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Harmony Gold Mining CoHMY +6.90%81 EV-to-OCF is 9.90 as of Aug. 22, 2026, which is 67% above its 10-year median of 5.92. GuruFocus rates HMY with a GF Score™ of 81/100 and a GF Value™ of $18.09 (Modestly Overvalued). The stock has 4 warning signs investors should review. Among 2,668 Metals & Mining companies, Harmony Gold Mining Co ranks worse than 84.82% on this metric.
EV-to-OCF is calculated as enterprise value divided by its cash flow from operations. As of today, Harmony Gold Mining Co's Enterprise Value is $15,075 Mil.
Harmony Gold Mining Co's Cash Flow from Operations for the trailing twelve months (TTM) ended in Dec. 2025 was $1,522 Mil. Therefore, Harmony Gold Mining Co's EV-to-OCF for today is 9.90.
The historical rank and industry rank for Harmony Gold Mining Co's EV-to-OCF or its related term are showing as below:
HMY'
s EV-to-OCF Range Over the Past 10 Years
Min: 2.32 Med: 5.92 Max: 13.82
Current: 9.15
During the past 13 years, the highest EV-to-OCF of Harmony Gold Mining Co was 13.82. The lowest was 2.32. And the median was 5.92.
HMY's EV-to-OCF is ranked worse than 84.82% of 2668
companies
in the Metals & Mining industry
Industry Median: -8.805
vs HMY: 9.15
EV-to-OCF is a valuation multiple that allows analysts and investors to compare stocks, preferably in the same sector or industry. 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.
Harmony Gold Mining Co (NYSE:HMY) EV-to-OCF Explanation
EV-to-OCF is a valuation multiple that allows analysts and investors to compare stocks, preferably in the same sector or industry. 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.
Harmony Gold Mining Co's PE Ratio (TTM) for today is calculated as:
Harmony Gold Mining Co's share price for today is $23.54.
For company reported semi-annually, GuruFocus uses latest annual data as the TTM data. Harmony Gold Mining Co's Earnings per Share (Diluted) for the trailing twelve months (TTM) ended in Dec. 2025 was $1.495.
* 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.
Enterprise Value is used because it is a more complete measure in reflecting how much an investor pays when buying a company. Cash Flow from Operations is an important financial metric because it represents the cash generated from operating activities at a company's disposal. Companies with a low EV-to-OCF ratio, combined with a strong balance sheet are generally considered as undervalued.
* 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, Harmony Gold Mining Co's EV-to-OCF, along with its competitors' market caps and EV-to-OCF 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.
Harmony Gold Mining Co EV-to-OCF vs Metals & Mining Industry
For the Metals & Mining industry and Basic Materials sector, Harmony Gold Mining Co's EV-to-OCF distribution charts can be found below:
* The bar in red indicates where Harmony Gold Mining Co's EV-to-OCF falls into.
Harmony Gold Mining Co's current Enterprise Value is $15,075 Mil.
For company reported semi-annually, GuruFocus uses latest annual data as the TTM data. Harmony Gold Mining Co's Cash Flow from Operations for the trailing twelve months (TTM) ended in Dec. 2025 was $1,522 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.
Harmony Gold Mining Co (HMY) has a EV-to-OCF of 9.90 as of Aug. 22, 2026. This is 67% above median its historical median of 5.92. Over the past decade, Harmony Gold Mining Co's EV-to-OCF has ranged from 2.32 to 13.82. According to the industry distribution chart, Harmony Gold Mining Co ranks #2263 out of 2668 companies in the Metals & Mining industry, placing it in the top 84.8%.
Is Harmony Gold Mining Co's EV-to-OCF too high?
Harmony Gold Mining Co's current EV-to-OCF of 9.90 is 67% above median its 10-year median of 5.92. Over the past 10 years, this metric has ranged from a low of 2.32 to a high of 13.82. Based on the distribution chart, Harmony Gold Mining Co ranks #2263 out of 2668 companies in the Metals & Mining industry, which is in the bottom quartile relative to peers. Overall, Harmony Gold Mining Co has a GF Score™ of 81/100 and is considered Modestly Overvalued, reflecting its overall financial health beyond just this single metric.
How does Harmony Gold Mining Co's EV-to-OCF compare to NEM and AU?
According to the Metals & Mining industry distribution chart, Harmony Gold Mining Co ranks #2263 out of 2668 companies for EV-to-OCF. This places Harmony Gold Mining Co in the lower half of its industry. Historically, Harmony Gold Mining Co's own EV-to-OCF has ranged from 2.32 to 13.82 over the past decade. See the competitive comparison table and distribution chart on this page for a detailed peer-by-peer breakdown.
What is a good EV-to-OCF for a Metals & Mining company?
A good EV-to-OCF depends on the Metals & Mining industry context. However, EV-to-OCF should not be evaluated in isolation — investors should consider it alongside profitability, growth, and financial strength metrics. Use the industry distribution chart on this page to see where any company falls relative to its peers.
What does a high EV-to-OCF mean?
A high EV-to-OCF can signal that a stock is expensive relative to its fundamentals. Harmony Gold Mining Co's current EV-to-OCF is 9.90, which is 67% above median its own 10-year median of 5.92. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Harmony Gold Mining Co stock overvalued right now?
Based on GuruFocus' analysis, Harmony Gold Mining Co (HMY) is currently considered Modestly Overvalued. The stock's GF Value™ is $18.09, compared to a current price of $23.54 — trading 30.1% above its estimated fair value. The current EV-to-OCF is 9.90, which is 67% above median its 10-year median of 5.92. Harmony Gold Mining Co's overall GF Score™ is 81/100 with 4 warning signs to review. Investors should evaluate multiple metrics — including profitability, growth, and financial strength — before making a decision.
How is EV-to-OCF calculated?
EV-to-OCF is calculated from a company's financial statements. For Harmony Gold Mining Co (HMY), the current EV-to-OCF is 9.90 as of Aug. 22, 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 Harmony Gold Mining Co (HMY) Overvalued in 2026?
Based on GuruFocus' analysis, Harmony Gold Mining Co stock appears to be overvalued.
The current stock price of $23.54 is trading 30.1% above its estimated GF Value™ of $18.09.
GuruFocus considers Harmony Gold Mining Co to be Modestly Overvalued.
Key valuation signals for HMY:
EV-to-OCF: 9.90 (67% above median its 10-year median of 5.92)
GF Value™: $18.09 vs. price of $23.54 (30.1% above fair value)
No single metric tells the full story. See the HMY stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
Harmony Gold Mining Co Ltd is engaged in gold mining and related activities, including exploration, extraction, and processing. The group's primary product is gold bullion, produced at operations in South Africa and Papua New Guinea. Gold byproducts include uranium and silver. Strategic projects such as the Wafi-Golpu Project in the New Guinea Mobile Belt, the Eva Copper Project in the Mt Isa Inlier, Queensland, Australia, and the MAC Copper acquisition position the company as a gold-copper producer. The company operates across South Africa, Papua New Guinea, and Australia.
81GF Score
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