| Factor | Score | Distribution | Value | Avg | Rank |
|---|---|---|---|---|---|
Valuation | 76 | 13.4x | 17.8x | Top tier | |
Growth | 93 | 63.7% | 7.1% | Top tier | |
Quality | 91 | 47.4% | 4.5% | Top tier | |
Safety | 91 | — | 2.6x | Top tier | |
Capital Return | 77 | — | 2.12% | Top tier | |
Momentum | 64 | 56.4% | 2.9% | Around median | |
Sentiment | 43 | 4 | 3 | Around median |
Estimates — analyst targets and a simplified DCF, not investment advice.
Ten ratios that matter, each compared against its sector median and average — so you can see whether a number is rich or cheap relative to peers in the same sector.
AngloGold Ashanti plc is a gold producer operating a global portfolio of nine operating assets, with its revenue and cash flows derived primarily from the production and sale of gold. In fiscal Q2 2026, Tier 1 assets accounted for more than 70% of total production, generated a 71% cash margin, and contained approximately 80% of mineral reserves; Tier 2 assets generated a 58% cash margin. The growth hubs identified by management include Obuasi, Geita, Sukari, Siguiri, and Cuiaba, alongside the Arthur project in Nevada.
In fiscal Q2 2026, EBITDA rose 46% year over year to approximately $2 billion, and headline earnings increased 58% to $1 billion, while headline earnings per share rose 49% to $1.97 from $1.32. Net cash flow from operating activities grew 41% to $1.4 billion, while free cash flow reached $727 million, up 36% from $535 million. In contrast, cash production costs increased 21% to $1,480 per ounce from $1,226, but the portfolio ended the quarter with net cash of $991 million and liquidity of $4.2 billion.
EDGAR filings show a clear expansion in scale and profitability during fiscal 2025, with revenue of $9.9 billion, gross profit of $4.9 billion, net income of $3.2 billion, and earnings per share of $5.18. This compares with revenue of $5.8 billion and net income of $1 billion in fiscal 2024, followed by revenue of $4.6 billion and a net loss of $222 million in fiscal 2023. These figures reflect the company's transition from a loss in fiscal 2023 to strong profitability in fiscal 2025, alongside improving gold prices and robust cash generation.
The analyst consensus is “Buy,” with an average price target of $95.2, but the dispersion is substantial between the lowest target of $42 and the highest target of $128. The highest target is close to the 52-week range high of $129.14, while the lowest target is below the range low of $54.41, reflecting broad disagreement over the sustainability of gold prices, the company's margins, and the execution of production growth. The available data do not provide a usable price-to-earnings multiple, so the valuation assessment here is based on the target range and the 52-week range, while accounting for cost inflation and operational risks.
Figures in the text are as of 2026-08-27; the live price is shown at the top of the page.
EBITDA rose 46% year over year to approximately $2 billion, while headline earnings increased 58% to $1 billion. Free cash flow reached $727 million, up 36% from $535 million, with net operating cash flow growing 41% to $1.4 billion. A 35% increase in the average realized gold price was a key factor, adding $733 million to free cash flow, while lower sales volumes reduced it by $151 million.
The company reaffirmed its fiscal 2026 production and cost guidance in its July 31, 2026 results. Management expects second-half production to increase by approximately 6% compared with the first half, with production more heavily concentrated in the fourth quarter. It also expects second-half cash production costs to be lower than in the first half, but noted an anticipated slight decline at Tropicana and temporary difficulties accessing higher-grade ore at Iduapriem.
Management aims to add between 300 thousand and 450 thousand ounces to a production baseline exceeding three million ounces from Obuasi, Geita, Sukari, Siguiri, and Cuiaba. It expects production growth to begin in fiscal 2027, continue in 2028, and then increase further in 2029. At Cuiaba, the company discussed the potential to add approximately 75 thousand ounces over three years, while the full feasibility study for the Arthur project began in August 2026 with the goal of adding more than one million ounces to its reserves during fiscal 2026.
Automated analysis for informational purposes only — not investment advice.
The dividend policy provides for a quarterly payment of $0.125 per share, followed by an annual true-up that raises the total distribution to 50% of free cash flow. The company declared $949 million in dividends for the first half of fiscal 2026, including $364 million in the second quarter, and news dated August 18, 2026 stated that first-half dividends increased 102%. Shareholders also approved a $2 billion share repurchase program, although its implementation was awaiting South African Reserve Bank approval as of July 31, 2026.
Cash production costs rose 21% to $1,480 per ounce in fiscal Q2 2026 from $1,226 in the corresponding period. Inflation, gold-price-linked royalties, and exchange rates added approximately $216 per ounce, while Brent crude rose 45% and the company's internal inflation rate was approximately 6%. The Obuasi suspension following the April 24, 2026 incident added approximately $38 per ounce, while the company said its Full Asset Potential program helped offset some of these pressures.
Obuasi remains a key focus following the April 24, 2026 fatality and the two-week operational suspension, with work continuing without the ore passes associated with the KMS shaft until a new pass targeted for fiscal Q4 2026 is completed. Tropicana is transitioning to lower-grade ore in Havana 6, while Iduapriem is experiencing temporary difficulty accessing higher-grade areas that were flooded. The company is also discussing requirements with the government of Guinea to route Siguiri gold through a local refinery and is monitoring the impact of developments in the Middle East on energy and supply chains.
