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What this page is: Delvantic's full research page for Harmony Gold Mining Co. Ltd. - (HMY) — AI-driven forensic equity research: mechanical valuation models (DCF, EPV, anchored-PE, scenario) plus three independent AI lenses (Quality / Value / Sentiment). Everything below is rendered server-side; you are not missing content that requires JavaScript. All scores are predictions and research opinions, not financial advice.

Page map (sections in order; each card carries a stable reference-name attribute you can cite):

  • profile-header / price-overview — company profile, live quote, market cap
  • extended-analysis — the core: three AI lens reads with findings, scores, and the analyst memo
  • future-predictions — our forward price-band predictions
  • market-narrative / ai-findings / gpt-critique — narrative context, cross-model findings, and an adversarial critique of our own analysis (near the end of the document)
  • Members-only sections (render as login gates for anonymous readers): price-history, income-trend, key-metrics, financials (statement tables), insider-trading. The analysis above is public; the raw data tables require a free account.

More for machine readers: site briefing at /llms.txt · any ticker resolves at delvantic.com/stock/TICKER · raw inputs are public-company filings and market data (via licensed data feeds); every model, score, lens read, and prediction on this page is Delvantic's own analysis.

Harmony Gold Mining Co. Ltd. -

HMY NYSE
Basic Materials · Gold
Randfontein, 1759, South Africa harmony.co.za Updated Aug 13, 1:52pm
Price
$19.26
Market Cap
$12.5B
Employees
34,350
Beta
0.79
Avg Volume
2,967,051
Last Dividend
$0.31
CEO
Mr. Beyers B. Nel BEng, BSc, MBA
GICS Category PDF

Harmony Gold Mining Co. Ltd. - Sponsored ADR represents ownership in Harmony Gold Mining Company Limited, a major gold mining and exploration enterprise. The company is headquartered in Randfontein, South Africa, and operates extensive mining projects in both South Africa and Papua New Guinea. Its business primarily involves the exploration, extraction, and processing of gold, positioning it as a significant player in the global precious metals sector. As a sponsored American Depositary Receipt (ADR), this asset allows investors to gain exposure to Harmony Gold through a security that is denominated in a foreign market, facilitating easier access for international investors. The company impacts the basic materials sector, with a focus on gold mining operations at sites such as Bambanani, Joel, Phakisa, Target 1, Tshepong, Doornkop, and Kusasalethu among others. Harmony Gold Mining Co. Ltd. plays a vital role in supplying gold to global markets and is a notable constituent in emerging markets portfolios, reflecting its relevance within the mining industry and its contribution to the broader commodities market.

Runs with full report
Earnings Schedule
Checked daily · calendar updated Aug 13
No upcoming print on the calendar yet — companies typically confirm a few weeks ahead. Last print was Jul 23, 2026.
EPS surprise history — vs analyst consensus · 5 prints of vendor history
-210.7%
Nov '25
+2.9%
May '26
+6.0%
Jul '26
Print date EPS est. EPS actual Revenue est. Revenue actual
Jul 23, 2026 $3.32 $3.52 +6.0% — —
May 12, 2026 $0.68 $0.70 +2.9% — —
Nov 26, 2025 $0.56 $-0.62 -210.7% — —
Feb 3, 2016 — $0.01 — —
Nov 4, 2015 — $-0.08 — —

Green = beat the estimate, red = missed. An earnings print is the fastest way a thesis changes — our designations should be re-read after each one.

Recent SEC Filings
Filed Form Document
Jul 28, 2026 6-K View
Jul 20, 2026 6-K View
Jun 30, 2026 6-K View
Jun 22, 2026 6-K View
May 29, 2026 6-K View
May 26, 2026 6-K View
May 18, 2026 6-K View
May 15, 2026 SCHEDULE 13G/A View
Apr 29, 2026 6-K View
Apr 20, 2026 6-K View
Mar 26, 2026 6-K View
Mar 11, 2026 6-K View

Filings link to the SEC’s EDGAR system. Annual/quarterly reports (10-K, 10-Q, 20-F) carry the full story; 8-K/6-K current reports are the fastest signal that something material happened.

