Latest Ratios: P/E Ratio 8.5x · EV/EBITDA 3.5x · ROE 21.3%. (1996–2025 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 | $466M | $511M | $181M | $227M | $159M | $142M | $186M | $90M | $56M | $78M | $60M |
| Enterprise Value | $463M | $507M | $202M | $248M | $165M | $126M | $168M | $84M | $50M | $67M | $48M |
| P/E Ratio → | 8.53 | 9.25 | 10.12 | — | 8.92 | 7.88 | 9.18 | 2.15 | 5.15 | 8.59 | 7.22 |
| P/S Ratio | 1.83 | 2.01 | 0.99 | 1.55 | 1.12 | 1.17 | 1.86 | 1.19 | 0.81 | 1.12 | 0.96 |
| P/B Ratio | 1.66 | 1.80 | 0.77 | 1.01 | 1.01 | 0.93 | 1.18 | 0.73 | 0.71 | 1.13 | 1.01 |
| P/FCF | 10.74 | 11.77 | 12.48 | — | — | — | 59.60 | — | — | 27.29 | 19.11 |
| P/OCF | 6.11 | 6.70 | 4.31 | 15.39 | 3.74 | 4.59 | 6.01 | 5.01 | 3.15 | 3.20 | 2.60 |
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 | — | 2.00 | 1.10 | 1.70 | 1.16 | 1.04 | 1.68 | 1.11 | 0.74 | 0.96 | 0.78 |
| EV / EBITDA | 3.53 | 3.87 | 3.38 | 9.75 | 4.09 | 2.86 | 3.69 | 1.29 | 1.98 | 2.75 | 2.43 |
| EV / EBIT | 4.00 | 4.61 | 4.61 | 22.57 | 5.47 | 3.49 | 4.11 | 1.38 | 2.35 | 3.25 | 2.55 |
| EV / FCF | — | 11.69 | 13.92 | — | — | — | 53.69 | — | — | 23.36 | 15.48 |
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 | 54.0% | 54.0% | 42.1% | 28.4% | 43.5% | 44.6% | 46.7% | 41.1% | 31.6% | 37.7% | 37.9% |
| Operating Margin | 45.5% | 45.5% | 23.9% | 7.5% | 21.2% | 29.8% | 40.7% | 80.3% | 31.3% | 29.6% | 26.5% |
| Net Profit Margin | 21.7% | 21.7% | 9.8% | -5.4% | 7.9% | 14.3% | 20.8% | 55.4% | 15.7% | 13.5% | 13.8% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 21.3% | 21.3% | 7.8% | -4.1% | 7.2% | 11.2% | 14.7% | 41.3% | 14.5% | 14.6% | 15.5% |
| ROA | 14.5% | 14.5% | 5.3% | -2.8% | 5.0% | 8.9% | 12.9% | 31.2% | 9.1% | 9.3% | 10.4% |
| ROIC | 32.4% | 32.4% | 13.1% | 4.0% | 15.1% | 19.6% | 23.7% | 47.5% | 24.4% | 29.2% | 28.2% |
| ROCE | 35.3% | 35.3% | 14.8% | 4.5% | 15.2% | 20.0% | 27.0% | 49.3% | 20.6% | 23.5% | 22.6% |
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 | 0.11 | 0.11 | 0.11 | 0.11 | 0.08 | 0.01 | 0.00 | 0.03 | 0.08 | 0.03 | 0.05 |
| Debt / EBITDA | 0.25 | 0.25 | 0.42 | 0.99 | 0.31 | 0.03 | 0.01 | 0.05 | 0.23 | 0.07 | 0.15 |
| Net Debt / Equity | — | -0.01 | 0.09 | 0.09 | 0.04 | -0.10 | -0.12 | -0.05 | -0.07 | -0.16 | -0.19 |
| Net Debt / EBITDA | -0.02 | -0.02 | 0.35 | 0.82 | 0.15 | -0.36 | -0.41 | -0.09 | -0.20 | -0.46 | -0.57 |
| Debt / FCF | — | -0.07 | 1.44 | — | — | — | -5.91 | — | — | -3.92 | -3.63 |
| Interest Coverage | 31.33 | 31.33 | 14.76 | 3.64 | 45.97 | 96.42 | 111.16 | 177.43 | 78.59 | 299.00 | 98.80 |
Net cash position: cash ($36M) exceeds total debt ($33M)
