CMCL NYSE Gold And Silver Ores Financials FY2016βFY2025
Caledonia Mining Corp Plc had $268M of revenue in fiscal 2025, up 46.2% on the year before. Over five years, revenue changed +21.8% a year on average.
Hi! I read Caledonia Mining Corp Plcβs latest annual report (fiscal 2025). Here is what stands out:
Good So-so Weak
Are sales growing?
+46.2%
Yes. Sales grew 46.2% last year.
Does it make a profit?
20.6%
Yes. It keeps 20.6% of every sale as profit.
Does profit turn into cash?
16.4%
Yes. 16.4% of sales ends up as free cash.
How healthy are the accounts?
7 / 9
Solid. It passes 7 of 9 health tests.
Rules of thumb on reported numbers. A starting point, not a recommendation.
Is it selling more, and how much does it keep?
KIRA Β· Caledonia Mining Corp Plc had $268M of revenue in fiscal 2025, up 46.2% on the year before. Over five years, revenue changed +21.8% a year on average. Its operating margin was 41.0%, up 17.1Β pts: of every 100 in sales, about 41 is left after running the business.
In plain words: Revenue is all the money customers paid. The margins show how many cents of each dollar of sales are left over at each step: after making the product (gross), after running the business (operating) and after everything, tax included (net).
Revenue
Revenue
Margins, % of revenue
Margins, % of revenue
KIRA Β· Caledonia Mining Corp Plc made $55.2M of net profit in fiscal 2025. From fiscal 2016 to 2025, diluted EPS grew 15.2% a year.
Loss periods are shown in red.
In plain words: Net income is the profit left after every cost and tax. Earnings per share (EPS) splits that profit across every share, so it shows what one share earned.
Net income
Net income
Diluted EPS
Diluted EPS
How much cash comes in, and where does it go?
KIRA Β· Free cash flow was $43.8M in fiscal 2025, 16.4% of revenue.
Cash from operations minus capital spending.
In plain words: Profit on paper is not the same as cash in the bank. Free cash flow is the cash left after paying to run and maintain the business: the money it can hand back to shareholders, save or invest.
Free cash flow
Free cash flow
Cash from operations vs capital spending
Cash from operations vs capital spending
KIRA Β· Caledonia Mining Corp Plc returned $19.9M to shareholders in fiscal 2025, 45% of free cash flow. The diluted share count rose 0.4%.
In plain words: Companies hand cash back in two ways: dividends (cash paid to shareholders) and buybacks (buying back their own shares, so each remaining share owns a bigger slice).
Dividends and buybacks
Dividends and buybacks
Diluted shares outstanding (annual)
KIRA Β· In the last 12 months, insiders bought $1.1M and sold $0.3M of shares on the open market.
Open-market purchases and sales by officers, directors and 10% owners, from Form 4 filings. βPlanβ marks trades under a pre-arranged Rule 10b5-1 plan.
In plain words: Insiders are the people who run or own a big part of the company. Buying with their own money can signal confidence; selling often has personal reasons, like taxes or diversifying.
Bought, 12 months
$1.1M
2 insiders
Sold, 12 months
$0.3M
1 insider
Of sales under plans
0%
$0.0M
| Date | Insider | Trade | Shares | Price | Value | Filing |
|---|---|---|---|---|---|---|
| Aug 13, 2026 | July NdlovuDirector | Bought | 21,400 | $23.03 | $0.5M | Form 4 |
| Jun 11, 2026 | Victor GapareDirector, 10% owner | Bought | 11,750 | $18.70 | $0.2M | Form 4 |
| May 18, 2026 | July NdlovuDirector | Sold | 20,000 | $17.19 | $0.3M | Form 4 |
| May 13, 2026 | July NdlovuDirector | Bought | 15,000 | $24.81 | $0.4M | Form 4 |
Can it carry its debts, and how well does it use its money?
KIRA Β· Caledonia Mining Corp Plc has $4.3M more cash than debt.
