HMY vs. MT: Harmony Gold Mining vs. ArcelorMittal Stock Comparison

November 11, 2026

How do Harmony Gold Mining (HMY) and ArcelorMittal (MT) stack up? This page sets them side by side across company profile, performance and risk, profitability, growth, financial strength, dividends, and valuation, with selected fundamentals also measured against each stock's industry-group peers.

Company Profile

Harmony Gold Mining (HMY) and ArcelorMittal (MT) both belong to the Metals & Mining industry, though HMY is classified under Gold while MT falls under Steel.

Both Harmony Gold Mining (HMY) and ArcelorMittal (MT) trade as ADRs — their core financials are comparable, but keep FX, depositary-program fees, and dividend withholding in view for each.

Company profile comparison for Harmony Gold Mining (HMY) and ArcelorMittal (MT)
Profile Item	HMY	MT
Name	Harmony Gold Mining Company Limited - Depositary Receipt (Common Stock)	ArcelorMittal NY Registry Shares
Country/Region	South Africa	Luxembourg
GICS Sector	Materials	Materials
GICS Industry Group	Materials	Materials
GICS Industry	Metals & Mining	Metals & Mining
GICS Sub-Industry	Gold	Steel
Market Capitalization	10.77 billion USD	45.85 billion USD
Currency	USD	USD
Exchange	NYSE	NYSE
Listing Date	May 17, 1994	August 7, 1997
Security Type	ADR	ADR

Price Performance

Cumulative Growth

HMY

GSPC

Harmony Gold Mining (HMY) vs. ArcelorMittal (MT), with S&P 500 (GSPC) for reference: Growth of a $10,000 investment over the past five years. Adjusted for dividends and splits.

Trailing Returns

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Trailing total returns for Harmony Gold Mining (HMY) and ArcelorMittal (MT). Returns over one year are annualized.

Calendar-Year Returns

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Calendar-year total returns for Harmony Gold Mining (HMY) and ArcelorMittal (MT). Each bar is that year's total return, measured year-end to year-end.

Performance Metrics

Price performance metrics for Harmony Gold Mining (HMY) and ArcelorMittal (MT)
Metric	HMY	MT
Total Return (1Y)	10.98%	65.49%
Total Return (3Y, Annualized)	60.07%	45.03%
Total Return (5Y, Annualized)	39.44%	16.55%

Risk Profile

Drawdown History

HMY

GSPC

Harmony Gold Mining (HMY) vs. ArcelorMittal (MT), with S&P 500 (GSPC) for reference: Drawdown from the running peak over the past five years. Each line shows the decline from its prior peak; 0% marks a new high.

Return Distribution

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Distribution of monthly total returns for Harmony Gold Mining (HMY) and ArcelorMittal (MT). Each bar is the share of months whose return fell in that 5% bucket.

Risk Metrics

Risk profile metrics for Harmony Gold Mining (HMY) and ArcelorMittal (MT)
Metric	HMY	MT
Volatility (1Y, Annualized)	63.56%	44.08%
Beta (5Y)	1.08	1.49
Max Drawdown (5Y)	-62.48%	-45.99%
Avg. Volume (3M)	3.68M	1.35M

Risk-Adjusted Performance

Risk-Return Positioning

HMY and MT are plotted by 1-year volatility (risk) and 1-year return. The dashed Capital Allocation Line runs from the risk-free rate through the shared industry median.

Risk-Adjusted Metrics

Risk-adjusted metrics for Harmony Gold Mining (HMY) and ArcelorMittal (MT)
Metric	HMY	MT
Sharpe Ratio (1Y)	0.11	1.39
Sortino Ratio (1Y)	0.15	2.23

Profitability

ROE (TTM)

Harmony Gold Mining (HMY) at 48.05% sits in the top ROE quartile, while ArcelorMittal (MT) at 1.83% is closer to the peer norm — stronger capital efficiency for HMY.

HMY

Materials industry group

48.05%

Max: 52.88%
HMY: 48.05%
Q3: 19.49%
Median: 8.76%
Q1: -3.41%
Min: -32.81%

MT

Materials industry group

1.83%

Max: 52.88%
Q3: 19.49%
Median: 8.76%
MT: 1.83%
Q1: -3.41%
Min: -32.81%

Harmony Gold Mining (HMY) vs. ArcelorMittal (MT): A comparison of their ROE against the Materials industry group benchmark.

