Fact based stock research
Harmony (JSE:HAR)

ZAE000015228

How to read the free ranks

For every stock, we judge its performance against its peers and rank it on a scale of 1 to 100. The higher the rank, the better the stock performs than its peers. And, we do this for six investment strategies:
Value - shows how good of a value the stock is. Green is "inexpensive"; red is "expensive".

Growth - shows a company's growth potential. Green is "high growth" expected; red is "tough times ahead".

Safety - relates to the amount of debt a company has. Green is low debt level; red is high debt level.

Combined Financial - this isn't an average of the first three ranks but rather a consolidated view across several financial indicators. Green = good; red = tread carefully.

(NEW) Sentiment - quantifies professional analyst ratings and holdings as well as market pulse. Green = positive sentiment; red = skepticism (Only available to Premium Subscribers).

(NEW) 360° View - the ultimate rating with all financial and non-financial indicators.

Harmony stock research in summary

harmony.co.za

ANALYSIS: With an Obermatt Combined Rank of 94 (better than 94% compared with investment alternatives), Harmony (Gold Production, South Africa) shares have much better financial characteristics than comparable stocks. Shares of Harmony are a good value (attractively priced) with a consolidated Value Rank of 57 (better than 57% of alternatives), show above-average growth (Growth Rank of 89), and are safely financed (Safety Rank of 70), which means low debt burdens. ...read more

RECOMMENDATION: A Combined Rank of 94, is a strong buy recommendation based on Harmony's financial characteristics. As the company Harmony's key financial metrics all exhibit excellent performance, such as good value (Obermatt Value Rank of 57), above-average growth (Obermatt Growth Rank of 89), and indicate that the company is safely financed (Obermatt Safety Rank of 70), it is a solid stock investment where the risk of paying too much for the share is limited, unless the company has a bleak future. Such good financial performance can indicate that the company's future might actually be challenging, as it may be difficult to maintain the good performance. If they are safely financed and have been growing above average, and are still a good value, it means that the market is keeping prices low, for a reason which may become clearer over time. We recommend evaluating the future of Harmony. If you believe the company's future is market-typical or even better, this could be an argument for a share purchase. Obermatt Premium subscribers can further check the stock’s Sentiment Ranks, which also flow into the Obermatt 360° View for investors. ...read more

Latest Obermatt Ranks


360° View^new
Sentiment Rank^new
Value Rank	57
Growth Rank	89
Safety Rank	70
Combined Rank	94

Country	South Africa
Industry	Gold Production
Index	Copper, Energy Efficient, Human Rights, Gold, Silver, Uranium, Water Efficiency, JSE All Shares
Size class	Large

This stock has achievements: Top 10 Stock.

31-Jul-2025. Stock data may be delayed. Log in or sign up to get the most recent research.

Further information

Multiple opinions. One number.

Analysts rarely agree on a stock’s future. So, who do you believe? Obermatt translates those collective views into a single Sentiment Rank. That plus the financial ranks give you the ultimate 360° View. Sign up to access them.

Why popular stocks have low ratings

It’s easier said than done. When your stock drops, it’s easy to want to sell it and find a better performer. Think twice, or even three times, before trading. Those fees (especially the hidden ones) can eat up your gains.

Review the performance ranks of the individual metrics that form each investment strategy.

Research History: Harmony

RESEARCH HISTORY	2022	2023	2024	2025
VALUE
VALUE	69	60	51	57
GROWTH
GROWTH	15	97	87	89
SAFETY
SAFETY	71	59	68	70
SENTIMENT
SENTIMENT	1	28	84	^new
360° VIEW
360° VIEW	15	74	90	^new

Most recent update of the stock research: 31-Jul-2025. Financial reporting date used for calculating ranks: 31-Dec-2024. Stock research history is based on the Obermatt Method. The higher the rank, the better Harmony is in the corresponding investment strategy.
Upgrade to a Premium Account to access the latest ranks.

