(HMY) Harmony Gold Mining - Overview
Sector: Basic Materials | Industry: Gold | Exchange: NYSE (USA) | Market Cap: 10.582m USD | Total Return: 27.5% in 12m
Avg Turnover: 77.2M
Qual. Beats: 0
Rev. Trend: 98.1%
Warnings
Choppy
Tailwinds
Confidence
Harmony Gold Mining Company Limited is a South Africa-based producer engaged in the exploration and extraction of gold, silver, copper, and uranium. The company maintains a diversified portfolio featuring nine underground mines in the Witwatersrand Basin and open-pit operations in Papua New Guinea and Australia.
The business model focuses on extending the life of mature assets while developing high-margin copper-gold projects like Wafi-Golpu to mitigate jurisdictional risk. In the gold mining sector, profitability is heavily influenced by the all-in sustaining cost (AISC) relative to spot market prices and the fluctuating grade of ore extracted from deep-level shafts.
Reviewing historical performance data on ValueRay can help determine if the current valuation aligns with the companys long-term production targets.
- Gold price volatility directly impacts revenue and cash flow from South African operations
- Rising electricity and labor costs in South Africa squeeze underground mining margins
- Development of the Wafi-Golpu project in Papua New Guinea determines long-term growth
- Strategic expansion into copper mining diversifies revenue streams beyond traditional gold production
- South African regulatory changes and power supply stability affect consistent operational output
| Net Income: 26.3b TTM > 0 and > 6% of Revenue |
| FCF/TA: 0.18 > 0.02 and ΔFCF/TA -0.21 > 1.0 |
| NWC/Revenue: -9.16% < 20% (prev 1.29%; Δ -10.45% < -1%) |
| CFO/TA 0.39 > 3% & CFO 44.5b > Net Income 26.3b |
| Net Debt (6.04b) to EBITDA (55.6b): 0.11 < 3 |
| Current Ratio: 0.54 > 1.5 & < 3 |
| Outstanding Shares: last quarter (632.0m) vs 12m ago -0.10% < -2% |
| Gross Margin: 38.30% > 18% (prev 0.29%; Δ 3.80k% > 0.5%) |
| Asset Turnover: 171.8% > 50% (prev 152.4%; Δ 19.32% > 0%) |
| Interest Coverage Ratio: 34.16 > 6 (EBITDA TTM 55.6b / Interest Expense TTM 1.33b) |
| A: -0.12 (Total Current Assets 16.3b - Total Current Liabilities 30.0b) / Total Assets 115b |
| B: 0.20 (Retained Earnings 23.3b / Total Assets 115b) |
| C: 0.52 (EBIT TTM 45.3b / Avg Total Assets 87.5b) |
| D: 0.83 (Book Value of Equity 51.8b / Total Liabilities 62.4b) |
| Altman-Z'' = 4.23 = AA |
| DSRI: 1.02 (Receivables 3.76b/2.25b, Revenue 150b/92.2b) |
| GMI: 0.76 (GM 38.30% / 29.13%) |
| AQI: 0.59 (AQ_t 0.07 / AQ_t-1 0.13) |
| SGI: 1.63 (Revenue 150b / 92.2b) |
| TATA: -0.16 (NI 26.3b - CFO 44.5b) / TA 115b) |
| Beneish M = -3.18 (Cap -4..+1) = AA |
As of May 29, 2026, the stock is trading at USD 18.26 with a total of 5,415,844 shares traded.
Over the past week, the price has changed by +4.76%,
over one month by +16.45%,
over three months by -18.19% and
over the past year by +27.54%.
Harmony Gold Mining has received a consensus analysts rating of 3.00. Therefore, it is recommended to hold HMY.
