Caledonia Mining Financials

CMCL

Source SEC Filings (10-K/10-Q) Updated Dec 31, 2024 Currency USD FYE December

This page shows Caledonia Mining (CMCL) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 10 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).

Financial Health Signals

Financial Profile 55/100

Based on FY2024 annual data. Scores normalized against common benchmarks. How we calculate these scores

Growth

Caledonia Mining's revenue surged 25.1% year-over-year to $183.0M, reflecting rapid business expansion. This strong growth earns a score of 75/100.

Leverage

100

Caledonia Mining carries a low D/E ratio of 0.00, meaning only $0.00 of long-term debt for every $1 of shareholders' equity. This conservative leverage earns a score of 100/100, indicating a strong balance sheet with room for future borrowing.

Liquidity

Caledonia Mining's current ratio of 1.35 means current assets barely cover short-term liabilities. This tight liquidity results in a low score of 22/100, which could limit financial flexibility.

Cash Flow

Caledonia Mining has a free cash flow margin of 7.9%, earning a moderate score of 45/100. The company generates positive cash flow after capital investments, but with room for improvement.

Returns

Caledonia Mining's ROE of 9.8% shows moderate profitability relative to equity, earning a score of 33/100. This is up from -2.2% the prior year.

Piotroski F-Score Neutral

5/9

Caledonia Mining passes 5 of 9 financial strength tests. All 4 profitability signals pass (positive income, cash flow, and earnings quality), no leverage/liquidity signals pass (rising debt, declining liquidity, or share dilution), both operating efficiency signals pass.

Earnings Quality Cash-Backed

1.82x

For every $1 of reported earnings, Caledonia Mining generates $1.82 in operating cash flow ($42.0M OCF vs $23.1M net income). This indicates profits are well-supported by actual cash generation, not accounting adjustments.

Key Financial Metrics

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Earnings & Revenue

Revenue

$183.0M

YoY+25.1%

5Y CAGR+19.3%

Caledonia Mining generated $183.0M in revenue in fiscal year 2024. This represents an increase of 25.1% from the prior year.

EBITDA

N/A

Net Income

$23.1M

YoY+576.3%

5Y CAGR-2.1%

Caledonia Mining reported $23.1M in net income in fiscal year 2024. This represents an increase of 576.3% from the prior year.

EPS (Diluted)

N/A

Cash & Balance Sheet

Free Cash Flow

$14.5M

YoY+205.0%

Caledonia Mining generated $14.5M in free cash flow in fiscal year 2024, representing cash available after capex. This represents an increase of 205.0% from the prior year.

Cash & Debt

$4.3M

YoY-36.5%

5Y CAGR-14.6%

Caledonia Mining held $4.3M in cash against $199K in long-term debt as of fiscal year 2024.

Dividends Per Share

N/A

Shares Outstanding

19M

YoY+0.1%

5Y CAGR+12.3%

Caledonia Mining had 19M shares outstanding in fiscal year 2024. This represents an increase of 0.1% from the prior year.

Margins & Returns

Gross Margin

N/A

Operating Margin

N/A

Net Margin

12.6%

YoY+15.9pp

5Y CAGR-21.3pp

Caledonia Mining's net profit margin was 12.6% in fiscal year 2024, showing the share of revenue converted to profit. This is up 15.9 percentage points from the prior year.

Return on Equity

9.8%

YoY+12.0pp

5Y CAGR-15.8pp

Caledonia Mining's ROE was 9.8% in fiscal year 2024, measuring profit generated per dollar of shareholder equity. This is up 12.0 percentage points from the prior year.

Capital Allocation

R&D Spending

N/A

Share Buybacks

N/A

Capital Expenditures

$27.5M

YoY-3.8%

5Y CAGR+6.7%

Caledonia Mining invested $27.5M in capex in fiscal year 2024, funding long-term assets and infrastructure. This represents a decrease of 3.8% from the prior year.

CMCL Income Statement

Metric	FY24	FY23	FY22	FY21	FY20	FY19
Revenue	$183.0M+25.1%	$146.3M+3.0%	$142.1M+17.1%	$121.3M+21.3%	$100.0M+31.9%	$75.8M
Cost of Revenue	N/A	N/A	N/A	N/A	N/A	N/A
Gross Profit	N/A	N/A	N/A	N/A	N/A	N/A
R&D Expenses	N/A	N/A	N/A	N/A	N/A	N/A
SG&A Expenses	N/A	N/A	N/A	N/A	N/A	N/A
Operating Income	N/A	N/A	N/A	N/A	N/A	N/A
Interest Expense	$10K-54.5%	$22K-29.0%	$31K+29.2%	$24K+60.0%	$15K-11.8%	$17K
Income Tax	$17.5M+36.5%	$12.8M-10.8%	$14.4M+4.0%	$13.8M+10.2%	$12.5M+14.7%	$10.9M
Net Income	$23.1M+576.3%	-$4.8M-131.9%	$15.2M-30.9%	$22.0M-4.6%	$23.0M-10.3%	$25.7M
EPS (Diluted)	N/A	N/A	N/A	N/A	N/A	N/A

