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M

Merafe Resources MRF.JO · ZAc

Materials · JSE · 🇿🇦 South Africa

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135.00

-1.46%

Close of 9 Nov 2026, in ZAc

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At a glance

Figures in ZAR, from our data supplier.

FY2025

Revenue

ZAR 5.83bn

FY2016FY2025

Net income

ZAR 142.6m

FY2016FY2025

Free cash flow

ZAR 163.3m

FY2016FY2025

Shareholders' equity

ZAR 4.72bn

FY2016FY2025

Income statement

Fiscal years

FY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018FY2017FY2016
RevenueZAR 5.83bnZAR 8.44bnZAR 9.24bnZAR 7.94bnZAR 8.06bnZAR 4.78bnZAR 5.38bnZAR 5.61bnZAR 5.89bnZAR 5.70bn
Operating incomeZAR 694.2mZAR 821.7mZAR 2.31bnZAR 1.92bnZAR 2.32bn−ZAR 1.35bn−ZAR 19.0mZAR 940.4mZAR 1.30bnZAR 803.3m
Net incomeZAR 142.6mZAR 667.2mZAR 1.75bnZAR 1.41bnZAR 1.67bn−ZAR 1.00bn−ZAR 1.36bnZAR 683.4mZAR 914.1mZAR 532.4m
Diluted earnings per share0.060.270.700.560.67-0.40-0.540.270.360.21

Balance sheet

At each fiscal year end

FY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018FY2017FY2016
Total assetsZAR 6.06bnZAR 6.14bnZAR 6.66bnZAR 5.68bnZAR 4.95bnZAR 3.11bnZAR 4.56bnZAR 6.58bnZAR 6.36bnZAR 5.96bn
Cash and short-term investmentsZAR 1.55bnZAR 1.79bnZAR 1.66bnZAR 1.27bnZAR 972.1mZAR 277.6mZAR 354.2mZAR 282.0mZAR 671.7mZAR 287.9m
Total liabilitiesZAR 1.34bnZAR 1.27bnZAR 1.40bnZAR 1.35bnZAR 1.18bnZAR 836.0mZAR 1.18bnZAR 1.69bnZAR 1.72bnZAR 2.07bn
DebtZAR 4.7mZAR 5.9mZAR 9.1mZAR 134.8mZAR 73.7mZAR 52.4mZAR 34.8mZAR 12.3mZAR 84.4mZAR 401.5m
Shareholders' equityZAR 4.72bnZAR 4.88bnZAR 5.26bnZAR 4.33bnZAR 3.77bnZAR 2.28bnZAR 3.38bnZAR 4.89bnZAR 4.64bnZAR 3.90bn
Shares outstanding2,499m2,499m2,499m2,499m2,509m2,511m2,511m2,511m2,511m2,511m

Cash flow

Fiscal years

FY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018FY2017FY2016
Cash from operationsZAR 609.8mZAR 1.78bnZAR 1.88bnZAR 1.70bnZAR 1.16bnZAR 495.3mZAR 761.0mZAR 478.5mZAR 1.40bnZAR 501.5m
Capital spending−ZAR 446.5m−ZAR 662.2m−ZAR 671.4m−ZAR 484.2m−ZAR 490.2m−ZAR 343.0m−ZAR 531.5m−ZAR 412.3m−ZAR 403.8m−ZAR 287.6m
Free cash flowZAR 163.3mZAR 1.12bnZAR 1.21bnZAR 1.21bnZAR 665.7mZAR 152.3mZAR 229.6mZAR 66.2mZAR 996.1mZAR 213.9m
Dividends paid−ZAR 300.0m−ZAR 1.05bn−ZAR 824.7m−ZAR 849.7m−ZAR 174.9m−ZAR 100.4m−ZAR 150.6m−ZAR 426.0m−ZAR 175.7m−ZAR 50.0m

