Harmony Gold Mining

HMY

Market cap $10.5B

Gold mining stocks were reaching for new heights in Q1 2026, but their quest got derailed as uncertainty arose about the outlook. The war in the Middle East can cause all sorts of problems for gold and gold miners, something likely to continue in Q2 2026. While an oil crisis is a short-term headwind for gold and gold miners, the long-term impact could be more positive for both.

AU and HMY gain from surging gold prices, but differences in growth, costs, and performance shape the investment debate.

Harmony Gold Mining Company Limited (HMY) Q2 2026 Earnings Call Transcript

Harmony Gold Mining Company Limited (HMY) Q2 2026 Earnings Call Transcript

Harmony Gold Mining Company Limited (HMY) Q2 2026 Earnings Call Transcript

The miner booked a 36% rise in its average gold price which helped drive group revenue 20% higher to $2.56 billion.

Harmony Gold Mining Company Limited (HMY) trades at a Trailing P/E of 16x, significantly below sector averages, despite robust growth and international expansion. HMY is transitioning from a regional gold producer to a diversified international commodity player, notably increasing copper exposure via a $1B Australian acquisition. Valuation appears compelling on a peer basis, but market skepticism persists regarding the sustainability of current high ROIC, seen as gold price-driven.

Gold's record run into 2026 is lifting safe-haven miners like HMY, AEM, RGLD and KGC as geopolitical risks and Fed uncertainty fuel demand.

Harmony Gold (HMY) might move higher on growing optimism about its earnings prospects, which is reflected by its upgrade to a Zacks Rank #2 (Buy).

Deutsche Bank, DRDGold and Harmony Gold Mining are in or near buy zones and appear on IBD's Global Leaders list.