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AngloGold Ashanti Plc (AU)

NYSE / Basic Materials / Gold

Share price

91.57 USD Market dataClose of Oct 15, 2026

Market capitalisation

46.31B USD Market dataClose of Oct 15, 2026
Market data
Oct 15, 2026
Filed accounts
FY2025, filed Mar 26, 2026
Ratios computed
Oct 15, 2026
Filed years
5, FY2021 to FY2025
Four kinds of sourceSEC filingCompany statementMarket dataComputedWhat each means
SEC filingFiled with the SEC
Read from a statement the company filed with the SEC, with the form, fiscal year, filing date and accession beside it.
Company statementCompany statement
What the company says about itself in a filing: an 8-K item, the auditor, its own segment names.
Market dataMarket data
Prices, market value and what analysts publish, with the date they are as of.
ComputedComputed by ValueScreener
Worked out by us from the other three, with the inputs and the formula one press away. A score is a research output, not a rating or a recommendation.
Reading

1 of 10

Overview

What the business is, what it costs, and how it reads on four questions.

Market dataSEC filingComputed

Four questions, at a glance

Quality

Return on invested capital, after tax

43.8% Computed

From the FY2025 filing

Read quality

Valuation

Price to earnings

14.59x Computed

FY2025 accounts, priced at the latest close

Read valuation

Cash generation

Free cash flow yield

7.2% Computed

FY2025 accounts, priced at the latest close

Read cash generation

Revenue and net income, by fiscal year

FY2016 Revenue: 4.22B USDFY2016 Net income: 63.0M USDFY2017 Revenue: 3.39B USDFY2017 Net income: 145.0M USDFY2018 Revenue: 3.34B USDFY2018 Net income: 216.0M USDFY2019 Revenue: 3.52B USDFY2019 Net income: -7.0M USDFY2020 Revenue: 4.59B USDFY2020 Net income: 1.01B USDFY2021 Revenue: 4.03B USDFY2021 Net income: 638.0M USDFY2022 Revenue: 4.50B USDFY2022 Net income: 251.0M USDFY2023 Revenue: 4.58B USDFY2023 Net income: -222.0M USDFY2024 Revenue: 5.79B USDFY2024 Net income: 1.05B USDFY2025 Revenue: 9.89B USDFY2025 Net income: 3.17B USD
Revenue Net income10 fiscal years; a year whose statement names no SEC filing is market data, and the table in Filings says which.
Named tests met
5 of 30 Which tests
The business, and the score behind its five axes

The reading, in brief

Is it cheap

Price to earnings is 14.59x at the close of 2026-10-15 on FY2025 figures; the lines are 15.00x (Graham's defensive ceiling) and, by market convention, 10.00x, 25.00x and 40.00x, and this sits between 10.00x and 15.00x.

Today, against the Basic Materials sector (124 companies), 14.59x sits at the 22nd percentile; the middle half of that group runs from 15.03x to 34.97x.

Is it good

Return on invested capital was 43.8% in FY2025, in the band labelled "Exceptional" (20.0% and above), on lines anchored on Damodaran's cost-of-capital data, suggesting returns on the capital in the business well above the usual cost of that capital.

Today, against the Basic Materials sector (99 companies), 43.8% sits at the 100th percentile; the middle half of that group runs from 1.5% to 12.9%.

Is it safe

Debt to equity was 0.28 in FY2025, in the band labelled "Conservative" (below 0.50), on lines anchored on Graham's defensive-investor criteria, suggesting a balance sheet that relies little on borrowing.

Today, against the Basic Materials sector (146 companies), 0.28 sits at the 36th percentile; the middle half of that group runs from 0.18 to 0.89.

Year by year against peers
Whether AngloGold Ashanti Plc's return on equity stayed above the median of the Gold industry, year by year. (FY2023 to FY2025, 3 fiscal years of AngloGold Ashanti Plc with a comparable figure)
The direction
Which way AngloGold Ashanti Plc's return on equity has moved, and how steadily. (FY2016 to FY2025, 10 filed years of AngloGold Ashanti Plc)
What could explain it
What in AngloGold Ashanti Plc's filed statements could explain the movements. (10 readings drawn from the statement lines AngloGold Ashanti Plc filed)
What to check next
What to check next on AngloGold Ashanti Plc, and where in its filings. (3 questions for AngloGold Ashanti Plc)
In one paragraph
One paragraph on AngloGold Ashanti Plc's returns, cash, balance sheet and price. (11 of sixteen figures read for AngloGold Ashanti Plc)

These are AU’s filed figures. The research desk says what they mean, against peers and its own years, with what to check next.

