Newmont Corporation

NEM
Financial Analysis · Updated May 13, 2026 · Coverage 2026-Q2
Latest Q Revenue
$5.0B
Q1 2025 · +24.5% YoY
TTM ROIC
8.1%
FY2024 · NOPAT / Invested Capital (avg. Assets – Cash – Non-interest liabilities) · WACC ~8.5% · Moat spread +-0.5pp

Financial Snapshot


ticker: NEM step: 04 generated: 2026-05-12 source: quick-research

Newmont Corporation (NEM) — Financial Snapshot

Income Statement Summary

Metric FY2022 FY2023 FY2024 YoY
Revenue $11.92B $11.81B $18.68B +58.2%
Gross Margin ~26% ~22% ~34.6%
Operating Margin ~10% ~(17)% ~31.0%
Net Income ~$0.33B ~$(2.50)B $3.35B N/M
EPS (diluted) ~$0.41 ~$(3.10) ~$3.05 N/M

Note: FY2023 net loss of ~$2.5B included ~$1.9B in impairment charges, ~$1.5B in reclamation charges, and ~$464M in Newcrest transaction/integration costs — not reflective of underlying operations. FY2024 revenue surged 58% as the Newcrest integration (closed November 2023) contributed a full year of results and gold prices rallied. FY2025 revenue: ~$22.67B (+21%), reflecting further gold price appreciation with gold reaching $5,000+/oz. Shares outstanding increased ~30% post-Newcrest deal (from ~800M to ~1.1B), diluting per-share metrics.

Cash Flow & Balance Sheet (FY2024)

Metric Value
Operating Cash Flow ~$6.36B
Free Cash Flow ~$2.96B
Cash & Equivalents ~$3.5B
Total Debt ~$8.5B
Annual Dividend ~$1.00/share (~1.5–2% yield)

Note: Q1 2026 FCF was a record ~$3.1B, reflecting extraordinary gold price levels ($5,000+/oz). The company announced a new $6B share buyback program in Q1 2026, atop a previously completed $6B program.

Key Ratios (approximate, FY2024)

  • P/E: ~18–22x (on normalized earnings) | EV/EBITDA: ~12–15x
  • FCF Yield: ~4–5% | Dividend Yield: ~1.5–2%
  • Debt/EBITDA: ~2–3x | AISC (gold by-product, 2026 guidance): ~$1,680/oz

Growth Profile

Newmont's revenue and earnings are highly levered to the gold price (each $100/oz gold moves ~$530M in annual revenue at 5.3M oz production). The 2023 Newcrest acquisition doubled the asset base and added copper optionality via Cadia and Lihir, transforming Newmont from a pure-play gold miner to a gold-copper major. FY2024 and FY2025 demonstrate the operating leverage — at $2,000–$5,000/oz gold, FCF generation is exceptional. However, 2026 gold production guidance of 5.3M oz is below 2024's 6.8M oz (reflecting planned non-core asset divestments).

Forward Estimates

  • FY2026E: Revenue ~$22–26B depending on gold price; consensus adj. EPS ~$4–6/share if gold averages $3,500–4,500/oz
  • Major banks project gold at $4,800–6,300/oz by 2026 (Goldman, Morgan Stanley, JPMorgan)
  • AISC guidance: ~$1,680/oz (2026) — at $5,000/oz gold, implies ~$17B+ in potential cash margin on 5.3M oz

Deeper Financial Analysis

The fundamental tier adds 9 additional research dimensions for $NEM.

Revenue Breakdown
Segment revenue, geographic mix, product-line contribution margins, and cohort dynamics.
Financial Trends
Quarter-over-quarter momentum, leading indicators, and inflection point analysis.
Balance Sheet
Debt structure, liquidity runway, dilution risk, and working capital dynamics.
Capital Allocation
Buyback cadence, M&A appetite, dividend policy, and reinvestment priorities.
Returns on Capital (ROIC)
Multi-year ROIC vs. WACC, marginal returns on reinvestment, sales-to-invested-capital efficiency, and moat spread.
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