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Harmony Gold Mining Company Limited

Harmony Gold Mining Company Limited

NYSE•HMY
CEO: Mr. Beyers B. Nel BEng, BSc, MBA
Sector: Basic Materials
Industry: Gold
Listing Date: 1994-05-17
Harmony Gold Mining Company Limited engages in the exploration, extraction, and processing of mineral properties in South Africa, Papua New Guinea, and Australasia. The company explores for gold, uranium, silver, and copper deposits. It has eight underground operations in the Witwatersrand Basin; the Kraaipan Greenstone Belt; and various surface source operations in South Africa. In addition, the company owns interests in the Hidden Valley, an open-pit gold and silver mine; and the Wafi-Golpu project located in Morobe Province in Papua New Guinea. Further, it holds interest in Rosby and Eva Copper Project located in Queensland, Australia. The company was incorporated in 1950 and is based in Randfontein, South Africa.
Contact Information
Randfontein Office park, Corner of Main Reef Road and Ward Avenue, Randfontein, 1759, South Africa
27-11-411-2000
www.harmony.co.za
Market Cap
$13.46B
P/E (TTM)
16.0
26.8
Dividend Yield
1.1%
52W High
$22.25
52W Low
$7.97
52W Range
95%
Rank53Top 63.7%
3.2
F-Score
Modified Piotroski Analysis
Based on 10-year fundamentals
Weak • 3.2 / 9 points
Scoring Range (0-9)
8-9: Excellent Value
6-7: Strong Fundamentals
4-5: Average Quality
0-3: Weak Performance
Data Period: 2015-2024

Financial Dashboard

Q4 2025 Data

Revenue

$2.00B+23.28%
4-Quarter Trend

EPS

$0.57+148.34%
4-Quarter Trend

FCF

$294.89M+31.22%
4-Quarter Trend

2025 Annual Earnings Highlights

Key Highlights

Strong Gold Price Realization Average realized gold price US$2,620/oz in fiscal 2025, up significantly from US$1,999/oz in fiscal 2024, boosting revenue.
Revenue Increased Significantly Total revenue reached R73.9B, up from R61.4B in fiscal 2024, driven by higher average US$ gold prices realized across operations.
MAC Acquisition Completed Completed acquisition of MAC for US$1.01B cash consideration on 24 October 2025, funded via US$875M bridge facility drawdown.

Risk Factors

ICFR Material Weaknesses Management identified material weaknesses in internal control over financial reporting, leading to an adverse attestation opinion from EY.
South Africa Power Supply Risks Operations remain exposed to Eskom instability and escalating power costs, eroding free cash flow margins despite energy efficiency efforts.
Regulatory Uncertainty in South Africa Ongoing legislative changes regarding MPRDA, royalties, and potential state intervention create uncertainty for mining rights and profitability.

Outlook

FY2026 Operational CapEx Budget Operational capital expenditure budgeted at R12.9B for fiscal 2026, excluding renewables and international projects like Eva Copper.
Renewable Energy Expansion Plans Proposing to increase procurement of wheeled wind energy to 260 MW by Q4 2027 to support decarbonization targets.
Post-Acquisition Financing Strategy Plan to refinance US$1.25 Billion Bridge Facility used for MAC acquisition through mix of existing cash, debt, and debt-like instruments.

Peer Comparison

Revenue (TTM)

CEMEX, S.A.B. de C.V.CX
$15.83B
-6.5%
Sibanye Stillwater LimitedSBSW
$11.95B
-11.9%
Suzano S.A.SUZ
$8.97B
+17.4%

Gross Margin (Latest Quarter)

Royal Gold, Inc.RGLD
73.5%
-12.3pp
Alamos Gold Inc.AGI
56.4%
+12.9pp
Coeur Mining, Inc.CDE
55.1%
+7.9pp

Key Metrics

Symbol
Market Cap
P/E (TTM)
ROE (TTM)
Debt to Assets
SQM$20.25B42.09.2%40.2%
CX$17.18B11.411.9%10.6%
AGI$16.96B31.714.3%4.6%

Long-Term Trends

Last 4 Quarters
Revenue
Net Income
Operating Cash Flow
4Q Revenue CAGR
5.4%
Steady Growth
4Q Net Income CAGR
3.5%
Profitability Slowly Improving
Cash Flow Stability
100%
Strong Cash Flow

Research & Insights

Next earnings:Mar 2, 2026
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EPS:-
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Revenue:-
Reports
All Years

  • Form 20-F - FY 2025

    Period End: Jun 30, 2025|Filed: Oct 31, 2025|
    Revenue: $4.07B+20.4%
    |
    EPS: $1.27+66.9%
    Beat

  • Form 20-F - FY 2024

    Period End: Jun 30, 2024|Filed: Oct 31, 2024|
    Revenue: $3.28B+24.6%
    |
    EPS: $0.74+77.7%
    Beat

  • Form 20-F - FY 2023

    Period End: Jun 30, 2023|Filed: Oct 31, 2023|
    Revenue: $2.78B+15.5%
    |
    EPS: $0.44+553.5%
    Beat

  • Form 20-F - FY 2022

    Period End: Jun 30, 2022|Filed: Oct 31, 2022|
    Revenue: $2.81B+2.2%
    |
    EPS: $-0.11-120.4%
    Miss

  • Form 20-F - FY 2021

    Period End: Jun 30, 2021|Filed: Oct 29, 2021|
    Revenue: $2.71B+42.7%
    |
    EPS: $0.55+613.4%
    Beat