Latest Ratios: P/E Ratio 10.9x · EV/EBITDA 5.8x · ROE 32.2%. (1998–2025 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 | $9.6B | $8.8B | $5.8B | $2.6B | $1.9B | $2.3B | $2.2B | $1.2B | $726M | $758M | $1.6B |
| Enterprise Value | $8.9B | $-2084870000 | $3.4B | $5.4B | $3.1B | $2.8B | $3.6B | $6.1B | $5.7B | $1.6B | $2.7B |
| P/E Ratio → | 10.92 | 0.61 | 0.67 | 0.54 | — | 0.45 | — | — | — | 2.09 | 1.63 |
| P/S Ratio | 2.11 | 0.12 | 0.09 | 0.05 | 0.04 | 0.06 | 0.08 | 0.04 | 0.03 | 0.04 | 0.09 |
| P/B Ratio | 3.24 | 0.18 | 0.14 | 0.07 | 0.06 | 0.07 | 0.10 | 0.05 | 0.03 | 0.03 | 0.06 |
| P/FCF | 14.47 | 0.81 | 0.80 | 1.13 | 2.70 | 0.57 | 34.82 | — | — | — | 0.76 |
| P/OCF | 6.89 | 0.39 | 0.37 | 0.26 | 0.28 | 0.25 | 8.20 | 0.25 | 0.17 | 0.21 | 0.35 |
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 | — | -0.03 | 0.05 | 0.11 | 0.07 | 0.07 | 0.12 | 0.23 | 0.26 | 0.09 | 0.14 |
| EV / EBITDA | 5.76 | -0.08 | 0.21 | 0.52 | 1.06 | 0.28 | 1.12 | 4.09 | — | 1.21 | 0.71 |
| EV / EBIT | 7.14 | -0.10 | 0.28 | 0.71 | — | 0.40 | 54.44 | — | — | 19.10 | 1.43 |
| EV / FCF | — | -0.19 | 0.47 | 2.35 | 4.39 | 0.70 | 56.04 | — | — | — | 1.28 |
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 | 39.7% | 39.7% | 23.0% | 19.8% | 1.7% | 14.6% | 11.4% | -7.3% | -13.6% | -2.3% | 13.8% |
| Operating Margin | 27.5% | 27.5% | 19.0% | 14.4% | -1.8% | 15.5% | -1.2% | -9.5% | -21.1% | -5.7% | 8.6% |
| Net Profit Margin | 19.5% | 19.5% | 14.0% | 9.8% | -2.5% | 12.2% | -3.0% | -9.7% | -20.3% | 1.2% | 5.1% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 32.2% | 32.2% | 22.6% | 14.8% | -3.4% | 18.5% | -3.8% | -10.9% | -16.3% | 0.8% | 3.4% |
| ROA | 20.9% | 20.9% | 14.6% | 9.3% | -2.2% | 10.8% | -2.2% | -6.9% | -11.3% | 0.6% | 2.6% |
| ROIC | 40.1% | 40.1% | 22.8% | 15.3% | -1.8% | 17.0% | -1.0% | -6.6% | -11.5% | -2.7% | 4.1% |
| ROCE | 35.3% | 35.3% | 23.2% | 15.4% | -1.8% | 16.0% | -1.0% | -7.3% | -13.1% | -3.0% | 4.6% |
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 | 0.05 | 0.05 | 0.06 | 0.18 | 0.12 | 0.11 | 0.33 | 0.26 | 0.22 | 0.07 | 0.08 |
| Debt / EBITDA | 0.09 | 0.09 | 0.14 | 0.59 | 1.25 | 0.33 | 2.41 | 3.96 | — | 1.57 | 0.62 |
| Net Debt / Equity | — | -0.22 | -0.06 | 0.08 | 0.04 | 0.02 | 0.06 | 0.22 | 0.20 | 0.03 | 0.04 |
| Net Debt / EBITDA | -0.43 | -0.43 | -0.15 | 0.27 | 0.41 | 0.05 | 0.43 | 3.30 | — | 0.65 | 0.29 |
| Debt / FCF | — | -1.01 | -0.33 | 1.23 | 1.69 | 0.13 | 21.23 | — | — | — | 0.52 |
| Interest Coverage | — | — | 14.67 | 7.14 | -1.05 | 9.76 | -0.54 | -4.39 | -14.01 | -4.76 | 5.74 |
Net cash position: cash ($13.1B) exceeds total debt ($2.2B)
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 | 1.72 | 1.72 | 1.12 | 1.26 | 1.51 | 1.49 | 1.34 | 1.35 | 1.15 | 1.28 | 1.70 |
| Quick Ratio | 1.41 | 1.41 | 0.77 | 0.79 | 0.94 | 1.04 | 1.02 | 0.74 | 0.67 | 0.99 | 1.12 |
| Cash Ratio | 1.06 | 1.06 | 0.46 | 0.42 | 0.49 | 0.49 | 0.84 | 0.31 | 0.19 | 0.32 | 0.62 |
| Asset Turnover | — | 0.95 | 1.02 | 0.86 | 0.91 | 0.84 | 0.65 | 0.73 | 0.55 | 0.48 | 0.50 |
| Inventory Turnover | 11.66 | 11.66 | 13.11 | 12.11 | 14.88 | 14.03 | 10.70 | 14.65 | 14.17 | 16.84 | 13.80 |
| Days Sales Outstanding | — | 19.77 | 13.37 | 16.34 | 0.88 | 1.01 | 15.34 | 0.59 | 0.74 | 0.64 | 0.32 |
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 | 1.3% | 23.4% | 24.9% | 5.2% | 21.6% | 29.4% | 0.1% | — | 21.2% | 57.9% | — |
| Payout Ratio | 14.3% | 14.3% | 16.7% | 2.8% | — | 13.3% | — | — | — | 198.4% | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 9.2% | 163.8% | 148.7% | 185.0% | — | 221.2% | — | — | — | 47.9% | 61.5% |
| FCF Yield | 6.9% | 122.8% | 125.6% | 88.6% | 37.0% | 175.6% | 2.9% | — | — | — | 131.2% |
| Buyback Yield | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 100.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| Total Shareholder Yield | 1.3% | 23.4% | 24.9% | 5.2% | 21.6% | 29.4% | 100.0% | 0.0% | 21.2% | 57.9% | 0.0% |
| Shares Outstanding | — | $629M | $630M | $620M | $612M | $616M | $535M | $524M | $465M | $459M | $446M |
Deep-level operational cost volatility
According to recent market data, Harmony's P/E ratio of 11.15 and EV/EBITDA of 5.89 suggest the market continues to price the company as a high-beta, marginal producer, despite recent improvements in operational efficiency and the successful integration of acquired assets from larger industry peers.
