Revenue growth has decelerated to 18.3% in 2026Q1 from a 52.4% peak in 2025Q3, while gross margins remain sensitive to regional dynamics, fluctuating between 27.3% and 55.7% over the last ten quarters.
| 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 | Dec'96 |
|---|
| Sales/Revenue | 274.16M | 254.14M | 183.02M | 146.31M | 142.08M | 121.33M | 100M | 75.83M | 68.4M | 69.76M | 61.99M | 48.98M | 50.9M | 61.15M | 75.61M | 54.56M | 22.4M | 11.04M | 6.32M | 10.14M | 11.66M | 2.27M | 699.59K | 498.16K | 17.15K | 77.89K | 4.49M | 10.15M | 10.07M | 7.76M | 8.83M |
| Revenue Growth % | 36.62% | 38.86% | 25.09% | 2.98% | 17.1% | 21.33% | 31.88% | 10.86% | -1.95% | 12.53% | 26.57% | -3.77% | -16.77% | -19.12% | 38.59% | 143.6% | 102.89% | 74.57% | -37.62% | -13.03% | 412.38% | 225.17% | 40.43% | 2804.72% | -77.98% | -98.27% | -55.77% | 0.76% | 29.87% | -12.15% | -58.93% |
| Cost of Goods Sold | 131.86M | 117.02M | 106.03M | 104.83M | 80.26M | 67.25M | 53.35M | 44.69M | 46.81M | 43.44M | 38.5M | 35.8M | 33.26M | 33.09M | 34.48M | 26.04M | 14.12M | 7.85M | 3.65M | 9.84M | 7.43M | 6.82M | 5.37M | 2.86M | 82.58K | 157.04K | 4.29M | 8.7M | 8.25M | 6.85M | 7.44M |
| COGS % of Revenue | - | 46.04% | 57.93% | 71.65% | 56.49% | 55.43% | 53.34% | 58.93% | 68.44% | 62.27% | 62.1% | 73.09% | 65.35% | 54.11% | 45.61% | 47.73% | 63.05% | 71.14% | 57.67% | 97.07% | 63.75% | 299.66% | 767.06% | 574.92% | 481.49% | 201.61% | 95.48% | 85.71% | 81.94% | 88.29% | 84.3% |
| Gross Profit | 142.3M | 137.12M | 76.99M | 41.48M | 61.82M | 54.07M | 46.66M | 31.14M | 21.59M | 26.32M | 23.49M | 13.18M | 17.64M | 28.06M | 41.13M | 28.52M | 8.28M | 3.19M | 2.68M | 296.88K | 4.23M | -4.54M | -4.67M | -2.37M | -65.42K | -79.15K | 202.73K | 1.45M | 1.82M | 908.46K | 1.39M |
| Gross Margin % | 51.9% | 53.96% | 42.07% | 28.35% | 43.51% | 44.57% | 46.66% | 41.07% | 31.56% | 37.73% | 37.9% | 26.91% | 34.65% | 45.89% | 54.39% | 52.27% | 36.95% | 28.86% | 42.33% | 2.93% | 36.25% | -199.66% | -667.06% | -474.92% | -381.49% | -101.61% | 4.52% | 14.29% | 18.06% | 11.71% | 15.7% |
| Gross Profit Growth % | - | 78.11% | 85.6% | -32.9% | 14.32% | 15.9% | 49.84% | 44.24% | -17.99% | 12.04% | 78.23% | -25.26% | -37.16% | -31.77% | 44.23% | 244.54% | 159.79% | 19.01% | 801.74% | -92.97% | 193.03% | 2.67% | -97.25% | -3516.17% | 17.34% | -139.04% | -86.02% | -20.32% | 100.31% | -34.48% | -69.19% |
| Operating Expenses | 17.33M | 21.52M | 33.32M | 30.53M | 31.63M | 17.93M | 5.92M | -29.75M | 246K | 5.13M | 6.78M | 7.48M | 7M | 5.39M | 20.43M | 4.68M | 2.97M | 2.47M | 5.55M | 2.16M | 1.76M | 3.65M | 2.32M | 1.32M | 983.92K | 657.04K | 1.4M | 1.93M | 3.57M | 3.49M | 4.74M |
| OpEx % of Revenue | - | 8.47% | 18.2% | 20.86% | 22.26% | 14.78% | 5.92% | -39.24% | 0.36% | 7.35% | 10.93% | 15.27% | 13.76% | 8.82% | 27.02% | 8.58% | 13.26% | 22.35% | 87.84% | 21.33% | 15.07% | 160.64% | 331.03% | 264.24% | 5737.16% | 843.55% | 31.22% | 19.05% | 35.48% | 45.05% | 53.72% |
