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AngloGold Ashanti

AU
79
Gold · Basic Materials
Price
$92.82
+1.25 (+1.37%)
Market Cap
$46.95B
Exchange
New York Stock Exchange
Winston Score
79
Winston is happy
A high-quality business with solid fundamentals.
Data as of Oct 18, 2026 · filings through Jun 30, 2026

§How the score breaks down

Quality
Exceptional
26/30
Growth
Exceptional
20/20
Cash Flow
Exceptional
10/10
Stability
Exceptional
10/10
Valuation
Strong
7/10
Ownership
Weak
2/15
Dividends
Strong
4/5

79 of 100 counted points = Winston Score 79.

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Share count rising — dilution

+20.9% over 4y

The company has issued more shares over this period, which dilutes each existing shareholder’s stake.

Diluted shares outstanding: 420.1M (2021) → 507.9M (2025)

§Winston Score History

The full picture

AngloGold Ashanti is one of the largest gold mining companies in the world. It digs gold out of the ground at mines across multiple continents and sells that gold to banks, jewelry makers, and industrial buyers. The company owns and operates mines in Africa, the Americas, and Australia.

AngloGold makes money by selling the gold it produces, so its profits rise and fall with the price of gold on global markets. It operates in roughly a dozen countries, making it one of the most geographically spread-out gold miners on earth, which helps reduce the risk of any single mine or region hurting the whole business. The company's main growth driver is expanding production at existing mines and developing new ones, but its biggest risk is that gold prices can drop sharply, squeezing profits even if the company is running well.

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Growth Profile

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

+27.0% YoY

YoY Growth Rate

Strong revenue growth

EPS Growth

+49.2% YoY

YoY Growth Rate

Strong earnings growth

R&D Spend

$0/ year

0.0% of revenue

Below sector average (3%)

Research and development spending

Insider Activity

0.4%ownership

→ Flat

Insider ownership roughly steady over the past year

Cash Position

Cash flow positive

$3.7B cash & investments

Quarterly Free Cash Flow

↑ Burn rate improving

Company generates more cash than it spends — no dilution risk from fundraising

Strong grower

AngloGold Ashanti is growing revenue at 27% year-over-year. The Winston Score penalises unprofitable companies, but revenue at this pace tells a different story — this is a company still in "build mode."

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Score breakdown

Every number that matters to educated investors.

Each metric is explained in plain language so you know exactly what you're looking at. Start your free trial now.

Quality

Profit per sale
Gross Margin
54.9%
Healthy — 54.9% gross margin
Profit after running costs
Operating Margin
51.0%
Excellent — 51.0% operating margin
Return on the money invested
ROCE
56.5%
Exceptional — 56.5% return on capital

ROIC above 25%. Every dollar invested in the business earns more than 25 cents back per year.

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Growth

Sales growth
Sales YoY
+54.6%
Fast-growing sales (+54.6% YoY)
Profit growth
EPS YoY
+99.7%
Earnings growing fast (+99.7% YoY)

Earnings growing 25%+ a year. The compounder zone.

How steady the profit is
EPS Consistency
8/8 quarters
Every recent quarter grew earnings vs last year

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Cash Flow

Profit that turns into cash
Cash Conversion
161%
Turns 161% of profit into real cash
Spare cash per sale
FCF Margin
36.0%
Converts sales into free cash efficiently (36.0%)

Free cash flow margin above 20%. Out of every $100 in sales, more than $20 is real cash they keep.

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Stability

What it owes vs what it owns
Debt / Equity
0.18
Conservative — low debt load (0.18)
Covers its interest
Interest Cover
30.08x
Comfortably covers interest (30.1x)

Interest coverage above 8. Profits cover interest many times over.

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Valuation

Price vs profit
P/E Ratio (TTM)
12.4x
Attractive valuation — P/E 12.4

P/E in the normal range. Price is roughly $15 for every $1 of yearly profit.

Cheaper or dearer next year
P/E vs Forward
+2.7
GROWING
Earnings expected to grow — slightly cheaper on forward P/E

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Dividends

Dividend
Dividend Yield
2.92%
Moderate income — 2.92% yield

Standard yield zone for stable dividend payers. A meaningful piece of total return.

Dividend record
Dividend Growth
+146.3%
Dividend growing fast (146.3% YoY)
Payout Ratio
81%
no trend
Most of the profit goes out as dividends. Little left to reinvest, and less cushion if earnings dip.

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