Caledonia Mining Financials

CMCL

FY2025 annual

Revenue $267.7M +46.2% YoY

Net Income $67.5M +192.8% YoY

EPS (Diluted) Not reported for FY2025

Free Cash Flow $43.8M +202.4% YoY

Source SEC Filings (10-K/10-Q) Data as of Apr 23, 2026 Currency USD FYE April

Caledonia Mining (CMCL) reported $267.7M in revenue for fiscal year 2025, up 46.2% from the prior fiscal year. This page shows its income statement, balance sheet, cash flow statement, and key financial ratios. View 11 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).

Rhea AI CMCL FY2025 2026-08-15

Earlier reinvestment is now feeding cash-rich growth, with latest sales expansion turning into meaningfully higher spendable cash.

By the latest year, receivables ran lower than earlier even as sales were much larger, and inventory rose far more slowly, which helps explain why operating cash flow reached $76.2M and free cash flow reached $43.8M instead of growth being trapped in working capital. That combination suggests the bigger asset base is being used more efficiently rather than demanding another step-up in reinvestment.

The balance sheet is equity-funded rather than lender-funded: long-term debt was only $911K against $35.7M of cash. That leaves liquidity management as the more relevant discipline, because a current ratio near 1.6x is workable but not a huge buffer.

This remains a capital-intensive business: even in the latest year it spent $32.5M on capital expenditures, so free cash flow only appears when operations clear a meaningful reinvestment hurdle. The swing from a loss in FY2023 to a 25.2% net margin shows how strongly earnings can move once that fixed investment base is better utilized.

Financial Health Signals

Financial Health Score 48/100

Scored against operating companies for FY2025. Each of the six dimensions is a percentile rank within that peer group; the overall is their average, with missing dimensions counted as zero out of six. A high score means strong standing among peers, not absolute cross-industry strength. How this score is calculated →

Health score ≠ stock price. This rates the quality of Caledonia Mining's business: profitability, growth, balance sheet strength. It doesn't tell you whether the stock is a good buy at today's price. Not financial advice. Use it alongside valuation analysis and your own research.

Profitability

Not available for Caledonia Mining, and counted as zero in the overall score.

Growth

Caledonia Mining's revenue surged 46.2% year-over-year to $267.7M, reflecting rapid business expansion. This strong growth earns a score of 91/100.

Leverage

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 89/100, indicating a strong balance sheet with room for future borrowing.

Liquidity

Caledonia Mining's current ratio of 1.57 indicates adequate short-term liquidity, earning a score of 43/100. The company can meet its near-term obligations, though with limited headroom.

Cash Flow

Caledonia Mining has a free cash flow margin of 16.4%, earning a moderate score of 63/100. The company generates positive cash flow after capital investments, but with room for improvement.

Returns

Not available for Caledonia Mining, and counted as zero in the overall score.

Piotroski F-Score Partial

6/8

Caledonia Mining passes 6 of 8 computable financial strength tests (1 of the nine could not be computed from available data). All 4 profitability signals pass (positive income, cash flow, and earnings quality), 1 of 3 leverage/liquidity signals pass, both operating efficiency signals pass.

Earnings Quality Cash-Backed

1.13x

For every $1 of reported earnings, Caledonia Mining generates $1.13 in operating cash flow ($76.2M OCF vs $67.5M 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

$267.7M

YoY+46.2%

5Y CAGR+21.8%

10Y CAGR+18.5%

Caledonia Mining generated $267.7M in revenue in fiscal year 2025. This represents an increase of 46.2% from the prior year.

Net Income

$67.5M

YoY+192.8%

5Y CAGR+24.0%

10Y CAGR+28.3%

Caledonia Mining reported $67.5M in net income in fiscal year 2025. This represents an increase of 192.8% from the prior year.

EBITDA

Not reported for fiscal year 2025.

EPS (Diluted)

Not reported for fiscal year 2025.

Cash & Balance Sheet

Free Cash Flow

$43.8M

YoY+202.4%

5Y CAGR+49.4%

Caledonia Mining generated $43.8M in free cash flow in fiscal year 2025, representing cash available after capex. This represents an increase of 202.4% from the prior year.

Cash & Debt

$35.7M

YoY+738.9%

5Y CAGR+13.4%

Caledonia Mining held $35.7M in cash against $911K in long-term debt as of fiscal year 2025, with $60.4M of liabilities due within a year.