Combined financial peformance in Detail

RESEARCH HISTORY	2022	2023	2024	2025
VALUE
VALUE	69	60	51	57
GROWTH
GROWTH	15	97	87	89
SAFETY
SAFETY	71	59	68	70
COMBINED
COMBINED	51	88	90	94

Last update of combined financial performance: 31-Jul-2025. Stock analysis on combined financial performance: The higher the rank of Harmony the better the performance.

Value Metrics in Detail

ANALYSIS: With an Obermatt Value Rank of 57 (better than 57% compared with alternatives), Harmony shares are more attractively priced than the majority of comparable stocks. The Value Rank is based on consolidating four value indicators, with half of the indicators below and half above average for Harmony. Price-to-Profit (also referred to as price-earnings, P/E) is 87 which means that the stock price compared with what market professionals expect for future profits is lower than for 87% of comparable companies, indicating a good value concerning Harmony's profit levels. The same is valid for Price-to-Book Capital (also referred to as market-to-book ratio) with a Price-to-Book Rank of 31, which means that the stock price is lower as regards to invested capital than for 31% of comparable investments. On the other hand, Price-to-Sales is less favorable than 56% of alternatives (only 44% of peers have an even less favorable ratio). The same is valid for dividend yield, which is lower than 34% of comparable companies, making the stock more expensive as regards to the company's expected dividend payouts. ...read more

RECOMMENDATION: The overall picture with a consolidated Value Rank of 57, is a buy recommendation based on Harmony's stock price compared with the company's operational size and dividend yields. This is a puzzling picture, because it means that profits are high while dividends are low. Since the stock price is low compared with invested capital but high in respect to expected revenues, it means that the company has more invested capital than peers for generating the same amount of revenue. Since profits are higher, it could be a "cash cow" situation (using the classic Boston Consulting BCG matrix naming convention) where the company is on a downward trend, still living from the profits of past products. As the company pays low dividends, it may harbor the opinion that a turnaround is possible, and it rather invests the cash than pay it out to shareholders, thus sealing the company's fate early. Any investment optimism should only be a buy trigger once thorough research is completed. We recommend further analyzing the stock with Obermatt’s Value, Safety, and Sentiment Ranks, including the 360° View, before making an investment decision, which is especially important in this case, as the financial indicators are inconclusive. ...read more

VALUE METRICS	2022	2023	2024	2025
PRICE VS. REVENUES (P/S)
PRICE VS. REVENUES (P/S)	79	63	41	44
PRICE VS. PROFITS (P/E)
PRICE VS. PROFITS (P/E)	72	78	77	87
PRICE VS. CAPITAL (Market-to-Book)
PRICE VS. CAPITAL (Market-to-Book)	90	60	44	31
DIVIDEND YIELD
DIVIDEND YIELD	20	49	48	66
CONSOLIDATED RANK: VALUE
CONSOLIDATED RANK: VALUE	69	60	51	57

Last update of Value Rank: 31-Jul-2025. Stock analysis on value ratios: The higher the rank, the lower the value ratio of Harmony; except for dividend yield where the rank is higher, the higher the yield.

Growth Metrics in Detail

ANALYSIS: With an Obermatt Growth Rank of 89 (better than 89% compared with alternatives) for 2025, Harmony shows one of the highest growth dynamics in its industry. Investors also speak of high momentum. The Growth Rank is based on consolidating four value indicators, with all but one indicator above average for Harmony. Sales Growth has a rank of 94 which means that currently, professionals expect the company to grow more than 94% of its competitors. Both Profit Growth, with a rank of 76, and Stock Returns, with a rank of 87, are also above average. But Capital Growth only has a rank of 36, which means that, currently, professionals expect the company to grow its invested capital less than 64% of its competitors. ...read more