Metric	Q4'24	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23	Q2'23	Q1'23
Revenue	$47.5M+1.4%	$46.9M-6.5%	$50.1M+30.1%	$38.5M-0.3%	$38.7M-6.1%	$41.2M+11.2%	$37.0M+25.8%	$29.4M
Cost of Revenue	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Gross Profit	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
R&D Expenses	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
SG&A Expenses	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Operating Income	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Interest Expense	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Income Tax	$5.2M+13.2%	$4.6M-10.7%	$5.2M+103.6%	$2.5M-40.6%	$4.3M+12.7%	$3.8M+57.7%	$2.4M+0.6%	$2.4M
Net Income	$7.5M+128.9%	$3.3M-67.7%	$10.2M+390.8%	$2.1M+180.1%	-$2.6M-152.6%	$4.9M+294.5%	-$2.5M+45.5%	-$4.6M
EPS (Diluted)	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

CMCL Balance Sheet

Metric	FY24	FY23	FY22	FY21	FY20	FY19
Total Assets	$348.4M+6.1%	$328.3M+39.6%	$235.2M+11.5%	$210.9M+18.5%	$177.9M+23.9%	$143.6M
Current Assets	$61.3M+13.1%	$54.2M+41.1%	$38.4M-27.4%	$52.9M+18.7%	$44.6M+49.4%	$29.8M
Cash & Equivalents	$4.3M-36.5%	$6.7M-0.4%	$6.7M-60.7%	$17.2M-10.2%	$19.1M+103.5%	$9.4M
Inventory	$23.8M+17.1%	$20.3M+10.7%	$18.3M-11.9%	$20.8M+23.9%	$16.8M+51.4%	$11.1M
Accounts Receivable	$12.7M+27.4%	$10.0M+8.4%	$9.2M+15.7%	$7.9M+60.0%	$5.0M-28.2%	$6.9M
Goodwill	N/A	N/A	N/A	N/A	N/A	N/A
Total Liabilities	$113.9M+9.4%	$104.1M+34.3%	$77.5M+32.7%	$58.4M+24.8%	$46.8M+7.5%	$43.6M
Current Liabilities	$45.4M+13.1%	$40.1M+23.7%	$32.4M+83.4%	$17.7M+77.5%	$10.0M+0.9%	$9.9M
Long-Term Debt	$199K+385.4%	$41K-77.3%	$181K-45.3%	$331K+86.0%	$178K	$0
Total Equity	$234.5M+4.6%	$224.2M+42.2%	$157.7M+3.4%	$152.5M+16.3%	$131.1M+31.1%	$100.0M
Retained Earnings	-$90.0M+7.4%	-$97.1M-20.6%	-$80.5M+2.7%	-$82.8M+12.0%	-$94.1M+13.7%	-$109.1M

Metric	Q4'24	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23	Q2'23	Q1'23
Total Assets	$348.4M+2.6%	$339.7M+0.3%	$338.5M+5.2%	$321.8M-2.0%	$328.3M+2.5%	$320.3M+2.1%	$313.9M-1.9%	$320.0M
Current Assets	$61.3M+2.4%	$59.9M-4.6%	$62.8M+32.2%	$47.5M-12.5%	$54.2M-0.5%	$54.5M+22.2%	$44.6M-12.4%	$50.9M
Cash & Equivalents	$4.3M-40.9%	$7.2M-53.3%	$15.4M+741.7%	$1.8M-72.7%	$6.7M-37.7%	$10.8M-15.7%	$12.8M-32.8%	$19.0M
Inventory	$23.8M+4.6%	$22.7M+11.4%	$20.4M-0.7%	$20.5M+1.2%	$20.3M+7.9%	$18.8M+2.0%	$18.5M-0.1%	$18.5M
Accounts Receivable	$12.7M+31.3%	$9.7M+22.4%	$7.9M+4.3%	$7.6M-24.1%	$10.0M+73.1%	$5.7M-32.8%	$8.6M-14.0%	$10.0M
Goodwill	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Total Liabilities	$113.9M+4.8%	$108.7M+1.2%	$107.4M+5.8%	$101.5M-2.5%	$104.1M+11.1%	$93.7M+4.5%	$89.6M-7.2%	$96.6M
Current Liabilities	$45.4M+9.4%	$41.5M+0.6%	$41.2M+8.1%	$38.1M-4.9%	$40.1M+12.2%	$35.8M-3.2%	$36.9M-21.8%	$47.2M
Long-Term Debt	$199K+2387.5%	$8K-63.6%	$22K-26.7%	$30K-26.8%	$41K-55.9%	$93K-29.5%	$132K-21.0%	$167K
Total Equity	$234.5M+1.5%	$231.0M0.0%	$231.1M+4.9%	$220.3M-1.7%	$224.2M-1.1%	$226.6M+1.1%	$224.3M+0.4%	$223.4M
Retained Earnings	-$90.0M+3.4%	-$93.2M-0.5%	-$92.7M+8.2%	-$101.0M-4.0%	-$97.1M-3.6%	-$93.7M+1.2%	-$94.9M-9.7%	-$86.5M

