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African Rainbow Minerals (ARI) ZAR

African Rainbow Minerals is a diversified mining company that explores and produces platinum group metals, nickel, coal, iron ore, copper, manganese, chrome, and gold, with operations in South Africa, Malaysia, and Switzerland.

At a glance: strengths & risks
✓Revenue growing (+31%)✓Profit growing (+1112%)✓Margins improving (22%→52%)✓Net cash balance sheet

Sector: Diversified mining

ZA_ARI

Price chart

155.64 ZARDay -0.24%

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
155.64 ZAR · -0.24%
Market cap
30.0 bn ZAR

Growth

Δ revenue y/y
24.1%
Δ EBITDA y/y
—

Multiples

P/E (LTM)
7.5x
P/B (FY)
0.5x
P/E (ann.)
9.1x
EV/EBITDA (LTM)
2.6x
EV/EBITDA (ann.)
2.1x

Cash return

Dividend yield
3.2%
FCF yield (LTM)
10.8%

Liquidity

Daily turnover (listing)
46.2 mln ZAR

Shares: connector/market_inputs

Amounts: USD (converted) · As reported
Converted modes use NBK / ECB-linked rates: balance sheet date for BS items, period average for P&L and cash flow (see filing row evidence). As reported keeps each row in its filing currency.

Financial results

Monetary columns are in B ZAR, 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.

DatePeriodStatusRevenueB ZAROperating profitB ZARD&AB ZAREBITDAB ZARNet profitB ZAROperating CFB ZARCapex + M&AB ZARAssetsB ZAREquityB ZARROE (annualized)Net debtB ZARSource
2026-06-30H2 2026 (6M)OK7.4
y/y 24.1%
5.0
y/y 2837.2%
0.5
y/y 0.8%
5.5
y/y 1501.7%
1.6
y/y 254.6%
1.9-1.478.1
y/y 5.1%
57.7
y/y 3.3%
6.4%-9.8Link
2025-12-31H1 2026 (6M)OK7.9
y/y 37.7%
1.9
y/y —
0.5
y/y 0.0%
2.3
y/y —
2.4
y/y 68.8%
4.3-1.383.7
y/y 20.7%
66.5
y/y 17.2%
7.7%-8.8Link
2025-06-30H2 2025 (6M)OK6.0
y/y 6.3%
-0.2
y/y -14.4%
0.5
y/y 1.1%
0.3
y/y -4.7%
-1.1
y/y -155.1%
0.8-1.374.3
y/y 5.1%
55.9
y/y 3.4%
0.6%-6.7Link
2024-12-31H1 2025 (6M)PARTIAL5.7
y/y -1.9%
-0.4
y/y -327.9%
0.5
y/y 0.0%
0.0
y/y -97.3%
1.4
y/y 14.6%
1.6-1.369.3
y/y 7.6%
56.8
y/y 4.3%
5.0%-6.6Link
2024-06-30H2 2024 (6M)OK5.6
y/y —
-0.2
y/y —
0.5
y/y —
0.4
y/y —
1.9
y/y —
0.4-3.270.7
y/y 10.4%
54.0
y/y 9.7%
5.8%-6.5Link
2023-12-31H1 2024 (6M)OK5.8
y/y —
0.2
y/y —
0.5
y/y —
0.6
y/y —
1.2
y/y —
3.6-3.164.4
y/y —
54.4
y/y —
4.7%-8.1Link
2023-06-30FY 2023 (12M)OK14.7
y/y —
4.9
y/y —
0.9
y/y —
5.7
y/y —
8.1
y/y —
6.2-4.564.0
y/y —
49.2
y/y —
—-9.2Link

Revenue & EBITDA

RevenueEBITDA

Quarterly values (ZAR mln)

02 0004 0006 0008 0002023 H12023 H22024 H12024 H22025 H12025 H22026 H12026 H2

Year-over-year change

-100%-50%0%50%2023 H12023 H22024 H12024 H22025 H12025 H22026 H12026 H2

Cash flow

FCF (ZAR mln)

-4 000-2 00002 0004 0002023 H12023 H22024 H12024 H22025 H12025 H22026 H12026 H2

Net debt / cash (ZAR mln)

