Harmony Gold Mining Company Limited (HMY) P/E Ratio History
ExpensiveTrading at 12.2x vs 5Y avg 2.9x · 90th percentile · Material premium to history · Data 2001–2026
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P/E Ratio Analysis
As of June 22, 2026, Harmony Gold Mining Company Limited (HMY) trades at a price-to-earnings ratio of 12.2x, with a stock price of $17.01 and trailing twelve-month earnings per share of $41.67.
The current P/E is 324% above its 5-year average of 2.9x. Over the past five years, HMY's P/E has ranged from a low of 0.3x to a high of 15.3x, placing the current valuation at the 90th percentile of its historical range.
Compared to the Basic Materials sector median P/E of 23.6x, HMY trades at a 48% discount to its sector peers. The sector includes 123 companies with P/E ratios ranging from 1.0x to 182.8x.
Relative to the broader market, HMY trades at a notable discount to the S&P 500 median P/E of 24.4x. Investors should consider the company's growth prospects, competitive position, and earnings quality when evaluating whether the current valuation is justified.
For a comprehensive intrinsic value estimate using discounted cash flow analysis, see our HMY DCF Valuation Calculator →
Note: P/E ratio is just one valuation metric. It does not account for balance sheet strength, cash flow quality, or growth sustainability. Always conduct comprehensive due diligence before making investment decisions.
HMY Cross-Benchmark Valuation
How does the current P/E compare to sector peers and the broader market?
HMY P/E vs Peers
Large and mid-tier gold producers peers sorted by market cap
| Company | Market Cap | P/E Ratio | PEG Ratio | EPS Growth (1Y) |
|---|---|---|---|---|
| $35B | 28.0 | 0.57 | +79% | |
| $46B | 17.5 | 1.01 | +123% | |
| $2B | 15.4 | - | +68% | |
| $11B | 32.6 | - | +766%Best | |
| $115B | 16.2 | 1.26 | +124% | |
| $32B | 13.4 | 1.08 | +158% | |
| $15B | 17.3 | 0.42 | +204% | |
| $7B | 13.2Lowest | 0.49 | +78% | |
| $10B | 14.6 | 0.22Best | -23% |
Lower P/E can signal a discount or weaker growth expectations; PEG adds growth context.
HMY Historical P/E Data (2001–2026)
Quarterly P/E ratios calculated from closing price and TTM EPS
| Quarter | Period End | Price | TTM EPS | P/E Ratio | vs Avg |
|---|---|---|---|---|---|
| FY2026 Q2 | Dec 31 2025 | $19.90 | $41.84 | 0.5x | -83% |
| FY2025 Q4 | Jun 30 2025 | $13.97 | $36.64 | 0.4x | -87% |
| FY2025 Q2 | - | $8.21 | $29.29 | 0.3x | -90% |
| FY2024 Q4 | Jun 30 2024 | $9.17 | $18.96 | 0.5x | -83% |
| FY2024 Q2 | Dec 31 2023 | $6.15 | $15.56 | 0.4x | -86% |
| FY2023 Q2 | Dec 31 2022 | $3.40 | $13.35 | 0.3x | -91% |
| FY2022 Q2 | Dec 31 2021 | $4.11 | $6.30 | 0.7x | -77% |
| FY2021 Q4 | Jun 30 2021 | $3.73 | $6.48 | 0.6x | -80% |
| FY2021 Q2 | - | $4.68 | $0.84 | 5.6x | +96% |
| FY2018 Q2 | Dec 31 2017 | $1.87 | $2.83 | 0.7x | -77% |
| FY2013 Q2 | Dec 31 2012 | $8.96 | $4.47 | 2.0x | -30% |
| FY2012 Q4 | Jun 30 2012 | $9.40 | $3.59 | 2.6x | -8% |
| FY2012 Q2 | Dec 31 2011 | $11.64 | $3.07 | 3.8x | +33% |
| FY2011 Q4 | - | $13.22 | $0.87 | 15.1x | +431% |
| FY2010 Q4 | Jun 30 2010 | $10.57 | $4.91 | 2.2x | -24% |
| FY2010 Q2 | - | $10.17 | $4.68 | 2.2x | -24% |
| FY2009 Q4 | - | $10.32 | $4.68 | 2.2x | -22% |
| FY2004 Q4 | Jun 30 2004 | $10.59 | $0.69 | 15.3x | +439% |
| FY2004 Q2 | Dec 31 2003 | $16.23 | $11.91 | 1.4x | -52% |
| FY2003 Q4 | Jun 30 2003 | $13.47 | $14.83 | 0.9x | -68% |
| FY2003 Q2 | - | $16.81 | $14.38 | 1.2x | -59% |
| FY2002 Q4 | Jun 30 2002 | $13.53 | $11.44 | 1.2x | -58% |
| FY2002 Q2 | Dec 31 2001 | $6.51 | $5.72 | 1.1x | -60% |
| FY2001 Q4 | Jun 30 2001 | $5.69 | $0.77 | 7.4x | +160% |
Average P/E for displayed period: 2.8x
Full Stock Analysis
Deep dive into HMY consensus models and risk factors.
Intrinsic Valuation
DCF models, multiple analysis, and analyst estimates.
Historical Returns
25+ years return with dividends reinvested.
DCA Calculator
See how regular investing compounds over time.
Peer Comparison
Compare growth, multiples, and margins vs sector.
HMY — Frequently Asked Questions
Quick answers to the most common questions about buying HMY stock.
What is HMY's P/E ratio?
Harmony Gold Mining Company Limited (HMY) trailing twelve-month P/E ratio is 12.2x, based on TTM diluted EPS of $41.67. The 5-year average P/E is 2.9x and the historical range spans 0.3x to 15.3x.
Is HMY stock overvalued or undervalued?
HMY trades at 12.2x P/E, above its 5-year average of 2.9x. The 90th percentile ranking within the 0.3x–15.3x historical range indicates a premium to historical valuation.
Is HMY stock expensive?
Yes, HMY is expensive relative to its own history. The current P/E of 12.2x is above the 5-year average of 2.9x. The stock sits at the 90th percentile of its 5-year valuation range.
What is HMY's historical P/E range?
Over the past 5 years, HMY's P/E ratio has ranged from 0.3x to 15.3x, with a median of 1.4x and an average of 2.9x. The current P/E of 12.2x places the stock at the 90th percentile of this range. Full historical data spans 2001–2026.
How does HMY's P/E compare to the S&P 500?
HMY trades at 12.2x P/E versus the S&P 500 median of 24.4x. The 50% discount to the market suggests lower growth expectations or perceived higher risk.
How does HMY's valuation compare to Basic Materials peers?
Harmony Gold Mining Company Limited P/E of 12.2x compares to the Basic Materials sector median of 23.6x. The discount suggests lower growth expectations, weaker margins, or higher perceived risk relative to peers. See the peer comparison table on this page for ticker-by-ticker P/E and PEG.
What is HMY's PEG ratio?
HMY PEG ratio is N/A, based on a P/E of 12.2x and EPS growth of 67.7%. PEG normalises P/E by growth and helps compare stocks with different earnings trajectories.
What is HMY's earnings yield?
HMY earnings yield is 8.23%, the inverse of its 12.2x P/E ratio. Earnings yield represents the percentage of each dollar invested that the company earns. It can be compared directly to bond yields to assess relative attractiveness of stocks versus fixed income.