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AngloGold Ashanti (AU) USD

At a glance: strengths & risks
✓Revenue growing (+71%)✓Profit growing (+203%)✓Margins improving (42%→56%)✓Net cash balance sheet✗Pricier than own history (EV/EBITDA 8.7 vs avg 6.7)

Sector: Gold mining

Geography: South Africa, Ghana, Australia, Argentina

COMM_AU

Price chart

95.07 USDDay -2.91%

Key metrics

Net debt (table and EV/EBITDA): |short-term borrowings| + |long-term borrowings| + |other financial liabilities| when extracted + |non-controlling interest| when extracted − |cash and equivalents|; amounts in millions of the reporting currency.

Market

Price
95.07 USD · -2.91%
Market cap
48.3 bn USD

Growth

Δ revenue y/y
70.8%
Δ EBITDA y/y
145.8%

Multiples

P/E (LTM)
15.2x
3y avg: 12.4x
P/B (FY)
6.0x
EV/EBITDA (LTM)
8.7x
3y avg: 6.7x

Cash return

Dividend yield
4.8%
FCF yield (LTM)
6.9%

Value creation

to target market cap (spot commodity model)
Upside (potential)
-24.1%
↓ details

Liquidity

Daily turnover (listing)
163.3 mln USD

Shares: yahoo_fundamentals_timeseries/AU

Financial results

Monetary columns are in M USD, one decimal; scale (K/M/B/T) keeps values readable. For the period (default) shows P&L and cash flow for that row’s reporting window: quarterly amounts when the feed uses quarter-duration facts (typical US 10-Q revenue and income), quarterly cash flows after stripping YTD where only cumulative tags exist, and an implied Q4 on 31 Dec FY rows (P&L: FY minus Q1–Q3; operating / investing cash flow: FY 12m minus 9M YTD to 30 Sep when sourced from SEC builder evidence) so they match 10-Q scale. Some issuers still use cumulative YTD minus the prior row in the same calendar year. As reported shows values stored on each row (e.g. full-year on FY). Balance sheet is always as reported. Source JSON may use millions etc.; conversion uses amounts_unit per row.

DatePeriodStatusRevenueM USDOperating profitM USDD&AM USDEBITDAM USDNet profitM USDOperating CFM USDCapex + M&AM USDAssetsM USDEquityM USDROE (annualized)Net debtM USDSource
2025-12-31FY 2025 (12M)PARTIAL9893.0
y/y 70.8%
4269.0
y/y 174.9%
1186.0
y/y 78.1%
5455.0
y/y 145.8%
3174.0
y/y 202.6%
4784.0-1449.015078.0
y/y 14.0%
8091.0
y/y 22.1%
43.1%-647.0Link
2024-12-31FY 2024 (12M)PARTIAL5793.0
y/y 26.4%
1553.0
y/y 170.6%
666.0
y/y 15.0%
2219.0
y/y 92.5%
1049.0
y/y —
1968.0-1090.013230.0
y/y 60.2%
6629.0
y/y 78.6%
20.3%700.0Link
2023-12-31FY 2023 (12M)PARTIAL4582.0
y/y —
574.0
y/y —
579.0
y/y —
1153.0
y/y —
-222.0
y/y —
971.0-1042.08257.0
y/y —
3711.0
y/y —
—1446.0Link

Net debt structure (leases included, IFRS 16) 2025-12-31

Short-term debt (incl. ST leases)78
Long-term debt (incl. LT leases)2 180
− Cash & equivalents2 905
Net debt-647

Revenue & EBITDA

RevenueEBITDA

Quarterly values ($ mln)

02 0004 0006 0008 00010 0002023 FY2024 FY2025 FY

Year-over-year change

0%50%100%150%2023 FY2024 FY2025 FY

Cash flow

FCF ($ mln)

01 0002 0003 0004 0002023 FY2024 FY2025 FY

Net debt / cash ($ mln)