Research AUPart of Serious. New accounts start with 30 days of Professional, free, no card.

2 of 10

What changed

The newest filing, what it moved, and when the next one is due.

SEC filingCompany statement

The newest accounts on file are the FY2025 annual report: 20-F, filed Mar 26, 2026, accession 0001973832-26-000066.

3 of 10

Quality

The returns the business earns on its capital, and the margins behind them.

SEC filingComputed

AngloGold Ashanti Plc: returns on capital and margins, each with its source
FigureValue, source and document
Return on invested capital, after tax43.8% ComputedFY2025 20-F, filed Mar 26, 2026, 0001973832-26-000066
Return on equity39.2% ComputedFY2025 20-F, filed Mar 26, 2026, 0001973832-26-000066
Return on capital employed, pre-tax
Why n/a

We do not hold this figure for this company, so there is nothing to show.

n/a ComputedFY2025 20-F, filed Mar 26, 2026, 0001973832-26-000066
Return on assets21.1% ComputedFY2025 20-F, filed Mar 26, 2026, 0001973832-26-000066
Gross margin49.2% ComputedFY2025 20-F, filed Mar 26, 2026, 0001973832-26-000066
Operating margin
Why n/a

No operating income line is filed for this year.

n/a ComputedFY2025 20-F, filed Mar 26, 2026, 0001973832-26-000066
Net margin32.1% ComputedFY2025 20-F, filed Mar 26, 2026, 0001973832-26-000066
AU 32.1%
KGC 33.9%B 29.4%RGLD 45.2%CDE 28.3%FNV 61.0%
28.3%61.0%
Net margin: AU against the 5 companies named under Valuation context, each as filed for its own latest year. Placement only: no average is drawn.

4 of 10

Financial strength

What it owes against what it owns, and whether it can meet what falls due.

SEC filingComputedCompany statement

AngloGold Ashanti Plc: leverage, liquidity and distress, each with its source
FigureValue, source and document
Debt to equity0.28 ComputedFY2025 20-F, filed Mar 26, 2026, 0001973832-26-000066
Current ratio2.87 ComputedFY2025 20-F, filed Mar 26, 2026, 0001973832-26-000066
Quick ratio2.20 ComputedFY2025 20-F, filed Mar 26, 2026, 0001973832-26-000066
Interest coverage
Why n/a

No operating income line is filed for this year.

n/a ComputedFY2025 20-F, filed Mar 26, 2026, 0001973832-26-000066
Altman Z-score
Why n/a

We do not hold this figure for this company, so there is nothing to show.

n/a ComputedClose of Oct 15, 2026 · FY2025 20-F, filed Mar 26, 2026, 0001973832-26-000066
Net debt-647.0M ComputedFY2025 20-F, filed Mar 26, 2026, 0001973832-26-000066
Total assets 15.08BTotal liabilities 5.16BShareholders' equity 8.09BOwnsOwes, and equity
Total assets Total liabilities Shareholders’ equity
The balance sheet, line by line

Financial health

What AngloGold Ashanti Plc owned and owed at the end of fiscal 2025, from the balance sheet it filed (20-F, filed Mar 26, 2026, 0001973832-26-000066).

AngloGold Ashanti Plc: balance sheet position
Total assets15.08B FiledFY2025 20-F, filed Mar 26, 2026
Total liabilities5.16B FiledFY2025 20-F, filed Mar 26, 2026
Shareholders' equity8.09B FiledFY2025 20-F, filed Mar 26, 2026
Cash2.90B FiledFY2025 20-F, filed Mar 26, 2026
Total debt2.26B FiledFY2025 20-F, filed Mar 26, 2026
Net debt-647.0M
Current ratio2.87
Debt to equity0.28
  • Interest cover: FY2025: No operating income line is filed for this year.

Read from the filed balance sheet for each year, with the income statement of the same year supplying operating profit where a ratio needs it. Nothing here is a view on whether this company is sound.

5 of 10

Valuation context

What the market charges for it, against its own record and companies like it.

