Anglogold Ashanti (AU)
Market Price (8/13/2026): $97.66 | Market Cap: $49.7 BilSector: Materials | Industry: Gold
Anglogold Ashanti (AU)
Market Price (8/13/2026): $97.66Market Cap: $49.7 BilSector: MaterialsIndustry: Gold
Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.
Attractive yieldTotal YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 14%, Dividend Yield is 6.2%, ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is 9.4%, FCF Yield is 9.0% Strong revenue growthRev Chg LTMRevenue Change % Last Twelve Months (LTM) is 55% Attractive operating marginsOp Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is 50% Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 52%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 38%, CFO LTM is 6.2 Bil, FCF LTM is 4.5 Bil Megatrend and thematic driversMegatrends include Sustainable Resource Management, and Renewable Energy Transition. Themes include Resource Efficiency Solutions, Water Treatment Solutions, Show more. | Key risksAU key risks include [1] significant jurisdictional and regulatory exposure from its substantial production concentration in Africa and [2] challenges in managing the high operational costs and resource conversion targets within these regions. |
| Attractive yieldTotal YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 14%, Dividend Yield is 6.2%, ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is 9.4%, FCF Yield is 9.0% |
| Strong revenue growthRev Chg LTMRevenue Change % Last Twelve Months (LTM) is 55% |
| Attractive operating marginsOp Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is 50% |
| Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 52%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 38%, CFO LTM is 6.2 Bil, FCF LTM is 4.5 Bil |
| Megatrend and thematic driversMegatrends include Sustainable Resource Management, and Renewable Energy Transition. Themes include Resource Efficiency Solutions, Water Treatment Solutions, Show more. |
| Key risksAU key risks include [1] significant jurisdictional and regulatory exposure from its substantial production concentration in Africa and [2] challenges in managing the high operational costs and resource conversion targets within these regions. |
Qualitative Assessment
AI Analysis | Feedback
Anglogold Ashanti (AU) stock has gained about 5% since 4/30/2026 because of the following key factors:
1. AngloGold Ashanti reported robust financial performance for fiscal Q2 2026, which ended June 30, 2026. The company's headline earnings surged by 58% year-on-year to $1.0 billion, and EBITDA increased by 46% to $2.0 billion. Free cash flow also saw a significant rise of 36% year-on-year, reaching $727 million.
2. The company strengthened its balance sheet by achieving a net cash position of $991 million at the close of fiscal Q2 2026. This represented a substantial $1.3 billion improvement from a net debt position recorded in the prior year. This financial strength enabled increased shareholder returns, including an interim dividend of $0.72 per share for fiscal Q2 2026, contributing to a total of $1.88 per share for the first half of 2026, and the approval of a proposed $2.0 billion share repurchase program by shareholders on July 23, 2026.
Show more
Anglogold Ashanti (AU) stock has gained about 5% since 4/30/2026 because of the following key factors:
1. AngloGold Ashanti reported robust financial performance for fiscal Q2 2026, which ended June 30, 2026. The company's headline earnings surged by 58% year-on-year to $1.0 billion, and EBITDA increased by 46% to $2.0 billion. Free cash flow also saw a significant rise of 36% year-on-year, reaching $727 million.
2. The company strengthened its balance sheet by achieving a net cash position of $991 million at the close of fiscal Q2 2026. This represented a substantial $1.3 billion improvement from a net debt position recorded in the prior year. This financial strength enabled increased shareholder returns, including an interim dividend of $0.72 per share for fiscal Q2 2026, contributing to a total of $1.88 per share for the first half of 2026, and the approval of a proposed $2.0 billion share repurchase program by shareholders on July 23, 2026.
3. A significant increase in realized gold prices positively impacted the company's profitability. AngloGold Ashanti's average gold price received in fiscal Q2 2026 was $4,446 per ounce, marking a 35% increase compared to the same period last year. Concurrently, broader market trends showed spot gold prices rising, with a 6.58% increase over the past month and a 27.79% increase year-on-year as of August 7, 2026.
4. Strategic debt management also contributed to the positive trend. In April 2026, AngloGold Ashanti completed the repurchase of $666 million in outstanding bonds maturing in 2028 and 2030, which reduced gross debt and enhanced financial flexibility.