Cash, debt and the ratios that show how comfortably Caledonia Mining Corp Plc can carry it.
In plain words: What the company owns and what it owes. More cash than debt is a cushion for bad times; a lot of debt leaves less room when business slows down.
Cash vs debt (incl. leases)
| Fiscal year end | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|
| Cash and short-term investments | $17.2M | $6.7M | $6.7M | $4.3M | $35.7M |
| Debt incl. finance leases | $0.0M | $7.1M | $7.1M | $24.8M | $31.4M |
| Debt / equity | 0.0x | 0.1x | 0.0x | 0.1x | 0.1x |
| Interest coverage | 96.4x | 45.9x | 3.6x | 13.8x | 31.2x |
| Current ratio | 3.0x | 1.2x | 1.4x | 1.4x | 1.6x |
| Quick ratio | 1.8x | 0.6x | 0.8x | 0.8x | 1.1x |
| Total assets | $211M | $235M | $328M | $348M | $412M |
| Total liabilities | $58.4M | $77.5M | $104M | $114M | $128M |
| Shareholders' equity | $138M | $141M | $206M | $214M | $259M |
| Net debt (β = net cash) | β$17.2M | $0.4M | $0.4M | $20.5M | β$4.3M |
KIRA Β· Its return on capital was 28.0%: every 100 invested in the business earned about 28 in a year.
After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
In plain words: How much profit the business makes on the money put into it. A higher percentage means each dollar invested works harder.
Return on capital, equity and assets (annual)
KIRA Β· Caledonia Mining Corp Plc passes 7 of 9 financial health tests (Piotroski F-score).
Nine pass/fail tests of profitability, funding and efficiency. 8β9 is strong, 0β2 weak.
In plain words: Nine yes/no tests of financial health, one point each. A green tick is a pass: 7 to 9 points is solid, 0 to 3 is weak.
| Test | FY16 | FY17 | FY18 | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|---|---|---|---|---|
| Net income is positive | β | β | β | β | β | β | β | β | β | β |
| Cash from operations is positive | β | β | β | β | β | β | β | β | β | β |
| Return on assets rose | β | β | β | β | β | β | β | β | β | β |
| Cash from operations exceeds net income | β | β | β | β | β | β | β | β | β | β |
| Debt fell relative to assets | β | β | β | β | β | β | β | β | β | β |
| Current ratio rose | β | β | β | β | β | β | β | β | β | β |
| Share count didn't rise | β | β | β | β | β | β | β | β | β | β |
| Gross margin rose | β | β | β | β | β | β | β | β | β | β |
| Revenue rose relative to assets | β | β | β | β | β | β | β | β | β | β |
| F-score | β / 3 | 4 / 9 | 6 / 9 | 6 / 9 | 7 / 9 | 5 / 9 | 4 / 9 | 4 / 9 | 6 / 9 | 7 / 9 |
| Accruals ratio | β16.0% | β15.1% | β5.9% | 2.4% | β7.5% | β6.9% | β14.1% | β8.0% | β7.1% | β5.5% |
| Altman Z'' | β0.67 | β0.39 | 0.25 | 2.27 | 3.57 | 3.44 | 1.82 | 1.62 | 2.27 | 4.10 |
Every number, year by year.
Amounts in USD. Hover a ratioβs name for its definition.
In plain words: Every number we have, year by year. Download it as a spreadsheet if you want to dig deeper.
