Harmony Gold Mining Past Earnings Performance
Past criteria checks 5/6
Harmony Gold Mining has been growing earnings at an average annual rate of 45%, while the Metals and Mining industry saw earnings declining at 15.1% annually. Revenues have been growing at an average rate of 16.2% per year. Harmony Gold Mining's return on equity is 31.5%, and it has net margins of 20.1%.
Key information
44.98%
Earnings growth rate
44.18%
EPS growth rate
| Metals and Mining Industry Growth | 36.20% |
| Revenue growth rate | 16.19% |
| Return on equity | 31.51% |
| Net Margin | 20.06% |
| Next Earnings Update | 27 Aug 2026 |
Recent past performance updates
Recent updates
Narrative Update • Jul 01
HAR: New Project Progress And Margin Strength Will Support Further Upside
Analysts have trimmed their ZAR fair value estimate for Harmony Gold Mining from ZAR500 to ZAR450, citing refreshed assumptions for revenue growth, profit margins, discount rate and future P/E that slightly shift the balance of risks and potential returns. What’s in the News for Harmony Gold Mining Jelani Resources, the joint venture vehicle between Harmony Gold Mining subsidiaries and Lexington Gold, received formal acceptance of its Mining Right application for the Jelani JV Project from South Africa’s Department of Mineral and Petroleum Resources.
Narrative Update • Jun 17
HAR: Jelani JV Progress And Existing Infrastructure Access Will Support Future Returns
Analysts have lifted their price target for Harmony Gold Mining from ZAR300 to ZAR320. They cite updated assumptions for revenue growth, profit margins, discount rate and future P/E as the key drivers of this valuation change.
Narrative Update • Jun 03
HAR: Higher Margins And Payouts Will Support A Stronger Medium Term Outlook
Analysts have lifted their Harmony Gold Mining price target slightly from ZAR385 to ZAR390, reflecting updated assumptions for revenue growth, profit margins and a lower future P/E multiple in their models. What's in the News Ninety One SA (Pty) Ltd increased its minority holding in Harmony Gold Mining Company to 5.2017% of total issued shares, following the completion of an additional stake acquisition on April 20, 2026.Narrative Update • Apr 29
HAR: Dividend Strength And Steady Guidance Will Support Further Share Upside
Analysts have reiterated their ZAR fair value estimate for Harmony Gold Mining while fine tuning their inputs, including a slightly higher discount rate, modestly stronger revenue growth and profit margin assumptions, and a marginally lower future P/E. Together, these adjustments leave the overall price target in ZAR terms unchanged.Analysis Article • Apr 16
Should You Be Adding Harmony Gold Mining (JSE:HAR) To Your Watchlist Today?
The excitement of investing in a company that can reverse its fortunes is a big draw for some speculators, so even...Narrative Update • Apr 15
HAR: Updated Costs And Margin Outlook Will Shape Future Return Balance
Analysts have trimmed their price target on Harmony Gold Mining from ZAR330 to ZAR300, citing updated assumptions that combine higher projected revenue growth with a lower profit margin outlook and a slightly reduced future P/E multiple. What's in the News Reported gold production of 724,099 oz, or 22,522 kg, for the six months ended 31 December 2025, compared with 797,854 oz, or 24,816 kg, a year earlier, with management attributing a 9% decline to temporary challenges in the second quarter of fiscal 2026 (company announcement of operating results).Narrative Update • Apr 01
HAR: Earnings Guidance And Dividend Payout Will Support Future Upside
Analysts have raised their ZAR price target for Harmony Gold Mining to ZAR500, citing slightly firmer long term revenue growth, profit margins, and a lower projected future P/E multiple that together support maintaining this fair value level. What's in the News Reported gold production of 724,099 oz (22,522 kg) for the six months ended 31 December 2025, compared with 797,854 oz (24,816 kg) a year earlier, with a 9% decline linked to temporary challenges in the second quarter of fiscal 2026 (Key Developments).Narrative Update • Mar 18
