AngloGold Ashanti PLC

AngloGold Ashanti plc operates as a gold mining company in Africa, Australia, and the Americas. It explores for gold, as well as by-products, including silver and sulphuric acid. The company's flagship property includes 100% owned the Geita mine located in the Lake Victoria goldfields of the Geita region in northwestern Tanzania.

About the company

Country: United KingdomPrice: $86.29Market Cap: $43.7B

Investment snapshot

35%positive consensus

Scored 1d ago

Positive

BUY / PASS

Neutral / negative

2 / 9

NEUTRAL / FAIL

Median fair value

$54.98

-36.3% vs price

Models with upside

1 / 17

Positive margin of safety

Strongest signal

10 of 12 pass — Marks and Asness object

Key risk

No clean pass — all 8 investors flag at least one growth criterion

Framework analysis

Verdict	Meaning
BUY	Positive purchase signal: the framework's buy requirements are met.
PASS	The company clears the framework's checklist or screen, but the framework does not produce a buy signal. For valuation frameworks this often means margin of safety is missing, insufficient, or unavailable; some screen-only frameworks have no intrinsic-value BUY state.
NEUTRAL	Neither a positive nor negative conclusion. It does not mean to hold an existing position.
FAIL	The company does not clear the framework's requirements.
Ranked	Ranked strategies do not use PASS: selected cohort is BUY, outside the cohort is FAIL, and unranked is NEUTRAL.

Current investor scores use trailing 12-month flows and the latest balance sheet where supported. Multi-year and EPS tests retain annual history; each framework shows its financial basis below. Intrinsic values use annual financials.

Metric	Graham Defensive Value	Buffett Quality Compounder	Lynch GARP	Greenblatt Magic Formula	Piotroski F-Score	Dreman Contrarian Value	Munger Quality Focus	Pabrai Dhandho Framework	Akre Three-Legged Stool	Marks Risk-Aware Value	Ackman Activist Value	Templeton Global Bargain Hunter	Sleep Scale Economies Shared	Asness Systematic Factors	Neff Low-P/E Total Return	Schloss Asset-Value Discipline	O'Shaughnessy Systematic Factor Composite
Verdict	FAIL	FAIL	FAIL	BUY · Rank #227 (Top 7.3%)	BUY	PASS	PASS	FAIL	FAIL	FAIL	PASS	FAIL	FAIL	BUY	FAIL	NEUTRAL	NEUTRAL
Score
Analysis	Checking access…	Checking access…	Checking access…	Checking access…	Checking access…	Checking access…	Checking access…	Checking access…	Checking access…	Checking access…	Checking access…	Checking access…	Checking access…	Checking access…	Checking access…	Checking access…	Checking access…
Intrinsic Value (annual)		N/A	N/A		N/A	N/A	N/A			N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Margin of Safety	-99.7%	N/A	N/A	-160.1%	N/A	N/A	N/A	+16.0%	-29.3%	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Financial Basis	Annual history · FY 2025 Latest source filing: 2026-03-26 Score computed: 2026-11-14	Annual history · FY 2025 Latest source filing: 2026-03-26 Score computed: 2026-11-14	Annual history · FY 2025 Latest source filing: 2026-03-26 Score computed: 2026-11-14	Annual history · FY 2025 Latest source filing: 2026-03-26 Score computed: 2026-11-14	Annual history · FY 2025 Latest source filing: 2026-03-26 Score computed: 2026-11-14	Annual history · FY 2025 · Market data at 2026-11-01 Latest source filing: 2026-03-26 Score computed: 2026-11-14	Qualitative assessment · Annual history · FY 2025 Latest source filing: 2026-03-26 Score computed: 2026-11-14	Qualitative assessment · Annual history · FY 2025 Latest source filing: 2026-03-26 Score computed: 2026-11-14	Annual history · FY 2025 · Qualitative assessment Latest source filing: 2026-03-26 Score computed: 2026-11-14	Annual history · FY 2025 · Qualitative assessment Latest source filing: 2026-03-26 Score computed: 2026-11-14	Annual history · FY 2025 · Market data at 2026-11-01 Latest source filing: 2026-03-26 Score computed: 2026-11-14	Annual history · FY 2025 · Price history 2025-01-01–2026-11-01 Latest source filing: 2026-03-26 Score computed: 2026-11-14	Annual history · FY 2025 · Qualitative assessment Latest source filing: 2026-03-26 Score computed: 2026-11-14	Annual history · FY 2025 · Price history 2025-01-01–2026-11-01 Latest source filing: 2026-03-26 Score computed: 2026-11-14	Annual history · FY 2025 Latest source filing: 2026-03-26 Score computed: 2026-11-14	Annual history · FY 2025 Latest source filing: 2026-03-26 Score computed: 2026-11-14	Annual history · FY 2025 · Price history 2025-01-01–2026-11-01 Latest source filing: 2026-03-26 Score computed: 2026-11-14

