Newmont Corporation NEM

MaterialsMetals & MiningUnited States of America

Last close 106.61 USD on Nov 1, 2026, +7.5% year to date

Quant rating

Quant rating A Rank 8 of 151 in Materials

Growth B 45 of 151
Valuation A 11 of 151
Quality A 4 of 151
Revisions C 91 of 151
Momentum B 37 of 151

Wall Street consensus Buy (1.78)Average target 139.25 USD +30.6%

Historical valuation

Multiples use consensus estimates for the next twelve months. The dashed line is the 5-year average.

Key data

Market cap: 110.8B
Enterprise value: 107.7B
52-week range: 78.61 – 135.28
3-year range: 29.86 – 135.28
Dividend yield: 0.98%
Beta (5 years): 0.56
Shares outstanding: 1,039M
Next earnings: Feb 17, 2027

About the company

Newmont Corporation is a gold company and a producer of copper, zinc, lead, and silver with operations and/or assets in the Africa, Australia, Latin America & Caribbean, North America, and Papua New Guinea regions. The Company's operations include Brucejack, Red Chris, Penasquito, Merian, Cerro Negro, Yanacocha, Boddington, Tanami, Cadia, Lihir, Ahafo, and NGM. The Brucejack operation includes four mining leases and six core mineral claims which cover 8,169 acres (3,306 hectares) and 337 mineral claims covering 298,795 acres (120,918 hectares). The Red Chris operation includes five mining leases which cover 12,703 acres and 199 mineral claims, encompassing an area of 164,903 acres (66,734 hectares). Penasquito includes 20 mining concessions for operations comprising 113,231 acres (45,823 hectares) and 60 mining concessions for exploration of 107,456 acres (43,486 hectares). The Merian operation includes one right of exploitation encompassing an area of 41,687 acres (16,870 hectares).

Growth and profitability fiscal year ends December 31

Growth and profitability by fiscal year
	2025	2024	2023	2022	2021	5Y avg
Revenue (mil)	22,669	18,682	11,812	11,915	12,222	–
Revenue growth	21.3%	58.2%	−0.9%	−2.5%	6.3%	14.5%
EPS (basic, normalized)	6.89	3.48	1.61	1.85	2.96	–
EPS growth	98.0%	116.1%	−13.0%	−37.5%	–	–
Gross margin	64.3%	52.0%	43.3%	45.7%	55.5%	52.2%
Net margin	31.3%	17.6%	−21.3%	−3.9%	9.1%	6.5%
ROE	22.2%	11.1%	−10.4%	−2.2%	4.9%	5.1%

Balance sheet, last quarter
Cash & short-term investments (mil)	8,827
Current ratio	2.45x
Long-term debt (mil)	5,450
Net debt (mil)	−3,068
Total equity (mil)	35,675
Net debt / equity	−0.09x
Net debt / EBITDA	−0.23x

Estimates and valuation

Consensus estimates and implied multiples
	Sales (mil)			EBITDA (mil)			EPS
Fiscal year	Mean est.	Growth	EV/Sales	Mean est.	Growth	EV/EBITDA	Mean est.	Growth	P/E
2025 actual	22,669	+21.3%	4.8x	13,480	+65.4%	8.0x	6.89	+98.0%	15.5x
2026	26,201	+15.6%	4.1x	16,886	+25.3%	6.4x	9.19	+33.4%	11.6x
2027	27,588	+5.3%	3.9x	17,583	+4.1%	6.1x	9.96	+8.4%	10.7x
2028	29,272	+6.1%	3.7x	18,944	+7.7%	5.7x	10.99	+10.3%	9.7x

Estimate revisions

Change in consensus estimates over 1, 3 and 6 months
	Sales				EPS
Fiscal year	Estimate (mil)	1M	3M	6M	Estimate	1M	3M	6M
2026	26,201	−1.5%	−1.5%	−9.1%	9.19	−1.6%	−1.2%	−12.7%
2027	27,588	−3.9%	−3.5%	−10.5%	9.96	−4.6%	−5.6%	−13.8%
2028	29,272	−0.1%	+2.0%	−2.2%	10.99	−2.5%	−4.3%	−4.4%

