Harmony Gold Mining Company Limited (HMY) Financial Ratios
28 years of historical data (1998–2025) · Basic Materials · Gold
EV/EBITDA
↓
6.73
↑+1206% vs avg
5yr avg: 0.52
30Y Low0.2·High35.0
P/FCF
↑
16.72
↑+1291% vs avg
5yr avg: 1.20
30Y Low0.6·High34.8
P/B Ratio
↑
3.75
↑+3413% vs avg
5yr avg: 0.11
30Y Low0.0·High0.3
ROE
↑
32.2%
↓+90% vs avg
5yr avg: 16.9%
30Y Low-20%·High32%
Debt/EBITDA
↓
0.09
↓-81% vs avg
5yr avg: 0.48
30Y Low0.1·High10.2
Percentile shows where the current value sits in 30-year historical distribution. Sparklines show 5-year trend.
HMY Valuation Multiples
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
Harmony Gold Mining Company Limited trades at 12.6x earnings, 2119% above its 5-year average of 0.6x, sitting at the 100th percentile of its historical range. Compared to the Basic Materials sector median P/E of 23.4x, the stock trades at a discount of 46%. On a free-cash-flow basis, the stock trades at 16.7x P/FCF, 1291% above the 5-year average of 1.2x.
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $11.0B | $8.8B | $5.8B | $2.6B | $1.9B | $2.3B | $2.2B | $1.2B | $726M | $758M | $1.6B |
| Enterprise Value | $10.3B | $-2084870000 | $3.4B | $5.4B | $3.1B | $2.8B | $3.6B | $6.1B | $5.7B | $1.6B | $2.7B |
| P/E Ratio → | 12.63 | 0.61 | 0.67 | 0.54 | — | 0.45 | — | — | — | 2.09 | 1.63 |
| P/S Ratio | 2.44 | 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 | 16.72 | 0.81 | 0.80 | 1.13 | 2.70 | 0.57 | 34.82 | — | — | — | 0.76 |
| P/OCF | 7.97 | 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
HMY EV Ratios
Enterprise-value multiples — capital-structure-neutral measures of total business value
Harmony Gold Mining Company Limited's enterprise value stands at 6.7x EBITDA, 1206% above its 5-year average of 0.5x. The Basic Materials sector median is 11.2x, placing the stock at a 40% 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 | — | -0.03 | 0.05 | 0.11 | 0.07 | 0.07 | 0.12 | 0.23 | 0.26 | 0.09 | 0.14 |
| EV / EBITDA | 6.73 | -0.08 | 0.21 | 0.52 | 1.06 | 0.28 | 1.12 | 4.09 | — | 1.21 | 0.71 |
| EV / EBIT | 8.33 | -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 |
HMY Profitability
Margins and return-on-capital ratios measuring operating efficiency
Harmony Gold Mining Company Limited earns an operating margin of 27.5%, significantly above the Basic Materials sector average of 10.2%. Operating margins have expanded from 14.4% to 27.5% over the past 3 years, signaling improving operational efficiency. Return on equity of 32.2% is exceptionally high. ROIC of 40.1% 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 | 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% |
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 | 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% |
HMY Leverage & Debt
Solvency and debt-coverage ratios — lower is generally safer
Harmony Gold Mining Company Limited carries a Debt/EBITDA ratio of 0.1x, which is very conservative (97% below the sector average of 2.7x). The company holds a net cash position — cash of $13.1B exceeds total debt of $2.2B, providing substantial financial flexibility for buybacks, acquisitions, or weathering downturns.
| 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 | — | — | 14.67 | 7.14 | -1.05 | 9.76 | -0.54 | -4.39 | -14.01 | -4.76 | 5.74 |
Net cash position: cash ($13.1B) exceeds total debt ($2.2B)
HMY Liquidity & Efficiency
Short-term solvency ratios and asset-utilisation metrics
A current ratio of 1.72x means Harmony Gold Mining Company Limited can comfortably meet its short-term obligations, though there is limited excess liquidity. The quick ratio of 1.41x 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 1.26x to 1.72x 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 | 1.72 | 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 |
HMY Shareholder Yields
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Harmony Gold Mining Company Limited returns 1.1% to shareholders annually primarily through dividends. The payout ratio of 14.3% is conservative, leaving significant room for dividend growth or reinvestment. The earnings yield of 7.9% (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 | 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% | — |
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 | 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 |
Peer Comparison
Compare HMY 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 |
|---|---|---|---|---|---|---|---|---|---|
 HMYYou | $11B | 12.6 | 6.7 | 16.7 | 39.7% | 27.5% | 32.2% | 40.1% | 0.1 |
 GFI | $40B | 32.5 | 15.5 | 56.7 | 42.5% | 40.2% | 24.9% | 24.0% | 1.1 |
 AU | $51B | 19.3 | 9.1 | 16.3 | 46.5% | 45.1% | 28.6% | 35.9% | 0.4 |
 DRD | $2B | 18.1 | 28.6 | 32.3 | 39.7% | 11.6% | 28.4% | 9.8% | 0.0 |
 SBSW | $9B | -31.9 | 5.7 | 91.0 | 23.8% | 18.5% | -10.4% | 22.9% | 1.4 |
 HL | $12B | 36.9 | 17.3 | 39.1 | 41.1% | 37.5% | 13.9% | 15.3% | 0.4 |
 NEM | $126B | 17.7 | 9.0 | 17.2 | 49.8% | 46.9% | 22.1% | 24.9% | 0.0 |
 KGC | $36B | 15.3 | 8.3 | 14.2 | 47.5% | 43.2% | 31.0% | 29.9% | 0.2 |
 AGI | $18B | 20.2 | 17.0 | 65.6 | 54.3% | 44.5% | 22.2% | 15.9% | 0.2 |
 EGO | $7B | 13.2 | 6.7 | — | 44.9% | 41.5% | 12.6% | 13.3% | 1.2 |
 IAG | $11B | 15.8 | 7.2 | 14.0 | 41.2% | 38.9% | 17.7% | 19.1% | 0.5 |
| Basic Materials Median | — | 23.4 | 11.2 | 28.0 | 31.6% | 10.2% | 1.0% | 4.4% | 2.7 |
Peer selection based on competitive and market overlap. Compare multiple stocks →
Download Financial Ratios Data
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Full HMY Stock Analysis
Analyst consensus, bull case, AI-generated risk factors, and peer comparison — all in one place.
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Start ComparisonHMY — Frequently Asked Questions
Quick answers to the most common questions about buying HMY stock.
What is Harmony Gold Mining Company Limited's P/E ratio?
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.
What is Harmony Gold Mining Company Limited's EV/EBITDA?
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.
What is Harmony Gold Mining Company Limited's ROE?
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%.
Is HMY stock overvalued?
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.
What is Harmony Gold Mining Company Limited's dividend yield?
Harmony Gold Mining Company Limited's current dividend yield is 1.13% with a payout ratio of 14.3%.
What are Harmony Gold Mining Company Limited's profit margins?
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.
How much debt does Harmony Gold Mining Company Limited have?
Harmony Gold Mining Company Limited's Debt/EBITDA ratio is 0.1x, indicating low leverage. A ratio below 2x is generally considered financially healthy.