Where It Passes

Debt & Leverage83% pass✓ 13✗ 2▾
10 of 12 pass — Marks and Asness object
LT Debt vs Net Current AssetsLT Debt $2.0B vs NCA $3.0B
✓GrahamLT Debt <= Net Current Assets
Debt/Equity & Interest CoverageD/E: 0.25, IC: 37.9x
✓BuffettD/E < 0.5 AND Interest Coverage > 5x
Total Debt / Equity0.25
✓Lynch< 0.33
Cash - Long-term Debt$880.0M
✓LynchPositive preferred
LT Debt / Total Assets Change14.37% -> 13.43%
✓PiotroskiDecreased YoY
Current Assets / Current Liabilities2.87
✓Dreman> 1.5✓SchlossCurrent ratio >= 1.50x (app cutoff)
Total Debt / Shareholders' Equity0.25
✓Dreman< 0.8✓Templeton< 1.0 (fixed cap; proxy for below-sector-median leverage)✓SchlossD/E < 1.00x
Debt Levels0.25
✓MungerDebt/Equity < 0.5✓AkreDebt/Equity < 0.3
Interest Coverage & Debt/EBITDAIC=37.9x, D/EBITDA=N/A (D&A unavailable)
✗MarksInterest Coverage > 3x; Debt/EBITDA < 4x
Total Debt / Shareholders Equity0.25
✓Ackman<= 1.0
Negative debt-to-equity (higher means less debt)-0.2526; #1868/4210 (top 44.4%)
✗AsnessTop 30% of eligible cross-section

