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Harmony Gold Mining Co.

HGMCF
87
Gold · Basic Materials
Price
$20.85
+0.00 (+0.00%)
Market Cap
$13.03B
Exchange
Other OTC
Winston Score
87
Winston is happy
An exceptional business — strong profitability, growth, and balance sheet.
Data as of Sep 1, 2026 · filings through Jun 30, 2026
How the score breaks down
Quality
Exceptional
Growth
Exceptional
Cash Flow
Exceptional
Stability
Exceptional
Valuation
Strong
Dividends
Exceptional

Share count rising — dilution

+3.5% over 4y

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

Diluted shares outstanding: 612.5M (2022) → 634.0M (2026)

Winston Score History

The full picture

Harmony Gold Mining is one of the largest gold producers in Africa. It mines gold from operations in South Africa and Papua New Guinea. The company also produces some copper and silver as byproducts of its mining activities.

Harmony makes money by selling gold and other metals on global commodity markets. It operates both underground and surface mines, with deep-level underground mines in South Africa being a key part of its portfolio. Its long history of mining in the Witwatersrand Basin gives it access to significant gold reserves, though these deep mines come with higher costs and safety challenges. The company's future growth depends on expanding its Papua New Guinea operations and maintaining production as some older South African mines age, while gold price fluctuations remain the biggest factor affecting profitability.

Growth Profile

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

Revenue Growth

+60.9% YoY

YoY Growth Rate

Revenue accelerating

EPS Growth

+194.8% YoY

YoY Growth Rate

EPS growth accelerating

R&D Spend

R0/ year

0.0% of revenue

Below sector average (3%)

Research and development spending

Insider Activity

12.9%ownership

Insiders own a meaningful stake in the company

Cash Position

Cash flow positive

R18.8B cash & investments

Quarterly Free Cash Flow

↑ Burn rate improving

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

Revenue accelerating

Harmony Gold Mining Co. grew revenue 61% year-over-year and the growth rate is speeding up. That's the kind of momentum growth investors look for — the question is whether margins can follow.

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.

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Quality

Profit per sale
Gross Margin
49.0%
Healthy — 49.0% gross margin
Profit after running costs
Operating Margin
47.0%
Excellent — 47.0% operating margin
Return on the money invested
ROCE
57.6%
Exceptional — 57.6% 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
+45.7%
Fast-growing sales (+45.7% YoY)
Profit growth
EPS YoY
+101.5%
Earnings growing fast (+101.5% YoY)

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

How steady the profit is
EPS Consistency
7/8 quarters
Every recent quarter grew earnings vs last year

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Cash Flow

Profit that turns into cash
Cash Conversion
115%
Turns 115% of profit into real cash
Spare cash per sale
FCF Margin
14.5%
Converts sales into free cash efficiently (14.5%)

FCF margin between 10% and 20%. Every $100 in sales becomes $10 to $20 in real cash.

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Stability

What it owes vs what it owns
Debt / Equity
0.13
Conservative — low debt load (0.13)
Covers its interest
Interest Cover
29.29x
Comfortably covers interest (29.3x)

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

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Valuation

Price vs profit
P/E Ratio (TTM)
6.6x
Attractive valuation — P/E 6.6

P/E under 10. The price tag is small relative to last year's profit.

Cheaper or dearer next year
P/E vs Forward
+1.5
GROWING
Earnings expected to grow — slightly cheaper on forward P/E

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Dividends

Dividend
Dividend Yield
4.42%
Healthy income — 4.42% yield

Generous yield. Worth checking whether the payout is sustainable.

Dividend record
Dividend Growth
+360.3%
Dividend growing fast (360.3% YoY)

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