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Newmont Corporation (NEM) USD

Newmont Corporation is a gold mining company that also explores for copper, silver, lead, and zinc. It operates mines and projects across multiple countries, including the United States, Australia, and Ghana.

At a glance: strengths & risks
✓Revenue growing (+15% y/y, Q2 2026)✓Net cash balance sheet✗Margins compressing (70%→59%, Q2 2026)

Sector: Gold mining

Geography: USA, Canada, Australia, Ghana

COMM_NEM

Price chart

113.98 USDDay -2.73%

Key metrics

Net debt (table and EV/EBITDA): |short-term borrowings| + |long-term borrowings| + |other financial liabilities| when extracted + |non-controlling interest| when extracted − |cash and equivalents|; amounts in millions of the reporting currency.

Market

Price
113.98 USD · -2.73%
Market cap
124.1 bn USD

Growth

Δ revenue y/y
15.1%
Δ EBITDA y/y
0.6%

Multiples

P/E (LTM)
14.4x
3y avg: 17.0x
P/B (FY)
3.7x
P/E (ann.)
14.1x
EV/EBITDA (LTM)
7.5x
3y avg: 8.6x
EV/EBITDA (ann.)
8.0x

Cash return

Dividend yield
0.9%
FCF yield (LTM)
7.7%

Value creation

to target market cap (spot commodity model)
Upside (potential)
+18.2%
↓ details

Liquidity

Daily turnover (listing)
136.1 mln USD

Shares: yahoo_fundamentals_timeseries/NEM

Financial results

Monetary columns are in B USD, one decimal; scale (K/M/B/T) keeps values readable. For the period (default) shows P&L and cash flow for that row’s reporting window: quarterly amounts when the feed uses quarter-duration facts (typical US 10-Q revenue and income), quarterly cash flows after stripping YTD where only cumulative tags exist, and an implied Q4 on 31 Dec FY rows (P&L: FY minus Q1–Q3; operating / investing cash flow: FY 12m minus 9M YTD to 30 Sep when sourced from SEC builder evidence) so they match 10-Q scale. Some issuers still use cumulative YTD minus the prior row in the same calendar year. As reported shows values stored on each row (e.g. full-year on FY). Balance sheet is always as reported. Source JSON may use millions etc.; conversion uses amounts_unit per row.

DatePeriodStatusRevenueB USDOperating profitB USDD&AB USDEBITDAB USDNet profitB USDOperating CFB USDCapex + M&AB USDAssetsB USDEquityB USDROE (annualized)Net debtB USDSource
2026-06-30Q2 2026 (3M)OK6.1
y/y 15.1%
3.2
y/y 1.2%
0.6
y/y -2.6%
3.8
y/y 0.6%
2.2
y/y 6.8%
2.9-0.757.6
y/y 4.5%
35.2
y/y 9.8%
25.1%-3.9Yahoo Finance
2026-03-31Q1 2026 (3M)OK7.3
y/y 45.8%
4.6
y/y 85.5%
0.6
y/y 6.6%
5.2
y/y 70.2%
3.3
y/y 72.5%
3.8-0.657.7
y/y 3.9%
34.9
y/y 11.8%
37.9%-3.7Link
2025-12-31Q4 2025 (3M)OK6.8
y/y 20.6%
3.2
y/y 58.0%
0.7
y/y -3.5%
3.9
y/y 42.6%
1.3
y/y -7.3%
3.6-0.857.1
y/y 1.4%
33.9
y/y 13.2%
21.1%-3.1Link
2025-09-30Q3 2025 (3M)OK5.5
y/y 20.0%
2.5
y/y 136.7%
0.6
y/y 1.9%
3.1
y/y 86.4%
1.8
y/y 98.7%
2.3-0.754.7
y/y -2.6%
33.2
y/y 11.8%
7.5%-0.8Link
2025-06-30Q2 2025 (3M)OK5.3
y/y 20.8%
3.1
y/y 201.0%
0.6
y/y 3.0%
3.7
y/y 128.2%
2.1
y/y 141.6%
2.4-0.755.2
y/y -0.9%
32.1
y/y 9.3%
26.0%0.5Link
2025-03-31Q1 2025 (3M)OK5.0
y/y 24.5%
2.5
y/y 477.3%
0.6
y/y -9.3%
3.1
y/y 183.2%
1.9
y/y 1012.4%
2.0-0.855.5
y/y 0.3%
31.2
y/y 8.2%
24.7%2.8Link
2024-12-31Q4 2024 (3M)OK5.7
y/y 42.8%
2.1
y/y 166.2%
0.7
y/y 1.2%
2.7
y/y 213.3%
1.4
y/y 144.4%
2.5-0.956.3
y/y 1.5%
29.9
y/y 3.1%
11.2%4.8Link
2024-09-30Q3 2024 (3M)OK4.6
y/y 84.7%
1.1
y/y 356.5%
0.6
y/y 31.5%
1.7
y/y 137.4%
0.9
y/y 483.5%
1.6-0.956.2
y/y 47.5%
29.7
y/y 55.8%
4.2%5.5Link
2024-06-30Q2 2024 (3M)OK4.4
y/y 64.1%
1.0
y/y 245.3%
0.6
y/y 23.9%
1.6
y/y 108.4%
0.9
y/y 450.3%
1.4-0.855.7
y/y 46.0%
29.4
y/y 52.8%
11.7%6.0Link
2024-03-31Q1 2024 (3M)OK4.0
y/y 50.2%
0.4
y/y -20.6%
0.7
y/y 41.9%
1.1
y/y 8.2%
0.2
y/y -51.6%
0.8-0.855.3
y/y 44.2%
28.9
y/y 49.1%
2.3%6.6Link
2023-12-31Q4 2023 (3M)OK4.0
y/y —
-3.1
y/y —
0.7
y/y —
-2.4
y/y —
-3.2
y/y —
0.6-0.955.5
y/y —
29.0
y/y —
-10.4%5.8Link
2023-09-30Q3 2023 (3M)OK2.5
y/y —
0.2
y/y —
0.5
y/y —
0.7
y/y —
0.2
y/y —
1.0-0.638.1
y/y —
19.1
y/y —
1.1%2.4Link
2023-06-30Q2 2023 (3M)OK2.7
y/y —
0.3
y/y —
0.5
y/y —
0.8
y/y —
0.2
y/y —
0.7-0.638.1
y/y —
19.2
y/y —
3.2%2.3Link
2023-03-31Q1 2023 (3M)OK2.7
y/y —
0.5
y/y —
0.5
y/y —
1.0
y/y —
0.4
y/y —
0.5-0.538.4
y/y —
19.4
y/y —
—2.1Link