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 | 1.69 | 1.69 | 1.35 | 1.35 | 1.18 | 2.99 | 4.47 | 2.82 | 2.31 | 1.79 | 2.62 |
| Quick Ratio | 1.25 | 1.25 | 0.83 | 0.85 | 0.62 | 1.82 | 2.79 | 1.70 | 1.54 | 1.20 | 1.89 |
| Cash Ratio | 0.59 | 0.59 | 0.09 | 0.11 | 0.21 | 0.97 | 1.92 | 0.95 | 0.92 | 0.84 | 1.46 |
| Asset Turnover | — | 0.62 | 0.53 | 0.45 | 0.60 | 0.58 | 0.56 | 0.53 | 0.54 | 0.63 | 0.68 |
| Inventory Turnover | 4.36 | 4.36 | 4.46 | 5.16 | 4.38 | 3.23 | 3.18 | 4.03 | 4.97 | 4.73 | 5.33 |
| Days Sales Outstanding | — | 17.06 | 25.99 | 27.62 | 23.70 | 24.18 | 4.79 | 23.69 | 34.11 | 25.96 | 20.17 |
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 | 4.2% | 3.9% | 6.8% | 4.9% | 5.6% | 5.7% | 2.4% | 3.3% | 6.3% | 4.2% | 5.0% |
| Payout Ratio | 36.1% | 36.1% | 68.7% | — | 79.2% | 46.4% | 21.9% | 7.1% | 32.5% | 35.3% | 35.1% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 11.7% | 10.8% | 9.9% | — | 11.2% | 12.7% | 10.9% | 46.4% | 19.4% | 11.6% | 13.9% |
| FCF Yield | 9.3% | 8.5% | 8.0% | — | — | — | 1.7% | — | — | 3.7% | 5.2% |
| Buyback Yield | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.2% | 0.0% |
| Total Shareholder Yield | 4.2% | 3.9% | 6.8% | 4.9% | 5.6% | 5.7% | 2.4% | 3.3% | 6.3% | 4.4% | 5.0% |
| Shares Outstanding | — | $20M | $19M | $19M | $13M | $12M | $12M | $11M | $11M | $11M | $10M |
Includes 30+ ratios · 30 years · Updated daily
Live VCP patterns, Cup & Handle overlays, support/resistance, and AI trade plans.
High-probability breakout stocks crossing their pivot across 5 pattern engines.
DCF models, multiple analysis, and analyst estimates.
10-year return with dividends reinvested.
Compare growth, multiples, and margins vs sector.
Quick answers to the most common questions about buying CMCL stock.
Caledonia Mining Corporation Plc's current P/E ratio is 8.5x. The historical average is 8.5x. This places it at the 60th percentile of its historical range.
Caledonia Mining Corporation Plc's current EV/EBITDA is 3.5x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 4.3x.
Caledonia Mining Corporation Plc's return on equity (ROE) is 21.3%. This is above the typical threshold of 15-20% considered good for most companies. The historical average is -10.3%.
Based on historical data, Caledonia Mining Corporation Plc is trading at a P/E of 8.5x. This is at the 60th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
Caledonia Mining Corporation Plc's current dividend yield is 4.23% with a payout ratio of 36.1%.
Caledonia Mining Corporation Plc has 54.0% gross margin and 45.5% operating margin. Operating margin above 20% indicates strong pricing power and cost efficiency.
