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Gold miner with operations across Africa, the Americas and Australia, one of the world's largest gold producers.
Gold miner with operations across Africa, the Americas and Australia, one of the world's largest gold producers.
Sells gold at the market price, so results follow the gold price and its costs per ounce. It sold its last South African mines in 2020, moved its main listing to New York in 2023 and re-domiciled in the UK. Buying Centamin in 2024 added the Sukari mine in Egypt.
Moat: none (scale). Commodity gold producer with geographically diversified mines but no pricing power over gold.
Headquarters: Denver, Colorado, United States · Founded: 1998
Size Anglogold Ashanti (AU) is a United States Materials company (Precious Metals) with a market value of $47.0B, the 269th largest of 3,117 United States companies the cockpit tracks. Shares closed at $92.99 on 6 Nov 2026.
Performance Over six months the shares fell 13.1%, against -11.1% for the median peer and -1.1% for the United States market (cap-weighted) — 10th lowest of 21 in its peer set.
Growth Revenue grew 139.0% over the last twelve months (peer median +39.2%); the operating margin is 50.7% (peer median 51.4%).
Valuation It trades at 11.7× forward earnings against a peer median of 12.4× (9th cheapest of 21).
Price implies For today's price to make sense, revenue must grow about -8% a year for seven years (Req g). Recent delivered growth is +17%, so the hurdle is -25 pp: the price already allows for a slowdown.
Capital Return on invested capital runs 32.7 points above its cost of capital (8.4% WACC).
Credit Anglogold Ashanti has 2 bonds outstanding ($893M), rated BBB- by the agencies and trading like BBB- at a weighted spread of 126 bp.
Short interest Short interest is 0.7% of the free float (15 Oct 2026).
Next results Next results expected around 19 Feb 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | $11.8B | $9.89B | $5.79B | $4.58B | $4.50B |
| Revenue growth | — | +71% | +26% | +2% | — |
| Gross profit | $6.82B | $4.57B | $1.79B | $791M | $936M |
| EBITDA | n/a | $5.71B | $2.41B | $1.32B | $1.48B |
| Net income | $3.81B | $2.64B | $1.00B | -$235M | $233M |
| Free cash flow | $4.23B | $3.10B | $870M | -$61.0M | $257M |
| Capital expenditure | $1.86B | $1.61B | $1.09B | $1.04B | $1.54B |
| Total debt | $1.79B | $2.28B | $2.15B | $2.42B | $2.17B |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| Anglogold Ashanti AU | $47.0B | -13% | +139% | 51% | 11.7× | -7.7% |
| Newmont NEM | $126B | +4% | +23% | 55% | 12.7× | -8.9% |
| Barrick Mining ABX.TO | $67.2B | 0% | +49% | 52% | 10.9× | -3.0% |
| Gold Fields Limited Sponsored ADR GFI | $31.5B | -13% | +71% | 53% | 9.2× | -14.1% |
| Agnico Eagle Mines AEM.TO | $98.4B | +6% | +41% | 59% | 16.9× | 8.4% |
| Kinross Gold K.TO | $26.4B | -25% | +30% | 51% | 8.5× | -3.9% |
| Harmony Gold Mining Co. Ltd. Sponsored ADR HMY | $9.84B | -3% | +50% | 45% | 5.3× | -14.1% |
| Endeavour Mining EDV.TO | $13.7B | -10% | +27% | 47% | 9.3× | -6.5% |