| Fiscal year | FY16 | FY17 | FY18 | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|---|---|---|---|---|
| Income statement | ||||||||||
| Revenue | $62.0M | $69.8M | $68.4M | $75.8M | $100M | $121M | $142M | $146M | $183M | $268M |
| Gross profit | $23.5M | $26.3M | $21.6M | $31.1M | $46.7M | $54.1M | $61.8M | $41.5M | $77.0M | $137M |
| Operating income | $19.0M | $20.6M | $21.4M | $36.8M | $35.9M | $36.1M | $30.2M | $11.0M | $43.7M | $110M |
| Interest expense | $0.2M | $0.1M | $0.3M | $0.3M | $0.4M | $0.4M | $0.7M | $3.0M | $3.2M | $3.5M |
| Pretax income | $18.8M | $20.6M | $21.2M | $36.6M | $35.6M | $35.8M | $29.5M | $8.0M | $40.5M | $107M |
| Income tax | $7.7M | $8.7M | $7.4M | $10.9M | $12.5M | $13.8M | $14.4M | $12.8M | $17.5M | $39.1M |
| Net income | $8.5M | $9.4M | $10.8M | $21.3M | $18.9M | $17.4M | $11.2M | β$7.9M | $17.9M | $55.2M |
| Net income to common | $8.5M | $9.4M | $10.8M | $21.3M | $18.9M | $17.4M | $11.2M | β$7.9M | $17.9M | $55.2M |
| Diluted EPS | $0.79 | $0.86 | $0.99 | $1.94 | $1.57 | $1.40 | $0.85 | β$0.44 | $0.91 | $2.83 |
| Diluted shares | 0.01B | 0.01B | 0.01B | 0.01B | 0.01B | 0.01B | 0.01B | 0.02B | 0.02B | 0.02B |
| Cash flow | ||||||||||
| Cash from operations | $23.0M | $24.5M | $17.7M | $18.1M | $31.0M | $30.9M | $42.6M | $14.8M | $42.0M | $76.2M |
| Capital expenditure | $19.9M | $21.6M | $20.2M | $19.9M | $25.1M | $32.1M | $41.5M | $28.6M | $27.5M | $32.5M |
| Free cash flow | $3.1M | $2.9M | β$2.5M | β$1.8M | $5.9M | β$1.2M | $1.1M | β$13.8M | $14.5M | $43.8M |
| Dividends paid | $3.0M | $3.3M | $3.5M | $3.4M | $4.5M | $8.1M | $10.8M | $10.3M | $13.8M | $19.9M |
| Dividends and buybacks | $3.0M | $3.3M | $3.5M | $3.4M | $4.5M | $8.1M | $10.8M | $10.3M | $13.8M | $19.9M |
| Balance sheet | ||||||||||
| Cash and short-term investments | $14.3M | $13.1M | $11.2M | $9.4M | $19.1M | $17.2M | $6.7M | $6.7M | $4.3M | $35.7M |
| Total debt | $3.0M | $1.5M | $6.0M | $2.5M | $0.4M | $0.0M | $7.1M | $7.1M | $24.8M | $31.4M |
| Current assets | $25.8M | $27.9M | $28.2M | $29.8M | $44.6M | $52.9M | $38.4M | $54.2M | $61.3M | $94.9M |
| Current liabilities | $9.8M | $15.6M | $12.2M | $9.9M | $10.0M | $17.7M | $32.4M | $40.1M | $45.4M | $60.4M |
| Inventory | $7.2M | $9.2M | $9.4M | $11.1M | $16.8M | $20.8M | $18.3M | $20.3M | $23.8M | $26.8M |
| Property and equipment, net | $64.9M | $82.1M | $90.5M | $107M | $126M | $149M | $179M | $180M | $189M | $205M |
| Total assets | $90.7M | $110M | $126M | $144M | $178M | $211M | $235M | $328M | $348M | $412M |
| Total liabilities | $31.4M | $40.8M | $46.9M | $43.6M | $46.8M | $58.4M | $77.5M | $104M | $114M | $128M |
