Latest Ratios: P/E Ratio 12.6x · EV/EBITDA 6.7x · ROE 32.2%. (1998–2025 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 | $10.9B | $8.8B | $5.8B | $2.6B | $1.9B | $2.3B | $2.2B | $1.2B | $726M | $758M | $1.6B |
| Enterprise Value | $10.2B | $-2084870000 | $3.4B | $5.4B | $3.1B | $2.8B | $3.6B | $6.1B | $5.7B | $1.6B | $2.7B |
| P/E Ratio → | 12.64 | 0.61 | 0.67 | 0.54 | — | 0.45 | — | — | — | 2.09 | 1.63 |
| P/S Ratio | 2.45 | 0.12 | 0.09 | 0.05 | 0.04 | 0.06 | 0.08 | 0.04 | 0.03 | 0.04 | 0.09 |
| P/B Ratio | 3.75 | 0.18 | 0.14 | 0.07 | 0.06 | 0.07 | 0.10 | 0.05 | 0.03 | 0.03 | 0.06 |
| P/FCF | 16.75 | 0.81 | 0.80 | 1.13 | 2.70 | 0.57 | 34.82 | — | — | — | 0.76 |
| P/OCF | 7.98 | 0.39 | 0.37 | 0.26 | 0.28 | 0.25 | 8.20 | 0.25 | 0.17 | 0.21 | 0.35 |
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 | — | -0.03 | 0.05 | 0.11 | 0.07 | 0.07 | 0.12 | 0.23 | 0.26 | 0.09 | 0.14 |
| EV / EBITDA | 6.74 | -0.08 | 0.21 | 0.52 | 1.06 | 0.28 | 1.12 | 4.09 | — | 1.21 | 0.71 |
| EV / EBIT | 8.34 | -0.10 | 0.28 | 0.71 | — | 0.40 | 54.44 | — | — | 19.10 | 1.43 |
| EV / FCF | — | -0.19 | 0.47 | 2.35 | 4.39 | 0.70 | 56.04 | — | — | — | 1.28 |
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 | 39.7% | 39.7% | 23.0% | 19.8% | 1.7% | 14.6% | 11.4% | -7.3% | -13.6% | -2.3% | 13.8% |
| Operating Margin | 27.5% | 27.5% | 19.0% | 14.4% | -1.8% | 15.5% | -1.2% | -9.5% | -21.1% | -5.7% | 8.6% |
| Net Profit Margin | 19.5% | 19.5% | 14.0% | 9.8% | -2.5% | 12.2% | -3.0% | -9.7% | -20.3% | 1.2% | 5.1% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 32.2% | 32.2% | 22.6% | 14.8% | -3.4% | 18.5% | -3.8% | -10.9% | -16.3% | 0.8% | 3.4% |
| ROA | 20.9% | 20.9% | 14.6% | 9.3% | -2.2% | 10.8% | -2.2% | -6.9% | -11.3% | 0.6% | 2.6% |
| ROIC | 40.1% | 40.1% | 22.8% | 15.3% | -1.8% | 17.0% | -1.0% | -6.6% | -11.5% | -2.7% | 4.1% |
| ROCE | 35.3% | 35.3% | 23.2% | 15.4% | -1.8% | 16.0% | -1.0% | -7.3% | -13.1% | -3.0% | 4.6% |
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 | 0.05 | 0.05 | 0.06 | 0.18 | 0.12 | 0.11 | 0.33 | 0.26 | 0.22 | 0.07 | 0.08 |
| Debt / EBITDA | 0.09 | 0.09 | 0.14 | 0.59 | 1.25 | 0.33 | 2.41 | 3.96 | — | 1.57 | 0.62 |
| Net Debt / Equity | — | -0.22 | -0.06 | 0.08 | 0.04 | 0.02 | 0.06 | 0.22 | 0.20 | 0.03 | 0.04 |
| Net Debt / EBITDA | -0.43 | -0.43 | -0.15 | 0.27 | 0.41 | 0.05 | 0.43 | 3.30 | — | 0.65 | 0.29 |
| Debt / FCF | — | -1.01 | -0.33 | 1.23 | 1.69 | 0.13 | 21.23 | — | — | — | 0.52 |
| Interest Coverage | — | — | 14.92 | 7.65 | -0.47 | 10.66 | 0.10 | -3.73 | -13.26 | 0.39 | 6.74 |
Net cash position: cash ($13.1B) exceeds total debt ($2.2B)
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 | 1.72 | 1.72 | 1.12 | 1.26 | 1.51 | 1.49 | 1.34 | 1.35 | 1.15 | 1.28 | 1.70 |
| Quick Ratio | 1.41 | 1.41 | 0.77 | 0.79 | 0.94 | 1.04 | 1.02 | 0.74 | 0.67 | 0.99 | 1.12 |
| Cash Ratio | 1.06 | 1.06 | 0.46 | 0.42 | 0.49 | 0.49 | 0.84 | 0.31 | 0.19 | 0.32 | 0.62 |
| Asset Turnover | — | 0.95 | 1.02 | 0.86 | 0.91 | 0.84 | 0.65 | 0.73 | 0.55 | 0.48 | 0.50 |
| Inventory Turnover | 11.66 | 11.66 | 13.11 | 12.11 | 14.88 | 14.03 | 10.70 | 14.65 | 14.17 | 16.84 | 13.80 |
| Days Sales Outstanding | — | 19.77 | 13.37 | 16.34 | 0.88 | 1.01 | 15.34 | 0.59 | 0.74 | 0.64 | 0.32 |
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 | 1.1% | 23.4% | 24.9% | 5.2% | 21.6% | 29.4% | 0.1% | — | 21.2% | 57.9% | — |
| Payout Ratio | 14.3% | 14.3% | 16.7% | 2.8% | — | 13.3% | — | — | — | 198.4% | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 7.9% | 163.8% | 148.7% | 185.0% | — | 221.2% | — | — | — | 47.9% | 61.5% |
| FCF Yield | 6.0% | 122.8% | 125.6% | 88.6% | 37.0% | 175.6% | 2.9% | — | — | — | 131.2% |
| Buyback Yield | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 100.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| Total Shareholder Yield | 1.1% | 23.4% | 24.9% | 5.2% | 21.6% | 29.4% | 100.0% | 0.0% | 21.2% | 57.9% | 0.0% |
| Shares Outstanding | — | $629M | $630M | $620M | $612M | $616M | $535M | $524M | $465M | $459M | $446M |
Includes 30+ ratios · 28 years · Updated daily
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Quick answers to the most common questions about buying HMY stock.
