Fair valueUndervalued
$147 +28.9% to fair value
$74fair band $125–$178$221
Day's range
$111.41 – $114.31
52-week range
$76.05 – $135.29
About NEWMONT Corp
Newmont is a gold mining company that also produces copper, silver, lead and zinc as by-products. It operates mines and develops projects in North America, South America, Africa, Australia and other regions. Revenue comes from selling metal at market prices, so results depend heavily on the price of gold, production volumes and the cost of mining, energy and labor at each site.
Over the last twelve months NEWMONT Corp reported revenue of $25.8 billion. Over three years revenue has grown by 23.9% a year. The operating margin is 51.8%. Return on invested capital is 30%. Net debt to EBITDA is -0.2 times, which means the company holds more cash than debt. It pays a dividend with a yield of 0.9%. The X-Ray Score is 81 out of 100.
Price chart
52-wk range $76.05 – $135.29Volume 9,681,511Daily, split-adjusted
Vitals
Market cap$121.8B
52-week range$76.05 – $135.29
Volume (last day)9,681,511
P/E (TTM)14.5
EBIT / EV yield11.3%
Free-cash-flow yield8.0%
Dividend yield0.9%
Revenue (TTM)$25.8B
Net income (TTM)$8.6B
Operating margin51.8%
Return on capital29.8%
Debt incl. leases$5.1B
Cash & securities$9.0B
Debt = borrowings plus lease liabilities. Cash & securities = cash, equivalents and short-term marketable securities (long-term securities are not counted, so net cash can be understated for companies that hold large long-term investments). Net debt = debt minus cash & securities. Source: latest SEC 10-Q/10-K. EBIT / EV yield = operating profit divided by market cap plus net debt.
Fair value estimate
$147middle half of models $111 – $182
Undervalued
+28.9% to fair value
Average of the 11 valuation models that pass our checks: multiples, discounted cash flow, dividend discount and earnings power value. A model more than 100% above or 60% below the price is left out as unrealistic. Model uncertainty is High, based on how far apart the models are. Undervalued or Overvalued means the gap to fair value is more than 17.5%.
Peak-cycle earnings: the current operating margin is more than 1.5x its 7-year average, so multiples applied to today's profit may overstate value; model uncertainty is set to High
Price $114
Undervalued < $125Fair $125 – $178Overvalued > $178
P/E multiple
$115
P/B multiple
$92
P/S multiple
$101
EV/EBITDA multiple
$190
EV/EBIT multiple
$153
EV/revenue multiple
$110
10-year DCF, EBITDA exit · not used
$229
5-year DCF, EBITDA exit
$207
10-year DCF, revenue exit
$204
5-year DCF, revenue exit
$174
10-year DCF, growth exit · not used
$251
5-year DCF, growth exit · not used
$234
Dividend discount, multi-stage
$112
Earnings power value
$161
Growth the price implies
19.9%/yr
A model estimate, not a price target or recommendation. Inputs: risk-free 5.13%, equity risk premium 4.30% (Damodaran). How it works.
What this means
Strong business at an attractive price
Our models put fair value above today's price, but models can be wrong, so check the business first. A high score does not guarantee a good outcome; it shifts the odds a little. Use the checklist as a prompt for your own research.
Before you invest · decision checklist
Ticked boxes are filled in from our data; the rest are yours to answer.
The five-lens scan
Every score explained in one sentence, ranked against Materials peers. Open a lens to see the numbers behind it.
Strong: 70 to 100Fair: 50 to 69Weak: under 50No score: not enough data
Valuation
Strong
92/100
Cheap against its sector on earnings and cash flow.
See the numbers →
EBIT / EV yield11.3%
Free-cash-flow yield8.0%
Fair value vs price1.3×
Growth
Strong
92/100
Growing faster than most of its sector.
See the numbers →
Revenue growth (3y)23.9%
Growth consistency100%
Profitability
Strong
72/100
Earns high returns on the capital it uses.
