Latest Ratios: P/E Ratio 15.8x · EV/EBITDA 7.5x · ROE 28.6%. (1997–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $41.4B | $43.3B | $9.9B | $7.9B | $8.2B | $8.8B | $9.5B | $9.3B | $5.2B | $4.2B | $4.4B |
| Enterprise Value | $40.9B | $42.8B | $10.7B | $9.3B | $9.2B | $9.8B | $10.2B | $11.1B | $7.0B | $6.3B | $6.3B |
| P/E Ratio → | 15.80 | 16.43 | 9.91 | — | 35.31 | 14.37 | 9.67 | 25.68 | 24.13 | 29.11 | 70.07 |
| P/S Ratio | 4.19 | 4.38 | 1.72 | 1.72 | 1.82 | 2.19 | 2.06 | 2.65 | 1.57 | 1.25 | 1.03 |
| P/B Ratio | 4.20 | 4.37 | 1.17 | 2.10 | 2.01 | 2.15 | 2.54 | 3.49 | 1.94 | 1.57 | 1.58 |
| P/FCF | 13.34 | 13.95 | 11.33 | — | 31.80 | 44.96 | 9.97 | 41.72 | 18.57 | 13.15 | 9.18 |
| P/OCF | 8.79 | 9.19 | 5.05 | 8.11 | 4.54 | 7.21 | 5.61 | 10.08 | 6.11 | 4.25 | 3.68 |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 4.33 | 1.84 | 2.04 | 2.05 | 2.42 | 2.22 | 3.15 | 2.09 | 1.86 | 1.50 |
| EV / EBITDA | 7.47 | 7.81 | 4.63 | 7.56 | 7.99 | 7.22 | 4.92 | 9.21 | 6.47 | 4.61 | 4.67 |
| EV / EBIT | 9.16 | 9.59 | 5.82 | 43.58 | 15.07 | 12.03 | 5.73 | 14.10 | 14.12 | 11.62 | 14.40 |
| EV / FCF | — | 13.79 | 12.16 | — | 35.94 | 49.76 | 10.71 | 49.53 | 24.68 | 19.55 | 13.31 |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 46.5% | 46.5% | 35.7% | 22.4% | 25.1% | 29.1% | 38.0% | 25.6% | 22.7% | 23.4% | 19.8% |
| Operating Margin | 45.1% | 45.1% | 26.8% | 12.5% | 11.5% | 23.2% | 32.6% | 17.6% | 14.8% | 16.0% | 12.9% |
| Net Profit Margin | 26.6% | 26.6% | 17.3% | -5.1% | 5.2% | 15.2% | 22.0% | -0.2% | 6.5% | 4.3% | 1.5% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 28.6% | 28.6% | 16.4% | -6.0% | 5.7% | 15.7% | 31.5% | -0.3% | 8.0% | 5.3% | 2.4% |
| ROA | 18.7% | 18.7% | 9.4% | -2.9% | 2.9% | 7.8% | 13.9% | -0.1% | 3.1% | 2.0% | 0.9% |
| ROIC | 35.9% | 35.9% | 16.1% | 8.3% | 7.6% | 14.8% | 25.3% | 10.5% | 8.1% | 8.6% | 8.6% |
| ROCE | 35.5% | 35.5% | 16.6% | 8.2% | 7.3% | 13.5% | 25.2% | 11.3% | 8.1% | 8.5% | 8.4% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 0.25 | 0.25 | 0.25 | 0.65 | 0.53 | 0.51 | 0.56 | 0.82 | 0.76 | 0.84 | 0.79 |
| Debt / EBITDA | 0.44 | 0.44 | 0.93 | 1.96 | 1.88 | 1.55 | 1.01 | 1.83 | 1.91 | 1.66 | 1.61 |
| Net Debt / Equity | — | -0.05 | 0.09 | 0.39 | 0.26 | 0.23 | 0.19 | 0.65 | 0.64 | 0.76 | 0.71 |
| Net Debt / EBITDA | -0.09 | -0.09 | 0.32 | 1.18 | 0.92 | 0.70 | 0.34 | 1.45 | 1.60 | 1.51 | 1.45 |
| Debt / FCF | — | -0.16 | 0.83 | — | 4.14 | 4.80 | 0.75 | 7.80 | 6.10 | 6.41 | 4.13 |
| Interest Coverage | 20.30 | 20.30 | 11.39 | 1.63 | 4.35 | 7.37 | 12.91 | 5.50 | 2.97 | 3.82 | 19.95 |
Net cash position: cash ($2.9B) exceeds total debt ($2.4B)
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 2.87 | 2.87 | 2.19 | 1.80 | 2.43 | 2.59 | 2.43 | 1.16 | 1.55 | 1.75 | 1.53 |
| Quick Ratio | 2.20 | 2.20 | 1.45 | 1.12 | 1.55 | 1.74 | 1.67 | 0.79 | 0.73 | 0.95 | 0.65 |
| Cash Ratio | 1.81 | 1.81 | 0.99 | 0.80 | 1.25 | 1.40 | 1.43 | 0.27 | 0.42 | 0.25 | 0.29 |
| Asset Turnover | — | 0.66 | 0.44 | 0.56 | 0.56 | 0.50 | 0.60 | 0.51 | 0.50 | 0.47 | 0.59 |
| Inventory Turnover | 4.92 | 4.92 | 3.53 | 4.29 | 4.36 | 4.06 | 3.89 | 4.15 | 3.96 | 3.81 | 5.04 |
| Days Sales Outstanding | — | 5.02 | 35.98 | 23.90 | 14.52 | 19.57 | 13.74 | 25.89 | 22.87 | 23.87 | 22.04 |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | 4.5% | 4.3% | 2.5% | 1.4% | 2.5% | 2.7% | 0.5% | 0.3% | 0.5% | 0.9% | 0.3% |
| Payout Ratio | 71.0% | 71.0% | 24.3% | — | 87.1% | 39.1% | 4.7% | — | 11.1% | 26.9% | 23.8% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 6.3% | 6.1% | 10.1% | — | 2.8% | 7.0% | 10.3% | 3.9% | 4.1% | 3.4% | 1.4% |
| FCF Yield | 7.5% | 7.2% | 8.8% | — | 3.1% | 2.2% | 10.0% | 2.4% | 5.4% | 7.6% | 10.9% |
| Buyback Yield | 0.0% | 0.0% | 0.0% | 0.2% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| Total Shareholder Yield | 4.5% | 4.3% | 2.5% | 1.6% | 2.5% | 2.7% | 0.5% | 0.3% | 0.5% | 0.9% | 0.3% |
| Shares Outstanding | — | $508M | $431M | $421M | $421M | $420M | $419M | $418M | $417M | $415M | $415M |
Geopolitical jurisdictional exposure
