Harmony Gold Mining Company Limited (HAR) Valuation Ratios - Annual

Trailing Valuation

Trailing Valuation	LTM	Jun '25	Jun '24	Jun '23	Jun '22	Jun '21	Jun '20	Jun '19	Jun '18	Jun '17	Jun '16
Stock Price	361.2	361.2	166.8	79.1	50.9	53.3	72.4	32	21.4	21.6	53.1
Total Shares Outstanding	622.6	622.6	632.6	618.1	616.5	616.1	603.1	539.8	500.3	440	437.3
Market Cap	214,319.8	214,319.8	105,580.4	48,895.7	31,436.6	32,798.6	43,625.3	17,264.1	10,710.4	9,472.3	23,351.8
Total Enterprise Value (TEV)	196,387.8	196,387.8	96,323.4	45,684.7	26,689.6	28,095.6	41,286.3	18,749.1	12,232.4	7,619.3	21,857.7
Dividend Yield	1%	1%	1.4%	0.3%	1.4%	2.1%	0%	—	1.6%	4.7%	—
Buyback Yield	—	—	—	—	—	—	-7.9%	-1.2%	-9.4%	—	—
Debt Paydown Yield	-0.1%	-0.1%	3.5%	-3.2%	1.7%	10.6%	-2%	-1%	-26.8%	0.1%	7.2%
Shareholder Yield	-0.1%	-0.1%	3.6%	-3.2%	1.8%	10.7%	-10%	-2.2%	-36.1%	0.3%	7.2%
P/S	2.9	2.9	1.7	1	0.7	0.8	1.5	0.6	0.5	0.5	1.2
P/Gross Profit	8.8	8.8	7.5	5	43.8	5.3	13.1	-8.8	-3.4	-25.3	9
P/E	15	15	12.2	10.2	-29.6	6.5	-43.6	-6.4	-2.1	27.3	25.1
Earnings Yield	6.6%	6.6%	8.2%	9.8%	-3.4%	15.5%	-2.3%	-15.6%	-46.9%	3.7%	4%
P/OCF	9.5	9.5	6.7	4.9	4.5	3.6	9.2	3.7	2.8	2.5	5.1
P/FCF	19.9	19.9	14.6	21.2	44.3	8.1	39.2	-48.4	-15.8	-110.1	11
FCF Yield	5%	5%	6.9%	4.7%	2.3%	12.3%	2.6%	-2.1%	-6.3%	-0.9%	9.1%
P/B	4.4	4.4	2.6	1.4	1	1.1	1.9	0.8	0.4	0.3	0.8
EV/Sales	2.7	2.7	1.6	0.9	0.6	0.7	1.4	0.7	0.6	0.4	1.2
EV/Gross Profit	8.1	8.1	6.8	4.7	37.2	4.5	12.4	-9.6	-3.9	-20.3	8.4
EV/EBITDA	9.6	9.6	8.2	6.4	-35.4	4.4	-115.3	-7.4	-2.3	-7.7	13.3
EV/EBIT	9.6	9.6	8.2	6.4	-35.4	4.4	-115.3	-7.4	-2.3	-7.7	13.3
EV/OCF	8.7	8.7	6.2	4.6	3.9	3.1	8.7	4	3.1	2	4.7
EV/FCF	18.2	18.2	13.3	19.8	37.6	7	37.1	-52.5	-18	-88.6	10.3

Dividends

Dividends	LTM	Jun '25	Jun '24	Jun '23	Jun '22	Jun '21	Jun '20	Jun '19	Jun '18	Jun '17	Jun '16
Dividend Yield	1%	1%	1.4%	0.3%	1.4%	2.1%	0%	—	1.6%	4.7%	—
DPS	3.4	3.4	2.3	0.2	0.7	1.1	0	—	0.3	1	—
Payout Ratio	14.6%	14.6%	16.7%	3.2%	-40.9%	13.4%	-0.3%	—	-3.4%	121.3%	—