See the numbers →
Return on invested capital29.8%
Operating margin51.8%
Financial health
Strong
91/100
Balance sheet looks strong: debt is well covered.
See the numbers →
Piotroski F-Score9 / 9
Net debt / EBITDA-0.2×
Interest coverNo interest cost
Dividends
Weak
34/100
Dividend is modest or less certain than peers.
See the numbers →
Dividend yield0.9%
Dividends vs free cash flow11%
Dividend growth-14.1%
Quarterly results: last 6 quarters
+24.5%
Mar '25
+20.8%
Jun '25
+20.0%
Sep '25
+20.6%
Dec '25
+45.8%
Mar '26
+15.1%
Jun '26
Revenue against the same quarter a year earlier. Latest quarter revenue $6.1B, diluted EPS $2.06.
SWOT analysis: NEWMONT Corp
Strengthsinside the company
- Return on invested capital is 29.8%, against a median of 9.9% for sector peers.
- Operating margin of 51.8% is well above the 11.3% median of sector peers, a sign of pricing power or lower costs.
- Revenue has grown 23.9% a year over three years (median 0.2% for sector peers).
- Free cash flow equals 8.0% of the market value, which funds dividends, buybacks or debt paydown.
Weaknessesinside the company
- No clear weakness in the figures we track.
Opportunitiesvaluation and setting
- Trades at 14.2x earnings, 47% below the 26.6x median of sector peers.
- The price is 29% below our fair value estimate, with the gap larger than the margin we allow for error.
Threatsvaluation and setting
- Valuation uncertainty is high: the models give widely different values, so the fair value range is wide.
- Earnings in Gold follow the industry cycle, so margins and profits can swing from year to year.
Written by fixed rules from the figures on this page and the peer table below: filings, our fair value, the sector climate and the price trend. It summarises the data, it is not a forecast or advice.
Compare NEM with peers and sector
Medians of 22 Materials peers and of 22 Materials stocks in our universe.
Largest peers (X-Ray Score): LIN 43, FCX 55, SHW 54, ECL 50, APD 25, NUE 48.
| Metric | NEM | Peers | Sector |
|---|---|---|---|
| X-Ray Score (out of 100) | 81 | 51 | 51 |
| Valuation | 92 | 43 | 43 |
| Growth | 92 | 55 | 55 |
| Profitability | 72 | 49 | 49 |
| Financial health | 91 | 48 | 48 |
| Dividends | 34 | 56 | 56 |
Sector leaders: highest X-Ray Score in Materials
NEM ranks #1 of 23 in Materials by X-Ray Score. A higher score is stronger on our five pillars; it is a ranking of facts, not a forecast.
Green means better than the peer median, red worse (only where a higher or lower figure is clearly better). A dash means too few companies report the figure. P/E, EV/EBITDA and price changes are not graded: a different level is not good or bad by itself.
Factor ratings for NEM
Each factor is rated by where NEM stands among the 23 Materials stocks in our universe.
Rating against the sector
Goodthe top third of these stocks
Averagethe middle third of these stocks
Badthe bottom third of these stocks
"Beats" is the share of those stocks it is ahead of.
Against its own history
The last columns set today's figure against the company's own median of its last five financial years:
▲ Betterbetter than its usual level
▼ Worseworse than its usual level
≈ In linewithin its usual range
For valuation factors Good means cheaper than most of the sector and Better means cheaper than usual for this company, which is not the same as a bargain.