The current valuation multiples appear to discount the long-term stability of the surface retreatment business, treating the company primarily as a leveraged play on gold prices. Investors should monitor whether the forward P/E of 0.36 indicates an expectation of significant earnings growth or merely reflects the extreme volatility inherent in the company's cost structure.
Based on reported figures, Harmony's ROIC has expanded to 30.5% in 2026Q2, a significant improvement from the 4.7% observed in 2022Q2, which suggests that management's strategy of acquiring distressed, deep-level assets is successfully generating superior returns on invested capital compared to historical performance levels.
This trend indicates that the company is effectively sweating its mature asset base, though the sustainability of these returns remains contingent on maintaining high recovered grades. The divergence between ROIC and ROE suggests that the company is benefiting from operational leverage rather than purely financial engineering or excessive debt accumulation.
As reported in financial statements, the company's cash conversion cycle reached -22 days in 2026Q2, reflecting a complex interplay between inventory management and supplier payment terms that warrants further investigation into the sustainability of these working capital efficiencies within the Witwatersrand mining environment.
The fluctuation in the CCC, ranging from 92 days in 2020Q4 to negative levels, highlights the difficulty in managing inventory in deep-level operations where gold-in-circuit can distort short-term metrics. Investors should be cautious, as the current efficiency gains may be partially driven by timing differences in processing rather than structural improvements in operational throughput.
According to recent SEC filings, Harmony's interest coverage ratio of 28.71 in 2026Q2 indicates a robust capacity to service debt obligations, providing a significant buffer against the potential for rising interest rates or unexpected operational disruptions in its South African underground mining segments.
With a debt-to-equity ratio of 0.25, the company maintains a conservative leverage profile that supports its capital-intensive growth strategy. This healthy balance sheet position appears to provide management with the necessary flexibility to fund the Wafi-Golpu project without compromising the company's overall financial stability.
The P/E ratio is frequently misapplied to Harmony's business model, as it fails to account for the significant non-cash depreciation and amortization charges inherent in deep-level mining, which can artificially depress earnings and obscure the company's true cash-generating capacity during periods of heavy capital investment.
Analysts should prioritize EV/EBITDA or P/FCF to better capture the underlying operational performance, as these metrics are less sensitive to the accounting nuances of mine life and environmental rehabilitation provisions. Relying solely on P/E may lead to an inaccurate assessment of the company's valuation relative to its peers.
Includes 30+ ratios · 28 years · Updated daily
DCF models, multiple analysis, and analyst estimates.
10-year return with dividends reinvested.
See how regular investing compounds over time.
Compare growth, multiples, and margins vs sector.
Quick answers to the most common questions about buying HMY stock.
Harmony Gold Mining Company Limited's current P/E ratio is 10.9x. The historical average is 2.5x. This places it at the 100th percentile of its historical range.
Harmony Gold Mining Company Limited's current EV/EBITDA is 5.8x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 4.0x.
Harmony Gold Mining Company Limited's return on equity (ROE) is 32.2%. This is above the typical threshold of 15-20% considered good for most companies. The historical average is 2.6%.
Based on historical data, Harmony Gold Mining Company Limited is trading at a P/E of 10.9x. This is at the 100th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
Harmony Gold Mining Company Limited's current dividend yield is 1.31% with a payout ratio of 14.3%.
Harmony Gold Mining Company Limited has 39.7% gross margin and 27.5% operating margin. Operating margin above 20% indicates strong pricing power and cost efficiency.
Harmony Gold Mining Company Limited's Debt/EBITDA ratio is 0.1x, indicating low leverage. A ratio below 2x is generally considered financially healthy.