Harmony Gold Mining Co Ltd (HMY) stock analysis
Close on Nov 13, 2026Market cap $9.61BP/E 5.4Yield –
StockData Score
Prices as of Nov 13, 2026How the score works
Mixed13 of 30 checks passed
Harmony Gold Mining passes 13 of the 30 checks behind our score; 13 could not be run for lack of data and count as not passed. Each dot in the shape is one check — hover it for the numbers.
- Valuation
- 0/6
- Growth
- 4/6
- Past performance
- 6/6
- Financial health
- 3/6
- Dividend
- 0/6
What stands out
Return on equity over 15%
Return on equity was 48.1% over the last twelve months and averaged 23.0% over five years.
Return on capital over 10%
Return on invested capital was 56.2%, above the 10% that usually covers the cost of capital.
Low debt
Debt is 12.6% of shareholders' equity, under the 40% we consider low.
Earnings grew over 5 years
Net income grew 42.0% a year on average over the last five fiscal years.
What to watch
Growing slower than the industry
Revenue grew 34.3% over the last twelve months; the Materials median is 46.4%.
Debt rising against equity
Debt to equity rose from 10.8% five years ago to 12.6%.
Short-term assets don't cover short-term debts
Current assets are 0.84 times current liabilities.
No dividend
Harmony Gold Mining has not paid a dividend in the last twelve months.
Valuation0/6
P/E against its history
Not enough price and earnings history to compare.
P/E against the industry
Needs positive earnings and enough profitable companies in the industry.
EV/EBITDA against its history
Needs positive EBITDA and price history.
P/B against the industry
Needs positive book value.
Price against fair value
We could not estimate a fair value: it needs at least two valuation methods with positive inputs.
Margin of safety
Depends on the fair value estimate.
Growth4/6
Revenue growing 10%+ a year
Revenue grew 26.3% a year over the last three fiscal years.
EPS growing 10%+ a year
Diluted EPS grew 81.3% a year over the last three fiscal years.
Earnings growth accelerating
Net income grew 104% over the last twelve months, against a 5-year average of 42.0% a year.
Growing slower than the industry
Revenue grew 34.3% over the last twelve months; the Materials median is 46.4%.
Company guidance
No outlook found in earnings releases from the last twelve months.
Gross margin improving
Gross margin was 44.9% over the last twelve months, against 32.7% a year earlier.
Past performance6/6
Return on equity over 15%
Return on equity was 48.1% over the last twelve months and averaged 23.0% over five years.
Return on capital over 10%
Return on invested capital was 56.2%, above the 10% that usually covers the cost of capital.
Return on equity above the industry
Harmony Gold Mining's return on equity of 48.1% is above the Materials median of -8.5%.
Earnings grew over 5 years
Net income grew 42.0% a year on average over the last five fiscal years.
Net margin above its 5-year average
Net margin was 29.6% over the last twelve months, against a 5-year average of 13.9%.
Net margin above the industry
Harmony Gold Mining's net margin of 29.6% is above the Materials median of 16.2%.
Financial health3/6
Low debt
Debt is 12.6% of shareholders' equity, under the 40% we consider low.
Debt rising against equity
Debt to equity rose from 10.8% five years ago to 12.6%.
Debt covered by cash flow
Operating cash flow over the last twelve months equals 355% of total debt.
Interest well covered
Operating income covers interest expense 21.2 times.
Short-term assets don't cover short-term debts
Current assets are 0.84 times current liabilities.
Bankruptcy risk (Altman Z)
Needs market value, working capital and retained earnings.
Dividend0/6
No dividend
Harmony Gold Mining has not paid a dividend in the last twelve months.
Yield against Treasuries
No dividend.
Yield against the market
No dividend.
Dividend stability
No dividend.
Earnings cover
No dividend.
Cash-flow cover
No dividend.
Fair value
How we estimate itWe don't publish a fair value for Harmony Gold Mining. It needs a US-dollar share price, at least two valuation methods with positive inputs (earnings, EBITDA, book value or sales) and, for companies with several share classes, classes that trade at the same price.
An estimate from reported numbers and market multiples, not a price target or investment advice. It can be far off for companies whose profits are about to change sharply.
Market risk
From the past year of daily prices.
Liquidity
Low risk
- Average value traded per day
- $55.50M
- Value traded per 1% price move
- $24.71M
Downside
High risk
- Typical loss in a bad month
- 33.3%
- Volatility (annualized)
- 64%
- Sharpe ratio, 1 year
- -0.39
- Beta to the S&P 500 (5Y)
- 0.88
Typical bad-month loss, week by week
Margins
Share of revenue, fiscal years 2016 to 2026
Gross margin
Operating margin
Net margin
Growth rates
Compound annual growth to fiscal 2026
| Per year | 1 year | 3 years | 5 years | 10 years | Five-year pace |
|---|---|---|---|---|---|
| Revenue | +34.3% | +26.3% | +18.9% | – | |
| Gross profit | +84.8% | +66.0% | +48.2% | – | |
| Operating income | +101.2% | +79.3% | +44.7% | – | |
| Net income | +104.0% | +82.6% | +42.0% | – | |
| EPS, diluted | +102.4% | +81.3% | +41.2% | – | |
| Free cash flow | +46.1% | +89.8% | +31.3% | – |
Returns and balance sheet
10 fiscal years. Hover a measure to see how it is calculated.
| Measure | FY2017 | FY2021 | FY2026 | Trend |
|---|---|---|---|---|
| Return on equity | 1.3% | 18.7% | 48.1% | |
| Return on assets | – | 10.9% | 28.9% | |
| Current ratio | – | 1.54 | 0.84 | |
| Debt to equity | – | 0.11 | 0.13 | |
| Net debt to EBITDA | – | 0.05× | 0.02× | |
| Interest coverage | -4.2× | 9.8× | 21.2× | |
| Inventory turnover | – | 14.3× | 12.6× | |
| Capex to revenue | 20.0% | 12.3% | 18.0% | |
| Diluted shares | 459M | 616M | 634M |
Where the cash went
Fiscal 2022 to 2026, five years combined
Harmony Gold Mining generated 88.78B ZAR from operations and spent 60.54B ZAR on capital expenditure, dividends and share buybacks. 86% of that went back into the business.
DuPont analysis
Return on equity split into margin, efficiency and leverage
| Fiscal year | Net margin | Asset turnover | Equity multiplier | Return on equity |
|---|---|---|---|---|
| FY2026 | 29.6% | 0.98× | 1.66× | 48.1% |
| FY2025 | 19.5% | 1.08× | 1.58× | 33.3% |
| FY2024 | 13.4% | 1.05× | 1.58× | 22.1% |
| 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 2026 against fiscal 2025
- ProfitableNet income above zero29.35B ZAR
- Cash generatingOperating cash flow above zero33.61B ZAR
- Return on assets improvedROA up on the prior year24.0% → 38.2%
- Earnings backed by cashOperating cash flow above net income33.61B ZAR vs 29.35B ZAR
- Less leverageLong-term debt to assets fell2.5% → 0.0%
- Better liquidityCurrent ratio rose1.59 → 0.84
- No dilutionShare count did not rise629M → 634M
- Gross margin improvedGross margin up on the prior year32.65% → 44.92%
- More efficientAsset turnover rose1.23 → 1.29
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