Caledonia Mining Corporation Plc (CMCL) Balance Sheet
CMCL balance sheet, 2025
December 31, 2025 · U.S. dollars$411.9M assets = $128.3M liabilities + $283.5M equity
Both columns are drawn to the same scale: what CMCL owns equals what it owes plus shareholders’ equity. Hover a block for its value.
CMCL financial health
Descriptive bands, not a rating. Fiscal 2025.
CMCL balance sheet trends, 2016–2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Total assets | $90.7M2016 | $411.9M2025 | +18.3%/yr | |
| Total liabilities | $31.4M2016 | $128.3M2025 | +16.9%/yr | |
| Shareholders’ equity | $55.6M2016 | $259.0M2025 | +18.6%/yr | |
| Cash & short-term investments | $14.3M2016 | $35.7M2025 | +10.7%/yr | |
| Total debt | $3.0M2016 | $32.6M2025 | +30.4%/yr | |
| Net cash (debt) | $11.3M2016 | $3.1M2025 | −$8.2M | |
| Working capital | $16.0M2016 | $41.9M2025 | +$25.9M | |
| Book value per share | $5.312016 | $13.272025 | +10.7%/yr | |
| Current ratio | 2.622016 | 1.692025 | −0.93 | |
| Debt / equity | 0.052016 | 0.132025 | +0.07 | |
| Shares outstanding | 10.5M2016 | 19.5M2025 | +7.1%/yr |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
CMCL assets
CMCL liabilities and equity
CMCL debt vs cash
Debt includes short- and long-term borrowings and, where reported, lease obligations.
CMCL balance sheet
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||||
| Cash & short-term investments | $35.7M | $4.3M | $4.3M | $6.7M | $17.2M | $19.1M | $9.4M | $11.2M | $13.1M | $14.3M |
| Cash & equivalents | $35.7M | $4.3M | $4.3M | $6.7M | $17.2M | $19.1M | $9.4M | $11.2M | $13.1M | $14.3M |
| Short-term investments | $5.0M | $0 | — | — | — | — | — | $0 | $0 | $0 |
| Receivables | $11.9M | $13.0M | $11.1M | $9.2M | $8.0M | $1.3M | $4.9M | $6.4M | $5.0M | $3.4M |
| Inventory | $26.8M | $23.8M | $20.3M | $18.3M | $20.8M | $16.8M | $11.1M | $9.4M | $9.2M | $7.2M |
| Other current assets | $27.8M | $20.3M | $18.6M | $4.1M | $6.9M | $7.4M | $2.5M | $1.2M | $709,000 | $810,000 |
| Total current assets | $102.2M | $61.3M | $54.2M | $38.4M | $52.9M | $44.6M | $27.8M | $28.2M | $27.9M | $25.8M |
| Property, plant & equipment (net) | $205.6M | $286.8M | $273.9M | $196.6M | $157.8M | $133.2M | $113.7M | $97.4M | $82.1M | $64.9M |
| Goodwill & intangible assets | $0 | $0 | $0 | $0 | $0 | $141.5M | $0 | $0 | $0 | $0 |
| Long-term investments | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other non-current assets | $104.1M | $264,000 | $153,000 | $202,000 | $194,000 | $0 | $2.1M | $98,000 | $65,000 | $44,000 |
| Total assets | $411.9M | $348.4M | $328.3M | $235.2M | $210.9M | $177.9M | $143.6M | $125.7M | $110.1M | $90.7M |
| Liabilities | ||||||||||
| Accounts payable | $7.2M | $8.0M | $6.2M | $17.5M | $10.0M | $1.9M | $2.8M | $2.5M | $2.9M | $2.9M |
| Short-term debt | $26.6M | $15.1M | $18.6M | $12.5M | $1.0M | $469,000 | $1.4M | $0 | $1.8M | $1.4M |
