Frontierby eninvs

Language: EN / RU

← Region

Caledonia Mining (CMCL) USD

Caledonia Mining Corporation Plc explores, develops, and produces gold in Zimbabwe, primarily through its ownership of the Blanket Mine and other gold mining claims.

At a glance: strengths & risks
✓Revenue growing (+16% y/y, Q2 2026)✓Profit growing (+16% y/y, Q2 2026)✓Low leverage (0.3x EBITDA)✗Margins compressing (61%→55%, Q2 2026)

Sector: Gold mining

Geography: Zimbabwe

COMM_CMCL

Price chart

21.86 USDDay -4.08%

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
21.86 USD · -4.08%
Market cap
422 mln USD

Growth

Δ revenue y/y
16.2%
Δ EBITDA y/y
6.4%

Multiples

P/E (LTM)
6.4x
P/B (FY)
2.0x
P/E (ann.)
4.4x
EV/EBITDA (LTM)
2.8x
EV/EBITDA (ann.)
2.2x

Cash return

Dividend yield
1.3%
FCF yield (LTM)
12.2%

Value creation

to target market cap (spot commodity model)
Upside (potential)
-22.6%
↓ details

Liquidity

Daily turnover (listing)
5.9 mln USD

Shares: yahoo_fundamentals_timeseries/CMCL

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
2026-06-30Q2 2026 (3M)OK75.9
y/y 16.2%
33.3
y/y -6.0%
8.7
y/y 114.3%
42.0
y/y 6.4%
23.8
y/y 16.2%
28.9-11.0562.5
y/y 44.5%
293.9
y/y 23.3%
33.7%-55.9Yahoo Finance
2026-03-31Q1 2026 (3M)OK66.4
y/y 18.3%
26.9
y/y 20.3%
0.0
y/y -100.0%
26.9
y/y 2.6%
15.9
y/y 77.8%
18.9-6.6553.2
y/y 52.1%
271.9
y/y 23.5%
23.9%-55.2Yahoo Finance
2025-12-31Q4 2025 (3M)OK74.7
y/y —
30.6
y/y —
0.0
y/y —
30.6
y/y —
10.7
y/y —
21.3-7.5411.9
y/y —
259.0
y/y —
16.8%-4.3Yahoo Finance
2025-09-30Q3 2025 (3M)OK71.4
y/y 52.4%
29.5
y/y 238.9%
4.0
y/y -2.0%
33.5
y/y 162.5%
15.1
y/y 567.0%
13.8-6.3393.3
y/y 15.8%
251.5
y/y 1.6%
8.2%8.1Yahoo Finance
2025-06-30Q2 2025 (3M)OK65.3
y/y 37.1%
35.4
y/y 117.4%
4.0
y/y -4.6%
39.5
y/y 92.2%
20.5
y/y 143.1%
28.1-12.3389.2
y/y 15.0%
238.4
y/y -2.9%
35.7%8.1Yahoo Finance
2025-03-31Q1 2025 (3M)OK56.2
y/y 53.5%
22.4
y/y 113.2%
3.9
y/y -3.9%
26.2
y/y 80.8%
8.9
y/y 318.3%
13.3-8.5363.7
y/y 13.0%
220.1
y/y -7.0%
16.4%18.8Yahoo Finance
2024-12-31Q4 2024 (3M)OK51.9
y/y 34.3%
8.2
y/y 255.3%
3.7
y/y -54.3%
11.9
y/y 13.7%
5.1
y/y 166.9%
13.4-10.1348.4
y/y 6.1%
213.9
y/y 4.0%
7.8%20.5Yahoo Finance
2024-09-30Q3 2024 (3M)OK46.9
y/y 13.8%
8.7
y/y -12.9%
4.0
y/y 965.3%
12.8
y/y 23.0%
2.3
y/y -49.7%
4.6-7.0339.7
y/y 6.0%
247.5
y/y 1.9%
1.2%8.6Yahoo Finance
2024-06-30Q2 2024 (3M)OK47.6
y/y 28.6%
16.3
y/y 531.3%
4.2
y/y 15.6%
20.5
y/y 228.6%
8.4
y/y —
19.1-7.5338.5
y/y 7.8%
245.6
y/y 2.0%
14.0%12.6Yahoo Finance
2024-03-31Q1 2024 (3M)OK36.6
y/y 24.3%
10.5
y/y —
4.0
y/y 78.1%
14.5
y/y 1151.3%
2.1
y/y —
4.9-4.2321.8
y/y 0.6%
236.6
y/y -0.5%
3.9%21.4Yahoo Finance
2023-12-31Q4 2023 (3M)OK38.7
y/y —
2.3
y/y —
8.2
y/y —
10.5
y/y —
-7.6
y/y —
3.4-9.3328.3
y/y —
205.7
y/y —
-3.5%20.6Yahoo Finance
2023-09-30Q3 2023 (3M)OK41.2
y/y —
10.0
y/y —
0.4
y/y —
10.4
y/y —
4.5
y/y —
14.5-10.2320.3
y/y —
242.7
y/y —
2.5%10.5Yahoo Finance
2023-06-30Q2 2023 (3M)OK37.0
y/y —
2.6
y/y —
3.7
y/y —
6.2
y/y —
-0.5
y/y —
-2.2-6.1313.9
y/y —
240.8
y/y —
-0.9%12.8Yahoo Finance
2023-03-31Q1 2023 (3M)OK29.4
y/y —
-1.1
y/y —
2.3
y/y —
1.2
y/y —
-4.3
y/y —
-0.9-4.7320.0
y/y —
237.9
y/y —
—5.7Yahoo Finance