| Selling, General & Admin | 22.14M | 21.52M | 19.01M | 18.53M | 13.03M | 9.57M | 9.41M | 6.33M | 6.24M | 7.04M | 7.68M | 6.93M | 7.03M | 5.39M | 18.72M | 4.68M | 2.4M | 2.05M | 3.2M | 2.14M | 1.72M | 2.58M | 1.65M | 983.98K | 978.21K | 646.99K | 816.94K | 621.4K | 1.75M | 2.66M | 3.94M |
| SG&A % of Revenue | - | 8.47% | 10.39% | 12.67% | 9.17% | 7.89% | 9.41% | 8.34% | 9.12% | 10.09% | 12.39% | 14.16% | 13.81% | 8.82% | 24.76% | 8.58% | 10.73% | 18.57% | 50.62% | 21.15% | 14.77% | 113.59% | 235.91% | 197.52% | 5703.83% | 830.65% | 18.2% | 6.12% | 17.42% | 34.23% | 44.63% |
| Research & Development | 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 | 0 |
| R&D % of Revenue | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Operating Expenses | 0 | 0 | 14.3M | 11.99M | 18.6M | 8.36M | -3.49M | -36.08M | -336K | -14K | -55K | 543K | -24.12K | 0 | 1.71M | 0 | 1.61M | 416.39K | 2.35M | 18.18K | 34.32K | 1.07M | 665.48K | 332.36K | 5.72K | 10.05K | 584.86K | 1.31M | 1.82M | 838.57K | 802.68K |
| Operating Income | 124.97M | 115.6M | 43.67M | 10.96M | 30.19M | 36.15M | 40.73M | 60.89M | 21.42M | 20.62M | 16.43M | 8.49M | 11.48M | 8.94M | 20.36M | 20.33M | 3.95M | -398.24K | -3.97M | -2.62M | 2.47M | -8.33M | -7.87M | -11.21M | -2.69M | -736.19K | 4.8M | -7.73M | -31.65M | -24.39M | -4.45M |
| Operating Margin % | 45.58% | 45.49% | 23.86% | 7.49% | 21.25% | 29.79% | 40.73% | 80.3% | 31.32% | 29.55% | 26.51% | 17.34% | 22.55% | 14.61% | 26.93% | 37.26% | 17.65% | -3.61% | -62.85% | -25.87% | 21.18% | -366.05% | -1124.38% | -2249.85% | -15711.45% | -945.17% | 107.03% | -76.19% | -314.19% | -314.41% | -50.41% |
| Operating Income Growth % | - | 164.69% | 298.67% | -63.71% | -16.48% | -11.27% | -33.1% | 184.25% | 3.89% | 25.45% | 93.47% | -25.99% | 28.44% | -56.11% | 0.16% | 414.15% | 1092.85% | 89.98% | -51.56% | -206.21% | 129.65% | -5.86% | 29.82% | -315.95% | -266.01% | -115.32% | 162.14% | 75.57% | -29.77% | -447.9% | -3.52% |
| EBITDA | 136.81M | 131.3M | 59.7M | 25.44M | 40.33M | 44.19M | 45.36M | 65.32M | 25.51M | 24.41M | 19.95M | 11.82M | 14.84M | 12.01M | 23.77M | 23.25M | 4.52M | 18.14K | -3.65M | -2.6M | 2.5M | -7.26M | -7.2M | -10.88M | -2.69M | -726.14K | 5.39M | -6.42M | -29.83M | -23.55M | -3.65M |
| EBITDA Margin % | 49.9% | 51.66% | 32.62% | 17.39% | 28.38% | 36.42% | 45.36% | 86.15% | 37.3% | 34.98% | 32.18% | 24.13% | 29.17% | 19.64% | 31.44% | 42.62% | 20.18% | 0.16% | -57.69% | -25.69% | 21.48% | -319% | -1029.25% | -2183.13% | -15678.12% | -932.26% | 120.05% | -63.27% | -296.13% | -303.6% | -41.32% |
| EBITDA Growth % | 113.56% | 119.95% | 134.64% | -36.92% | -8.74% | -2.58% | -30.56% | 156.05% | 4.53% | 22.33% | 68.83% | -20.39% | 23.57% | -49.47% | 2.24% | 414.41% | 24809.33% | 100.5% | -40.09% | -204.03% | 134.5% | -0.78% | 33.79% | -304.47% | -270.29% | -113.47% | 183.94% | 78.47% | -26.67% | -545.46% | 37.09% |
| D&A (Non-Cash Add-back) | 11.84M | 15.7M | 16.02M | 14.49M | 10.14M | 8.05M | 4.63M | 4.43M | 4.09M | 3.79M | 3.52M | 3.32M | 3.37M | 3.08M | 3.41M | 2.92M | 565.91K | 416.39K | 326.21K | 18.18K | 34.32K | 1.07M | 665.48K | 332.36K | 5.72K | 10.05K | 584.86K | 1.31M | 1.82M | 838.57K | 802.68K |
