Newmont (NEM)
Materials · $135B market cap · SEC CIK 0001164727
fundamentals score out of 100
Next reports on Oct 22, 2026, before the open, with analysts expecting $2.10 in earnings per share.
The case for NEM
- Revenue up 25.2% on the year.
- Earns 25% back on shareholder equity.
- Generated $7.3B of free cash flow in FY2025, 32% of revenue.
- 33% of revenue drops through to net profit.
- Holds more cash ($7.6B) than long-term debt ($5.1B).
- Earnings per share up 42.2%.
The case against
- Price/sales of 5.2× is higher than 92% of Materials companies.
What the score is made of
Each factor is half a curve over reported figures and half a rank among the other Materials companies (momentum is judged against fixed thresholds only), and the five are blended by weight. It describes the last filing and the current price. It is not a forecast.
| Valuewhat you pay for the earnings, sales, assets and cash | 68 |
|---|---|
| Growthhow fast revenue and earnings are moving, this year and over five | 86 |
| Profitabilityhow much of the revenue becomes profit, and how much of that is cash | 89 |
| Momentumhow the price has behaved lately | 85 |
| Stabilityhow violently it moves, what it owes and what it pays you | 87 |
- Each factor except momentum is half fixed thresholds, half rank among the 26 Materials companies.
Key numbers
| Price / earnings | 15.7× |
|---|---|
| Price / book | 2.83× |
| Price / sales | 5.2× |
| Revenue growth (YoY) | +25.2% |
| EPS growth (YoY) | +42.2% |
| Gross margin | 69% |
| Operating margin | 51% |
| Net margin | 33% |
| Return on equity | 25% |
| Debt / equity | 0.16× |
| Current ratio | 2.55 |
| Dividend yield | 4.26% |
| Beta | 0.54 |
| 52-week range | $76.05 – $135.29 |
| Position in that range | 86% of the way up |
| 3-month return | +18.6% |
| 1-year return | +50.6% |
Five years of financials, as filed
Pulled from Newmont's XBRL filings on SEC EDGAR. Italic rows are derived from the rows above.
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|
| Revenue | $22.7B | $18.7B | $11.8B | $11.9B | $12.2B |
| Net income | $7.1B | $3.3B | -$2.5B | -$429M | $1.2B |
| Operating cash flow | $10.3B | $6.4B | $2.8B | $3.2B | $4.3B |
| Capital expenditure | $3.0B | $3.4B | $2.7B | $2.1B | $1.7B |
| Total assets | $57.1B | $56.3B | $55.5B | $38.5B | $40.6B |
| Total liabilities | $23.1B | $26.2B | $26.3B | $18.9B | $18.7B |
| Shareholder equity | $33.9B | $29.9B | $29.0B | $19.4B | $22.0B |
| Cash | $7.6B | $3.6B | $3.0B | $2.9B | $5.0B |
| Long-term debt | $5.1B | $7.6B | $7.0B | $5.6B | $5.6B |
| Free cash flow | $7.3B | $3.0B | $97.0M | $1.1B | $2.6B |
| Net margin | 31.3% | 17.9% | -21.1% | -3.6% | 9.5% |
| Diluted shares | 1.1B | 1.1B | 841M | 795M | 801M |
Share count is up 38.3% over 4 years. Your slice has been diluted.
What Newmont says it does
(dollars in millions, except per share, per ounce and per pound amounts) Introduction Newmont Corporation was incorporated in 1921 and is primarily a gold producer with significant operations and/or assets in the United States, Papua New Guinea, Australia, Ghana, Suriname, Argentina, Dominican Republic, Chile, Peru, Ecuador, Mexico, and Canada. At December 31, 2025, Newmont had attributable proven and probable gold reserves of 118.2 million ounces, attributable measured and indicated gold resources of 88.1 million ounces, attributable inferred gold resources of 60.6 million ounces, and an aggregate land position of approximately 19,200 square miles (49,800 square kilometers). Newmont is also engaged in the production of copper, silver, lead, and zinc. As the world’s leading gold company, Newmont remains committed to creating value and improving lives through sustainable and responsible mining. Newmont’s corporate headquarters are in…
Risk factors NEM lists in its 10-K
- Earnings Before Interest, Taxes, and Depreciation and Amortization and Adjusted Earnings Before Interest, Taxes, and Depreciation and Amortization
- Net income (loss) attributable to Newmont stockholders
- (Gain) loss on sale of assets held for sale
- Change in fair value of investments and options
- Net loss (income) attributable to non-controlling interests
- Income and mining tax benefit (expense)
- Net cash provided by (used in) operating activities
- Net cash provided by (used in) operating activities of discontinued operations
- Additions to property, plant and mine development
- Net cash provided by (used in) investing activities
- Net cash provided by (used in) financing activities
- Additions to property, plant and mine development,
- Lease and other financing obligations
- Advanced projects, research and development and exploration