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AngloGold Ashanti USD

At a glance: strengths & risks
✓Revenue growing (+71%)✓Profit growing (+163%)✓Margins improving (45%→58%)✓Net cash balance sheet✓Commodity price +17% vs 1-yr · -17% vs 3-yr✗Priced above model value

Sector: Gold mining

ZA_ANG

Price chart

121.22 USDDay 5.28%

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
121.22 USD · 5.28%
Market cap
61.6 bn USD

Growth

Δ revenue y/y
27.0%
Δ EBITDA y/y
55.8%

Multiples

P/E (LTM)
16.2x
3y avg: 14.1x
P/B (FY)
7.6x
P/E (ann.)
15.4x
EV/EBITDA (LTM)
7.9x
3y avg: 6.5x
EV/EBITDA (ann.)
8.9x

Cash return

Dividend yield
3.7%
FCF yield (LTM)
2.1%

Value creation

to target market cap (spot commodity model)
Upside (potential)
-28.1%
↓ details

Liquidity

Daily turnover (listing)
533.7 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
2026-06-30Q2 2026 (3M)OK3104.0
y/y 27.0%
1583.0
y/y 58.5%
-110.0
y/y 26.4%
1698.0
y/y 55.8%
1002.0
y/y 49.8%
1432.0-59.015554.0
y/y 10.1%
8957.0
y/y 20.8%
45.8%-1198.0Link
2026-03-31Q1 2026 (3M)OK3236.0
y/y 64.8%
1814.0
y/y 142.8%
225.0
y/y 878.3%
2039.0
y/y 164.8%
1281.0
y/y 189.2%
1709.0-428.015705.0
y/y 17.3%
8535.0
y/y 26.0%
61.6%-1075.0Link
2025-12-31Q4 2025 (3M)OK3068.0
y/y —
1497.0
y/y —
1283.0
y/y —
2780.0
y/y —
855.0
y/y —
1622.0-454.015078.0
y/y 14.0%
8091.0
y/y 22.1%
33.4%-838.0Link
2025-09-30Q3 2025 (3M)OK2417.0
y/y —
1026.0
y/y —
112.0
y/y —
1138.0
y/y —
669.0
y/y —
1419.0-342.014836.0
y/y —
7690.0
y/y —
11.8%-411.0Link
2025-06-30Q2 2025 (3M)OK2445.0
y/y —
999.0
y/y —
91.0
y/y —
1090.0
y/y —
669.0
y/y —
1018.0-350.014129.0
y/y —
7416.0
y/y —
37.7%117.0Link
2025-03-31Q1 2025 (3M)OK1963.0
y/y —
747.0
y/y —
23.0
y/y —
770.0
y/y —
443.0
y/y —
725.0-303.013391.0
y/y —
6774.0
y/y —
26.4%556.0Link
2024-12-31FY 2024 (12M)OK5793.0
y/y 26.4%
1553.0
y/y 170.6%
752.0
y/y 14.3%
2305.0
y/y 87.1%
1004.0
y/y —
1968.0-1090.013230.0
y/y 60.2%
6629.0
y/y 78.6%
19.4%587.0Link
2023-12-31FY 2023 (12M)OK4582.0
y/y —
574.0
y/y —
658.0
y/y —
1232.0
y/y —
-235.0
y/y —
971.0-1042.08257.0
y/y —
3711.0
y/y —
—1284.0Link

Revenue & EBITDA

RevenueEBITDA

Quarterly values ($ mln)

02 0004 0006 0002023 FY2024 FY2025 q12025 q22025 q32025 q42026 q12026 q2

Year-over-year change

0%50%100%150%2023 FY2024 FY2025 q12025 q22025 q32025 q42026 q12026 q2

Cash flow

FCF ($ mln)

05001 0001 5002023 FY2024 FY2025 q12025 q22025 q32025 q42026 q12026 q2

Net debt / cash ($ mln)

-1 500-1 000-50005001 0001 5002023 FY2024 FY2025 q12025 q22025 q32025 q42026 q12026 q2

Profit and cash

Profit is cash-backed
In a typical year of 2022–2025 operating cash flow came to 1.96x of reported net profit; after capex, 1.26x. Loss years (2023) are left out of the ratio.
year2022202320242025
cash flow / profit7.74x—1.96x1.81x
accruals, % of assets-19.6%-14.6%-7.3%-14.2%
Last twelve months (to 2026-06-30): 1.62x 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 608spot vs LTM +17%

Commodity-player potential

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

Upside: -28.1%

Main driver: Gold +17% vs LTM; revenue ×1.17 vs costs ×1.04; EBITDA 7 047→6 868; at 8.5× EV/EBITDA → -28%.

Product prices — moves vs the LTM average

CommodityShareSpotLTM3-yrvs LTM, $3y vs LTM
Gold (rev)+100%4 608.193 936.853 255.38+17%-17%

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

1 · Reported baseline (LTM)
LTM revenue11 166
LTM EBITDA7 047
LTM cash costs (revenue − EBITDA)4 119
2 · Revenue projection
Revenue multiplier — spot×1.171 (+17%)
= Spot revenue13 070
Revenue multiplier — 3y price×0.827 (-17%)
= 3-year-price revenue9 234
3 · Costs projection
Cost multiplier — spot×1.040 (+4%)
= Spot cash costs4 284
Cost multiplier — 3y price×1.040 (+4%)
= 3-year-price cash costs4 284
4 · EBITDA projection (revenue − costs)
= Spot EBITDA8 786
= 3-year-price EBITDA4 950
Conservative EBITDA = min(spot, avg)6 868
5 · Valuation → target market cap
Historical EV/EBITDA (75th pct)8.5x
Target EV = EV/EBITDA × conservative EBITDA58 487
Net debt-1 075
Target market cap = EV − net debt59 562
Current market cap61 085

Upside = target market cap ÷ current − 1 = -28.1%

Life of mine: 12 yrs — before haircut -2.5%

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 FY4 5824 855-5.6%1 2321 474-16.4%
2024 FY5 7935 634+2.8%2 5852 150+20.2%
2025 FY9 8938 341+18.6%5 7785 005+15.5%

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 6.7x · target 75th pct (3y) 26.2x · LTM avg 8.9x

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

Dividends

Paid (completed)

DatePer shareDetailsStatusSource
2026-08-210.72 USDEx-dividend: 0.72 USD per sharePaidYahoo Finance (ex-div)
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).

Investor reporting (IR): https://www.anglogoldashanti.com/investors/

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 — from primary filings.

AngloGold Ashanti plc is a gold mining company that operates mines in Africa, Australia, and the Americas, extracting gold along with by-products such as silver and sulphuric acid. Its flagship asset is the wholly owned Geita mine in Tanzania.

Frequently asked questions

What is AngloGold Ashanti's P/E ratio?
AngloGold Ashanti trades at a P/E of 16.2x (price to trailing 12-month earnings).
What is AngloGold Ashanti's EV/EBITDA?
AngloGold Ashanti trades at 7.9x EV/EBITDA.
What is AngloGold Ashanti's P/B ratio?
AngloGold Ashanti trades at a P/B of 7.6x.
What is AngloGold Ashanti's dividend yield?
AngloGold Ashanti's trailing 12-month dividend yield is 3.7%.
What is AngloGold Ashanti's return on equity (ROE)?
AngloGold Ashanti's ROE is 45.8%.
What is AngloGold Ashanti's market capitalization?
AngloGold Ashanti's market cap is 61.6 bn USD.

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