Harmony Gold Mining Company Limited's current P/E ratio is 12.6x. The historical average is 2.5x. This places it at the 100th percentile of its historical range.
Harmony Gold Mining Company Limited's current EV/EBITDA is 6.7x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 4.0x.
Harmony Gold Mining Company Limited's return on equity (ROE) is 32.2%. This is above the typical threshold of 15-20% considered good for most companies. The historical average is 2.6%.
Based on historical data, Harmony Gold Mining Company Limited is trading at a P/E of 12.6x. This is at the 100th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
Harmony Gold Mining Company Limited's current dividend yield is 1.13% with a payout ratio of 14.3%.
Harmony Gold Mining Company Limited has 39.7% gross margin and 27.5% operating margin. Operating margin above 20% indicates strong pricing power and cost efficiency.
Harmony Gold Mining Company Limited's Debt/EBITDA ratio is 0.1x, indicating low leverage. A ratio below 2x is generally considered financially healthy.
Key Metrics
Top Statement Risk
Cyclical gold price and cost inflation vulnerability
Pricing a Cyclical Peak at a Discount
Harmony's forward P/E of 0.38, as reported in valuation data, suggests the market is pricing in a significant earnings decline, creating a stark contrast with its trailing P/E of 14.53 and peer multiples.
The massive compression between the trailing and forward P/E indicates the market expects Harmony's current elevated earnings, driven by high gold prices and a weak Rand, to be highly temporary. Compared to peers like Gold Fields (P/E 11.45) and AngloGold (P/E 20.12), Harmony trades at a discount that appears to reflect its higher perceived risk profile and cost structure, rather than its current profitability. This valuation gap could narrow if the company demonstrates operational discipline and cost control through the cycle.
Exceptional Margins at a Cyclical High
Harmony's gross margin surged to 49.0% in Q4 2026 from 25.9% in Q4 2024, as per financial statements, reflecting exceptional operational leverage that may be vulnerable to input cost pressures.
The dramatic margin expansion, with operating margins reaching 47.0%, is a direct result of fixed costs being spread over a vastly larger, higher-priced revenue base. This profitability is structurally dependent on the favorable gold price and ZAR/USD exchange rate. For a high-cost deep-level miner, sustaining a net margin of 32.7% long-term appears improbable without a permanent, significant improvement in the all-in sustaining cost profile, which remains exposed to Eskom tariffs and labor inflation.
Compounding Returns on a De-Risked Capital Base
Return on Invested Capital expanded to 31.5% in Q4 2026 from a low of 5.4% in Q2 2023, based on reported ratios, indicating a powerful improvement in capital efficiency alongside rising profitability.
The ROIC trajectory shows Harmony has successfully transitioned from generating minimal returns to delivering compelling, cyclical-driven performance. This improvement is driven by both expanding margins and a more efficient asset base, as seen in stable asset turnover. However, sustaining an ROIC above 30% for a capital-intensive, deep-level miner warrants skepticism; it suggests the company is currently 'sweating' its assets to an extreme degree during a favorable price environment.
Conservative Leverage Enables Cyclical Upside
Harmony's Debt/Equity ratio declined to 0.13 in Q4 2026 from a peak of 0.25, as reported, creating a robust financial buffer that allows the company to fully capitalize on the current gold price cycle.
The active reduction of leverage, with D/E now at minimal levels and interest coverage at a very comfortable 29.54x, provides significant financial flexibility. This fortress-like balance sheet, built through retained earnings, appears designed to weather operational volatility inherent to South African mining. The low leverage is a critical structural advantage, allowing the company to fund its operations and potential projects like Wafi-Golpu without the refinancing risk that burdens more leveraged peers.
Tight Working Capital as a Strategic Necessity
Harmony's negative Cash Conversion Cycle of -5 days in Q4 2026, according to the data, indicates it collects cash from customers before paying suppliers, a highly efficient position for a capital-intensive miner.
This efficient working capital management, driven by extended Days Payable Outstanding of 27 days, provides crucial operational cash flow. It suggests strong supplier leverage and disciplined internal processes. This efficiency is vital for funding the high ongoing capital expenditure required to maintain deep-level operations. However, the negative cycle is a key metric to monitor; any disruption to payment terms or operational efficiency could rapidly consume cash.
The Peril of Using Trailing P/E
Harmony's Trailing P/E of 14.53 is the most commonly misapplied ratio for this cyclical business, as it obscures the market's expectation of a sharp earnings reversal.
For a deep-level gold miner with high operating leverage, trailing P/E is particularly misleading because it anchors valuation to peak-cycle profitability. The market, by assigning a forward P/E of 0.38, is explicitly stating it believes current earnings are unsustainable. Analysts should instead use an EV/EBITDA multiple normalized over the gold price cycle or focus on the price relative to the company's average AISC over time to assess true valuation. Using the trailing P/E alone risks overestimating the company's intrinsic worth and underappreciating its inherent cyclical risk.