-1 000-50005001 0001 5002023 FY2024 FY2025 FY

Profit and cash

Profit is cash-backed
In a typical year of 2021–2025 operating cash flow came to 1.93x of reported net profit; after capex, 1.05x. Loss years (2023) are left out of the ratio.
year20212022202320242025
cash flow / profit1.99x7.19x—1.88x1.51x
accruals, % of assets-7.9%-19.4%-14.4%-7.0%-10.7%
Last twelve months (to 2025-12-31): 2.24x of profit came back as operating cash flow.
net debt / EBITDA -0.1x · capex 1.4x of depreciation
Read from the reported annual statements: cash flow / profit is the median of the yearly operating cash flow over net profit for the years shown; accruals are (profit − operating cash flow) / assets, the classic gap between what was booked and what was collected. A gap can be growth in working capital, capitalised costs, revaluations or profit from associates — the panel points at it, the statements explain it. Not investment advice.

Production & Reserves

Physical operating metrics — supplementary, not part of the financial statements

annual_report

Proved reserves
29.83 mln oz eq.
2021
Annual production
2.47 mln ounces
2021

Proved reserves

YearReserves, mln oz eq.
202129.83
202029.67

Production

YearProduction, mln ouncesper day, mln ounces
20231.24 * (6M)
+0.2%		0.01
20221.97 * (9M)
+8.7%		0.01
20212.470.01
20201.58 * (6M)0.01

* partial year

EI1 ___NASDAQ_press_comm (NASDAQ / SEC filings)

Key-commodity price — Gold

Current 4 352spot vs LTM +2%

Commodity-player potential

Target market cap from conservative EBITDA and the historical EV/EBITDA

Upside: -24.1% ▼ -1.0 pp 1d

Main driver: Gold +26% vs LTM; revenue ×1.26 vs costs ×1.22; EBITDA 5 578→5 743; at 8.5× EV/EBITDA → -24%.

Product prices — moves vs the LTM average

CommodityShareSpotLTM3-yrvs LTM, $vs LTM, TZS3y vs LTM
Gold (rev)+100%4 352.153 443.923 233.84+26%+27%-6%
US Diesel Index (EIA) (cost)-15%5.263.664.13+44%+44%+13%

How it is calculated — revenue → costs → EBITDA → target market cap

1 · Reported baseline (LTM)
LTM revenue9 893
LTM EBITDA5 578
LTM cash costs (revenue − EBITDA)4 315
2 · Revenue projection
Revenue multiplier — spot×1.264 (+26%)
= Spot revenue12 502
Revenue multiplier — 3y price×0.939 (-6%)
= 3-year-price revenue9 289
3 · Costs projection
Cost multiplier — spot×1.217 (+22%)
= Spot cash costs5 253
Cost multiplier — 3y price×1.171 (+17%)
= 3-year-price cash costs5 053
4 · EBITDA projection (revenue − costs)
= Spot EBITDA7 249
= 3-year-price EBITDA4 236
Conservative EBITDA = min(spot, avg)5 743
5 · Valuation → target market cap
Target EV/EBITDA (capped at current — trough guard)8.5x
Target EV = EV/EBITDA × conservative EBITDA49 045
Net debt-647
Target market cap = EV − net debt49 692
Current market cap48 286

Upside = target market cap ÷ current − 1 = -24.1%

Life of mine: 12 yrs — before haircut +2.9%

Spot model vs reported — what the spot model projected (trailing-LTM base brought to the period × the period's commodity-price move) against the actual report, per reported period (quarter, half-year or full year — per the filer's calendar); amounts in USD mln. green = reported above projection, pink = below.

PeriodAct. revModel revΔ revAct. EBITDAModel EBITDAΔ EBITDA
2022 FY4 5014 028+11.8%1 1291 094+3.2%
2023 FY4 5824 855-5.6%7551 529-50.6%
2024 FY5 7935 634+2.8%2 4592 035+20.8%
2025 FY9 8938 341+18.6%5 5784 761+17.1%

Revenue growth & acceleration

Growth accelerating ▲
Last-year revenue growth +71% vs +26% the year before — a +44.3 pp move. 3-year CAGR +30%.
revenue growth by year: 2023 +2% · 2024 +26% · 2025 +71%
The growth-acceleration signal behind the GARP+acceleration strategy — it favours companies whose revenue growth is speeding up and flags those slowing down (the second derivative of growth).

