Which companies are Caledonia Mining's closest peers?

The cockpit's peer set: Gold X2 Mining (AUXX.V), Amex Gold Mining (AMX.V), International Tower Hill Mines (ITH.TO), Vista Gold (VGZ), San Lorenzo Gold (SLG.V), New Murchison Gold (NMG.AX), Entree Resources (ETG.TO), Deccan Gold Mines (DECNGOLD.NS).

How has Caledonia Mining stock performed?

Over six months to 6 Nov 2026 the shares returned -10.9% against -0.9% for the median peer; over one year -19.8%.

← CockpitCompetitor Analysis › CMCL Caledonia Mining Corporation PLCOpen in the cockpit ↗

Caledonia Mining Corporation PLCCMCLCompetitor analysis, valuation and peers

United States · USD·Materials›Precious Metals

Momentum weak 35

Competitor Analysis ▸ Charts Open in the cockpit

Mkt cap

$412M

US dollars, full cap

Free float

75%

of shares outstanding

$/day

$3.93M

20-day average traded

Fwd P/E

6.8×

forward earnings

ROIC−WACC

+25.0 pp

WACC 8.0%

Hurdle

-42 pp

Req g minus delivered

Next earnings

6 days

12 Nov 2026

Close · USD$21.30

1D+0.3%

1W+5.2%

1M-12.7%

3M-6.3%

6M-10.9%

YTD-18.6%

1Y-19.8%

ATR %4.9%

Beta1.56

52w lowhigh37.4% off high

What Caledonia Mining does

No business profile yet.

Caledonia Mining at a glance

Size Caledonia Mining (CMCL) is a United States Materials company (Precious Metals) with a market value of $412M, the 2837th largest of 3,117 United States companies the cockpit tracks. Shares closed at $21.30 on 6 Nov 2026.

Performance Over six months the shares fell 10.9%, against -0.9% for the median peer and -1.1% for the United States market (cap-weighted) — 9th lowest of 21 in its peer set.

Growth Revenue grew 35.5% over the last twelve months (peer median +70.9%); the operating margin is 44.9% (peer median 22.1%).

Valuation It trades at 6.8× forward earnings against a peer median of 3.9× (2nd most expensive of 7).

Price implies For today's price to make sense, revenue must grow about -20% a year for seven years (Req g). Recent delivered growth is +22%, so the hurdle is -42 pp: the price already allows for a slowdown.

Capital Return on invested capital runs 25.0 points above its cost of capital (8.0% WACC).

Short interest Short interest is 8.8% of the free float (15 Oct 2026).

Next results Next results expected around 12 Nov 2026 (exchange calendar; dates can move).

Relative performance

Six months, rebased to 100: Caledonia Mining against the median of its 20 peers (local-currency closes).

Caledonia Mining financials

Reported figures in USD; fiscal year ends 2025-12-31. TTM = trailing twelve months.
	TTM	FY2025	FY2024	FY2023	FY2022
Revenue	$277M	$254M	$174M	$139M	$135M
Revenue growth	—	+46%	+25%	+3%	—
Gross profit	$148M	$137M	$76.8M	$41.4M	$61.7M
EBITDA	$140M	$129M	$74.7M	$36.2M	$57.5M
Net income	$65.5M	$55.2M	$17.9M	-$7.86M	$17.9M
Free cash flow	$52.2M	$43.4M	$14.5M	-$13.8M	$1.12M
Capital expenditure	$32.9M	$36.5M	$31.3M	$30.4M	$44.1M
Total debt	$117M	$32.6M	$25.1M	$25.1M	$12.4M

Quarterly statements and history in the cockpit →

Caledonia Mining competitor charts

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.

Performance: 6-month against 1-month return

Up and to the right = strong over both horizons. Caledonia Mining is the large dot.

Fundamentals: revenue growth against valuation

Further right = faster growth; higher = more expensive. The dashed lines are the peer medians. Caledonia Mining is the large dot.

Capital: growth delivered against growth the price implies

Above the diagonal = the price needs more growth than the company has been delivering; below = the price already allows for a slowdown. Caledonia Mining is the large dot.

Caledonia Mining competitors and peer comparison

How Caledonia Mining compares with its peers

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.

