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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

26.33 USDDay 0.04%

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
26.33 USD · 0.04%
Market cap
508 mln USD

Growth

Δ revenue y/y
16.2%
Δ EBITDA y/y
6.4%

Multiples

P/E (LTM)
7.8x
P/B (FY)
2.4x
P/E (ann.)
5.3x
EV/EBITDA (LTM)
3.4x
EV/EBITDA (ann.)
2.7x

Cash return

Dividend yield
1.1%
FCF yield (LTM)
17.0%

Value creation

to target market cap (spot commodity model)
Upside (potential)
-48.8%
↓ 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
2026-06-30Q2 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%2024 q12024 q22024 q32024 q42025 q12025 q22025 q32025 q42026 q12026 q2

Cash flow

FCF ($ mln)

-10010202024 q12024 q22024 q32024 q42025 q12025 q22025 q32025 q42026 q12026 q2

Net debt / cash ($ mln)

-60-40-200202024 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.

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)
4.9 yrs
reserves ÷ annual output
Annual production
0.08 mln gold ounces
2022

Production, mln gold ounces

0.0720210.082022

Proved reserves

YearReserves, mln gold ounces
20220.40

Production

YearProduction, mln gold ouncesper day, mln gold ounces
20240.04 * (6M)0.00
20230.02 * (3M)
−13.0%		0.00
20220.08
+19.7%		0.00
20210.070.00
20200.02 * (3M)0.00

* partial year

EI1 ___NASDAQ_press_comm (NASDAQ / SEC filings)

Key-commodity price — Gold

Current 4 429spot vs LTM +4%

Commodity-player potential

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

Upside: -48.8% ▲ +0.0 pp 1d

Main driver: Gold +4% vs LTM; revenue ×1.04 vs costs ×1.04; EBITDA 133→101; at 5.4× EV/EBITDA → -49%.

Product prices — moves vs the LTM average

CommodityShareSpotLTM3-yrvs LTM, $3y vs LTM
Gold (rev)+100%4 428.954 242.243 291.98+4%-22%

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×1.044 (+4%)
= Spot revenue301
Revenue multiplier — 3y price×0.776 (-22%)
= 3-year-price revenue224
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 EBITDA140
= 3-year-price EBITDA62
Conservative EBITDA = min(spot, avg)101
5 · Valuation → target market cap
Historical EV/projected-EBITDA (75th pct)5.4x
Target EV = EV/EBITDA × conservative EBITDA545
Net debt-56
Target market cap = EV − net debt611
Current market cap508

Upside = target market cap ÷ current − 1 = -48.8%

Life of mine: 5 yrs — before haircut +20.2%

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 2.5x · target 75th pct (3y) 12.2x · LTM avg 5.6x

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

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)
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.

Frequently asked questions

What is Caledonia Mining (CMCL)'s P/E ratio?
Caledonia Mining (CMCL) trades at a P/E of 7.8x (price to trailing 12-month earnings).
What is Caledonia Mining (CMCL)'s EV/EBITDA?
Caledonia Mining (CMCL) trades at 3.4x EV/EBITDA.
What is Caledonia Mining (CMCL)'s P/B ratio?
Caledonia Mining (CMCL) trades at a P/B of 2.4x.
What is Caledonia Mining (CMCL)'s dividend yield?
Caledonia Mining (CMCL)'s trailing 12-month dividend yield is 1.1%.
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 508 mln USD.

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