B

The fatal problem here is data vintage. Every fundamental provided is tagged FY2010, while the price ($40.34) and the latest filing (an SD — a specialized/conflict-minerals disclosure that carries no financials) are current to 2026. The headline P/E of 12.3 is computed by dividing a 2026 price by 2010 diluted EPS of $3.28; that is not a valid multiple, and no real revenue line is supplied for any year. You cannot responsibly issue a high-conviction buy or sell on a sixteen-year-old snapshot, so the rating is hold and the conviction is deliberately low.

Taken on its own terms, the FY2010 picture is that of a strong, conservatively financed gold producer: net income of $3.27B (+176.6% YoY), operating income of $4.95B, ROE of 17.2%, liabilities/equity of just 0.66x, $3.97B of cash, and operating cash flow of $4.13B that nearly covered the $3.56B capex bill. That is a high-quality, low-leverage balance sheet. But the multi-year history is a textbook reminder of how cyclical this business is — net income swung from $785M in FY2008 to a $4.27B loss in FY2009 and back to a $3.27B profit in FY2010, tracking the gold-price and impairment cycle. Without current commodity prices, production costs, reserves, or hedging disclosure, the forward earnings power is unknowable.