Margins

Margins	LTM	Jun '25	Jun '24	Jun '23	Jun '22	Jun '21	Jun '20	Jun '19	Jun '18	Jun '17	Jun '16
Gross Profit Margin	32.8%	32.8%	23%	19.8%	1.7%	15%	11.4%	-7.3%	-15.4%	-1.9%	13.9%
Operating Margin	27.5%	27.5%	19%	14.4%	-1.8%	15.5%	-1.2%	-9.4%	-26.2%	-5.1%	8.8%
EBITDA Margin	27.5%	27.5%	19%	14.4%	-1.8%	15.5%	-1.2%	-9.4%	-26.2%	-5.1%	8.8%
Net Profit Margin	19.7%	19.7%	14.2%	9.9%	-2.4%	12.3%	-2.9%	-9.7%	-21.9%	1.9%	5.2%
Effective Tax Rate	-31.4%	-31.4%	-26.2%	-26.1%	-4.3%	-19.7%	42.9%	-5.1%	-4.4%	-344.6%	-39.4%
Pre-Tax Profit Margin	28.7%	28.7%	19.2%	13.4%	-2.5%	15.3%	-2%	-10.2%	-26%	-0.8%	8.6%
Free Cash Flow Margin	14.6%	14.6%	11.8%	4.7%	1.7%	9.7%	3.8%	-1.3%	-3.3%	-0.4%	11.4%
OCF / Sales	30.6%	30.6%	25.5%	20.2%	16.2%	22%	16.1%	17.4%	19%	19.5%	24.7%
OCF / Net Income	155.7%	155.7%	180.1%	203.7%	-684.2%	179.1%	-555.6%	-179.5%	-86.8%	1,050.8%	472.7%
FCF / OCF	47.7%	47.7%	46.3%	23.2%	10.3%	44%	23.6%	-7.6%	-17.5%	-2.3%	46.2%
FCF / Net Income	74.2%	74.2%	83.5%	47.3%	-70.2%	78.8%	-130.9%	13.7%	15.2%	-23.8%	218.2%
FCF / EBITDA	53%	53%	62.1%	32.5%	-94%	62.6%	-310.9%	14.1%	12.6%	8.7%	129.7%

Capital Efficiency

Capital Efficiency	LTM	Jun '25	Jun '24	Jun '23	Jun '22	Jun '21	Jun '20	Jun '19	Jun '18	Jun '17	Jun '16
Return on Invested Capital	43.2%	43.2%	29.2%	19.9%	-1.9%	19.2%	-0.6%	-7.7%	-15.6%	-12.7%	6.8%
Return on Assets	36.5%	36.5%	25%	17.2%	-1.6%	16.5%	-0.5%	-7%	-14.3%	-11.6%	6.2%
Return on Equity	30.8%	30.8%	22.9%	15%	-3.3%	18.8%	-3.7%	-10.9%	-16.4%	1.3%	3.5%
Return on Total Capital	76.1%	76.1%	40%	23.9%	-2.2%	20.1%	-0.5%	-7.6%	-17.1%	-9.6%	4.9%
Return on Capital Employed	31.3%	31.3%	22.6%	15.4%	-1.8%	16%	-1%	-7.3%	-15.1%	-2.8%	4.7%
Return on Tangible Assets	18.8%	18.8%	14.8%	9.4%	-2.1%	11.1%	-2.1%	-6.9%	-11.6%	1%	2.7%
Receivables Turnover	18.7	18.7	24.6	24.2	25.6	28.2	24.7	24.4	17.6	19.3	22.6
Days Sales Outstanding	19.5	19.5	14.9	15.1	14.3	12.9	14.8	14.9	20.8	18.9	16.1
Payables Turnover	8	8	8.7	8.1	9.4	9.6	8.8	10.3	10	10.6	9.5
Days Payables Outstanding	45.7	45.7	42	44.9	38.7	38	41.4	35.3	36.5	34.5	38.6
Inventory Turnover	13.5	13.5	13.8	13	15.6	14.3	21	648.7	561.8	482.4	400.5
Days Inventory Outstanding	27	27	26.5	28.1	23.3	25.5	17.4	0.6	0.6	0.8	0.9
Cash Conversion Cycle	0.9	0.9	-0.6	-1.7	-1.1	0.4	-9.3	-19.8	-15	-14.9	-21.6
Asset Turnover	1	1	1	0.9	0.9	0.9	0.7	0.7	0.5	0.5	0.5
Fixed Asset Turnover	1.6	1.6	1.5	1.3	1.3	1.3	1	0.9	0.7	0.6	0.6
Operating Cycle	46.5	46.5	41.4	43.2	37.6	38.5	32.2	15.5	21.4	19.6	17.1
CapEx to OCF	0.5	0.5	0.5	0.8	0.9	0.6	0.8	1.1	1.2	1	0.5
CapEx to Revenue	0.2	0.2	0.1	0.2	0.1	0.1	0.1	0.2	0.2	0.2	0.1

