Newmont Corporation
NEMBusiness Overview
ticker: NEM step: 01 generated: 2026-05-12 source: quick-research
Newmont Corporation (NEM) — Business Overview
Business Description
Newmont Corporation is the world's largest gold mining company, headquartered in Denver, Colorado, and the only gold miner included in the S&P 500. Following the November 2023 acquisition of Newcrest Mining (Australia's largest gold miner), Newmont operates a globally diversified portfolio of "Tier 1" gold and copper mines across North America, Australia, Africa, and South America, producing approximately 5.3–6.8 million attributable gold ounces annually. The company sells gold doré and refined gold to refiners, central banks, and commodity exchanges, with copper as a growing secondary revenue stream.
Revenue Model
Newmont generates revenue primarily through the sale of gold (~85-90% of revenue), with copper, silver, zinc, and lead as by-products. Revenue is driven by: (1) realized gold price per ounce (directly correlated to spot gold); (2) total attributable ounces produced; and (3) all-in sustaining cost (AISC) — the difference between realized price and AISC represents the operating margin. At gold above $5,000/oz with AISC guidance ~$1,680/oz, Newmont captures ~$3,300+/oz in cash margin.
Products & Services
- Gold doré — primary product refined to ~99.99% gold bullion
- Copper — by-product from certain mines (Cadia, Lihir, others from Newcrest portfolio); growing importance
- Silver, zinc, lead — by-products at select operations
- Gold equivalent ounces (GEOs) — reporting metric combining gold with other metals at gold-equivalent pricing
Business Segments
Operations organized by geography:
- North America — Nevada (Nevada Gold Mines JV with Barrick), Peñasquito (Mexico), Musselwhite/Éléonore/Coffee (Canada)
- South America — Yanacocha (Peru), Merian (Suriname), Cerro Negro (Argentina)
- Africa — Ahafo/Akyem (Ghana), Boddington (Australia counted separately)
- Australia — Tanami, Boddington, and former Newcrest assets (Cadia, Lihir, Telfer/Havieron, Red Chris)
Customer Base & Go-to-Market
Gold is sold to refiners, precious metals dealers, and commodity exchanges (London Bullion Market). Copper is sold to smelters and industrial manufacturers. Gold is essentially a commodity with global spot pricing — Newmont is a price-taker. Revenue concentration is not a concern; gold trades in a deep, liquid global market.
Competitive Position
Newmont commands ~23% of global S&P 500 peer gold producer output, significantly ahead of Barrick Gold (~18%) and Agnico Eagle (~12%). Its differentiation rests on scale (largest reserve base in the industry), Tier 1 asset quality (longest mine lives, lowest-cost portfolio), and the "Newmont Way" operational framework — a standardized continuous improvement program that drives down unit costs. The autonomous hauling initiative at Tanami (world's first all-electric, autonomous mining fleet, in partnership with Caterpillar) further differentiates its cost reduction roadmap. Post-Newcrest, portfolio weighting toward North America and Australia provides a lower geopolitical risk profile vs. peers.
Key Facts
- Founded: 1921 (as Newmont Mining Corporation)
- Headquarters: Denver, CO
- Employees: ~42,000
- Exchange: NYSE
- Sector / Industry: Materials / Gold Mining
- Market Cap: ~$55–65B (at elevated gold prices, 2026)
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
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