Show less
Stock Movement Drivers
Fundamental Drivers
The 5.7% change in AU stock from 4/30/2026 to 8/12/2026 was primarily driven by a 20.8% change in the company's Net Income Margin (%).| (LTM values as of) | 4302026 | 8122026 | Change |
|---|---|---|---|
| Stock Price ($) | 92.60 | 97.92 | 5.7% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 9,893 | 11,825 | 19.5% |
| Net Income Margin (%) | 26.6% | 32.2% | 20.8% |
| P/E Multiple | 17.8 | 13.1 | -26.5% |
| Shares Outstanding (Mil) | 507 | 509 | -0.3% |
| Cumulative Contribution | 5.7% |
Market Drivers
4/30/2026 to 8/12/2026| Return | Correlation | |
|---|---|---|
| AU | 5.7% | |
| Market (SPY) | 7.5% | 59.3% |
| Sector (XLB) | 2.2% | 59.2% |
Fundamental Drivers
The 8.5% change in AU stock from 1/31/2026 to 8/12/2026 was primarily driven by a 37.9% change in the company's Total Revenues ($ Mil).| (LTM values as of) | 1312026 | 8122026 | Change |
|---|---|---|---|
| Stock Price ($) | 90.24 | 97.92 | 8.5% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 8,575 | 11,825 | 37.9% |
| Net Income Margin (%) | 26.3% | 32.2% | 22.6% |
| P/E Multiple | 20.3 | 13.1 | -35.6% |
| Shares Outstanding (Mil) | 507 | 509 | -0.4% |
| Cumulative Contribution | 8.5% |
Market Drivers
1/31/2026 to 8/12/2026| Return | Correlation | |
|---|---|---|
| AU | 8.5% | |
| Market (SPY) | 11.9% | 56.3% |
| Sector (XLB) | 7.2% | 66.9% |
Fundamental Drivers
The 123.4% change in AU stock from 7/31/2025 to 8/12/2026 was primarily driven by a 150.3% change in the company's Total Revenues ($ Mil).| (LTM values as of) | 7312025 | 8122026 | Change |
|---|---|---|---|
| Stock Price ($) | 43.83 | 97.92 | 123.4% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 4,725 | 11,825 | 150.3% |
| P/S Multiple | 3.8 | 4.2 | 9.6% |
| Shares Outstanding (Mil) | 414 | 509 | -18.5% |
| Cumulative Contribution | 123.4% |
Market Drivers
7/31/2025 to 8/12/2026| Return | Correlation | |
|---|---|---|
| AU | 123.4% | |
| Market (SPY) | 23.3% | 41.3% |
| Sector (XLB) | 21.6% | 52.9% |
Fundamental Drivers
The 481.9% change in AU stock from 7/31/2023 to 8/12/2026 was primarily driven by a 190.2% change in the company's Total Revenues ($ Mil).| (LTM values as of) | 7312023 | 8122026 | Change |
|---|---|---|---|
| Stock Price ($) | 16.83 | 97.92 | 481.9% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 4,075 | 11,825 | 190.2% |
| Net Income Margin (%) | 19.4% | 32.2% | 66.3% |
| P/E Multiple | 9.0 | 13.1 | 45.6% |
| Shares Outstanding (Mil) | 421 | 509 | -17.1% |
| Cumulative Contribution | 481.9% |
Market Drivers
7/31/2023 to 8/12/2026| Return | Correlation | |
|---|---|---|
| AU | 481.9% | |
| Market (SPY) | 74.7% | 25.1% |
| Sector (XLB) | 29.5% | 39.7% |
Price Returns Compared
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| AU Return | -16% | 0% | 1% | 25% | 288% | 18% | 385% |
| Peers Return | -12% | -8% | -4% | -0% | 142% | 12% | 110% |
| S&P 500 Return | 27% | -19% | 24% | 23% | 16% | 13% | 106% |
Monthly Win Rates [3] | |||||||
| AU Win Rate | 42% | 0% | 17% | 67% | 75% | 50% | |
| Peers Win Rate | 44% | 48% | 50% | 46% | 75% | 62% | |
| S&P 500 Win Rate | 75% | 42% | 67% | 75% | 67% | 50% | |
Max Drawdowns [4] | |||||||
| AU Max Drawdown | -42% | 0% | -20% | -29% | -19% | -40% | |
| Peers Max Drawdown | -36% | -47% | -34% | -29% | -18% | -34% | |
| S&P 500 Max Drawdown | -5% | -25% | -10% | -8% | -19% | -9% | |
[1] Cumulative total returns since the beginning of 2021
[2] Peers: B, FNV, FSM, OGG, NEM.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2026 data is for the year up to 8/12/2026 (YTD)
How Low Can It Go
| Event | AU | S&P 500 |
|---|---|---|
| Summer-Fall 2023 Five Percent Yield Shock | ||
| % Loss | -18.3% | -9.5% |
| % Gain to Breakeven | 22.4% | 10.5% |
| Time to Breakeven | 8 days | 24 days |