| Deferred revenue | — | — | $79,000 | — | $11.1M | — | — | — | — | — |
| Total current liabilities | $60.4M | $45.4M | $40.1M | $32.4M | $17.7M | $10.0M | $9.9M | $12.2M | $15.6M | $9.8M |
| Long-term debt | $5.1M | $9.8M | $6.4M | $0 | $0 | $0 | $1.9M | $6.0M | $0 | $1.6M |
| Lease obligations | $1.2M | $95,000 | $208,000 | $313,000 | $134,000 | $239,000 | $349,000 | $0 | $0 | $0 |
| Other long-term liabilities | $62.9M | $58.7M | $57.5M | $45.1M | $40.7M | $9.9M | $7.0M | $28.7M | $25.2M | $20.0M |
| Total liabilities | $128.3M | $113.9M | $104.1M | $77.5M | $58.4M | $19.9M | $18.8M | $46.9M | $40.8M | $31.4M |
| Shareholders' equity | ||||||||||
| Common stock & paid-in capital | $166.3M | $165.4M | $165.1M | $83.5M | $82.7M | $74.7M | $56.1M | $55.1M | $55.1M | $55.0M |
| Retained earnings (deficit) | −$45.6M | −$90.0M | −$97.1M | −$80.5M | −$82.8M | −$71.5M | −$88.4M | −$127.4M | −$135.3M | −$141.8M |
| Treasury stock | — | — | — | — | — | — | — | $0 | $0 | $0 |
| Accumulated other comprehensive income | −$9.4M | −$10.5M | −$10.4M | $137.8M | $137.8M | $5.7M | $8.1M | −$6.6M | −$5.9M | −$6.3M |
| Minority interest | $24.5M | $20.6M | $18.5M | $16.9M | — | — | — | $0 | $0 | $0 |
| Total shareholders' equity | $259.0M | $213.9M | $205.7M | $140.7M | $137.7M | $141.5M | $108.4M | $70.5M | $63.3M | $55.6M |
| Key figures | ||||||||||
| Total debt | $32.6M | $25.1M | $25.1M | $12.7M | $1.4M | $647,000 | $3.3M | $6.0M | $1.8M | $3.0M |
| Net cash (debt) | $3.1M | −$20.8M | −$20.8M | −$5.9M | $15.8M | $18.4M | $6.1M | $5.2M | $11.3M | $11.3M |
| Working capital | $41.9M | $15.9M | $14.1M | $6.0M | $35.2M | $34.6M | $18.0M | $16.0M | $12.3M | $16.0M |
| Tangible book value | $259.0M | $213.9M | $205.7M | $140.7M | $137.7M | $0 | $108.4M | $70.5M | $63.3M | $55.6M |
| Book value per share | $13.27 | $11.14 | $11.04 | $10.96 | $11.30 | $12.08 | $10.09 | $6.65 | $5.96 | $5.31 |
| Shares outstanding | 19.5M | 19.2M | 18.6M | 12.8M | 12.2M | 11.7M | 10.7M | 10.6M | 10.6M | 10.5M |
| Current ratio | 1.69 | 1.35 | 1.35 | 1.18 | 2.99 | 4.47 | 2.82 | 2.31 | 1.79 | 2.62 |
| Quick ratio | 0.79 | 0.38 | 0.38 | 0.49 | 1.42 | 2.05 | 1.45 | 1.44 | 1.16 | 1.81 |
| Debt / equity | 0.13 | 0.12 | 0.12 | 0.09 | 0.01 | 0.00 | 0.03 | 0.08 | 0.03 | 0.05 |
| Equity / assets | 62.9% | 61.4% | 62.7% | 59.8% | 65.3% | 79.5% | 75.5% | 56.1% | 57.5% | 61.3% |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||||||
| Cash & short-term investments | $171.8M | $170.0M | $35.7M | $15.7M | $37.9M | $8.7M | $4.3M | $7.2M | $15.4M | $1.8M | $6.7M | $10.8M |
| Cash & equivalents | $171.8M | $170.0M | $35.7M | $15.7M | $19.9M | $8.7M | $4.3M | $7.2M | $15.4M | $1.8M | $6.7M | $10.8M |
| Short-term investments | $0 | $0 | $5.0M | $18.5M | $18.0M | — | $0 | — | — | — | — | — |
| Receivables | $7.7M | $9.1M | $11.9M | $11.1M | $9.5M | $17.5M | $13.0M | $9.7M | $8.2M | $7.6M | $5.4M | $5.7M |
