Recent News
Jan 27, 2026 — AngloGold agreed a strategic investment and investor-rights arrangement with Gold X2 through a charity flow-through placement, taking roughly a 9.9% stake and forming a joint technical committee. Feb 2, 2026 — market commentary noted a price uptick on thin volume with no company-specific catalyst. Feb 10, 2026 — coverage highlighted stronger cash generation and heightened dividend expectations after recent quarterly cash flows and interim dividend actions.
Technical Analysis
Directional indicators (ADX/DI+/DI-): ADX at 21.57 indicates an emerging trend rather than strong directional conviction. DI+ at 33.0 has peak-and-reversed, a bearish signal under directional rules, while DI- at 22.48 is decreasing, a bullish signal; together they imply the trend’s directional momentum recently softened after a prior bullish push.
MACD: MACD at $3.66 sits marginally below the signal line at $3.67 with a peak-and-reversal pattern, indicating waning bullish momentum and short-term bearish pressure until MACD crosses back above the signal line.
MRO (Momentum/Regression Oscillator): MRO at 30.36 has peaked and reversed. A positive MRO above zero suggests price currently trades above the model target and faces a higher likelihood of downward pressure while the oscillator unwinds.
RSI: RSI at 59.84 has peak-and-reversed, signaling a recent loss of upward momentum from over the midrange and a higher chance of near-term consolidation or pullback.
Price Versus Moving Averages and Bands: Price closed at $109.82, above the 12-day EMA of $105.45 (which is increasing), the 20-day average $104.76, the 50-day average $94.58 and the 200-day average $67.07, reflecting a clear multi-horizon uptrend. The close sits near the 1x upper Bollinger band ($112.11), implying price trades close to short-term upper range and may test mean reversion.
Fundamental Analysis
Earnings & Per-Share Metrics: Reported EPS of $1.32 fell $0.05 short of the $1.37 estimate, an EPS surprise of -3.65%. Forward EPS sits at $2.228, producing a forward P/E of 82.83 while the trailing P/E equals 49.31.
Profitability: EBIT equals $1,138,000,000 and EBIT margin registers at 47.08%, well above the industry peer mean of 28.39% and industry peer median of 32.31%. EBIT margin rose by 5.61% quarter-over-quarter and by 61.01% year-over-year, supporting a stronger operating earnings profile versus recent history.
Cash Generation & Balance Sheet: Free cash flow totaled $1,077,000,000 with a free-cash-flow yield of 3.28%, above the industry peer mean of 1.25%. Cash and short-term investments equal $2,546,000,000 and operating cash flow reached $1,419,000,000, producing a cash conversion ratio of 0.868. Current ratio at 2.58 and quick ratio at 1.98 exceed the industry peer mean current ratio of 2.34, indicating comfortable near-term liquidity.
Leverage & Coverage: Total debt equals $2,315,000,000; debt-to-assets stands at 15.60%, slightly above the industry peer mean of 12.42% but well within the provided peer range. Interest coverage near 14.05x and debt-to-EBITDA about 2.03x reflect ample earnings coverage for interest and modest leverage relative to cash generation.
Growth & Efficiency: Total revenue equals $2,417,000,000 with YoY revenue change of -1.15% and QoQ contraction larger in the short run. Asset turnover sits at 0.1669, marginally above the industry peer mean of 0.1494, while return on equity equals 8.70% and return on assets equals 4.62%—both improved materially year-over-year but still moderate in absolute terms.
Dividends: Dividend yield equals 1.71% with a payout ratio of 84.01% and dividend coverage of 1.19, indicating a high payout relative to earnings and limited incremental cushion for distribution increases absent sustained cash flow.
Valuation: WMDST values the stock as fair-valued. Trailing P/E at 49.31 sits below the industry peer mean of 68.96 and roughly in line with the industry peer median of 48.99. Price-to-book equals 4.27, above the industry peer mean book multiple of 3.37. Strong free cash flow and elevated margins counterbalance high forward multiples and modest revenue contraction, producing a mixed but defensible fair-valued stance.