Financial Health

Financial Health	LTM	Jun '25	Jun '24	Jun '23	Jun '22	Jun '21	Jun '20	Jun '19	Jun '18	Jun '17	Jun '16
Total Debt	1,953	1,953	1,794	5,695	3,205	3,361	7,718	5,915	5,614	2,133	2,352.1
Net Debt	-18,209	-18,209	-9,432	-3,334	-4,825	-4,757	-2,343	1,485	1,522	-1,853	-1,494.1
Current Ratio	1.7	1.7	1.6	1.3	1.5	1.5	1.3	1.4	1.2	1.3	1.7
Quick Ratio	2	2	1.9	1.7	2	1.8	1.5	1.7	1.5	1.3	2.3
Cash Ratio	1.6	1.6	1.5	1.3	1.6	1.5	1.3	1.4	1.1	1	1.9
Debt Ratio	0	0	0	0.1	0.1	0.1	0.2	0.2	0.1	0.1	0.1
Assets to Equity	1.6	1.6	1.5	1.6	1.6	1.6	1.9	1.6	1.6	1.3	1.3
Cash Flow to Debt Ratio	11.6	11.6	8.7	1.7	2.2	2.7	0.6	0.8	0.7	1.8	2
Long-term Debt to Assets	0	0	0	0.1	0.1	0.1	0.2	0.2	0.1	0	0.1
Intangibles to Total Assets	0	0	0	0	0	0	0	0	0	0	0
Net Current Asset Value	-7,962	-7,962	-8,189	-13,805	-9,275	-9,092	-11,155	-9,745	-9,958	-4,657	-5,429.2
Debt / Equity	0	0	0	0.2	0.1	0.1	0.3	0.3	0.2	0.1	0.1
Total Debt / Capitalization	0.1	0.1	0.1	0.1	0.1	0.1	0.2	0.2	0.2	0.1	0
Long Term Debt / Capitalization	0.1	0.1	0.1	0.1	0.1	0.1	0.2	0.2	0.1	0	0
Long-Term Debt / Equity	0	0	0	0.2	0.1	0.1	0.3	0.3	0.2	0	0.1
Net Debt / EBITDA	-0.9	-0.9	-0.8	-0.5	6.4	-0.7	6.5	-0.6	-0.3	1.9	-0.9
EBIT / Interest Expense	29.2	29.2	14.7	7.1	-1.1	9.8	-0.5	-4.4	-16.3	-4.2	5.8
EBITDA / Interest Expense	29.2	29.2	14.7	7.1	-1.1	9.8	-0.5	-4.4	-16.3	-4.2	5.8
(EBITDA - Capex) / Interest Expense	12.2	12.2	4.1	-0.5	-9.7	2	-6	-13.2	-30.1	-20.9	-3

Per Share	LTM	Jun '25	Jun '24	Jun '23	Jun '22	Jun '21	Jun '20	Jun '19	Jun '18	Jun '17	Jun '16
Revenue per Share	117.5	117.5	97.5	79.4	69.4	67.7	53.4	50.5	44	42.5	41.9
Basic EPS	23.1	23.1	13.9	7.8	-1.7	8.4	-1.6	-5	-10	0.8	2.2
Diluted EPS	22.9	22.9	13.6	7.8	-1.7	8.3	-1.7	-5	-10	0.8	2.1
Book Value per Share	76.7	76.7	64.8	56	48.9	50.6	42.7	42.4	54.5	63.8	63.4
Tangible Book Value per Share	76.7	76.7	64.7	56	48.8	50	41.7	41.4	53.4	62.5	61.5
Cash per Share	32.1	32.1	17.8	14.6	13.1	13.2	18.4	8.3	8.8	8.7	8.6
Operating Cash Flow per Share	36	36	24.9	16	11.3	14.9	8.6	8.8	8.3	8.3	10.3
Free Cash Flow per Share	17.2	17.2	11.5	3.7	1.2	6.6	2	-0.7	-1.5	-0.2	4.8
CapEx per Share	18.9	18.9	13.3	12.3	10.1	8.3	6.6	9.4	9.8	8.5	5.6
Weighted Avg. Shares Outstanding	621.8	621.8	619.4	617.6	612.5	604	535.3	523.8	445.9	438.4	435.7
Weighted Avg. Shares Outstanding Diluted	628.7	628.7	629.7	620.5	614.6	616	547.2	533.3	465.3	459.2	446.4

Common Size