Caledonia Mining against its 20 peers (data as of 6 Nov 2026)
Measure	CMCL	Peer median	Rank in peer set
1-month return	-12.7%	-10.2%	6th lowest of 21
6-month return	-10.9%	-0.9%	9th lowest of 21
Distance from 52-week high	-37.4%	-31.4%	8th lowest of 21
Revenue growth (TTM)	+35.5%	+70.9%	4th lowest of 8
Operating margin	44.9%	22.1%	3rd highest of 9
Forward P/E	6.8×	3.9×	2nd most expensive of 7
Growth the price implies (Req g, 7 yrs)	-20.3%	-8.4%	least demanding of 5
Growth delivered (Del g)	+21.8%	n/a	—
Hurdle (Req g minus delivered)	-42.0 pp	n/a	—
ROIC minus cost of capital	+25.0 pp	-18.3 pp	2nd highest of 16
EV / EBITDA	2.8×	3.4×	4th cheapest of 7
Net debt / EBITDA	-0.4×	-0.9×	2nd most indebted of 8

Peer table

Peer set: Industry: the same industry and sector in any market, nearest in size
Company	Market	Market cap	6M return	Revenue growth	Op. margin	Forward P/E	Req g	Delivered g
Caledonia Mining CMCL	United States	$412M	-11%	+35%	45%	6.8×	-20.3%	+21.8%
Gold X2 Mining AUXX.V	Canada	$409M	-32%	n/a	n/a	n/a	n/a	n/a
Amex Gold Mining AMX.V	Canada	$407M	-26%	n/a	n/a	n/a	n/a	n/a
International Tower Hill Mines ITH.TO	Canada	$405M	-39%	n/a	n/a	n/a	n/a	n/a
Vista Gold VGZ	United States	$401M	+22%	n/a	n/a	n/a	n/a	n/a
San Lorenzo Gold SLG.V	Canada	$431M	+101%	n/a	n/a	n/a	n/a	n/a
New Murchison Gold NMG.AX	Australia	$433M	+19%	+1,594,866%	67%	n/a	-19.0%	n/a
Entree Resources ETG.TO	Canada	$391M	+6%	n/a	n/a	n/a	n/a	n/a
Deccan Gold Mines DECNGOLD.NS	India	$389M	+46%	+159%	-338%	n/a	n/a	n/a
Asante Gold ASE.V	Canada	$439M	-39%	+28%	-22%	1.4×	n/a	n/a
Aeris Resources AIS.AX	Australia	$385M	-20%	+22%	22%	2.8×	-17.5%	+10.2%
Sailfish Royalty FISH.V	Canada	$384M	+96%	+88%	3%	5.0×	n/a	n/a
ATEX Resources ATX.TO	Canada	$443M	-45%	n/a	n/a	n/a	n/a	n/a
Integra Resources ITR.V	Canada	$453M	-20%	+71%	26%	5.7×	0.8%	+70.9%
Rusoro Mining RML.V	Canada	$457M	-5%	n/a	n/a	n/a	n/a	n/a
Radisson Mining Resources RDS.V	Canada	$371M	-6%	n/a	n/a	n/a	n/a	n/a
Viridis Mining and Minerals VMM.AX	Australia	$366M	+29%	n/a	n/a	n/a	n/a	n/a
Meteoric Resources MEI.AX	Australia	$464M	+12%	n/a	n/a	n/a	n/a	n/a
Thor Explorations THX.V	Canada	$466M	-26%	+29%	63%	2.2×	n/a	n/a
Aldebaran Resources ALDE.V	Canada	$359M	+3%	n/a	n/a	n/a	n/a	n/a
Heliostar Metals HSTR.TO	Canada	$475M	+10%	n/a	22%	8.3×	15.3%	n/a

Questions

Which companies are Caledonia Mining's closest peers?: The cockpit's peer set: Gold X2 Mining (AUXX.V), Amex Gold Mining (AMX.V), International Tower Hill Mines (ITH.TO), Vista Gold (VGZ), San Lorenzo Gold (SLG.V), New Murchison Gold (NMG.AX), Entree Resources (ETG.TO), Deccan Gold Mines (DECNGOLD.NS).
Is Caledonia Mining expensive compared with its peers?: On forward p/e it trades at 6.8× against a peer median of 3.9×, 2nd most expensive of 7 in its peer set. For today's price to make sense, revenue must grow about -20% a year for seven years (Req g). Recent delivered growth is +22%, so the hurdle is -42 pp: the price already allows for a slowdown.
How has Caledonia Mining stock performed?: Over six months to 6 Nov 2026 the shares returned -10.9% against -0.9% for the median peer; over one year -19.8%.