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Newmont Corporation

NEM Basic Materials Gold

Newmont Corporation’s revenue for fiscal 2025 (year ended December 2025) was $22.7 billion, up 21.3% from fiscal 2024.

Revenue
+15.2%
EPS
+41.3%
Free cash flow
+13.4%
Total debt
−1.54%

Quarter to September 2026, against a year earlier

120.28 2.17 +1.84%
Market cap
$124.4B
P/E
13.9×
Fwd P/E
11.4×
Dividend yield
0.86%
F-score
9/9
Altman Z
4.14
Beneish M
−2.57
Dividend safety
70/100
Overview Business Profile Earnings & Analysis
Financials
Income Statement Balance Sheet Cash Flow Metrics & Ratios
Segments Valuation Filings

Revenue by products and services Fiscal 2025

  • Gold Sales from Doré Production
  • Sales from Concentrate and Other Production

Every year since 2012 →

Insider Decisions last twelve months

Sold, $m 12.08
Trades a month
Jan 26 Apr 26 Jul 26 Oct 26
Buy — — — — — — — — — — — —
Sell — — 2 5 1 3 2 1 3 — 2 2
Insider Ownership 0.86%

Capital & Financial Ratios $m

Size
Market Cap 124,400.00
Revenue ttm 26,606.00
Net income ttm 9,440.00
Free cash flow ttm 10,195.00
Net debt Q (3,377.00)
Valuation
P/E 13.94
Forward P/E 11.40
Price / sales 4.74
Forward P/S Powerpack
Price / FCF 12.38
Price / book 3.52
Financial health
Current ratio Q 2.45 (at or above 1.5: strong)
Debt / equity Q 0.15 (at or below 0.5: strong)
Interest coverage Q 102.03
Growth
Revenue growth Q +15.19% (above 0%: growing)
Operating income growth Q +22.79% (above 0%: growing)
EPS, this year +35.24% (at or above 15%: strong)
EPS, next year A +6.51%
Revenue, next year A +16.35% (at or above 10%: strong)
EPS, past 5 yrs +12.73%
EPS, next 5 yrs A +18.27% (at or above 15%: strong)

Green and red mark values outside typical ranges; (Q) is the latest quarter, (A) analysts’ estimates. How we judge →

Valuation vs history

EV/Sales, ten years
EV/Sales is 4.7×, against a ten-year median of 3.7×; over the ten years it ranged from 2.3× in 2016 to 6.3× in 2026.
P/E against its own 10 years 22.82%
10-year low 10-year high
P/S against its own 10 years 89.84%
10-year low 10-year high
P/B against its own 10 years 96.44%
10-year low 10-year high
EV/Sales against its own 10 years 85.66%
10-year low 10-year high
EV/FCF against its own 10 years 21.12%
10-year low 10-year high

Dividends

Yield
0.86%
Annual rate
1.03
Payout ratio
12.0%
Growth, 2017–25
+18.9%/yr
  1. 0.25 ’17
  2. 0.56 ’18 +124
  3. 0.56 ’19 +0
  4. 1.04 ’20 +86
  5. 2.20 ’21 +112
  6. 2.20 ’22 +0
  7. 1.60 ’23 −27
  8. 1.00 ’24 −38
  9. 1.00 ’25 +0
  10. 1.05 ’26e +5
paid forecast change on the year, % Powerpack

Assets vs Liabilities $m

2023 2024 2025 Q'26
Cash 3,025 3,640 8,241 8,827
Receivables 734 1,552 1,745 1,496
Inventory 1,663 1,423 1,512 1,587
Other 2,090 5,660 1,568 1,661
7,512 12,275 13,066 13,571
2023 2024 2025 Q'26
Payables 960 843 816 879
ST’ Debt 1,923 924 — —
Other 2,913 5,288 3,590 3,153
5,998 7,543 5,712 5,539

Compound Annual Growth %

10y 5y 3y
Sales 14.06% 14.54% 23.91%
Cash Flow 17.03% 16.18% 47.50%
Earnings 41.51% 20.15% 0.00%
Book Value 9.07% 7.38% 20.34%

Earnings Trends EPS, adjusted, against the consensus

Q3 FY26 Estimate 1.94 Actual 2.20

Earnings per share against the consensus, by quarter
Quarter Estimate Reported Result
Q4 FY25 2.03 2.52 Beat by 0.49
Q1 FY26 2.07 2.90 Beat by 0.83
Q2 FY26 2.05 2.10 Beat by 0.05
Q3 FY26 1.94 2.20 Beat by 0.26
Q4 FY26 1.99 — Reports 18 February 2027

EPS $

Mar Jun Sep Dec Year
’26 3.00 2.06 2.35 — —
’25 1.68 1.85 1.67 1.19 6.39
’24 0.15 0.74 0.80 1.24 2.92
’23 0.44 0.19 0.20 (3.21) (2.94)
’22 0.56 0.49 0.27 (1.86) (0.54)
’21 0.70 0.81 0.00 (0.06) 1.46
’20 1.02 0.43 1.04 1.02 3.51
Fiscal quarters ending in the months shown.