| Shareholders' equity | $55.6M | $63.3M | $70.5M | $87.7M | $119M | $138M | $141M | $206M | $214M | $259M |
| Margins | ||||||||||
| Gross margin | 37.9% | 37.7% | 31.6% | 41.1% | 46.7% | 44.6% | 43.5% | 28.4% | 42.1% | 51.2% |
| Operating margin | 30.6% | 29.6% | 31.3% | 48.5% | 35.9% | 29.8% | 21.2% | 7.5% | 23.9% | 41.0% |
| Net margin | 13.8% | 13.5% | 15.7% | 28.1% | 18.9% | 14.3% | 7.9% | β5.4% | 9.8% | 20.6% |
| FCF margin | 5.0% | 4.1% | β3.7% | β2.4% | 5.9% | β1.0% | 0.8% | β9.4% | 7.9% | 16.4% |
| Returns | ||||||||||
| Return on capital | 27.9% | 25.9% | 21.3% | 32.0% | 23.3% | 19.5% | 13.9% | 3.5% | 12.1% | 28.0% |
| Return on capital employed | 23.5% | 21.8% | 18.9% | 27.5% | 21.4% | 18.7% | 14.9% | 3.8% | 14.4% | 31.2% |
| Return on equity | 15.3% | 15.8% | 16.1% | 26.9% | 18.3% | 13.6% | 8.1% | β4.5% | 8.5% | 23.4% |
| Return on assets | 9.4% | 9.3% | 9.1% | 15.8% | 11.7% | 8.9% | 5.0% | β2.8% | 5.3% | 14.5% |
| Return on tangible equity | 15.3% | 14.8% | 15.3% | 24.3% | 15.9% | 12.6% | 8.0% | β3.8% | 8.4% | 21.3% |
| Growth | ||||||||||
| Revenue growth | β | 12.5% | β2.0% | 10.9% | 31.9% | 21.3% | 17.1% | 3.0% | 25.1% | 46.2% |
| Net income growth | β | 10.1% | 14.7% | 97.9% | β11.5% | β7.8% | β35.4% | β170.0% | β | 208.5% |
| EPS growth | β | 8.9% | 15.1% | 96.0% | β19.1% | β10.8% | β39.3% | β151.8% | β | 211.0% |
| FCF growth | β | β8.1% | β187.9% | β | β | β120.6% | β | β1,329.9% | β | 202.4% |
| Share count change | β | 1.3% | β0.1% | 1.4% | 9.0% | 3.9% | 5.4% | 45.1% | 3.1% | 0.4% |
| Financial health | ||||||||||
| Debt / equity | 0.1x | 0.0x | 0.1x | 0.0x | 0.0x | 0.0x | 0.1x | 0.0x | 0.1x | 0.1x |
| Interest coverage | 98.8x | 298.8x | 78.5x | 107.0x | 97.8x | 96.4x | 45.9x | 3.6x | 13.8x | 31.2x |
| Current ratio | 2.6x | 1.8x | 2.3x | 3.0x | 4.5x | 3.0x | 1.2x | 1.4x | 1.4x | 1.6x |
| Quick ratio | 1.9x | 1.2x | 1.5x | 1.9x | 2.8x | 1.8x | 0.6x | 0.8x | 0.8x | 1.1x |
| Capital allocation | ||||||||||
| Capex / revenue | 32.1% | 31.0% | 29.5% | 26.2% | 25.1% | 26.5% | 29.2% | 19.5% | 15.0% | 12.1% |
| Payouts / FCF | 95.8% | 115.2% | β | β | 77.2% | β | 962.4% | β | 95.2% | 45.5% |
| Quality scores | ||||||||||
| Piotroski F-score | β | 4.0 | 6.0 | 6.0 | 7.0 | 5.0 | 4.0 | 4.0 | 6.0 | 7.0 |
| Altman Z'' | β0.7 | β0.4 | 0.3 | 2.3 | 3.6 | 3.4 | 1.8 | 1.6 | 2.3 | 4.1 |
| Accruals ratio | β16.0% | β15.1% | β5.9% | 2.4% | β7.5% | β6.9% | β14.1% | β8.0% | β7.1% | β5.5% |
Source: SEC EDGAR XBRL filings (CIK 0000766011). Data updated October 24, 2026. Quarterly fourth quarters are the full year minus the first nine months. For information only β not investment advice. Check the original filings before relying on any figure.