| Northern Star Resources NST.AX | $25.3B | +19% | +19% | 35% | 17.8× | 17.5% |
| B2Gold BTO.TO | $7.19B | +13% | +72% | 46% | 6.1× | -7.0% |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | AU | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +2.4% | +1.7% | 11th highest of 21 |
| 6-month return | -13.1% | -11.1% | 10th lowest of 21 |
| Distance from 52-week high | -28.0% | -31.9% | 11th highest of 21 |
| Revenue growth (TTM) | +139.0% | +39.2% | highest of 21 |
| Operating margin | 50.7% | 51.4% | 11th highest of 21 |
| Forward P/E | 11.7× | 12.4× | 9th cheapest of 21 |
| Growth the price implies (Req g, 7 yrs) | -7.7% | 4.4% | 5th least demanding of 20 |
| Growth delivered (Del g) | +17.4% | +17.5% | 10th lowest of 20 |
| Hurdle (Req g minus delivered) | -25.1 pp | -16.3 pp | 6th least demanding of 20 |
| ROIC minus cost of capital | +32.7 pp | +11.9 pp | 4th highest of 20 |
| Bond spread | 126 bp | 139 bp | 3rd tightest of 6 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Anglogold Ashanti AU | United States | $47.0B | -13% | +139% | 51% | 11.7× | -7.7% | +17.4% |
| Zijin Gold International 2259.HK | Hong Kong | $46.6B | -19% | +106% | 54% | 15.7× | 17.3% | +43.4% |
| Franco-Nevada FNV.TO | Canada | $49.6B | +16% | +72% | 75% | 31.5× | 17.7% | +13.3% |
| Wheaton Precious Metals WPM.TO | Canada | $62.3B | +7% | +89% | 73% | 29.9× | n/a | n/a |
| Barrick Mining ABX.TO | Canada | $67.2B | 0% | +49% | 52% | 10.9× | -3.0% | +7.0% |
| Gold Fields Limited Sponsored ADR GFI | United States | $31.5B | -13% | +71% | 53% | 9.2× | -14.1% | +17.7% |
| Kinross Gold K.TO | Canada | $26.4B | -25% | +30% | 51% | 8.5× | -3.9% | +11.8% |
| Northern Star Resources NST.AX | Australia | $25.3B | +19% | +19% | 35% | 17.8× | 17.5% | +22.5% |
| Fresnillo FRES.L | United Kingdom | $24.9B | -31% | +48% | 59% | 11.8× | -8.2% | +12.6% |
| Royal Gold RGLD | United States | $22.5B | +11% | +94% | 63% | 20.9× | 10.9% | +15.6% |
| Agnico Eagle Mines AEM.TO | Canada | $98.4B | +6% | +41% | 59% | 16.9× | 8.4% | +31.6% |
| Zijin Mining 601899.SS | China | $109B | -15% | +16% | 30% | 9.6× | -10.2% | +15.3% |
| Evolution Mining EVN.AX | Australia | $18.3B | -4% | +28% | 42% | 13.4× | 10.8% | +24.4% |
| Newmont NEM | United States | $126B | +4% | +23% | 55% | 12.7× | -8.9% | +14.1% |
| Pan American Silver PAAS.TO | Canada | $17.2B | -26% | +37% | 39% | 9.5× | 4.4% | +23.0% |
| Lundin Gold LUG.TO | Canada | $17.0B | +7% | +36% | 65% | 16.0× | 9.9% | +39.0% |
| Shandong Gold Mining 600547.SS | China | $16.5B | -24% | +12% | 13% | 18.9× | -5.6% | +10.6% |
| Coeur Mining CDE | United States | $15.9B | -17% | +117% | 35% | 12.1× | 10.9% | +21.6% |
| Zhongjin Gold 600489.SS | China | $15.1B | -20% | +25% | 13% | 11.4× | -5.9% | +10.5% |
| Endeavour Mining EDV.TO | Canada | $13.7B | -10% | +27% | 47% | 9.3× | -6.5% | +25.4% |
| Equinox Gold EQX.TO | Canada | $13.5B | -17% | +63% | 36% | 9.7× | 21.0% | +17.5% |
Anglogold Ashanti has 2 bonds outstanding with $893M face value. The agencies rate it BBB-; its bonds trade like BBB-. Weighted yield 6.01%, a spread of 126 bp over government bonds.