Net debt structure (leases included, IFRS 16) 2026-06-30

Long-term debt (incl. LT leases)5 083
− Cash & equivalents9 009
Net debt-3 926

Net debt / LTM EBITDA: -0.2x

Revenue & EBITDA

RevenueEBITDA

Quarterly values ($ mln)

02 0004 0006 0008 0002024 q12024 q22024 q32024 q42025 q12025 q22025 q32025 q42026 q12026 q2

Year-over-year change

0%50%100%150%200%2024 q12024 q22024 q32024 q42025 q12025 q22025 q32025 q42026 q12026 q2

Cash flow

Operating and investing cash flow (OCF + ICF) ($ mln)

-1 00001 0002 0003 0004 0002024 q12024 q22024 q32024 q42025 q12025 q22025 q32025 q42026 q12026 q2

Net debt / cash ($ mln)

-5 000-2 50002 5005 0007 5002024 q12024 q22024 q32024 q42025 q12025 q22025 q32025 q42026 q12026 q2

Profit and cash

Worth a look
In a typical year of 2023–2025 operating cash flow came to 1.68x of reported net profit; after capex, 0.96x. Loss years (2023) are left out of the ratio.
year202320242025
cash flow / profit—1.90x1.46x
accruals, % of assets-9.5%-5.3%-5.7%
Last twelve months (to 2026-06-30): 1.47x of profit came back as operating cash flow.
net debt / EBITDA -0.2x · capex 1.3x of depreciation · dividends 35% of free cash flow · share count +14.8% a year
● Diluted share count grew 14.8% a year.
Read from the reported annual statements: cash flow / profit is the median of the yearly operating cash flow over net profit for the years shown; accruals are (profit − operating cash flow) / assets, the classic gap between what was booked and what was collected. A gap can be growth in working capital, capitalised costs, revaluations or profit from associates — the panel points at it, the statements explain it. Not investment advice.

Research & reviews

Our earnings breakdowns and investment notes on this issuer.

All research →

Production & Reserves

Physical operating metrics — supplementary, not part of the financial statements

Gold

Proved reserves
158 mln ounces
2021
Reserve life (R/P)
40.6 yrs
reserves ÷ annual output
Annual production
3.89 mln ounces
2025

Production, mln ounces

5.2420215.2820224.4420236.0720243.892025

Proved reserves

YearReserves, mln ounces
2021158
2020159

Production

YearProduction, mln ouncesper day, mln ounces
20253.89
−35.8%		0.01
20246.07
+36.6%		0.02
20234.44
−15.9%		0.01
20225.28
+0.8%		0.01
20215.240.01
20201.50 * (4M)0.01

* partial year

EI1 ___NASDAQ_press_comm (NASDAQ / SEC filings)

Key-commodity price — Gold

Current 4 086spot vs LTM -8%

Commodity-player potential

Target market cap from conservative EBITDA and the historical EV/EBITDA

Upside: +18.2% ▼ -1.2 pp 1d

Main driver: Gold -4% vs LTM; revenue ×0.97 vs costs ×1.34; EBITDA 16 578→12 115; at 11.7× EV/EBITDA → +18%.

