AngloGold Ashanti PLC (AU)

Price$94.00Cached quoteAs of 2026-10-05 15:50 UTC

AI: Fair-priced

Price checkThe shares already price in unusually strong gold profits, leaving only a modest safety cushion.

At the observed market value, AngloGold Ashanti is worth roughly $61 billion, using about 506 million shares outstanding. That equals about 23 times 2025 diluted earnings, although trailing earnings have since risen sharply as gold prices climbed. Against 2025 free cash flow of about $3.3 billion, the valuation is roughly 18 times cash left after running and investing in the business. Stronger 2026 cash generation improves that picture, but the valuation still requires elevated gold prices and continued operational recovery. That balance supports a Fair-priced verdict rather than a clear bargain.

Big pictureRecord cash generation is real, but much of the improvement comes from exceptionally high gold prices.

The supplied SEC history shows revenue rising from $5.8 billion in 2024 to $9.9 billion in 2025, while net income jumped from $1.0 billion to $2.6 billion. Operating cash flow reached $4.8 billion and exceeded $1.4 billion of capital spending by about $3.3 billion. Momentum continued in 2026: first-half free cash flow was $1.9 billion. However, Q2's average realized gold price rose 35% to $4,446 per ounce while production fell. Earnings durability therefore depends heavily on gold staying far above earlier-cycle levels.

Business strengthA net-cash balance sheet and strong payouts now provide meaningful protection against mining setbacks.

The supplied history shows cash rising to $2.9 billion at year-end 2025 while debt was about $2.0 billion, reversing several years of net debt. By June 2026 the company reported $991 million of net cash after repurchasing about $666 million of bonds. Shareholder returns also accelerated: $1.28 billion of dividends were paid in 2025, and $949 million was declared for the first half of 2026. Past dilution matters, though: the Centamin acquisition issued 82.5 million shares, roughly one-fifth of the pre-deal share count, in exchange for a larger asset base.

What could change the storyHigher production could justify the valuation, while falling gold prices or stubborn costs could undermine it.

The strongest bull case is that high gold prices persist while Obuasi and other mines lift second-half output, allowing cash generation and the approved $2 billion repurchase program to compound value per share. The bear case is visible in Q2: group production fell and cash costs rose 21% to $1,480 per ounce, while all-in sustaining costs rose 22% to $2,039. If gold retreats materially while those costs remain high, current earnings could compress quickly. Conversely, stable gold near recent levels plus successful cost and production normalization would make today's valuation more defensible.

AI: News

Strong second-quarter cash flowCash generation stayed strong despite lower production, supporting dividends, debt reduction, and future buybacks.

On July 31, AngloGold Ashanti reported Q2 free cash flow of $727 million, up 36% from a year earlier, and first-half free cash flow of $1.9 billion. Headline earnings rose 58% and the company kept its full-year guidance. The benefit came largely from a 35% increase in the average realized gold price, which more than offset weaker production and higher costs. The result strengthened the case that current gold prices can translate rapidly into shareholder cash returns.

Shareholders approve buybackShareholders approved a large repurchase program that could reduce the share count if management executes it.

On July 23, shareholders approved a proposed $2 billion share repurchase program. Relative to the company's recent market value, the authorization represents roughly 3% of equity value if fully used near current levels. That is meaningful after the 82.5 million shares issued for Centamin in 2024. The program still depends on regulatory approvals, available cash, market conditions, and management discretion, so approval does not guarantee that the full amount will actually be spent.

Record first-quarter cashFirst-quarter results showed how sharply higher gold prices can expand AngloGold's cash generation.

On May 8, AngloGold reported record first-quarter free cash flow of $1.17 billion, almost triple the prior-year period, while net cash reached $868 million. The average realized gold price rose 69% to $4,863 per ounce, and headline earnings nearly tripled to $1.29 billion. Production increased only 1%, while costs per ounce rose, showing that the earnings surge was driven much more by gold pricing than volume growth. That sensitivity remains central to valuing the shares.

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Revenue

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2025

Net income

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2022

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2025

Free cash flow

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Total cash / debt

CashTotal debt

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Financial statements

	2025	2024	2023	2022	2021
Revenue	$9.89B	$5.79B	$4.58B	$4.50B	$4.03B
Gross profit	$4.87B	$2.07B	$1.03B	$1.13B	$1.17B
Gross margin	49.24%	35.68%	22.41%	25.08%	29.04%
Operating expenses	$3.23B	$2.67B	$2.68B	$2.57B	$2.17B
Operating income	$4.27B	$1.55B	$574.0M	$833.0M	—
Operating margin	43.15%	26.81%	12.53%	18.51%	—
EBITDA	$5.78B	$2.58B	$872.0M	$1.25B	—
EBITDA margin	58.40%	44.62%	19.03%	27.77%	—
Net income	$3.17B	$1.05B	−$222.0M	$251.0M	$638.0M
Net profit margin	32.08%	18.11%	−4.85%	5.58%	15.84%
Basic EPSper basic share	$5.19	$2.33	-$0.56	$0.55	$1.46
Diluted EPSper diluted share	$5.18	$2.33	-$0.56	$0.55	$1.46

Review official source filings ↗

Owners

Reported shareholders

Reference date Jun 30, 2026

Reported holdings Number of shares

View holders

Top 20 reported holders of AU
Holder	Shares held
BlackRock, Inc.	31.04M
VAN ECK ASSOCIATES CORP	18.03M
VANGUARD CAPITAL MANAGEMENT LLC	16.73M
FMR LLC	16.55M
Ninety One SA (Pty) Ltd	11.2M
STATE STREET CORP	5.96M
GEODE CAPITAL MANAGEMENT, LLC	5.89M
DEUTSCHE BANK AG\	5.77M
Legal & General Group Plc	5.54M
NORGES BANK	5M
ARROWSTREET CAPITAL, LIMITED PARTNERSHIP	4.52M
VANGUARD FIDUCIARY TRUST CO	4.47M
GOLDMAN SACHS GROUP INC	4.15M
Capital World Investors	3.97M
Amundi	3.97M
Pacer Advisors, Inc.	3.74M
ROYAL BANK OF CANADA	3.73M
OAKTREE CAPITAL MANAGEMENT LP	3.18M
First Eagle Investment Management, LLC	2.98M
Invesco Ltd.	2.76M

Bars compare reported share counts. A matching total for this share class and reporting period is unavailable, so percentages are not shown.

Source: SEC Form 13F ↗Updated Sep 29, 2026 · Quarterly data

Insider buys & sells

Jul 1, 2024–Jun 30, 2026

Buys0$0.00 disclosed value

Sells (SEC code S)1$35.6K disclosed value

Transaction	Insider	Type	Shares	Price	Value	Owned after
May 19, 2026Form 4	Busia Kojo Osei FrimpongDirector	SellOrdinary Shares of $1.00 each	400	$89.09	$35.6K	3.6K

Review ownership filings at SEC.gov ↗

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AngloGold Ashanti PLC (AU)

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