AngloGold Ashanti Plc.
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+ FollowMarket Cap$44.73B
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Earnings Call Q4 2025
February 20, 2026 - AI Summary
Record Financial Performance: AngloGold Ashanti reported a record free cash flow of $2.9 billion in 2025, nearly triple the $956 million generated in 2024. Adjusted EBITDA also surged to $6.3 billion, up 129% year-on-year, while basic earnings rose to $2.6 billion from $1 billion in 2024. This demonstrates strong operational execution and effective cost management amid rising gold prices, which averaged $3,468 an ounce in 2025, a 45% increase compared to 2024.
Dividend Policy and Shareholder Returns: The company declared an $875 million dividend for Q4 2025, bringing total dividends for the year to nearly $2 billion or $3.57 per share, reflecting a commitment to returning value to shareholders. The dividend policy sets a payout ratio of 50% of free cash flow, with additional payments based on surplus cash flow, indicating confidence in sustained profitability. However, future payouts are uncertain, with no set ceiling at current gold prices.
Production Growth Outlook: For 2026, gold production is projected between 2.8 million ounces and 3.17 million ounces. The company aims to offset increased costs and royalties through active management of their high-quality Tier 1 assets, which currently account for over 70% of production. Obuasi is expected to increase its production contribution, targeting over 300,000 ounces with ongoing improvements in operations.
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$104.81
19.2% upside
Current Fair Value
19.2% upsideUndervalued by 19.2% based on the discounted cash flow analysis.
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Share Statistics
| Market cap | $44.73 Billion |
|---|---|
| Enterprise Value | $44.14 Billion |
| Annual dividend | $4.52 |
| Dividend yield | 5.66% |
| Earnings per Share | $5.19 |
| Beta | 0.74 |
| Outstanding Shares | 508,629,442 |
Return
| Return on Equity | 27.35% |
|---|---|
| Return on Assets | 15.75% |
| Return on Invested Capital | 29.45% |
Valuation & Multiples
| P/E Ratio | 10.62 |
|---|---|
| PEG | - |
| Price to Sales | 4.89 |
| Price to Book Ratio | 4.19 |
| Enterprise Value to Revenue | 4.76 |
| Enterprise Value to EBIT | 10.8 |
| Enterprise Value to Net Income | 18 |
| Total Debt to Enterprise | 0.05 |
| Debt to Equity | 0.25 |
Revenue Sources
No data
Last Earnings Call
Report Date
August 7, 2026
EPS Estimate
$2.13
Consensus analyst estimateRevenue Estimate
$3.25 B
Consensus analyst estimateNext Earnings Call
Expected Date
November 5, 2026
EPS Estimate
$1.76
Consensus analyst estimateRevenue Estimate
$2.89 B
Consensus analyst estimateInstitutional Put/Call Ratio
Compares institutional put options with call options. At 0.00, the ratio is below 1, so institutions hold more calls than puts.
| Put/Call Ratio | 0.0000▼ 167.88% |
|---|---|
| Total Calls | -▼ 100.00% |
| Total Puts | -▼ 100.00% |
Institutional Ownership
Holdings and activity of institutional investors.
| Ownership % | 3.60%▼ 42.80% |
|---|---|
| Total Invested | $1.75B▼ 90.84% |
| Investors Holding | 194▼ 417.00% |
About AngloGold Ashanti Ltd
12,634 employees
CEO: Kelvin Dushnisky
AngloGold Ashanti Plc is a global gold mining enterprise with operations spanning Africa, the Americas, and Australia. Its principal asset is the entirely owned Geita project, strategically located in the Lake Victoria goldfields within ...