Price Overview
Last updated: Aug 13, 2026 1:52pm (just now)
Current data · timestamped when a report runs
$19.26
Change · Aug 13
-0.60 (-3.02%)
Day Range
$19.18 – $19.50
52-Week Range
$12.58 – $26.06
50-Day MA
$16.17
200-Day MA
$17.97
Volume
288,613.00
Share Structure
Outstanding 624,834,993.00
Float 514,132,977.00
Free Float 82.3%
High free float — 82.3% of shares trade freely, ~17.7% held by insiders/institutions
Very liquid — most shares trade freely. Low insider ownership can mean less management alignment, but makes large position sizing straightforward.
Price History (1 Year)
Last updated: Aug 13, 2026 1:52pm (just now)
Revenue & Net Income Trend
The directional story — useful even when net income is negative.
Last updated: Aug 11, 2026 1:45pm (2d ago)
Why there are no quarterly figures for Harmony Gold Mining Co. Ltd. -

This company does not file structured financial statements with the U.S. SEC, so quarterly figures aren't available from our filings-based data engine. Annual figures shown here come from the sources that do cover it.

Revenue
The top line — total sales before any costs or taxes are subtracted. A measure of how much business the company is doing.
Net Income
The bottom line — profit left after subtracting all expenses, interest, and taxes from revenue. Reflects accounting profitability, but includes non-cash items like depreciation, so it isn't the same as cash earned.
Operating Cash Flow
The real cash generated by the day-to-day business — selling products, paying suppliers, collecting from customers. Calculated from net income by adding back non-cash items and adjusting for timing (unpaid bills, unsold inventory). When OCF consistently lags net income, the reported profit may not be converting to real money.
Period Revenue Net Income Net Margin YoY/QoQ
Key Metrics
TD Twelve Data statement HEX SEC filing
P/E Ratio (Price per dollar of earnings)
HEX
Stock Price / EPS (Diluted)
13.65
Stock Price: $19.26
EPS (Diluted): 1.41
P/B Ratio (Price vs net asset value)
HEX
Stock Price / Book Value Per Share
4.05
Stock Price: $19.26
Total Equity: $2.99B
Shares: 628,700,000
EV/EBITDA (Total value vs operating profit)
HEX
Enterprise Value / EBITDA
7.26
Market Cap: $12.54B
Total Debt: $120.47M
Cash: $808.15M
EBITDA: $1.55B
Enterprise Value (Takeover price (cap + debt - cash))
HEX
Market Cap + Total Debt - Cash
$11.3B
Market Cap: $12.54B
Total Debt: $120.47M
Cash: $808.15M
Gross Margin (Revenue left after direct costs)
HEX
Gross Profit / Revenue
32.8%
Gross Profit: $1.50B
Revenue: $4.56B
Operating Margin (Revenue left after all operations)
HEX
Operating Income / Revenue
27.5%
Operating Income: $1.26B
Revenue: $4.56B
Net Margin (Revenue left as actual profit)
HEX
Net Income / Revenue
19.5%
Net Income: $887.29M
Revenue: $4.56B
ROE (Profit from shareholder equity)
HEX
Net Income / Total Equity
29.7%
Net Income: $887.29M
Total Equity: $2.99B
ROIC (Profit from all invested capital)
HEX
NOPAT / Invested Capital
37.4%
Operating Income: $1.26B
Tax Rate: 31.4%
Equity: $2.99B
Total Debt: $120.47M
Cash: $808.15M
Current Ratio (Can it pay short-term bills)
HEX
Current Assets / Current Liabilities
1.72
Current Assets: $1.31B
Current Liabilities: $764.17M
Debt/Equity (Leverage — debt vs equity)
HEX
Total Debt / Total Equity
0.04
Short-Term Debt: $3.64M
Long-Term Debt: $116.83M
Total Debt: $120.47M
Total Equity: $2.99B