Shares Outstanding

19M

YoY+0.5%

5Y CAGR+9.8%

Caledonia Mining had 19M shares outstanding in fiscal year 2025. This represents an increase of 0.5% from the prior year.

Dividends Per Share

Not reported for fiscal year 2025.

Margins & Returns

Net Margin

25.2%

YoY+12.6pp

5Y CAGR+2.2pp

10Y CAGR+13.8pp

Caledonia Mining's net profit margin was 25.2% in fiscal year 2025, showing the share of revenue converted to profit. This is up 12.6 percentage points from the prior year.

Return on Equity

23.8%

YoY+14.0pp

5Y CAGR+6.2pp

10Y CAGR+12.7pp

Caledonia Mining's ROE was 23.8% in fiscal year 2025, measuring profit generated per dollar of shareholder equity. This is up 14.0 percentage points from the prior year.

Gross Margin

Not reported for fiscal year 2025.

Operating Margin

Not reported for fiscal year 2025.

Capital Allocation

Capital Expenditures

$32.5M

YoY+18.1%

5Y CAGR+5.3%

10Y CAGR+7.0%

Caledonia Mining invested $32.5M in capex in fiscal year 2025, funding long-term assets and infrastructure. This represents an increase of 18.1% from the prior year.

R&D Spending

Not reported for fiscal year 2025.

Share Buybacks

Not reported for fiscal year 2025.

CMCL Income Statement

Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.

CMCL annual income statement

Metric	FY25	FY24	FY23	FY22	FY21	FY20	FY19	FY18	FY17	FY16	FY15
Revenue	$267.7M+46.2%	$183.0M+25.1%	$146.3M+3.0%	$142.1M+17.1%	$121.3M+21.3%	$100.0M+31.9%	$75.8M+10.9%	$68.4M-2.0%	$69.8M+12.5%	$62.0M+26.6%	$49.0M
Interest Expense	$93K+830.0%	$10K-54.5%	$22K-29.0%	$31K+29.2%	$24K+60.0%	$15K-11.8%	$17K+107.7%	-$220K-609.7%	-$31K+82.4%	-$176K	N/A
Income Tax	$39.1M+123.3%	$17.5M+36.5%	$12.8M-10.8%	$14.4M+4.0%	$13.8M+10.2%	$12.5M+14.7%	$10.9M+46.8%	$7.4M-14.3%	$8.7M+12.6%	$7.7M+225.6%	$2.4M
Net Income	$67.5M+192.8%	$23.1M+576.3%	-$4.8M-131.9%	$15.2M-30.9%	$22.0M-4.6%	$23.0M-10.3%	$25.7M+86.7%	$13.8M+15.6%	$11.9M+7.3%	$11.1M+98.3%	$5.6M

Metric	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24	Q4'23
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
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

Not reported in any period shown, so not listed: Cost of Revenue, Gross Profit, R&D Expenses, SG&A Expenses, Operating Income, EPS (Diluted).

CMCL Balance Sheet

Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.