| EBIT | 125.29M | 115.6M | 43.7M | 10.99M | 30.2M | 36.16M | 40.8M | 61.03M | 21.45M | 20.63M | 18.97M | 8.5M | 12.08M | 9.26M | 20.44M | 20.38M | 2.76M | 318.02K | -1.34M | -1.87M | 2.47M | -3.25M | -2.05M | -3.62M | -1.05M | -736.19K | -1.2M | -483.31K | -1.75M | -2.59M | -3.28M |
| Net Interest Income | -5.81M | -3.05M | -2.93M | -2.98M | -640K | -361K | -305K | -198K | -220K | -31K | -176K | -535K | -140K | -105K | -81.42K | -158.67K | 3K | 252.12K | 316.35K | -678.47K | 33.46K | 48.22K | -17.67K | -97.94K | -18.42K | -52.76K | -27.34K | 0 | -1.36M | 0 | -1.09M |
| Interest Income | 455K | 461K | 26K | 39K | 17K | 14K | 62K | 146K | 53K | 38K | 16K | 1K | 14K | 23K | 79.41K | 53.87K | 270.65K | 252.23K | 400.99K | 0 | 54.05K | 49.08K | 116.8K | -1 | -1 | 0 | 0 | 0 | 0 | 0 | -1 |
| Interest Expense | 6.26M | 3.51M | 2.96M | 3.02M | 657K | 375K | 367K | 344K | 273K | 69K | 192K | 536K | 154K | 128K | 160.83K | 158.67K | 267.54K | 252.12K | 84.63K | 678.47K | 20.59K | 861 | 134.48K | 97.94K | 18.42K | 52.76K | 27.34K | 0 | 1.36M | 26.35M | 1.09M |
| Other Income/Expense | -8.9M | -9.03M | -3.13M | -2.98M | -640K | -361K | -305K | -198K | -220K | -31K | -176K | -897K | 450.3K | 175.53K | -356.41K | -4.43M | -1.46M | -2.55M | -2.18M | -1.32M | 76.36K | 50.85K | -5.13M | -105.65K | -64.79K | -14.45K | -4.8M | 7.73M | -29.7M | -4.54M | 7.88M |
| Pretax Income | 116.07M | 106.57M | 40.54M | 7.97M | 29.55M | 35.78M | 40.43M | 60.69M | 21.2M | 20.59M | 18.8M | 7.96M | 11.34M | 8.83M | 20.28M | 20.17M | 3.69M | -2.78M | -3.52M | -3.94M | 2.55M | -4.16M | -8.3M | -11.25M | -2.76M | -750.64K | 4.94M | -5.18M | -32.75M | -28.93M | 3.5M |
| Pretax Margin % | 42.34% | 41.93% | 22.15% | 5.45% | 20.8% | 29.49% | 40.43% | 80.04% | 31% | 29.51% | 30.33% | 16.25% | 22.29% | 14.45% | 26.82% | 36.97% | 16.46% | -25.18% | -55.68% | -38.86% | 21.84% | -182.7% | -1186.56% | -2259.14% | -16089.24% | -963.71% | 110.1% | -51.02% | -325.16% | -372.97% | 39.67% |
| Income Tax | 40.8M | 39.06M | 17.49M | 12.81M | 14.36M | 13.8M | 15.17M | 10.29M | 7.45M | 8.69M | 7.72M | 2.37M | 5.69M | 9.29M | 12.88M | 8.29M | 1.43M | 820.36K | 538.21K | 5.05K | 559.37K | 4.18M | 8.3M | -29.3K | -8.26K | 0 | -4.94M | 5.18M | 32.75M | 11.81M | 437.83K |
| Effective Tax Rate % | 35.16% | 36.65% | 43.14% | 160.73% | 48.6% | 38.58% | 37.53% | 16.95% | 35.12% | 42.22% | 41.04% | 29.77% | 50.15% | 105.21% | 63.53% | 41.1% | 38.78% | -29.51% | -15.29% | -0.13% | 21.98% | -100.54% | -100% | 0.26% | 0.3% | 0% | -100% | -100% | -100% | -40.82% | 12.5% |
| Net Income | 62.16M | 55.22M | 17.9M | -7.86M | 11.24M | 17.4M | 20.78M | 42.02M | 10.77M | 9.38M | 8.53M | 4.78M | 4.22M | -2.87M | 8.77M | 11.88M | 2.26M | -3.77M | -4.06M | -4.66M | -4.7M | -8.33M | -8.3M | -11.22M | -2.75M | -750.64K | 4.94M | -5.18M | -32.75M | -40.6M | -2.77M |
| Net Margin % | 22.67% | 21.73% | 9.78% | -5.37% | 7.91% | 14.34% | 20.78% | 55.41% | 15.74% | 13.45% | 13.75% | 9.76% | 8.29% | -4.69% | 11.59% | 21.78% | 10.08% | -34.17% | -64.19% | -45.97% | -40.3% | -366.39% | -1186.56% | -2253.25% | -16041.09% | -963.71% | 110.1% | -51.02% | -325.16% | -523.42% | -31.41% |
