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NEWMONT Corp /DE/
NEM
$103.3B
Mkt Cap
$93.19
-1.62%
NEWMONT Corp /DE/ (NEM) has a current P/E ratio of 14.6, compared to its historical median P/E of 15.6. The stock is currently considered Fair based on its historical valuation range.
NEWMONT Corp /DE/ (NEM) has a 5-year average return on invested capital (ROIC) of 5.8%. This is below average and may indicate limited pricing power.
NEWMONT Corp /DE/ (NEM) has a market capitalization of $101.3B. It is classified as a large-cap stock.
Yes, NEWMONT Corp /DE/ (NEM) pays a dividend with a trailing twelve-month yield of 1.09%. The company also returns capital through share buybacks, with a buyback yield of 3.80%.
Based on historical P/E analysis, NEWMONT Corp /DE/ (NEM) appears fair. The current P/E of 14.6 is 6% below its historical median of 15.6. The estimated fair value CAGR (P/E method) is 16.7%.
NEWMONT Corp /DE/ (NEM) operates in the Gold And Silver Ores industry, within the Materials sector.
NEWMONT Corp /DE/ (NEM) reported annual revenue of $22.7 billion in its most recent fiscal year, based on SEC EDGAR filings.
Newmont Corporation is the world's leading gold producer, with a diversified portfolio of 12 managed mining operations and a 38.5% proportionate interest in Nevada Gold Mines across favorable jurisdictions including the United States, Papua New Guinea, Australia, Ghana, Suriname, Argentina, Dominican Republic, Chile, Peru, Ecuador, Mexico, and Canada. The company generates revenue primarily from the sale of refined gold (85% of sales), with co-product metals including copper, silver, lead, and zinc contributing meaningfully to the portfolio; gold is extracted through various processing methods including milling, heap leaching, flotation, and roasting depending on ore type and grade, with the end product typically doré bars sent to refiners or concentrate sold to smelters. Newmont's business model is capital-intensive, requiring ongoing investment in equipment, facilities, and tailings infrastructure to maintain and extend mine life, while the company maintains a diversified cost structure driven by ore body location, grade, and input costs such as energy and labor. The company's competitive position is anchored in the size and grade of its ore bodies in stable mining jurisdictions, a skilled workforce, and disciplined cost management; as of December 31, 2025, Newmont held 118.2 million ounces of attributable proven and probable gold reserves, 88.1 million ounces of measured and indicated resources, and 60.6 million ounces of inferred resources across an aggregate land position of approximately 19,200 square miles. Following the November 2023 acquisition of Newcrest, Newmont completed a portfolio optimization program divesting seven non-core assets and one development project between late 2024 and late 2025 to focus on higher-quality, lower-cost operations.
【Operational stabilization and margin expansion】 Newmont is positioned to deliver consistent operational performance and achieve full-year 2026 guidance through disciplined execution across its world-class portfolio, with management emphasizing the strength and resilience demonstrated in the first quarter despite challenging conditions at several sites including bushfires at Boddington and extreme weather at Brucejack and Tanami. The company expects to realize the full benefits of cost-saving initiatives launched in 2025, with all-in sustaining costs expected to be more than $100 per ounce lower than they would have been without these structural improvements, even as price-linked impacts from higher gold prices increase production taxes, royalties, and worker participation costs. Management is advancing value-accretive growth options including mine life extension programs at Lihir and Cerro Negro, completion of the Red Chris block cave feasibility study in the second half of 2026, and targeted exploration around existing infrastructure at Brucejack and Ahafo South, which is expected to deliver approximately four to five million ounces of new gold reserves in 2026. The company remains committed to maintaining a resilient balance sheet anchored by a $1 billion net cash target ±$2 billion, while returning capital to shareholders through a sustainable annual cash dividend of $1.1 billion and ongoing share repurchases, with the portfolio expected to return to production growth in 2027 and beyond toward approximately six million ounces of gold and 150,000 tonnes of copper annually.
| Metric | Target | Period |
|---|---|---|
| Gold production (attributable) | 5.3 million ounces | FY2026 |
| All-in Sustaining Costs (by-product basis) | approximately $1,680 per ounce | FY2026 |
| Sustaining capital | approximately $1.95 billion | FY2026 |
| Development capital | $1.4 billion | FY2026 |
| Exploration and advanced project spend | approximately $525 million | FY2026 |
| Reclamation spend | approximately $850 million | FY2026 |
| Annual cash dividend | $1.1 billion per year | FY2026 and beyond |
| New gold reserves from exploration | approximately four to five million ounces | FY2026 |
| Long-term production target | approximately six million ounces of gold and 150,000 tonnes of copper annually | 2027 and beyond |
Gold production (attributable) (FY2026): “Beginning with production. Our 2026 guidance remains consistent with the indications provided on our third quarter call, with total attributable production of 5.3 million ounces, including 3.9 million ounces from managed operations and 1.4 million ounces from non-managed operations.”