Product prices — moves vs the LTM average

CommodityShareSpotLTM3-yrvs LTM, $vs LTM, AUD3y vs LTM
Gold (rev)+93%4 085.504 242.243 393.37-4%-7%-20%
US Diesel Index (EIA) (cost)-15%6.284.264.23+47%+42%-1%
Electricity Spot (cost)-10%265.4077.9264.17+241%+229%-18%
Silver (rev)+3%55.8862.3044.98-10%-13%-28%
Copper (rev)+2%14 241.6812 225.5911 290.33+16%+13%-8%
Zinc (rev)+1%3 719.703 149.593 087.86+18%+14%-2%
Lead (rev)+1%1 909.881 989.602 084.31-4%-7%+5%

How it is calculated — revenue → costs → EBITDA → target market cap

1 · Reported baseline (LTM)
LTM revenue25 767
LTM EBITDA16 578
LTM cash costs (revenue − EBITDA)9 189
2 · Revenue projection
Revenue multiplier — spot×0.969 (-3%)
= Spot revenue24 965
Revenue multiplier — 3y price×0.805 (-19%)
= 3-year-price revenue20 751
3 · Costs projection
Cost multiplier — spot×1.339 (+34%)
= Spot cash costs12 307
Cost multiplier — 3y price×0.999 (-0%)
= 3-year-price cash costs9 179
4 · EBITDA projection (revenue − costs)
= Spot EBITDA12 657
= 3-year-price EBITDA11 572
Conservative EBITDA = min(spot, avg)12 115
5 · Valuation → target market cap
Historical EV/projected-EBITDA (75th pct)11.7x
Target EV = EV/EBITDA × conservative EBITDA141 984
Net debt-4 179
Target market cap = EV − net debt145 889
Current market cap123 472

Upside = target market cap ÷ current − 1 = +18.2%

Life of mine: 23 yrs

Spot model vs reported — what the spot model projected (trailing-LTM base brought to the period × the period's commodity-price move) against the actual report, per reported period (quarter, half-year or full year — per the filer's calendar); amounts in USD mln. green = reported above projection, pink = below.

PeriodAct. revModel revΔ revAct. EBITDAModel EBITDAΔ EBITDA
2024 Q14 0233 138+28.2%1 082230+370.5%
2024 Q24 4023 857+14.1%1 638676+142.5%
2024 Q34 6054 411+4.4%1 690998+69.3%
2024 Q45 6525 065+11.6%2 7271 481+84.1%
2025 Q15 0105 535-9.5%3 0642 537+20.8%
2025 Q25 3176 170-13.8%3 7383 285+13.8%
2025 Q35 5246 270-11.9%3 1503 550-11.3%
2025 Q46 8187 250-6.0%4 5754 717-3.0%
2026 Q17 3078 006-8.7%5 2155 517-5.5%
2026 Q26 1187 207-15.1%3 6384 834-24.7%

Revenue growth & acceleration

Growth decelerating ▼
Last-year revenue growth +21% vs +58% the year before — a -36.8 pp move. 3-year CAGR —.
revenue growth by year: 2024 +58% · 2025 +21%
The growth-acceleration signal behind the GARP+acceleration strategy — it favours companies whose revenue growth is speeding up and flags those slowing down (the second derivative of growth).

EV/EBITDA — LTM vs projected

Projected EV/EBITDA 6.2x · target 75th pct (3y) 11.7x · LTM avg 8.9x

EV/EBITDA (LTM)EV/EBITDA (projected)target 75th pct (projected, 3y)

Peer comparison

Group: Gold mining. Each peer is shown as it trades and re-priced onto this company's market (global) by the ratio of our coverage medians.

CompanyMarketCap, $bnEV/EBITDAEV/EBITDA, adjusted
B2Goldglobal7.83.5x3.5x
IAMGOLDglobal10.24.6x4.6x
Kinross Goldglobal28.64.9x4.9x
Barrick Mining Corporationglobal68.35.2x5.2x
Harmony GoldSouth Africa10.23.5x5.4x
Coeur Miningglobal9.76.0x6.0x
Evolution MiningAustralia17.27.8x7.4x
Northern Star ResourcesAustralia24.89.0x8.6x
Alamos Goldglobal13.48.8x8.8x
Agnico Eagle Minesglobal94.18.9x8.9x
AngloGold AshantiSouth Africa46.26.0x9.3x
Hecla Mining Companyglobal10.110.5x10.5x
Group median6.0x6.7x
Group average6.6x6.9x
This companyglobal127.67.5x7.5x

Group median 6.0x as traded, 6.7x adjusted; this company 7.5x — a 12% premium.

