Caledonia Mining Corp Plc financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data Caledonia Mining Corp Plc files with the SEC in its annual reports.

In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

	FY2015	FY2017	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024
Revenue	49	62	69.8	68.4	75.8	100	121	142	146	183
Cost of revenue	30	32.1	36.2	39.3	36.4	43.7	53.1	63	82.7	80.7
Gross profit	13.2	23.5	26.3	21.6	31.1	46.7	54.1	61.8	41.5	77
General and administrative	7.62	7.26	5.91	6.47	5.64	8	9.09	11.9	17.4	15.7
Operating income	8.5	19	20.6	21.4	36.8	35.9	36.1	30.2	11	43.7
Interest expense	0.54	0.19	0.07	0.27	0.34	0.37	0.38	0.66	3.02	3.16
Interest income	0	0.02	0.04	0.05	0.15	0.06	0.01	0.02	0.04	0.03
Pre-tax income	7.96	18.8	20.6	21.2	36.6	35.6	35.8	29.5	7.97	40.5
Income tax	2.37	7.72	8.69	7.45	10.9	12.5	13.8	14.4	12.8	17.5
Net income to minority interests	0.81	2.56	2.51	2.99	4.38	4.19	4.58	3.95	3.02	5.16
Net income	4.78	8.53	9.38	10.8	21.3	18.9	17.4	11.2	-7.86	17.9
EPS, basic	0.23	0.40	0.44	0.50	1.94	1.57	1.40	0.85	-0.44	0.91
EPS, diluted	0.23	0.40	0.44	0.50	1.94	1.57	1.40	0.85	-0.44	0.91

Balance sheet

	FY2015	FY2017	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024
Cash and equivalents		14.3	13.1	11.2	9.38	19.1	17.2	6.74	6.71	4.26
Receivables		3.43	4.96	6.39	6.91	4.96	7.94	9.19	9.95	12.7
Inventory		7.22	9.18	9.43	11.1	16.8	20.8	18.3	20.3	23.8
Total current assets		25.8	27.9	28.2	29.8	44.6	52.9	38.4	54.2	61.3
Property, plant and equipment		64.9	82.1	90.5	107	126	149	179	180	189
Lease right-of-use assets				0.26	0.34	0.23	0.45	0.3	0.16	0.29
Total assets		90.7	110	126	144	178	211	235	328	348
Accounts payable		8.08	12.7	10.1	8.35	8.66	9.96	17.5	20.5	26.6
Short-term debt					0.53	0.41	0	7.1	0.67
Total current liabilities		9.83	15.6	12.2	9.88	9.96	17.7	32.4	40.1	45.4
Lease liabilities					0	0.18	0.33	0.18	0.04	0.2
Total liabilities		31.4	40.8	46.9	43.6	46.8	58.4	77.5	104	114
Total debt		2.99	1.49	5.96	2.47	0.41	0	7.1	7.11
Paid-in capital	142	142	143	143	141	138	138	138	138	138
Retained earnings		-142	-135	-127	-109	-94.1	-82.8	-80.5	-97.1	-90
Shareholders' equity		55.6	63.3	70.5	87.7	119	138	141	206	214
Minority interests		3.71	5.94	8.35	12.3	12.2	14.8	16.9	18.5	20.6
Total equity	50.4	59.3	69.2	78.8	100	131	152	158	224	234
Total liabilities and equity		90.7	110	126	144	178	211	235	328	348

Cash flow statement

	FY2015	FY2017	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024
Net income	5.59	11.1	11.9	13.8	25.7	23	22	15.2	-4.84	23.1
Cash from operations	6.87	23	24.5	17.7	18.1	31	30.9	42.6	14.8	42
Capital expenditures	-16.6	-19.9	-21.6	-20.2	-19.9	-25.1	-32.1	-41.5	-28.6	-27.5
Cash from investing	-16.6	-19.9	-21.6	-20.2	-19	-28	-35.7	-44.3	-31.2	-32.1
Debt issued		3		6	2.29	0	0	0	6.9	1.97
Debt repaid			-1.5	-1.5	0	-0.57	-0.36	0	0
Stock issued		0.43	0.25		0	12.5	7.81	0	15.6	0
Dividends paid	-2.5	-2.99	-3.31	-3.5	-3.4	-4.54	-8.07	-8.91	-11.1	-12.3
Cash from financing	-2.5	0.37	-4.71	0.94	-1.23	7.33	2.16	-12.8	3.93	-7.8
Exchange rate effect		-0.04	0.26	0.01	-0.11	-0.1	-0.18	-0.3	-0.07	0.27
Free cash flow	-9.7	3.13	2.87	-2.53	-1.79	5.88	-1.21	1.12	-13.8	14.5
Interest paid	0.49	0.21	0.2	0.16	0.45	0.41	0.39	0.19	2.46	2.86
Income taxes paid	1.46	2.47	4.21	3.34	5.52	6.66	7.43	6.87	9.21	10.6