Generated solely from the company's own reports listed below — not from third-party data. Hallucination risk is low. · Sources: 10-K, Q4 FY2025 Earnings Call, Q3 FY2025 Earnings Call, Q2 FY2025 Earnings Call, Q1 FY2025 Earnings Call
| Metric | TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 |
|---|---|---|---|---|---|---|
| Revenue | 25.0B | 22.7B | 18.7B | 11.8B | 11.9B | 12.2B |
| Net Income | 8.5B | 7.1B | 3.3B | -2.5B | -429M | 1.2B |
| EPS | $7.68 | $6.39 | $2.92 | $-2.97 | $-0.54 | $1.46 |
| Free Cash Flow | 9.2B | 7.3B | 3.0B | 97M | 1.1B | 2.6B |
| ROIC | 0.0% | 21.5% | 9.5% | -8.2% | 0.2% | 6.0% |
| Gross Margin | - | 64.3% | 52.0% | 43.3% | 45.7% | 55.5% |
| Debt/Equity | 0.15 | 0.15 | 0.28 | 0.31 | 0.29 | 0.26 |
| Dividends/Share | $1.02 | $1.00 | $1.00 | $1.60 | $2.20 | $2.20 |
| Operating Income | 0 | 11.7B | 4.8B | -1.9B | 60M | 2.3B |
| Operating Margin | 0.0% | 51.7% | 25.6% | -16.4% | 0.5% | 18.8% |
| ROE | 24.2% | 22.2% | 11.4% | -10.3% | -2.1% | 5.2% |
| Shares Outstanding | 1,087M | 1,109M | 1,147M | 840M | 794M | 799M |
| Metric | |||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Income Statement | |||||||||||||
| Revenue | 6.8B | 6.1B | 6.7B | 7.4B | 7.3B | 9.7B | 11.5B | 12.2B | 11.9B | 11.8B | 18.7B | 22.7B | 25.0B |
| Gross Margin | 38.8% | 34.3% | 44.3% | 45.0% | 43.6% | 46.7% | 56.4% | 55.5% | 45.7% | 43.3% | 52.0% | 64.3% | N/A |
| R&D | 159M | 126M | 134M | 143M | 153M | 150M | 122M | 154M | 229M | 200M | 197M | 166M | 168M |
| SG&A | 237M | 241M | 233M | 237M | 244M | 313M | 269M | 259M | 276M | 299M | 442M | 382M | 351M |
| EBIT | 717M | 614M | -50M | 1.0B | 744M | 3.7B | 3.6B | 2.3B | 60M | -1.9B | 4.8B | 11.7B | 0 |
| Op. Margin | 10.5% | 10.1% | -0.7% | 13.8% | 10.3% | 37.7% | 31.1% | 18.8% | 0.5% | -16.4% | 25.6% | 51.7% | 0.0% |
| Net Income | 508M | 220M | -629M | -114M | 341M | 2.8B | 2.8B | 1.2B | -429M | -2.5B | 3.3B | 7.1B | 8.5B |
| Net Margin | 7.4% | 3.6% | -9.4% | -1.5% | 4.7% | 28.8% | 24.6% | 9.5% | -3.6% | -21.1% | 17.9% | 31.3% | 33.9% |
| Non-Recurring | 192M | 208M | 1.1B | 51M | 479M | 42M | 744M | 248M | 839M | 1.6B | -998M | 2.1B | 183M |
| Returns on Capital | |||||||||||||
| ROIC | 2.9% | 2.5% | -0.4% | 5.1% | 4.0% | 15.7% | 11.4% | 6.0% | 0.2% | -8.2% | 9.5% | 21.5% | 0.0% |
| ROE | 5.0% | 2.0% | -5.7% | -1.1% | 3.2% | 17.6% | 12.7% | 5.2% | -2.1% | -10.3% | 11.4% | 22.2% | 24.2% |
| ROA | 2.1% | 0.9% | -2.7% | -0.5% | 1.6% | 9.2% | 7.0% | 2.8% | -1.1% | -5.3% | 6.0% | 12.5% | 14.7% |
| Cash Flow | |||||||||||||
