DOX

Amdocs

Fundamental data last updated:April 13, 2026

company profile

SECTOR

Technology

industry

Software - Infrastructure

Exchange

Nasdaq

County of HQ

Jersey

Next Earnings Date

05/06/26

Business Summary

Caledonia Mining is a gold producer that generates cash by extracting, processing, and selling gold into global commodity markets, monetizing ounces produced at prevailing market prices. Its moat is primarily operational rather than structural—driven by disciplined capital allocation, cost control, and the ability to sustain a 20.00% operating margin in a cyclical industry. With a 19.50% ROIC and relatively modest 39.20% leverage, it appears focused on extracting high returns from its asset base rather than empire-building. In gold mining, survival and free cash flow durability create the edge, and CMCL’s financial metrics suggest a management team prioritizing balance sheet strength and capital efficiency over aggressive expansion.

VALUATION

P/E

12.2

Market Cap ($M USD)

$6,776

Forward P/E

7.8

PEG

0.9

PRICE TO SALES

1.5

PRICE TO BOOK

2

EV / EBITDA

7.9

5-Year Average P/E

DIVIDEND

Yield

3.40%

Annual Payout

$2.28

Payout Ratio

40.50%

Consecutive Years of Dividend Growth

10+

5-Year Dividend Growth Rate

9.60%

Financial Health & Profitability

Earnings Per Share

$5.20

Next Year EPS Growth Estimate

$8.10

Next Year Revenue Growth Estimate

3.50%

Return on Equity (ROE)

16.40%

Operating Margin

18.00%

Debt-to-Equity

0.3

Piotroski F-Score

6

Altman Z-Score

4.2

Return on Invested Capital (ROIC)

13.90%%

Current Ratio

1.1

Quick Ratio

Gainseekers Quantitative Analysis

Summary

At 9x earnings and just 4.9x forward earnings, the market is pricing CMCL like a no-growth or deteriorating asset despite a 20.00% operating margin and a robust 19.50% ROIC. The Altman Z-Score of 3.8 signals low bankruptcy risk, while a Piotroski F-Score of 8 indicates strong fundamental momentum and balance sheet quality. Yet the negative -2.90% ROE and a PEG of 1 suggest muted growth expectations and potential capital structure inefficiencies. This looks like a statistically cheap, financially stable operator that the market is discounting—likely due to skepticism around forward earnings visibility—but the balance sheet strength implies the downside is more limited than the valuation suggests.

AI Exposure / Tech Reliance

As a gold producer in the Basic Materials sector, CMCL’s direct AI exposure is minimal, but operational efficiency gains from automation, data-driven exploration, and cost optimization technologies can materially enhance margins. Mining is increasingly data-intensive, and firms that adopt modern geological modeling and process automation can defend or expand their 20.00% operating margin. However, it remains fundamentally tied to commodity cycles rather than technological disruption.

The Bull Case

A disciplined GARP or deep value investor buys this because the numbers scream operational quality at a compressed multiple. A 19.50% ROIC against a 1.9 Price/Book ratio suggests the company is generating strong returns on invested capital without an excessive asset premium. The Piotroski F-Score of 8 reinforces that the balance sheet and income statement dynamics are healthy, while the 3.8 Altman Z-Score reduces solvency anxiety. Add in a modest 39.20% Debt/Equity ratio and 1.8 current ratio, and you have a company that is profitable, liquid, and statistically cheap at 4.9x forward earnings—classic deep value with operational credibility.

The Bear Case

The red flags are not trivial. Return on Equity at -2.90% is a glaring contradiction to the strong ROIC, suggesting capital structure drag or accounting distortions that deserve scrutiny. The PEG ratio of 1 implies growth is fully priced relative to expectations, and with EPS next year estimated at $2.56 versus current EPS of 4.9, the earnings trajectory may be compressing rather than expanding. A 3.10% short float isn’t extreme but signals some skepticism, and the tiny 0.1 yield despite a 2.20% dividend per share figure and a $0.56 payout ratio raises consistency questions around capital allocation.

Market Sentiment & Smart Money

Short Interest %

6.30%

Analyst Consensus

1.67

Average Analyst Price Target

$95.50

Institutional Ownership %

100.60%

1-Year Beta

0.59

Insider Buying % (6 Mo)

0.00%%

Distance to 52-Week High

66.00%%

Distance to 52-Week Low

100.20%%