MOST-RECENT QUARTERLY REPORT
| REPORT PERIOD ENDING: | 2025-09-30 |
| REPORT DATE: | 2025-11-11 |
| NEXT REPORT DATE: | 2026-02-10 |
| CASH FLOW | Begin Period Cash Flow | $ 2.0 B |
| Operating Cash Flow | $ 1.4 B | |
| Capital Expenditures | $ -342.00 M | |
| Change In Working Capital | $ -707.00 M | |
| Dividends Paid | $ -562.00 M | |
| Cash Flow Delta | $ 546.0 M | |
| End Period Cash Flow | $ 2.5 B | |
| INCOME STATEMENT | REVENUE | |
| Total Revenue | $ 2.4 B | |
| Forward Revenue | $ 1.0 B | |
| COSTS | ||
| Cost Of Revenue | $ 1.2 B | |
| Depreciation | — | |
| Depreciation and Amortization | — | |
| Research and Development | — | |
| Total Operating Expenses | $ 1.4 B | |
| PROFITABILITY | ||
| Gross Profit | $ 1.2 B | |
| EBITDA | $ 1.1 B | |
| EBIT | $ 1.1 B | |
| Operating Income | $ 1.0 B | |
| Interest Income | $ 43.0 M | |
| Interest Expense | $ 81.0 M | |
| Net Interest Income | $ -38.00 M | |
| Income Before Tax | $ 1.1 B | |
| Tax Provision | $ 242.0 M | |
| Tax Rate | 22.895 % | |
| Net Income | $ 669.0 M | |
| Net Income From Continuing Operations | $ 669.0 M | |
| EARNINGS | ||
| EPS Estimate | $ 1.37 | |
| EPS Actual | $ 1.32 | |
| EPS Difference | $ -0.05 | |
| EPS Surprise | -3.65 % | |
| Forward EPS | $ 2.23 | |
| BALANCE SHEET | ASSETS | |
| Total Assets | $ 14.8 B | |
| Intangible Assets | $ 105.0 M | |
| Net Tangible Assets | $ 7.6 B | |
| Total Current Assets | $ 4.5 B | |
| Cash and Short-Term Investments | $ 2.5 B | |
| Cash | $ 2.5 B | |
| Net Receivables | $ 404.0 M | |
| Inventory | $ 1.1 B | |
| Long-Term Investments | $ 281.0 M | |
| LIABILITIES | ||
| Accounts Payable | $ 925.0 M | |
| Short-Term Debt | $ 110.0 M | |
| Total Current Liabilities | $ 1.8 B | |
| Net Debt | — | |
| Total Debt | $ 2.3 B | |
| Total Liabilities | $ 5.3 B | |
| EQUITY | ||
| Total Equity | $ 7.7 B | |
| Retained Earnings | $ 7.1 B | |
| VALUATION & PER-SHARE METRICS | EQUITY & PER-SHARE METRICS | |
| Book Value Per-Share | $ 15.23 | |
| Shares Outstanding | 504.887 M | |
| Revenue Per-Share | $ 4.79 | |
| VALUATION | Market Capitalization | $ 32.9 B |
| Enterprise Value | $ 32.6 B | |
| Enterprise Multiple | 28.677 | |
| Enterprise Multiple QoQ | 22.748 % | |
| Enterprise Multiple YoY | 18.513 % | |
| Enterprise Multiple IPRWA | high: 157.603 mean: 51.74 AU: 28.677 median: 26.722 low: -220.72 |
|
| EV/R | 13.502 | |
| CAPITAL STRUCTURE | ||
| Asset To Equity | 1.929 | |
| Asset To Liability | 2.809 | |
| Debt To Capital | 0.231 | |
| Debt To Assets | 0.156 | |
| Debt To Assets QoQ | -4.644 % | |
| Debt To Assets YoY | 563.435 % | |
| Debt To Assets IPRWA | high: 0.574 AU: 0.156 mean: 0.124 median: 0.103 low: 0.001 |
|
| Debt To Equity | 0.301 | |
| Debt To Equity QoQ | -3.439 % | |
| Debt To Equity YoY | 500.159 % | |
| Debt To Equity IPRWA | high: 2.001 AU: 0.301 mean: 0.23 median: 0.17 low: 0.001 |