| Net Income Growth % | 153.32% | 208.5% | 327.66% | -169.95% | -35.39% | -16.28% | -50.54% | 290.28% | 14.73% | 10.06% | 78.41% | 13.29% | 247.03% | -132.73% | -26.22% | 426.47% | 159.82% | 7.07% | 12.9% | 0.79% | 43.64% | -0.41% | 26.05% | -308.02% | -266.49% | -115.19% | 195.45% | 84.19% | 19.32% | -1364.2% | 53.78% |
| Net Income (Continuing) | 75.26M | 67.51M | 23.05M | -4.84M | 15.19M | 21.98M | 25.26M | 50.4M | 13.76M | 11.9M | 11.09M | 5.59M | 5.95M | -461.24K | 7.4M | 12.26M | 1.45M | -3.77M | -3.52M | -3.64M | 1.99M | -3.23M | -2.3M | -11.18M | -2.75M | -750.64K | 4.94M | -5.18M | -32.75M | -40.74M | 3.06M |
| Discontinued Operations | 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 | 1 | 0 |
| Minority Interest | 27.61M | 24.55M | 20.59M | 18.46M | 16.95M | 14.81M | 16.52M | 16.3M | 8.35M | 5.94M | 3.71M | 1.5M | 692.59K | -47.9K | -1.81M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 567.56K | 491.64K | 494.35K | 524.84K | 621.4K | 649.9K | 698.81K | 802.68K |
| EPS (Diluted) | 3.14 | 2.83 | 0.93 | -0.24 | 1.39 | 1.48 | 1.73 | 3.91 | 1.02 | 0.86 | 0.79 | 0.45 | 0.40 | -0.28 | 0.86 | 1.17 | 0.22 | -0.38 | -0.41 | -0.45 | -0.43 | -1.29 | -1.25 | -2.32 | -0.67 | -0.23 | 2.67 | -4.14 | -43.87 | -62.19 | -4.38 |
| EPS Growth % | 139.39% | 204.3% | 487.5% | -117.27% | -6.08% | -14.45% | -55.75% | 283.33% | 18.6% | 8.86% | 75.56% | 12.5% | 242.86% | -132.56% | -26.5% | 431.82% | 157.89% | 7.32% | 8.89% | -4.65% | 66.67% | -3.2% | 46.12% | -246.27% | -191.3% | -108.61% | 164.49% | 90.56% | 29.46% | -1319.86% | 56.2% |
| EPS (Basic) | - | 2.83 | 0.93 | -0.24 | 1.40 | 1.49 | 1.73 | 3.91 | 1.02 | 0.86 | 0.79 | 0.45 | 0.40 | -0.28 | 0.86 | 1.19 | 0.22 | -0.38 | -0.41 | -0.45 | -0.56 | -1.33 | -1.41 | -2.40 | -0.73 | -0.23 | 2.67 | -4.14 | -43.87 | -62.19 | -4.38 |
| Diluted Shares Outstanding | 19.82M | 19.51M | 19.2M | 18.63M | 12.84M | 12.18M | 11.72M | 10.75M | 10.6M | 10.61M | 10.48M | 10.44M | 10.43M | 10.4M | 10.17M | 10.19M | 10.07M | 10M | 9.97M | 10.26M | 10.95M | 6.45M | 6.66M | 4.83M | 4.08M | 3.3M | 2.96M | 1.25M | 746.67K | 652.81K | 633.33K |
| Basic Shares Outstanding | 19.82M | 19.51M | 19.2M | 18.63M | 12.83M | 12.17M | 11.7M | 10.74M | 10.6M | 10.61M | 10.46M | 10.42M | 10.42M | 10.4M | 10.12M | 10.02M | 10M | 10M | 9.97M | 10.26M | 8.42M | 6.25M | 5.88M | 4.68M | 3.77M | 3.3M | 2.96M | 1.25M | 746.67K | 652.81K | 633.33K |
| Dividend Payout Ratio | - | 36.07% | 68.73% | - | 79.24% | 46.38% | 21.86% | 7.07% | 32.48% | 35.27% | 35.12% | 52.4% | 85.81% | - | 42.67% | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Sovereign and currency volatility
According to the provided financial data, CMCL experienced a significant revenue deceleration in 2026Q1, with growth slowing to 18.3% compared to the 52.4% peak observed in 2025Q3, reflecting the inherent sensitivity of the company's top-line performance to fluctuating gold production volumes and regional pricing dynamics.
