Obermatt

Harmony

JNB:HAR · ZAE000015228
Metals & MiningX-Large

360

36
EV / EBIT88
Price / Owner Earnings28
Owner Earnings Yield46
Dividend Yield75
Price/Sales55
EV / Gross Profit78
Price/Book46
Return on Capital81
Cash Return on Capital51
Return on Equity73
EBIT Margin10
Gross Profitability64
Cash Conversion53
Accruals2
Owner Earnings Margin26
Sales growth48
Profit Growth82
Long-Term EPS Growth92
Owner Earnings Growth25
Reinvestment73
Price momentum17
Debt load63
Refinancing11
Debt Payback8
Liquidity96
Analyst ratings64
Opinion Changes50
Price Target Upside54
Market mood81
Value Creation14/20strong value creator
  • Creates more value than its capital costs
  • Owner earnings growing
  • Owner earnings per share growing
  • Reinvests at strong returns
  • Solid earnings base

What this means

Harmony generates returns well above its cost of capital, the foundation of durable shareholder value.

Profile

CountrySouth Africa
IndustryMetals & Mining
SizeX-Large
TypePublic Company
ExchangeJSE
Founded1950
Employees2,926
ISINZAE000015228
Last UpdateApr 2, 2026
Themes
Utility Scale SolarMining TechnologyMining

Description

Harmony Gold Mining Company Limited (Harmony) is a gold mining specialist with a growing international copper footprint. The company operates across South Africa, Papua New Guinea and Australia. The company’s MAC Copper acquisition and Eva Copper P…

Analysis

Bargain bin

Harmony Gold Mining Company Limited falls in the bargain bin: the price is low relative to peers, but the business metrics give reason to pause. One caution: reported profits have recently run ahead of actual cash, which we track closely.

The price is fair. You pay 24.1× its owner earnings: the cash an owner could take out each year, which is in the historically fair zone. At today's price, the market is assuming roughly 9% yearly growth; analysts expect 52%. The price, in other words, assumes less than the experts do.

The trajectory is tepid and the balance sheet is adequate. The company scores 14/20 on our value-creation score: strong value creator.

What to watch: Reported profits have run ahead of actual cash for several periods. As always: this describes the company's numbers; it is not a recommendation.

360° rank · history

1007550250
91
2023202420252026

All-time high

98

Mar 2026

All-time low

15

Jan 2023

Average rank

80

across all years

Detailed & Historical Ranks

Deep dive into 15 detailed ranks and 3 years of history.

Current202520242023
Price/Sales
55
41
63
79
Price/Earnings
89
77
78
72
Price/Book
46
44
60
90
Dividend Yield
75
56
52
44
Value (overall)
73
33
53
60

Cells are coloured by rank band (red weak → green strong). Sentiment & 360° history begins 2023.

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The companies this stock is ranked against.

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Make Sense of the Ranks

Every rank runs 1–100 against true peers. Higher is always better.

360° View
1 · Watch OutGood· 100
Value
1 · ExpensiveGood Value· 100
Quality
1 · Weak FundamentalsHigh Quality· 100
Growth
1 · Tough TimesHigh Growth· 100
Safety
1 · High LeverageWell-Financed· 100
Sentiment
1 · SkepticismPositive· 100
Learn More →