HMY
Basic MaterialsHarmony Gold Mining Company Limited · Gold · $11B
What is Harmony Gold Mining Company Limited?
Harmony Gold Mining Company Limited is one of South Africa's largest gold producers, with operations spanning underground mines, open-pit sites, and international projects. Incorporated in 1950 and headquartered in Randfontein, South Africa, the company has built a diversified mining portfolio across two continents.
Harmony Gold explores, extracts, and processes gold as its primary business, while also pursuing uranium, silver, copper, and molybdenum deposits. Its South African operations include nine underground mines in the Witwatersrand Basin and an open-pit mine on the Kraaipan Greenstone Belt, supported by surface treatment facilities. Internationally, the company holds interests in the Hidden Valley open-pit gold and silver mine and the Wafi-Golpu development project, both located in Papua New Guinea's Morobe Province.
Harmony Gold was incorporated in 1950 and is headquartered in Randfontein, South Africa.
- Underground gold mining across the Witwatersrand Basin
- Open-pit gold and silver production at Hidden Valley, Papua New Guinea
- Wafi-Golpu copper-gold development project in Papua New Guinea
- Surface treatment and processing operations in South Africa
- Exploration for uranium, silver, copper, and molybdenum
Is HMY a Good Stock to Buy?
UQS Score rates HMY as Very Good overall, reflecting a balanced profile with notable strengths across several key dimensions.
Harmony Gold's Quality and Growth pillars both register as Strong, suggesting the business generates meaningful returns and is expanding at a pace that stands out within the Basic Materials sector. The Valuation pillar is rated Attractive, meaning the stock does not appear richly priced relative to its fundamentals — a meaningful consideration for value-conscious investors in the gold mining space. Risk is rated Good, indicating a manageable risk profile for a company operating in a capital-intensive industry.
The Moat pillar is rated Weak, which reflects the competitive and commodity-driven nature of gold mining, where pricing power is largely determined by global gold markets rather than proprietary advantages.
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Past performance does not guarantee future results. UQS Score is based on fundamental data and is not a buy/sell recommendation.
Does HMY pay dividends?
Yes — Harmony Gold Mining Company Limited pays a dividend.
Harmony Gold pays a regular dividend, which is relatively uncommon among mid-tier gold miners. The dividend reflects the company's ability to generate cash from its operations even through commodity price cycles. Income-oriented investors may find this appealing, though dividend levels in the mining sector can fluctuate with gold prices and capital expenditure requirements.
When does HMY report earnings?
Harmony Gold reports earnings on a regular cadence, consistent with its listing obligations as a publicly traded company.
The company's Strong Quality and Growth pillar ratings suggest its recent operating results have been constructive relative to sector peers. Revenue generation and operational execution appear to be tracking positively, though commodity price movements remain a key variable for any gold miner's reported results.
For the most recent quarter's results and upcoming reporting dates, visit Harmony Gold's official investor relations page.
HMY Price History
+252.6% over 5Y
Monthly close, adjusted for stock splits and dividend reinvestment.
What if I invested in Harmony Gold Mining Company Limited?
Based on Harmony Gold Mining Company Limited's historical closing prices, adjusted for stock splits and dividend reinvestment. Past performance does not guarantee future results. This is for informational purposes only and is not financial advice.
HMY Long-term Outlook
Harmony Gold's Strong Growth pillar points to a business with meaningful expansion potential, supported by its Papua New Guinea project pipeline and ongoing South African operations. The Good Risk rating suggests the company is navigating operational and financial risks in a measured way. However, the Weak Moat pillar is a reminder that gold miners remain exposed to commodity price volatility, which can compress margins quickly if gold prices soften.
Growth drivers
- Advancement of the Wafi-Golpu copper-gold project in Papua New Guinea
- Sustained or rising gold prices supporting revenue growth across existing operations
- Operational improvements and throughput gains at South African underground mines
Key risks
- Gold price volatility directly impacting revenue and profitability
- Geopolitical and regulatory risks across South African and Papua New Guinean operations
- Capital intensity of mine development potentially pressuring free cash flow
HMY vs Peers
Harmony Gold operates in a competitive gold mining landscape alongside peers that vary in geography, business model, and scale.
