Caledonia Mining Corporation Plc (CMCL) Financial Ratios
30 years of historical data (1996–2025) · Basic Materials · Gold
EV/EBITDA
↑
3.32
↓-31% vs avg
5yr avg: 4.79
30Y Low0.6·High17.7
P/FCF
↓
10.13
↓-16% vs avg
5yr avg: 12.12
30Y Low2.1·High59.6
P/B Ratio
↑
1.57
↑+42% vs avg
5yr avg: 1.11
30Y Low0.2·High5.6
ROE
↑
21.3%
↓+145% vs avg
5yr avg: 8.7%
30Y Low-140%·High51%
Debt/EBITDA
↑
0.25
↓-38% vs avg
5yr avg: 0.40
30Y Low0.0·High30.9
Percentile shows where the current value sits in 30-year historical distribution. Sparklines show 5-year trend.
CMCL Valuation Multiples
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
Caledonia Mining Corporation Plc trades at 8.0x earnings, 11% below its 5-year average of 9.0x, sitting at the 60th percentile of its historical range. Compared to the Basic Materials sector median P/E of 22.9x, the stock trades at a discount of 65%. On a free-cash-flow basis, the stock trades at 10.1x P/FCF, 16% below the 5-year average of 12.1x.
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $440M | $511M | $181M | $227M | $159M | $142M | $186M | $90M | $56M | $78M | $60M |
| Enterprise Value | $436M | $507M | $202M | $248M | $165M | $126M | $168M | $84M | $50M | $67M | $48M |
| P/E Ratio → | 8.05 | 9.25 | 10.12 | — | 8.92 | 7.88 | 9.18 | 2.15 | 5.15 | 8.59 | 7.22 |
| P/S Ratio | 1.73 | 2.01 | 0.99 | 1.55 | 1.12 | 1.17 | 1.86 | 1.19 | 0.81 | 1.12 | 0.96 |
| P/B Ratio | 1.57 | 1.80 | 0.77 | 1.01 | 1.01 | 0.93 | 1.18 | 0.73 | 0.71 | 1.13 | 1.01 |
| P/FCF | 10.13 | 11.77 | 12.48 | — | — | — | 59.60 | — | — | 27.29 | 19.11 |
| P/OCF | 5.77 | 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
CMCL EV Ratios
Enterprise-value multiples — capital-structure-neutral measures of total business value
Caledonia Mining Corporation Plc's enterprise value stands at 3.3x EBITDA, 31% below its 5-year average of 4.8x. The Basic Materials sector median is 11.4x, placing the stock at a 71% discount on an enterprise-value basis.
| 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 | 3.32 | 3.87 | 3.38 | 9.75 | 4.09 | 2.86 | 3.69 | 1.29 | 1.98 | 2.75 | 2.43 |
| EV / EBIT | 3.78 | 4.39 | 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 |
CMCL Profitability
Margins and return-on-capital ratios measuring operating efficiency
Caledonia Mining Corporation Plc earns an operating margin of 45.5%, significantly above the Basic Materials sector average of 9.8%. Operating margins have expanded from 7.5% to 45.5% over the past 3 years, signaling improving operational efficiency. ROE of 21.3% indicates solid capital efficiency. ROIC of 32.4% represents excellent returns on invested capital.
Margins
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% |
Return on Capital
| 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% |
CMCL Leverage & Debt
Solvency and debt-coverage ratios — lower is generally safer
Caledonia Mining Corporation Plc carries a Debt/EBITDA ratio of 0.2x, which is very conservative (91% below the sector average of 2.6x). The company holds a net cash position — cash of $36M exceeds total debt of $33M, providing substantial financial flexibility for buybacks, acquisitions, or weathering downturns. Interest coverage of 32.9x signals virtually no risk of debt distress — earnings comfortably cover interest obligations.
| 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 | 32.90 | 32.90 | 14.75 | 3.62 | 45.95 | 96.39 | 110.99 | 177.00 | 78.47 | 298.81 | 85.60 |
Net cash position: cash ($36M) exceeds total debt ($33M)
CMCL Liquidity & Efficiency
Short-term solvency ratios and asset-utilisation metrics
A current ratio of 1.69x means Caledonia Mining Corporation Plc can comfortably meet its short-term obligations, though there is limited excess liquidity. The quick ratio of 1.25x is notably lower than the current ratio, indicating a significant portion of current assets is tied up in inventory. The current ratio has improved from 1.35x to 1.69x over the past 3 years.
| 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 |
CMCL Shareholder Yields
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Caledonia Mining Corporation Plc returns 4.5% to shareholders annually primarily through dividends. The payout ratio of 36.1% is conservative, leaving significant room for dividend growth or reinvestment. The earnings yield of 12.4% (inverse of P/E) provides a useful comparison to bond yields when assessing the stock's relative attractiveness to fixed income.