In total: 17 Good · 2 Average · 1 Bad of 20
Growth: 2 · 0 · 0
Profitability: 4 · 0 · 0
Financial strength: 4 · 0 · 0
Valuation: 3 · 1 · 1
Cash flow: 3 · 1 · 0
Efficiency: 1 · 0 · 0
| Factor | NEM | Rating | Sector median | Own 5-year median | Against own history |
|---|---|---|---|---|---|
| Growth | |||||
| Revenue growth, 3 years a year | +23.9% | Good beats 93% | +0.6% | – | – |
| Revenue growth, last year | +21.3% | Good beats 85% | +5.3% | +6.3% | ▲ Better |
| Profitability | |||||
| Operating margin | 51.8% | Good beats 98% | 11.8% | 9.1% | ▲ Better |
| Net margin | 33.4% | Good beats 93% | 7.8% | 9.5% | ▲ Better |
| Return on invested capital | 29.8% | Good beats 93% | 10.0% | – | – |
| Return on equity | 24.4% | Good beats 85% | 14.8% | 5.3% | ▲ Better |
| Financial strength | |||||
| Net debt / EBITDA | -0.2x | Good beats 98% | 2.4x | 0.7x | ▲ Better |
| Interest cover | 50.0x | Good beats 91% | 7.8x | – | – |
| Current ratio | 2.55 | Good beats 80% | 1.61 | 2.23 | ▲ Better |
| Piotroski F-score | 9 / 9 | Good beats 96% | 6 / 9 | – | – |
| Valuation | |||||
| P/E ratio | 14.2x | Good beats 87% | 21.6x | 15.6x | ≈ In line |
| Price / book | 3.5x | Average beats 41% | 3.1x | 1.9x | ▼ Worse |
| Price / sales | 4.7x | Bad beats 15% | 2.1x | 3.1x | ▼ Worse |
| EV / EBITDA | 7.4x | Good beats 93% | 14.2x | 14.6x | ▲ Better |
| Free cash flow yield | 8.0% | Good beats 88% | 3.4% | 5.3% | ▲ Better |
| Cash flow | |||||
| Free cash flow margin | 37.8% | Good beats 98% | 7.7% | 15.8% | ▲ Better |
| Cash from operations / net income | 1.47 | Average beats 45% | 1.50 | 1.90 | ▼ Worse |
| Free cash flow growth, 3 years a year | +88.5% | Good beats 97% | +11.3% | – | – |
| Accruals (lower is better) | −7.0% | Good beats 80% | −4.2% | – | – |
| Efficiency | |||||
| Days sales outstanding | 10 days | Good beats 98% | 54 days | 17 days | ▲ Better |
These ratings compare companies with each other and describe the past; they are not a forecast, a recommendation or part of the X-Ray Score. A factor is left out when its data is missing or meaningless (for example a P/E on negative earnings). A dash in the history columns means fewer than three usable years.
Fundamentals checklist
● 14 Good · ● 0 Average · ● 0 BadCash quality
Earnings backed by cashGood
Free-cash-flow yieldGood
Risk models
Altman Z''Good
Piotroski F-ScoreGood
Growth
Free-cash-flow growth (3y)Good
Revenue growth (3y)Good
Growth consistencyGood
Balance sheet
Current ratioGood
Net debt / EBITDAGood
Interest coverGood
Valuation
Fair value vs priceGood
EBIT / EV yieldGood
Profitability
Return on invested capitalGood
Operating marginGood
Each check is graded against the company's sector, not a fixed number. Checklist score 92/100.
Financials
| FY21 | FY22 | FY23 | FY24 | FY25 | |
|---|---|---|---|---|---|
| Revenue | $12.2B | $11.9B | $11.8B | $18.7B | $22.7B |
| Operating income | $1.1B | −$51M | −$2.0B | $4.6B | $11.3B |
| Net income | $1.2B | −$429M | −$2.5B | $3.3B | $7.1B |
| Operating cash flow | $4.3B | $3.2B | $2.8B | $6.4B | $10.3B |
| Operating margin | 9.1% | -0.4% | -17.2% | 24.5% | 50.0% |
| Free cash flow | $2.6B | $1.1B | $97M | $3.0B | $7.3B |
| Diluted EPS | $1.46 | $-0.54 | $-2.97 | $2.92 | $6.39 |
Fiscal years, from SEC filings.