- StrongBuy: 0
- Buy: 0
- Hold: 2
- Sell: 0
- StrongSell: 0
| Analysts Target Price | 23 | 26% |
Market Cap ZAR = 174b (10.6b USD * 16.3965 USD.ZAR)
P/E Trailing = 10.7436
P/E Forward = 20.6612
P/S = 0.1304
P/B = 3.3245
P/EG = 0.0255
Revenue TTM = 150b ZAR
EBIT TTM = 45.3b ZAR
EBITDA TTM = 55.6b ZAR
Long Term Debt = 1.63b ZAR (from longTermDebt, last quarter)
Short Term Debt = 11.2b ZAR (from shortTermDebt, last quarter)
Debt = 13.4b ZAR (from shortLongTermDebtTotal, last quarter) + Leases 506.0m
Net Debt = 6.04b ZAR (calculated: Debt 13.4b - CCE 7.35b)
Enterprise Value = 180b ZAR (174b + Debt 13.4b - CCE 7.35b)
Interest Coverage Ratio = 34.16 (Ebit TTM 45.3b / Interest Expense TTM 1.33b)
EV/FCF = 8.81x (Enterprise Value 180b / FCF TTM 20.4b)
FCF Yield = 11.35% (FCF TTM 20.4b / Enterprise Value 180b)
FCF Margin = 13.56% (FCF TTM 20.4b / Revenue TTM 150b)
Net Margin = 17.53% (Net Income TTM 26.3b / Revenue TTM 150b)
Gross Margin = 38.30% ((Revenue TTM 150b - Cost of Revenue TTM 92.7b) / Revenue TTM)
Gross Margin QoQ = 44.08% (prev 40.06%)
Tobins Q-Ratio = 1.57 (Enterprise Value 180b / Total Assets 115b)
Interest Expense / Debt = 9.92% (Interest Expense 1.33b / Debt 13.4b)
Taxrate = 30.61% (4.13b / 13.5b)
NOPAT = 31.5b (EBIT 45.3b * (1 - 30.61%))
Current Ratio = 0.54 (Total Current Assets 16.3b / Total Current Liabilities 30.0b)
Debt / Equity = 0.26 (Debt 13.4b / totalStockholderEquity, last quarter 51.8b)
Debt / EBITDA = 0.11 (Net Debt 6.04b / EBITDA 55.6b)
Debt / FCF = 0.30 (Net Debt 6.04b / FCF TTM 20.4b)
Total Stockholder Equity = 46.7b (last 4 quarters mean from totalStockholderEquity)
RoA = 30.10% (Net Income 26.3b / Total Assets 115b)
RoE = 56.44% (Net Income TTM 26.3b / Total Stockholder Equity 46.7b)
RoCE = 93.89% (EBIT 45.3b / Capital Employed (Equity 46.7b + L.T.Debt 1.63b))
RoIC = 32.87% (NOPAT 31.5b / Invested Capital 95.7b)
WACC = 8.26% (E(174b)/V(187b) * Re(8.37%) + D(13.4b)/V(187b) * Rd(9.92%) * (1-Tc(0.31)))
Discount Rate = 8.37% (= CAPM, Blume Beta Adj.)
Shares (quarterly) Correlation: 47.74 | Cagr: 0.79%
[DCF] Terminal Value 77.97% ; FCFF base≈16.6b ; Y1≈19.0b ; Y5≈28.0b
[DCF] Fair Price = 664.1 (EV 421b - Net Debt 6.04b = Equity 415b / Shares 624.8m; r=8.35% [WACC [floored]]; 5y FCF grow 15.0% → 2.50% )
EPS Correlation: N/A | EPS CAGR: N/A | SUE: 0.0 | # QB: 0
Revenue Correlation: 98.06 | Revenue CAGR: 35.36% | SUE: N/A | # QB: 0
EPS current Year (2026-06-30): EPS=2.85 | Chg30d=+17.32% | Revisions=+33% | GrowthEPS=+121.0% | GrowthRev=+34.7%
EPS next Year (2027-06-30): EPS=3.32 | Chg30d=+3.75% | Revisions=+20% | GrowthEPS=+16.4% | GrowthRev=+25.7%
[Analyst] Revisions Ratio: +33%