| 2020 COVID-19 Crash | ||
| % Loss | -32.5% | -33.7% |
| % Gain to Breakeven | 48.1% | 50.9% |
| Time to Breakeven | 5 days | 140 days |
| 2016-2017 Trump Reflation Bond Selloff | ||
| % Loss | -41.3% | -3.7% |
| % Gain to Breakeven | 70.5% | 3.9% |
| Time to Breakeven | 916 days | 6 days |
| 2014-2016 Oil Price Collapse | ||
| % Loss | -66.9% | -6.8% |
| % Gain to Breakeven | 202.5% | 7.3% |
| Time to Breakeven | 327 days | 15 days |
| 2013 Taper Tantrum | ||
| % Loss | -41.2% | -0.2% |
| % Gain to Breakeven | 70.0% | 0.2% |
| Time to Breakeven | 81 days | 1 days |
| 2011 US Debt Ceiling Crisis & European Contagion | ||
| % Loss | -10.5% | -17.9% |
| % Gain to Breakeven | 11.8% | 21.8% |
| Time to Breakeven | 7 days | 123 days |
In The Past
Anglogold Ashanti's stock fell -5.5% during the 2025 US Tariff Shock. Such a loss loss requires a 5.9% gain to breakeven.
Preserve Wealth
Limiting losses and compounding gains is essential to preserving wealth.
Asset Allocation
Actively managed asset allocation strategies protect wealth. Learn more.
| Event | AU | S&P 500 |
|---|---|---|
| 2020 COVID-19 Crash | ||
| % Loss | -32.5% | -33.7% |
| % Gain to Breakeven | 48.1% | 50.9% |
| Time to Breakeven | 5 days | 140 days |
| 2016-2017 Trump Reflation Bond Selloff | ||
| % Loss | -41.3% | -3.7% |
| % Gain to Breakeven | 70.5% | 3.9% |
| Time to Breakeven | 916 days | 6 days |
| 2014-2016 Oil Price Collapse | ||
| % Loss | -66.9% | -6.8% |
| % Gain to Breakeven | 202.5% | 7.3% |
| Time to Breakeven | 327 days | 15 days |
| 2013 Taper Tantrum | ||
| % Loss | -41.2% | -0.2% |
| % Gain to Breakeven | 70.0% | 0.2% |
| Time to Breakeven | 81 days | 1 days |
| 2008-2009 Global Financial Crisis | ||
| % Loss | -67.9% | -53.4% |
| % Gain to Breakeven | 212.0% | 114.4% |
| Time to Breakeven | 294 days | 1085 days |
| Summer 2007 Credit Crunch | ||
| % Loss | -20.9% | -8.6% |
| % Gain to Breakeven | 26.4% | 9.5% |
| Time to Breakeven | 27 days | 47 days |
In The Past
Anglogold Ashanti's stock fell -5.5% during the 2025 US Tariff Shock. Such a loss loss requires a 5.9% gain to breakeven.
Preserve Wealth
Limiting losses and compounding gains is essential to preserving wealth.
Asset Allocation
Actively managed asset allocation strategies protect wealth. Learn more.
About Anglogold Ashanti (AU)
AngloGold Ashanti plc (symbol: AU) is a prominent global gold mining company primarily engaged in the exploration for and extraction of gold. Its core business revolves around operating and developing gold mines across three continents. Beyond its primary focus on gold, the company also undertakes exploration activities for silver and sulphuric acid, diversifying its potential commodity outputs.
The company maintains a broad and geographically diversified portfolio of mining assets, with operations located in Africa, the Americas, and Australia. Its key properties include the flagship Geita project in Tanzania, Iduapriem and Obuasi in Ghana, various mines in Brazil, Greenfield Projects in Nevada, and Sunrise Dam in Australia. AngloGold Ashanti also holds significant ownership stakes in other notable projects such as Cerro Vanguardia in Argentina, Tropicana in Australia, and Siguiri in Guinea, reflecting its extensive international presence and operational reach.
AngloGold Ashanti's main products are gold, silver, and sulphuric acid. These commodities are sold into global markets, where primary customers include refiners, industrial users, and institutional buyers. Gold and silver are sought for their use in jewelry, investment, and various industrial applications, while sulphuric acid serves a wide range of industrial processes. The company effectively serves a global client base within these international commodity markets.
