Caledonia MiningCMCL +0.79%92 Return-on-Tangible-Equity is 23.89% as of Mar. 2026, which is 50% above its 10-year median of 15.95. GuruFocus rates CMCL with a GF Score™ of 92/100 and a GF Value™ of $20.90 (Fairly Valued). The stock has 5 warning signs investors should review. Among 2,378 Metals & Mining companies, Caledonia Mining ranks better than 90.03% on this metric.
Return-on-Tangible-Equity is calculated as Net Income divided by its average total shareholder tangible equity. Total shareholder tangible equity equals to Total Stockholders Equity minus Intangible Assets. Caledonia Mining's annualized net income for the quarter that ended in Mar. 2026 was $63.4 Mil. Caledonia Mining's average shareholder tangible equity for the quarter that ended in Mar. 2026 was $265.4 Mil. Therefore, Caledonia Mining's annualized Return-on-Tangible-Equity for the quarter that ended in Mar. 2026 was 23.89%.
The historical rank and industry rank for Caledonia Mining's Return-on-Tangible-Equity or its related term are showing as below:
CMCL'
s Return-on-Tangible-Equity Range Over the Past 10 Years
Min: -4.54 Med: 15.95 Max: 26.94
Current: 25.04
During the past 13 years, Caledonia Mining's highest Return-on-Tangible-Equity was 26.94%. The lowest was -4.54%. And the median was 15.95%.
CMCL's Return-on-Tangible-Equity is ranked better than 90.03% of 2378
companies
in the Metals & Mining industry
Industry Median: -16.28
vs CMCL: 25.04
Return-on-Tangible-Equity measures the rate of return on the ownership interest (shareholder's tangible equity) of the common stock owners. It measures a firm's efficiency at generating profits from every unit of shareholders' tangible equity (shareholders equity minus intangibles). Return-on-Tangible-Equity shows how well a company uses investment funds to generate earnings growth. Return-on-Tangible-Equitys between 15% and 20% are considered desirable.
Be Aware
Net Income is used.
Because a company can increase its Return-on-Tangible-Equity by having more financial leverage, it is important to watch the leverage ratio when investing in high Return-on-Tangible-Equity companies. Like Return-on-Tangible-Asset, Return-on-Tangible-Equity is calculated with only 12 months data. Fluctuations in company's earnings or business cycles can affect the ratio drastically. It is important to look at the ratio from a long term perspective.
Asset light businesses require very few assets to generate very high earnings. Their Return-on-Tangible-Equitys can be extremely high.
Caledonia Mining Return-on-Tangible-Equity Related Terms
Caledonia Mining Return-on-Tangible-Equity Historical Data
* Premium members only.
The historical data trend for Caledonia Mining's Return-on-Tangible-Equity 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.
CMCL vs VGZ, CTGO, USAU: Return-on-Tangible-Equity Comparison
For the Gold subindustry, Caledonia Mining's Return-on-Tangible-Equity, along with its competitors' market caps and Return-on-Tangible-Equity 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 Return-on-Tangible-Equity vs Metals & Mining Industry
For the Metals & Mining industry and Basic Materials sector, Caledonia Mining's Return-on-Tangible-Equity distribution charts can be found below:
* The bar in red indicates where Caledonia Mining's Return-on-Tangible-Equity falls into.
* 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.
In the calculation of annual Return-on-Tangible-Equity, the net income of the last fiscal year and the average total shareholder tangible equity over the fiscal year are used. In calculating the quarterly data,
the net income data used here is four times the quarterly (Mar. 2026) net income data.
Return-on-Tangible-Equity is displayed in the 10-year financial page.
What does a Return-on-Tangible-Equity of 23.89% mean?
Caledonia Mining (CMCL) has a Return-on-Tangible-Equity of 23.89% as of Mar. 2026. Return on tangible equity is the ratio of current-period net income to average two-period tangible equity. View historical data on Caledonia Mining and its competitors. This is 50% above median its historical median of 15.95. According to the industry distribution chart, Caledonia Mining ranks #237 out of 2378 companies in the Metals & Mining industry, placing it in the top 10%.
Is Caledonia Mining's Return-on-Tangible-Equity too high?
Caledonia Mining's current Return-on-Tangible-Equity of 23.89% is 50% above median its 10-year median of 15.95. Based on the distribution chart, Caledonia Mining ranks #237 out of 2378 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 92/100 and is considered Fairly Valued, reflecting its overall financial health beyond just this single metric.
How does Caledonia Mining's Return-on-Tangible-Equity compare to VGZ and CTGO?
According to the Metals & Mining industry distribution chart, Caledonia Mining ranks #237 out of 2378 companies for Return-on-Tangible-Equity. This places Caledonia Mining in the top 10% of its industry — outperforming the majority of peers. See the competitive comparison table and distribution chart on this page for a detailed peer-by-peer breakdown.
What is a good Return-on-Tangible-Equity for a Metals & Mining company?
A good Return-on-Tangible-Equity depends on the Metals & Mining industry context. However, Return-on-Tangible-Equity 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 Return-on-Tangible-Equity mean?
A high Return-on-Tangible-Equity can signal that a stock is expensive relative to its fundamentals. Return on tangible equity is the ratio of current-period net income to average two-period tangible equity. View historical data on Caledonia Mining and its competitors. Caledonia Mining's current Return-on-Tangible-Equity is 23.89%, which is 50% above median its own 10-year median of 15.95. 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 Fairly Valued. The stock's GF Value™ is $20.90, compared to a current price of $19.25 — trading 7.9% below its estimated fair value. The current Return-on-Tangible-Equity is 23.89%, which is 50% above median its 10-year median of 15.95. Caledonia Mining's overall GF Score™ is 92/100 with 5 warning signs to review. Investors should evaluate multiple metrics — including profitability, growth, and financial strength — before making a decision.
How is Return-on-Tangible-Equity calculated?
Return-on-Tangible-Equity is calculated from a company's financial statements. For Caledonia Mining (CMCL), the current Return-on-Tangible-Equity is 23.89% as of Mar. 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 $19.25 is trading 7.9% below its estimated GF Value™ of $20.90.
GuruFocus considers Caledonia Mining to be Fairly Valued.
Key valuation signals for CMCL:
Return-on-Tangible-Equity: 23.89% (50% above median its 10-year median of 15.95)
GF Value™: $20.90 vs. price of $19.25 (7.9% below fair value)
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.
92GF Score
Get the complete analysis for CMCL
Return-on-Tangible-Equity is just one metric. See GF Value™, 30-year financials, guru trades, warning signs, and more.
Quick Browse
Personalize
Premium Gurus 
Create New Portfolio
CMCL has been successfully added to your 
