Harmony Gold Mining Company Limited logo

Harmony Gold Mining Company Limited(HMY)

upturn advisory logo
ADVISORIES YOU CAN VERIFY
QUALITY SIGNAL
1-STAR RATING
PASS
LAST CLOSE
$19
09/21/2026
(24-hour delay)

Advisory History & Simulated Performance *

*as per simulation (see disclosures)
  • ALL
  • 1Y
  • 1M
  • 1W
  • BUY Advisory
  • SELL Advisory (Profit)
  • SELL Advisory (Loss)
  • Profit
  • Loss
  • PASS (Skip)
Upturn Stock price based on last close iconStock price based on last close

Advisory Performance History (Simulated)Advisory Performance History info

Upturn Advisory & Investor View for HMY

09/21/2026: HMY (1-star) is currently NOT-A-BUY. Pass it for now.

How to Read the Upturn Advisory

The Upturn Star Rating and the current BUY, SELL, or PASS advisory are generated by Upturn’s AI advisory engine based on proprietary signal analysis, price behavior, advisory history, and historical signal performance.

Company fundamentals, valuation, risks, and news provide supporting context about the business.

Price Behavior

Downtrend
PRICE PATH

Downtrend

The stock has experienced a sustained decline in price over recent periods.

Choppy
PRICE STABILITY

Choppy

The stock has experienced frequent reversals and pronounced short-term price swings.

Analysis of Past Performance

Type Stock
Historic Profit -32.91%
Avg. Invested days 27
Today’s Advisory PASS
Upturn Advisory Rating upturn star rating icon
Upturn Advisory Performance Upturn Advisory Performance icon 3.0
Stock Returns Performance Upturn Returns Performance icon 1.0
Upturn Profits based on simulation icon Profits based on simulation
Upturn last close icon Last Close 09/21/2026

Upturn Scorecard

Upturn Star Rating

HMY receives a 4-star rating, supported by solid unit economics, solid company fundamentals, and solid quantitative characteristics. The rating is constrained by weak price momentum.

Company Fundamentals

HMY has solid overall fundamentals (4 stars), with solid financial health, strong growth momentum, and moderate ownership. In FY2026 versus FY2025, strong earnings growth (+96.2%) and solid cash generation (FCF margin 14.5%) are partially offset by very low insider ownership of 0.00%.

Financial Health Rating

HMY's financial health is supported by strong cash strength, including free-cash-flow generation of $15.2B (14.5% of revenue). Liquidity is moderate (3 stars), which helps explain the 4-star overall score.

Growth Momentum Score

Earnings growth is HMY's strongest growth driver at +96.2% FY2026 versus FY2025 (strong, 5 stars). Revenue growth (+41.7%, strong) and free-cash-flow growth (+40.5%, strong) are also constructive, though not equally high across every growth measure.

Ownership

Institutional ownership is 16.4% and approximately 87.1% of outstanding shares are publicly tradable, supporting liquidity and institutional participation. Insider ownership is only 0.00%, which materially reduces the ownership score.

Top 5 Institutional Investors

Van Eck Associates Corporation 4.96%
AQR Capital Management LLC 0.95%
BlackRock Inc 0.94%
Acadian Asset Management LLC 0.84%
American Century Companies Inc 0.74%

Unit Economics (Per $1K Revenue)

HMY generates approximately $468 of gross profit, $446 of operating income, and $145 of free cash flow for every $1,000 of revenue. Based on FY2026 results. Strong margins, cash conversion, and capital efficiency support the rating.

Economic Dimensions

Effective Tax Rate: 23.22%

Quantitative Style Profile

HMY has a high-quality, large-cap, liquid profile. Weak momentum is the primary drawback.