AI Analysis | Feedback
Here are 1-3 brief analogies for Anglogold Ashanti (symbol: AU):
- AngloGold Ashanti is like ExxonMobil for gold.
- AngloGold Ashanti is like Rio Tinto, but focused on gold.
AI Analysis | Feedback
- Gold: The primary product mined and explored for by the company across its global operations.
- Silver: A metal explored for by the company, often found alongside gold deposits.
- Sulphuric Acid: A chemical explored for by the company, typically a byproduct of mining operations or used in mineral processing.
AI Analysis | Feedback
AI Analysis | Feedback
AI Analysis | Feedback
Alberto Calderon, Chief Executive Officer and Executive Director
Alberto Calderon was appointed CEO of AngloGold Ashanti plc in September 2021. He has over two decades of executive leadership experience in the global mining, petroleum, and energy sectors. Prior to joining AngloGold Ashanti, he served as CEO of Orica, a commercial explosives maker, from 2015 to 2021. He also held several key leadership positions at BHP, including Group Executive and Chief Executive Aluminium, Nickel and Corporate Development, and Group Executive and Chief Commercial Officer. Furthermore, Mr. Calderon was CEO of Cerrejón Coal Company in Colombia and CEO of the Colombian oil company Ecopetrol. He has also held senior leadership positions with the International Monetary Fund and the Colombian government.
Gillian Doran, Chief Financial Officer and Executive Director
Gillian Doran has over 25 years of experience in finance and commercial roles, primarily in the natural resources industry. Before joining AngloGold Ashanti, she was the CFO for Rio Tinto's Global Aluminium division, where she spent over 15 years in various senior finance roles across operations, regional business units, and Group headquarters. Ms. Doran is an expert in financial accounting, planning, performance management, and has extensive experience in investment, transformation, and strategy initiatives.
Richard Jordinson, Chief Operating Officer
Richard Jordinson was appointed Chief Operating Officer of AngloGold Ashanti, effective October 1, 2023. He joined the company in 2012 as General Manager of Sunrise Dam in Australia. His 38 years of industry experience spans the gold, iron ore, nickel, zinc, and lead mining sectors, and he previously served as General Manager of Resolute Mining's Syama Gold Mine.
Lisa Ali, Chief People Officer
Lisa Ali holds a BSc Hons in Analytical Chemistry and Biochemistry, and an Executive MBA.
Stewart Bailey, Chief Sustainability & Corporate Affairs Officer
Stewart Bailey has served as the Chief Sustainability & Corporate Affairs Officer. He was previously the Executive Vice President: Corporate Affairs and Sustainability.
AI Analysis | Feedback
- Gold Price Volatility: As a gold mining company, AngloGold Ashanti's revenue, profitability, and overall financial performance are highly sensitive to fluctuations in the global price of gold. Significant declines in gold prices can severely impact the company's margins and the economic viability of its operations and projects.
- Political and Regulatory Risks: AngloGold Ashanti operates across multiple jurisdictions in Africa, the Americas, and Australia, exposing it to diverse and often complex political and regulatory environments. Changes in government policies, mining laws, taxation regimes, royalties, and the potential for social or political instability in these regions can adversely affect operations, increase costs, or even threaten the company's social license to operate.
- Rising Operational Costs and Environmental Compliance: The company faces persistent challenges from increasing operational costs, driven by factors such as inflationary pressures on labor, energy, and raw materials. Concurrently, AngloGold Ashanti must navigate increasingly stringent environmental regulations and stakeholder expectations regarding environmental stewardship, including managing impacts related to tailings, water, biodiversity, and climate change. Failure to effectively manage these costs and comply with environmental standards can lead to reduced profit margins, fines, project delays, and reputational damage.
AI Analysis | Feedback
The increasing adoption of cryptocurrencies, particularly Bitcoin, as an alternative store of value and "digital gold" represents an emerging threat. As investors and institutions allocate capital to these digital assets for their perceived properties as an inflation hedge and safe-haven asset, it could divert demand from traditional gold, potentially leading to suppressed gold prices and reduced profitability for gold mining companies like AngloGold Ashanti.
AI Analysis | Feedback
- Gold: The global gold market size stood at 4,890.0 Tons in 2025 and is expected to grow to 5,118.1 Tons in 2026, reaching 7,424.4 Tons by 2034, with a compound annual growth rate (CAGR) of 4.70% during the forecast period. Another estimate projects the global gold market to grow from 4.75 kilotons (4,750 tons) in 2025 to 5.1 kilotons (5,100 tons) in 2026 and further to 7.25 kilotons (7,250 tons) by 2031, at a 7.30% CAGR from 2026-2031.
