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Harmony Gold ZAR

Update

Sector: Gold mining

ZA_HAR

Price chart

263.63 ZARDay 0.64%

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
263.63 ZAR · 0.64%
Market cap
164.0 bn ZAR

Growth

Δ revenue y/y
19.5%
Δ EBITDA y/y
39.2%

Multiples

P/E (LTM)
86.7x
P/B (FY)
3.4x
P/E (ann.)
8.4x
EV/EBITDA (LTM)
33.4x
EV/EBITDA (ann.)
4.7x

Cash return

Dividend yield
2.6%
FCF yield (LTM)
6.6%

Value creation

to fair market cap at the current EV/EBITDA
Upside (potential)
-59.0%
↓ details

Liquidity

Daily turnover (listing)
106.6 mln ZAR

Shares: yahoo_fundamentals_timeseries/HAR.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 dynamics

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 2025 (6M)OK-29.5
y/y 19.5%
-6.6
y/y 40.5%
-1.6
y/y 33.5%
-8.2
y/y 39.2%
-4.6
y/y 24.1%
-8.83.7114.6
y/y 66.4%
52.2
y/y 13.4%
38.7%5.5Link
2025-06-30H2 2025 (6M)OK36.8
y/y —
10.9
y/y —
2.4
y/y —
13.3
y/y —
6.5
y/y —
12.5-7.077.5
y/y 28.2%
48.5
y/y 19.0%
30.4%-11.1Link
2024-12-31H1 2024 (6M)OK-24.2
y/y —
-1.0
y/y —
-2.2
y/y —
-3.2
y/y —
-0.7
y/y —
-5.53.668.9
y/y —
46.0
y/y —
36.2%-7.3Link
2024-06-30FY 2024 (12M)OK61.4
y/y 24.6%
11.5
y/y 44.4%
4.6
y/y 34.4%
16.2
y/y 41.4%
8.6
y/y 78.2%
15.7-8.460.5
y/y 5.6%
40.8
y/y 17.3%
22.7%-2.9Link
2023-06-30FY 2023 (12M)OK49.3
y/y —
8.0
y/y —
3.5
y/y —
11.4
y/y —
4.8
y/y —
9.9-7.657.2
y/y —
34.8
y/y —
—2.7Link
Data quality No obvious scale, balance-sheet, or cash-flow sanity issues in the displayed periods.

Revenue & EBITDA

RevenueEBITDA

Quarterly values (ZAR mln)

020 00040 00060 00080 0002023 FY2024 FY2025 FY

Year-over-year change

0%20%40%60%2023 FY2024 FY2025 FY

Cash flow

FCF (ZAR mln)

-2 50002 5005 0007 50010 0002023 FY2024 FY2025 FY

Net debt / cash (ZAR mln)

-15 000-10 000-5 00005 0002023 H12023 FY2024 H12024 FY2025 H12025 FY

Key-commodity price — Gold

Current 4 126spot vs LTM -3%

Commodity-player potential

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

Upside: -59.0%

Main driver: Gold -3% vs LTM; revenue ×0.97 vs costs ×1.04; EBITDA 22 288→11 159; at 6.6× EV/EBITDA → -59%.

Product prices — moves vs the LTM average

CommodityShareSpotLTM3-yrvs LTM, $3y vs LTM
Gold (rev)+95%4 126.454 246.023 157.77-3%-26%

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

1 · Reported baseline (LTM)
LTM revenue68 638
LTM EBITDA22 288
LTM cash costs (revenue − EBITDA)46 350
2 · Revenue projection
Revenue multiplier — spot×0.973 (-3%)
= Spot revenue66 802
Revenue multiplier — 3y price×0.756 (-24%)
= 3-year-price revenue51 924
3 · Costs projection
Cost multiplier — spot×1.040 (+4%)
= Spot cash costs48 204
Cost multiplier — 3y price×1.040 (+4%)
= 3-year-price cash costs48 204
4 · EBITDA projection (revenue − costs)
= Spot EBITDA18 598
= 3-year-price EBITDA3 720
Conservative EBITDA = min(spot, avg)11 159
5 · Valuation → target market cap
Historical EV/EBITDA (75th pct)6.6x
Target EV = EV/EBITDA × conservative EBITDA73 823
Net debt5 544
Target market cap = EV − net debt68 279
Current market cap166 628

Upside = target market cap ÷ current − 1 = -59.0%

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 FY49 27542 556+15.8%11 0541 682+557.4%
2024 FY61 37955 644+10.3%17 20815 890+8.3%
2025 FY73 89682 103-10.0%26 02536 165-28.0%

Revenue growth & acceleration

Growth decelerating ▼
Last-year revenue growth +20% vs +25% the year before — a -4.2 pp move. 3-year CAGR +20%.
revenue growth by year: 2023 +16% · 2024 +25% · 2025 +20%
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 8.2x · target 75th pct (3y) 16.7x · LTM avg 7.3x

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

Dividends

Paid (completed)

DatePer shareDetailsStatusSource
2026-04-22530 ZAREx-dividend: 530 ZAR per sharePaidYahoo Finance (ex-div)
2025-10-08155 ZAREx-dividend: 155 ZAR per sharePaidYahoo Finance (ex-div)
2025-04-09227 ZAREx-dividend: 227 ZAR per sharePaidYahoo Finance (ex-div)
2024-10-0994 ZAREx-dividend: 94 ZAR per sharePaidYahoo Finance (ex-div)
2024-04-10147 ZAREx-dividend: 147 ZAR per sharePaidYahoo Finance (ex-div)
2023-10-1175 ZAREx-dividend: 75 ZAR per sharePaidYahoo Finance (ex-div)
2022-10-1222 ZAREx-dividend: 22 ZAR per sharePaidYahoo Finance (ex-div)
2022-04-0640 ZAREx-dividend: 40 ZAR per sharePaidYahoo Finance (ex-div)
2021-10-1327 ZAREx-dividend: 27 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.harmony.co.za/invest/

Reporting forms detected in loaded periods: ✓ ✓ ✓ (Balance sheet / Profit or loss (P&L) / Cash flows)