Key metrics

Worked out from the statements above. Latest values use fiscal 2024. Valuation uses the share price of $23.84 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Gross margin	42.1%	Gross profit / revenue.
Operating margin	23.9%	Operating income / revenue.
Pre-tax margin	22.2%	Pre-tax income / revenue.
Net margin	9.8%	Net income / revenue.
FCF margin	7.9%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	22.9%	Cash from operations / revenue.
Effective tax rate	43.1%	Income tax / pre-tax income, when pre-tax income is positive.
Return on equity (ROE)	8.5%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	5.3%	Net income / average total assets.
Return on invested capital (ROIC)	11.9%	Approximation: operating income x (1 - tax rate) / average (total debt + equity - cash). Tax rate is the effective rate when between 0% and 50%, else 21%.
Capex / revenue	15.0%	Capital expenditures / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	25.1%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	14.7%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	19.3%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Gross profit growth, 1y	85.6%	Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 3y	12.5%	Compound annual growth of gross profit over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Gross profit CAGR, 5y	19.8%	Compound annual growth of gross profit over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating income growth, 1y	298.7%	Operating income vs the same period a year earlier. Only from a positive base.
Operating income CAGR, 3y	6.5%	Compound annual growth of operating income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating income CAGR, 5y	3.5%	Compound annual growth of operating income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Net income CAGR, 3y	1.0%	Compound annual growth of net income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Net income CAGR, 5y	-3.4%	Compound annual growth of net income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EPS CAGR, 3y	-13.4%	Compound annual growth of eps over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EPS CAGR, 5y	-14.0%	Compound annual growth of eps over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating cash flow growth, 1y	184.1%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	10.7%	Compound annual growth of operating cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating cash flow CAGR, 5y	18.4%	Compound annual growth of operating cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Book value growth, 1y	4.0%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	15.8%	Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value CAGR, 5y	19.5%	Compound annual growth of book value over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y	6.1%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	18.2%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y	19.4%	Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.

Balance sheet health

Metric	Value	How it is calculated
Current ratio	1.35x	Current assets / current liabilities.
Quick ratio	0.37x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	0.09x	(Cash + short-term investments) / current liabilities.
Liabilities / assets	32.7%	Total liabilities / total assets.
Interest coverage	13.8x	Operating income / interest expense.
Working capital	$15.9M	Current assets - current liabilities.
Tangible book value	$213.9M	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	0.54x	Revenue / average total assets.
Fixed asset turnover	0.99x	Revenue / average property, plant and equipment.
Inventory turnover	3.66x	Cost of revenue / average inventory.
Days inventory	100 days	365 x average inventory / cost of revenue.
Receivables turnover	16.2x	Revenue / average receivables.
Days sales outstanding	23 days	365 x average receivables / revenue.
Days payables	107 days	365 x average accounts payable / cost of revenue.
Cash conversion cycle	16 days	Days inventory + days sales outstanding - days payables.
FCF conversion	80.9%	Free cash flow / net income, when net income is positive.
Capex / operating cash flow	65.5%	Capital expenditures / cash from operations, when that is positive.

Per share

Metric	Value	How it is calculated
EPS, diluted	$0.91	Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
EPS, basic	$0.91	Net income per basic share, as reported (split-adjusted).
Payout ratio	68.7%	Dividends paid / net income, when net income is positive.
Dividends / FCF	85.0%	Dividends paid / free cash flow, when free cash flow is positive.

Valuation

Metric	Value	How it is calculated
Market cap	$460.9M	Share price x shares outstanding.
Enterprise value	$456.7M	Market cap + total debt - cash - short-term investments.
P/E	25.8x	Market cap / net income. Only when net income is positive.
P/S	2.52x	Market cap / revenue.
P/B	2.16x	Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book	2.16x	Market cap / tangible book value, when positive.
P/FCF	31.8x	Market cap / free cash flow. Only when free cash flow is positive.
P/OCF	11.0x	Market cap / cash from operations, when positive.
EV/Sales	2.50x	Enterprise value / revenue.
EV/EBIT	10.5x	Enterprise value / operating income, when both are positive.
EV/FCF	31.5x	Enterprise value / free cash flow, when both are positive.
FCF yield	3.1%	Free cash flow / market cap.
Earnings yield	3.9%	Net income / market cap (the inverse of P/E).
Dividend yield	2.7%	Dividends paid over the period / market cap.
Shareholder yield	2.7%	(Dividends paid + share buybacks) / market cap.

What was Caledonia Mining Corp Plc's revenue in fiscal 2024?

Caledonia Mining Corp Plc reported revenue of $183.0M for fiscal 2024, 25.1% higher than the year before.

Was Caledonia Mining Corp Plc profitable in fiscal 2024?

Yes. Net income was $17.9M, a net margin of 9.8%.

How much free cash flow did Caledonia Mining Corp Plc generate in fiscal 2024?

Cash from operations of $42.0M minus capital expenditures of $27.5M left free cash flow of $14.5M.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

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