Harmony Gold Mining CoHGMCF 93 ROE % is 40.02% as of Dec. 2025, which is 1568% above its 10-year median of 2.40. GuruFocus rates HGMCF with a GF Score™ of 93/100 and a GF Value™ of $19.69 (Modestly Undervalued). Among 2,389 Metals & Mining companies, Harmony Gold Mining Co ranks better than 93.43% on this metric.
The historical rank and industry rank for Harmony Gold Mining Co's ROE % or its related term are showing as below:
HGMCF'
s ROE % Range Over the Past 10 Years
Min: -16.43 Med: 2.4 Max: 33.46
Current: 33.46
During the past 13 years, Harmony Gold Mining Co's highest ROE % was 33.46%. The lowest was -16.43%. And the median was 2.40%.
HGMCF's ROE % is ranked better than 93.43% of 2389
companies
in the Metals & Mining industry
Industry Median: -16.02
vs HGMCF: 33.46
Harmony Gold Mining Co (OTCPK:HGMCF) ROE % Explanation
ROE % measures the rate of return on the ownership interest (shareholder's equity) of the common stock owners. It measures a firm's efficiency at generating profits from every unit of shareholders' equity (also known as net assets or assets minus liabilities). ROE % shows how well a company uses investment funds to generate earnings growth. ROE %s between 15% and 20% are considered desirable.
The factors that affect a company's ROE % can be illustrated with the three-step DuPont Analysis:
Note:
The net income data used here is two times the semi-annual (Dec. 2025) net income data. The Revenue data used here is two times the semi-annual (Dec. 2025) revenue data. The same rule applies to Pre-Tax Income and Operating Income.
* In the five-step DuPont Analysis, Operating Income is only available for non-financial companies. Thus, for Insurance companies, we use EBIT as a substitution of Operating Income. For Banks, both Operating Income and EBIT is unavailable. Thus we combined Interest Burden and Operating Margin % into Pretax Margin %, and the DuPont Analysis is divided into four components instead.
* 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.
Be Aware
Net Income is used.
Because a company can increase its ROE % by having more financial leverage, it is important to watch the equity multiplier when investing in high ROE % companies. Like ROA %, ROE % 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 ROE %s can be extremely high.
* 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 ROE %, along with its competitors' market caps and ROE % 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 ROE % vs Metals & Mining Industry
For the Metals & Mining industry and Basic Materials sector, Harmony Gold Mining Co's ROE % distribution charts can be found below:
* The bar in red indicates where Harmony Gold Mining Co's ROE % 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 ROE %, the net income of the last fiscal year and the average total shareholder equity over the fiscal year are used. In calculating the quarterly data,
the net income data used here is two times the semi-annual (Dec. 2025) net income data.
ROE % is displayed in the 30-year financial page.
Harmony Gold Mining Co (HGMCF) has a ROE % of 40.02% as of Dec. 2025. Return on equity is the ratio of current-period net income to average two-period total equity. View historical data on Harmony Gold Mining Co and its competitors. This is 1568% above median its historical median of 2.40. According to the industry distribution chart, Harmony Gold Mining Co ranks #157 out of 2389 companies in the Metals & Mining industry, placing it in the top 6.6%.
Is Harmony Gold Mining Co's ROE % too high?
Harmony Gold Mining Co's current ROE % of 40.02% is 1568% above median its 10-year median of 2.40. Based on the distribution chart, Harmony Gold Mining Co ranks #157 out of 2389 companies in the Metals & Mining industry, which is in the top quartile — a strong position relative to peers. Overall, Harmony Gold Mining Co has a GF Score™ of 93/100 and is considered Modestly Undervalued, reflecting its overall financial health beyond just this single metric.
How does Harmony Gold Mining Co's ROE % compare to NEM and AU?
According to the Metals & Mining industry distribution chart, Harmony Gold Mining Co ranks #157 out of 2389 companies for ROE %. This places Harmony Gold Mining Co in the top 7% 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 ROE % for a Metals & Mining company?
A good ROE % depends on the Metals & Mining industry context. However, ROE % 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 ROE % mean?
A high ROE % can signal that a stock is expensive relative to its fundamentals. Return on equity is the ratio of current-period net income to average two-period total equity. View historical data on Harmony Gold Mining Co and its competitors. Harmony Gold Mining Co's current ROE % is 40.02%, which is 1568% above median its own 10-year median of 2.40. 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 Modestly Undervalued. The stock's GF Value™ is $19.69, compared to a current price of $17.45 — trading 11.4% below its estimated fair value. The current ROE % is 40.02%, which is 1568% above median its 10-year median of 2.40. Harmony Gold Mining Co's overall GF Score™ is 93/100. Investors should evaluate multiple metrics — including profitability, growth, and financial strength — before making a decision.
How is ROE % calculated?
ROE % is calculated from a company's financial statements. For Harmony Gold Mining Co (HGMCF), the current ROE % is 40.02% as of Dec. 2025. 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 11.4% below its estimated GF Value™ of $19.69.
GuruFocus considers Harmony Gold Mining Co to be Modestly Undervalued.
Key valuation signals for HGMCF:
ROE %: 40.02% (1568% above median its 10-year median of 2.40)
GF Value™: $19.69 vs. price of $17.45 (11.4% below fair value)
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.
93GF Score
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