Style Classification

Quality Focused

Value-OrientedQuality TiltLarge / Mega Cap StabilityHighly Liquid / Institution-Friendly

Key Highlights

Company Size Large-Cap Stock
Market Capitalization 12.45B USD
Price to earnings Ratio 7.04
1Y Target Price 21.52
Price to earnings Ratio 7.04
1Y Target Price 21.52
Volume (30-day avg) 4.0M shares
Beta 0.81
52 Weeks Range 12.78 - 25.57
Updated Date 09/20/2026
52 Weeks Range 12.78 - 25.57
Updated Date 09/20/2026
Dividends yield (FY) 2.05%
Basic EPS (TTM) 2.83

Analyzing Revenue: Products, Geography and Growth

Revenue by Products

Product revenue - Year on Year

Advertisement

Valuation

Trailing PE 7.04
Forward PE 20.66
Enterprise Value 12.34B
Price to Sales(TTM) 0.13
Enterprise Value 12.34B
Price to Sales(TTM) 0.13
Enterprise Value to Revenue 2.02
Enterprise Value to EBITDA 4.24
Shares Outstanding 624.98M
Shares Floating 544.47M
Shares Outstanding 624.98M
Shares Floating 544.47M
Percent Insiders -
Percent Institutions 16.37

Financial Metrics

🧭 Investment Snapshot

Total Revenue (Scale)

Information icon Total money earned from selling products or services before any costs. It is needed to understand the scale of the business and its ability to generate income.

Net Income (Profit)

Information icon Final profit after all expenses, interest, and taxes are deducted. It is needed to determine the overall profitability available to shareholders.

Free Cash Flow (Cash Strength)

Information icon Cash remaining after operating activities and capital expenditures, showing cash available for growth. It is needed to evaluate the company’s ability to invest, pay dividends, or reduce debt.

📈 Growth & Strength

Operating Income (Core Profit)

Information icon Profit from core operations after deducting all operating expenses. It is needed to measure how efficiently the company runs its primary business activities.

EBITDA (Cash Earnings)

Information icon Earnings before interest, taxes, depreciation, and amortization, indicating operating cash potential. It is needed to compare operating performance across companies without accounting or financing differences.

Gross Profit (Unit Profitability)

Information icon Revenue minus cost of revenue, showing profit after direct production costs. It is needed to evaluate core business profitability before overhead expenses.

🛡️ Financial Safety

Cash (Liquidity Buffer)

Information icon Total cash and cash equivalents on hand. It is needed to evaluate immediate liquidity and financial flexibility.

Total Debt (Leverage Risk)

Information icon Total debt including both short-term and long-term components. It is needed to assess the company’s leverage and financial risk.

Net Working Capital (Short-Term Health)

Information icon Current assets minus current liabilities, indicating short-term liquidity strength. It is needed to assess whether the company can meet its short-term obligations.

🧱 Balance Sheet Strength

Stockholder Equity (Net Worth)

Information icon Total equity value held by shareholders. It is needed to understand the net worth of the company from the owners’ perspective.

Total Assets (Asset Base)

Information icon The full value of everything the company owns, including cash, inventory, equipment, and investments. It is needed to understand the resource base used to generate revenue.

Income Before Tax (Pre-Tax Earnings)

Information icon Income before provision for income taxes. It is needed to analyze profitability independent of tax structures.

⚙️ Cost & Drag Factors

Cost of Revenue (Production Cost)

Information icon Direct costs required to produce and deliver the products or services sold. It is needed to assess efficiency in production and service delivery.

Total Operating Expenses (Operating Cost)

Information icon Indirect costs of running the business such as salaries, marketing, and administration. It is needed to understand how much it costs to sustain ongoing business operations.

Income Tax Expense (Tax Drag)

Information icon Amount of taxes paid or payable to the government. It is needed to evaluate the impact of taxation on overall profitability.

About Harmony Gold Mining Company Limited

Exchange NYSE
Headquarters -
IPO Launch date 1996-09-30
Group CEO & Executive Director Mr. Beyers B. Nel BEng, BSc, MBA
Sector Basic Materials
Industry Gold
Full time employees 34350
Full time employees 34350

Harmony Gold Mining Company Limited engages in the exploration, extraction, and processing of mineral properties in South Africa, Papua New Guinea, and Australia. The company explores for gold, uranium, silver, and copper deposits. It has nine underground operations in the Witwatersrand Basin; the Kraaipan Greenstone Belt; and various surface source operations in South Africa. In addition, the company owns interests in the Hidden Valley, an open-pit gold and silver mine; and the Wafi-Golpu project located in Morobe Province in Papua New Guinea. Further, it holds interest in Eva Copper Project located in Queensland, Australia. Harmony Gold Mining Company Limited was incorporated in 1950 and is based in Randfontein, South Africa.