Where It Falls Short

Growth0% pass✓ 2✗ 11▾
No clean pass — all 8 investors flag at least one growth criterion
EPS Growth (3-yr avg, 10-yr window)
✗Graham>= 33% growth
Basic earnings-growth PEG (dividends excluded)
✗Lynch< 1.0 (ideally < 0.5)
3-5 Year EPS CAGR
✗Lynch15-30% (Fast Grower); > 0% to pass
Inventory Growth vs Revenue GrowthInv: 2.0% vs Rev: 70.8%
✓LynchInventory growth < Revenue growth
EPS Growth Direction
✗DremanPositive over recent years
EPS CAGR
✗Dreman> 5% annualized
Positive Net Income Frequency4/5 years positive
✗MarksPositive net income in >= 7 of last 10 years
3yr Median Revenue Growth26.4%
✓Ackman>= 5%
Positive EPS Growth Frequency
✗AckmanPositive EPS growth in >= 3 of last 5 years
5-Year EPS CAGR
✗Templeton> 0% (5-year EPS CAGR)
Revenue growth vs. gross and operating margin trend
✗SleepRevenue rising; gross margin flat or falling; operating margin holding
5-year Revenue CAGR
✗SleepCAGR > 7%
3-5 Year Diluted EPS CAGR
✗Neff7%-20% annualized
Valuation15% pass✓ 5✗ 23▾
11 of 13 flag AU's valuation — Graham, Lynch, Dreman +8 more
Net income / market capitalization+7.27%; #1128/6340 (top 17.8%)
✓AsnessTop 30% of eligible cross-section✗OshaughnessyTop 10% of eligible cross-section
Price / 3-yr avg EPS
✗Graham<= 15x
Price-to-Book Ratio5.4x
✗Graham<= 1.5x
P/E x P/B
✗Graham<= 22.5
Basic earnings-growth PEG (dividends excluded)
✗Lynch< 1.0 (ideally < 0.5)
EBIT / Enterprise Value10.3%
✓Greenblatt> 10%
Earnings Yield + ROC AssessmentEY=10.3%, ROC=50.7%
✓GreenblattBoth EY > 10% and ROC > 25%
Price / EPS16.7x
✗Dreman< 12x✗Templeton< 12x (fixed ceiling; proxy for the market's cheapest 40%)
Price / (CFO / Shares)9.1x
✗Dreman< 8x
Price / Book Value per Share5.4x
✗Dreman< 1.2x✗Templeton< 1.5x✗SchlossP/B <= 0.80x (app cutoff)
Valuation ReasonablenessP/E=16.7x
✓MungerP/E < 25 or Owner Earnings Yield > 5%
P/E or FCF YieldP/E=16.7x
✗PabraiP/E < 15 or FCF Yield > 10%
P/B or P/E vs. Historical AverageP/E=16.7x, P/B=5.4x
✗MarksP/E < 15 or P/B < 2.0
Discount to Intrinsic Value
✗Marks>= 20% below intrinsic value
Price / FCF per Share
✗Ackman<= 25
Price vs. Trailing Low293% of trailing low ($29.47)
✗Templeton<= 120% of trailing low (certified split-adjusted live window)
Positive book equity / market capitalization+0.1853; #4252/6449 (top 65.9%)
✗AsnessTop 30% of eligible cross-section
Price / Diluted EPS16.7x
✗NeffP/E <= 15x (app proxy for a P/E 40%-60% below the market)
(EPS CAGR % + Dividend Yield %) / P/E
✗Neff> 0.7 (Neff's published traditional edge)
Price / Tangible Book Value per Share5.39x
✗SchlossP/TBV <= 1.00x (app cutoff)
Book Value per Share Change+66.2%
✓SchlossLatest BVPS >= earliest BVPS over >= 3 years (app rule)
Revenue / market capitalization+0.2266; #3654/5247 (top 69.6%)
✗OshaughnessyTop 10% of eligible cross-section
(Operating cash flow - capex) / market capitalization
✗OshaughnessyTop 10% of eligible cross-section
Trailing six-month price return through the evaluation date-21.02%; #4024/6202 (top 64.9%)
✗OshaughnessyTop 10% of eligible cross-section
Cash Flow20% pass✓ 3✗ 9▾
8 of 10 flag AU's cash flow — Buffett, Lynch, Dreman +5 more
Free Cash Flow Proxy
✗BuffettPositive and growing
FCF Positive and Growing
✗LynchPositive and growing
Operating Cash Flow$4.8B
✓PiotroskiCFO > 0
(CFO / Total Assets) vs ROACFO/Assets=31.73%, ROA=21.05%
✓PiotroskiCFO/Assets > ROA
Price / (CFO / Shares)9.1x
✗Dreman< 8x
P/E or FCF YieldP/E=16.7x
✗PabraiP/E < 15 or FCF Yield > 10%
FCF Positive
✗MarksPositive FCF in majority of recent years
(OCF - CapEx) / Market Cap
✗Ackman>= 4%
Price / FCF per Share
✗Ackman<= 25
Positive Operating Cash Flow frequency5/5 years positive
✓SleepPositive OCF in >= 70% of available years
Operating Cash Flow - Capital Expenditures
✗Neff> $0 (app proxy for a strong fundamental case)
(Operating cash flow - capex) / market capitalization
✗OshaughnessyTop 10% of eligible cross-section
Profitability25% pass✓ 13✗ 22▾
12 of 16 flag AU's profitability — Graham, Buffett, Lynch +9 more