Net Margin (TTM)

Harmony Gold Mining (HMY) at 29.57% retains a top-quartile share of revenue as profit, ahead of ArcelorMittal (MT) at 1.64%, which keeps about the industry-typical share.

HMY

Materials industry group

29.57%

Max: 38.66%
HMY: 29.57%
Q3: 15.98%
Median: 5.28%
Q1: 0.00%
Min: -20.40%

MT

Materials industry group

1.64%

Max: 38.66%
Q3: 15.98%
Median: 5.28%
MT: 1.64%
Q1: 0.00%
Min: -20.40%

Harmony Gold Mining (HMY) vs. ArcelorMittal (MT): A comparison of their net margin against the Materials industry group benchmark.

Operating Margin (TTM)

Harmony Gold Mining (HMY) at 47.18% operates in the top operating margin quartile, ahead of ArcelorMittal (MT) at 6.16%, which runs around its industry’s norm.

HMY

Materials industry group

47.18%

Max: 66.70%
HMY: 47.18%
Q3: 28.92%
Median: 12.56%
Q1: 3.28%
Min: -14.07%

MT

Materials industry group

6.16%

Max: 66.70%
Q3: 28.92%
Median: 12.56%
MT: 6.16%
Q1: 3.28%
Min: -14.07%

Harmony Gold Mining (HMY) vs. ArcelorMittal (MT): A comparison of their operating margin against the Materials industry group benchmark.

Profitability Metrics

Profitability metrics for Harmony Gold Mining (HMY) and ArcelorMittal (MT)
Metric	HMY	MT
ROE (TTM)	48.05%	1.83%
ROA (TTM)	25.06%	1.31%
Net Margin (TTM)	29.57%	1.64%
Operating Margin (TTM)	47.18%	6.16%
Gross Margin (TTM)	49.62%	8.16%

Growth

Revenue Growth

Only one side can be read here: ArcelorMittal (MT) reports revenue growth of -1.74%, ranked against its industry; Harmony Gold Mining (HMY) has no revenue growth figure this period.

Harmony Gold Mining (HMY) vs. ArcelorMittal (MT): A comparison of their Revenue Growth across different time periods.

EPS Growth

Only one side can be read here: ArcelorMittal (MT) reports EPS growth of 143.20%, ranked against its industry; Harmony Gold Mining (HMY) has no EPS growth figure this period.

Harmony Gold Mining (HMY) vs. ArcelorMittal (MT): A comparison of their EPS Growth across different time periods.

Growth Metrics

Growth metrics for Harmony Gold Mining (HMY) and ArcelorMittal (MT)
Metric	HMY	MT
Revenue Growth (YoY)	--	-1.74%
Revenue Growth (3Y CAGR)	26.28%	-8.41%
EPS Growth (YoY)	--	143.20%
EPS Growth (3Y CAGR)	81.32%	-26.09%

Financial Strength

Current Ratio (MRQ)

Both Harmony Gold Mining (HMY) at 0.84 and ArcelorMittal (MT) at 1.41 run current ratio in the tighter-liquidity quartile of industry peers, leaving thinner cushions against current liabilities than typical competitors.

HMY

Materials industry group

0.84

Max: 5.96
Q3: 3.30
Median: 2.24
Q1: 1.45
HMY: 0.84
Min: 0.16

MT

Materials industry group

1.41

Max: 5.96
Q3: 3.30
Median: 2.24
Q1: 1.45
MT: 1.41
Min: 0.16

Harmony Gold Mining (HMY) vs. ArcelorMittal (MT): A comparison of their current ratio against the Materials industry group benchmark.

Debt / Equity (MRQ)

Harmony Gold Mining (HMY) at 0.13 keeps leverage in the lower industry quartile, while ArcelorMittal (MT) at 0.24 runs a more typical debt-to-equity mix.

HMY

Materials industry group

0.13

Max: 1.98
Q3: 0.89
Median: 0.47
Q1: 0.13
HMY: 0.13
Min: 0.00

MT

Materials industry group

0.24

Max: 1.98
Q3: 0.89
Median: 0.47
MT: 0.24
Q1: 0.13
Min: 0.00

Harmony Gold Mining (HMY) vs. ArcelorMittal (MT): A comparison of their debt-to-equity ratio against the Materials industry group benchmark.

