One-glance verdict
Within fair range
$21.21 our estimate vs market $19.00
Wall Street consensus: $21.52 (1.5% higher than our fair-value estimate)
10% below our estimate
Fundamentals snapshot
Harmony Gold Mining Company Limited
HMY · NYQ · Basic Materials · Gold
Current price
$19.00
52-week range
$13.03 - $26.06
Market cap
$11.90B
Balance sheet
Healthy
14.49x Strong cushion
Net debt $52.44M. Interest coverage shows how many times profit covers the interest bill.
What stands out
3 Rewards
2 Risks
3 rewards · 2 risks
- Reward Revenue grew 24.6% last year.
- Reward Returns 48.0% on equity, ahead of 83% of its peers.
- Risk Stock trades 1206.9% above its 5-year average P/E.
- Risk Insider ownership is only 0.0% (peer median: 0.6%).
What this company does
Harmony Gold Mining Company Limited
Harmony Gold is a mining company that digs up and sells precious metals, primarily gold, along with some silver and copper, from its mines in Africa and Australia. The company makes money based on the prices it can get for these metals, so its financial success is closely tied to the fluctuating global market price for gold. This means when gold prices are high, the company generally does better, and when they are low, it does worse.
How the company got here
Harmony Gold was founded in 1950 to operate a single gold mine in South Africa. For decades, it remained a subsidiary of other mining houses. Starting in the mid-1990s, the company became fully independent and began an aggressive expansion, acquiring numerous other mines across South Africa to become a major gold producer. In the 2000s, it expanded internationally by entering Papua New Guinea and later listed on the New York Stock Exchange to attract a wider base of investors (people and institutions who buy shares of the company).
What it actually does
Harmony Gold is in the business of finding, mining, and processing precious metals from the earth, primarily gold. Think of it as a company that digs up rock containing tiny bits of metal and then uses complex processes to separate the valuable metals, which it then sells. While gold is its main product, it also recovers and sells silver, uranium, and increasingly, copper, a metal crucial for the global transition to green energy. The company operates in South Africa, Papua New Guinea, and Australia.
South African Operations
This is the historical heart and largest part of Harmony's business, making it the biggest gold producer by volume in South Africa. The company runs numerous underground mines, some of which are among the deepest in the world, as well as one open-pit mine (a large hole dug from the surface). A unique part of this segment is its surface operations, which re-process old mining waste (tailings) to extract remaining gold, turning historical liabilities into assets. This segment is the foundation of the company, generating the cash that supports its other ventures.
Papua New Guinea Operations
This segment represents a key part of Harmony's international and copper growth strategy. It includes the Hidden Valley mine, an open-pit operation that produces both gold and silver. More significantly, this division holds a 50% interest in the massive Wafi-Golpu project, an undeveloped but world-class copper and gold deposit that represents a huge part of the company's future potential. This project is a joint venture (a partnership where two companies share ownership and control) with Newmont Corporation.
Australian Operations
This is Harmony's newest and most explicit push into copper, a metal essential for things like electric vehicles and renewable energy systems. This segment includes the recently acquired CSA copper mine, which is already in operation. It also features the Eva Copper Project, a large new mine currently under construction that is poised to become a major copper producer in Queensland, Australia. This part of the business is central to the company's plan to diversify its products beyond just gold.
What management is betting on now
Management's main focus is on transforming Harmony from a primarily South African gold miner into a major international producer of both gold and copper. A key priority is the successful development of its major copper projects, like Eva Copper in Australia and the giant Wafi-Golpu project in Papua New Guinea, which are expected to drive future growth. The company is also investing heavily in sustainability (operating in an environmentally and socially responsible way), including developing large solar energy projects to power its mines and reduce its carbon footprint. By focusing on operational excellence (running its mines safely and efficiently) and expanding its copper business, Harmony aims to increase its profitability and long-term resilience.
...
...
How the company got here
Harmony Gold was founded in 1950 to operate a single gold mine in South Africa. For decades, it remained a subsidiary of other mining houses. Starting in the mid-1990s, the company became fully independent and began an aggressive expansion, acquiring numerous other mines across South Africa to become a major gold producer. In the 2000s, it expanded internationally by entering Papua New Guinea and later listed on the New York Stock Exchange to attract a wider base of investors (people and institutions who buy shares of the company).
What it actually does
Harmony Gold is in the business of finding, mining, and processing precious metals from the earth, primarily gold. Think of it as a company that digs up rock containing tiny bits of metal and then uses complex processes to separate the valuable metals, which it then sells. While gold is its main product, it also recovers and sells silver, uranium, and increasingly, copper, a metal crucial for the global transition to green energy. The company operates in South Africa, Papua New Guinea, and Australia.