Latest quarters

By quarter end

Jun 2026Dec 2025Jun 2025Dec 2024Jun 2024Dec 2023Sept 2023Jun 2023
RevenueZAR 3.43bnZAR 3.32bnZAR 2.52bnZAR 3.70bnZAR 4.74bnZAR 4.48bnZAR 2.24bnZAR 4.76bn
Operating incomeZAR 693.6mZAR 408.2mZAR 286.0mZAR 372.5mZAR 975.2mZAR 662.9mZAR 331.0mZAR 1.28bn
Net incomeZAR 511.9m−ZAR 90.4mZAR 233.0m−ZAR 52.4mZAR 719.6mZAR 704.3mZAR 352.1mZAR 1.05bn
Diluted earnings per share0.20-0.040.09-0.020.290.280.140.42
Cash from operationsZAR 809.0mZAR 769.0m−ZAR 159.0mZAR 925.0mZAR 851.0mZAR 1.08bnZAR 542.0mZAR 794.0m
Capital spending−ZAR 174.0m−ZAR 243.0m−ZAR 203.0m−ZAR 408.0m−ZAR 253.0m−ZAR 444.0m−ZAR 222.0m−ZAR 227.0m
Free cash flowZAR 635.0mZAR 526.0m−ZAR 362.0mZAR 517.0mZAR 598.0mZAR 640.0mZAR 320.0mZAR 567.0m
Total assetsZAR 6.29bnZAR 6.06bnZAR 6.01bnZAR 6.14bnZAR 6.83bnZAR 6.66bnZAR 6.66bnZAR 6.52bn
Cash and short-term investmentsZAR 2.00bnZAR 1.55bnZAR 1.14bnZAR 1.79bnZAR 1.72bnZAR 1.66bnZAR 1.66bnZAR 1.60bn
DebtZAR 1.3mZAR 1.4mZAR 1.2mZAR 1.1mZAR 1.8mZAR 3.1m—ZAR 3.9m
Shareholders' equityZAR 5.03bnZAR 4.72bnZAR 4.91bnZAR 4.88bnZAR 5.43bnZAR 5.26bnZAR 5.26bnZAR 5.05bn

Financial ratios

Data as of 25 Oct 2026

FY2025FY2024FY2023FY2022FY2021FY2020
Operating margin11.9%10.5%21.1%24.5%28.9%-28.1%
Net margin2.4%7.9%19.0%17.8%20.8%-21.0%
Return on equity3.0%13.7%33.3%32.6%44.4%-44.0%
Return on assets2.4%10.9%26.3%24.8%33.8%-32.2%
Free cash flow yield0.3%0.7%0.8%0.6%0.5%0.2%
Revenue growth-30.9%-8.7%16.5%-1.5%68.6%-11.1%
Earnings growth-78.6%-61.9%24.3%-15.8%-266.9%-26.3%
Current ratio4.90x5.27x5.33x4.84x4.68x4.05x
Debt to equity0.00x0.00x0.00x0.03x0.02x0.02x
Equity ratio77.9%79.4%78.9%76.2%76.2%73.1%
Interest coverage447.02x652.80x729.07x1309.36x930.70x-785.11x
Buybacks as a share of market value0.0%0.0%0.0%0.4%0.1%0.0%

Growth per year

Compound annual rate

3 years5 years10 years
Revenue-9.7%4.1%2.8%
Operating income-28.8%—2.5%
Net income-53.4%—-8.4%

Average margins

Over each period

1 year3 years5 years10 years
Operating margin10.6%18.3%15.2%14.4%
Net margin5.7%12.6%10.5%8.1%

Valuation history

At each fiscal year end

FY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018FY2017FY2016
Price to earnings19.15.21.92.31.8-1.1-1.65.24.17.8
Price to sales0.50.40.30.40.40.20.40.60.60.7

Dividends and splits

Per share, in the currency the company pays

Paid for 12 years. Last went ex-dividend on 2 Sept 2026.

FY2026FY2025FY2024FY2023FY2022FY2021FY2020FY2019
Paid in the year0.240.120.420.330.340.070.040.06

Sources and methodology

Data on this tab
Our data supplier
Chart on the Overview
TradingView

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