- Silver: The global silver market size was valued at USD 23.51 Billion in 2025 and is projected to grow at a CAGR of 4.50% to reach USD 36.51 Billion by 2035. Other estimates place the global silver market size at USD 21.91 billion in 2025, anticipating growth to USD 28.43 billion by 2033 with a CAGR of 3.31% from 2025 to 2033. In terms of volume, the silver market is expected to grow from 37.78 kilotons (37,780 tons) in 2025 to 39.53 kilotons (39,530 tons) in 2026, with a forecast to reach 49.54 kilotons (49,540 tons) by 2031, exhibiting a 4.62% CAGR over 2026-2031.
- Sulphuric Acid: The global sulfuric acid market size was valued at USD 35.13 billion in 2025 and is projected to grow from USD 36.61 billion in 2026 to USD 52.86 billion by 2034, at a CAGR of 4.7% during the 2026-2034 forecast period. Other estimates suggest the global sulfuric acid market size could reach between 25 billion and 27 billion USD in 2025, while another source states it was estimated at USD 14,445.4 million in 2025, anticipating growth to USD 21,148.04 million by 2033 at a CAGR of 5.0% from 2026 to 2033.
AI Analysis | Feedback
AngloGold Ashanti (NYSE: AU) is expected to drive future revenue growth over the next 2-3 years through a combination of increased gold production from existing operations, the advancement of key development projects, and a favorable gold price environment.
- Increased Gold Production from Key Assets: The company anticipates higher gold output from several of its established mines. Notably, the Obuasi mine is in a ramp-up phase, contributing significantly to production increases. The Sukari mine, following its acquisition, is expected to provide a full year of contribution and efforts are underway to boost its annual production to approximately 500,000 ounces. Additionally, mines like Geita and Siguiri have shown production increases, with planned investments aimed at extending their mine lives. Overall, AngloGold Ashanti forecasts gold production to range between 2.80 million and 3.17 million ounces in 2026.
- Advancement of Greenfield Projects: Significant revenue growth is also anticipated from the progression of new projects, particularly in Nevada, USA. The Arthur Gold project is highlighted as a major upcoming initiative, with its pre-feasibility study (PFS) supporting an initial nine-year mine life and average annual gold production of about 500,000 ounces. The PFS is slated for board approval in June 2026 to move to full feasibility. The North Bullfrog project is also moving through its permitting process, with a Record of Decision from the Bureau of Land Management (BLM) expected by the end of 2026, and it's projected to produce an average of 105,000 ounces during its first five years of operation.
- Favorable Gold Price Environment: Higher gold prices are a crucial external driver of revenue growth for AngloGold Ashanti. Analysts have revised long-term gold price forecasts upward, and the company's 2025 revenue was significantly boosted by a 45% increase in the realized gold price. Gold prices currently trending above $5,083 per ounce set an optimistic tone for 2026 revenues, and the company is noted for its strong leverage to higher gold prices.
- Strong Mineral Reserve Growth and Exploration Success: AngloGold Ashanti has demonstrated consistent success in expanding its mineral reserves, which provides a solid foundation for future production. The company added 10 million new ounces of reserves in 2025, marking its ninth consecutive year of mineral reserve growth before depletion, with total group reserves standing at 36.5 million ounces. The Merlin project, for instance, received its first-ever reserve declaration of 4.9 million ounces, and ongoing exploration investments at Geita and Sukari are aimed at extending mine lives.
AI Analysis | Feedback
Outbound Investments
- AngloGold Ashanti completed the acquisition of Centamin plc in November 2024, a transaction estimated at $2.2 billion, which included the Sukari gold mine in Egypt, a greenfield project in Côte d'Ivoire, and various exploration leases.
- In October 2025, AngloGold Ashanti finalized the acquisition of Augusta Gold Corp. for C$1.70 per share in cash, valuing the company at approximately C$152 million (around $111 million USD), consolidating its position in Nevada's Beatty District with the addition of the Reward and Bullfrog projects.
- In December 2025, AngloGold Ashanti sold Mineração Serra Grande S.A., which owns the Serra Grande mine in Brazil, to Aura Minerals.
Capital Expenditures
- Total capital expenditure was $1.1 billion in 2022 and approximately $1.127 billion in 2023 (including $1.042 billion for subsidiaries and $85 million for joint ventures).
