HMY vs. RGLD: Harmony Gold Mining vs. Royal Gold Stock Comparison

November 11, 2026

How do Harmony Gold Mining (HMY) and Royal Gold (RGLD) 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 Royal Gold (RGLD) are both classified in the Gold sub-industry within the broader Metals & Mining industry, placing them in the closest GICS peer bucket.

Royal Gold (RGLD) trades as ordinary local shares, while Harmony Gold Mining (HMY) trades as an ADR — compare with FX exposure, depositary-program fees, and dividend-withholding-tax differences in mind.

Company profile comparison for Harmony Gold Mining (HMY) and Royal Gold (RGLD)
Profile Item	HMY	RGLD
Name	Harmony Gold Mining Company Limited - Depositary Receipt (Common Stock)	Royal Gold, Inc.
Country/Region	South Africa	United States
GICS Sector	Materials	Materials
GICS Industry Group	Materials	Materials
GICS Industry	Metals & Mining	Metals & Mining
GICS Sub-Industry	Gold	Gold
Market Capitalization	10.77 billion USD	22.47 billion USD
Currency	USD	USD
Exchange	NYSE	Nasdaq
Listing Date	May 17, 1994	June 9, 1981
Security Type	ADR	Common Stock

Price Performance

Cumulative Growth

HMY

RGLD

GSPC

Harmony Gold Mining (HMY) vs. Royal Gold (RGLD), 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 Royal Gold (RGLD). Returns over one year are annualized.

Calendar-Year Returns

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Calendar-year total returns for Harmony Gold Mining (HMY) and Royal Gold (RGLD). 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 Royal Gold (RGLD)
Metric	HMY	RGLD
Total Return (1Y)	10.98%	60.60%
Total Return (3Y, Annualized)	60.07%	39.65%
Total Return (5Y, Annualized)	39.44%	23.26%

Risk Profile

Drawdown History

HMY

RGLD

GSPC

Harmony Gold Mining (HMY) vs. Royal Gold (RGLD), 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 Royal Gold (RGLD). 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 Royal Gold (RGLD)
Metric	HMY	RGLD
Volatility (1Y, Annualized)	63.56%	41.91%
Beta (5Y)	1.08	0.39
Max Drawdown (5Y)	-62.48%	-40.73%
Avg. Volume (3M)	3.68M	667.01K

Risk-Adjusted Performance

Risk-Return Positioning

HMY and RGLD 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 Royal Gold (RGLD)
Metric	HMY	RGLD
Sharpe Ratio (1Y)	0.11	1.34
Sortino Ratio (1Y)	0.15	2.00

Profitability

ROE (TTM)

Harmony Gold Mining (HMY) at 48.05% sits in the top ROE quartile, while Royal Gold (RGLD) at 15.03% 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%

RGLD

Materials industry group

15.03%

Max: 52.88%
Q3: 19.49%
RGLD: 15.03%
Median: 8.76%
Q1: -3.41%
Min: -32.81%

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

Net Margin (TTM)

Royal Gold (RGLD) at 47.99% keeps the most of each sales dollar — above its industry’s net margin range — and Harmony Gold Mining (HMY) at 29.57% also retains a top-quartile 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%

RGLD

Materials industry group

47.99%

RGLD: 47.99%
Max: 38.66%
Q3: 15.98%
Median: 5.28%
Q1: 0.00%
Min: -20.40%

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

Operating Margin (TTM)

Both Harmony Gold Mining (HMY) at 47.18% and Royal Gold (RGLD) at 65.85% convert sales into operating profit at a top-quartile rate, pointing to tighter cost discipline before financing and tax.

HMY

Materials industry group

47.18%

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

RGLD

Materials industry group

65.85%

Max: 66.70%
RGLD: 65.85%
Q3: 28.92%
Median: 12.56%
Q1: 3.28%
Min: -14.07%

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

Profitability Metrics

Profitability metrics for Harmony Gold Mining (HMY) and Royal Gold (RGLD)
Metric	HMY	RGLD
ROE (TTM)	48.05%	15.03%
ROA (TTM)	25.06%	9.97%
Net Margin (TTM)	29.57%	47.99%
Operating Margin (TTM)	47.18%	65.85%
Gross Margin (TTM)	49.62%	86.63%

Growth

Revenue Growth

Only one side can be read here: Royal Gold (RGLD) reports revenue growth of 43.24%, ranked against its industry; Harmony Gold Mining (HMY) has no revenue growth figure this period.

