(CMCL) Caledonia Mining - Overview
Exchange: NYSE MKT •
Country: Jersey •
Currency: USD •
Type: Common Stock •
ISIN: JE00BF0XVB15
Stock: Gold, Exploration, Development, Zimbabwe
Total Rating 65
Risk 93
Buy Signal -0.26
EPS (Earnings per Share)
Revenue
Dividends
| Dividend Yield | 3.10% |
| Yield on Cost 5y | 4.27% |
| Yield CAGR 5y | 2.87% |
| Payout Consistency | 94.2% |
| Payout Ratio | 26.2% |
| Risk 5d forecast | |
|---|---|
| Volatility | 72.6% |
| Relative Tail Risk | 0.84% |
| Reward TTM | |
|---|---|
| Sharpe Ratio | 1.85 |
| Alpha | 184.63 |
| Character TTM | |
|---|---|
| Beta | 0.433 |
| Beta Downside | -0.097 |
| Drawdowns 3y | |
|---|---|
| Max DD | 45.27% |
| CAGR/Max DD | 0.77 |
Description: CMCL Caledonia Mining December 31, 2025
Caledonia Mining Corporation Plc (CMCL) is a Jersey-incorporated gold producer that operates the Blanket Mine in Zimbabwe, where it holds a 64 % working interest, and pursues additional exploration through 100 % owned projects such as Maligreen, Bilboes and Motapa in the country’s Midlands and southern regions.
The Blanket Mine generated roughly 120 kt of gold in 2023, translating to an all-in sustaining cost (AISC) of about $800 per ounce-well below the 2023 average global gold AISC of $1,100, which gives the company a cost-advantage in a rising price environment.
Key macro drivers for CMCL include the persistent inflation-hedge demand for gold, record central-bank purchases (over 400 t in 2023), and Zimbabwe’s recent fiscal reforms that have reduced foreign-exchange restrictions, potentially easing cash repatriation for mining firms.
For a deeper quantitative view, the ValueRay platform offers a granular breakdown of CMCL’s cost structure and peer comparisons.
Piotroski VR‑10 (Strict, 0-10) 8.0
| Net Income: 50.4m TTM > 0 and > 6% of Revenue |
| FCF/TA: 0.08 > 0.02 and ΔFCF/TA 6.79 > 1.0 |
| NWC/Revenue: 16.21% < 20% (prev 10.66%; Δ 5.54% < -1%) |
| CFO/TA 0.17 > 3% & CFO 67.8m > Net Income 50.4m |
| Net Debt (8.13m) to EBITDA (113.3m): 0.07 < 3 |
| Current Ratio: 1.78 > 1.5 & < 3 |
| Outstanding Shares: last quarter (19.3m) vs 12m ago 2.31% < -2% |
| Gross Margin: 49.79% > 18% (prev 0.41%; Δ 4938 % > 0.5%) |
| Asset Turnover: 64.95% > 50% (prev 50.71%; Δ 14.24% > 0%) |
| Interest Coverage Ratio: 30.86 > 6 (EBITDA TTM 113.3m / Interest Expense TTM 3.16m) |
Altman Z'' 4.25
| A: 0.10 (Total Current Assets 88.1m - Total Current Liabilities 49.5m) / Total Assets 393.3m |
| B: -0.14 (Retained Earnings -53.6m / Total Assets 393.3m) |
| C: 0.27 (EBIT TTM 97.5m / Avg Total Assets 366.5m) |
| D: 2.15 (Book Value of Equity 251.5m / Total Liabilities 116.8m) |
| Altman-Z'' Score: 4.25 = AA |
Beneish M -3.15
| DSRI: 0.83 (Receivables 11.1m/9.72m, Revenue 238.0m/172.2m) |
| GMI: 0.82 (GM 49.79% / 40.93%) |
| AQI: 0.93 (AQ_t 0.26 / AQ_t-1 0.28) |
| SGI: 1.38 (Revenue 238.0m / 172.2m) |
| TATA: -0.04 (NI 50.4m - CFO 67.8m) / TA 393.3m) |
| Beneish M-Score: -3.15 (Cap -4..+1) = AA |
What is the price of CMCL shares?
As of February 09, 2026, the stock is trading at USD 28.46 with a total of 281,439 shares traded.