Revenue $m

Mar Jun Sep Dec Year
’26 7,307 6,118 6,363 — —
’25 5,010 5,317 5,524 6,818 22,669
’24 4,023 4,402 4,605 5,652 18,682
’23 2,679 2,683 2,493 3,957 11,812
’22 3,023 3,058 2,634 3,200 11,915
’21 2,872 3,065 2,895 3,390 12,222
’20 2,581 2,365 3,170 3,381 11,497
Fiscal quarters ending in the months shown.

Operating Cash Flow $m

Mar Jun Sep Dec Year
’26 3,785 2,924 2,768 — —
’25 2,031 2,384 2,298 3,621 10,334
’24 776 1,428 1,648 2,511 6,363
’23 481 663 1,003 616 2,763
’22 694 1,043 473 1,010 3,220
’21 841 995 1,144 1,299 4,279
’20 936 664 1,596 1,686 4,882
Fiscal quarters ending in the months shown.

Free Cash Flow $m

Mar Jun Sep Dec Year
’26 3,235 2,214 1,911 — —
’25 2,889 2,701 1,685 2,835 10,110
’24 (74) 808 921 1,866 3,521
’23 (45) 47 399 (304) 97
’22 257 524 (56) 380 1,105
’21 505 580 746 942 2,710
’20 1,729 398 1,302 1,307 4,736
Fiscal quarters ending in the months shown.

Valuation

The price implies free cash flow after share-based pay growing −0.5% a year for ten years. It grew 20.3% a year over the last ten.