CMCL annual balance sheet

Metric	FY25	FY24	FY23	FY22	FY21	FY20	FY19	FY18	FY17	FY16	FY15
Total Assets	$411.9M+18.2%	$348.4M+6.1%	$328.3M+39.6%	$235.2M+11.5%	$210.9M+18.5%	$177.9M+23.9%	$143.6M+14.2%	$125.7M+14.2%	$110.1M+21.3%	$90.7M	N/A
Current Assets	$94.9M+54.8%	$61.3M+13.1%	$54.2M+41.1%	$38.4M-27.4%	$52.9M+18.7%	$44.6M+49.4%	$29.8M+5.9%	$28.2M+0.9%	$27.9M+8.2%	$25.8M	N/A
Cash & Equivalents	$35.7M+738.9%	$4.3M-36.5%	$6.7M-0.4%	$6.7M-60.7%	$17.2M-10.2%	$19.1M+103.5%	$9.4M-16.1%	$11.2M-14.4%	$13.1M-8.8%	$14.3M	N/A
Inventory	$26.8M+12.9%	$23.8M+17.1%	$20.3M+10.7%	$18.3M-11.9%	$20.8M+23.9%	$16.8M+51.4%	$11.1M+17.7%	$9.4M+2.7%	$9.2M+27.0%	$7.2M	N/A
Accounts Receivable	$11.9M-6.3%	$12.7M+27.4%	$10.0M+8.4%	$9.2M+15.7%	$7.9M+60.0%	$5.0M-28.2%	$6.9M+8.1%	$6.4M+28.8%	$5.0M+44.9%	$3.4M	N/A
Total Liabilities	$128.3M+12.7%	$113.9M+9.4%	$104.1M+34.3%	$77.5M+32.7%	$58.4M+24.8%	$46.8M+7.5%	$43.6M-7.1%	$46.9M+14.8%	$40.8M+30.1%	$31.4M	N/A
Current Liabilities	$60.4M+32.9%	$45.4M+13.1%	$40.1M+23.7%	$32.4M+83.4%	$17.7M+77.5%	$10.0M+0.9%	$9.9M-19.0%	$12.2M-21.8%	$15.6M+58.7%	$9.8M	N/A
Long-Term Debt	$911K+357.8%	$199K+385.4%	$41K-77.3%	$181K-45.3%	$331K+86.0%	$178K	$0-100.0%	$6.0M+301.1%	$1.5M-50.3%	$3.0M	N/A
Total Equity	$283.5M+20.9%	$234.5M+4.6%	$224.2M+42.2%	$157.7M+3.4%	$152.5M+16.3%	$131.1M+31.1%	$100.0M+26.9%	$78.8M+13.9%	$69.2M+16.7%	$59.3M+17.8%	$50.4M
Retained Earnings	-$45.6M+49.3%	-$90.0M+7.4%	-$97.1M-20.6%	-$80.5M+2.7%	-$82.8M+12.0%	-$94.1M+13.7%	-$109.1M+14.4%	-$127.4M+5.8%	-$135.3M+4.6%	-$141.8M	N/A

Metric	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24	Q4'23
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
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

Not reported in any period shown, so not listed: Goodwill.

CMCL Cash Flow Statement

Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.

CMCL annual cash flow statement

Metric	FY25	FY24	FY23	FY22	FY21	FY20	FY19	FY18	FY17	FY16	FY15
Operating Cash Flow	$76.2M+81.7%	$42.0M+184.1%	$14.8M-65.3%	$42.6M+37.9%	$30.9M-0.2%	$31.0M+71.4%	$18.1M+2.2%	$17.7M-27.9%	$24.5M+6.5%	$23.0M+235.0%	$6.9M
Capital Expenditures	$32.5M+18.1%	$27.5M-3.8%	$28.6M-31.2%	$41.5M+29.2%	$32.1M+28.0%	$25.1M+26.3%	$19.9M-1.7%	$20.2M-6.7%	$21.6M+8.8%	$19.9M+20.0%	$16.6M
Free Cash Flow	$43.8M+202.4%	$14.5M+205.0%	-$13.8M-1329.9%	$1.1M+192.7%	-$1.2M-120.6%	$5.9M+428.2%	-$1.8M+29.0%	-$2.5M-187.9%	$2.9M-8.1%	$3.1M+132.2%	-$9.7M
Investing Cash Flow	-$24.5M+23.5%	-$32.1M-2.9%	-$31.2M+29.7%	-$44.3M-24.1%	-$35.7M-27.6%	-$28.0M-47.2%	-$19.0M+5.8%	-$20.2M+6.7%	-$21.6M-8.8%	-$19.9M-20.0%	-$16.6M
Financing Cash Flow	-$19.2M-145.4%	-$7.8M-298.5%	$3.9M+130.8%	-$12.8M-689.4%	$2.2M-70.5%	$7.3M+698.7%	-$1.2M-229.9%	$943K+120.0%	-$4.7M-1386.9%	$366K+114.6%	-$2.5M
Dividends Paid	$19.9M+61.9%	$12.3M+10.8%	$11.1M+24.6%	$8.9M+10.4%	$8.1M+77.7%	$4.5M+33.8%	$3.4M-2.9%	$3.5M+5.6%	$3.3M+10.6%	$3.0M+19.6%	$2.5M
Share Buybacks	N/A	N/A	N/A	N/A	N/A	$0	N/A	N/A	$146K	N/A	N/A

Metric	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24	Q4'23
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

CMCL Financial Ratios

Margins and returns are percentages; the remaining ratios are unitless multiples.

