Caledonia Mining Financials

CMCL

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

This page shows Caledonia Mining (CMCL) financial statements, including the 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 FY2024 2026-04-23

Heavy reinvestment rather than debt is shaping results, and FY2024 showed how fast cash generation can recover.

Across FY2020-FY2024, the balance sheet became less liquid but not more levered: the current ratio fell from 4.5x to 1.4x. With cash down to $4.3M while debt-to-equity stayed near zero, the company appears to be funding expansion through operating cash, equity, and working capital rather than borrowing, making cash timing the tighter constraint than solvency.

FY2024 looks like a real operating reset, not just an accounting swing: net income moved from -$4.8M to $23.1M, and operating cash flow again covered capital spending. Because profit and cash recovered together after the prior year's shortfall, earnings quality improved and positive free cash flow returned.

This remains a capital-intensive business: capital expenditures were $27.5M in FY2024 and have frequently absorbed most operating cash, which explains why cash stays slim even when reported profit is healthy. Inventory and receivables also climbed with the sales rebound, so part of the growth was tied up in working capital instead of accumulating as cash.

Financial Health Signals

Financial Profile 52/100

Based on FY2025 annual data, averaged across the last 3 years for performance metrics (most-recent year weighted highest). 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.

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 92/100.

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 1.57 is below the typical benchmark, resulting in a score of 27/100. However, the company holds substantial cash reserves (59% of current liabilities), which buffers actual liquidity risk. Large mature operators often run tight current ratios by design.

Cash Flow

Caledonia Mining has a free cash flow margin of 16.4%, earning a moderate score of 47/100. The company generates positive cash flow after capital investments, but with room for improvement.

Returns

Caledonia Mining's ROE of 23.8% shows moderate profitability relative to equity, earning a score of 43/100. This is up from 9.8% the prior year.

Piotroski F-Score Neutral

6/9

Caledonia Mining passes 6 of 9 financial strength tests. 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.

EBITDA

N/A

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.

EPS (Diluted)

N/A

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.

Dividends Per Share

N/A

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.

Margins & Returns

Gross Margin

N/A

Operating Margin

N/A

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.

Capital Allocation

R&D Spending

N/A

Share Buybacks

N/A

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.

CMCL Income Statement

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Revenue	$267.7M+46.2%	$183.0M+25.1%	$146.3M+3.0%	$142.1M+17.1%	$121.3M+21.3%	$100.0M
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	$93K+830.0%	$10K-54.5%	$22K-29.0%	$31K+29.2%	$24K+60.0%	$15K
Income Tax	$39.1M+123.3%	$17.5M+36.5%	$12.8M-10.8%	$14.4M+4.0%	$13.8M+10.2%	$12.5M
Net Income	$67.5M+192.8%	$23.1M+576.3%	-$4.8M-131.9%	$15.2M-30.9%	$22.0M-4.6%	$23.0M
EPS (Diluted)	N/A	N/A	N/A	N/A	N/A	N/A

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
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	FY25	FY24	FY23	FY22	FY21	FY20
Total Assets	$411.9M+18.2%	$348.4M+6.1%	$328.3M+39.6%	$235.2M+11.5%	$210.9M+18.5%	$177.9M
Current Assets	$94.9M+54.8%	$61.3M+13.1%	$54.2M+41.1%	$38.4M-27.4%	$52.9M+18.7%	$44.6M
Cash & Equivalents	$35.7M+738.9%	$4.3M-36.5%	$6.7M-0.4%	$6.7M-60.7%	$17.2M-10.2%	$19.1M
Inventory	$26.8M+12.9%	$23.8M+17.1%	$20.3M+10.7%	$18.3M-11.9%	$20.8M+23.9%	$16.8M
Accounts Receivable	$11.9M-6.3%	$12.7M+27.4%	$10.0M+8.4%	$9.2M+15.7%	$7.9M+60.0%	$5.0M
Goodwill	N/A	N/A	N/A	N/A	N/A	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
Current Liabilities	$60.4M+32.9%	$45.4M+13.1%	$40.1M+23.7%	$32.4M+83.4%	$17.7M+77.5%	$10.0M
Long-Term Debt	$911K+357.8%	$199K+385.4%	$41K-77.3%	$181K-45.3%	$331K+86.0%	$178K
Total Equity	$283.5M+20.9%	$234.5M+4.6%	$224.2M+42.2%	$157.7M+3.4%	$152.5M+16.3%	$131.1M
Retained Earnings	-$45.6M+49.3%	-$90.0M+7.4%	-$97.1M-20.6%	-$80.5M+2.7%	-$82.8M+12.0%	-$94.1M

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
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	FY25	FY24	FY23	FY22	FY21	FY20
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
Capital Expenditures	$32.5M+18.1%	$27.5M-3.8%	$28.6M-31.2%	$41.5M+29.2%	$32.1M+28.0%	$25.1M
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
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
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
Dividends Paid	$19.9M+61.9%	$12.3M+10.8%	$11.1M+24.6%	$8.9M+10.4%	$8.1M+77.7%	$4.5M
Share Buybacks	N/A	N/A	N/A	N/A	N/A	$0

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
Share Buybacks	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

CMCL Financial Ratios

Metric	FY25	FY24	FY23	FY22	FY21	FY20
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	25.2%+12.6pp	12.6%+15.9pp	-3.3%-14.0pp	10.7%-7.4pp	18.1%-4.9pp	23.0%
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%
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%
Current Ratio	1.57+0.2	1.350.0	1.35+0.2	1.18-1.8	2.99-1.5	4.47
Debt-to-Equity	0.000.0	0.000.0	0.000.0	0.000.0	0.000.0	0.00
FCF Margin	16.4%+8.4pp	7.9%+17.3pp	-9.4%-10.2pp	0.8%+1.8pp	-1.0%-6.9pp	5.9%

Metric	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24	Q4'23
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 $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 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 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 52 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.