CMCL Cash Flow Statement

Metric	FY24	FY23	FY22	FY21	FY20	FY19
Operating Cash Flow	$42.0M+184.1%	$14.8M-65.3%	$42.6M+37.9%	$30.9M-0.2%	$31.0M+71.4%	$18.1M
Capital Expenditures	$27.5M-3.8%	$28.6M-31.2%	$41.5M+29.2%	$32.1M+28.0%	$25.1M+26.3%	$19.9M
Free Cash Flow	$14.5M+205.0%	-$13.8M-1329.9%	$1.1M+192.7%	-$1.2M-120.6%	$5.9M+428.2%	-$1.8M
Investing Cash Flow	-$32.1M-2.9%	-$31.2M+29.7%	-$44.3M-24.1%	-$35.7M-27.6%	-$28.0M-47.2%	-$19.0M
Financing Cash Flow	-$7.8M-298.5%	$3.9M+130.8%	-$12.8M-689.4%	$2.2M-70.5%	$7.3M+698.7%	-$1.2M
Dividends Paid	$12.3M+10.8%	$11.1M+24.6%	$8.9M+10.4%	$8.1M+77.7%	$4.5M+33.8%	$3.4M
Share Buybacks	N/A	N/A	N/A	N/A	$0	N/A

Metric	Q4'24	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23	Q2'23	Q1'23
Operating Cash Flow	$13.4M+191.7%	$4.6M-75.9%	$19.1M	N/A	$3.4M-76.7%	$14.5M+751.2%	-$2.2M	N/A
Capital Expenditures	$10.1M+49.4%	$6.8M-2.1%	$6.9M	N/A	$8.4M-12.5%	$9.6M+59.3%	$6.0M	N/A
Free Cash Flow	$3.3M+252.9%	-$2.2M-117.7%	$12.2M	N/A	-$5.0M-201.7%	$4.9M+159.8%	-$8.2M	N/A
Investing Cash Flow	-$12.8M-83.7%	-$7.0M+10.3%	-$7.8M	N/A	-$9.3M+8.6%	-$10.2M-46.2%	-$7.0M	N/A
Financing Cash Flow	-$2.3M+37.3%	-$3.7M-465.3%	$1.0M	N/A	-$3.3M+4.4%	-$3.4M-209.0%	$3.1M	N/A
Dividends Paid	$3.2M-5.5%	$3.4M+17.8%	$2.9M	N/A	$3.0M+6.4%	$2.8M-3.2%	$2.9M	N/A
Share Buybacks	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

CMCL Financial Ratios

Metric	FY24	FY23	FY22	FY21	FY20	FY19
Gross Margin	N/A	N/A	N/A	N/A	N/A	N/A
Operating Margin	N/A	N/A	N/A	N/A	N/A	N/A
Net Margin	12.6%+15.9pp	-3.3%-14.0pp	10.7%-7.4pp	18.1%-4.9pp	23.0%-10.8pp	33.9%
Return on Equity	9.8%+12.0pp	-2.2%-11.8pp	9.6%-4.8pp	14.4%-3.2pp	17.6%-8.1pp	25.7%
Return on Assets	6.6%+8.1pp	-1.5%-7.9pp	6.5%-4.0pp	10.4%-2.5pp	13.0%-4.9pp	17.9%
Current Ratio	1.350.0	1.35+0.2	1.18-1.8	2.99-1.5	4.47+1.5	3.02
Debt-to-Equity	0.000.0	0.000.0	0.000.0	0.000.0	0.000.0	0.00
FCF Margin	7.9%+17.3pp	-9.4%-10.2pp	0.8%+1.8pp	-1.0%-6.9pp	5.9%+8.2pp	-2.4%

