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Caledonia MiningCMCL +0.70%83 EV-to-EBITDA is 2.73 as of Jul. 25, 2026, which is 34% below its 10-year median of 4.14. GuruFocus rates CMCL with a GF Score™ of 83/100 and a GF Value™ of $21.28 (Modestly Undervalued). The stock has 5 warning signs investors should review. Among 688 Metals & Mining companies, Caledonia Mining ranks better than 88.66% on this metric.
EV-to-EBITDA is calculated as enterprise value divided by its EBITDA. As of today, Caledonia Mining's enterprise value is $333.8 Mil.
Caledonia Mining's EBITDA for the trailing twelve months (TTM) ended in Mar. 2026 was $122.3 Mil. Therefore, Caledonia Mining's EV-to-EBITDA for today is 2.73.
The historical rank and industry rank for Caledonia Mining's EV-to-EBITDA or its related term are showing as below:
CMCL'
s EV-to-EBITDA Range Over the Past 10 Years
Min: 1.33 Med: 4.14 Max: 320.63
Current: 2.73
During the past 13 years, the highest EV-to-EBITDA of Caledonia Mining was 320.63. The lowest was 1.33. And the median was 4.14.
CMCL's EV-to-EBITDA is ranked better than 88.66% of 688
companies
in the Metals & Mining industry
Industry Median: 10.05
vs CMCL: 2.73
EV-to-EBITDA is a valuation multiple used in finance and investment to measure the value of a company. This important multiple is often used in conjunction with, or as an alternative to, the PE Ratio to determine the fair market value of a company.
EV-to-EBITDA is a valuation multiple used in finance and investment to measure the value of a company. This important multiple is often used in conjunction with, or as an alternative to, the PE Ratio (TTM) to determine the fair market value of a company.
Caledonia Mining's PE Ratio (TTM) for today is calculated as:
Caledonia Mining's share price for today is $18.66.
Caledonia Mining's Earnings per Share (Diluted) for the trailing twelve months (TTM) ended in Mar. 2026 adds up the quarterly data reported by the company within the most recent 12 months, which was $3.190.
* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD. * For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.
Study has found that the companies with the lowest EV-to-EBITDA outperforms companies measured as cheap by other ratios such as PE Ratio (TTM).
The historical data trend for Caledonia Mining's EV-to-EBITDA can be seen below:
* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD. * For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.
For the Gold subindustry, Caledonia Mining's EV-to-EBITDA, along with its competitors' market caps and EV-to-EBITDA data, can be viewed below:
* Competitive companies are chosen from companies within the same industry, with headquarter located in same country, with closest market capitalization; x-axis shows the market cap, and y-axis shows the term value; the bigger the dot, the larger the market cap. Note that "N/A" values will not show up in the chart.
Caledonia Mining EV-to-EBITDA vs Metals & Mining Industry
For the Metals & Mining industry and Basic Materials sector, Caledonia Mining's EV-to-EBITDA distribution charts can be found below:
* The bar in red indicates where Caledonia Mining's EV-to-EBITDA falls into.
Caledonia Mining's current Enterprise Value is $333.8 Mil.
Caledonia Mining's EBITDA for the trailing twelve months (TTM) ended in Mar. 2026 adds up the quarterly data reported by the company within the most recent 12 months, which was $122.3 Mil.
* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD. * For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.
Caledonia Mining (CMCL) has a EV-to-EBITDA of 2.73 as of Jul. 25, 2026. EV to EBITDA ratio is the company's enterprise value divided by earnings before interest, taxes, depreciation and amortization. View historical data on Caledonia Mining. This is 34% below median its historical median of 4.14. Over the past decade, Caledonia Mining's EV-to-EBITDA has ranged from 1.33 to 320.63. According to the industry distribution chart, Caledonia Mining ranks #78 out of 688 companies in the Metals & Mining industry, placing it in the top 11.3%.
Is Caledonia Mining's EV-to-EBITDA too high?
