HMYNYSEGold and Silver OresFiscal year ends June 30Also trades as HGMCF
HARMONY GOLD MINING CO LTD
Financials through fiscal 2025, year ended Jun 30, 2025Last filing: 20-F on Oct 31, 2025
$16.73−0.39 (-2.28%)
Close on Oct 19, 2026
Margins
Share of revenue, fiscal years 2016 to 2025
Gross margin
32.8%+21.4 pts over 5 years
Operating margin
27.5%+28.8 pts over 5 years
Net margin
19.5%+22.5 pts over 5 years
Growth rates
Compound annual growth to fiscal 2025
| Per year | 1 year | 3 years | 5 years | 10 years | Five-year pace |
|---|---|---|---|---|---|
| Revenue | +20.4% | +20.1% | +20.4% | – | |
| Gross profit | +71.5% | +223.3% | +48.7% | – | |
| Operating income | +74.3% | – | – | – | |
| Net income | +67.5% | – | – | – | |
| EPS, diluted | +67.7% | – | – | – | |
| Free cash flow | +48.8% | +147.7% | +57.5% | – |
Returns and balance sheet
10 fiscal years. Hover a measure to see how it is calculated.
| Measure | FY2016 | FY2020 | FY2025 | Trend |
|---|---|---|---|---|
| Return on equity | – | -3.8% | 32.3% | |
| Return on assets | – | -2.2% | 20.9% | |
| Current ratio | – | 1.34 | 1.72 | |
| Debt to equity | – | 0.33 | 0.04 | |
| Net debt to EBITDA | – | 0.43× | -0.44× | |
| Interest coverage | – | -0.5× | 29.2× | |
| Inventory turnover | – | 11.8× | 13.4× | |
| Capex to revenue | – | 12.3% | 16.0% | |
| Diluted shares | 446M | 547M | 629M |
Where the cash went
Fiscal 2021 to 2025, five years combined
Harmony Gold Mining generated 64.35B ZAR from operations and spent 44.05B ZAR on capital expenditure, dividends and share buybacks. 89% of that went back into the business.
Generated
64.35B ZAR
Used
44.05B ZAR
Capital expenditure39.25B ZAR89%Dividends4.81B ZAR11%Share buybacks0 ZAR0%
DuPont analysis
Return on equity split into margin, efficiency and leverage
Net margin19.5%
×Asset turnover1.07×
×Equity multiplier1.55×
=Return on equity, FY202532.3%
| Fiscal year | Net margin | Asset turnover | Equity multiplier | Return on equity |
|---|---|---|---|---|
| FY2025 | 19.5% | 1.07× | 1.55× | 32.3% |
| FY2024 | 14.0% | 1.04× | 1.56× | 22.7% |
| FY2023 | 9.8% | 0.95× | 1.61× | 14.9% |
| FY2022 | -2.5% | 0.89× | 1.56× | -3.4% |
| FY2021 | 12.2% | 0.89× | 1.71× | 18.7% |
| FY2020 | -3.0% | 0.72× | 1.77× | -3.8% |
| FY2019 | -9.7% | 0.71× | 1.59× | -10.9% |
| FY2018 | -21.9% | 0.52× | 1.43× | -16.4% |
Piotroski F-Score
Nine tests of profitability, balance sheet and efficiency, fiscal 2025 against fiscal 2024
9of 9 tests passed in fiscal 2025. Scores of 7 to 9 are usually read as strong.
- ProfitableNet income above zero14.38B ZAR
- Cash generatingOperating cash flow above zero22.65B ZAR
- Return on assets improvedROA up on the prior year15.0% → 23.8%
- Earnings backed by cashOperating cash flow above net income22.65B ZAR vs 14.38B ZAR
- Less leverageLong-term debt to assets fell3.0% → 2.4%
- Better liquidityCurrent ratio rose1.56 → 1.72
- No dilutionShare count did not rise630M → 629M
- Gross margin improvedGross margin up on the prior year23.05% → 32.83%
- More efficientAsset turnover rose1.07 → 1.22