- For 2024, capital expenditure reached $1.215 billion, driven by increased spending at the Iduapriem mine for the Beposo TSF project, new mining fleet acquisitions at Siguiri, and higher capital allocated to North American projects like North Bullfrog.
- AngloGold Ashanti projects capital expenditures to be between $1.62 billion and $1.77 billion for 2025, rising to an anticipated range of $1.825 billion to $1.975 billion for 2026, and potentially up to $2.2 billion for 2027. These expenditures are primarily focused on portfolio optimization, operational excellence, improving asset quality, and advancing greenfield projects in the US and Colombia, including a planned $100 million investment over three years for the Geita mine expansion in Tanzania.
Peer Outperformance in Gold
| Industry | Names | 1Y med | 3Y med | 5Y med | Top 3 by 5Y |
|---|---|---|---|---|---|
| Copper | 6 | 104.5% | 73.3% | 233.6% | TGB 390% · HBM 324% · SCCO 258% |
| Silver | 6 | 152.3% | 268.4% | 161.1% | AYA 244% · HL 202% · SVM 187% |
| Steel | 13 | 28.3% | 51.4% | 132.1% | HCC 496% · AMR 360% · NWPX 319% |
| Gold ← | 33 | 53.7% | 189.5% | 131.6% | IAG 635% · AU 579% · OGC 445% |
| Aluminum | 4 | 109.2% | 122.2% | 62.8% | CENX 292% · KALU 78% · CSTM 47% |
| Construction Materials | 9 | -11.2% | 20.5% | 45.9% | USLM 300% · CRH 97% · TGLS 97% |
| Diversified Metals & Mining | 25 | 12.3% | -18.5% | 32.7% | ATLX 223471% · USAR 61679% · FMST 1710% |
| Paper & Plastic Packaging Products & Materials | 7 | 11.0% | 16.2% | -2.1% | PKG 103% · CCK 18% · SON 8% |
| Metal, Glass & Plastic Containers | 12 | 14.2% | 12.9% | -9.9% | KRT 156% · MYE 74% · GEF 64% |
| Specialty Chemicals | 41 | 14.6% | -2.7% | -15.7% | LWLG 1152% · ODC 467% · NEU 203% |
| Precious Metals & Minerals | 9 | 48.4% | 142.0% | -24.5% | ASM 587% · PPTA 380% · ELE 105% |
| Commodity Chemicals | 13 | 22.6% | 5.6% | -26.3% | HWKN 265% · MEOH 75% · KOP 51% |
| Diversified Chemicals | 4 | 19.0% | -30.3% | -26.6% | CBT 74% · ASH -5% · CC -48% |
| Fertilizers & Agricultural Chemicals | 10 | 6.9% | -13.6% | -38.0% | CF 174% · CTVA 73% · NTR 26% |
| Paper Products | 3 | -12.3% | -49.5% | -95.2% | CLW -32% · MERC -95% · ITP -96% |
Latest Trefis Analyses
Research & Analysis
Invest in Strategies
Wealth Management
Peer Comparisons
| Peers to compare with: |
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 69.58 |
| Mkt Cap | 49.8 |
| Rev LTM | 7,071 |
| Op Inc LTM | 3,836 |
| FCF LTM | 2,681 |
| FCF 3Y Avg | 1,247 |
| CFO LTM | 3,980 |
| CFO 3Y Avg | 2,403 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | 48.4% |
| Rev Chg 3Y Avg | 30.0% |
| Rev Chg Q | 32.6% |
| QoQ Delta Rev Chg LTM | 7.0% |
| Op Inc Chg LTM | 97.3% |
| Op Inc Chg 3Y Avg | 93.1% |
| Op Mgn LTM | 51.1% |
| Op Mgn 3Y Avg | 35.5% |
| QoQ Delta Op Mgn LTM | 1.2% |
| CFO/Rev LTM | 50.6% |
| CFO/Rev 3Y Avg | 39.3% |
| FCF/Rev LTM | 37.8% |
| FCF/Rev 3Y Avg | 18.6% |
Segment Financials
Revenue by Segment| $ Mil | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Gold income | 9,730 | 5,673 | 4,480 | 4,388 | 3,903 |
| By-products | 163 | 120 | 102 | 113 | 126 |
| Total | 9,893 | 5,793 | 4,582 | 4,501 | 4,029 |
