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Harmony Gold ZAR

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.

At a glance: strengths & risks
✓Revenue growing (+34%)✓Profit growing (+104%)✓Margins improving (36%→48%)✓Low leverage (0.0x EBITDA)✓Model upside +29%

Sector: Gold mining

ZA_HAR

Price chart

286.19 ZARDay -1.25%

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
286.19 ZAR · -1.25%
Market cap
179.4 bn ZAR

Growth

Δ revenue y/y
49.2%
Δ EBITDA y/y
124.0%

Multiples

P/E (LTM)
6.1x
P/B (FY)
2.4x
P/E (ann.)
4.6x
EV/EBITDA (LTM)
3.8x
EV/EBITDA (ann.)
3.0x

Cash return

Dividend yield
2.4%
FCF yield (LTM)
8.8%

Value creation

to target market cap (spot commodity model)
Upside (potential)
+28.6%
↓ details

Liquidity

Daily turnover (listing)
35.5 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)OK54.8
y/y 49.2%
25.7
y/y 136.1%
4.1
y/y 69.6%
29.8
y/y 124.0%
19.6
y/y 200.3%
19.8-9.7126.0
y/y 62.6%
75.4
y/y 55.4%
46.0%0.9Link
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)

020 00040 00060 0002023 H12023 H22024 H12024 H22025 H12025 H22026 H12026 H2

Year-over-year change

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

Cash flow

FCF (ZAR mln)

-15 000-10 000-5 00005 00010 0002023 H12023 H22024 H12024 H22025 H12025 H22026 H12026 H2

Net debt / cash (ZAR mln)

-15 000-10 000-5 00005 0002023 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 1.70x of reported net profit; after capex, 0.64x. Loss years (2022) are left out of the ratio.
year20222023202420252026
cash flow / profit—2.06x1.82x1.57x1.15x
accruals, % of assets-17.0%-9.0%-11.7%-10.7%-3.4%
Last twelve months (to 2026-06-30): 1.15x of profit came back as operating cash flow.
net debt / EBITDA 0.0x · capex 2.2x 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.

Research & reviews

Our earnings breakdowns and investment notes on this issuer.

All research →

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 167spot vs LTM -3%

Commodity-player potential

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

Upside: +28.6%

Main driver: Gold -2% vs LTM; revenue ×0.97 vs costs ×1.04; EBITDA 47 882→34 112; at 6.9× EV/EBITDA → +29%.

Product prices — moves vs the LTM average

CommodityShareSpotLTM3-yrvs LTM, $vs LTM, ZAR3y vs LTM
Gold (rev)+95%4 166.944 242.243 357.31-2%-3%-21%

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

1 · Reported baseline (LTM)
LTM revenue99 238
LTM EBITDA47 882
LTM cash costs (revenue − EBITDA)51 356
2 · Revenue projection
Revenue multiplier — spot×0.971 (-3%)
= Spot revenue96 407
Revenue multiplier — 3y price×0.792 (-21%)
= 3-year-price revenue78 637
3 · Costs projection
Cost multiplier — spot×1.040 (+4%)
= Spot cash costs53 410
Cost multiplier — 3y price×1.040 (+4%)
= 3-year-price cash costs53 410
4 · EBITDA projection (revenue − costs)
= Spot EBITDA42 997
= 3-year-price EBITDA25 226
Conservative EBITDA = min(spot, avg)34 112
5 · Valuation → target market cap
Historical EV/EBITDA (75th pct)6.9x
Target EV = EV/EBITDA × conservative EBITDA234 892
Net debt852
Target market cap = EV − net debt234 040
Current market cap182 042

Upside = target market cap ÷ current − 1 = +28.6%

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 4391 503+661.3%
2024 FY61 37955 644+10.3%16 17516 290-0.7%
2025 FY73 89682 103-10.0%26 28335 090-25.1%
2026 FY99 238109 269-9.2%47 88259 751-19.9%

Revenue growth & acceleration

Growth accelerating ▲
Last-year revenue growth +34% vs +20% the year before — a +13.9 pp move. 3-year CAGR +26%.
revenue growth by year: 2024 +25% · 2025 +20% · 2026 +34%
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 4.1x · target 75th pct (3y) 19.9x · LTM avg 6.9x

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

Peer comparison

Group: Gold 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
IAMGOLDglobal10.74.8x3.0x
Kinross Goldglobal28.94.9x3.1x
Barrick Mining Corporationglobal67.45.2x3.3x
Gold FieldsSouth Africa31.64.4x4.4x
Coeur Miningglobal11.37.0x4.5x
Newmont Corporationglobal125.87.6x4.8x
Northern Star ResourcesAustralia23.68.1x5.0x
Evolution MiningAustralia18.38.4x5.2x
Agnico Eagle Minesglobal92.28.7x5.6x
Alamos Goldglobal13.79.0x5.8x
AngloGold AshantiSouth Africa47.96.3x6.3x
Hecla Mining Companyglobal11.512.0x7.7x
Group median7.3x4.9x
Group average7.2x4.9x
This companySouth Africa10.83.8x3.8x

Group median 7.3x as traded, 4.9x adjusted; this company 3.8x — a 23% discount.

Group average 7.2x as traded, 4.9x adjusted; against the average this company is at a 23% discount.

At the adjusted group median the market cap would be +30% 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
2026-04-22530 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.

Frequently asked questions

What is Harmony Gold's P/E ratio?
Harmony Gold trades at a P/E of 6.1x (price to trailing 12-month earnings).
What is Harmony Gold's EV/EBITDA?
Harmony Gold trades at 3.8x EV/EBITDA.
What is Harmony Gold's P/B ratio?
Harmony Gold trades at a P/B of 2.4x.
What is Harmony Gold's dividend yield?
Harmony Gold's trailing 12-month dividend yield is 2.4%.
What is Harmony Gold's return on equity (ROE)?
Harmony Gold's ROE is 52.0%.
What is Harmony Gold's market capitalization?
Harmony Gold's market cap is 179.4 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