The erratic nature of revenue growth suggests that the company's reliance on a single asset, the Blanket Mine, leaves it highly exposed to operational bottlenecks. Investors should monitor whether the recent growth deceleration indicates a plateau in production capacity or merely temporary timing differences in gold delivery to state-sanctioned refiners.
As reported in the company's quarterly income statements, gross margins have demonstrated notable volatility, ranging from a low of 27.3% in 2023Q4 to a peak of 55.7% in 2025Q4, highlighting the company's susceptibility to input cost inflation and the impact of the Zimbabwean government's gold surrender requirements.
The fluctuation in gross margins suggests that while the Central Shaft provides a structural cost advantage, the company lacks full control over its realized price due to local monetary policy. The recent compression in 2026Q1 margins warrants further investigation into whether rising energy or labor costs are beginning to erode the benefits of the company's proprietary solar infrastructure.
Based on the income statement figures, CMCL has shown an ability to scale operating income faster than gross profit during periods of high production, with operating margins reaching as high as 54.2% in 2025Q2, indicating a degree of fixed-cost absorption efficiency within the Blanket Mine's operational structure.
The ability to maintain operating margins above 40% in several recent quarters suggests that management has successfully leveraged the Central Shaft to optimize hoisting and ventilation costs. However, the sharp drop in operating margin to 40.4% in 2026Q1 may indicate that the company is reaching a point of diminishing returns on its current overhead structure.
Financial statements indicate that net income remains highly sensitive to non-operating items and currency-related adjustments, with net margins fluctuating significantly from a negative 8.2% in 2023Q4 to a high of 31.4% in 2025Q2, suggesting that reported EPS may not always reflect the underlying cash-generative capacity of the business.
The presence of stock-based compensation and potential currency translation noise complicates the assessment of true earnings quality for shareholders. Investors should be cautious of relying on headline EPS figures, as the company's net income is frequently impacted by factors outside of core mining operations, such as government-mandated currency conversion rates.
Quick answers to the most common questions about buying CMCL stock.
For fiscal year 2025, Caledonia Mining Corporation Plc (CMCL) reported total revenue of $254.1M. This represents a 2778.3% increase compared to $8.8M in 1996.
Caledonia Mining Corporation Plc (CMCL) is profitable, generating $55.2M in net income for the fiscal year ending 2025 with a net profit margin of 21.7%.
Caledonia Mining Corporation Plc (CMCL) reported an operating income of $115.6M, resulting in an operating profit margin of 45.5%. This margin reflects the operational efficiency of the business before interest and taxes.
Caledonia Mining Corporation Plc (CMCL) generated $137.1M in gross profit for the year, representing a gross profit margin of 54.0%. This demonstrates the company's core pricing power and production efficiency.