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Harmony Gold ZAR

At a glance: strengths & risks
✓Revenue growing (+20%)✓Profit growing (+68%)✓Margins improving (28%→35%)✓Net cash balance sheet✓Commodity price +33% vs 1-yr · -6% vs 3-yr

Sector: Gold mining

ZA_HAR

Price chart

379.58 ZARDay 8.36%

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
379.58 ZAR · 8.36%
Market cap
236.1 bn ZAR

Growth

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

Multiples

P/E (LTM)
14.5x
P/B (FY)
4.9x
P/E (ann.)
12.1x
EV/EBITDA (LTM)
7.7x
EV/EBITDA (ann.)
6.7x

Cash return

Dividend yield
1.8%
FCF yield (LTM)
6.1%

Value creation

to target market cap (spot commodity model)
Upside (potential)
-1.2%
↓ details

Liquidity

Daily turnover (listing)
1.4 bln 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 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)OK44.4
y/y 19.5%
14.8
y/y 40.5%
3.2
y/y 33.5%
18.0
y/y 39.2%
9.7
y/y 24.1%
13.8-8.1114.6
y/y 66.4%
52.2
y/y 13.4%
38.7%5.5Link
2025-06-30H2 2025 (6M)OK36.8
y/y 22.7%
10.9
y/y 167.8%
2.4
y/y 6.8%
13.3
y/y 110.3%
6.5
y/y 144.7%
12.5-7.077.5
y/y 28.2%
48.5
y/y 19.0%
30.4%-11.1Link
2024-12-31H1 2025 (6M)OK37.1
y/y 18.2%
10.5
y/y 41.2%
2.4
y/y 2.0%
13.0
y/y 31.7%
7.9
y/y 32.7%
10.2-4.868.9
y/y 15.2%
46.0
y/y 15.2%
36.2%-7.3Link
2024-06-30H2 2024 (6M)OK30.0
y/y —
4.1
y/y —
2.3
y/y —
6.3
y/y —
2.7
y/y —
8.7-4.560.5
y/y 5.6%
40.8
y/y 17.3%
21.3%-2.9Link
2023-12-31H1 2024 (6M)OK31.4
y/y —
7.5
y/y —
2.4
y/y —
9.8
y/y —
5.9
y/y —
7.0-3.959.8
y/y —
40.0
y/y —
31.7%-0.1Link
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

Revenue & EBITDA

RevenueEBITDA

Quarterly values (ZAR mln)

010 00020 00030 00040 0002023 H12023 H22024 H12024 H22025 H12025 H2

Year-over-year change

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

Cash flow

FCF (ZAR mln)

-4 000-2 00002 0004 0006 0002023 H12023 H22024 H12024 H22025 H12025 H2

Net debt / cash (ZAR mln)

-15 000-10 000-5 00005 0002023 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 1.82x of reported net profit; after capex, 0.75x. Loss years (2022) are left out of the ratio.
year2022202320242025
cash flow / profit—2.06x1.82x1.57x
accruals, % of assets-17.0%-9.0%-11.7%-10.7%
Last twelve months (to 2025-12-31): 1.62x of profit came back as operating cash flow.
net debt / EBITDA -0.4x · capex 2.0x 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 (attributable gold + gold-equivalent; SA underground 57% + Papua New Guinea 43%)

Proved reserves
36.80 Moz
2025
Reserve life (R/P)
24.9 yrs
reserves ÷ annual output
Annual production
1.48 Moz
2025
Production guidance
1.45 Moz

Production, Moz

1.4820221.4720231.5620241.482025

Proved reserves

YearReserves, Moz
202536.80
202440.30

Production

YearProduction, Mozper day, Moz
20251.48
−5.2%		0.00
20241.56
+6.0%		0.00
20231.47
−0.2%		0.00
20221.480.00

Harmony Gold FY2025 results, year ended 30 Jun 2025 (harmony.co.za; SEC 20-F filer CIK 1023514). FY25 production 46,023 kg = 1.48 Moz; attributable P&P reserves 36.8 Moz (40.3 Moz at Jun-2024, -9%); R/P = 36.8 / 1.48 ≈ 24.9y. Prior-year output per Harmony annual reports.

Key-commodity price — Gold

Current 4 590spot vs LTM +19%

Commodity-player potential

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

Upside: -1.2%

Main driver: Gold +33% vs LTM; revenue ×1.19 vs costs ×1.04; EBITDA 31 105→30 735; at 7.8× EV/EBITDA → -1%.

Product prices — moves vs the LTM average

CommodityShareSpotLTM3-yrvs LTM, $vs LTM, ZAR3y vs LTM
Gold (rev)+95%4 590.143 443.923 252.78+33%+20%-6%

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

1 · Reported baseline (LTM)
LTM revenue81 155
LTM EBITDA31 105
LTM cash costs (revenue − EBITDA)50 050
2 · Revenue projection
Revenue multiplier — spot×1.186 (+19%)
= Spot revenue96 210
Revenue multiplier — 3y price×0.855 (-15%)
= 3-year-price revenue69 364
3 · Costs projection
Cost multiplier — spot×1.040 (+4%)
= Spot cash costs52 052
Cost multiplier — 3y price×1.040 (+4%)
= 3-year-price cash costs52 052
4 · EBITDA projection (revenue − costs)
= Spot EBITDA44 158
= 3-year-price EBITDA17 312
Conservative EBITDA = min(spot, avg)30 735
5 · Valuation → target market cap
Historical EV/EBITDA (75th pct)7.8x
Target EV = EV/EBITDA × conservative EBITDA238 768
Net debt5 544
Target market cap = EV − net debt233 224
Current market cap236 099

Upside = target market cap ÷ current − 1 = -1.2%

Life of mine: 25 yrs

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 5.3x · target 75th pct (3y) 16.6x · LTM avg 6.7x

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)

Financial results, valuation multiples (P/E, P/B, EV/EBITDA), profitability and dividend yield of Harmony Gold — from primary filings.

Harmony Gold Mining Company Limited explores, extracts, and processes gold and other minerals, including uranium, silver, and copper, with operations in South Africa, Papua New Guinea, and Australia.

Frequently asked questions

What is Harmony Gold's P/E ratio?
Harmony Gold trades at a P/E of 14.5x (price to trailing 12-month earnings).
What is Harmony Gold's EV/EBITDA?
Harmony Gold trades at 7.7x EV/EBITDA.
What is Harmony Gold's P/B ratio?
Harmony Gold trades at a P/B of 4.9x.
What is Harmony Gold's dividend yield?
Harmony Gold's trailing 12-month dividend yield is 1.8%.
What is Harmony Gold's return on equity (ROE)?
Harmony Gold's ROE is 38.7%.
What is Harmony Gold's market capitalization?
Harmony Gold's market cap is 236.1 bn ZAR.

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