Net income / market capitalization+7.27%; #1128/6340 (top 17.8%)
✓AsnessTop 30% of eligible cross-section✗OshaughnessyTop 10% of eligible cross-section
Positive EPS (10 years)4/6 years positive
✗GrahamPositive EPS every year for 10 years
EPS Growth (3-yr avg, 10-yr window)
✗Graham>= 33% growth
Net Income Positive (10+ years)4/6 years positive
✗BuffettPositive every year for 10+ years
ROE (up to 5-year arithmetic mean)14.2%
✗Buffett> 15% arithmetic mean (app rule)
Operating Margin (10-yr trend)
✗BuffettStable or rising over 10 years
Free Cash Flow Proxy
✗BuffettPositive and growing
Earnings Variance (10-yr CoV)
✗BuffettCoV < 0.3
Retained Earnings Effectiveness
✗Buffett$1 retained -> > $1 market value created
Basic earnings-growth PEG (dividends excluded)
✗Lynch< 1.0 (ideally < 0.5)
3-5 Year EPS CAGR
✗Lynch15-30% (Fast Grower); > 0% to pass
ROE39.2%
✓Lynch> 15%
EBIT / Enterprise Value10.3%
✓Greenblatt> 10%
Earnings Yield + ROC AssessmentEY=10.3%, ROC=50.7%
✓GreenblattBoth EY > 10% and ROC > 25%
Net Income / Total Assets21.05%
✓PiotroskiROA > 0
ROA Change YoY7.93% -> 21.05% (delta: +13.12%)
✓PiotroskiCurrent ROA > Prior ROA
(CFO / Total Assets) vs ROACFO/Assets=31.73%, ROA=21.05%
✓PiotroskiCFO/Assets > ROA
Gross Margin Change YoY35.7% -> 49.2%
✓PiotroskiImproved YoY
Pre-Tax Income / Revenue43.2%
✓Dreman>= 8%
Net Income / Shareholders' Equity39.2%
✓Dreman> 12%
Margin of SafetyP/E=16.7x, P/B=5.4x
✗PabraiP/B < 1.5 or P/E < 15
Return on Equity16.4% (3-yr avg)
✗AkreROE > 20% (3-year avg)
Discount to Intrinsic Value
✗Marks>= 20% below intrinsic value
Positive Net Income Frequency4/5 years positive
✗MarksPositive net income in >= 7 of last 10 years
Operating Income / Revenue
✗Ackman>= 15%
Net Income / Shareholders Equity39.2%
✓Ackman>= 15%
5-Year EPS CAGR
✗Templeton> 0% (5-year EPS CAGR)
Operating Margin Trend
✗TempletonNon-negative operating-margin trend over 3 years
Revenue growth vs. gross and operating margin trend
✗SleepRevenue rising; gross margin flat or falling; operating margin holding
Gross profit / total assets+32.31%; #1304/3702 (top 35.2%)
✗AsnessTop 30% of eligible cross-section
Net income / positive book equity+39.23%; #299/5226 (top 5.7%)
✓AsnessTop 30% of eligible cross-section
Negative 5-year standard deviation of ROA-0.0783; #3170/5884 (top 53.9%)
✗AsnessTop 30% of eligible cross-section
3-5 Year Diluted EPS CAGR
✗Neff7%-20% annualized
Positive Diluted-EPS Years4/5 years positive
✓Schloss>= 70% positive over 5-10 observed years (app rule)
Valuation models25% pass✓ 1✗ 3▾
Models split on AU at $86.29 — fair values range $33.17–$102.75
Graham fair value$43.21
✗Graham-99.7% margin vs $86.29
Greenblatt fair value$33.17
✗Greenblatt-160.1% margin vs $86.29
Pabrai fair value$102.75
✓Pabrai+16.0% margin vs $86.29
Akre fair value$66.75
✗Akre-29.3% margin vs $86.29
Verdicts40% pass✓ 6✗ 9▾
Split decision: 9 FAIL · 3 PASS · 2 BUY · 2 NEUTRAL
Overall verdict
✗GrahamFAIL (3/9)✗BuffettFAIL (1/9)✗LynchFAIL (4/7)✓GreenblattRank #227✓PiotroskiBUY (F-Score 8)✓DremanPASS (5/11)✓MungerPASS (2/4)✗PabraiFAIL (0/3)✗AkreFAIL (1/6)✗MarksFAIL (0/5)✓AckmanPASS (5/9)✗TempletonFAIL (3/8)✗SleepFAIL (2/6)✓AsnessBUY (Rank #598/2370 (Top 25.2%))✗NeffFAIL (1/6)•SchlossNEUTRAL (5/7)•OshaughnessyNEUTRAL (Not ranked)
Efficiency50% pass✓ 5✗ 6▾
4 of 8 pass — Buffett, Munger, Akre +1 more object
Current Ratio2.87
✓Graham>= 2.0
ROIC (3-5 yr avg)
✗Buffett> 10%
ROIC - WACC
✗BuffettPositive (WACC = 10%)
EBIT / (NWC + Net Fixed Assets)50.7%
✓Greenblatt> 25%
Current Ratio Change YoY2.05 -> 2.87
✓PiotroskiIncreased YoY
Revenue / Total Assets Change YoY0.44x -> 0.66x
✓PiotroskiImproved YoY
Current Assets / Current Liabilities2.87
✓Dreman> 1.5
Return on Invested Capital
✗Munger> 15%
ROIC (high and growing)FY2023: ROIC=unavailable; FY2024: ROIC=unavailable; FY2025: ROIC=unavailable
✗AkreLatest 3 consecutive FYs: ROIC > 15% in each
Reinvestment Rate x ROIC
✗AkreReinvestment Rate * ROIC > 10%
ROIC (5-year)
✗SleepROIC > 12% in a majority of years