IAMGOLD focuses on gold production across West Africa and the Americas, offering a geographically distinct footprint compared to Harmony's South Africa and Papua New Guinea concentration.
Equinox Gold is a growth-oriented producer with operations concentrated in the Americas, pursuing an aggressive mine-building strategy that contrasts with Harmony's more established asset base.
OR Royalties operates a royalty and streaming model rather than direct mining, giving it a different risk and revenue profile compared to Harmony's operational mining approach.
Frequently Asked Questions
What does Harmony Gold do?
Harmony Gold explores, extracts, and processes gold through underground and open-pit mining operations. Its primary assets are located in South Africa's Witwatersrand Basin and in Papua New Guinea. The company also explores for uranium, silver, copper, and molybdenum as secondary commodities.
Does HMY pay dividends?
Yes, Harmony Gold pays a regular dividend. This distinguishes it from many peers in the gold mining sector. Dividend amounts can vary depending on gold prices, operational cash flows, and capital investment priorities, so investors should review the latest declarations via the company's investor relations page.
When does HMY report earnings?
Harmony Gold reports on a regular cadence in line with its listing requirements. Because our data source does not cover specific upcoming dates, we recommend checking the company's investor relations page for the most current earnings schedule.
Is HMY a good stock to buy?
UQS Score rates HMY as Very Good, with Strong Quality and Growth pillars and an Attractive Valuation rating. The Moat pillar is Weak, reflecting the commodity-driven nature of gold mining. Whether HMY fits your portfolio depends on your risk tolerance and investment goals — the full pillar breakdown is available to Pro members.
Is HMY overvalued?
The UQS Valuation pillar for HMY is rated Attractive, suggesting the stock is not trading at a premium relative to its fundamentals. In the gold mining sector, valuation can shift quickly with commodity prices, so ongoing monitoring is worthwhile. View the complete valuation metrics with a UQS Pro account.
How does HMY compare to its competitors?
Compared to peers like IAMGOLD, Equinox Gold, and OR Royalties, Harmony Gold stands out for its long-established South African operations and its Papua New Guinea growth pipeline. Its Very Good UQS Score and Attractive Valuation rating position it constructively within the sector, though each peer has a distinct geographic and business-model profile.
What is HMY's market cap bracket?
Harmony Gold is classified as a large-cap company, placing it among the more substantial publicly traded gold miners globally. Large-cap status generally implies greater liquidity and institutional coverage compared to smaller peers in the sector.
Who founded Harmony Gold?
Harmony Gold was incorporated in 1950, with its origins tied to South Africa's historic gold mining industry in the Witwatersrand Basin. Detailed founding history is widely available through the company's official corporate publications and public filings.
Is HMY a long-term quality investment?
As a long-term quality indicator, HMY's Strong Quality and Growth pillar ratings are encouraging, suggesting durable operational performance. The Weak Moat rating is a consideration, as gold miners lack pricing power over their core commodity. Long-term investors should weigh the full UQS profile, available in detail to Pro members.
What is the main competitive advantage of Harmony Gold?
Harmony Gold's scale of operations across South Africa and its international growth pipeline in Papua New Guinea provide operational diversification. Its long-established presence in the Witwatersrand Basin gives it deep geological expertise, though the Weak Moat rating reflects that gold mining broadly lacks structural pricing advantages over commodity markets.
What sector does HMY belong to?
HMY belongs to the Basic Materials sector, specifically within gold and precious metals mining. This sector is closely tied to global commodity prices, macroeconomic conditions, and currency dynamics — all of which influence the financial performance of companies like Harmony Gold.
