Materials · Gold · US stock · price as of 22 Oct 2026
Key indicators
Price
$114.11
52-week range
$76.05 – $135.29
Market cap
$121.8B
P/E (trailing)
14.5×
EV / EBITDA
7.4×
Free-cash-flow yield
8.0%
Dividend yield
0.9%
Revenue (last 12 months)
$25.8B
Revenue growth (3y a year)
23.9%
Operating margin
51.8%
Return on invested capital
29.8%
Net debt / EBITDA
-0.2×
Fair value
Fair value (average of valid models)$147.05 middle half of models $111 – $182
Versus priceUndervalued+29% to fair value
P/E multiple
$114.84
P/B multiple
$91.54
P/S multiple
$101.27
EV/EBITDA multiple
$189.72
EV/EBIT multiple
$152.96
EV/revenue multiple
$110.10
5-year DCF, EBITDA exit
$206.81
10-year DCF, revenue exit
$203.65
5-year DCF, revenue exit
$173.67
Dividend discount, multi-stage
$112.49
Earnings power value
$160.54
Model uncertainty
High
X-Ray Score
81/ 100 · Medium confidence · ahead of 96% of sector peers
Valuation92
Growth92
Profitability72
Financial health91
Dividends34
Five-year price chart navy: price · brown: 200-day average · blue band: fair value range
Executive summary
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%.
StocksXray gives NEWMONT Corp an X-Ray Score of 81 out of 100 (medium confidence), ahead of 96% of the S&P 500 stocks in its sector. Its strongest lens is growth (92) and its weakest is dividends (34).
Our fair value (the average of the valid models) is $147.05 (range $111.29 to $181.69). At $114.11 the stock trades 22% below that value, so the label is "Undervalued" with high model uncertainty. Fair value is a range, not a price target.
XStocksXray
NEWMONT Corp (NEM)
Valuation history multiples at each fiscal year-end price; the last column uses today's price and the last twelve months
FY2021
FY2022
FY2023
FY2024
FY2025
Now
Price
$54.58
$43.24
$39.45
$36.36
$99.21
$114.11
Market cap
$43.7B
$34.4B
$33.2B
$41.7B
$109.9B
$121.8B
P/E
37.4×
–
–
12.5×
15.5×
14.5×
EV / revenue
3.6×
3.1×
3.3×
2.5×
4.7×
4.6×
EV / EBITDA
12.8×
17.0×
509.1×
6.5×
7.7×
7.4×
Price / free cash flow
16.6×
31.6×
342.0×
14.1×
15.1×
12.5×
Free-cash-flow yield
6.0%
3.2%
0.3%
7.1%
6.6%
8.0%
Price / book
2.0×
1.8×
1.1×
1.4×
3.2×
3.5×
Dividend yield
4.03%
5.09%
4.06%
2.75%
1.01%
0.90%
Fundamentals checklist ● 14 Good · ● 0 Average · ● 0 Bad · each check graded against the sector
Cash quality
Earnings backed by cash−7.0%Good
Free-cash-flow yield8.0%Good
Risk models
Altman Z score4.5×Good
Piotroski F-Score9 of 9Good
Growth
Free-cash-flow growth (3y)88.5%Good
Revenue growth (3y)23.9%Good
Growth consistency100%Good
Balance sheet
Current ratio2.5×Good
Net debt / EBITDA-0.2×Good
Interest coverno interest costGood
Valuation
Fair value vs price1.3×Good
EBIT / EV yield11.3%Good
Profitability
Return on invested capital29.8%Good
Operating margin51.8%Good
XStocksXray
NEWMONT Corp (NEM)
Financials US$ millions, from SEC filings; last column is the last twelve months
Income statement
FY21
FY22
FY23
FY24
FY25
LTM
Revenue
12,222
11,915
11,812
18,682
22,669
25,767
Gross profit
–
–
–
–
–
–
Operating income
1,108
-51
-2,031
4,577
11,342
13,335
Net income
1,166
-429
-2,494
3,348
7,085
8,597
Diluted EPS ($)
1.46
-0.54
-2.97
2.92
6.39
7.88
Free cash flow
2,626
1,089
97
2,961
7,299
9,733
Gross margin
–
–
–
–
–
–
Operating margin
9.1%
−0.4%
−17.2%
24.5%
50.0%
51.8%
Net margin
9.5%
−3.6%
−21.1%
17.9%
31.3%
33.4%
Balance sheet
FY21
FY22
FY23
FY24
FY25
LTM
Total assets
40,564
38,482
55,506
56,349
57,121
57,641
Cash
4,992
2,877
3,002
3,619
7,647
9,009
Total debt
5,652
5,571
8,874
8,476
5,115
5,083
Equity
22,022
19,354
29,027
29,928
33,867
35,243
Dividend per share ($)
2.20
2.20
1.60
1.00
1.00
1.02
Revenue and net income US$ billions: navy revenue, teal net income
Margins blue gross, teal operating, brown net
Latest quarters
Mar 2025
Jun 2025
Sep 2025
Dec 2025
Mar 2026
Jun 2026
Revenue ($M)
5,010
5,317
5,524
6,818
7,307
6,118
Growth vs a year earlier
+24.5%
+20.8%
+20.0%
+20.6%
+45.8%
+15.1%
Net income ($M)
1,891
2,061
1,832
1,301
3,262
2,202
Diluted EPS ($)
1.68
1.85
1.67
–
3.00
2.06
XStocksXray
NEWMONT Corp (NEM)
Peers in Gold
Company
X-Ray
NEM · NEWMONT Corp
81
Market Compass outlook for Materials: Neutral (48/100). It blends regime history, macro sensitivity, momentum and valuation.
Every number comes from SEC filings, end-of-day prices and the StocksXray models described on the methodology page. The X-Ray Score ranks each metric against the company's own sector. Fair value is the average of up to 15 valuation models, most of them anchored to the company's own multiples, so it stays near the price and should be read as a range, not a point. Analyst ratings, price targets and earnings-call summaries are not part of this report. Educational research, not financial advice; read the disclaimer.