Business & financials

Financial snapshot: annual FY 2025. Current investor scores may use newer quarterly data.

Company Profile

Industry: Precious Metals

SIC Sector: Metal Mining

Size: Large Cap($43.7B)

Revenue: $9.9B+70.8% YoY

Net Income: $3.2B+202.6% YoY

Financial Snapshot

Operating Margin--

Return on Equity39.2%

Debt / Equity0.25

Current Ratio2.87

EPS (Diluted)$5.18+122.3% 1y

Shares Retired−0.3% / −20.3% 2y

Similar Companies

AEMAGNICO EAGLE MINES LTD

Shareholder Return

Fiscal 2025

Issued 0.3% of shares last year, 20.3% issued over two.

Buybacks: —
Dividends: —

What drove EPS

A buyback raises earnings per share without the company earning more. This splits each year's change into the two.

FY22

−62.3% = −60.7% + −4.2%

FY25

122.3% = 202.6% + −26.5%

Earnings Fewer shares More shares

The two parts do not sum exactly to the total — the difference is the cross-term, plus preferred capital where the company has any. It is left visible rather than distributed into the other two.

Share count is the denominator the filer used for diluted EPS, recovered as net income ÷ EPS — not the balance-sheet count, which is a point-in-time figure and would put the timing difference into this split. Years with a loss are omitted: a smaller share count makes a loss per share larger, so the decomposition inverts.

Company Financials

Latest TTM and quarters alongside annual years

TTM sums four consecutive quarters and uses the latest quarter-end balances. Quarter columns show three-month results; annual columns show full-year totals. Growth compares the same period a year earlier. EPS is not added for TTM; full-year ratios are blank for quarters.