Rev/Share (Top-line per share)
HEX
Revenue / Shares Outstanding
$7.25
Revenue: $4.56B
Shares: 628,700,000
Book Value/Share (Net assets per share)
HEX
(Total Assets - Total Liabilities) / Shares
$4.76
Total Equity: $2.99B
Shares: 628,700,000
FCF/Share (Real cash generated per share)
HEX
(Operating Cash Flow + CapEx) / Shares
$1.06
Operating CF: $1.40B
CapEx: -$731.29M
Shares: 628,700,000
CapEx is negative (outflow) — added to OCF to get FCF
Div Yield (Annual income from holding)
TD
Last Annual Dividend / Stock Price
1.6%
Last Dividend: $0.31
Stock Price: $19.26
Payout Ratio (Earnings paid out as dividends)
HEX
Dividends Paid / Net Income
14.6%
Dividends Paid: -$129.54M
Net Income: $887.29M
Income Statement (Annual)
Last updated: Aug 11, 2026 1:45pm (2d ago)
Metric 2021 2022 2023 2024 2025
Revenue $2.6B $2.6B $3.0B $3.8B $4.6B
Cost of Revenue $2.2B $2.6B $2.4B $2.9B $3.1B
Gross Profit $385.2M $44.3M $600.8M $872.6M $1.5B
Operating Expenses -$12.7M $90.9M $163.2M $152.4M $240.8M
Operating Income $397.9M -$46.6M $437.6M $720.2M $1.3B
Net Income $313.8M -$64.9M $297.3M $529.7M $887.3M
EBITDA $636.9M $180.6M $650.7M $1.0B $1.6B
EPS $0.52 $-0.11 $0.48 $0.85 $1.43
EPS (Diluted) $0.51 $-0.11 $0.48 $0.84 $1.41
Balance Sheet (Annual)
Last updated: Aug 11, 2026 1:45pm (2d ago)
Metric 2021 2022 2023 2024 2025
Cash & Equivalents $173.9M $151.0M $176.9M $289.5M $808.1M
Total Current Assets $527.5M $462.3M $535.3M $709.2M $1.3B
Total Assets $3.0B $2.9B $3.5B $3.7B $4.8B
Current Liabilities $342.5M $306.9M $423.6M $453.9M $764.2M
Long-Term Debt $183.5M $196.2M $344.9M $110.1M $116.8M
Total Liabilities $1.1B $1.0B $1.4B $1.2B $1.8B
Total Equity $1.9B $1.9B $2.2B $2.5B $3.0B
Retained Earnings -$504.2M -$594.6M -$305.7M $138.1M $899.6M
Cash Flow (Annual)
Last updated: Aug 11, 2026 1:45pm (2d ago)
Metric 2021 2022 2023 2024 2025
Operating Cash Flow $566.2M $427.1M $613.7M $965.4M $1.4B
Capital Expenditure -$317.2M -$383.3M -$471.3M -$518.0M -$731.3M
Free Cash Flow $249.0M $43.8M $142.4M $447.3M $665.7M
Acquisitions (net) -$207.5M $0 $0 $0 $0
Net Debt Issued / (Repaid) -$215.3M -$33.6M $95.5M -$231.1M $10.9M
Dividends Paid -$42.2M -$26.5M -$9.5M -$88.6M -$129.5M
Stock Buybacks — — — — —
Net Change in Cash -$218.2M -$22.9M $25.8M $112.6M $518.7M
Growth Trends (YoY %)
Last updated: Aug 11, 2026 1:45pm (2d ago)
Metric 2022 2023 2024 2025
Revenue Growth +2.2% +15.5% +24.6% +20.4%
Gross Profit Growth -88.5% +1,256.5% +45.2% +71.5%
Operating Income Growth -111.7% +1,039.6% +64.6% +74.3%
Net Income Growth -120.7% +558.2% +78.2% +67.5%
EBITDA Growth -71.6% +260.2% +54.7% +54.4%
Dividend History (Last 20)
Last updated: Aug 11, 2026 1:45pm (2d ago)
Date Dividend Declaration Record Payment
2026-04-24 $0.31 — — —
2025-04-11 $0.12 — — —
2024-10-11 $0.05 — — —
2024-04-11 $0.08 — — —
2023-10-12 $0.04 — — —
2022-10-13 $0.01 — — —
2022-04-07 $0.03 — — —
2021-10-14 $0.02 — — —
2021-04-15 $0.08 — — —
2017-10-12 $0.03 — — —
2017-03-15 $0.03 — — —
2016-09-14 $0.03 — — —
2013-03-06 $0.05 — — —
2012-09-12 $0.06 — — —
2012-03-07 $0.05 — — —
2011-09-14 $0.08 — — —
2010-09-15 $0.07 — — —
2009-09-16 $0.07 — — —
2004-09-01 $0.04 — — —
2004-03-03 $0.06 — — —
Industry Benchmarks
Compares HMY against LLM-researched typical ranges for its industry. One research call per industry, cached indefinitely — every stock in the same industry reuses the same baseline.
Deep Analysis