| $ Mil | 2015 | 2014 | 2013 | 2012 | 2011 |
|---|---|---|---|---|---|
| Continental Africa | 3,121 | 3,239 | 3,391 | 4,752 | 4,365 |
| South Africa | 1,629 | 2,124 | 2,325 | 3,570 | 2,974 |
| Americas | 1,341 | 2,409 | 2,203 | 2,894 | 2,527 |
| Australasia | 837 | 906 | 1,108 | 1,007 | 714 |
| Corporate and other | 356 | ||||
| Corporate | 456 | ||||
| Other, including Corporate and Non-gold producing subsidiaries | 647 | 605 | |||
| Other, including Corporate, and Non-gold producing subsidiaries | 879 | ||||
| Total | 7,284 | 9,134 | 9,674 | 13,102 | 11,185 |
Price Behavior
| Market Price | $97.92 | |
| Market Cap ($ Bil) | 49.8 | |
| First Trading Date | 08/05/1998 | |
| Distance from 52W High | -21.4% | |
| 50 Days | 200 Days | |
| DMA Price | $84.05 | $90.25 |
| DMA Trend | up | down |
| Distance from DMA | 16.5% | 8.5% |
| 3M | 1YR | |
| Volatility | 61.6% | 59.2% |
| Downside Capture | 267.60 | 228.96 |
| Upside Capture | 208.35 | 248.14 |
| Correlation (SPY) | 57.5% | 42.9% |
| 1M | 2M | 3M | 6M | 1Y | 3Y | |
|---|---|---|---|---|---|---|
| Beta | 1.91 | 2.39 | 2.89 | 2.58 | 1.94 | 0.82 |
| Up Beta | 3.08 | 3.06 | 3.64 | 3.01 | 2.22 | 0.75 |
| Down Beta | 2.20 | 2.65 | 2.75 | 1.68 | 0.66 | 0.49 |
| Up Capture | 134% | 158% | 240% | 304% | 536% | 209% |
| Bmk +ve Days | 11 | 22 | 35 | 67 | 138 | 427 |
| Stock +ve Days | 10 | 19 | 29 | 61 | 136 | 367 |
| Down Capture | 160% | 233% | 273% | 222% | 158% | 95% |
| Bmk -ve Days | 11 | 21 | 28 | 59 | 114 | 326 |
| Stock -ve Days | 11 | 23 | 33 | 64 | 115 | 345 |
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
Based On 1-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with AU | |
|---|---|---|---|---|
| AU | 82.4% | 59.0% | 1.24 | - |
| Sector ETF (XLB) | 21.1% | 17.8% | 0.92 | 54.0% |
| Equity (SPY) | 22.6% | 12.8% | 1.32 | 42.7% |
| Gold (GLD) | 31.4% | 28.4% | 0.95 | 77.0% |
| Commodities (DBC) | 37.9% | 20.1% | 1.48 | -0.9% |
| Real Estate (VNQ) | 14.3% | 13.8% | 0.73 | 18.2% |
| Bitcoin (BTCUSD) | -46.5% | 42.9% | -1.33 | 23.7% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 5-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with AU | |
|---|---|---|---|---|
| AU | 40.3% | 52.1% | 1.23 | - |
| Sector ETF (XLB) | 6.9% | 19.1% | 0.25 | 37.3% |
| Equity (SPY) | 13.4% | 17.2% | 0.60 | 23.9% |
| Gold (GLD) | 19.0% | 18.6% | 0.83 | 72.9% |
| Commodities (DBC) | 9.8% | 19.6% | 0.39 | 15.0% |
| Real Estate (VNQ) | 2.2% | 18.9% | 0.01 | 23.1% |
| Bitcoin (BTCUSD) | 9.9% | 52.8% | 0.37 | 9.1% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 10-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with AU | |
|---|---|---|---|---|
| AU | 17.7% | 50.8% | 0.60 | - |
| Sector ETF (XLB) | 10.2% | 20.7% | 0.44 | 22.3% |
| Equity (SPY) | 15.4% | 17.9% | 0.73 | 13.9% |
| Gold (GLD) | 12.0% | 16.2% | 0.61 | 68.7% |
| Commodities (DBC) | 8.0% | 18.0% | 0.36 | 15.4% |
| Real Estate (VNQ) | 4.7% | 20.7% | 0.19 | 14.6% |
| Bitcoin (BTCUSD) | 60.9% | 66.1% | 1.01 | 9.4% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Returns Analyses
Earnings Returns History
Updated 6/3/2026| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| SUMMARY STATS | |||