|
| PRICE-BASED VALUATION | ||
| Price To Book (P/B) | 4.274 | |
| Price To Book QoQ | 26.001 % | |
| Price To Book YoY | 52.379 % | |
| Price To Book IPRWA | high: 8.202 AU: 4.274 mean: 3.37 median: 2.585 low: 0.704 |
|
| Price To Earnings (P/E) | 49.314 | |
| Price To Earnings QoQ | 35.561 % | |
| Price To Earnings YoY | 21.838 % | |
| Price To Earnings IPRWA | high: 163.615 mean: 68.959 AU: 49.314 median: 48.994 low: -173.761 |
|
| PE/G Ratio | 8.806 | |
| Price To Sales (P/S) | 13.598 | |
| Price To Sales QoQ | 32.17 % | |
| Price To Sales YoY | 75.153 % | |
| Price To Sales IPRWA | high: 28.634 median: 15.547 mean: 14.447 AU: 13.598 low: 0.628 |
|
| FORWARD MULTIPLES | ||
| Forward P/E | 82.833 | |
| Forward PE/G | 14.792 | |
| Forward P/S | 104.829 | |
| EFFICIENCY | OPERATIONAL | |
| Operating Leverage | -3.845 | |
| ASSET & SALES | ||
| Asset Turnover Ratio | 0.167 | |
| Asset Turnover Ratio QoQ | -6.078 % | |
| Asset Turnover Ratio YoY | -3.921 % | |
| Asset Turnover Ratio IPRWA | high: 0.462 AU: 0.167 median: 0.153 mean: 0.149 low: 0.006 |
|
| Receivables Turnover | 5.762 | |
| Receivables Turnover Ratio QoQ | -5.269 % | |
| Receivables Turnover Ratio YoY | 3.949 % | |
| Receivables Turnover Ratio IPRWA | high: 43.106 mean: 6.834 median: 6.561 AU: 5.762 low: 1.388 |
|
| Inventory Turnover | 1.173 | |
| Inventory Turnover Ratio QoQ | -1.608 % | |
| Inventory Turnover Ratio YoY | -0.819 % | |
| Inventory Turnover Ratio IPRWA | high: 2.678 AU: 1.173 median: 1.1 mean: 1.061 low: 0.336 |
|
| Days Sales Outstanding (DSO) | 15.838 | |
| CASH CYCLE | ||
| Cash Conversion Cycle Days (CCC) | 29.62 | |
| Cash Conversion Cycle Days QoQ | -14.615 % | |
| Cash Conversion Cycle Days YoY | 50.68 % | |
| Cash Conversion Cycle Days IPRWA | high: 277.604 mean: 71.036 median: 68.586 AU: 29.62 low: -2045.19 |
|
| CAPITAL DEPLOYMENT | ||
| Cash Conversion Ratio | 0.868 | |
| CapEx To Revenue | -0.141 | |
| CapEx To Depreciation | — | |
| CAPITAL, LIQUIDITY & COVERAGE | CAPITAL STRUCTURE | |
| Total Capital | $ 9.7 B | |
| Net Invested Capital | $ 9.8 B | |
| Invested Capital | $ 9.8 B | |
| Net Tangible Assets | $ 7.6 B | |
| Net Working Capital | $ 2.8 B | |
| LIQUIDITY | ||
| Cash Ratio | 1.447 | |
| Current Ratio | 2.581 | |
| Current Ratio QoQ | -13.573 % | |
| Current Ratio YoY | 33.546 % | |
| Current Ratio IPRWA | high: 12.496 AU: 2.581 median: 2.458 mean: 2.336 low: 0.005 |
|
| Quick Ratio | 1.98 | |
| Quick Ratio QoQ | -10.815 % | |
| Quick Ratio YoY | 47.233 % | |
| Quick Ratio IPRWA | high: 2.957 AU: 1.98 median: 1.507 mean: 1.469 low: 0.315 |
|
| COVERAGE & LEVERAGE | ||
| Debt To EBITDA | 2.034 | |
| Cost Of Debt | 2.7 % | |
| Interest Coverage Ratio | 14.049 | |
| Interest Coverage Ratio QoQ | -43.287 % | |
| Interest Coverage Ratio YoY | 35.338 % | |