Market dataSEC filingComputed

AngloGold Ashanti Plc: what the market charges, each with its source
FigureValue, source and document
Price to earnings14.59x ComputedClose of Oct 15, 2026 · FY2025 20-F, filed Mar 26, 2026, 0001973832-26-000066
P/E on trailing twelve months
Why n/a

A trailing figure needs 4 filed quarters with the dates they were filed on, and we hold 0 for this company. Nothing is drawn rather than a line built from fewer.

n/a ComputedClose of Oct 15, 2026 · Trailing four quarters, each as known on the day; the quarterly filings are listed under Filings
Price to book5.72x ComputedClose of Oct 15, 2026 · FY2025 20-F, filed Mar 26, 2026, 0001973832-26-000066
Price to sales4.68x ComputedClose of Oct 15, 2026 · FY2025 20-F, filed Mar 26, 2026, 0001973832-26-000066
Enterprise value to EBIT10.40x ComputedClose of Oct 15, 2026 · FY2025 20-F, filed Mar 26, 2026, 0001973832-26-000066
Enterprise value to EBITDA
Why n/a

We do not hold this figure for this company, so there is nothing to show.

n/a ComputedClose of Oct 15, 2026 · FY2025 20-F, filed Mar 26, 2026, 0001973832-26-000066
Price to earnings over growth
Why n/a

We do not hold this figure for this company, so there is nothing to show.

n/a ComputedClose of Oct 15, 2026 · FY2025 20-F, filed Mar 26, 2026, 0001973832-26-000066
Diluted earnings per share
Why n/a

The FY2025 filing carries no diluted earnings per share we could read.

n/a FiledFY2025 20-F, filed Mar 26, 2026, 0001973832-26-000066
Graham number
Why n/a

We do not hold this figure for this company, so there is nothing to show.

n/a ComputedFY2025 20-F, filed Mar 26, 2026, 0001973832-26-000066

We publish no fair value or price target of our own. Value AU on your own assumptions in the DCF workbench, starting from the filed figures.

Its own record, and companies like it

Valuation

What the market charges for AngloGold Ashanti Plc today, and the multiples it has carried. No value of ours: the figures are the filings’ and the market’s.

AngloGold Ashanti Plc: valuation
Share price91.57 USD
Market capitalisation46.31B USD
Enterprise value to EBITDAn/a
Graham numbern/a
Diluted earnings per share, FY2020n/a

Price to earnings on trailing twelve months: A trailing figure needs 4 filed quarters with the dates they were filed on, and we hold 0 for this company. Nothing is drawn rather than a line built from fewer.

Companies like AngloGold Ashanti Plc

  1. Kinross Gold Corporation (KGC)Market cap 28.29B USD
  2. Barrick Mining Corporation (B)Market cap 66.79B USD
  3. Royal Gold, Inc. (RGLD)Market cap 19.77B USD
  4. Coeur Mining, Inc. (CDE)Market cap 15.94B USD
  5. Franco-Nevada Corporation (FNV)Market cap 46.46B USD

Same industry (Gold) and size band (Large, 10B to 200B), nearest in market value, net margin and current ratio. Each of those counts equally, by how many of the companies considered sit between the two on it. Closest first: the order is likeness and nothing else.

6 of 10

Cash generation

Whether profit arrives as cash, and what is paid back to shareholders.

SEC filingComputed

AngloGold Ashanti Plc: cash generation and what is paid out, each with its source
FigureValue, source and document
Free cash flow yield7.2% ComputedClose of Oct 15, 2026 · FY2025 20-F, filed Mar 26, 2026, 0001973832-26-000066
Free cash flow3.33B USD ComputedFY2025 20-F, filed Mar 26, 2026, 0001973832-26-000066
Free cash flow margin33.7% ComputedFY2025 20-F, filed Mar 26, 2026, 0001973832-26-000066
Dividend yield
Why n/a

The vendor's per-share dividend record disagrees with the company's filed dividends by more than 15%.

n/a ComputedClose of Oct 15, 2026 · FY2025 20-F, filed Mar 26, 2026, 0001973832-26-000066
Payout ratio
Why n/a

We do not hold this figure for this company, so there is nothing to show.

n/a ComputedFY2025 20-F, filed Mar 26, 2026, 0001973832-26-000066
FY2016 Free cash flow: 475.0M USDFY2016 Net income: 63.0M USDFY2017 Free cash flow: 322.0M USDFY2017 Net income: 145.0M USDFY2018 Free cash flow: 282.0M USDFY2018 Net income: 216.0M USDFY2019 Free cash flow: 224.0M USDFY2019 Net income: -7.0M USDFY2020 Free cash flow: 862.0M USDFY2020 Net income: 1.01B USDFY2021 Free cash flow: 240.0M USDFY2021 Net income: 638.0M USDFY2022 Free cash flow: 776.0M USDFY2022 Net income: 251.0M USDFY2023 Free cash flow: -71.0M USDFY2023 Net income: -222.0M USDFY2024 Free cash flow: 878.0M USDFY2024 Net income: 1.05B USDFY2025 Free cash flow: 3.33B USDFY2025 Net income: 3.17B USD
Free cash flow Net incomeProfit that arrives as cash stands level with net income; a gap year after year is worth reading about.