| # Positive | 0 | 0 | 0 |
| # Negative | 0 | 0 | 0 |
| Median Positive | |||
| Median Negative | |||
| Max Positive | |||
| Max Negative | |||
| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| SUMMARY STATS | |||
| # Positive | 0 | 0 | 0 |
| # Negative | 0 | 0 | 0 |
| Median Positive | |||
| Median Negative | |||
| Max Positive | |||
| Max Negative | |||
SEC Filings
Expand for More| Report Date | Filing Date | Filing |
|---|---|---|
| 06/30/2026 | 07/31/2026 | 6-K |
| 03/31/2026 | 05/08/2026 | 6-K |
| 12/31/2025 | 03/26/2026 | 20-F |
| 09/30/2025 | 11/12/2025 | 6-K |
| 06/30/2025 | 08/01/2025 | 6-K |
| 03/31/2025 | 05/09/2025 | 6-K |
| 12/31/2024 | 04/15/2025 | 20-F |
| 09/30/2024 | 11/07/2024 | 6-K |
| 06/30/2024 | 08/06/2024 | 6-K |
| 12/31/2023 | 04/25/2024 | 20-F |
| 06/30/2023 | 08/04/2023 | 6-K |
| 03/31/2023 | 06/23/2023 | 6-K |
| 12/31/2022 | 03/17/2023 | 20-F |
| 06/30/2022 | 08/05/2022 | 6-K |
| 12/31/2021 | 03/30/2022 | 20-F |
| 06/30/2021 | 08/06/2021 | 6-K |
| Report Date | Filing Date | Filing |
|---|---|---|
| 06/30/2026 | 07/31/2026 | 6-K |
| 03/31/2026 | 05/08/2026 | 6-K |
| 12/31/2025 | 03/26/2026 | 20-F |
| 09/30/2025 | 11/12/2025 | 6-K |
| 06/30/2025 | 08/01/2025 | 6-K |
| 03/31/2025 | 05/09/2025 | 6-K |
| 12/31/2024 | 04/15/2025 | 20-F |
| 09/30/2024 | 11/07/2024 | 6-K |
| 06/30/2024 | 08/06/2024 | 6-K |
| 12/31/2023 | 04/25/2024 | 20-F |
| 06/30/2023 | 08/04/2023 | 6-K |
| 03/31/2023 | 06/23/2023 | 6-K |
| 12/31/2022 | 03/17/2023 | 20-F |
| 06/30/2022 | 08/05/2022 | 6-K |
| 12/31/2021 | 03/30/2022 | 20-F |
| 06/30/2021 | 08/06/2021 | 6-K |
| 03/31/2021 | 05/10/2021 | 6-K |
| 12/31/2020 | 03/26/2021 | 20-F |
| 06/30/2020 | 08/07/2020 | 6-K |
| 03/31/2020 | 06/05/2020 | 6-K |
| 12/31/2019 | 03/27/2020 | 20-F |
| 06/30/2019 | 08/08/2019 | 6-K |
| 12/31/2018 | 03/29/2019 | 20-F |
| 06/30/2018 | 08/20/2018 | 6-K |
| 12/31/2017 | 03/29/2018 | 20-F |
| 06/30/2017 | 08/21/2017 | 6-K |
| 12/31/2016 | 03/31/2017 | 20-F |
| 06/30/2016 | 08/15/2016 | 6-K |
Insider Activity
Updated 5/20/2026| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Busia, Kojo Osei Frimpong | Direct | Sell | 5202026 | 89.09 | 400 | 35,637 | 320,733 | Form |
| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Busia, Kojo Osei Frimpong | Direct | Sell | 5202026 | 89.09 | 400 | 35,637 | 320,733 | Form |
Investor Activity (13F)
Updated Aug 13, 2026Active managers (13F portfolio over $250M, at least 3 holdings) with a position over $5M that is either over 10% of their portfolio or held in a concentrated book of 50 or fewer total positions. Index/ETF, sovereign, bank, community-bank and charitable/donor-advised filers are excluded.
| Active Manager |
|---|
Industry Resources
| Materials Resources |
| Chemical & Engineering News (C&EN) |
| Mining.com |
| Plastics News |
| Gold Resources |
| Kitco News |
| World Gold Council |
| Mining Journal |
External Quote Links
| Y Finance | Barrons |
| TradingView | Morningstar |
| SeekingAlpha | ValueLine |
| Motley Fool | Robinhood |
| CNBC | Etrade |
| MarketWatch | Unusual Whales |
| YCharts | Perplexity Finance |
| FinViz |
Prefer one of these to Trefis? Tell us why.