Caledonia Mining's current EV-to-EBITDA of 2.73 is 34% below median its 10-year median of 4.14. Over the past 10 years, this metric has ranged from a low of 1.33 to a high of 320.63. The Metals & Mining industry median EV-to-EBITDA is 10.05. Caledonia Mining's value of 2.73 is 72.8% below this industry median. Based on the distribution chart, Caledonia Mining ranks #78 out of 688 companies in the Metals & Mining industry, which is in the top quartile — a strong position relative to peers. Overall, Caledonia Mining has a GF Score™ of 83/100 and is considered Modestly Undervalued, reflecting its overall financial health beyond just this single metric.
How does Caledonia Mining's EV-to-EBITDA compare to VGZ and CTGO?
According to the Metals & Mining industry distribution chart, Caledonia Mining ranks #78 out of 688 companies for EV-to-EBITDA. This places Caledonia Mining in the top 11% of its industry — outperforming the majority of peers. The industry median EV-to-EBITDA is 10.05. Caledonia Mining's value of 2.73 is 72.8% below this benchmark. Historically, Caledonia Mining's own EV-to-EBITDA has ranged from 1.33 to 320.63 over the past decade. While the company's 10-year median is 4.14 vs. the industry median of 10.05, Caledonia Mining has consistently been below the industry average. See the competitive comparison table and distribution chart on this page for a detailed peer-by-peer breakdown.
What is a good EV-to-EBITDA for a Metals & Mining company?
The median EV-to-EBITDA among Metals & Mining companies is 10.05, based on 688 companies in the industry. Companies in the top quartile (top 25%) have a EV-to-EBITDA significantly above this median, while those in the bottom quartile fall well below. However, EV-to-EBITDA should not be evaluated in isolation — investors should consider it alongside profitability, growth, and financial strength metrics. Caledonia Mining's current EV-to-EBITDA of 2.73 is 72.8% below the industry median. Use the industry distribution chart on this page to see where any company falls relative to its peers.
What does a high EV-to-EBITDA mean?
A high EV-to-EBITDA can signal that a stock is expensive relative to its fundamentals. EV to EBITDA ratio is the company's enterprise value divided by earnings before interest, taxes, depreciation and amortization. View historical data on Caledonia Mining. For the Metals & Mining industry, the median EV-to-EBITDA is 10.05 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. Caledonia Mining's current EV-to-EBITDA is 2.73, which is 34% below median its own 10-year median of 4.14. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Caledonia Mining stock overvalued right now?
Based on GuruFocus' analysis, Caledonia Mining (CMCL) is currently considered Modestly Undervalued. The stock's GF Value™ is $21.28, compared to a current price of $18.66 — trading 12.3% below its estimated fair value. The current EV-to-EBITDA is 2.73, which is 34% below median its 10-year median of 4.14 and 72.8% below the Metals & Mining industry median of 10.05. Caledonia Mining's overall GF Score™ is 83/100 with 5 warning signs to review. Investors should evaluate multiple metrics — including profitability, growth, and financial strength — before making a decision.
How is EV-to-EBITDA calculated?
EV-to-EBITDA is calculated from a company's financial statements. For Caledonia Mining (CMCL), the current EV-to-EBITDA is 2.73 as of Jul. 25, 2026. GuruFocus calculates this using data sourced from SEC filings and annual reports. See the calculation section and 30-year financial data on this page for the full breakdown.
Is Caledonia Mining (CMCL) Overvalued in 2026?
Based on GuruFocus' analysis, Caledonia Mining stock appears to be undervalued.
The current stock price of $18.66 is trading 12.3% below its estimated GF Value™ of $21.28.
GuruFocus considers Caledonia Mining to be Modestly Undervalued.
Key valuation signals for CMCL:
EV-to-EBITDA: 2.73 (34% below median its 10-year median of 4.14)
GF Value™: $21.28 vs. price of $18.66 (12.3% below fair value)
Industry Position: 72.8% below the Metals & Mining median (#78 of 688)
No single metric tells the full story. See the CMCL stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
Caledonia Mining Corp PLC is a gold exploration, development, and mining company. The company's segment includes Blanket, South Africa, Bilboes Oxide mine, and E&E projects. The company generates the majority of its revenue from the Blanket project. The Blanket Mine is located in the south-west of Zimbabwe and operates at a depth of approximately 750 meters below the surface. Its project includes Maligreen and Motapa.
83GF Score
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