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

EPS Growth

Only one side can be read here: Royal Gold (RGLD) reports EPS growth of 32.74%, ranked against its industry; Harmony Gold Mining (HMY) has no EPS growth figure this period.

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

Growth Metrics

Growth metrics for Harmony Gold Mining (HMY) and Royal Gold (RGLD)
Metric	HMY	RGLD
Revenue Growth (YoY)	--	43.24%
Revenue Growth (3Y CAGR)	26.28%	19.54%
EPS Growth (YoY)	--	32.74%
EPS Growth (3Y CAGR)	81.32%	22.60%

Financial Strength

Current Ratio (MRQ)

Royal Gold (RGLD) at 2.40 keeps current ratio within its industry’s typical mid-range, while Harmony Gold Mining (HMY) at 0.84 runs in the tighter-liquidity quartile — a thinner cushion against current liabilities for HMY.

HMY

Materials industry group

0.84

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

RGLD

Materials industry group

2.40

Max: 5.96
Q3: 3.30
RGLD: 2.40
Median: 2.24
Q1: 1.45
Min: 0.16

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

Debt / Equity (MRQ)

Both Harmony Gold Mining (HMY) at 0.13 and Royal Gold (RGLD) at 0.02 keep leverage in the lower quartile of their industries, with less balance-sheet debt relative to equity than most peers.

HMY

Materials industry group

0.13

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

RGLD

Materials industry group

0.02

Max: 1.98
Q3: 0.89
Median: 0.47
Q1: 0.13
RGLD: 0.02
Min: 0.00

Harmony Gold Mining (HMY) vs. Royal Gold (RGLD): 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 Royal Gold (RGLD)
Metric	HMY	RGLD
Current Ratio (MRQ)	0.84	2.40
Debt / Equity (MRQ)	0.13	0.02
Net Debt / EBITDA	0.02	-0.03

Dividends

Dividend Yield (TTM)

Royal Gold (RGLD) at 0.74% 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%

RGLD

Materials industry group

0.74%

Max: 4.52%
Q3: 1.85%
RGLD: 0.74%
Median: 0.38%
Q1: 0.00%
Min: 0.00%

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

Dividend Payout Ratio (TTM)

Both Harmony Gold Mining (HMY) at 15.28% and Royal Gold (RGLD) at 19.41% keep payout ratio within their industries’ typical mid-ranges — dividend policies that share earnings without consuming too much of them.

HMY

Materials industry group

15.28%

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

RGLD

Materials industry group

19.41%

Max: 83.62%
Q3: 41.37%
RGLD: 19.41%
Median: 9.54%
Q1: 0.00%
Min: 0.00%

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

Dividend Metrics

Dividend metrics for Harmony Gold Mining (HMY) and Royal Gold (RGLD)
Metric	HMY	RGLD
Dividend Yield (TTM)	75.74%	0.74%
Dividend Payout Ratio (TTM)	15.28%	19.41%

Valuation

P/E Ratio (TTM)

Harmony Gold Mining (HMY) at 6.27 sits in the cheaper P/E ratio quartile, while Royal Gold (RGLD) at 27.15 is closer to its industry’s usual earnings multiple — a discount for HMY, though growth and earnings durability still matter.

HMY

Materials industry group

6.27

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

RGLD

Materials industry group

27.15

Max: 59.00
Q3: 32.93
RGLD: 27.15
Median: 18.82
Q1: 11.96
Min: 3.93

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

P/S Ratio (TTM)

Harmony Gold Mining (HMY) at 0.11 sits in the cheaper P/S ratio quartile while Royal Gold (RGLD) at 12.86 prices above its industry range — a wide gap in sales valuation between them.

HMY

Materials industry group

0.11

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

RGLD

Materials industry group

12.86

RGLD: 12.86
Max: 9.62
Q3: 4.34
Median: 1.87
Q1: 0.73
Min: 0.00

Harmony Gold Mining (HMY) vs. Royal Gold (RGLD): 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 Royal Gold (RGLD) at 2.91 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

RGLD

Materials industry group

2.91

Max: 6.59
Q3: 3.55
RGLD: 2.91
Median: 2.08
Q1: 1.26
Min: -0.17

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

Valuation Metrics

Valuation metrics for Harmony Gold Mining (HMY) and Royal Gold (RGLD)
Metric	HMY	RGLD
P/E Ratio (TTM)	6.27	27.15
P/S Ratio (TTM)	0.11	12.86
P/B Ratio (MRQ)	2.34	2.91
Free Cash Flow Yield (TTM)	91.49%	4.24%