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HMY

Harmony Gold Mining Company Limited

HMY

Harmony Gold Mining Company Limited • NYSE
$19.66 ▲ 1.87% (+0.36)
Market Cap $12.40 B
52w High $22.25
52w Low $7.97
Dividend Yield 0.19%
P/E 14.78
Volume 2.78M
Outstanding Shares 630.71M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q4-2025 $36.755B ▼ $4.369B ▼ $6.527B ▼ 17.758% ▼ $10.48 ▼ $13.603B ▲
Q2-2025 $37.141B ▲ $4.577B ▲ $7.857B ▲ 21.155% ▲ $12.65 ▲ $12.662B ▲
Q4-2024 $29.815B ▼ $977M ▼ $2.667B ▼ 8.945% ▼ $4.22 ▼ $6.773B ▼
Q2-2024 $31.564B ▲ $996M ▲ $5.92B ▲ 18.756% ▲ $9.56 ▲ $9.75B ▲
Q2-2023 $22.95B $537M $1.839B 8.013% $2.98 $1.912B

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q4-2025 $13.101B ▲ $77.503B ▲ $28.991B ▲ $48.235B ▲
Q2-2025 $9.396B ▲ $68.896B ▲ $22.852B ▲ $45.826B ▲
Q4-2024 $4.732B ▲ $60.46B ▲ $19.511B ▼ $40.774B ▲
Q2-2024 $3.718B ▲ $59.786B ▲ $19.811B ▼ $39.833B ▲
Q4-2023 $2.867B $57.24B $22.36B $34.757B

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q4-2025 $6.527B ▼ $12.462B ▲ $-6.985B ▼ $-1.663B ▼ $-9.396B ▼ $5.413B ▲
Q2-2025 $7.857B ▲ $10.185B ▲ $-4.97B ▼ $-552M ▲ $9.396B ▲ $5.379B ▲
Q4-2024 $2.667B ▼ $8.655B ▲ $-4.633B ▼ $-2.691B ▲ $1.255B ▲ $4.125B ▲
Q2-2024 $5.92B ▲ $6.995B ▲ $-3.728B ▲ $-2.744B ▼ $569M ▼ $3.127B ▲
Q4-2023 $2.981B $6.883B $-3.917B $-2.131B $679M $2.889B

Five-Year Company Overview

Income Statement

Income Statement Harmony Gold’s income statement shows a clear turnaround and strong upward momentum. Revenue has grown steadily each year, and profits have improved even faster than sales, which suggests better cost control and higher margins. A few years ago the company slipped into a loss, but it has since swung back to solid profitability with earnings that have grown meaningfully in the most recent years. This pattern points to a business that is becoming more efficient and more resilient, but still exposed to swings in gold prices and operating conditions in deep mines.

Balance Sheet

Balance Sheet The balance sheet has strengthened over time. Total assets and shareholder equity have both grown, indicating ongoing investment in the business and buildup of underlying value. Cash reserves have increased significantly, giving the company a bigger financial cushion. At the same time, debt has come down from earlier peaks, which reduces financial risk and interest burden. Overall, Harmony appears to be moving from a more stretched balance sheet toward a sturdier and more conservative financial position, though it still needs to manage capital-intensive projects carefully.

Cash Flow

Cash Flow Cash generation has improved steadily, with operating cash flow rising year after year. Even as Harmony has stepped up its spending on new projects and sustaining capital, it has still been able to produce positive and growing free cash flow. That combination—stronger cash inflows and disciplined but rising investment—suggests a company that is using today’s healthier gold environment to both strengthen its finances and reinvest for future production. The key watchpoint is ongoing capital intensity: keeping projects on budget and on schedule will matter a lot for maintaining this positive cash flow profile.

Competitive Edge

Competitive Edge Harmony holds a differentiated position among gold miners. It combines deep-level underground mining expertise with global leadership in retreating old mine tailings, which can be a lower-cost and more environmentally friendly source of gold. Its track record of acquiring and improving major assets, along with growing exposure to copper, broadens its resource base and reduces reliance on any single mine. A strong focus on community relationships and environmental practices supports its social license to operate, especially in sensitive regions. On the risk side, it remains exposed to higher-cost, technically complex operations in South Africa and to political and regulatory uncertainty in several jurisdictions, as well as the usual volatility in gold prices.

Innovation and R&D

Innovation and R&D Innovation for Harmony is less about traditional lab-style R&D and more about applied technology and sustainability. The company is adopting automation, data analytics, and AI-based monitoring to improve ore recovery, boost safety, and cut operating costs. It is investing in renewable energy—such as large solar projects—to reduce power costs and carbon emissions, and it is refining water recycling and tailings management techniques to lower environmental impact. Expansion into copper and continued improvements in tailings retreatment technology are strategic innovation themes that could reshape its earnings mix over time. The main execution risks center on delivering large projects and digital initiatives on time, on budget, and without operational disruptions.

Summary

Across the financials, Harmony Gold looks like a miner that has moved from a more fragile phase into a period of stronger profitability, a healthier balance sheet, and better cash generation. The business has meaningfully improved its margins and financial flexibility while still investing heavily in future growth. Strategically, it stands out through its expertise in deep mining, tailings retreatment, and its emphasis on community engagement and sustainability. At the same time, it operates in technically challenging, capital-intensive, and sometimes higher-risk regions, and it remains sensitive to commodity price cycles and project execution. Overall, the company appears to be evolving from a traditional gold miner into a more diversified and sustainability-focused resource business, with both clear opportunities and notable operational and geopolitical risks to monitor.

NEWS

October 9, 2025 · 6:30 AM UTC

MAC Copper Limited Announces Court Sanctions Scheme with Harmony

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October 6, 2025 · 6:30 AM UTC

MAC Copper Limited Provides Closing Timetable for Scheme with Harmony

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