Implied
−0.5%
10 years, reported
20.3%
Open the model

Target Price Range

Analyst price targets

Recommendation Rating

1.7
1Buy 2 3Hold 4 5Sell

Ten years at a glance Fiscal years to December

Ten-year view Analyst estimates Powerpack
Group Line 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 TTM Sep ’26 Trend 10 yrs 2026e 2027e 2028e Next 3/yr
Income, $m
Income, $m Revenue 6,680 7,379 7,253 9,740 11,497 12,222 11,915 11,812 18,682 22,669 26,606 +14.5% 26,376 27,741 29,569 +9.3%
Gross margin, % 44.04 44.95 43.57 46.66 56.39 55.53 45.72 43.29 52.02 64.33 69.20 +20.3 pt
EBT (220) 1,072 738 3,693 3,143 1,108 (51) (2,031) 4,577 11,342 14,038 n/m
EBT margin, % (3.29) 14.53 10.18 37.92 27.34 9.07 (0.43) (17.19) 24.50 50.03 52.76 +53.3 pt
Net income (943) (109) 380 2,884 2,791 233 (369) (2,467) 3,381 7,167 9,440 n/m
Per share, $
Per share, $ Revenue 12.60 13.84 13.61 13.25 14.30 15.30 15.01 14.05 16.30 20.50 25.36 +5.6%
Earnings (1.18) (0.18) 0.64 3.82 3.52 1.46 (0.54) (2.94) 2.92 6.41 8.63 n/m
Cash flow 5.26 3.99 3.43 3.90 6.07 5.36 4.06 3.29 5.55 9.34 12.49 +6.6%
Capex (2.12) (1.62) (1.89) (1.95) (0.18) (1.96) (2.66) (3.17) (2.48) (0.20) (2.77) (23.0%)
Free cash flow 3.14 2.37 1.54 1.95 5.89 3.39 1.39 0.12 3.07 9.14 9.72 +12.6%
Book value 22.40 21.61 21.51 30.44 29.66 27.30 24.60 34.73 26.27 30.78 34.18 +3.6%
Shares, m 530 533 533 735 804 799 794 841 1,146 1,106 1,076 +8.5%
Valuation, ×
Valuation, × P/E 0.00 0.00 54.14 12.49 17.01 42.77 0.00 0.00 12.70 15.60 13.94 15.5
P/S 2.75 2.76 2.55 3.28 4.19 4.05 3.30 3.39 2.28 4.87 4.74 3.3
P/B 1.55 1.77 1.61 1.43 2.02 2.27 2.02 1.37 1.42 3.24 3.52 1.9
EV/Sales 3.02 2.86 2.66 3.73 4.25 4.15 3.51 3.92 2.56 4.79 4.65 3.5
EV/FCF 11.03 16.50 23.51 25.34 10.33 18.14 32.86 165.97 13.54 10.74 12.14 32.8
Cash, $m
Cash, $m Operating cash flow 2,786 2,124 1,827 2,866 4,882 4,279 3,220 2,763 6,363 10,334 13,098 +15.7%
Capex (1,124) (861) (1,008) (1,433) (146) (1,569) (2,115) (2,666) (2,842) (224) (2,903) (16.4%)
Free cash flow 1,662 1,263 819 1,433 4,736 2,710 1,105 97 3,521 10,110 10,195 +22.2%
Balance, $m
Balance, $m Working capital 2,927 3,668 3,490 3,887 5,136 5,042 3,589 1,514 4,732 7,354 8,032 +10.8%
Net debt 1,803 744 789 4,382 766 1,122 2,401 6,297 5,225 (2,770) (3,377) n/m
Shareholders’ equity 11,874 11,519 11,465 22,370 23,845 21,813 19,533 29,205 30,109 34,042 35,850 +12.4%
Returns, %
Returns, % ROA (2.73) (0.55) 1.65 9.24 6.96 2.85 (1.09) (5.31) 5.99 12.49 16.37 +15.2 pt
ROIC (0.07) 6.42 4.03 2.98 7.13 3.43 0.58 (2.99) 8.01 21.91 26.55 +22.0 pt
ROE (4.81) (0.97) 2.97 16.58 12.24 5.11 (2.08) (10.23) 11.29 22.09 26.68 +26.9 pt
People
People Employees 12,400 12,547 12,400 16,600 14,300 14,400 14,600 21,700 22,200 17,500 — +3.9%
Revenue/emp, $m 0.54 0.59 0.58 0.59 0.80 0.85 0.82 0.54 0.84 1.30 — +10.2%
Negative figures in brackets.
estimates

All 10 years →

Fiscal years to Dec 2025 · latest quarter Sep 2026 · fundamentals updated 2 Nov 2026

Business profile

Updated

Newmont Corporation is a mining company founded in 1916 and headquartered in Denver. Natascha Viljoen is President and Chief Executive Officer. The company primarily produces gold, and also produces copper, silver, lead and zinc.

Its mining business begins with finding or acquiring mineral properties, developing mines, extracting ore and processing it. Gold ore may be milled or heap-leached to produce doré bars, an alloy containing mainly gold and some silver. Refiners process the doré into bullion meeting the market standard for gold. At some sites, Newmont also produces concentrates containing copper, gold, silver, lead or zinc, which are sold for further treatment and refining.

Where the money comes from and where it goes Fiscal 2025

Fiscal 2025: revenue by products and services, and margins
Gold Sales from Doré Production 14,330 63.21%
Sales from Concentrate and Other Production 8,339 36.79%
Gross margin 64.33%
Operating margin 48.35%
Pre-tax margin 50.03%

Revenue by segment since 2012

Newmont Corporation vs peers in Gold (Q) = latest quarter vs a year earlier

Company Market cap P/E Fwd P/E Revenue growth (Q) EPS growth (Q) FCF growth (Q) Gross margin (Q) EBIT margin (Q) Compare
NEM Newmont Corporation $124.4B 13.9× 11.4× +15.19% (above 0%: growing) +41.32% (above 0%: growing) +13.41% (above 0%: growing) 66.32% 49.71%
WPM Wheaton Precious Metals Corp. $60.2B 29.3× 25.4× +84.65% (above 0%: growing) +87.50% (above 0%: growing) −5,847.95% (below 0%: shrinking) 74.03% 71.79% Compare
FNV Franco-Nevada Corporation $48.4B 32.9× 29.0× +57.26% (above 0%: growing) +43.75% (above 0%: growing) +143.18% (above 0%: growing) 77.64% 76.73% Compare
AU AngloGold Ashanti PLC $44.7B 11.9× 10.0× +26.95% (above 0%: growing) +49.24% (above 0%: growing) +41.62% (above 0%: growing) 54.86% 50.77% Compare
GFI Gold Fields Limited $33.5B 22.5× 7.2× +8.27% (above 0%: growing) n/m +754.13% (above 0%: growing) 37.73% 0.00% Compare
RGLD Royal Gold, Inc. $22.1B 26.4× 19.7× +84.38% (above 0%: growing) +39.58% (above 0%: growing) +97.96% (above 0%: growing) 86.59% 65.35% Compare
CDE Coeur Mining, Inc. $15.0B 15.8× 11.5× +77.37% (above 0%: growing) −73.81% (below 0%: shrinking) +104.47% (above 0%: growing) 0.00% 17.74% Compare
EQX Equinox Gold Corp. $13.2B 10.9× 9.3× +169.33% (above 0%: growing) +480.00% (above 0%: growing) −103.64% (below 0%: shrinking) 39.20% 32.14% Compare
HMY Harmony Gold Mining Company Limited $10.6B 52.0× 4.8× −3.10% (below 0%: shrinking) n/m +265.24% (above 0%: growing) 26.37% 0.00% Compare
Median of peers $27.8B 24.4× 10.7× +67.32% +46.50% +101.22% 47.03% 41.46%

