Start here if you're new
what it is
AngloGold digs gold from 11 mines across 8 countries and sells the metal.
how it gets paid
Last year Au made $5.8B in revenue. Continental Africa was the main engine at $3.4B, or 59% of sales.
what just happened
AngloGold missed with $1.32 EPS versus $1.74 expected.
At a glance
B++ balance sheet — above average — nothing keeping you up at night
25/100 earnings predictability — expect surprises
38.3x trailing p/e — you're paying up for this one
3.8% dividend yield — cash in your pocket every quarter
23.0% return on capital — every dollar works hard here
xvary composite: 73/100 — average
What they do
AngloGold digs gold from 11 mines across 8 countries and sells the metal.
11 mines in 8 countries means your cash flow is not hostage to one pit. Continental Africa brought 59.0% of 2024 gold income, while Australia and the Americas split the rest at 22.0% and 19.0%. Operating margin → profit after mine costs → 46.0% means nearly half the sales survive the grind.
How they make money
$5.8B
annual revenue
Continental Africa
$3.4B
Australia
$1.3B
Americas
$1.1B
The products that matter
regional gold mining operations
Australia
$1.3B · 22% of revenue
this region accounts for $1.3B of sales, or 22% of the business. if production slips here, you feel it.
22% of revenue
regional gold mining operations
Americas
$1.1B · 19% of revenue
the americas contribute $1.1B, or 19% of revenue. it is meaningful, but not the center of gravity.
19% of revenue
remaining global mining portfolio
Other regions
$3.4B · 59% of revenue
$3.4B of sales sit outside the two named regions. that scale helps diversify mine-level trouble, but this page does not give you mine-level detail inside the biggest bucket.
59% of revenue
Key numbers
46.0%
operating margin
Nearly half of revenue survives the mine and processing bill.
23.0%
return on capital
$100 invested throws off $23 in operating return.
$13.0B
FY2028 sales
sees revenue more than doubling from the current $5.8B run rate.
3.8%
dividend yield
You get paid while waiting for gold prices to do their thing.
Financial health
B++
strength
- balance sheet grade B++ — above average financial health
- risk rank 3 — safer than 50% of stocks
- price stability 25 / 100
- long-term debt $2.0B (5% of capital)
- net profit margin 27.3% — keeps 27 cents of every dollar in revenue
- return on equity 26% — $0.26 profit for every $1 investors have put in
B++ — functional but not a standout on the balance sheet.
Total return vs. market
You invested $10,000 in AU 3 years ago → it's now worth $48,610.
The index would have given you $13,920.
source: institutional data · total return
What just happened
missed estimates
AngloGold missed with $1.32 EPS versus $1.74 expected.
Revenue was $4.4B, up 73% vs. prior year, and gross margin held at 46.2%. Yahoo shows $1.32 versus $1.74 expected, while EDGAR's latest-quarter snapshot shows $2.19 EPS, so the feeds are not aligned.
$4.4B
revenue
$1.32
eps
46.2%
gross margin
the number that mattered
$1.32 EPS mattered because it was a 24.1% miss versus $1.74 expected, even with revenue at $4.4B.
-
anglogold ashanti possesses many growth catalysts.
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the biggest is the significant production increase in 2025.
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starting with the september period, output rose a solid 17% vs. prior year, to 768,000 ounces.a key reason for the strong advance was an impressive volume gain at the sukari mine (which was included in the acquisition of the egyptbased miner centamin in november, 2024). other assets that made strong contributions include the obuasi, kibali, gaita, and cuiaba properties. sukari accounted for 135,000 ounces in the recently concluded interim, and has the potential to produce over 500,000 ounces, annually. another acquisition (augusta gold corp., closed in october) also has the potential to make a difference. looking elsewhere, anglogold ashanti remains committed to a multi-year initiative that boost volumes at the obuasi property, to 400,000 ounces annually.
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moreover, the robust output rise recorded in the first nine months of 2025 brings the growth to 20%.
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as for management’s final guidance for 2025, the outlook of 2.90 million-3.23 million ounces suggests a 12% gain at the mid-point.
source: company earnings report, 2026
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What could go wrong
the main risk is simple: gold price sensitivity. this is a miner with $5.8B of revenue, not a diversified conglomerate with a second engine to bail it out.
high
gold price weakness
Gold mining drives 100% of the $5.8B revenue base shown on this page. If the metal price drops, margins do not have a software segment hiding behind them.
a weaker gold price pressures the whole business, not one product line
high
operational disruption across a wide footprint
AU operates 11 mines in eight countries across four continents. That diversification helps, but it also gives you more places where labor issues, permitting delays, taxes, or site-level problems can hit production.
one company, many jurisdictions, and no way to mine gold from a spreadsheet
med
high volatility is part of the package
The stock moved from $16 to $89 in 52 weeks and carries a 25/100 earnings predictability score. If you own this, you already know the ride is not smooth. The numbers back that up.
price swings can overwhelm a 3.8% yield in either direction
gold mining is the entire story here. if gold weakens or operations stumble, all $5.8B of revenue is exposed to the same core thesis.
source: institutional data · regulatory filings · risk analysis
Pay attention to
earnings
next earnings report
with a 25/100 predictability score, one quarter can reset the story fast. production, realized gold prices, and dividend commentary matter more than polished language.
metric
trailing p/e versus forward p/e
38.3x trailing earnings versus about 19.8x on the $4.25 fy2026 estimate is a big gap. either earnings are about to improve a lot, or the trailing number flatters the setup less than the stock price suggests.
risk
site-level disruption anywhere in the 11-mine portfolio
geographic spread reduces single-mine dependence, but every extra country adds another place where taxes, labor, power, security, or permitting can get expensive.
trend
whether institutional buying keeps going
net buying lasted 3 consecutive quarters through 3q2025. if that support fades while the stock sits near its high, momentum gets less forgiving.
Analyst rankings
earnings predictability
25 / 100
in human-speak, analysts do not expect a smooth line here. expect bigger swings than you get from a typical large cap.
balance sheet grade
B++
above average balance-sheet quality. the risk is less about solvency and more about how cyclical profits can be.
risk rank
3
safer than about half the market. that is decent for a miner, but it is nowhere close to low-volatility territory.
source: institutional data
Institutional activity
institutions have been net buying for 3 consecutive quarters — 291 buyers vs. 119 sellers in 3q2025. total institutional holdings: 0.2B shares. net buying for 3 quarters.
source: institutional data
Price targets
3-5 year target range
$55
$143
$84
current price
$99
target midpoint · +17% from current · 3-5yr high: $115 (+35% · 12% ann'l return)
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