Metric	Q4'24	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23	Q2'23	Q1'23
Gross Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Operating Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Net Margin	15.8%+8.8pp	7.0%-13.3pp	20.3%+14.9pp	5.4%+12.1pp	-6.7%-18.6pp	12.0%+18.8pp	-6.8%+8.9pp	-15.8%
Return on Equity	3.2%+1.8pp	1.4%-3.0pp	4.4%+3.5pp	0.9%+2.1pp	-1.1%-3.3pp	2.2%+3.3pp	-1.1%+0.9pp	-2.1%
Return on Assets	2.2%+1.2pp	1.0%-2.0pp	3.0%+2.4pp	0.6%+1.4pp	-0.8%-2.3pp	1.5%+2.4pp	-0.8%+0.6pp	-1.5%
Current Ratio	1.35-0.1	1.44-0.1	1.52+0.3	1.24-0.1	1.35-0.2	1.52+0.3	1.21+0.1	1.08
Debt-to-Equity	0.000.0	0.000.0	0.000.0	0.000.0	0.000.0	0.000.0	0.000.0	0.00
FCF Margin	7.0%+11.6pp	-4.6%-28.9pp	24.3%	N/A	-13.0%-24.9pp	11.9%+34.2pp	-22.2%	N/A

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Frequently Asked Questions

What is Caledonia Mining's annual revenue?

Caledonia Mining (CMCL) reported $183.0M in total revenue for fiscal year 2024. This represents a 25.1% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.

How fast is Caledonia Mining's revenue growing?

Caledonia Mining (CMCL) revenue grew by 25.1% year-over-year, from $146.3M to $183.0M in fiscal year 2024.

Is Caledonia Mining profitable?

Yes, Caledonia Mining (CMCL) reported a net income of $23.1M in fiscal year 2024, with a net profit margin of 12.6%.

How much debt does Caledonia Mining have?

As of fiscal year 2024, Caledonia Mining (CMCL) had $4.3M in cash and equivalents against $199K in long-term debt.

What is Caledonia Mining's net profit margin?

Caledonia Mining (CMCL) had a net profit margin of 12.6% in fiscal year 2024, representing the share of revenue converted into profit after all expenses.

What is Caledonia Mining's return on equity (ROE)?

Caledonia Mining (CMCL) has a return on equity of 9.8% for fiscal year 2024, measuring how efficiently the company generates profit from shareholder equity.

What is Caledonia Mining's free cash flow?

Caledonia Mining (CMCL) generated $14.5M in free cash flow during fiscal year 2024. This represents a 205.0% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.

What is Caledonia Mining's operating cash flow?

Caledonia Mining (CMCL) generated $42.0M in operating cash flow during fiscal year 2024, representing cash generated from core business activities.

What are Caledonia Mining's total assets?

Caledonia Mining (CMCL) had $348.4M in total assets as of fiscal year 2024, including both current and long-term assets.

What are Caledonia Mining's capital expenditures?

Caledonia Mining (CMCL) invested $27.5M in capital expenditures during fiscal year 2024, funding long-term assets and infrastructure.

How many shares does Caledonia Mining have outstanding?

Caledonia Mining (CMCL) had 19M shares outstanding as of fiscal year 2024.

What is Caledonia Mining's current ratio?

Caledonia Mining (CMCL) had a current ratio of 1.35 as of fiscal year 2024, which is considered adequate.

What is Caledonia Mining's debt-to-equity ratio?

Caledonia Mining (CMCL) had a debt-to-equity ratio of 0.00 as of fiscal year 2024, measuring the company's financial leverage by comparing total debt to shareholder equity.

What is Caledonia Mining's return on assets (ROA)?

Caledonia Mining (CMCL) had a return on assets of 6.6% for fiscal year 2024, measuring how efficiently the company uses its assets to generate profit.

What is Caledonia Mining's Piotroski F-Score?

Caledonia Mining (CMCL) has a Piotroski F-Score of 5 out of 9, indicating neutral financial health. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7–9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.

Are Caledonia Mining's earnings high quality?

Caledonia Mining (CMCL) has an earnings quality ratio of 1.82x, considered cash-backed (high quality). This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.

How financially healthy is Caledonia Mining?

Caledonia Mining (CMCL) scores 55 out of 100 on our Financial Profile, indicating moderate overall financial health. This composite score evaluates six dimensions: profitability (operating margin), revenue growth, leverage (debt-to-equity), liquidity (current ratio), cash flow quality (free cash flow margin), and shareholder returns (return on equity). Each dimension is normalized against standard financial benchmarks. Learn more in our complete guide to financial health indicators.