AngloGold Ashanti

Gold · Basic Materials

Price

$121.22

+6.08 (+5.28%)

Market Cap

$61.31B

Exchange

New York Stock Exchange

Winston Score

Winston is happy

A high-quality business with solid fundamentals.

Data as of Aug 23, 2026 · filings through Jun 30, 2026

How the score breaks down

Quality

Exceptional

Growth

Exceptional

Cash Flow

Exceptional

Stability

Exceptional

Valuation

Strong

Dividends

Exceptional

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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

For growth stock investors

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

0.2%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)

16.1x

Fair value — P/E 16.1

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

+8.2

GROWING

Earnings expected to grow meaningfully — cheaper on forward P/E (16.1 → 8.0)

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Dividends

Dividend

Dividend Yield

5.77%

Healthy income — 5.77% yield

Generous yield. Worth checking whether the payout is sustainable.

Dividend record

Dividend Growth

+275.5%

Dividend growing fast (275.5% YoY)

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