EV/EBITDA — LTM vs projected

Projected EV/EBITDA 8.7x · target 75th pct (3y) 9.4x · LTM avg 12.7x

EV/EBITDA (LTM)EV/EBITDA (projected)target 75th pct (projected, 3y)

Dividends

Paid (completed)

DatePer shareDetailsStatusSource
2026-05-291.16 USDEx-dividend: 1.16 USD per sharePaidYahoo Finance (ex-div)
2026-03-131.73 USDEx-dividend: 1.73 USD per sharePaidYahoo Finance (ex-div)
2025-11-280.91 USDEx-dividend: 0.91 USD per sharePaidYahoo Finance (ex-div)
2025-08-220.8 USDEx-dividend: 0.8 USD per sharePaidYahoo Finance (ex-div)
2025-05-300.125 USDEx-dividend: 0.125 USD per sharePaidYahoo Finance (ex-div)
2025-03-140.69 USDEx-dividend: 0.69 USD per sharePaidYahoo Finance (ex-div)
2024-08-300.22 USDEx-dividend: 0.22 USD per sharePaidYahoo Finance (ex-div)
2024-03-140.19 USDEx-dividend: 0.19 USD per sharePaidYahoo Finance (ex-div)
2024-03-130.19 USDEx-dividend: 0.19 USD per sharePaidYahoo Finance (ex-div)
2023-08-240.037 USDEx-dividend: 0.037 USD per sharePaidYahoo Finance (ex-div)
2023-03-160.177 USDEx-dividend: 0.177 USD per sharePaidYahoo Finance (ex-div)
2022-08-250.294 USDEx-dividend: 0.294 USD per sharePaidYahoo Finance (ex-div)
2022-03-100.145 USDEx-dividend: 0.145 USD per sharePaidYahoo Finance (ex-div)
2021-08-260.059 USDEx-dividend: 0.059 USD per sharePaidYahoo Finance (ex-div)

KASE: status follows wording in the news headline (paid vs intends to pay). Yahoo: amounts are cash dividends per share on ex-dividend dates (UTC calendar date). stockscope.uz (UZ): amounts are per share in UZS by publication date (not necessarily ex-div).

Reporting forms detected in loaded periods: ✓ ✓ ✓ (Balance sheet / Profit or loss (P&L) / Cash flows)

Financial results, valuation multiples (P/E, P/B, EV/EBITDA), profitability and dividend yield of AngloGold Ashanti (AU) — from primary filings.

AngloGold Ashanti plc is a gold mining company with operations in Africa, Australia, and the Americas, also producing by-products such as silver and sulphuric acid. Its portfolio includes the wholly owned Geita mine in Tanzania.

Frequently asked questions

What is AngloGold Ashanti (AU)'s P/E ratio?
AngloGold Ashanti (AU) trades at a P/E of 15.2x (price to trailing 12-month earnings).
What is AngloGold Ashanti (AU)'s EV/EBITDA?
AngloGold Ashanti (AU) trades at 8.7x EV/EBITDA.
What is AngloGold Ashanti (AU)'s P/B ratio?
AngloGold Ashanti (AU) trades at a P/B of 6.0x.
What is AngloGold Ashanti (AU)'s dividend yield?
AngloGold Ashanti (AU)'s trailing 12-month dividend yield is 4.8%.
What is AngloGold Ashanti (AU)'s return on equity (ROE)?
AngloGold Ashanti (AU)'s ROE is 43.1%.
What is AngloGold Ashanti (AU)'s market capitalization?
AngloGold Ashanti (AU)'s market cap is 48.3 bn USD.

See also: Gold Mining Stocks: The Cheapest Gold Miners by Valuation (2026) · The Cheapest Stocks in the World (2026): What Value Investing Says About Buying Cheap · global valuation map