Earnings surprises EPS beat in 4 of the last 4 quarters

Reported results versus consensus, last 10 fiscal quarters
Quarter ended	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
Sales reported (mil)	4,023	4,402	4,605	5,652	5,010	5,317	5,524	6,818	7,307	6,118
Sales mean (mil)	3,648	4,116	4,673	5,155	4,678	4,909	5,183	6,162	6,519	6,324
Surprise	+10.3%	+7.0%	−1.4%	+9.6%	+7.1%	+8.3%	+6.6%	+10.7%	+12.1%	−3.3%
EPS reported	0.55	0.72	0.81	1.40	1.25	1.43	1.71	2.52	2.90	2.10
EPS mean	0.36	0.62	0.86	1.08	0.90	1.18	1.43	2.00	2.18	1.99
Surprise	+54.3%	+16.4%	−5.8%	+29.6%	+39.6%	+21.6%	+19.5%	+25.9%	+33.0%	+5.6%

Peer comparison Metals & Mining

Peers in the same industry group, by market capitalization
Company	Market cap	Net debt/EBITDA	Net margin	P/B	FY1 P/E	FY2 P/E	FY1 EV/EBITDA	FY2 EV/EBITDA
NEM Newmont Corporation	110.8B	−0.23x	31.3%	3.12x	11.6x	10.7x	6.4x	6.1x
BHP BHP Group Ltd	205.7B	–	16.7%	3.95x	19.4x	20.9x	6.8x	6.7x
SCCO Southern Copper Corp	149.9B	0.09x	32.3%	12.58x	22.2x	23.6x	13.3x	13.8x
RIO Rio Tinto plc	140.8B	–	17.3%	2.03x	10.0x	10.0x	5.7x	5.4x
FCX Freeport-McMoRan Inc	87.5B	1.93x	8.5%	4.28x	19.4x	14.3x	8.4x	6.0x
AEM Agnico Eagle Mines Limited	83.5B	−0.41x	37.5%	2.82x	14.2x	14.0x	7.4x	7.1x
Mean		0.35x	23.9%	4.79x	16.1x	15.6x	8.0x	7.5x
Median		−0.07x	24.3%	3.53x	16.8x	14.2x	7.1x	6.4x

Technical analysis

1M−8.1%
3M+16.7%
1Y+35.6%
3Y+189.8%

Financial statements in millions of USD

Income statement in millions of USD, fiscal years

Income statement, Newmont Corporation, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Total revenue	22,669	18,682	11,812	11,915	12,222	11,497
Cost of revenue	8,085	8,963	6,699	6,468	5,435	5,014
Gross profit	14,584	9,719	5,113	5,447	6,787	6,483
Selling, general & administrative expenses	631	770	1,832	1,197	2,105	635
Research & development	409	463	465	460	363	309
Depreciation/amortization	2,521	2,560	2,093	2,132	2,304	2,300
Interest expense (income), operating	–	–	–	–	–	–
Unusual expense (income)	65.0	1,318	2,365	1,437	744	588
Other operating expenses	98.0	37.0	21.0	18.0	26.0	15.0
Operating income	10,860	4,571	−1,663	203	1,245	2,636
Net interest income (expense)	432	−25.0	−395	−200	−326	−105
Gain (loss) on sale of assets	–	–	–	35.0	170	677
Other non-operating income (expense)	50.0	31.0	27.0	−89.0	19.0	−65.0
Net income before taxes	11,342	4,577	−2,031	−51.0	1,108	3,143
Provision for taxes	4,596	1,397	526	455	1,098	704
Minority interest	−82.0	−33.0	−27.0	−60.0	933	38.0
Equity in affiliates	421	133	63.0	107	166	189
U.S. GAAP adjustment	–	–	–	–	–	–
Net income before extraordinary items	7,085	3,280	−2,521	−459	1,109	2,666
Extraordinary items	0	68.0	27.0	30.0	57.0	163
Net income	7,085	3,348	−2,494	−429	1,166	2,829
EBIT, normalized	10,925	5,866	762	1,796	2,034	3,224
EBITDA, normalized	13,446	8,442	2,870	3,981	4,357	5,524
Basic EPS, normalized	6.89	3.48	1.61	1.85	2.96	–