CMCL annual financial ratios

Metric	FY25	FY24	FY23	FY22	FY21	FY20	FY19	FY18	FY17	FY16	FY15
Net Margin	25.2%+12.6pp	12.6%+15.9pp	-3.3%-14.0pp	10.7%-7.4pp	18.1%-4.9pp	23.0%-10.8pp	33.9%+13.8pp	20.1%+3.1pp	17.1%-0.8pp	17.9%+6.5pp	11.4%
Return on Equity	23.8%+14.0pp	9.8%+12.0pp	-2.2%-11.8pp	9.6%-4.8pp	14.4%-3.2pp	17.6%-8.1pp	25.7%+8.2pp	17.5%+0.3pp	17.2%-1.5pp	18.7%+7.6pp	11.1%
Return on Assets	16.4%+9.8pp	6.6%+8.1pp	-1.5%-7.9pp	6.5%-4.0pp	10.4%-2.5pp	13.0%-4.9pp	17.9%+7.0pp	10.9%+0.1pp	10.8%-1.4pp	12.2%	N/A
Current Ratio	1.57+0.2x	1.350.0x	1.35+0.2x	1.18-1.8x	2.99-1.5x	4.47+1.5x	3.02+0.7x	2.31+0.5x	1.79-0.8x	2.62	N/A
Debt-to-Equity	0.000.0x	0.000.0x	0.000.0x	0.000.0x	0.000.0x	0.000.0x	0.00-0.1x	0.08+0.1x	0.020.0x	0.05	N/A
FCF Margin	16.4%+8.4pp	7.9%+17.3pp	-9.4%-10.2pp	0.8%+1.8pp	-1.0%-6.9pp	5.9%+8.2pp	-2.4%+1.3pp	-3.7%-7.8pp	4.1%-0.9pp	5.0%+24.8pp	-19.8%

Metric	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24	Q4'23
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	1.35-0.1x	1.44-0.1x	1.52+0.3x	1.24-0.1x	1.35-0.2x	1.52+0.3x	1.21+0.1x	1.08
Debt-to-Equity	0.000.0x	0.000.0x	0.000.0x	0.000.0x	0.000.0x	0.000.0x	0.000.0x	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

Not reported in any period shown, so not listed: Gross Margin, Operating Margin.

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Where Caledonia Mining Ranks

Frequently Asked Questions

What is Caledonia Mining's annual revenue?

Caledonia Mining (CMCL) reported $267.7M in total revenue for fiscal year 2025. This represents a 46.2% 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 46.2% year-over-year, from $183.0M to $267.7M in fiscal year 2025.

Is Caledonia Mining profitable?

Yes, Caledonia Mining (CMCL) reported a net income of $67.5M in fiscal year 2025, with a net profit margin of 25.2%.

How much debt does Caledonia Mining have?

As of fiscal year 2025, Caledonia Mining (CMCL) had $35.7M in cash and equivalents against $911K in long-term debt.

What is Caledonia Mining's net profit margin?

Caledonia Mining (CMCL) had a net profit margin of 25.2% in fiscal year 2025, 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 23.8% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.

What is Caledonia Mining's free cash flow?

Caledonia Mining (CMCL) generated $43.8M in free cash flow during fiscal year 2025. This represents a 202.4% 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 $76.2M in operating cash flow during fiscal year 2025, representing cash generated from core business activities.

What are Caledonia Mining's total assets?

Caledonia Mining (CMCL) had $411.9M in total assets as of fiscal year 2025, including both current and long-term assets.

What are Caledonia Mining's capital expenditures?

Caledonia Mining (CMCL) invested $32.5M in capital expenditures during fiscal year 2025, 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 2025.

What is Caledonia Mining's current ratio?

Caledonia Mining (CMCL) had a current ratio of 1.57 as of fiscal year 2025, which is generally considered healthy.

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 2025, 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 16.4% for fiscal year 2025, 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 6 out of 8 computable signals; 1 of the nine could not be computed from available data, so the full-scale strength rating is not shown. 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 to 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 1.13x, 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 48 out of 100 on our Financial Health Score, indicating moderate standing within its operating companies peer group. The score is a 0-100 composite of six dimensions (Profitability, Growth, Leverage, Liquidity, Cash Flow, Returns), each ranked as a percentile relative to companies in the same scoring family (banks against banks, REITs against REITs, and so on) rather than across all industries. It rates the quality of the business, not whether the stock is fairly priced, and is not financial advice. Learn more in our complete guide to financial health indicators.