All 46 Gold stocks →

From the latest earnings call

Updated

  • On the latest earnings call, Newmont management said the company produced about 1,300,000 ounces of gold in the third quarter of 2026.
  • Newmont management said the company had repurchased more than 115,000,000 shares since February 2024 and returned about $1.9 billion to shareholders since its previous call.

Analyst rating changes each firm’s latest, last six months

Firm Date Action Rating Target
UBS Sep 30, 2026 Target raised — —

Largest institutional holders 13F, quarter to 30 June 2026

Held by institutions 78.99%
Held by the ten largest 41.83%
Holder Shares Stake Change
BlackRock 120.88m 11.47% −5.21m
Vanguard 119.39m 11.33% −280.71k
State Street 52.40m 4.97% +1.57m
VanEck 32.11m 3.05% −3.88m
Geode Capital Management 27.98m 2.66% −288.85k
First Eagle Investment Management, LLC 23.14m 2.20% +11.12m
Fidelity (FMR) 19.96m 1.89% +467.42k
Invesco 17.44m 1.66% +2.87m
Norges Bank 14.35m 1.36% +14.35m
BNY 13.06m 1.24% +818.86k
13F filings for the quarter to 30 June 2026: long positions in US-listed shares reported by managers with $100m or more, ~45 days after the quarter.

Pay and ownership Proxy statement filed 26 March 2026

Chief executive’s pay

Year Total pay Actually paid $100 invested
2025 15.63m 46.28m 195.00
2024 12.97m 3.32m 72.00
2023 11.75m 1.13m 78.00
2022 13.65m 3.41m 85.00
2021 12.67m 15.42m 107.00
Total pay is as the Summary Compensation Table states it; actually paid revalues the year’s share awards at its end, as the SEC’s pay-versus-performance rule asks. $100 invested is what $100 in the company’s shares at the start of the earliest year shown was worth at each year’s end. Read the proxy statement

Newmont Corporation (NEM) Latest News

5 Nov

Impact 3 · · Simply Wall St.

4 Nov

Impact 3 · · Zacks

30 Oct

Impact 3 · · Trefis

29 Oct

Impact 4 · · Trefis

28 Oct

Impact 4 · · Trefis
Impact 3 · · TMX Newsfile

26 Oct

Impact 3 · · Zacks

25 Oct

Impact 4 · · MarketBeat

24 Oct

Impact 3 · · 24/7 Wall St.

23 Oct

Impact 4 · · TIKR
Impact 4 · · Zacks
Impact 4 · · Zacks
Impact 4 · · Moby
Impact 4 · · The Motley Fool
Impact 3 · · 24/7 Wall St.
Impact 3 · · Trefis

22 Oct

Impact 4 · · The Motley Fool transcript
Impact 4 · · MarketBeat
Impact 4 · · Associated Press
Impact 3 · · Simply Wall St.
Impact 3 · · Zacks
Impact 3 · · Zacks

20 Oct

Impact 4 · · Trefis

19 Oct

Impact 3 · · Zacks

17 Oct

Impact 3 · · Simply Wall St.

16 Oct

Impact 3 · · Zacks

15 Oct

Impact 3 · · Zacks

14 Oct

Impact 4 · · Simply Wall St.

13 Oct

Impact 3 · · Zacks

9 Oct

Impact 4 · · Investing.com

NEM metrics, ten years each

stockrow.com/NEM · Data as of Nov 2, 2026 · For information only; not investment advice. · © 2026 stockrow.com