HAR: Higher Earnings Guidance And Dividend Payout Will Support Future Upside
Analysts have trimmed their price target on Harmony Gold Mining from ZAR515 to ZAR500 as they factor in updated assumptions for revenue growth, profit margins, the discount rate, and the expected future P/E multiple. What's in the News Reported gold production of 724,099 oz (22,522 kg) for the six months ended 31 December 2025, compared with 797,854 oz (24,816 kg) a year earlier, reflecting a 9% decline linked to temporary challenges in the second quarter of fiscal 2026 (company announcement of operating results).Narrative Update • Mar 03
HAR: Higher Margin Outlook And Copper Project Will Shape Balanced Future Returns
Analysts have raised their ZAR fair value estimate for Harmony Gold Mining from about ZAR270 to ZAR330, citing updated assumptions that include higher revenue growth, a wider profit margin, and a lower future P/E multiple applied to the shares. What's in the News Thiess has entered an alliance agreement with Harmony Gold Mining for multiple work packages at the greenfield Eva Copper Mine Project in Cloncurry, North West Queensland, Australia.Narrative Update • Feb 17
HAR: Eva Copper Project And Alliance Agreement Will Support Future Upside
Analysts have kept their Harmony Gold Mining fair value estimate steady at ZAR515.00, with updated assumptions reflecting a slightly lower discount rate, marginally adjusted revenue, a modestly higher profit margin, and a slightly lower future P/E multiple. What's in the News Thiess entered an alliance agreement with Harmony for multiple work packages at the greenfield Eva Copper Mine Project in Cloncurry, North West Queensland, including bulk earthworks, workshop construction and mining services over five years, with the mining scope valued at about A$700m (Key Developments).Narrative Update • Feb 03
HAR: Eva Copper Project Approval Will Underpin A More Optimistic Outlook
Analysts have adjusted their fair value estimate for Harmony Gold Mining from $320 to $515, citing updated assumptions for revenue growth, profit margins, and future P/E levels as key drivers of the new price target. What's in the News Harmony Gold Mining approved the high margin, long life Eva Copper Project after completing a three year feasibility study update and FEED phase with Tier 1 contractors.Narrative Update • Jan 20
HAR: Copper Project And Payout Policy Will Support Balanced Medium Term Outlook
Analysts have lifted their fair value estimate for Harmony Gold Mining from $370.00 to $385.00, citing updated assumptions around revenue growth, profit margins and future P/E that feed into a slightly lower discount rate in their models. What's in the News Harmony approved the high margin, long life Eva Copper Project after completing a three year feasibility study update and FEED phase with Tier 1 contractors, which the company says has further reduced project risk.Narrative Update • Jan 06
HAR: Copper Expansion And Payout Policy Will Support Balanced Medium Term Outlook
Analysts have nudged their price target for Harmony Gold Mining up slightly, with fair value moving from $365.00 to $370.00 as they factor in updated assumptions around the discount rate, long term revenue growth, profit margins, and a future P/E of 12.46x. What's in the News Approved high margin, long life EVA COPPER PRO project after a three year feasibility study and FEED phase using Tier 1 contractors.Narrative Update • Dec 18
HAR: Higher Multiple And Copper Project Will Eventually Disappoint Expectations
Analysts have raised their price target for Harmony Gold Mining from approximately $220 to about $270 per share. They cite a higher discount rate, lower long term revenue growth and profit margin assumptions, and a rerating to a richer future P/E multiple that together better reflect the company’s risk profile and earnings quality.Narrative Update • Dec 04
HAR: Copper Project And Payout Policy Will Shape Balanced Medium Term Outlook