RECOMMENDATION: The overall picture with a consolidated Growth Rank of 89, is a buy recommendation for growth and momentum investors. That may be a good sign if the company is already well positioned and doesn't require more investments at this time. They may focus on growing the top (revenues) and bottom (profits) lines, recently rewarded with above-average stock returns for shareholders. But it may also be a sign of danger as the company is falling back with capital investment activities concerning competition. This requires further analysis of corporate communications. While momentum is a popular investment factor, the value aspect might be the more important one, in the longer term. We recommend analyzing the stock with Obermatt’s Value, Safety, and Sentiment Ranks to arrive at a 360° View of the stock purchase case. ...read more

GROWTH METRICS	2022	2023	2024	2025
REVENUE GROWTH
REVENUE GROWTH	48	45	45	94
PROFIT GROWTH
PROFIT GROWTH	6	93	71	76
CAPITAL GROWTH
CAPITAL GROWTH	50	60	68	36
STOCK RETURNS
STOCK RETURNS	19	97	99	87
CONSOLIDATED RANK: GROWTH
CONSOLIDATED RANK: GROWTH	15	97	87	89

Last update of Growth Rank: 31-Jul-2025. Stock analysis on growth metrics: The higher the rank, the higher the growth and returns of Harmony.

Safety Metrics in Detail

ANALYSIS: With an Obermatt Safety Rank of 70 (better than 70% compared with alternatives), the company Harmony has financing practices on the safer side, which mean that their overall debt burden is lower than average. This doesn't mean that the business of Harmony is safe, it only means that the company is on the safer side regarding possible bankruptcy, assuming that public reporting is correct. The Safety Rank is based on consolidating three financing indicators, with two out of three indicators above average for Harmony. Leverage is at a rank of 78, meaning the company has a below-average debt-to-equity ratio. It has less debt than 78% of its competitors. Liquidity is also good at a rank of 80, meaning the company generates more profit to service its debt than 80% of its competitors. This indicates that the company is on the safer side when it comes to debt service. But Refinancing is lower at a rank of 37, which means that the portion of the debt that is about to be refinanced is above-average. It has more debt in the refinancing stage than 63% of its competitors. ...read more

RECOMMENDATION: With a consolidated Safety Rank of 70 (better than 70% compared with alternatives), Harmony has a financing structure that is safer than that of its competitors. The refinancing issues could be a short-term problem, especially if the company has reputation issues. Banks and investors don't like to refinance debt if there are clouds on the horizon. For this reason, investors should look at the refinancing environment for Harmony. Does it look safe that debt that is coming due can be covered with new debt? If that is the case, then the financing situation of the company is on the safer side. If not, it may be better to wait until refinancing has been completed and the Refinancing rank is good again. Investors may have a short-term debt challenge with Harmony and should also compare Obermatt’s Value, Growth, and Sentiment Ranks before making a decision. ...read more

SAFETY METRICS	2022	2023	2024	2025
LEVERAGE
LEVERAGE	70	62	78	78
REFINANCING
REFINANCING	43	19	17	37
LIQUIDITY
LIQUIDITY	76	96	82	80
CONSOLIDATED RANK: SAFETY
CONSOLIDATED RANK: SAFETY	71	59	68	70

Last update of Safety Rank: 31-Jul-2025. Stock analysis on safety metrics: The higher the rank, the lower the leverage of Harmony and the more cash is available to service its debt.

Sentiment Metrics in Detail

SENTIMENT	2022	2023	2024	2025
ANALYST OPINIONS
ANALYST OPINIONS	n/a	7	1	^new
OPINIONS CHANGE
OPINIONS CHANGE	12	17	86	^new
PRO HOLDINGS
PRO HOLDINGS	46	34	96	^new
MARKET PULSE
MARKET PULSE	12	93	74	^new
CONSOLIDATED RANK: SENTIMENT
CONSOLIDATED RANK: SENTIMENT	1	28	84	^new

Last update of Sentiment Rank: 31-Jul-2025. Stock analysis on sentiment metrics: The higher the rank, the more positive the sentiment for Harmony.
Upgrade to a Premium Account to access the latest ranks.