K	-4.71M	943K	-1.23M	7.33M	2.16M	-12.75M	3.93M	-7.8M
Debt Issued (Net)	-	-	-	-	-	-	-	-	-	-
Equity Issued (Net)	-	-	-	-	-	-	-	-	-	-
Dividends Paid	-2.5M	-2.99M	-3.31M	-3.5M	-2.97M	-4.54M	-8.07M	-8.91M	-11.1M	-12.3M
Share Repurchases	-	-	-	-	-	-	-	-	-	-
Other Financing	0	-73K	-146K	-60K	-426K	30K	165K	-3.7M	0	-182K
Net Change in Cash	-	-	-	-	-	-	-	-	-	-
Free Cash Flow+	-9.7M	3.13M	2.87M	-2.52M	-1.96M	3.12M	-6.93M	-1.48M	-15.62M	14.48M
FCF Margin %	-0.2%	0.05%	0.04%	-0.04%	-0.03%	0.03%	-0.06%	-0.01%	-0.11%	0.08%
FCF Growth %	-2.63%	1.32%	-0.08%	-1.88%	0.22%	2.59%	-3.22%	0.79%	-9.59%	1.93%
FCF per Share	-0.93	0.30	0.27	-0.24	-0.18	0.27	-0.57	-0.11	-0.84	0.75
FCF Conversion (FCF/Net Income)	1.44x	2.70x	2.61x	1.64x	0.43x	1.49x	1.78x	3.79x	-1.88x	2.34x
Interest Paid	0	0	0	0	454K	0	0	192K	0	0
Taxes Paid	0	0	0	0	0	0	0	0	0	0

Key Ratios

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Return on Equity (ROE)	9.48%	15.55%	14.6%	14.55%	41.29%	14.7%	11.2%	7.25%	-4.12%	7.8%
Return on Invested Capital (ROIC)	19.08%	28.19%	29.2%	24.43%	47.51%	23.66%	19.63%	15.08%	4.02%	13.1%
Gross Margin	26.91%	37.9%	37.73%	31.56%	41.07%	46.66%	44.57%	43.51%	28.35%	42.07%
Net Margin	9.76%	13.75%	13.45%	15.74%	55.41%	20.78%	14.34%	7.91%	-5.37%	9.78%
Debt / Equity	0.03x	0.05x	0.03x	0.08x	0.03x	0.00x	0.01x	0.08x	0.11x	0.11x
Interest Coverage	15.85x	85.60x	298.81x	78.47x	177.00x	110.99x	96.39x	45.95x	3.62x	14.75x
FCF Conversion	1.44x	2.70x	2.61x	1.64x	0.43x	1.49x	1.78x	3.79x	-1.88x	2.34x
Revenue Growth	-3.77%	26.57%	12.53%	-1.95%	10.86%	31.88%	21.33%	17.1%	2.98%	25.09%

Frequently Asked Questions

Valuation & Price

Caledonia Mining Corporation Plc (CMCL) has a price-to-earnings (P/E) ratio of 29.0x. This suggests investors expect higher future growth.

Growth & Financials

Caledonia Mining Corporation Plc (CMCL) reported $240.4M in revenue for fiscal year 2024. This represents a 341% increase from $54.6M in 2011.

Caledonia Mining Corporation Plc (CMCL) grew revenue by 25.1% over the past year. This is strong growth.

Yes, Caledonia Mining Corporation Plc (CMCL) is profitable, generating $49.6M in net income for fiscal year 2024 (9.8% net margin).

Dividend & Returns

Yes, Caledonia Mining Corporation Plc (CMCL) pays a dividend with a yield of 2.38%. This makes it attractive for income-focused investors.

Caledonia Mining Corporation Plc (CMCL) has a return on equity (ROE) of 7.8%. This is below average, suggesting room for improvement.

Caledonia Mining Corporation Plc (CMCL) generated $31.1M in free cash flow for fiscal year 2024. Positive FCF indicates the company can fund dividends, buybacks, or reinvestment.

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