Analysts have raised their price target for Harmony Gold Mining to around $365 from $337, reflecting higher assumed revenue growth and valuation multiples, despite more conservative margins and only a modest uptick in the discount rate. What's in the News Approved the high margin, long life Eva Copper Project after completing a three year feasibility update and FEED phase with Tier 1 contractors, significantly de risking the development pipeline and expanding exposure to copper alongside gold (Key Developments) Targeting first copper production from the Eva Project in the second half of calendar 2028, with ramp up timing planned to coincide with an anticipated structural copper supply gap that could support stronger long term pricing (Key Developments) Independent analysis estimates the Eva Copper Project could add over AUD 17 billion to Queensland's gross state product over its anticipated 15 year mine life, while creating substantial construction and operational employment in the North West region (Key Developments) Reported first quarter fiscal 2026 production, with group gold output down 8 percent year over year to 12 128 kg, but confirmed operations remain on track to meet full year guidance (Key Developments) Valuation Changes The fair value estimate has increased from ZAR 337.5 to ZAR 365.0, representing a moderate upward revision in the analyst price target.Narrative Update • Nov 19
HAR: Dividend Payout And Strong 2026 Production Guidance Will Drive Upside
Analysts have slightly increased their price target for Harmony Gold Mining from $336.67 to $337.50. They cite modest improvements in projected revenue growth and discount rates as the reasons for this adjustment.Narrative Update • Nov 05
HAR: Revenue Gains And Margin Expansion Will Drive Share Upside
Analysts have increased their price target for Harmony Gold Mining from $330.71 to $336.67. They cite improving revenue growth and expanding profit margins as key factors behind the more optimistic outlook.Narrative Update • Oct 22
Analysts Lift Harmony Gold Price Target Amid Improved Profit Outlook and Updated Production Guidance
Analysts have increased their price target for Harmony Gold Mining from $295.71 to $330.71, citing a modest improvement in projected profitability despite slightly lower expectations for revenue growth. What's in the News Harmony Gold Mining released production guidance for fiscal year 2026, forecasting group output between 1,400,000 and 1,500,000 ounces.Narrative Update • Oct 08
Safe-haven Demand And Renewables Will Unlock Lasting Potential
Analysts have raised their price target for Harmony Gold Mining from $290 to approximately $295.71, citing an improved profit margin and updated valuation metrics. This change comes despite slightly moderated revenue growth expectations.Narrative Update • Sep 24
Safe-haven Demand And Renewables Will Unlock Lasting Potential
Upgraded revenue growth (from 11.9% to 14.1%) and a higher net profit margin (from 30.59% to 35.16%) have driven a notable increase in Harmony Gold Mining’s consensus price target from ZAR275.00 to ZAR290.00. What's in the News Fiscal 2026 production guidance set at 1.4–1.5 million ounces, with underground recovered grade guided above 5.8g/t.Narrative Update • Aug 29
Diversification Into Copper Aims To Mitigate Gold Dependency Despite Market Risks
The consensus analyst price target for Harmony Gold Mining has been revised downward, primarily reflecting a notable decrease in expected revenue growth, with the fair value target reduced from ZAR281.43 to ZAR275.00. What's in the News Declared a dividend of 155.00000 SA cents (8.88252 US cents) per ordinary share for the 12 months ended June 30, 2025.
New Narrative • Feb 09
Moab Khotsong Investments May Strain Cash Flow, Yet Wafi-Golpu Copper Project Could Diversify Future Revenues
Elevated capital expenditure on key projects could strain cash flow and increase financial risk, impacting future profitability.Revenue & Expenses Breakdown
Revenue & Expenses Breakdown
How Harmony Gold Mining makes and spends money. Based on latest reported earnings, on an LTM basis.
Earnings and Revenue History
| Date | Revenue | Earnings | G+A Expenses | R&D Expenses |
|---|---|---|---|---|
| 31 Dec 25 | 81,155 | 16,276 | 2,520 | 0 |
| 30 Sep 25 | 77,526 | 15,330 | 2,541 | 0 |
| 30 Jun 25 | 73,896 | 14,384 | 2,562 | 0 |