Over the past week, the price has changed by +1.28%, over one month by -2.40%, over three months by -0.36% and over the past year by +189.10%.
Over the past week, the price has changed by +1.28%, over one month by -2.40%, over three months by -0.36% and over the past year by +189.10%.
Is CMCL a buy, sell or hold?
Caledonia Mining has received a consensus analysts rating of 4.00.
Therefore, it is recommended to buy CMCL.
- StrongBuy: 0
- Buy: 2
- Hold: 0
- Sell: 0
- StrongSell: 0
What are the forecasts/targets for the CMCL price?
| Issuer | Target | Up/Down from current |
|---|---|---|
| Wallstreet Target Price | 46.3 | 62.5% |
| Analysts Target Price | 46.3 | 62.5% |
| ValueRay Target Price | 34.3 | 20.3% |
CMCL Fundamental Data Overview February 09, 2026
P/E Trailing = 11.1172
P/E Forward = 11.1732
P/S = 2.4071
P/B = 2.1843
Revenue TTM = 238.0m USD
EBIT TTM = 97.5m USD
EBITDA TTM = 113.3m USD
Long Term Debt = 3.77m USD (from longTermDebt, last quarter)
Short Term Debt = 19.1m USD (from shortTermDebt, last quarter)
Debt = 23.8m USD (from shortLongTermDebtTotal, last quarter)
Net Debt = 8.13m USD (from netDebt column, last quarter)
Enterprise Value = 557.5m USD (549.4m + Debt 23.8m - CCE 15.7m)
Interest Coverage Ratio = 30.86 (Ebit TTM 97.5m / Interest Expense TTM 3.16m)
EV/FCF = 17.93x (Enterprise Value 557.5m / FCF TTM 31.1m)
FCF Yield = 5.58% (FCF TTM 31.1m / Enterprise Value 557.5m)
FCF Margin = 13.06% (FCF TTM 31.1m / Revenue TTM 238.0m)
Net Margin = 21.17% (Net Income TTM 50.4m / Revenue TTM 238.0m)
Gross Margin = 49.79% ((Revenue TTM 238.0m - Cost of Revenue TTM 119.5m) / Revenue TTM)
Gross Margin QoQ = 51.58% (prev 51.76%)
Tobins Q-Ratio = 1.42 (Enterprise Value 557.5m / Total Assets 393.3m)
Interest Expense / Debt = 3.66% (Interest Expense 870.0k / Debt 23.8m)
Taxrate = 35.35% (10.2m / 28.9m)
NOPAT = 63.0m (EBIT 97.5m * (1 - 35.35%))
Current Ratio = 1.78 (Total Current Assets 88.1m / Total Current Liabilities 49.5m)
Debt / Equity = 0.09 (Debt 23.8m / totalStockholderEquity, last quarter 251.5m)
Debt / EBITDA = 0.07 (Net Debt 8.13m / EBITDA 113.3m)
Debt / FCF = 0.26 (Net Debt 8.13m / FCF TTM 31.1m)
Total Stockholder Equity = 231.0m (last 4 quarters mean from totalStockholderEquity)
RoA = 13.75% (Net Income 50.4m / Total Assets 393.3m)
RoE = 21.81% (Net Income TTM 50.4m / Total Stockholder Equity 231.0m)
RoCE = 41.52% (EBIT 97.5m / Capital Employed (Equity 231.0m + L.T.Debt 3.77m))
RoIC = 31.43% (NOPAT 63.0m / Invested Capital 200.5m)
WACC = 7.30% (E(549.4m)/V(573.2m) * Re(7.51%) + D(23.8m)/V(573.2m) * Rd(3.66%) * (1-Tc(0.35)))
Discount Rate = 7.51% (= CAPM, Blume Beta Adj.) -> floored to rf + 0.7*ERP = 7.95%
Shares Correlation 3-Years: 100.0 | Cagr: 1.72%
[DCF Debug] Terminal Value 83.59% ; FCFF base≈20.2m ; Y1≈24.9m ; Y5≈42.4m
Fair Price DCF = 42.81 (EV 834.6m - Net Debt 8.13m = Equity 826.5m / Shares 19.3m; r=7.30% [WACC]; 5y FCF grow 25.0% → 2.90% )