Group average 6.6x as traded, 6.9x adjusted; against the average this company is at a 8% premium.

At the adjusted group median the market cap would be -10% versus today.

The gap and the implied upside are measured against the median: one richly priced peer moves an average, not a median. The market adjustment uses our coverage medians (US 20.9x, Russia 3.7x, South Africa 5.0x, Kazakhstan 4.7x, India 18.8x, Indonesia 5.1x); it is about where a name is listed, not what it does. Peer multiples come from the nightly rebuild of 2026-10-22; the company's own is live.

Dividends

Paid (completed)

DatePer shareDetailsStatusSource
2026-09-030.26 USDEx-dividend: 0.26 USD per sharePaidYahoo Finance (ex-div)
2026-05-270.26 USDEx-dividend: 0.26 USD per sharePaidYahoo Finance (ex-div)
2026-03-030.26 USDEx-dividend: 0.26 USD per sharePaidYahoo Finance (ex-div)
2025-11-260.25 USDEx-dividend: 0.25 USD per sharePaidYahoo Finance (ex-div)
2025-09-040.25 USDEx-dividend: 0.25 USD per sharePaidYahoo Finance (ex-div)
2025-05-270.25 USDEx-dividend: 0.25 USD per sharePaidYahoo Finance (ex-div)
2025-03-040.25 USDEx-dividend: 0.25 USD per sharePaidYahoo Finance (ex-div)
2024-11-270.25 USDEx-dividend: 0.25 USD per sharePaidYahoo Finance (ex-div)
2024-09-050.25 USDEx-dividend: 0.25 USD per sharePaidYahoo Finance (ex-div)
2024-06-040.25 USDEx-dividend: 0.25 USD per sharePaidYahoo Finance (ex-div)
2024-03-040.25 USDEx-dividend: 0.25 USD per sharePaidYahoo Finance (ex-div)
2023-11-290.4 USDEx-dividend: 0.4 USD per sharePaidYahoo Finance (ex-div)
2023-09-060.4 USDEx-dividend: 0.4 USD per sharePaidYahoo Finance (ex-div)
2023-05-310.4 USDEx-dividend: 0.4 USD per sharePaidYahoo Finance (ex-div)
2023-03-080.4 USDEx-dividend: 0.4 USD per sharePaidYahoo Finance (ex-div)
2022-12-070.55 USDEx-dividend: 0.55 USD per sharePaidYahoo Finance (ex-div)
2022-09-070.55 USDEx-dividend: 0.55 USD per sharePaidYahoo Finance (ex-div)
2022-06-010.55 USDEx-dividend: 0.55 USD per sharePaidYahoo Finance (ex-div)
2022-03-090.55 USDEx-dividend: 0.55 USD per sharePaidYahoo Finance (ex-div)
2021-12-080.55 USDEx-dividend: 0.55 USD per sharePaidYahoo Finance (ex-div)

KASE: status follows wording in the news headline (paid vs intends to pay). Yahoo: amounts are cash dividends per share on ex-dividend dates (UTC calendar date). stockscope.uz (UZ): amounts are per share in UZS by publication date (not necessarily ex-div).

Reporting forms detected in loaded periods: ✓ ✓ ✓ (Balance sheet / Profit or loss (P&L) / Cash flows)

Financial results, valuation multiples (P/E, P/B, EV/EBITDA), profitability and dividend yield of Newmont Corporation (NEM) — from primary filings.

Frequently asked questions

What is Newmont Corporation (NEM)'s P/E ratio?
Newmont Corporation (NEM) trades at a P/E of 14.4x (price to trailing 12-month earnings).
What is Newmont Corporation (NEM)'s EV/EBITDA?
Newmont Corporation (NEM) trades at 7.5x EV/EBITDA.
What is Newmont Corporation (NEM)'s P/B ratio?
Newmont Corporation (NEM) trades at a P/B of 3.7x.
What is Newmont Corporation (NEM)'s dividend yield?
Newmont Corporation (NEM)'s trailing 12-month dividend yield is 0.9%.
What is Newmont Corporation (NEM)'s return on equity (ROE)?
Newmont Corporation (NEM)'s ROE is 25.1%.
What is Newmont Corporation (NEM)'s market capitalization?
Newmont Corporation (NEM)'s market cap is 124.1 bn USD.

See also: Gold Mining Stocks: The Cheapest Gold Miners by Valuation (2026) · The Cheapest Stocks in the World (2026): What Value Investing Says About Buying Cheap · global valuation map