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South African gold miner, also developing copper-gold projects in Papua New Guinea and Australia.
South African gold miner, also developing copper-gold projects in Papua New Guinea and Australia.
Sells gold at the market price, mostly from deep South African underground mines where costs and electricity supply decide results, plus a tailings-reprocessing operation and Papua New Guinea's Wafi-Golpu joint venture with Newmont. Copper from Australian projects is meant to widen its metals mix.
Moat: none (scale). Commodity gold producer; no pricing power, competes on cost of production.
Headquarters: Randfontein, South Africa · Founded: 1950 · Employees: 35,313
Size Harmony Gold Mining Co. Ltd. Sponsored ADR (HMY) is a United States Materials company (Precious Metals) with a market value of $9.84B, the 786th largest of 3,117 United States companies the cockpit tracks. Shares closed at $17.17 on 6 Nov 2026.
Performance Over six months the shares fell 3.5%, against -9.9% for the median peer and -1.1% for the United States market (cap-weighted) — 9th highest of 21 in its peer set.
Growth Revenue grew 49.7% over the last twelve months (peer median +55.9%); the operating margin is 44.6% (peer median 46.4%).
Valuation It trades at 5.3× forward earnings against a peer median of 11.3× (cheapest of 21).
Price implies For today's price to make sense, revenue must grow about -14% a year for seven years (Req g). Recent delivered growth is +18%, so the hurdle is -32 pp: the price already allows for a slowdown.
Capital Return on invested capital runs 39.1 points above its cost of capital (10.1% WACC).
Short interest Short interest is 1.8% of the free float (15 Oct 2026).
Next results Next results expected around 3 Mar 2027 (exchange calendar; dates can move).
| TTM | FY2026 | FY2025 | FY2024 | FY2023 | |
|---|---|---|---|---|---|
| Revenue | $6.47B | $6.44B | $4.32B | $3.35B | $2.78B |
| Revenue growth | — | +49% | +29% | +20% | — |
| Gross profit | $3.03B | $3.01B | $1.54B | $921M | $564M |
| EBITDA | $3.33B | $3.32B | $1.73B | $1.10B | $700M |
| Net income | $1.76B | $1.74B | $792M | $459M | $271M |
| Free cash flow | $961M | $933M | $594M | $388M | $130M |
| Capital expenditure | $1.09B | $1.06B | $653M | $449M | $430M |
| Total debt | n/a | $619M | $134M | $126M | $329M |
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 |
|---|---|---|---|---|---|---|
| Harmony Gold Mining Co. Ltd. Sponsored ADR HMY | $9.84B | -3% | +50% | 45% | 5.3× | -14.1% |
| Gold Fields Limited Sponsored ADR GFI | $31.5B | -13% | +71% | 53% | 9.2× | -14.1% |
| Anglogold Ashanti AU | $47.0B | -13% | +139% | 51% | 11.7× | -7.7% |
| Sibanye Stillwater Limited Sponsored ADR SBSW | $6.30B | -29% | +59% | 26% | 5.9× | n/a |
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 | HMY | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +2.0% | -0.2% | 10th highest of 21 |
| 6-month return | -3.5% | -9.9% | 9th highest of 21 |
| Distance from 52-week high | -34.1% | -34.2% | 11th highest of 21 |
| Revenue growth (TTM) | +49.7% | +55.9% | 10th lowest of 21 |
| Operating margin | 44.6% | 46.4% | 8th lowest of 21 |
| Forward P/E | 5.3× | 11.3× | cheapest of 21 |
| Growth the price implies (Req g, 7 yrs) | -14.1% | 5.1% | 2nd least demanding of 16 |
| Growth delivered (Del g) | +17.7% | +17.7% | 8th highest of 15 |
| Hurdle (Req g minus delivered) | -31.7 pp | -17.0 pp | 3rd least demanding of 15 |
| ROIC minus cost of capital | +39.1 pp | +12.4 pp | highest of 21 |
| EV / EBITDA | 3.0× | 8.8× | 2nd cheapest of 18 |
| Net debt / EBITDA | 0.0× | 0.0× | 9th least indebted of 18 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Harmony Gold Mining Co. Ltd. Sponsored ADR HMY | United States | $9.84B | -3% | +50% | 45% | 5.3× | -14.1% | +17.7% |
| Hecla Mining HL | United States | $9.90B | -21% | +30% | 48% | 18.1× | 8.0% | +15.0% |
| G Mining Ventures GMIN.TO | Canada | $9.98B | -10% | +72% | 66% | 19.4× | n/a | n/a |
| Shanjin International Gold 000975.SZ | China | $10.2B | -6% | -4% | 36% | 15.2× | -5.7% | +16.7% |
| Eldorado Gold ELD.TO | Canada | $9.37B | +11% | +25% | 45% | 7.7× | n/a | n/a |
| China Gold International Resources CGG.TO | Canada | $9.08B | +10% | +53% | 56% | 9.7× | 5.2% | +10.4% |
| IAMGOLD IMG.TO | Canada | $10.8B | +6% | +83% | 48% | 9.1× | 1.4% | +19.1% |
| Chifeng Jilong Gold Mining 6693.HK | Hong Kong | $11.1B | -24% | +29% | 43% | 12.9× | 11.0% | +21.8% |
| DPM Metals DPM.TO | Canada | $8.61B | +18% | +96% | 55% | 10.1× | 5.1% | +8.6% |
| Zhaojin Mining Industry 1818.HK | Hong Kong | $7.87B | -42% | +49% | 34% | 17.0× | -2.5% | +17.9% |
| First Majestic Silver AG.TO | Canada | $7.52B | -27% | +96% | 44% | 18.1× | 9.2% | +29.2% |
| Compania de Minas Buenaventura SAA Sponsored ADR BVN | United States | $7.25B | -21% | +64% | 45% | 6.5× | -14.1% | +20.7% |
| Alamos Gold AGI.TO | Canada | $13.4B | -22% | +41% | 57% | 11.3× | 7.8% | +20.3% |
| B2Gold BTO.TO | Canada | $7.19B | +13% | +72% | 46% | 6.1× | -7.0% | +12.3% |
| Equinox Gold EQX.TO | Canada | $13.5B | -17% | +63% | 36% | 9.7× | 21.0% | +17.5% |
| Endeavour Mining EDV.TO | Canada | $13.7B | -10% | +27% | 47% | 9.3× | -6.5% | +25.4% |
| OR Royalties OR.TO | Canada | $6.81B | 0% | +68% | 77% | 29.5× | n/a | n/a |
| Artemis Gold ARTG.V | Canada | $6.76B | +18% | +148% | 71% | 11.3× | 6.6% | n/a |
| Triple Flag Precious Metals TFPM.TO | Canada | $6.54B | +1% | +45% | 63% | 24.7× | n/a | n/a |
| Zhongjin Gold 600489.SS | China | $15.1B | -20% | +25% | 13% | 11.4× | -5.9% | +10.5% |
| Sibanye Stillwater Limited Sponsored ADR SBSW | United States | $6.30B | -29% | +59% | 26% | 5.9× | n/a | n/a |