HMY

MKT CAP:$11B

Harmony Gold Mining Company Limited

Market Cap

$11B

Basic Materials·Gold·🇿🇦 South Africa·NYSE

Materials·Gold·🇿🇦·NYSE

Stock Price

$16.77-$2.80 (-14.31%)

Apr 24, 2026

Company Details

Harmony Gold Mining Company Limited engages in the exploration, extraction, and processing of gold. It also explores for uranium, silver, copper, and molybdenum deposits. The company has nine underground operations in the Witwatersrand Basi...

CEO

Beyers Nel

IPO Date

May 17, 1994

Website

www.harmony.co.za

Key Metrics TTM

Revenue

$9.1B

+67.2% YoY

Net Income

$1.6B

EPS (Diluted)

$2.52

Free Cash Flow

$1.2B

Revenue / Share

$14.35

Gross Margin

38.3%

Operating Margin

30.9%

Net Margin

17.5%

FCF Margin

13.6%

P/S

1.2x

P/E

6.7x

Earnings Reports

Q2 2026

Mar 11, 2026

$2.8B+25.4%EPS $0.89

FY 2025

Jun 30, 2025

$4.5B+20.4%EPS $1.38

Q4 2025

Aug 28, 2025

$2.2B+23.3%EPS $0.62

Q2 2025

Dec 31, 2024

$2.2B+17.7%EPS $0.76

FY 2024

Oct 31, 2024

$3.7BEPS $0.82

Revenue & Profitability

Quarter	Revenue	Gross Profit	Operating Income
Q2 05	$251M	$20M	-$28M
Q4 05	$282M	-$4M	-$75M
Q2 06	$122M	$23M	$4M
Q2 17	$595M	$129M	$74M
Q4 17	$593M	$108M	-$106M
Q2 18	$596M	$151M	$74M
Q4 18	$640M	$149M	$305M
Q2 20	$943M	$240M	$99M
Q4 20	$815M	$175M	-$69M
Q2 22	$1.3B	$287M	$124M
Q2 23	$1.4B	$182M	$150M
Q2 24	$1.9B	$514M	$297M
Q4 24	$1.8B	$466M	$407M
Q2 25	$2.2B	$880M	$604M
Q4 25	$2.2B	$889M	$625M
Q2 26	$2.8B	$1.2B	$1.2B

Valuation

Quarter	P/S	P/E
Q2 05	—	—
Q4 05	—	—
Q2 06	6.4x	—
Q2 17	0.9x	—
Q4 17	0.5x	—
Q2 18	0.4x	10.3x
Q4 18	0.2x	—
Q2 20	0.7x	—
Q4 20	0.7x	—
Q2 22	0.6x	—
Q2 23	0.5x	16.8x
Q2 24	0.7x	8.9x
Q4 24	0.9x	8.0x
Q2 25	0.7x	4.6x
Q4 25	1.1x	6.3x
Q2 26	1.4x	7.9x

Operating Cash Flow

Quarter	Operating CF	Free CF
Q2 17	$115M	$27M
Q4 17	$114M	-$32M
Q2 18	$111M	-$44M
Q4 18	$124M	$3M
Q2 19	$70M	$7M
Q2 20	$167M	$28M
Q4 20	$118M	$38M
Q2 22	$221M	$31M
Q4 22	$196M	$12M
Q2 23	$185M	-$35M
Q4 23	$415M	$174M
Q2 24	$422M	$189M
Q4 24	$522M	$249M
Q2 25	$615M	$325M
Q4 25	$752M	$327M
Q2 26	$796M	$330M

Capital Expenditures

Quarter	CapEx
Q2 17	$89M
Q4 17	$145M
Q2 18	$155M
Q4 18	$121M
Q2 19	$64M
Q2 20	$138M
Q4 20	$79M
Q2 22	$190M
Q4 22	$184M
Q2 23	$220M
Q4 23	$241M
Q2 24	$233M
Q4 24	$273M
Q2 25	$290M
Q4 25	$425M
Q2 26	$467M