-10 000-8 000-6 000-4 000-2 00002023 H12023 FY2024 H12024 FY2025 H12025 FY2026 H12026 FY

Profit and cash

Profit is cash-backed
In a typical year of 2022–2026 operating cash flow came to 1.29x of reported net profit; after capex, 0.21x.
year20222023202420252026
cash flow / profit0.39x0.77x1.29x7.42x1.55x
accruals, % of assets12.9%2.9%-1.3%-2.9%-2.8%
Last twelve months (to 2026-06-30): 1.55x of profit came back as operating cash flow.
net debt / EBITDA -1.2x · capex 3.9x 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 →

Revenue growth & acceleration

Growth accelerating ▲
Last-year revenue growth +31% vs +2% the year before — a +28.6 pp move. 3-year CAGR +1%.
revenue growth by year: 2024 -22% · 2025 +2% · 2026 +31%
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).

Peer comparison

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

CompanyMarketCap, $bnEV/EBITDAEV/EBITDA, adjusted
Valeglobal58.77.1x4.5x
Rio Tintoglobal154.37.8x4.9x
BHP Groupglobal219.07.9x5.0x
South32Australia15.410.9x6.7x
Anglo AmericanSouth Africa58.510.6x10.6x
Group median7.9x5.0x
Group average8.8x6.4x
This companySouth Africa1.82.6x2.6x

Group median 7.9x as traded, 5.0x adjusted; this company 2.6x — a 49% discount.

Group average 8.8x as traded, 6.4x adjusted; against the average this company is at a 59% discount. The average sits 27% above the median: Anglo American (10.6x) skews the group.

At the adjusted group median the market cap would be +64% 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 22.8x, Russia 3.9x, South Africa 5.1x, Kazakhstan 6.6x, India 18.2x, Indonesia 4.8x); it is about where a name is listed, not what it does. Peer multiples come from the nightly rebuild of 2026-10-05; the company's own is live.

Dividends

Paid (completed)

DatePer shareDetailsStatusSource
2026-04-08500 ZAREx-dividend: 500 ZAR per sharePaidYahoo Finance (ex-div)
2025-10-01600 ZAREx-dividend: 600 ZAR per sharePaidYahoo Finance (ex-div)
2025-04-02450 ZAREx-dividend: 450 ZAR per sharePaidYahoo Finance (ex-div)
2024-10-02900 ZAREx-dividend: 900 ZAR per sharePaidYahoo Finance (ex-div)
2024-04-03600 ZAREx-dividend: 600 ZAR per sharePaidYahoo Finance (ex-div)
2023-10-041 200 ZAREx-dividend: 1 200 ZAR per sharePaidYahoo Finance (ex-div)
2023-03-291 400 ZAREx-dividend: 1 400 ZAR per sharePaidYahoo Finance (ex-div)
2022-09-282 000 ZAREx-dividend: 2 000 ZAR per sharePaidYahoo Finance (ex-div)
2022-03-301 200 ZAREx-dividend: 1 200 ZAR 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.arm.co.za/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 African Rainbow Minerals (ARI) — from primary filings.

Frequently asked questions

What is African Rainbow Minerals (ARI)'s P/E ratio?
African Rainbow Minerals (ARI) trades at a P/E of 7.5x (price to trailing 12-month earnings).
What is African Rainbow Minerals (ARI)'s EV/EBITDA?
African Rainbow Minerals (ARI) trades at 2.6x EV/EBITDA.
What is African Rainbow Minerals (ARI)'s P/B ratio?
African Rainbow Minerals (ARI) trades at a P/B of 0.5x.
What is African Rainbow Minerals (ARI)'s dividend yield?
African Rainbow Minerals (ARI)'s trailing 12-month dividend yield is 3.2%.
What is African Rainbow Minerals (ARI)'s return on equity (ROE)?
African Rainbow Minerals (ARI)'s ROE is 5.7%.
What is African Rainbow Minerals (ARI)'s market capitalization?
African Rainbow Minerals (ARI)'s market cap is 30.0 bn ZAR.

See also: South African Stocks (2026): Gold, Cheap Banks and the JSE Discount · The Cheapest Metals & Mining Stocks (2026): Copper, Steel, Silver by Valuation · The Cheapest Stocks in the World (2026): What Value Investing Says About Buying Cheap · global valuation map