Harmony Gold Mining Company Limited
Financial ratios & Valuation

Forward Multiples (2026 – 2028)

202620272028
Price/Earnings ratio
10.439.099.32
Price/Sales ratio
2.462.702.77
Earnings per Share (EPS)
$1.43$1.64$1.60

Historical Multiples (2015 – 2024)

2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 TTM Median
Valuation Ratios
Price/Earnings ratio
-1.4524.4442.68-2.15-5.97-44.056.32-29.6310.1211.966.68-5.97
Price/Sales ratio
0.421.230.510.430.581.320.770.730.991.670.930.58
Price/Book Value ratio
0.260.810.320.370.691.651.011.031.402.512.380.69
Price/Cash Flow ratio
0.285.032.592.283.35142.173.504.504.906.563.733.35
Price/Free Cash Flow ratio
-0.7010.94-120.94-13.05-44.23603.317.9643.9021.1314.168.33-44.23
Price/Earnings Growth ratio
-0.00-0.20-0.670.000.120.65-0.010.24-0.010.150.000.65
Dividend Yield
N/AN/A4.54%1.73%N/A0.00%2.12%1.37%0.31%1.39%1.58%1.58%
Profitability Indicator Ratios
Gross Profit Margin
-23.44%13.76%-2.25%-13.63%-7.32%11.41%14.55%1.68%19.76%23.04%27.70%-7.32%
Operating Profit Margin
-33.60%8.62%-5.72%-21.14%-9.48%-1.22%14.28%-1.77%14.39%19.02%23.31%-9.48%
Pretax Profit Margin
-33.90%8.54%-1.41%-21.40%-10.27%-2.03%16.15%-2.48%13.40%19.17%18.92%-10.27%
Net Profit Margin
-29.37%5.06%1.20%-20.26%-9.74%-3.00%12.18%-2.46%9.78%13.99%13.99%-9.74%
Effective Tax Rate
13.34%40.74%185%5.30%5.12%-42.85%17.09%4.34%26.08%26.18%25.85%5.12%
Return on Assets
-13.32%2.54%0.57%-11.21%-7.11%-1.96%10.27%-2.24%8.42%14.20%24.06%-7.11%
Return On Equity
-18%3.34%0.76%-17.49%-11.56%-3.75%16.08%-3.50%13.86%21.06%37.43%-11.56%
Return on Capital Employed
-15.97%4.58%-3.03%-12.88%-7.59%-0.96%13.62%-1.80%14.08%21.98%45.65%-7.59%
Liquidity Ratios
Current Ratio
N/AN/AN/AN/AN/AN/AN/AN/AN/AN/A1.56N/A
Quick Ratio
1.111.120.980.660.741.021.040.930.781.071.070.74
Cash ratio
0.640.610.320.190.300.840.480.490.410.630.630.30
Days of Sales Outstanding
15.970.310.630.730.5815.331.010.8816.3413.377.890.58
Days of Inventory outstanding
23.2526.4521.6725.7524.9034.1026.0224.5330.1427.8417.4934.10
Operating Cycle
39.2226.7722.3126.4825.4949.4427.0325.4146.4841.2125.3949.44
Days of Payables Outstanding
9.438.0310.088.629.639.9412.9911.0211.128.795.529.94
Cash Conversion Cycle
29.7918.7312.2317.8615.8539.5014.0414.3935.3532.4219.8615.85
Debt Ratios
Debt Ratio
0.090.060.050.140.160.170.060.060.090.020.020.17
Debt Equity Ratio
0.120.080.070.220.260.330.100.100.160.040.040.33
Long-term Debt to Capitalization
0.110.060.010.160.200.240.080.090.130.040.040.24
Total Debt to Capitalization
0.110.070.060.180.200.240.090.090.140.040.040.24
Interest Coverage Ratio
N/AN/AN/AN/AN/AN/AN/AN/AN/AN/A17.60N/A
Cash Flow to Debt Ratio
7.161.951.710.730.780.032.732.161.748.7614.590.78
Company Equity Multiplier
1.351.311.321.551.621.911.561.551.641.481.481.91
Cash Flow Ratios
Operating Cash Flow / Sales Ratio
1.480.240.190.190.170.000.210.160.200.250.250.17
Free Cash Flow / Operating Cash Flow Ratio
-0.400.45-0.02-0.17-0.070.230.430.100.230.460.44-0.07
Cash Flow Coverage Ratio
7.161.951.710.730.780.032.732.161.748.7614.590.78
Short Term Coverage Ratio
N/A15.5525.65551.0623.71276.9696.58N/AN/A1.06
Dividend Payout Ratio
N/AN/A194.11%-3.73%N/A-0.34%13.44%-40.87%3.19%16.73%12.63%12.63%