Caledonia Mining Corp plc key statistics and ratios

In fiscal 2025, Caledonia Mining Corp plc had return on equity of 23.4%, an operating margin of 41.0%, debt equal to 12.1% of equity and a current ratio of 1.57. Each ratio below is calculated from the figures on its income statement, balance sheet and cash flow pages.

Financial ratios

US$ thousands unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

Caledonia Mining Corp plc: financial ratios, annual
Fiscal year	2015Dec 2015	2016Dec 2016	2017Dec 2017	2018Dec 2018	2019Dec 2019	2020Dec 2020	2021Dec 2021	2022Dec 2022	2023Dec 2023	2024Dec 2024	2025Dec 2025
Gross margin	26.9%	37.9%	37.7%	31.6%	41.1%	46.7%	44.6%	43.5%	28.4%	42.1%	51.2%
Operating margin	17.3%	30.6%	29.6%	31.3%	48.5%	35.9%	29.8%	21.2%	7.5%	23.9%	41.0%
Net margin	9.8%	13.8%	13.5%	15.7%	28.1%	18.9%	14.3%	7.9%	−5.4%	9.8%	20.6%
Free-cash-flow margin	−19.8%	5.0%	4.1%	−3.7%	−2.4%	5.9%	−1.0%	0.8%	−9.4%	7.9%	16.4%
Return on equity	9.5%	16.1%	15.8%	16.1%	26.9%	18.3%	13.6%	8.1%	−4.5%	8.5%	23.4%
Return on assets	—	9.4%	9.3%	9.1%	15.8%	11.7%	8.9%	5.0%	−2.8%	5.3%	14.5%
Asset turnover	—	0.68	0.69	0.58	0.56	0.62	0.62	0.64	0.52	0.54	0.70
Current ratio	—	2.62	1.79	2.31	3.02	4.47	2.99	1.18	1.35	1.35	1.57
Debt to equity	—	5.4%	2.3%	8.5%	2.8%	0.3%	0.0%	5.0%	3.5%	11.6%	12.1%
Interest cover (operating income ÷ interest)	—	184.3x	133.0x	—	—	—	—	—	—	51.0x	87.5x
Effective tax rate	29.8%	41.0%	42.2%	35.1%	29.8%	35.2%	38.6%	48.6%	—	43.1%	36.7%
Capital spending as % of revenue	33.8%	32.1%	31.0%	29.5%	26.2%	25.1%	26.5%	29.2%	19.5%	15.0%	12.1%
Free cash flow ÷ net income	−202.9%	36.7%	30.6%	−23.5%	−8.4%	31.2%	−6.9%	10.0%	—	80.9%	79.3%
Dividends ÷ net income	52.4%	35.1%	35.3%	32.5%	15.9%	24.1%	46.4%	79.2%	—	68.7%	36.1%
Dividends and buybacks ÷ free cash flow	—	95.8%	115.2%	—	—	77.2%	—	794.5%	—	85.0%	45.5%

US$ thousands unless shown otherwise. Fiscal quarters.

Caledonia Mining Corp plc: financial ratios, quarterly
Quarter	2022 Q4Dec 2022	2023 Q1Mar 2023	2023 Q2Jun 2023	2023 Q3Sept 2023	2023 Q4Dec 2023	2024 Q1Mar 2024	2024 Q2Jun 2024	2024 Q3Sept 2024
Gross margin	33.2%	19.9%	29.5%	34.3%	27.3%	35.9%	45.8%	41.2%
Operating margin	−19.7%	−5.1%	2.5%	22.4%	6.0%	13.8%	32.2%	18.6%
Net margin	−18.6%	−18.2%	−7.9%	9.3%	−8.8%	3.9%	16.5%	4.8%
Current ratio	1.18	1.08	1.21	1.52	1.35	1.24	1.52	1.44
Debt to equity	5.0%	0.0%	0.4%	0.0%	0.3%	0.0%	1.0%	0.8%

Returns use average equity or assets over the year. Return on equity is left blank when equity is negative or so small that the ratio says nothing (above ±200%); interest cover is left blank above 200 times. Price-based ratios such as P/E are on the valuation page.

Financial health

3 of 3 checks passed · December 31, 2025

What it owns · $412m

Short-term assets $95mLonger-term assets $317m

What it owes, and who funded it · $387m

Short-term liabilities $60mLonger-term liabilities $68mShareholders' equity $259m

Short-term assets cover short-term liabilities $95m of assets due within a year against $60m of liabilities due within a year.
Short-term assets cover long-term liabilities $95m short-term assets against $68m of longer-dated liabilities.
More cash than debt Cash or debt not separately reported. Not assessable.
Debt below 40% of shareholders' equity Equity or debt not reported. Not assessable.
Debt burden no higher than five years ago Five-year comparison not available. Not assessable.
A year's operating cash flow covers at least 20% of debt Cash flow or debt not reported. Not assessable.
Operating profit covers interest at least five times over Operating income of $110m against $1m of interest.

From Caledonia Mining Corp plc's latest balance sheet as filed. Checks are fixed, documented rules (methodology), counted only where the company reports the figures — a dot means the filing doesn't break the item out. Descriptions of reported data, not advice.

Moat

67 /100

Moderate moat

How hard Caledonia Mining's competitive advantage looks for rivals to wear away, judged from 7 years of its own filings: returns on capital, pricing power, profit durability, cash conversion and discipline.

Returns on capital 14 / 20

Net income has been a median 8.7% of total assets over 7 years.
Pricing power 11 / 20

Gross margin has been a median 44.8%, moving by 6.2 percentage points (standard deviation) across 7 years.
Durability 15 / 20

Operating margin has been a median 30.6%; its worst year was 11.4%.

AI disruption exposure: Low. In this industry, the business rests on physical assets, regulated networks or products AI itself depends on.

A rules-based reading of reported figures, not a forecast and not investment advice. How the score is built: methodology.

Compare with peers

Head to head: CMCL vs OR CMCL vs ITRG CMCL vs DRD

More: Gold stocks compared, Materials sector, rankings of US companies

Figures from Caledonia Mining Corp plc's SEC filings (10-K and 10-Q), retrieved November 2, 2026. How we read and check them: methodology and data sources. Not investment advice. Back to Caledonia Mining Corp plc.