7 of 10

Filings

Every figure, the year it is for and the document it was read from.

SEC filingMarket data

The filed figures

Computed from the accounts this company filed with the SEC and, in a ratio with a price in it, the last close, dated on this page. Every filed figure below carries the fiscal year and the filing date its accounts were read from, and every blank carries the reason it is blank. Nothing here is a view on this company.

AngloGold Ashanti Plc: the eight ratios, with the fiscal year and filing date behind each.
FigureValueYearAs of
14.59xFY2025Oct 15, 2026
5.72xFY2025Oct 15, 2026
10.40xFY2025Oct 15, 2026
7.2%FY2025Oct 15, 2026
43.8%FY2025Mar 26, 2026
n/aFY2025Oct 15, 2026
n/a The vendor's per-share dividend record disagrees with the company's filed dividends by more than 15%.
0.28FY2025Mar 26, 2026
2.87FY2025Mar 26, 2026
4.68xFY2025Oct 15, 2026
n/aFY2025Oct 15, 2026
n/a The filed income statement reports no earnings per share.
n/aFY2025Oct 15, 2026
n/a We hold no figure here and no stored reason for its absence. The gap is ours, not the company's.
-2.24FY2025Mar 26, 2026
8/9FY2025Mar 26, 2026

The figures are computed from the accounts for fiscal 2025, the newest full year on file. 5 filed fiscal years on record, FY2021 to FY2025, from SEC EDGAR. Prices as of Oct 15, 2026. Ratios recomputed Oct 15, 2026. Two facts, because a recompute is not a fresh quote.

The year and the filing date name the statement each figure’s accounts are read from, and they stand even where the figure itself could not be computed: the line beneath a blank says what that statement did not carry. A figure’s name opens its formula and the filings behind it; a statement that names no SEC filing has no filing date, and reads n/a.

Ten years of filed figures, year by year

Ten years of filed figures

10 fiscal years, FY2016 to FY2025. 5 read from the annual reports AngloGold Ashanti Plc filed with the SEC, each naming its filing; the rest from statements that name none, which are market data. Amounts in USD, as reported.

AngloGold Ashanti Plc: revenue, earnings, free cash flow and returns, by fiscal year, with the filing each year was read from
YearRevenueOperating incomeNet incomeEPS, dilutedFree cash flowOperating marginReturn on equityFiling
FY20259.89B4.39B3.17Bn/a3.33Bn/a39.2%20-F, Mar 26, 20260001973832-26-000066
FY20245.79B1.79B1.05Bn/a878.0Mn/a15.8%20-F, Apr 15, 20250001628280-25-017760
FY20234.58B176.0M-222.0Mn/a-71.0Mn/a-6.0%20-F, Apr 25, 20240001628280-24-017820
FY20224.50B574.0M251.0Mn/a776.0Mn/a6.2%20-F, Apr 25, 20240001628280-24-017820
FY20214.03B1.06B638.0Mn/a240.0Mn/a15.8%20-F, Apr 25, 20240001628280-24-017820
FY20204.59B1.50B1.01B2.34862.0M32.6%27.3%Market data, supplied Oct 15, 2026accession n/a
FY20193.52B621.0M-7.0M-0.02224.0M17.6%-0.3%Market data, supplied Oct 15, 2026accession n/a
FY20183.34B493.0M216.0M0.52282.0M14.8%8.1%Market data, supplied Oct 15, 2026accession n/a
FY20173.39B542.0M145.0M0.35322.0M16.0%5.4%Market data, supplied Oct 15, 2026accession n/a
FY20164.22B544.0M63.0M0.15475.0M12.9%2.3%Market data, supplied Oct 15, 2026accession n/a
  • Revenue, compound annual growth FY2016 to FY2025: 9.9%
  • Earnings, compound annual growth FY2016 to FY2025: 54.6%
  • Earnings per share, compound annual growth FY2016 to FY2020: 98.7%
  • Free cash flow, compound annual growth FY2016 to FY2025: 24.2%

Every figure in this section is a line of a filed annual statement or a ratio of two of them. Nothing here is estimated or smoothed. Earnings per share filed before a share split are put on today's share count, and say so. Nothing here is a verdict on the company.

8 of 10

Risks and guardrails

The accounting screens, the published tests, and the lines you can set to be told.