Financial Strength Metrics

Financial strength metrics for Harmony Gold Mining (HMY) and ArcelorMittal (MT)
Metric	HMY	MT
Current Ratio (MRQ)	0.84	1.41
Debt / Equity (MRQ)	0.13	0.24
Net Debt / EBITDA	0.02	2.08

Dividends

Dividend Yield (TTM)

ArcelorMittal (MT) at 0.99% pays an industry-typical yield; Harmony Gold Mining (HMY) at 75.74% is above its entire peer range — the higher number, but one that calls for a look at payout sustainability before treating it as an advantage.

HMY

Materials industry group

75.74%

HMY: 75.74%
Max: 4.52%
Q3: 1.85%
Median: 0.38%
Q1: 0.00%
Min: 0.00%

MT

Materials industry group

0.99%

Max: 4.52%
Q3: 1.85%
MT: 0.99%
Median: 0.38%
Q1: 0.00%
Min: 0.00%

Harmony Gold Mining (HMY) vs. ArcelorMittal (MT): A comparison of their dividend yield against the Materials industry group benchmark.

Dividend Payout Ratio (TTM)

Harmony Gold Mining (HMY) at 15.28% pays out a band-typical share of earnings, while ArcelorMittal (MT) at 52.92% distributes more than its industry norm — less retained, thinner cover.

HMY

Materials industry group

15.28%

Max: 83.62%
Q3: 41.37%
HMY: 15.28%
Median: 9.54%
Q1: 0.00%
Min: 0.00%

MT

Materials industry group

52.92%

Max: 83.62%
MT: 52.92%
Q3: 41.37%
Median: 9.54%
Q1: 0.00%
Min: 0.00%

Harmony Gold Mining (HMY) vs. ArcelorMittal (MT): A comparison of their payout ratio against the Materials industry group benchmark.

Dividend Metrics

Dividend metrics for Harmony Gold Mining (HMY) and ArcelorMittal (MT)
Metric	HMY	MT
Dividend Yield (TTM)	75.74%	0.99%
Dividend Payout Ratio (TTM)	15.28%	52.92%

Valuation

P/E Ratio (TTM)

Harmony Gold Mining (HMY) at 6.27 sits in the cheaper P/E ratio quartile, while ArcelorMittal (MT) at 44.51 sits in the richer quartile — a clear split in what investors pay for each dollar of trailing earnings.

HMY

Materials industry group

6.27

Max: 59.00
Q3: 32.93
Median: 18.82
Q1: 11.96
HMY: 6.27
Min: 3.93

MT

Materials industry group

44.51

Max: 59.00
MT: 44.51
Q3: 32.93
Median: 18.82
Q1: 11.96
Min: 3.93

Harmony Gold Mining (HMY) vs. ArcelorMittal (MT): A comparison of their P/E ratio against the Materials industry group benchmark.

P/S Ratio (TTM)

Both Harmony Gold Mining (HMY) at 0.11 and ArcelorMittal (MT) at 0.72 fetch a relatively low price per dollar of sales, landing in the cheaper P/S ratio quartile of their industries.

HMY

Materials industry group

0.11

Max: 9.62
Q3: 4.34
Median: 1.87
Q1: 0.73
HMY: 0.11
Min: 0.00

MT

Materials industry group

0.72

Max: 9.62
Q3: 4.34
Median: 1.87
Q1: 0.73
MT: 0.72
Min: 0.00

Harmony Gold Mining (HMY) vs. ArcelorMittal (MT): A comparison of their P/S ratio against the Materials industry group benchmark.

P/B Ratio (MRQ)

On P/B ratio, both Harmony Gold Mining (HMY) at 2.34 and ArcelorMittal (MT) at 1.70 are valued close to their industries’ norm against book — neither stands out from peers.

HMY

Materials industry group

2.34

Max: 6.59
Q3: 3.55
HMY: 2.34
Median: 2.08
Q1: 1.26
Min: -0.17

MT

Materials industry group

1.70

Max: 6.59
Q3: 3.55
Median: 2.08
MT: 1.70
Q1: 1.26
Min: -0.17

Harmony Gold Mining (HMY) vs. ArcelorMittal (MT): A comparison of their P/B ratio against the Materials industry group benchmark.

Valuation Metrics

Valuation metrics for Harmony Gold Mining (HMY) and ArcelorMittal (MT)
Metric	HMY	MT
P/E Ratio (TTM)	6.27	44.51
P/S Ratio (TTM)	0.11	0.72
P/B Ratio (MRQ)	2.34	1.70
Free Cash Flow Yield (TTM)	91.49%	-1.75%