Harmony Gold Mining CoHGMCF 92 PB Ratio is 3.54 as of Jul. 11, 2026, which is 181% above its 10-year median of 1.26. GuruFocus rates HGMCF with a GF Score™ of 92/100 and a GF Value™ of $20.05 (Fairly Valued). Among 2,352 Metals & Mining companies, Harmony Gold Mining Co ranks worse than 60.59% on this metric.
Harmony Gold Mining Co Ltd stock PB Ratio (=2.99) is close to 1-year low of 2.99.
The historical rank and industry rank for Harmony Gold Mining Co's PB Ratio or its related term are showing as below:
HGMCF'
s PB Ratio Range Over the Past 10 Years
Min: 0.3 Med: 1.26 Max: 4.96
Current: 2.99
During the past 13 years, Harmony Gold Mining Co's highest PB Ratio was 4.96. The lowest was 0.30. And the median was 1.26.
HGMCF's PB Ratio is ranked worse than 60.59% of 2352
companies
in the Metals & Mining industry
Industry Median: 2.22
vs HGMCF: 2.99
During the past 12 months, Harmony Gold Mining Co's average Book Value Per Share Growth Rate was 12.70% per year.
During the past 3 years, the average Book Value Per Share Growth Rate was 16.70% per year.
During the past 5 years, the average Book Value Per Share Growth Rate was 13.10% per year.
During the past 10 years, the average Book Value Per Share Growth Rate was 0.70% per year.
During the past 13 years, the highest 3-Year average Book Value Per Share Growth Rate of Harmony Gold Mining Co was 25.60% per year. The lowest was -16.20% per year. And the median was 4.20% per year.
Back to Basics: PB Ratio
Harmony Gold Mining Co (OTCPK:HGMCF) PB Ratio Explanation
The PB Ratio works the best for the businesses that earn most of their profit from their assets, e.g. banks and insurance companies.
Be Aware
Some businesses have very light assets, such as software companies or insurance agencies. The PB Ratio does not work well for these companies. Some companies even have negative equity, so the PB Ratio cannot be applied to them.
* 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 PB Ratio, along with its competitors' market caps and PB Ratio 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 PB Ratio vs Metals & Mining Industry
For the Metals & Mining industry and Basic Materials sector, Harmony Gold Mining Co's PB Ratio distribution charts can be found below:
* The bar in red indicates where Harmony Gold Mining Co's PB Ratio falls into.
The PB Ratio, or Price-to-Book ratio, or Price/Book, is a financial ratio used to compare a company's market price to its Book Value per Share. It is a ratio widely used to value stocks.
* 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.
It can also be calculated from the numbers for the whole company:
A closely related ratio is called Price-to-Tangible-Book. The difference between Price-to-Tangible-Book and PB Ratio is that book value other than intangibles are used in the calculation.
Harmony Gold Mining Co (HGMCF) has a PB Ratio of 3.54 as of Jul. 11, 2026. Price-to-Book ratio is the ratio of share price to a company's book value per share. View historical data on Harmony Gold Mining Co and its competitors. This is 181% above median its historical median of 1.26. Over the past decade, Harmony Gold Mining Co's PB Ratio has ranged from 0.30 to 4.96. According to the industry distribution chart, Harmony Gold Mining Co ranks #1425 out of 2352 companies in the Metals & Mining industry, placing it in the top 60.6%.
Is Harmony Gold Mining Co's PB Ratio too high?
Harmony Gold Mining Co's current PB Ratio of 3.54 is 181% above median its 10-year median of 1.26. Over the past 10 years, this metric has ranged from a low of 0.30 to a high of 4.96. The Metals & Mining industry median PB Ratio is 2.22. Harmony Gold Mining Co's value of 3.54 is 59.5% above this industry median. Based on the distribution chart, Harmony Gold Mining Co ranks #1425 out of 2352 companies in the Metals & Mining industry, which is below the industry midpoint. Overall, Harmony Gold Mining Co has a GF Score™ of 92/100 and is considered Fairly Valued, reflecting its overall financial health beyond just this single metric.
How does Harmony Gold Mining Co's PB Ratio compare to NEM and AU?
According to the Metals & Mining industry distribution chart, Harmony Gold Mining Co ranks #1425 out of 2352 companies for PB Ratio. This places Harmony Gold Mining Co in the lower half of its industry. The industry median PB Ratio is 2.22. Harmony Gold Mining Co's value of 3.54 is 59.5% above this benchmark. Historically, Harmony Gold Mining Co's own PB Ratio has ranged from 0.30 to 4.96 over the past decade. While the company's 10-year median is 1.26 vs. the industry median of 2.22, Harmony Gold Mining Co has consistently been above 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 PB Ratio for a Metals & Mining company?
The median PB Ratio among Metals & Mining companies is 2.22, based on 2,352 companies in the industry. Companies in the top quartile (top 25%) have a PB Ratio significantly above this median, while those in the bottom quartile fall well below. However, PB Ratio should not be evaluated in isolation — investors should consider it alongside profitability, growth, and financial strength metrics. Harmony Gold Mining Co's current PB Ratio of 3.54 is 59.5% above 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 PB Ratio mean?
A high PB Ratio can signal that a stock is expensive relative to its fundamentals. Price-to-Book ratio is the ratio of share price to a company's book value per share. View historical data on Harmony Gold Mining Co and its competitors. For the Metals & Mining industry, the median PB Ratio is 2.22 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. Harmony Gold Mining Co's current PB Ratio is 3.54, which is 181% above median its own 10-year median of 1.26. 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 (HGMCF) is currently considered Fairly Valued. The stock's GF Value™ is $20.05, compared to a current price of $17.45 — trading 13% below its estimated fair value. The current PB Ratio is 3.54, which is 181% above median its 10-year median of 1.26 and 59.5% above the Metals & Mining industry median of 2.22. Harmony Gold Mining Co's overall GF Score™ is 92/100. Investors should evaluate multiple metrics — including profitability, growth, and financial strength — before making a decision.
How is PB Ratio calculated?
PB Ratio is calculated from a company's financial statements. For Harmony Gold Mining Co (HGMCF), the current PB Ratio is 3.54 as of Jul. 11, 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 (HGMCF) Overvalued in 2026?
Based on GuruFocus' analysis, Harmony Gold Mining Co stock appears to be undervalued.
The current stock price of $17.45 is trading 13% below its estimated GF Value™ of $20.05.
GuruFocus considers Harmony Gold Mining Co to be Fairly Valued.
Key valuation signals for HGMCF:
PB Ratio: 3.54 (181% above median its 10-year median of 1.26)
GF Value™: $20.05 vs. price of $17.45 (13% below fair value)
Industry Position: 59.5% above the Metals & Mining median (#1425 of 2352)
No single metric tells the full story. See the HGMCF 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.
92GF Score
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