Net debt structure (leases included, IFRS 16) 2026-06-30

Short-term debt (incl. ST leases)7
Long-term debt (incl. LT leases)108
− Cash & equivalents172
Net debt-56

Net debt / LTM EBITDA: -0.4x

Revenue & EBITDA

RevenueEBITDA

Quarterly values ($ mln)

0204060802024 q12024 q22024 q32024 q42025 q12025 q22025 q32025 q42026 q12026 q2

Year-over-year change

0%100%200%300%2024 q12024 q22024 q32024 q42025 q12025 q22025 q32025 q42026 q12026 q2

Cash flow

Operating and investing cash flow (OCF + ICF) ($ mln)

-1001020302024 q12024 q22024 q32024 q42025 q12025 q22025 q32025 q42026 q12026 q2

Net debt / cash ($ mln)

-60-40-20020402024 q12024 q22024 q32024 q42025 q12025 q22025 q32025 q42026 q12026 q2

Profit and cash

Profit is cash-backed
In a typical year of 2020–2024 operating cash flow came to 2.06x of reported net profit; after capex, 0.01x. Loss years (2023) are left out of the ratio.
year20202021202220232024
cash flow / profit1.49x1.78x3.79x—2.34x
accruals, % of assets-5.7%-6.4%-13.3%-6.9%-6.9%
Last twelve months (to 2026-06-30): 1.26x of profit came back as operating cash flow.
net debt / EBITDA 0.3x · capex 3.1x 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.

Research & reviews

Our earnings breakdowns and investment notes on this issuer.

All research →

Production & Reserves

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

gold

Annual production
76 213 oz
2025

Production, oz

67 476202180 775202275 416202376 656202476 2132025

Production

YearProduction, oz
202576 213
−0.6%
202476 656
+1.6%
202375 416
−6.6%
202280 775
+19.7%
202167 476

SEC 10-K/20-F (CIK 766011), отчёт за 2025-12-31: добыча и запасы основного продукта. Извлечение DeepSeek с двумя проверками — каждое число найдено в тексте самой формы, повторы значений между годами сняты. Обновляется scripts/extract_commodity_ops_deepseek.py.

Key-commodity price — Gold

Current 4 022spot vs LTM -5%

Commodity-player potential

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

Upside: -22.6% ▼ -0.1 pp 1d

Main driver: Gold -5% vs LTM; revenue ×0.95 vs costs ×1.04; EBITDA 133→91; at 5.1× EV/EBITDA → -23%.

Product prices — moves vs the LTM average

CommodityShareSpotLTM3-yrvs LTM, $3y vs LTM
Gold (rev)+100%4 022.004 242.243 395.06-5%-20%

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

1 · Reported baseline (LTM)
LTM revenue289
LTM EBITDA133
LTM cash costs (revenue − EBITDA)155
2 · Revenue projection
Revenue multiplier — spot×0.948 (-5%)
= Spot revenue274
Revenue multiplier — 3y price×0.800 (-20%)
= 3-year-price revenue231
3 · Costs projection
Cost multiplier — spot×1.040 (+4%)
= Spot cash costs162
Cost multiplier — 3y price×1.040 (+4%)
= 3-year-price cash costs162
4 · EBITDA projection (revenue − costs)
= Spot EBITDA112
= 3-year-price EBITDA69
Conservative EBITDA = min(spot, avg)91
5 · Valuation → target market cap
Historical EV/projected-EBITDA (75th pct)5.1x
Target EV = EV/EBITDA × conservative EBITDA465
Net debt-56
Target market cap = EV − net debt537
Current market cap418

Upside = target market cap ÷ current − 1 = -22.6%

Life of mine: 8 yrs — before haircut +28.5%

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
2023 Q34136+14.6%106+87.9%
2023 Q43937+3.4%104+135.0%
2024 Q13739-6.4%159+64.2%
2024 Q24845+5.9%2116+25.7%
2024 Q34749-4.1%1321-39.7%
2024 Q45251+2.1%1222-46.6%
2025 Q15655+2.9%2623+14.0%
2025 Q26564+1.4%4031+28.6%
2025 Q37168+5.8%3434-1.7%
2025 Q47583-9.9%3149-37.2%
2026 Q16694-29.5%2759-54.3%
2026 Q27680-4.8%4242-0.2%

Revenue growth & acceleration

Growth accelerating ▲
Last-year revenue growth +25% vs +3% the year before — a +22.1 pp move. 3-year CAGR +15%.
revenue growth by year: 2022 +17% · 2023 +3% · 2024 +25%
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 3.1x · target 75th pct (3y) 11.8x · LTM avg 5.4x

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

Peer comparison

Group: Gold mining. Each peer is shown as it trades and re-priced onto this company's market (global) by the ratio of our coverage medians.

