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Caledonia Mining (CMCL) USD

At a glance: strengths & risks
✓Revenue growing (+25%)✓Margins improving (17%→33%)✓Low leverage (0.3x EBITDA)

Sector: Gold mining

Geography: Zimbabwe

COMM_CMCL

Price chart

18.53 USDDay -0.48%

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
18.53 USD · -0.48%
Market cap
358 mln USD

Growth

Δ revenue y/y
18.3%
Δ EBITDA y/y
2.6%

Multiples

P/E (LTM)
5.8x
P/B (FY)
1.7x
P/E (ann.)
5.6x
EV/EBITDA (LTM)
2.3x
EV/EBITDA (ann.)
2.8x

Cash return

Dividend yield
0.8%
FCF yield (LTM)
26.1%

Value creation

to target market cap (spot commodity model)
Upside (potential)
-49.9%
↓ details

Liquidity

Daily turnover (listing)
3.1 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
2026-03-31Q1 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%-55.2Link
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%-4.3Link
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%8.1Link
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%8.1Link
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%18.8Link
2024-12-31Q4 2024 (3M)OK51.9
y/y 34.3%
8.2
y/y 1650.7%
3.7
y/y -54.3%
11.9
y/y 55.6%
5.1
y/y 166.9%
13.4-12.8348.4
y/y 6.1%
213.9
y/y 4.0%
7.8%20.5Link
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%8.6Link
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%12.6Link
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%21.4Link
2023-12-31Q4 2023 (3M)OK38.7
y/y —
-0.5
y/y —
8.2
y/y —
7.7
y/y —
-7.6
y/y —
3.4-9.3328.3
y/y —
205.7
y/y —
-3.5%20.6Link
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%10.5Link
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%12.8Link
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 —
—5.7Link

Revenue & EBITDA

RevenueEBITDA

Quarterly values ($ mln)

0204060802023 q42024 q12024 q22024 q32024 q42025 q12025 q22025 q32025 q42026 q1

Year-over-year change

0%100%200%2023 q42024 q12024 q22024 q32024 q42025 q12025 q22025 q32025 q42026 q1

Cash flow

FCF ($ mln)

-30-20-10010202023 q42024 q12024 q22024 q32024 q42025 q12025 q22025 q32025 q42026 q1

Net debt / cash ($ mln)

-60-40-200202023 q42024 q12024 q22024 q32024 q42025 q12025 q22025 q32025 q42026 q1

Production & Reserves

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

Gold

Proved reserves
0.40 mln gold ounces
2022
Reserve life (R/P)
9.7 yrs
reserves ÷ annual output
Annual production
0.04 mln gold ounces
2024

Production, mln gold ounces

0.0220200.0720210.0820220.0220230.042024

Proved reserves

YearReserves, mln gold ounces
20220.40

Production

YearProduction, mln gold ouncesper day
20240.04112.0
20230.02 * (3M)
−13.0%		177.0
20220.08
+19.7%		221.0
20210.07185.0
20200.02 * (3M)166.0

* partial year

EI1 ___NASDAQ_press_comm (NASDAQ / SEC filings)

Key-commodity price — Gold

Current 4 050spot vs LTM -5%

Commodity-player potential

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

Upside: -49.9% ▼ -1.1 pp 1d

Main driver: Gold -5% vs LTM; revenue ×0.95 vs costs ×1.04; EBITDA 131→84; at 4.1× EV/EBITDA → -50%.

Product prices — moves vs the LTM average

CommodityShareSpotLTM3-yrvs LTM, $3y vs LTM
Gold (rev)+100%4 050.274 246.023 189.61-5%-25%

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

1 · Reported baseline (LTM)
LTM revenue278
LTM EBITDA131
LTM cash costs (revenue − EBITDA)147
2 · Revenue projection
Revenue multiplier — spot×0.954 (-5%)
= Spot revenue265
Revenue multiplier — 3y price×0.751 (-25%)
= 3-year-price revenue209
3 · Costs projection
Cost multiplier — spot×1.040 (+4%)
= Spot cash costs153
Cost multiplier — 3y price×1.040 (+4%)
= 3-year-price cash costs153
4 · EBITDA projection (revenue − costs)
= Spot EBITDA112
= 3-year-price EBITDA56
Conservative EBITDA = min(spot, avg)84
5 · Valuation → target market cap
Historical EV/projected-EBITDA (75th pct)4.1x
Target EV = EV/EBITDA × conservative EBITDA341
Net debt-55
Target market cap = EV − net debt411
Current market cap358

Upside = target market cap ÷ current − 1 = -49.9%

Life of mine: 5 yrs — before haircut +15.0%

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 Q23737-0.9%610-35.4%
2023 Q34136+14.6%106+87.9%
2023 Q43937+3.4%84+72.5%
2024 Q13739-6.4%158+78.6%
2024 Q24845+5.9%2116+31.5%
2024 Q34749-4.1%1320-37.6%
2024 Q45251+2.1%1222-44.8%
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%

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 0.9x · target 75th pct (3y) 4.1x · LTM avg 4.2x

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

Dividends

Paid (completed)

DatePer shareDetailsStatusSource
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)
2021-10-140.14 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.

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

Frequently asked questions

What is Caledonia Mining (CMCL)'s P/E ratio?
Caledonia Mining (CMCL) trades at a P/E of 5.8x (price to trailing 12-month earnings).
What is Caledonia Mining (CMCL)'s EV/EBITDA?
Caledonia Mining (CMCL) trades at 2.3x EV/EBITDA.
What is Caledonia Mining (CMCL)'s P/B ratio?
Caledonia Mining (CMCL) trades at a P/B of 1.7x.
What is Caledonia Mining (CMCL)'s dividend yield?
Caledonia Mining (CMCL)'s trailing 12-month dividend yield is 0.8%.
What is Caledonia Mining (CMCL)'s return on equity (ROE)?
Caledonia Mining (CMCL)'s ROE is 23.9%.
What is Caledonia Mining (CMCL)'s market capitalization?
Caledonia Mining (CMCL)'s market cap is 358 mln USD.