Overview Dividends

(CMCL) Caledonia Mining - Ratings and Ratios

Exchange: NYSE MKT • Country: Jersey • Currency: USD • Type: Common Stock • ISIN: JE00BF0XVB15

Gold, Exploration, Development, Zimbabwe

Gold
Market Cap in USD: 563m
IPO / Inception: 2017-06-29
Return 12m vs S&P 500: 174%

EPS (Earnings per Share)

EPS (Earnings per Share) of CMCL over the last years for every Quarter: "2020-12": 0.75, "2021-03": 0.516, "2021-06": 0.626, "2021-09": 0.689, "2021-12": 0.421, "2022-03": 0.14, "2022-06": 0.75, "2022-09": 0.607, "2022-12": 0.41, "2023-03": -0.291, "2023-06": 0.1, "2023-09": 0.33, "2023-12": -0.1693, "2024-03": 0.111, "2024-06": 0.4391, "2024-09": 0.118, "2024-12": 0.297, "2025-03": 0.3044, "2025-06": 1.06, "2025-09": 0.77, "2025-12": 0,
EPS CAGR: -9.20%
EPS Trend: 12.4%
Last SUE: -4.00
Qual. Beats: 0

Revenue

Revenue of CMCL over the last years for every Quarter: 2020-12: 28.128, 2021-03: 25.72, 2021-06: 29.977, 2021-09: 33.496, 2021-12: 32.136, 2022-03: 33.314, 2022-06: 36.992, 2022-09: 34.044, 2022-12: 34.178, 2023-03: 29.435, 2023-06: 37.031, 2023-09: 41.187, 2023-12: 38.661, 2024-03: 36.594, 2024-06: 50.107, 2024-09: 46.868, 2024-12: 45.083, 2025-03: 56.178, 2025-06: 65.309, 2025-09: 71.44, 2025-12: null,
Rev. CAGR: 23.74%
Rev. Trend: 88.5%
Last SUE: 0.27
Qual. Beats: 0

Dividends

Dividend Yield 1.92%
Yield on Cost 5y 4.24%
Yield CAGR 5y 2.87%
Payout Consistency 94.2%
Payout Ratio 23.0%
Risk via 5d forecast
Volatility 50.9%
Value at Risk 5%th 83.1%
Relative Tail Risk -0.61%
Reward TTM
Sharpe Ratio 2.22
Alpha 219.11
CAGR/Max DD 0.63
Character TTM
Hurst Exponent 0.449
Beta 0.369
Beta Downside -0.075
Drawdowns 3y
Max DD 45.27%
Mean DD 24.47%
Median DD 27.83%

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 (6% = 14.3m TTM)
FCFTA 0.08 (>2.0%) and ΔFCFTA 6.79pp (YES ≥ +1.0pp, WARN ≥ +0.5pp)
NWC/Revenue 16.21% (prev 10.66%; Δ 5.54pp) (YES ≤20% & Δ≤-1pp; WARN ≤25% & Δ≤0 oder ≤40% & Δ≤-3pp)
CFO/TA 0.17 (>3.0%) and CFO 67.8m > Net Income 50.4m (YES >=105%, WARN >=100%)
Net Debt (8.13m) to EBITDA (113.3m) ratio: 0.07 <= 3.0 (WARN <= 3.5)
Current Ratio 1.78 (target 1.5–3.0; WARN 1.2–<1.5 or >3.0–5.0; CFO/TA gate active)
Outstanding Shares last Quarter (19.3m) change vs 12m ago 2.31% (target <= -2.0% for YES)
Gross Margin 49.79% (prev 40.93%; Δ 8.86pp) >=18% & Δ>=+0.5pp (WARN >=15% & Δ>=0)
Asset Turnover 64.95% (prev 50.71%; Δ 14.24pp) >=50% & Δ>=+2pp (WARN >=35% & Δ>=0)
Interest Coverage Ratio 30.86 (EBITDA TTM 113.3m / Interest Expense TTM 3.16m) >= 6 (WARN >= 3)

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 (Balance) -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
Total Rating: 4.25 = (6.56 * A) + (3.26 * B) + (6.72 * C) + (1.05 * D)

ValueRay F-Score (Strict, 0-100) 85.56

1. Piotroski 8.0pt
2. FCF Yield 5.44%
3. FCF Margin 13.06%
4. Debt/Equity 0.09
5. Debt/Ebitda 0.07
6. ROIC - WACC (= 24.36)%
7. RoE 21.81%
8. Rev. Trend 88.53%
9. EPS Trend 12.40%

What is the price of CMCL shares?

As of January 11, 2026, the stock is trading at USD 29.18 with a total of 146,012 shares traded.
Over the past week, the price has changed by +10.82%, over one month by +18.09%, over three months by -15.69% and over the past year by +230.99%.

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.
  • Strong Buy: 0
  • Buy: 2
  • Hold: 0
  • Sell: 0
  • Strong Sell: 0

What are the forecasts/targets for the CMCL price?

Issuer Target Up/Down from current
Wallstreet Target Price 40.5 38.8%
Analysts Target Price 40.5 38.8%
ValueRay Target Price 32 9.8%

CMCL Fundamental Data Overview January 10, 2026

P/E Trailing = 11.3906
P/E Forward = 9.5694
P/S = 2.4663
P/B = 2.238
Beta = 0.489
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 = 571.1m USD (562.9m + Debt 23.8m - CCE 15.7m)
Interest Coverage Ratio = 30.86 (Ebit TTM 97.5m / Interest Expense TTM 3.16m)
EV/FCF = 18.37x (Enterprise Value 571.1m / FCF TTM 31.1m)
FCF Yield = 5.44% (FCF TTM 31.1m / Enterprise Value 571.1m)
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 = 1.45 (Enterprise Value 571.1m / 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 = 7.07% (E(562.9m)/V(586.7m) * Re(7.27%) + D(23.8m)/V(586.7m) * Rd(3.66%) * (1-Tc(0.35)))
Discount Rate = 7.27% (= 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 84.35% ; FCFF base≈20.2m ; Y1≈24.9m ; Y5≈42.4m
Fair Price DCF = 45.21 (EV 881.0m - Net Debt 8.13m = Equity 872.9m / Shares 19.3m; r=7.07% [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=0.74 | Chg30d=N/A | Revisions Net=+0 | Analysts=1
EPS next Year (2026-12-31): EPS=3.14 | Chg30d=+0.000 | Revisions Net=+0 | Growth EPS=-5.4% | Growth Revenue=+8.8%

Additional Sources for CMCL Stock

News: Wall Street Journal | Benzinga | Yahoo Finance
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Fund Manager Positions: Dataroma | Stockcircle