EPS Correlation: 12.40 | EPS CAGR: -9.20% | SUE: -4.0 | # QB: 0
Revenue Correlation: 88.53 | Revenue CAGR: 23.74% | SUE: 0.27 | # QB: 0
EPS next Quarter (2026-03-31): EPS=0.71 | Chg30d=-0.030 | Revisions Net=-1 | Analysts=1
EPS next Year (2026-12-31): EPS=5.35 | Chg30d=+2.210 | Revisions Net=+1 | Growth EPS=+59.7% | Growth Revenue=+25.7%
P/E Forward = 11.1732
P/S = 2.4071
P/B = 2.1843
Revenue TTM = 238.0m USD
EBIT TTM = 97.5m USD
EBITDA TTM = 113.3m USD
Long Term Debt = 3.77m USD (from longTermDebt, last quarter)
Short Term Debt = 19.1m USD (from shortTermDebt, last quarter)
Debt = 23.8m USD (from shortLongTermDebtTotal, last quarter)
Net Debt = 8.13m USD (from netDebt column, last quarter)
Enterprise Value = 557.5m USD (549.4m + Debt 23.8m - CCE 15.7m)
Interest Coverage Ratio = 30.86 (Ebit TTM 97.5m / Interest Expense TTM 3.16m)
EV/FCF = 17.93x (Enterprise Value 557.5m / FCF TTM 31.1m)
FCF Yield = 5.58% (FCF TTM 31.1m / Enterprise Value 557.5m)
FCF Margin = 13.06% (FCF TTM 31.1m / Revenue TTM 238.0m)
Net Margin = 21.17% (Net Income TTM 50.4m / Revenue TTM 238.0m)
Gross Margin = 49.79% ((Revenue TTM 238.0m - Cost of Revenue TTM 119.5m) / Revenue TTM)
Gross Margin QoQ = 51.58% (prev 51.76%)
Tobins Q-Ratio = 1.42 (Enterprise Value 557.5m / Total Assets 393.3m)
Interest Expense / Debt = 3.66% (Interest Expense 870.0k / Debt 23.8m)
Taxrate = 35.35% (10.2m / 28.9m)
NOPAT = 63.0m (EBIT 97.5m * (1 - 35.35%))
Current Ratio = 1.78 (Total Current Assets 88.1m / Total Current Liabilities 49.5m)
Debt / Equity = 0.09 (Debt 23.8m / totalStockholderEquity, last quarter 251.5m)
Debt / EBITDA = 0.07 (Net Debt 8.13m / EBITDA 113.3m)
Debt / FCF = 0.26 (Net Debt 8.13m / FCF TTM 31.1m)
Total Stockholder Equity = 231.0m (last 4 quarters mean from totalStockholderEquity)
RoA = 13.75% (Net Income 50.4m / Total Assets 393.3m)
RoE = 21.81% (Net Income TTM 50.4m / Total Stockholder Equity 231.0m)
RoCE = 41.52% (EBIT 97.5m / Capital Employed (Equity 231.0m + L.T.Debt 3.77m))
RoIC = 31.43% (NOPAT 63.0m / Invested Capital 200.5m)
WACC = 7.30% (E(549.4m)/V(573.2m) * Re(7.51%) + D(23.8m)/V(573.2m) * Rd(3.66%) * (1-Tc(0.35)))
Discount Rate = 7.51% (= CAPM, Blume Beta Adj.) -> floored to rf + 0.7*ERP = 7.95%
Shares Correlation 3-Years: 100.0 | Cagr: 1.72%
[DCF Debug] Terminal Value 83.59% ; FCFF base≈20.2m ; Y1≈24.9m ; Y5≈42.4m
Fair Price DCF = 42.81 (EV 834.6m - Net Debt 8.13m = Equity 826.5m / Shares 19.3m; r=7.30% [WACC]; 5y FCF grow 25.0% → 2.90% )
EPS Correlation: 12.40 | EPS CAGR: -9.20% | SUE: -4.0 | # QB: 0
Revenue Correlation: 88.53 | Revenue CAGR: 23.74% | SUE: 0.27 | # QB: 0
EPS next Quarter (2026-03-31): EPS=0.71 | Chg30d=-0.030 | Revisions Net=-1 | Analysts=1
EPS next Year (2026-12-31): EPS=5.35 | Chg30d=+2.210 | Revisions Net=+1 | Growth EPS=+59.7% | Growth Revenue=+25.7%