CompanyMarketCap, $bnEV/EBITDAEV/EBITDA, adjusted
IAMGOLDglobal9.44.2x4.2x
Kinross Goldglobal27.24.6x4.6x
Barrick Mining Corporationglobal64.85.0x5.0x
Harmony GoldSouth Africa10.23.5x5.3x
Coeur Miningglobal8.95.5x5.5x
Evolution MiningAustralia16.37.5x7.4x
Newmont Corporationglobal124.37.5x7.5x
Northern Star ResourcesAustralia24.18.2x8.1x
Agnico Eagle Minesglobal88.48.4x8.4x
AngloGold AshantiSouth Africa43.05.6x8.4x
Alamos Goldglobal12.88.4x8.4x
Hecla Mining Companyglobal9.59.8x9.8x
Group median6.5x7.4x
Group average6.5x6.9x
This companyglobal0.42.8x2.8x

Group median 6.5x as traded, 7.4x adjusted; this company 2.8x — a 63% discount.

Group average 6.5x as traded, 6.9x adjusted; against the average this company is at a 60% discount.

At the adjusted group median the market cap would be +178% versus today.

The gap and the implied upside are measured against the median: one richly priced peer moves an average, not a median. The market adjustment uses our coverage medians (US 20.5x, Russia 3.6x, South Africa 5.0x, Kazakhstan 4.6x, India 18.7x, Indonesia 5.6x); it is about where a name is listed, not what it does. Peer multiples come from the nightly rebuild of 2026-10-23; the company's own is live.

Dividends

Paid (completed)

DatePer shareDetailsStatusSource
2026-08-210.14 USDEx-dividend: 0.14 USD per sharePaidYahoo Finance (ex-div)
2026-04-020.14 USDEx-dividend: 0.14 USD per sharePaidYahoo Finance (ex-div)
2025-05-230.14 USDEx-dividend: 0.14 USD per sharePaidYahoo Finance (ex-div)
2025-04-040.14 USDEx-dividend: 0.14 USD per sharePaidYahoo Finance (ex-div)
2024-11-220.14 USDEx-dividend: 0.14 USD per sharePaidYahoo Finance (ex-div)
2024-07-120.14 USDEx-dividend: 0.14 USD per sharePaidYahoo Finance (ex-div)
2024-04-110.14 USDEx-dividend: 0.14 USD per sharePaidYahoo Finance (ex-div)
2024-01-110.14 USDEx-dividend: 0.14 USD per sharePaidYahoo Finance (ex-div)
2023-10-120.14 USDEx-dividend: 0.14 USD per sharePaidYahoo Finance (ex-div)
2023-07-130.14 USDEx-dividend: 0.14 USD per sharePaidYahoo Finance (ex-div)
2023-04-130.14 USDEx-dividend: 0.14 USD per sharePaidYahoo Finance (ex-div)
2023-01-120.14 USDEx-dividend: 0.14 USD per sharePaidYahoo Finance (ex-div)
2022-10-130.14 USDEx-dividend: 0.14 USD per sharePaidYahoo Finance (ex-div)
2022-07-140.14 USDEx-dividend: 0.14 USD per sharePaidYahoo Finance (ex-div)
2022-04-180.14 USDEx-dividend: 0.14 USD per sharePaidYahoo Finance (ex-div)
2022-01-130.14 USDEx-dividend: 0.14 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 Caledonia Mining (CMCL) — from primary filings.

Frequently asked questions

What is Caledonia Mining (CMCL)'s P/E ratio?
Caledonia Mining (CMCL) trades at a P/E of 6.4x (price to trailing 12-month earnings).
What is Caledonia Mining (CMCL)'s EV/EBITDA?
Caledonia Mining (CMCL) trades at 2.8x EV/EBITDA.
What is Caledonia Mining (CMCL)'s P/B ratio?
Caledonia Mining (CMCL) trades at a P/B of 2.0x.
What is Caledonia Mining (CMCL)'s dividend yield?
Caledonia Mining (CMCL)'s trailing 12-month dividend yield is 1.3%.
What is Caledonia Mining (CMCL)'s return on equity (ROE)?
Caledonia Mining (CMCL)'s ROE is 33.7%.
What is Caledonia Mining (CMCL)'s market capitalization?
Caledonia Mining (CMCL)'s market cap is 422 mln 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