CapEx

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q2 17	+82.9%	+24.2%
Q4 17	+136.1%	+150.5%
Q2 18	+111.7%	+46.4%
Q4 18	+426.2%	+184.2%
Q2 20	+58.4%	+62.0%
Q4 20	+37.6%	+26.5%
Q2 22	+121.3%	+129.0%
Q2 23	+116.5%	+269.1%
Q2 24	+102.0%	+90.4%
Q4 24	+120.6%	+57.4%
Q2 25	+70.0%	+37.1%
Q4 25	+60.2%	+29.0%
Q2 26	+47.5%	+2.1%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q2 17	$0	0.0%
Q4 17	$24M	4.0%
Q2 18	$7M	1.2%
Q4 18	$15M	2.3%
Q2 19	$2M	—
Q2 20	$4M	0.4%
Q4 20	$7M	0.8%
Q2 22	$4M	0.3%
Q4 22	$159.5K	—
Q2 23	$47.9K	0.0%
Q4 23	$136.3K	—
Q2 24	$44.5K	0.0%
Q4 24	$0	0.0%
Q2 25	$21M	0.9%
Q4 25	$22M	1.0%
Q2 26	$0	0.0%

OpEx Breakdown

Quarter	R&D	G&A	S&M	SG&A
Q2 05	—	—	—	$9M
Q4 05	—	—	—	$31M
Q2 06	—	—	—	$4M
Q2 17	—	$14M	$9M	—
Q4 17	$721.5K	$17M	$7M	—
Q2 18	—	$18M	$5M	—
Q4 18	$483.8K	$27M	$4M	—
Q2 20	—	$21M	$8M	—
Q4 20	$296.1K	$16M	$6M	—
Q2 22	—	$32M	$6M	—
Q2 23	—	$1M	$34M	—
Q2 24	—	$1M	$41M	—
Q4 24	—	$36M	—	—
Q2 25	—	$52M	$32M	—
Q4 25	—	$47M	$23M	—
Q2 26	—	—	—	$62M

War Chest

Quarter	Cash	Short-term Investments	Total
Q4 18	$42M	$0	$42M
Q2 19	$85M	$0	$85M
Q4 19	$60M	$0	$60M
Q2 20	$76M	$0	$76M
Q4 20	$384M	$0	$384M
Q2 21	$254M	$0	$254M
Q4 21	$170M	$0	$170M
Q2 22	$177M	$0	$177M
Q4 22	$148M	$0	$148M
Q2 23	$132M	$0	$132M
Q4 23	$173M	$0	$173M
Q2 24	$210M	$15M	$224M
Q4 24	$283M	$2M	$286M
Q2 25	$567M	$0	$567M
Q4 25	$791M	$0	$791M
Q2 26	$446M	$17M	$463M

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change	YoY Change
Q2 05	345M	+34.4%	—
Q4 05	378M	+9.4%	—
Q2 06	399M	+5.6%	—
Q2 17	462M	+16.0%	+80.1%
Q4 17	440M	-4.8%	+27.5%
Q2 18	455M	+3.5%	+20.6%
Q4 18	451M	-1.0%	+13.1%
Q2 20	555M	+23.1%	+20.1%
Q4 20	536M	-3.5%	+21.8%
Q2 22	617M	+15.2%	+35.5%
Q2 23	620M	+0.5%	+37.5%
Q2 24	621M	+0.2%	+11.9%
Q4 24	633M	+1.9%	+18.1%
Q2 25	625M	-1.2%	+1.3%
Q4 25	633M	+1.3%	+2.1%
Q2 26	632M	-0.2%	+1.8%

Shares Outstanding

Revenue Per Employee

Period	Revenue/Employee	Employees
Q2 05	$4.5K	56K
Q4 05	$6.0K	47K
Q2 06	$2.6K	47K
Q2 17	$18.0K	33K
Q4 17	$18.0K	33K
Q2 18	$18.1K	33K
Q4 18	$19.4K	33K
Q2 20	$1M	850
Q4 20	$959.4K	850
Q2 22	$2M	850
Q2 23	$173M	8
Q2 24	$238M	8
Q4 24	$225M	8
Q2 25	$280M	8
Q4 25	$49.3K	45K
Q2 26	$62.4K	45K

Revenue / Employee