Caledonia Mining Corporation

CMCL

Gold · Basic Materials

Price

$16.98

-0.14 (-0.82%)

Market Cap

$327.9M

Exchange

New York Stock Exchange Arca

Winston Score

Winston is happy

A high-quality business with solid fundamentals.

Share count rising — dilution

+60.2% over 4y

The company has issued more shares over this period, which dilutes each existing shareholder’s stake.

Diluted shares outstanding: 12.2M (2021) → 19.5M (2025)

Caledonia Mining Corporation is a gold mining company. It digs gold out of the ground and sells it to refiners and bullion dealers. Its main asset is the Blanket Mine in Zimbabwe, one of the oldest and most productive gold mines in that country.

Caledonia makes money by selling the gold it produces — revenue rises and falls with both production volumes and the global price of gold. The company operates primarily in Zimbabwe, with its corporate structure based in Jersey and shares listed in both the US and Canada. Its long-running ownership of the Blanket Mine gives it operational familiarity in a challenging regulatory environment, but operating in Zimbabwe carries real political and currency risk. Caledonia has been expanding its footprint by acquiring additional gold projects in Zimbabwe and South Africa, which is the key growth driver, though any slowdown in gold prices or new government restrictions in Zimbabwe could pressure results.

Winston Score History

Growth Profile

For growth stock investors

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

+18.3% YoY

YoY Growth Rate

Steady revenue growth

EPS Growth

+73.9% YoY

YoY Growth Rate

Strong earnings growth

R&D Spend

$0/ year

0.0% of revenue

Below sector average (3%)

Research and development spending

Insider Activity

25.1%ownership

Insiders own a meaningful stake in the company

Cash Position

Cash flow positive

$185M cash & investments

Quarterly Free Cash Flow

↑ Burn rate improving

Company generates more cash than it spends — no dilution risk from fundraising

Growth + cash flow

Caledonia Mining Corporation is a rare growth stock that's already generating positive cash flow while growing at 18%. The Winston Score doesn't fully credit this transition from "burner" to "earner."

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Score breakdown

Every number that matters to educated investors.

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Quality

Gross Margin

48.3%

Healthy — 48.3% gross margin

Operating Margin

40.4%

Excellent — 40.4% operating margin

ROCE

6.9%

Weak — 6.9% return on capital

ROIC between 5% and 15%. They earn 5 to 15 cents back per year on every dollar invested.

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Growth

Sales YoY

+36.6%

Fast-growing sales (36.6% YoY)

EPS YoY

+139.4%

Earnings growing fast (139.4% YoY)

Earnings growing 25%+ a year. The compounder zone.

EPS Consistency

8/8 quarters

Every recent quarter grew earnings vs last year

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Cash Flow

Cash Conversion

132%

Turns 132% of profit into real cash

FCF Margin

17.7%

Converts sales into free cash efficiently (17.7%)

FCF margin between 10% and 20%. Every $100 in sales becomes $10 to $20 in real cash.

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Stability

Debt / Equity

0.42

Conservative — low debt load (0.42)

Interest Cover

19.96x

Comfortably covers interest (20.0x)

Interest coverage above 8. Profits cover interest many times over.

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Valuation

P/E Ratio (TTM)

5.4x

Attractive valuation — P/E 5.4

P/E under 10. The price tag is small relative to last year's profit.

P/E vs Forward

-0.3

SLOWING

Earnings expected to fall — forward P/E higher than today

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Dividends

Dividend Yield

2.79%

Moderate income — 2.79% yield

Standard yield zone for stable dividend payers. A meaningful piece of total return.

Dividend Growth

+0.0%

Dividend flat

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