Harmony Gold Mining stock analysis
Harmony Gold Mining (0J39) Share Price & Analysis
0J39 Stock Chart & Stats
- Day’s Range
- $16.00 - $16.60
- 52-Week Range
- $12.37 - $27.12
- Previous Close
- $16.45
- Volume
- N/A
- Average Volume (3M)
- 9,669
- Market Cap
- $10.37B
- Enterprise Value
- $9.69B
- Total Cash (Recent Filing)
- $9.42B
- Total Debt (Recent Filing)
- $9.40B
- Price to Earnings (P/E)
- 5.7
- Beta
- 1.21
- Next Earnings
- Mar 03, 2027 (Est.)
- EPS Estimate
- 1.41
- Next Dividend Ex-Date
- N/A
- Dividend Yield
- 4.63%
Bulls Say, Bears Say
Bulls Say
Profitability And Margins
Material revenue growth and sharp margin expansion indicate stronger earnings power across the operating base. The 2026 EBIT and EBITDA margins provide meaningful internal funding capacity, while improved profitability can support debt management, reinvestment, and shareholder returns over the next several quarters.
Reliable Production Execution
Delivering production and cost guidance repeatedly demonstrates operating discipline in a technically challenging mining environment. Consistent execution improves forecastability, supports customer and investor confidence, and increases the likelihood that planned cash generation and reserve development can be sustained.
Copper Diversification And Resources
The expanding copper resource and reserve base broadens Harmony beyond its traditional gold exposure and creates a second platform for long-term production growth. CSA is already contributing revenue, while Eva and further development provide additional strategic options as the portfolio matures.
Bears Say
Commodity-cycle Volatility
Despite strong 2026 profitability, the prior loss demonstrates that earnings remain exposed to changes in gold and other commodity prices, as well as operating cost inflation. This cyclicality can reduce cash-flow visibility and weaken the company’s ability to sustain investment or distributions during adverse market phases.
Free-cash-flow Conversion
Healthy operating cash flow is partly absorbed by reinvestment, capital expenditure, or working-capital demands before becoming discretionary free cash flow. Persistently moderate conversion limits flexibility for dividends, acquisitions, and debt reduction, particularly if operating conditions weaken or development spending rises.
Execution And Regulatory Risk
Unresolved ventilation work at CSA could delay access to deeper, higher-grade production and require additional infrastructure spending. Eva’s environmental permitting process could also delay its planned 2028 first copper, making the growth pipeline dependent on successful operational and regulatory execution.
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Harmony Gold Mining Stock Smart Score
Company Description
Harmony Gold Mining
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.
- Sector
- Basicmaterials
- Industry
- Gold
- CEO
- Beyers Nel
- Employees
- 34,350
- Website
- www.harmony.co.za
- Address
- Randfontein Office park, Randfontein, GP, 1759, ZA
Harmony Gold Mining (0J39) Earnings & Revenues
0J39 Earnings Call
Earnings Call SentimentPositive
The call conveyed a strongly positive financial and operational performance with record revenue, substantial free cash flow growth, higher earnings per share, robust shareholder returns and meaningful increases in copper resources and reserves. Operationally, management met gold production and cost guidance and reported encouraging CSA integration and exploration results. However, notable cautions include roughly ZAR 10 billion of one-off cash impacts that weighed on consensus cash flow, remaining contingent liabilities (~ZAR 2.1 billion), operational constraints at CSA that require further work (ventilation) and regulatory uncertainty at Eva Copper; a portion of the portfolio upside is described as conceptual. Overall the positive financial and resource/operational momentum materially outweighs the identified execution and contingent risks.
View all GB:0J39 earnings summariesTechnical Analysis
Overall Consensus
| Indicator | Bullish | Neutral | Bearish |
|---|---|---|---|
| Overall Consensus | 6 | 6 | 10 |
| Technical Analysis | 2 | 6 | 2 |
| Moving Averages | 4 | 0 | 8 |