ComputedCompany statement

AngloGold Ashanti Plc: accounting screens and published tests, each with its source
FigureValue, source and document
Beneish M-score-2.24 ComputedFY2025 20-F, filed Mar 26, 2026, 0001973832-26-000066
Piotroski F-score8/9 ComputedFY2025 20-F, filed Mar 26, 2026, 0001973832-26-000066
Named tests met5 of 30 Computed
Beta1.11 ComputedClose of Oct 15, 2026

The named tests

Of 30 tests value investors published: 5 met, 16 not met, 9 we could not complete. Counts, never a score: a single figure would have to decide that meeting one investor’s criteria and meeting another’s are worth the same.

Which tests, by name(all 30)
Meets
Earnings yield and ROIC (Joel Greenblatt); High returns and growth; ROIC at or above WACC; Cash-flow yield and ROIC; Clean books, high ROIC
Does not
Defensive investor (Benjamin Graham); Deep value; Large cap, low P/E; High F-score, low P/B (Joseph Piotroski); Gross margin, turnover (Robert Novy-Marx); Low beta, profitable; Near the 52-week low; Two thirds of NCAV (Benjamin Graham); Owner earnings yield; High return on tangibles; Low P/S, rising earnings (James O'Shaughnessy); Book or below, low debt (Walter Schloss); Tangible book or below; Cheapest quarter on P/E (David Dreman); Cheapest quarter on P/B (David Dreman); Low P/E, growth, yield (John Neff)
Not measured
Three forensic scores; Low PEG, low debt (Peter Lynch); EV/EBITDA and coverage; High yield, low payout; Dividends and buybacks; Z-score and coverage (Edward Altman); P/E times P/B (Benjamin Graham); High returns, low debt; Cash-covered dividend. A test with a figure we could not read is incomplete, never met and never failed.
Figures we could not read(12)
  • Positive Earnings Streak: The latest filed year has no per-share earnings we can read; the test needs 10.
  • Altman Z-Score: We do not hold this figure for this company, so there is nothing to show.
  • PEG Ratio: We do not hold this figure for this company, so there is nothing to show.
  • Eps Growth 5Y: We do not hold this figure for this company, so there is nothing to show.
  • EV/EBITDA: We do not hold this figure for this company, so there is nothing to show.
  • Interest Coverage: No operating income line is filed for this year.
  • Dividend Yield: The vendor's per-share dividend record disagrees with the company's filed dividends by more than 15%.
  • Payout Ratio: We do not hold this figure for this company, so there is nothing to show.
  • Share Count Change Yoy: We do not hold this figure for this company, so there is nothing to show.
  • Price To Graham: We do not hold this figure for this company, so there is nothing to show.
  • Dividend Coverage Ratio: We do not hold this figure for this company, so there is nothing to show.
  • Dividend Streak: We do not hold this figure for this company, so there is nothing to show.

9 of 10

Declared positions

Whether anybody here owns this company.

Positions declared by Javier Sanz Alvarez: no holding in any company shown here, as of October 3, 2026.

10 of 10

Next step

What to do with what you have read.

A thesis is your reason for owning it, in your words, with the figures that must stay true. Checking those figures every night against the newest filed accounts, and telling you once when one breaks, is what the subscription adds.

More on this company

What this cannot tell you

  • 12 figures could not be read on this company, among them Positive Earnings Streak, Altman Z-Score, PEG Ratio. Each blank in the table above names the rest, with its reason. 9 named tests come back incomplete because of them, which is neither met nor missed.
  • We hold 5 filed fiscal years rather than 10, so the run above is shorter than a full decade and is counted as what it is.

And the one that is true of all of it: This is what the numbers say today. It cannot tell you the day one of them stops being true. Nothing here can, because the reasons are not written down.

Running this once is arithmetic on public documents and you are welcome to it. Writing down why you own each company, in your own words and with the numbers that have to stay true for it to hold, and then having those numbers re-checked every night against the newest filed accounts, and against the latest close where a rule watches a price, is Professional, the plan a new account starts on for 30 days, one trial per person. It writes to you the day one breaks, and stays quiet when nothing does. The check runs every night at 23:30 UTC. A filing is picked up the night after it is published.

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ValueScreener · valuescreener.ai · Computed from accounts filed with the SEC by this company, read from EDGAR, and from dated closing prices. On this page a filed figure opens into its formula, its inputs and the statement, fiscal year and filing date it was read from, and a price into the day of its close. A figure that cannot show that trail says so.

A computation on accounts filed with the SEC, not a recommendation and not advice. Past filings do not indicate future results. Risk disclaimer.

Margin Notes

Once a week, what changed in the filings of US-listed companies, why it can matter to a thesis, and what deserves a closer review. Grounded in filings, not market noise.

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