| Interest Coverage Ratio IPRWA | high: 49.212 mean: 24.226 median: 21.14 AU: 14.049 low: -194.931 |
|
| Operating Cash Flow Ratio | 0.806 | |
| TIMING / LIQUIDITY | ||
| Days Payables Outstanding (DPO) | 62.552 | |
| DIVIDENDS | ||
| Dividend Coverage Ratio | 1.19 | |
| Dividend Payout Ratio | 0.84 | |
| Dividend Rate | $ 1.11 | |
| Dividend Yield | 0.017 | |
| PERFORMANCE | GROWTH | |
| Asset Growth Rate | 5.004 % | |
| Revenue Growth | -1.145 % | |
| Revenue Growth QoQ | -104.663 % | |
| Revenue Growth YoY | -114.375 % | |
| Revenue Growth IPRWA | high: 121.571 % mean: 5.193 % median: 3.893 % AU: -1.145 % low: -4.838 % |
|
| Earnings Growth | 5.6 % | |
| Earnings Growth QoQ | -86.681 % | |
| Earnings Growth YoY | -57.999 % | |
| Earnings Growth IPRWA | high: 257.143 % median: 10.0 % AU: 5.6 % mean: -0.757 % low: -150.0 % |
|
| MARGINS | ||
| Gross Margin | 49.317 % | |
| Gross Margin QoQ | 0.735 % | |
| Gross Margin YoY | 35.919 % | |
| Gross Margin IPRWA | high: 83.6 % AU: 49.317 % median: 45.333 % mean: 36.459 % low: -5.37 % |
|
| EBIT Margin | 47.083 % | |
| EBIT Margin QoQ | 5.612 % | |
| EBIT Margin YoY | 61.012 % | |
| EBIT Margin IPRWA | high: 55.997 % AU: 47.083 % median: 32.305 % mean: 28.386 % low: -25.528 % |
|
| Return On Sales (ROS) | 42.449 % | |
| Return On Sales QoQ | 3.891 % | |
| Return On Sales YoY | 45.164 % | |
| Return On Sales IPRWA | high: 51.244 % AU: 42.449 % median: 35.56 % mean: 28.969 % low: -31.756 % |
|
| CASH FLOW | ||
| Free Cash Flow (FCF) | $ 1.1 B | |
| Free Cash Flow Yield | 3.277 % | |
| Free Cash Flow Yield QoQ | 23.381 % | |
| Free Cash Flow Yield YoY | 11.881 % | |
| Free Cash Flow Yield IPRWA | high: 11.174 % AU: 3.277 % median: 1.802 % mean: 1.245 % low: -7.163 % |
|
| Free Cash Growth | 61.228 % | |
| Free Cash Growth QoQ | 5.033 % | |
| Free Cash Growth YoY | -38.41 % | |
| Free Cash Growth IPRWA | high: 537.296 % AU: 61.228 % median: -14.298 % mean: -71.722 % low: -339.64 % |
|
| Free Cash To Net Income | 1.61 | |
| Cash Flow Margin | 33.554 % | |
| Cash Flow To Earnings | 2.121 | |
| VALUE & RETURNS | ||
| Economic Value Added | $ 0.04 | |
| Return On Assets (ROA) | 4.619 % | |
| Return On Assets QoQ | -4.998 % | |
| Return On Assets YoY | 77.791 % | |
| Return On Assets IPRWA | high: 6.16 % AU: 4.619 % median: 2.605 % mean: 2.087 % low: -14.746 % |
|
| Return On Capital Employed (ROCE) | 8.703 % | |
| Return On Equity (ROE) | 0.087 | |
| Return On Equity QoQ | -3.558 % | |
| Return On Equity YoY | 61.022 % | |
| Return On Equity IPRWA | high: 0.115 AU: 0.087 median: 0.055 mean: 0.031 low: -0.432 |
|
| DuPont ROE | 8.857 % | |
| Return On Invested Capital (ROIC) | 8.931 % | |
| Return On Invested Capital QoQ | 1.373 % | |
| Return On Invested Capital YoY | -128.761 % | |
| Return On Invested Capital IPRWA | high: 9.171 % AU: 8.931 % median: 4.1 % mean: 3.419 % low: -12.191 % |
|