Balance sheet in millions of USD, fiscal years

Balance sheet, Newmont Corporation, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Assets
Cash & short-term investments	8,241	3,640	3,025	3,757	5,074	5,830
Receivables	1,745	1,056	1,227	366	337	449
Total inventory	2,689	2,184	2,642	1,753	1,787	963
Prepaid expenses	–	–	–	–	–	–
Other current assets	391	5,395	618	639	498	1,263
Total current assets	13,066	12,275	7,512	6,515	7,696	8,505
Property, plant & equipment	33,310	33,547	37,563	24,073	24,124	24,281
Goodwill	2,658	2,658	3,001	1,971	2,771	2,771
Intangibles	–	–	–	–	–	–
Long-term investments	4,199	4,486	4,164	3,313	3,294	3,197
Note receivable	–	–	–	–	–	–
Other long-term assets	3,888	3,383	3,266	2,610	2,679	2,615
Total assets	57,121	56,349	55,506	38,482	40,564	41,369
Liabilities
Accounts payable	816	843	960	633	518	493
Payable/accrued	–	–	–	–	–	–
Accrued expenses	1,573	1,306	1,344	990	769	935
Short-term debt	0	0	0	0	0	0
Current portion of long-term debt	118	1,031	2,037	96.0	193	657
Other current liabilities	3,205	4,363	1,657	1,207	1,174	1,284
Total current liabilities	5,712	7,543	5,998	2,926	2,654	3,369
Long-term debt	5,471	7,941	7,399	6,036	6,109	6,045
Minority interest	175	181	178	179	−161	871
Other liabilities	11,896	10,756	12,904	9,987	9,940	8,076
Total liabilities	23,254	26,421	26,479	19,128	18,542	18,361
Shareholders' equity
Preferred stock	–	–	–	–	–	–
Common stock	1,753	1,813	1,854	1,279	1,276	1,287
Additional paid-in capital	28,847	29,808	30,419	17,369	17,981	18,103
Retained earnings (accumulated deficit)	3,431	−1,320	−2,996	916	3,098	4,002
Treasury stock	−301	−278	−264	−239	−200	−168
Other equity	137	−95.0	14.0	29.0	−133	−216
Total equity	33,867	29,928	29,027	19,354	22,022	23,008
Total liabilities & shareholders' equity	57,121	56,349	55,506	38,482	40,564	41,369

Cash flow statement in millions of USD, fiscal years

Cash flow statement, Newmont Corporation, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Operating activities
Net income	7,167	3,381	−2,467	−369	233	2,791
Depreciation, depletion & amortization	2,521	2,576	2,108	2,185	2,323	2,300
Deferred taxes	1,391	80.0	−104	−278	−109	−222
Non-cash items	−535	1,351	3,739	2,523	2,373	−325
Changes in working capital	−72.0	−1,163	−513	−841	−541	338
Cash from operations	10,472	6,225	2,763	3,220	4,279	4,882
Investing activities
Capital expenditures	−3,035	−3,402	−2,666	−2,131	−1,653	−1,302
Other investing cash flows	3,641	700	1,664	−852	−215	1,393
Cash from investing	606	−2,702	−1,002	−2,983	−1,868	91.0
Financing activities
Financing cash flow items	−106	−91.0	−121	−455	−213	−135
Cash dividends paid	−1,106	−1,145	−1,415	−1,746	−1,757	−834
Issuance (retirement) of debt, net	–	–	–	–	–	–
Other financing cash flows	−5,828	−1,717	−67.0	−155	−988	−711
Cash from financing	−7,040	−2,953	−1,603	−2,356	−2,958	−1,680
Foreign exchange effects	−4.0	−20.0	−2.0	−30.0	−8.0	6.0
Net change in cash	4,034	550	156	−2,149	−555	3,299
Free cash flow	7,437	2,823	97.0	1,089	2,626	3,580

Disclaimer

The financial data presented in this report is delayed and obtained from sources QDD Research believes to be reliable, including stock exchanges, SEDAR, and EDGAR. However, no representation or warranty is made as to the accuracy, completeness, or timeliness of the information. QDD Research accepts no liability for any errors, omissions, or financial losses arising from the use of this data.

This report is generated using a fully systematic and quantitative approach. All factor scores and the overall quant rating (ranging from D to A+) are derived from algorithmic models and are based solely on objective financial metrics. These scores are intended for informational purposes only and should not be interpreted as investment advice or a recommendation to buy, sell, or hold any securities.

QDD Research is not a registered investment advisor or broker-dealer and does not provide personalized financial advice. The content is not tailored to the specific investment goals, financial situation, or risk profile of any individual investor. We strongly encourage readers to consult with a licensed broker or investment advisor before making any investment decisions based on the information contained in this report.

Live quote provided by TradingView. Report data updated Nov 1, 2026 after market close.