Technical summary
Daily
Bearish
5 bullish · 3 neutral · 8 bearish
Weekly
Bullish
8 bullish · 1 neutral · 3 bearish
Monthly
Strongly bullish
7 bullish · 1 neutral · 0 bearish
Moving averages (daily)
| SMA 10 | 116.3 | Bearish |
| EMA 10 | 116.3 | Bearish |
| SMA 20 | 116.2 | Bearish |
| EMA 20 | 117.2 | Bearish |
| SMA 50 | 121.7 | Bearish |
| EMA 50 | 117.0 | Bearish |
| SMA 100 | 110.1 | Bullish |
| EMA 100 | 113.9 | Bullish |
| SMA 200 | 112.1 | Bullish |
| EMA 200 | 107.6 | Bullish |
Oscillators (daily)
| RSI (14) | 43.41 | Neutral |
| MACD (12, 26) | -1.14 | Bearish |
| Momentum (12) | -1.96 | Bearish |
| Stochastic %K (14) | 41.82 | Neutral |
| Williams %R (14) | -58.18 | Neutral |
| CCI (20) | -122.2 | Bullish |
Pivot points (classic, last session)
S3 109.3 | S2 110.4 | S1 112.2 | Pivot 113.3 | R1 115.1 | R2 116.2 | R3 118.0 |
Signals describe what the chart is doing, not what to do. Moving averages: price above the average is bullish. Oscillators use the usual thresholds (RSI 30/70, Stochastic 20/80, CCI ±100, Williams %R −80/−20; MACD and momentum above zero are bullish). Weekly and monthly views use closing prices only.
Dividends
Paid, last 12 months
1.03 USD
Yield on today's price
0.90%
Frequency
Quarterly
Next ex-dividend date
Not announced
| Ex-dividend date | Amount per share |
|---|---|
| 0.2600 | |
| 0.2600 | |
| 0.2600 | |
| 0.2500 | |
| 0.2500 | |
| 0.2500 | |
| 0.2500 | |
| 0.2500 | |
| 0.2500 | |
| 0.2500 | |
| 0.2500 | |
| 0.4000 |
Ex-dividend dates and amounts from EODHD. Shown as declared, before tax.
ETFs that hold NEM
| ETF | Share of the fund |
|---|---|
| RING iShares MSCI Global Gold Miners | 16.31% |
| GDX VanEck Gold Miners | 10.41% |
| XLB Materials Select Sector SPDR | 5.84% |
| XME SPDR S&P Metals and Mining | 4.24% |
| VFLO VictoryShares Free Cash Flow | 3.01% |
| GNR SPDR S&P Global Natural Resources | 2.67% |
| GUNR FlexShares Morningstar Global Upstream... | 1.85% |
| COWZ Pacer US Cash Cows 100 | 1.80% |
The eight funds with the largest weight in NEM among the ETFs we cover, from each fund's latest SEC Form N-PORT (quarter-end positions, so they can be months old). All ETFs.
NEM stock splits
NEM has split its stock once since 1994. The latest was a 5-for-4 split on 22 Apr 1994.
Full NEM stock split history →NEM SEC filings
10-QSEC EDGAR
Quarterly report
8-KSEC EDGAR
Results of operations
8-KSEC EDGAR
Director or officer change
8-KSEC EDGAR
Entered a material agreement; Regulation FD disclosure
10-QSEC EDGAR
Quarterly report
8-KSEC EDGAR
Results of operations
8-KSEC EDGAR
Director or officer change; Regulation FD disclosure
8-KSEC EDGAR
Shareholder vote results
Where the numbers come from
Statements SEC EDGAR filings (10-K, 10-Q), quarters derived from year-to-date figures.
Prices end-of-day closes, split-adjusted.
Industry inputs beta, multiples and equity risk premium from Damodaran Online (NYU Stern).
StocksXray is for education only and is not financial advice. Scores and fair values are model estimates from public filings and carry uncertainty.