| Inventory | $27.9M | $28.3M | $26.8M | $28.7M | $29.5M | $25.3M | $23.8M | $22.7M | $20.4M | $20.5M | $20.3M | $18.8M |
| Other current assets | $19.0M | $19.3M | $27.8M | $32.6M | $11.7M | $21.3M | $20.3M | $20.2M | $18.8M | $17.5M | $21.8M | $19.2M |
| Total current assets | $226.5M | $226.7M | $102.2M | $88.1M | $88.5M | $72.8M | $61.3M | $59.9M | $62.8M | $47.5M | $54.2M | $54.5M |
| Property, plant & equipment (net) | $294.1M | $285.4M | $205.6M | $202.0M | $300.3M | $290.7M | $189.5M | $183.7M | $275.6M | $274.1M | $179.6M | $172.8M |
| Goodwill & intangible assets | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Long-term investments | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other non-current assets | $41.9M | $41.1M | $104.1M | $103.1M | $355,000 | $233,000 | $97.6M | $96.1M | $180,000 | $181,000 | $94.4M | $93.0M |
| Total assets | $562.5M | $553.2M | $411.9M | $393.3M | $389.2M | $363.7M | $348.4M | $339.7M | $338.5M | $321.8M | $328.3M | $320.3M |
| Liabilities | ||||||||||||
| Accounts payable | $7.4M | $31.2M | $7.2M | $21.7M | $9.1M | $8.5M | $8.0M | $4.3M | $4.2M | $5.2M | $6.2M | $4.0M |
| Short-term debt | $7.7M | $11.5M | $26.6M | $19.1M | $14.8M | $16.0M | $15.1M | $15.8M | $17.7M | $16.8M | $18.6M | $14.8M |
| Deferred revenue | — | — | — | — | — | — | — | — | $1.9M | $4.6M | $10,000 | $17.0M |
| Total current liabilities | $39.5M | $48.6M | $60.4M | $49.5M | $53.8M | $49.4M | $45.4M | $41.5M | $41.2M | $38.1M | $40.1M | $35.8M |
| Long-term debt | $108.5M | $103.6M | $5.1M | $3.8M | $12.2M | $11.7M | $9.8M | $0 | $10.3M | $6.4M | $6.4M | $6.4M |
| Lease obligations | $935,000 | $995,000 | $1.2M | $1.2M | $1.3M | $334,000 | $95,000 | $94,000 | $136,000 | $171,000 | $208,000 | $231,000 |
| Other long-term liabilities | $90.9M | $101.5M | $62.9M | $63.5M | $61.5M | $59.7M | $58.7M | $26.3M | $15.0M | $16.2M | $57.5M | $11.8M |
| Total liabilities | $238.9M | $253.7M | $128.3M | $116.8M | $127.5M | $120.8M | $113.9M | $67.8M | $66.5M | $60.8M | $104.1M | $54.0M |
| Shareholders' equity | ||||||||||||
| Common stock & paid-in capital | $166.9M | $166.5M | $166.3M | $166.2M | $166.2M | $165.4M | $165.4M | $165.4M | $165.2M | $165.1M | $165.1M | $165.2M |
| Retained earnings (deficit) | −$11.4M | −$32.4M | −$45.6M | −$53.6M | −$66.0M | −$83.8M | −$90.0M | −$58.4M | −$58.0M | −$66.4M | −$97.1M | −$60.0M |
| Accumulated other comprehensive income | $5.8M | $137.8M | −$9.4M | $138.9M | −$10.1M | −$10.3M | $5.9M | $6.4M | $5.9M | −$10.6M | $5.2M | $5.0M |
| Minority interest | $29.7M | $27.6M | $24.5M | $24.9M | $23.2M | — | — | — | — | — | — | — |
| Total shareholders' equity | $293.9M | $271.9M | $259.0M | $251.5M | $238.4M | $220.1M | $213.9M | $246.0M | $245.6M | $236.6M | $205.7M | $242.7M |
| Key figures | ||||||||||||