| Op. Cash Flow | 1.4B | 2.1B | 2.8B | 2.1B | 1.8B | 2.9B | 4.9B | 4.3B | 3.2B | 2.8B | 6.4B | 10.3B | 12.1B |
| Free Cash Flow | 398M | 834M | 1.7B | 1.3B | 795M | 1.4B | 3.6B | 2.6B | 1.1B | 97M | 3.0B | 7.3B | 9.2B |
| Owner Earnings | 299M | 966M | 1.5B | 793M | 572M | 856M | 2.5B | 1.9B | 996M | 575M | 3.7B | 7.7B | 9.5B |
| CapEx | 1.0B | 1.3B | 1.1B | 866M | 1.0B | 1.5B | 1.3B | 1.7B | 2.1B | 2.7B | 3.4B | 3.0B | 2.9B |
| Maint. CapEx | 1.1B | 1.1B | 1.2B | 1.3B | 1.2B | 2.0B | 2.3B | 2.3B | 2.2B | 2.1B | 2.6B | 2.5B | 2.6B |
| Growth CapEx | 0 | 209M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 558M | 826M | 514M | 290M |
| D&A | 1.1B | 1.1B | 1.2B | 1.3B | 1.2B | 2.0B | 2.3B | 2.3B | 2.2B | 2.1B | 2.6B | 2.5B | 2.6B |
| CapEx/OCF | 72.3% | 61.1% | 40.7% | 40.8% | 56.5% | 51.0% | 26.7% | 38.6% | 66.2% | 96.5% | 53.5% | 29.4% | 23.6% |
| Capital Allocation | |||||||||||||
| Dividends Paid | 114M | 52M | 67M | 134M | 301M | 889M | 834M | 1.8B | 1.7B | 1.4B | 1.1B | 1.1B | 1.1B |
| Dividend Yield | 1.3% | 0.6% | 0.5% | 0.9% | 2.0% | 4.0% | 2.1% | 4.2% | 4.3% | 4.2% | 2.4% | 1.6% | 1.1% |
| Share Buybacks | 0 | 0 | 0 | 0 | 98M | 479M | 521M | 525M | 0 | 0 | 1.2B | 2.3B | 3.8B |
| Buyback Yield | N/A | N/A | N/A | N/A | 0.7% | 1.8% | 1.3% | 1.2% | N/A | N/A | 2.9% | 2.0% | 3.8% |
| Stock-Based Comp | 51M | 77M | 70M | 70M | 40M | 50M | 48M | 32M | 39M | 80M | 89M | 99M | 53M |
| Debt Repayment | 686M | 229M | 1.3B | 379M | 0 | 1.9B | 1.2B | 1.4B | 89M | 0 | 3.9B | 3.4B | 3.4B |
| Balance Sheet | |||||||||||||
| Net Debt | 4.3B | 3.5B | 1.8B | 723M | 599M | 3.7B | 309M | 578M | 1.8B | 5.9B | 4.8B | -3.1B | -3.7B |
| Cash & Equiv. | 2.2B | 2.4B | 2.8B | 3.3B | 3.4B | 2.2B | 5.5B | 5.0B | 2.9B | 3.0B | 3.6B | 7.6B | 8.8B |
| Long-Term Debt | 6.5B | 5.9B | 4.0B | 4.0B | 3.4B | 6.1B | 5.5B | 5.6B | 5.6B | 7.0B | 7.6B | 5.1B | 5.1B |
| Debt/Equity | 0.65 | 0.52 | 0.43 | 0.38 | 0.39 | 0.29 | 0.27 | 0.26 | 0.29 | 0.31 | 0.28 | 0.15 | 0.15 |
| Interest Coverage | 143.4 | 204.7 | N/A | 507.5 | 43.8 | 108.0 | 96.5 | 63.9 | 1.8 | -60.5 | 136.6 | 390.4 | 390.4 |
| Equity | 10.3B | 11.3B | 10.7B | 10.5B | 10.5B | 21.4B | 23.0B | 22.0B | 19.4B | 29.0B | 29.9B | 33.9B | 34.9B |
| Total Assets | 24.9B | 25.1B | 21.1B | 20.6B | 20.7B | 40.0B | 41.4B | 40.6B | 38.5B | 55.5B | 56.3B | 57.1B | 57.7B |
| Total Liabilities | 11.8B | 10.8B | 9.2B | 9.1B | 9.2B | 17.6B | 17.5B | 18.7B | 18.9B | 26.3B | 26.2B | 23.1B | 22.6B |
| Intangibles | 109M | 94M | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Retained Earnings | 1.2B | 1.4B | 716M | 410M | 383M | 2.3B | 4.0B | 3.1B | 916M | -3.0B | -1.3B | 3.4B | 5.0B |
