Latest Ratios: P/E Ratio 6.8x · EV/EBITDA 2.8x · ROE 21.3%. (1996–2025 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 | $373M | $511M | $181M | $227M | $159M | $142M | $186M | $90M | $56M | $78M | $60M |
| Enterprise Value | $370M | $507M | $202M | $248M | $165M | $126M | $168M | $84M | $50M | $67M | $48M |
| P/E Ratio → | 6.83 | 9.25 | 10.12 | — | 8.92 | 7.88 | 9.18 | 2.15 | 5.15 | 8.59 | 7.22 |
| P/S Ratio | 1.47 | 2.01 | 0.99 | 1.55 | 1.12 | 1.17 | 1.86 | 1.19 | 0.81 | 1.12 | 0.96 |
| P/B Ratio | 1.33 | 1.80 | 0.77 | 1.01 | 1.01 | 0.93 | 1.18 | 0.73 | 0.71 | 1.13 | 1.01 |
| P/FCF | 8.60 | 11.77 | 12.48 | — | — | — | 59.60 | — | — | 27.29 | 19.11 |
| P/OCF | 4.89 | 6.70 | 4.31 | 15.39 | 3.74 | 4.59 | 6.01 | 5.01 | 3.15 | 3.20 | 2.60 |
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 | — | 2.00 | 1.10 | 1.70 | 1.16 | 1.04 | 1.68 | 1.11 | 0.74 | 0.96 | 0.78 |
| EV / EBITDA | 2.82 | 3.87 | 3.38 | 9.75 | 4.09 | 2.86 | 3.69 | 1.29 | 1.98 | 2.75 | 2.43 |
| EV / EBIT | 3.20 | 4.39 | 4.61 | 22.57 | 5.47 | 3.49 | 4.11 | 1.38 | 2.35 | 3.25 | 2.55 |
| EV / FCF | — | 11.69 | 13.92 | — | — | — | 53.69 | — | — | 23.36 | 15.48 |
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 | 54.0% | 54.0% | 42.1% | 28.4% | 43.5% | 44.6% | 46.7% | 41.1% | 31.6% | 37.7% | 37.9% |
| Operating Margin | 45.5% | 45.5% | 23.9% | 7.5% | 21.2% | 29.8% | 40.7% | 80.3% | 31.3% | 29.6% | 26.5% |
| Net Profit Margin | 21.7% | 21.7% | 9.8% | -5.4% | 7.9% | 14.3% | 20.8% | 55.4% | 15.7% | 13.5% | 13.8% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 21.3% | 21.3% | 7.8% | -4.1% | 7.2% | 11.2% | 14.7% | 41.3% | 14.5% | 14.6% | 15.5% |
| ROA | 14.5% | 14.5% | 5.3% | -2.8% | 5.0% | 8.9% | 12.9% | 31.2% | 9.1% | 9.3% | 10.4% |
| ROIC | 32.4% | 32.4% | 13.1% | 4.0% | 15.1% | 19.6% | 23.7% | 47.5% | 24.4% | 29.2% | 28.2% |
| ROCE | 35.3% | 35.3% | 14.8% | 4.5% | 15.2% | 20.0% | 27.0% | 49.3% | 20.6% | 23.5% | 22.6% |
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 | 0.11 | 0.11 | 0.11 | 0.11 | 0.08 | 0.01 | 0.00 | 0.03 | 0.08 | 0.03 | 0.05 |
| Debt / EBITDA | 0.25 | 0.25 | 0.42 | 0.99 | 0.31 | 0.03 | 0.01 | 0.05 | 0.23 | 0.07 | 0.15 |
| Net Debt / Equity | — | -0.01 | 0.09 | 0.09 | 0.04 | -0.10 | -0.12 | -0.05 | -0.07 | -0.16 | -0.19 |
| Net Debt / EBITDA | -0.02 | -0.02 | 0.35 | 0.82 | 0.15 | -0.36 | -0.41 | -0.09 | -0.20 | -0.46 | -0.57 |
| Debt / FCF | — | -0.07 | 1.44 | — | — | — | -5.91 | — | — | -3.92 | -3.63 |
| Interest Coverage | 32.90 | 32.90 | 14.76 | 3.64 | 45.97 | 96.42 | 111.16 | 177.43 | 78.59 | 299.00 | 98.80 |
Net cash position: cash ($36M) exceeds total debt ($33M)
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 | 1.69 | 1.69 | 1.35 | 1.35 | 1.18 | 2.99 | 4.47 | 2.82 | 2.31 | 1.79 | 2.62 |
| Quick Ratio | 1.25 | 1.25 | 0.83 | 0.85 | 0.62 | 1.82 | 2.79 | 1.70 | 1.54 | 1.20 | 1.89 |
| Cash Ratio | 0.59 | 0.59 | 0.09 | 0.11 | 0.21 | 0.97 | 1.92 | 0.95 | 0.92 | 0.84 | 1.46 |
| Asset Turnover | — | 0.62 | 0.53 | 0.45 | 0.60 | 0.58 | 0.56 | 0.53 | 0.54 | 0.63 | 0.68 |
| Inventory Turnover | 4.36 | 4.36 | 4.46 | 5.16 | 4.38 | 3.23 | 3.18 | 4.03 | 4.97 | 4.73 | 5.33 |
| Days Sales Outstanding | — | 17.06 | 25.99 | 27.62 | 23.70 | 24.18 | 4.79 | 23.69 | 34.11 | 25.96 | 20.17 |
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 | 5.3% | 3.9% | 6.8% | 4.9% | 5.6% | 5.7% | 2.4% | 3.3% | 6.3% | 4.2% | 5.0% |
| Payout Ratio | 36.1% | 36.1% | 68.7% | — | 79.2% | 46.4% | 21.9% | 7.1% | 32.5% | 35.3% | 35.1% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 14.6% | 10.8% | 9.9% | — | 11.2% | 12.7% | 10.9% | 46.4% | 19.4% | 11.6% | 13.9% |
| FCF Yield | 11.6% | 8.5% | 8.0% | — | — | — | 1.7% | — | — | 3.7% | 5.2% |
| Buyback Yield | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.2% | 0.0% |
| Total Shareholder Yield | 5.3% | 3.9% | 6.8% | 4.9% | 5.6% | 5.7% | 2.4% | 3.3% | 6.3% | 4.4% | 5.0% |
| Shares Outstanding | — | $20M | $19M | $19M | $13M | $12M | $12M | $11M | $11M | $11M | $10M |
Sovereign and currency volatility
According to current market data, CMCL trades at a forward P/E of 5.14x, which, when compared to the broader gold mining sector, suggests that investors are applying a significant haircut to account for the company's concentrated exposure to the Zimbabwean regulatory and monetary environment.