According to recent market data, AngloGold Ashanti trades at a forward P/E of 8.15, which appears to discount the company relative to North American peers like Agnico Eagle, likely due to lingering investor concerns regarding the firm's historical exposure to complex African mining jurisdictions.
The current valuation multiple suggests that the market has not yet fully priced in the benefits of the company's UK re-domiciliation and the strategic pivot toward Nevada. Investors should monitor whether the valuation gap narrows as the company demonstrates sustained operational success in lower-risk regions.
As reported in financial statements, the company's ROIC has improved to 14.6% in 2026Q1 from 3.1% in 2023Q2, indicating that management is successfully compounding capital by focusing on high-grade assets and divesting marginal legacy operations that previously diluted overall portfolio returns.
This upward trend in return on invested capital suggests that the recent capital allocation strategy is yielding tangible efficiency gains. The improvement appears structural rather than cyclical, as it aligns with the successful ramp-up of the Obuasi mine and disciplined cost management.
Based on the provided quarterly data, the cash conversion cycle has tightened to 8 days in 2026Q1, a significant improvement from the 57-day cycle observed in 2025Q1, which suggests enhanced efficiency in managing inventory and supplier payment terms across the global mining footprint.
The reduction in the cash conversion cycle indicates that the company is effectively converting its gold production into cash more rapidly than in previous periods. This efficiency gain provides additional liquidity that supports the company's ability to fund ongoing exploration and development without relying on external financing.
According to recent filings, the company has maintained a debt-to-equity ratio of 0.22 as of 2026Q1, which is notably lower than the 0.65 level recorded in 2023Q4, signaling a robust balance sheet that provides significant flexibility for future capital deployment or potential asset acquisitions.
The current leverage profile appears conservative for a senior gold producer, suggesting that the company is well-positioned to withstand potential volatility in gold prices or unexpected operational disruptions. This financial strength warrants further investigation into whether management will prioritize further deleveraging or increased shareholder returns.
Based on industry analysis, the Price-to-Book ratio is frequently misapplied to AngloGold Ashanti, as it fails to account for the significant variance in the quality and jurisdictional risk of the underlying gold reserves compared to the broader peer group's asset base.
Investors should prioritize metrics like EV/EBITDA or All-In Sustaining Costs, which better reflect the actual cash-generating potential of the company's specific mining assets. Relying on P/B may lead to an inaccurate assessment of value, as it treats all book assets as equally productive regardless of their grade or location.
Includes 30+ ratios · 29 years · Updated daily
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Quick answers to the most common questions about buying AU stock.
AngloGold Ashanti Plc's current P/E ratio is 15.8x. The historical average is 30.2x. This places it at the 32th percentile of its historical range.
AngloGold Ashanti Plc's current EV/EBITDA is 7.5x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 10.3x.
AngloGold Ashanti Plc's return on equity (ROE) is 28.6%. This is above the typical threshold of 15-20% considered good for most companies. The historical average is 4.9%.
Based on historical data, AngloGold Ashanti Plc is trading at a P/E of 15.8x. This is at the 32th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
AngloGold Ashanti Plc's current dividend yield is 4.49% with a payout ratio of 71.0%.
AngloGold Ashanti Plc has 46.5% gross margin and 45.1% operating margin. Operating margin above 20% indicates strong pricing power and cost efficiency.
AngloGold Ashanti Plc's Debt/EBITDA ratio is 0.4x, indicating low leverage. A ratio below 2x is generally considered financially healthy.