| Working Capital | 3.2B | 3.6B | 2.9B | 3.7B | 3.5B | 3.9B | 5.1B | 5.0B | 3.6B | 1.5B | 4.7B | 7.4B | 8.0B |
| Current Assets | 5.4B | 5.0B | 4.7B | 5.1B | 5.3B | 6.3B | 8.5B | 7.7B | 6.5B | 7.5B | 12.3B | 13.1B | 13.5B |
| Current Liabilities | 2.2B | 1.4B | 1.8B | 1.4B | 1.8B | 2.4B | 3.4B | 2.7B | 2.9B | 6.0B | 7.5B | 5.7B | 5.5B |
| Per Share Data | |||||||||||||
| EPS | 1.02 | 0.43 | -1.18 | -0.21 | 0.64 | 3.81 | 3.51 | 1.46 | -0.54 | -2.97 | 2.92 | 6.39 | 7.68 |
| Owner EPS | 0.60 | 1.89 | 2.82 | 1.46 | 1.07 | 1.16 | 3.14 | 2.41 | 1.25 | 0.68 | 3.23 | 6.96 | 8.72 |
| Book Value | 20.63 | 22.18 | 20.11 | 19.41 | 19.71 | 29.09 | 28.55 | 27.57 | 24.36 | 34.57 | 26.10 | 30.54 | 32.13 |
| Cash Flow/Share | 2.89 | 4.19 | 5.23 | 3.91 | 3.43 | 3.89 | 6.06 | 5.36 | 4.05 | 3.29 | 5.55 | 9.32 | 10.13 |
| Dividends/Share | 0.23 | 0.10 | 0.13 | 0.25 | 0.56 | 1.21 | 1.04 | 2.20 | 2.20 | 1.60 | 1.00 | 1.00 | 1.02 |
| Shares Out. | 498.0M | 511.6M | 533.1M | 542.9M | 532.8M | 736.2M | 806.0M | 798.6M | 794.4M | 839.7M | 1.1B | 1.1B | 1.1B |
| Valuation | |||||||||||||
| P/E Ratio | 14.4 | 32.7 | N/A | N/A | 43.4 | 9.4 | 14.6 | 36.6 | N/A | N/A | 12.7 | 16.6 | 12.1 |
| P/FCF | 18.4 | 8.6 | 8.3 | 12.8 | 18.6 | 18.8 | 11.5 | 16.2 | 31.9 | 346.3 | 14.4 | 16.1 | 11.0 |
| EV/EBIT | N/A | N/A | N/A | N/A | N/A | 12.4 | 122.8 | N/A | N/A | N/A | 133.4 | 9.6 | N/A |
| Price/Book | 0.7 | 0.6 | 1.3 | 1.5 | 1.4 | 1.2 | 1.8 | 1.9 | 1.8 | 1.2 | 1.4 | 3.5 | 2.9 |
| Price/Sales | 1.3 | 1.4 | 2.1 | 2.1 | 2.1 | 2.3 | 3.4 | 3.4 | 3.4 | 2.9 | 2.6 | 3.1 | 4.1 |
| FCF Yield | 5.4% | 11.6% | 12.0% | 7.8% | 5.4% | 5.3% | 8.7% | 6.2% | 3.1% | 0.3% | 6.9% | 6.2% | 9.1% |
| Market Cap | 7.3B | 7.2B | 13.8B | 16.2B | 14.8B | 26.4B | 41.2B | 42.6B | 34.7B | 33.6B | 42.7B | 117.3B | 101.3B |
| Avg. Price | 18.23 | 16.53 | 25.85 | 27.96 | 28.79 | 30.07 | 48.77 | 52.55 | 51.56 | 40.60 | 41.59 | 63.69 | 93.19 |
| Year-End Price | 14.72 | 14.05 | 25.82 | 29.75 | 27.79 | 35.84 | 51.08 | 53.40 | 43.68 | 40.01 | 37.21 | 105.78 | 93.19 |
NEWMONT Corp /DE/ passes 6 of 9 quality checks, suggesting mixed fundamentals.
NEWMONT Corp /DE/ trades at 14.6x trailing earnings, compared to its 15-year median P/E of 15.6x, suggesting it is currently Fair relative to its historical range. On a free-cash-flow basis, the stock trades at 13.9x vs a median of 16.1x. The company's 5-year average ROIC is 5.8% with a gross margin of 52.2%. Total shareholder yield (dividends + buybacks) is 4.9%. At current prices, the estimated annualized return to fair value is -12.7%.