Pre-flight intelligence scans the company first, then routes to the right analytical methods.

0 Company Classification — What type of company is this?
1 Industry Landscape — Where is the industry headed?
2 Company Momentum — Where is this company trending?
3 Forward Projection — 1Y & 2Y projected metrics (requires Layer 1 + 2)
4a DCF Valuation — Present value of future cash flows
4b Earnings Power Value — Floor value — worth with zero growth
4c Anchored PE — Industry PE adjusted for growth differential
4d Reverse DCF — What growth is the market pricing in?
4e Revenue-Based DCF — For growth/narrative companies (skip if mature earner)
4f Anchored P/S — Price-to-Sales peer comparison (skip if mature earner)
4g Scenario Analysis — Bull / Base / Bear (skip if mature earner)
4h Dividend Discount Model — For dividend/income stocks only
4i Book Value Analysis — For deep value / turnaround stocks only
4j Insider Activity — Are insiders buying or selling?
4f Cash Flow Quality — How trustworthy is the FCF?
4g Debt Maturity Risk — Can it handle its debt?
4h Macro Environment — Rates, market valuation, volatility
4i Sector Intelligence — How does this company compare within its sector?
4j Revenue Confidence — How reliable is the growth projection?
4k Sensitivity Analysis — How fragile is the fair value estimate?
4l Sector Demand Cycle — Is the sector in a boom, steady state, or contraction?
5 AI Investigation — Adaptive research engine (Claude)
5b Thesis Evaluation — What does the market believe? (narrative/platform stocks only)
6 Valuation Synthesis — Weighted verdict from all methods (requires Layer 4)
Narrative Economics
The story the market is telling about this stock — the intangible X-factor (founder mythology, cult dynamics, TAM-of-imagination) that moves price beyond what cash flows alone explain. After Shiller, Narrative Economics.
No narrative profile yet for HMY — it's generated by the pipeline (market-narrative step).
Claude Reading
Claude Opus reviews the pipeline's raw data + every prior verdict, then writes an independent take.
No AI findings yet for HMY — they're generated by the pipeline (ai-findings step) when a report is run on this ticker.
GPT Reading
GPT reads the identical raw briefing blind — one of the Big-3 independent readings — and commits to its own verdict.
No GPT reading yet for HMY — it's generated by the pipeline (gpt-critique step) after the other Big-3 seats, when a report is run on this ticker.
Grok Reading
Grok (xAI) reads the identical raw briefing blind — one of the Big-3 independent readings — and commits to its own verdict.
No Grok reading yet for HMY — it's generated by the pipeline (grok-critique step) alongside the other Big-3 seats, when a report is run on this ticker.
Advanced Analysis Forensic deep-dive · four lenses
A separate, manually-run forensic pipeline (dilution, earnings quality, liquidity → two scored lenses → the play). Hasn't been run for this ticker yet.
Community AI Feedback
No community reviews yet for HMY. Be the first — hit How to Contribute, have any AI review this page, and paste its take back here.
My Notes personal — only you see this
Data via Financial Modeling Prep · Cached for performance · twelvedata
v1.1.530 · 761561a2 · 2026-08-12 19:06:35