| Total debt | $116.9M | $115.8M | $32.6M | $23.8M | $28.0M | $27.9M | $25.1M | $25.8M | $28.0M | $23.2M | $25.1M | $21.3M |
| Net cash (debt) | $54.9M | $54.2M | $3.1M | −$8.1M | $9.9M | −$19.1M | −$20.8M | −$18.6M | −$12.6M | −$21.4M | −$18.4M | −$10.5M |
| Working capital | $187.0M | $178.0M | $41.9M | $38.6M | $34.8M | $23.5M | $15.9M | $18.4M | $21.5M | $9.3M | $14.1M | $18.8M |
| Tangible book value | $293.9M | $271.9M | $259.0M | $251.5M | $238.4M | $220.1M | $213.9M | $246.0M | $245.6M | $236.6M | $205.7M | $242.7M |
| Book value per share | $15.21 | $13.72 | $12.65 | $13.01 | $12.34 | $11.46 | $11.10 | $13.02 | $12.80 | $12.33 | $11.02 | $13.51 |
| Shares outstanding | 19.3M | 19.8M | 20.5M | 19.3M | 19.3M | 19.2M | 19.3M | 18.9M | 19.2M | 19.2M | 18.7M | 18.0M |
| Current ratio | 5.73 | 4.66 | 1.69 | 1.78 | 1.65 | 1.48 | 1.35 | 1.44 | 1.52 | 1.24 | 1.35 | 1.52 |
| Quick ratio | 4.55 | 3.68 | 0.79 | 0.54 | 0.88 | 0.53 | 0.38 | 0.41 | 0.57 | 0.25 | 0.30 | 0.46 |
| Debt / equity | 0.40 | 0.43 | 0.13 | 0.09 | 0.12 | 0.13 | 0.12 | 0.11 | 0.11 | 0.10 | 0.12 | 0.09 |
| Equity / assets | 52.3% | 49.1% | 62.9% | 64.0% | 61.3% | 60.5% | 61.4% | 72.4% | 72.6% | 73.5% | 62.7% | 75.8% |
Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported (latest annual report filed April 23, 2026); data from EODHD.
CMCL financial position
At the end of fiscal 2025 (December 31, 2025), Caledonia Mining had total assets of $411.9 million (up 18.2% from a year earlier), total liabilities of $128.3 million and shareholders' equity of $259.0 million. It held $35.7 million in cash and short-term investments against $32.6 million of debt, a net cash position of $3.1 million. Its current ratio was 1.69. In the latest quarter (ended June 30, 2026) total assets were $562.5 million and equity $293.9 million.
Related: CMCL income statement, CMCL cash flow statement, CMCL key metrics. See the CMCL stock overview for the latest quote and news.
CMCL balance sheet FAQ
What are Caledonia Mining's total assets?
Caledonia Mining reported total assets of $411.9 million at the end of fiscal 2025 (December 31, 2025), compared with $348.4 million a year earlier.
How much debt does Caledonia Mining have?
Caledonia Mining had $32.6 million of total debt at the end of fiscal 2025, including short-term borrowings and lease obligations. Its debt-to-equity ratio was 0.13.
How much cash does Caledonia Mining have?
Caledonia Mining held $35.7 million in cash and short-term investments at the end of fiscal 2025; with $32.6 million of debt that is net cash of $3.1 million.
What is Caledonia Mining's book value?
Caledonia Mining's shareholders' equity (book value) was $259.0 million at the end of fiscal 2025, or $13.27 per share.
What is Caledonia Mining's current ratio?
Caledonia Mining had current assets of $102.2 million and current liabilities of $60.4 million, a current ratio of 1.69 (it can cover its short-term obligations).