South African Operations
This is the historical heart and largest part of Harmony's business, making it the biggest gold producer by volume in South Africa. The company runs numerous underground mines, some of which are among the deepest in the world, as well as one open-pit mine (a large hole dug from the surface). A unique part of this segment is its surface operations, which re-process old mining waste (tailings) to extract remaining gold, turning historical liabilities into assets. This segment is the foundation of the company, generating the cash that supports its other ventures.
Papua New Guinea Operations
This segment represents a key part of Harmony's international and copper growth strategy. It includes the Hidden Valley mine, an open-pit operation that produces both gold and silver. More significantly, this division holds a 50% interest in the massive Wafi-Golpu project, an undeveloped but world-class copper and gold deposit that represents a huge part of the company's future potential. This project is a joint venture (a partnership where two companies share ownership and control) with Newmont Corporation.
Australian Operations
This is Harmony's newest and most explicit push into copper, a metal essential for things like electric vehicles and renewable energy systems. This segment includes the recently acquired CSA copper mine, which is already in operation. It also features the Eva Copper Project, a large new mine currently under construction that is poised to become a major copper producer in Queensland, Australia. This part of the business is central to the company's plan to diversify its products beyond just gold.
What management is betting on now
Management's main focus is on transforming Harmony from a primarily South African gold miner into a major international producer of both gold and copper. A key priority is the successful development of its major copper projects, like Eva Copper in Australia and the giant Wafi-Golpu project in Papua New Guinea, which are expected to drive future growth. The company is also investing heavily in sustainability (operating in an environmentally and socially responsible way), including developing large solar energy projects to power its mines and reduce its carbon footprint. By focusing on operational excellence (running its mines safely and efficiently) and expanding its copper business, Harmony aims to increase its profitability and long-term resilience.
Price history
How the share price has moved
—
Loading price history…
Is it cheap or expensive?
Fair value $21.21 vs current price $19.00
Wall Street consensus is the average analyst price target: $21.52 (1.5% higher than our fair-value estimate).
Our most-likely fair value is $21.21 a share — about 11.6% away from today's price of $19.00, so the stock currently looks fairly priced.
Is it drowning in debt?
Healthy
Net debt $52.4M. Interest coverage 14.5x.
Net debt
$52.44M
Interest coverage
14.49x
Harmony Gold Mining Company Limited's profit covers its interest bill about 14.5 times over.
Healthy
Worse cushion
Baseline
Better cushion
HMY
BASELINE
Harmony Gold Mining Company Limited
Total debt $583.22M Interest coverage 14.49x This is the baseline the peer rows are being compared against.
Total debt $21.48M Interest coverage 12.91x -11% vs HMY Has roughly the same debt cushion as HMY.
Total debt $841.00M Interest coverage 20.69x +43% vs HMY Carries about 1.4x more debt cushion than HMY.
Total debt $2.30M Interest coverage 32.21x +122% vs HMY Carries about 2.2x more debt cushion than HMY.
Total debt $713.16M Interest coverage 27.14x +87% vs HMY Carries about 1.9x more debt cushion than HMY.
Total debt $216.30M Interest coverage 82.90x +472% vs HMY Carries about 5.7x more debt cushion than HMY.
What you should know
The case for and against HMY
3 Rewards
2 Risks
Rewards
-
Revenue grew 24.6% last year.
-
Returns 48.0% on equity, ahead of 83% of its peers.
-
Free cash flow was positive in 3/10 years.
Risks
-
Stock trades 1206.9% above its 5-year average P/E.
-
Insider ownership is only 0.0% (peer median: 0.6%).
The numbers
All the key metrics, grouped by purpose
Tap any ? icon to learn what it means.
Valuation
How expensive the stock looks
P/E (TTM)
6.71x
Forward P/E
5.80x
P/B
2.56x
P/S
0.12x
EV/EBITDA
0.29x
PEG ratio
0.03x
Profitability
How much profit each dollar creates
Gross margin
49.6%
Operating margin
47.2%
Net margin
29.6%
ROE
48.0%
ROA
25.1%
Health
Liquidity and balance-sheet strength
Debt / equity
0.13x
Current ratio
0.84x
Quick ratio
0.60x
Total debt
$583.22M
Total cash
$530.78M
Growth
How the business has been compounding
Revenue TTM
$6.11B
Revenue 5Y CAGR
20.0%
EPS TTM
2.83
EPS 5Y CAGR
—
Cash flow
How much cash the business throws off
Operating CF TTM
$963.20M
Free CF TTM
$446.34M
FCF margin
7.3%
Dividend
Shareholder payout
Yield
2.1%
Payout ratio
14.9%
Last ex-div date
2026-10-09