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Pro Analysis
HMY — Score History
| Date | UQS | Quality | Moat | Growth | Risk | Value | Change |
|---|---|---|---|---|---|---|---|
| May 22, 2026 | 69.9 | 82.3 | 28.0 | 85.0 | 68.9 | 100.0 | +0.1 |
| May 21, 2026 | 69.8 | 81.9 | 28.0 | 85.0 | 68.9 | 99.5 | -0.2 |
| May 16, 2026 | 70.0 | 82.8 | 28.0 | 85.0 | 68.9 | 100.0 | +0.2 |
| May 14, 2026 | 69.8 | 81.8 | 28.0 | 85.0 | 68.9 | 99.9 | +0.2 |
| May 12, 2026 | 69.6 | 81.5 | 28.0 | 85.0 | 68.9 | 99.4 | 0.0 |
| Apr 22, 2026 | 69.6 | 80.9 | 28.0 | 85.0 | 68.9 | 100.0 | -6.5 |
| Apr 18, 2026 | 76.1 | 95.2 | 28.0 | 100.0 | 68.9 | 100.0 | -0.4 |
| Apr 16, 2026 | 76.5 | 96.5 | 28.0 | 100.0 | 68.9 | 100.0 | -0.1 |
| Apr 9, 2026 | 76.6 | 96.9 | 28.0 | 100.0 | 68.9 | 100.0 | -0.1 |
| Apr 8, 2026 | 76.7 | 97.4 | 28.0 | 100.0 | 68.9 | 100.0 | +0.1 |
HMY — Pillar Breakdown
Quality
— 82.3/100 (25%)Harmony Gold Mining Company Limited demonstrates outstanding capital efficiency and profitability, placing it among the highest-quality businesses in the market.
How effectively capital is deployed to generate returns.
Profitability relative to shareholders' equity.
Ability to convert revenue into operating profit.
Bottom-line profit as a share of revenue.
Asset productivity — how much gross profit each dollar of assets generates.
Free cash flow relative to market value.
Growth
— 85.0/100 (20%)Harmony Gold Mining Company Limited is growing rapidly with strong revenue and earnings expansion.
Revenue trajectory over the last twelve months.
Compound annual revenue growth rate over 3 years.
Year-over-year earnings per share growth.
Analyst consensus for future revenue growth.
Analyst consensus for future earnings growth.
Risk
— 68.9/100 (15%)Harmony Gold Mining Company Limited maintains a reasonable risk profile with manageable debt levels.
Debt levels relative to earnings capacity.
Total debt relative to shareholder equity.
Short-term liquidity — ability to pay near-term obligations.
Earnings capacity relative to interest payments.
Valuation
— 100.0/100 (15%)Harmony Gold Mining Company Limited appears attractively valued relative to its earnings, cash flows, and sector peers.
Inverse of forward P/E — higher yield means cheaper stock.
How many years of FCF the market cap represents.
P/E relative to earnings growth — lower is more attractive.
Enterprise value multiple relative to sector median.
Moat
— 28/100 (25%)Harmony Gold Mining Company Limited operates in a highly competitive environment with limited sustainable advantages. The Moat pillar evaluates competitive advantages across five dimensions: Switching Costs, Network Effects, Cost Advantage, Intangible Assets, and Scale & Ecosystem. Sign in to customize moat ratings for HMY.
Score Composition
Financial Data
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How is the HMY UQS Score Calculated?
The UQS (Unified Quality Score) for Harmony Gold Mining Company Limited is calculated using a proprietary 6-pillar framework with 29 financial metrics. Each pillar evaluates a different dimension on a 0–100 scale, then combines into a single weighted score. Scoring thresholds are calibrated per sector. Momentum is an optional Pro toggle — without it, you get the 5-pillar / 25-metric core shown below.
Quality (25%) measures profitability and capital efficiency — ROIC, ROE, margins, GP/Assets, and FCF Yield.
Moat (25%) assesses Harmony Gold Mining Company Limited's competitive advantages across switching costs, network effects, cost advantages, intangible assets, and ecosystem scale.
Growth (20%) tracks revenue trajectory and earnings momentum, combining historical results with analyst forward estimates.
Risk (15%) is inversely scored — lower leverage and strong balance sheet health result in higher scores.
Valuation (15%) measures whether Harmony Gold Mining Company Limited is fairly priced using earnings yield, price-to-FCF, PEG ratio, and EV/EBITDA relative to sector peers.
Six investor-inspired presets are available, each with different pillar weights: Balanced, Buffett, Munger, Lynch, Cathie Wood, and Graham. The public score shown here uses the Balanced preset. Learn more in our FAQ.