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African Rainbow Minerals (ARI) ZAR

At a glance: strengths & risks
✓Net cash balance sheet✗Profit falling (-90%)✗Margins compressing (9%→3%)

Sector: Diversified mining

ZA_ARI

Price chart

186.53 ZARDay 5.22%

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
186.53 ZAR · 5.22%
Market cap
36.6 bn ZAR

Growth

Δ revenue y/y
37.7%
Δ EBITDA y/y
278.9%

Multiples

P/E (LTM)
28.4x
P/B (FY)
0.7x
P/E (ann.)
7.8x
EV/EBITDA (LTM)
10.7x
EV/EBITDA (ann.)
4.6x

Cash return

Dividend yield
5.7%
FCF yield (LTM)
6.0%

Liquidity

Daily turnover (listing)
81.9 mln ZAR

Shares: yahoo_fundamentals_timeseries/ARI.JO

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
2025-12-31H1 2026 (6M)OK7.9
y/y 37.7%
1.9
y/y —
1.2
y/y -4.0%
3.0
y/y 278.9%
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%
-0.3
y/y 9.1%
-0.4
y/y 0.7%
-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)OK5.7
y/y -1.9%
-0.4
y/y -327.9%
1.2
y/y -1.6%
0.8
y/y -44.4%
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 —
-0.3
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 —
1.3
y/y —
1.4
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)

-2 00002 0004 0006 0008 0002023 H12023 H22024 H12024 H22025 H12025 H2

Year-over-year change

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

Cash flow

FCF (ZAR mln)

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

Net debt / cash (ZAR mln)

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

Profit and cash

Profit is cash-backed
In a typical year of 2022–2025 operating cash flow came to 1.03x of reported net profit; after capex, -0.21x.
year2022202320242025
cash flow / profit0.39x0.77x1.29x7.42x
accruals, % of assets12.9%2.9%-1.3%-2.9%
Last twelve months (to 2025-12-31): 3.98x of profit came back as operating cash flow.
net debt / EBITDA -18.6x · capex 4.2x 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.

Revenue growth & acceleration

Growth accelerating ▲
Last-year revenue growth +2% vs -22% the year before — a +24.3 pp move. 3-year CAGR -12%.
revenue growth by year: 2023 -13% · 2024 -22% · 2025 +2%
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).

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)
2021-09-292 000 ZAREx-dividend: 2 000 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.

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.

Frequently asked questions

What is African Rainbow Minerals (ARI)'s P/E ratio?
African Rainbow Minerals (ARI) trades at a P/E of 28.4x (price to trailing 12-month earnings).
What is African Rainbow Minerals (ARI)'s EV/EBITDA?
African Rainbow Minerals (ARI) trades at 10.7x EV/EBITDA.
What is African Rainbow Minerals (ARI)'s P/B ratio?
African Rainbow Minerals (ARI) trades at a P/B of 0.7x.
What is African Rainbow Minerals (ARI)'s dividend yield?
African Rainbow Minerals (ARI)'s trailing 12-month dividend yield is 5.7%.
What is African Rainbow Minerals (ARI)'s return on equity (ROE)?
African Rainbow Minerals (ARI)'s ROE is 7.7%.
What is African Rainbow Minerals (ARI)'s market capitalization?
African Rainbow Minerals (ARI)'s market cap is 36.6 bn ZAR.

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