Caledonia Mining Corporation Plc's Debt/EBITDA ratio is 0.2x, indicating low leverage. A ratio below 2x is generally considered financially healthy.
Key Metrics
Top Statement Risk
Gold price dependency
Deep Value Discount to Peers
Caledonia trades at a significant discount to peers with a P/E of 9.30 and EV/EBITDA of 3.85, suggesting the market is pricing in substantial risk to its current earnings power or growth trajectory.
The company's valuation multiples are markedly lower than the peer group averages, with a P/E less than half of B2Gold's 20.04 and an EV/EBITDA well below Eldorado Gold's 9.23. This discount appears to reflect the market's skepticism about the sustainability of Caledonia's recent profitability surge, which is heavily tied to gold prices. The PEG ratio of 0.90 implies the market does not fully price in the company's recent earnings acceleration.
Margin Expansion Driven by Price Leverage
Operating margin has expanded dramatically from 14.6% in 2024Q1 to 46.2% in 2026Q2, indicating powerful operating leverage that appears directly correlated with favorable gold pricing rather than structural cost improvements.
The gross margin expansion from 48.3% to 54.4% over the same period confirms that higher realized gold prices are the primary driver, as mining costs are relatively fixed. The even sharper rise in operating margin suggests effective cost control and scaling of fixed overheads, but this profitability level is highly sensitive to commodity price reversals. The net margin volatility, swinging from 4.1% to 33.1%, further underscores the influence of non-operational items on the bottom line.
ROIC Surge Reflects Cyclical Peak
Return on Invested Capital has surged from 1.5% in 2024Q1 to 9.7% in 2026Q2, a cyclical peak driven by margin expansion rather than a structural improvement in capital efficiency.
The ROIC improvement is almost entirely attributable to the surge in net operating profit after tax (NOPAT) margins, as asset turnover has remained low and stable around 0.13-0.18. This indicates the company is not generating meaningfully more revenue per dollar of assets, but is instead extracting significantly more profit from its existing asset base due to favorable gold prices. The ROIC trend is therefore cyclical and vulnerable to a downturn in the commodity cycle.
Working Capital Cycle Lengthens with Growth
The cash conversion cycle has shortened from 87 days in 2024Q1 to 35 days in 2026Q2, primarily due to a significant increase in days payable outstanding from 27 to 53 days.
The improvement in CCC is driven by Caledonia extending its payment terms to suppliers (DPO), which suggests increased leverage with its vendors as its financial position strengthens. However, days inventory outstanding remains elevated at 78 days, indicating that inventory management is not a key driver of efficiency gains. The reduction in days sales outstanding from 16 to 11 days shows improved collection efficiency, but the overall cycle improvement is largely a balance sheet management story.
Conservative Leverage Amidst Cash Build
Despite a rise in total debt to $116.9M, the debt-to-equity ratio remains a conservative 0.36 and interest coverage is a robust 25.38x, indicating ample capacity to service obligations.
The increase in absolute debt levels appears strategic, likely to fund growth or shareholder returns, rather than a sign of financial stress. The interest coverage ratio has improved dramatically from 13.68x in 2024Q1 to 25.38x in 2026Q2, driven by the surge in operating income. This comfortable coverage suggests minimal near-term refinancing risk, though the D/E ratio should be monitored if debt is used to fund further expansion.
The Misleading Power of ROE
The most commonly misapplied ratio is likely Return on Equity (ROE), which has risen to 7.6% but is distorted by negative retained earnings and does not reflect true shareholder value creation.
ROE is often used as a primary metric for financial performance, but for Caledonia, it is misleading. The company's retained earnings remain negative at -$11.4M despite recent strong profits, which artificially inflates the equity base used in the denominator. This distortion means ROE does not accurately measure the return generated on shareholders' invested capital. A more appropriate metric would be ROIC, which focuses on operating performance and is less affected by historical accounting distortions or dividend policies.