The low valuation multiples, including an EV/EBITDA of 2.89x, imply that the market is pricing in a high probability of future operational disruption or currency-related margin compression. While the PEG ratio of 0.68 suggests the stock may be undervalued relative to its growth trajectory, this metric likely fails to capture the non-linear risks associated with the company's single-asset dependency.
Based on reported financial figures, CMCL's ROIC has fluctuated between 0.8% and 10.0% over the last ten quarters, indicating that the company's ability to compound capital is frequently interrupted by the heavy, lumpy capital expenditure required to maintain and expand its deep-level mining infrastructure.
The volatility in ROIC suggests that while the Central Shaft project has improved operational capacity, the returns on that invested capital remain sensitive to gold price cycles and the timing of new project integration. Investors should monitor whether the shift toward growth-oriented acquisitions like Bilboes will further dilute these returns or provide the necessary scale to improve long-term capital efficiency.
As reported in recent quarterly filings, the company's cash conversion cycle has shown significant instability, peaking at 87 days in 2024Q1, which highlights the operational friction caused by the complex logistics of gold delivery and the unpredictable nature of the Zimbabwean monetary settlement process.
The high inventory days, which reached 81 in 2025Q4, suggest that the company may be holding significant gold-in-process or supplies, potentially as a hedge against local supply chain disruptions. This inefficiency in working capital management warrants further investigation into whether the company's cash flow generation is being structurally constrained by the local regulatory environment.
Based on the latest financial statements, CMCL maintains a healthy debt-to-equity ratio of 0.39, and despite the recent increase in leverage, the interest coverage ratio of 7.37x in 2026Q1 suggests that the company remains well-positioned to service its obligations under current gold price conditions.
The company's ability to maintain a manageable debt profile while funding significant capital projects is a testament to its operational discipline, though the reliance on debt to finance growth introduces new risks. Should gold prices experience a sustained downturn, the company's fixed-cost structure and debt service requirements could quickly transition from manageable to a source of significant financial strain.
The P/E ratio is frequently misapplied to CMCL, as it obscures the impact of non-cash depreciation charges from the Central Shaft and the distortive effects of the Zimbabwean gold surrender requirements on reported net income, which often fails to reflect the company's true cash-generative capacity.
Analysts should instead prioritize the P/FCF ratio or an adjusted EBITDA metric that accounts for the specific currency conversion losses and non-recurring capital expenditures. Relying on standard P/E multiples risks underestimating the company's ability to generate shareholder value through dividends, which are better supported by cash flow than by accounting earnings.
Includes 30+ ratios · 30 years · Updated daily
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Quick answers to the most common questions about buying CMCL stock.
Caledonia Mining Corporation Plc's current P/E ratio is 6.8x. The historical average is 8.5x. This places it at the 40th percentile of its historical range.
Caledonia Mining Corporation Plc's current EV/EBITDA is 2.8x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 4.3x.
Caledonia Mining Corporation Plc's return on equity (ROE) is 21.3%. This is above the typical threshold of 15-20% considered good for most companies. The historical average is -10.3%.
Based on historical data, Caledonia Mining Corporation Plc is trading at a P/E of 6.8x. This is at the 40th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
Caledonia Mining Corporation Plc's current dividend yield is 5.28% with a payout ratio of 36.1%.
Caledonia Mining Corporation Plc has 54.0% gross margin and 45.5% operating margin. Operating margin above 20% indicates strong pricing power and cost efficiency.
Caledonia Mining Corporation Plc's Debt/EBITDA ratio is 0.2x, indicating low leverage. A ratio below 2x is generally considered financially healthy.