| 31 Mar 25 | 70,501 | 12,454 | 2,515 | 0 |
| 31 Dec 24 | 67,105 | 10,524 | 2,467 | 0 |
| 30 Sep 24 | 64,242 | 9,556 | 2,404 | 0 |
| 30 Jun 24 | 61,379 | 8,587 | 2,341 | 0 |
| 31 Mar 24 | 59,405 | 8,744 | 2,212 | 0 |
| 31 Dec 23 | 57,431 | 8,901 | 2,083 | 0 |
| 30 Sep 23 | 53,353 | 6,861 | 1,817 | 0 |
| 30 Jun 23 | 49,275 | 4,820 | 1,550 | 0 |
| 31 Mar 23 | 46,614 | 2,110 | 1,414 | 0 |
| 31 Dec 22 | 43,953 | -600 | 1,331 | 0 |
| 30 Sep 22 | 43,299 | -826 | 1,278 | 0 |
| 30 Jun 22 | 42,645 | -1,052 | 1,198 | 0 |
| 31 Mar 22 | 42,371 | 425 | 1,245 | 0 |
| 31 Dec 21 | 42,096 | 1,901 | 1,265 | 0 |
| 30 Sep 21 | 41,915 | 3,494 | 1,255 | 0 |
| 30 Jun 21 | 41,733 | 5,087 | 1,245 | 0 |
| 31 Mar 21 | 38,545 | 3,725 | 1,111 | 0 |
| 31 Dec 20 | 35,356 | 2,363 | 976 | 0 |
| 30 Sep 20 | 32,301 | 743 | 904 | 0 |
| 30 Jun 20 | 29,245 | -878 | 831 | 0 |
| 31 Mar 20 | 28,923 | -1,067 | 854 | 0 |
| 31 Dec 19 | 28,600 | -1,256 | 894 | 0 |
| 30 Sep 19 | 27,756 | -1,931 | 891 | 0 |
| 30 Jun 19 | 26,912 | -2,607 | 879 | 0 |
| 31 Mar 19 | 25,639 | -3,998 | 934 | 0 |
| 31 Dec 18 | 24,366 | -5,389 | 979 | 0 |
| 30 Sep 18 | 22,409 | -4,931 | 941 | 0 |
| 30 Jun 18 | 20,452 | -4,473 | 903 | 0 |
| 31 Mar 18 | 20,092 | -2,376 | 846 | 0 |
| 31 Dec 17 | 19,271 | -280 | 788 | 0 |
| 30 Sep 17 | 19,268 | 41 | 781 | 0 |
| 30 Jun 17 | 19,494 | 362 | 774 | 0 |
| 31 Mar 17 | 19,380 | 1,648 | 724 | 0 |
| 31 Dec 16 | 19,495 | 2,933 | 674 | 0 |
| 30 Sep 16 | 19,128 | 2,240 | 656 | 0 |
| 30 Jun 16 | 18,334 | 949 | 614 | 0 |
| 31 Mar 16 | 17,382 | -2,899 | 629 | 0 |
| 31 Dec 15 | 15,996 | -3,859 | 626 | 0 |
| 30 Sep 15 | 15,144 | -4,791 | 652 | 0 |
Quality Earnings: HAR has high quality earnings.
Growing Profit Margin: HAR's current net profit margins (20.1%) are higher than last year (15.7%).
Free Cash Flow vs Earnings Analysis
Past Earnings Growth Analysis
Earnings Trend: HAR's earnings have grown significantly by 45% per year over the past 5 years.
Accelerating Growth: HAR's earnings growth over the past year (54.7%) exceeds its 5-year average (45% per year).
Earnings vs Industry: HAR earnings growth over the past year (54.7%) did not outperform the Metals and Mining industry 77.6%.
Return on Equity
High ROE: HAR's Return on Equity (31.5%) is considered high.
Return on Assets
Return on Capital Employed
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Company Analysis and Financial Data Status
| Data | Last Updated (UTC time) |
|---|---|
| Company Analysis | 2026/07/06 06:16 |
| End of Day Share Price | 2026/07/03 00:00 |
| Earnings | 2025/12/31 |
| Annual Earnings | 2025/06/30 |
Data Sources
The data used in our company analysis is from S&P Global Market Intelligence LLC. The following data is used in our analysis model to generate this report. Data is normalised which can introduce a delay from the source being available.
| Package | Data | Timeframe | Example US Source * |
|---|---|---|---|
| Company Financials | 10 years |
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| Analyst Consensus Estimates | +3 years |
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| Market Prices | 30 years |
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| Ownership | 10 years |
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| Management | 10 years |
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| Key Developments | 10 years |
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* Example for US securities, for non-US equivalent regulatory forms and sources are used.
Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more.
Analysis Model and Snowflake
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Industry and Sector Metrics
Our industry and section metrics are calculated every 6 hours by Simply Wall St, details of our process are available on Github.
Analyst Sources
Harmony Gold Mining Company Limited is covered by 15 analysts. 5 of those analysts submitted the estimates of revenue or earnings used as inputs to our report. Analysts submissions are updated throughout the day.
| Analyst | Institution |
|---|---|
| Herbert Kharivhe | Absa Bank Limited |
| Andrew Byrne | Barclays |
| Raj Ray | BMO Capital Markets Equity Research |