NEWMONT Corp /DE/ (NEM) has a net profit margin of 31.3%. This is a strong margin indicating high profitability.
NEWMONT Corp /DE/ (NEM) generated $7.3 billion in free cash flow in its most recent fiscal year. Positive free cash flow supports dividends, buybacks, and debt reduction.
NEWMONT Corp /DE/ (NEM) has a debt-to-equity ratio of 0.15. This indicates a conservatively financed balance sheet.
NEWMONT Corp /DE/ (NEM) reported earnings per share (EPS) of $6.39 in its most recent fiscal year.
NEWMONT Corp /DE/ (NEM) has a return on equity (ROE) of 22.2%. This indicates the company generates strong returns for shareholders.
NEWMONT Corp /DE/ (NEM) has a 5-year average gross margin of 52.2%. This high margin suggests strong pricing power and a potential competitive moat.
The Ledger Terminal provides 19 years of financial data for NEWMONT Corp /DE/ (NEM), sourced directly from SEC EDGAR filings. This includes income statements, balance sheets, cash flow statements, and key financial ratios.
NEWMONT Corp /DE/ (NEM) has a book value per share of $30.54, based on its most recent annual SEC filing.
Based on recent SEC filings and earnings disclosures, Newmont is positioned to deliver consistent operational performance and achieve full-year 2026 guidance through disciplined execution across its world-class portfolio, with management emphasizing the strength and resilience demonstrated in the first quarter despite challenging conditions at several sites including bushfires at Boddington and extreme weather at Brucejack and Tanami. The company expects to realize the full benefits of cost-saving initiatives launched in 2025, with all-in sustaining costs expected to be more than $100 per ounce lower than they would have been without these structural improvements, even as price-linked impacts from higher gold prices increase production taxes, royalties, and worker participation costs. Management is advancing value-accretive growth options including mine life extension programs at Lihir and Cerro Negro, completion of the Red Chris block cave feasibility study in the second half of 2026, and targeted exploration around existing infrastructure at Brucejack and Ahafo South, which is expected to deliver approximately four to five million ounces of new gold reserves in 2026. The company remains committed to maintaining a resilient balance sheet anchored by a $1 billion net cash target ±$2 billion, while returning capital to shareholders through a sustainable annual cash dividend of $1.1 billion and ongoing share repurchases, with the portfolio expected to return to production growth in 2027 and beyond toward approximately six million ounces of gold and 150,000 tonnes of copper annually.
Based on recent SEC filings and earnings calls, NEWMONT Corp /DE/ (NEM) has provided the following forward guidance: Gold production (attributable): 5.3 million ounces (FY2026); All-in Sustaining Costs (by-product basis): approximately $1,680 per ounce (FY2026); Sustaining capital: approximately $1.95 billion (FY2026); Development capital: $1.4 billion (FY2026); Exploration and advanced project spend: approximately $525 million (FY2026), plus 4 additional metrics.
All-in Sustaining Costs (by-product basis) (FY2026): “On that basis, 2026 All-in Sustaining Costs are expected to be approximately $1,680 per ounce.”
Sustaining capital (FY2026): “Without the $150 million shifting from 2025, we now expect sustaining capital of about $1.95 billion in 2026.”
Development capital (FY2026): “Turning to development capital. We expect to invest about $1.4 billion in 2026 as we advance our major projects in execution, continue the feasibility study work at Red Chris, and progress the mine life extensions at Lihir and Cerro Negro.”
Exploration and advanced project spend (FY2026): “We also expect a modest step up in exploration and advanced project spend to about $525 million this year as we continue to invest in value creating near our existing assets, including Brucejack, Ahafo South, and Merian, as Francois previously touched on.”
Reclamation spend (FY2026): “Reclamation spend for 2026 is expected to be around $850 million, in line with 2025, primarily related to the construction of water treatment plants at Yanacocha, which are expected to be completed in 2027.”
Annual cash dividend (FY2026 and beyond): “We will also pay a sustainable cash dividend of $1.1 billion per year, creating significant per share growth potential for multiple metrics as ongoing share repurchases continue to reduce our overall share count.”
New gold reserves from exploration (FY2026): “Based on current results, which are indicating grades higher than the current mine average, we anticipate exploration activities will deliver approximately four to five million ounces of new gold reserves in 2026.”
No recent press releases.