Dividends
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 | 4.5% | 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% |
Total Shareholder Return Metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 12.4% | 10.8% | 9.9% | — | 11.2% | 12.7% | 10.9% | 46.4% | 19.4% | 11.6% | 13.9% |
| FCF Yield | 9.9% | 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 | 4.5% | 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 |
Peer Comparison
Compare CMCL with 10 similar companies in its peer group
| Company | Market Cap | P/E | EV/EBITDA | P/FCF | Gross Margin | Op Margin | ROE | ROIC | Debt/EBITDA |
|---|---|---|---|---|---|---|---|---|---|
 CMCLYou | $440M | 8.0 | 3.3 | 10.1 | 54.0% | 45.5% | 21.3% | 32.4% | 0.2 |
 BTG | $6B | 16.0 | 3.4 | 90.7 | 50.0% | 45.9% | 12.1% | 30.0% | 0.3 |
 EGO | $6B | 12.6 | 6.4 | — | 44.9% | 41.5% | 12.6% | 13.3% | 1.2 |
 GORO | $228M | -30.0 | 11.8 | 354.2 | 18.9% | 13.1% | -18.1% | 13.5% | 3.6 |
 MUX | $1B | 38.7 | 72.8 | — | 11.0% | -6.5% | 6.6% | -1.9% | 0.1 |
 AEM | $95B | 21.4 | 11.6 | 22.3 | 58.1% | 53.1% | 19.6% | 21.9% | 0.0 |
 KGC | $37B | 15.5 | 8.4 | 14.4 | 47.5% | 43.2% | 31.0% | 29.9% | 0.2 |
 AU | $50B | 19.0 | 9.0 | 16.0 | 46.5% | 45.1% | 28.6% | 35.9% | 0.4 |
 HMY | $11B | 12.7 | 6.7 | 16.8 | 39.7% | 27.5% | 32.2% | 40.1% | 0.1 |
 DRD | $3B | 18.6 | 29.4 | 33.2 | 39.7% | 11.6% | 28.4% | 9.8% | 0.0 |
 SBSW | $10B | -32.6 | 5.8 | 93.2 | 23.8% | 18.5% | -10.4% | 22.9% | 1.4 |
| Basic Materials Median | — | 22.9 | 11.4 | 27.5 | 31.7% | 9.8% | 1.0% | 4.4% | 2.6 |
Peer selection based on competitive and market overlap. Compare multiple stocks →
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Start ComparisonCMCL — Frequently Asked Questions
Quick answers to the most common questions about buying CMCL stock.
What is Caledonia Mining Corporation Plc's P/E ratio?
Caledonia Mining Corporation Plc's current P/E ratio is 8.0x. The historical average is 8.5x. This places it at the 60th percentile of its historical range.
What is Caledonia Mining Corporation Plc's EV/EBITDA?
Caledonia Mining Corporation Plc's current EV/EBITDA is 3.3x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 4.3x.
What is Caledonia Mining Corporation Plc's ROE?
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%.
Is CMCL stock overvalued?
Based on historical data, Caledonia Mining Corporation Plc is trading at a P/E of 8.0x. This is at the 60th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
What is Caledonia Mining Corporation Plc's dividend yield?
Caledonia Mining Corporation Plc's current dividend yield is 4.48% with a payout ratio of 36.1%.
What are Caledonia Mining Corporation Plc's profit margins?
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.
How much debt does Caledonia Mining Corporation Plc have?
Caledonia Mining Corporation Plc's Debt/EBITDA ratio is 0.2x, indicating low leverage. A ratio below 2x is generally considered financially healthy.