Metric	FY 2025 Sources 20-F · 2026-03-26	FY 2024 Sources 20-F · 2025-04-15	FY 2023 Sources 20-F · 2024-04-25	FY 2022 Sources 20-F · 2024-04-25	FY 2021 Sources 20-F · 2024-04-25
Market Cap	$43.7Bcurrent	$14.2Best.	$6.8Best.	$8.0Best.	$6.9Best.
Revenue	$9.9B↑71%	$5.8B↑26%	$4.6B↑2%	$4.5B↑12%	$4.0B
Operating Income	--	--	--	--	--
Net Income	$3.2B↑203%	$1.0B↑573%	-$222.0M↓188%	$251.0M↓61%	$638.0M
EPS (Diluted)	$5.18↑122%	$2.33↑516%	$-0.56↓202%	$0.55↓62%	$1.46
Gross Margin	49.2%↑38%	35.7%↑59%	22.4%↓11%	25.1%↓14%	29.0%
Operating Margin	—	—	—	—	—
ROE	39.2%↑148%	15.8%↑365%	-6.0%↓196%	6.2%↓61%	15.8%
Total Debt	$2.0B↑3%	$2.0B↓11%	$2.2B↑13%	$2.0B↑4%	$1.9B
Shareholders' Equity	$8.1B↑22%	$6.6B↑79%	$3.7B↓8%	$4.0B	$4.0B
Current Ratio	2.87↑40%	2.05↑21%	1.69↓30%	2.43↓6%	2.59
Debt / Equity	0.25↓16%	0.30↓50%	0.60↑23%	0.49↑4%	0.47
Operating Cash Flow	$4.8B↑143%	$2.0B↑103%	$971.0M↓46%	$1.8B↑42%	$1.3B
Free Cash Flow	--	--	--	--	--

Score history

Historical Score Timeline

Industry peers

Industry Peers

Similar companies in Precious Metals

AU vs Peers — Financial Grading

Revenue$9.9BTop 25%

Net Income$3.2BTop 25%

ROE39.2%Top 25%

D/E0.25Bottom 25%

Op. Margin—

Curr. Ratio2.87Top 25%

Company	Market Cap	Price	Revenue	Net Income	ROE	D/E	Op. Margin	Curr. Ratio	Graham	Buffett	Lynch	Greenblatt	Piotroski	Dreman
AGNICO EAGLE MINES LTDAEM	$90.2B	$178.45	$11.9B	$4.5B	18.0%	0.01	—	2.02	3/9	5/9	5/7	1/3	F-Score 9	5/11
BARRICK MINING CORPB	$61.2B	$37.59	$17.0B	$5.0B	18.8%	0.17	—	2.92	3/9	5/9	7/7	3/3	F-Score 9	5/11
GOLD FIELDS LTDGFI	$31.6B	$35.76	$5.2B	$1.2B	23.9%	0.48	—	—	2/9	3/9	5/7	0/3	F-Score 5	6/11
KINROSS GOLD CORPKGC	$24.5B	$20.76	$7.1B	$2.4B	27.9%	0.09	46.5%	2.35	4/9	5/9	7/7	3/3	F-Score 9	9/11
PAN AMERICAN SILVER CORPPAAS	$15.5B	$37.50	$3.6B	$980.0M	14.0%	0.10	34.1%	2.69	3/9	2/9	4/7	0/3	F-Score 7	5/11
Coeur Mining, Inc.CDE	$14.3B	$13.98	$2.1B	$585.9M	17.7%	0.02	34.2%	2.47	2/9	2/9	2/7	1/3	F-Score 6	4/11
Equinox Gold Corp.EQX	$12.3B	$10.31	$1.8B	$221.5M	3.8%	0.27	23.8%	—	2/9	2/9	3/7	0/3	F-Score 6	2/11
ALAMOS GOLD INCAGI	$12.0B	$28.61	$1.8B	$885.8M	19.9%	0.04	60.7%	2.00	4/9	2/9	7/7	0/3	F-Score 8	7/11