# Newmont Corporation (NEM) — Financial Analysis

**Exchange:** NYSE  
**Coverage as of:** 2026-Q2  
**Updated:** 2026-05-13  
**Tier:** Free primer (step 2 of 19)  
**Sibling pages:** /stocks/NEM/thesis · /stocks/NEM/memo

## 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 ($1.00) adds 8 dimensions not included here:

- Revenue Breakdown — segment revenue, geographic mix, product-line margins
- Financial Trends — QoQ momentum, leading indicators, inflection points
- Balance Sheet — debt structure, dilution risk, working capital dynamics
- Capital Allocation — ROIC, buyback cadence, reinvestment efficiency
- Earnings Analysis — beats/misses, guidance vs actuals, transcript highlights
- Competitive Positioning — market share, pricing power, peer benchmarks
- Industry Context — TAM, sector tailwinds/headwinds, regulatory backdrop

**API endpoint:** GET /api/v1/research/NEM/fundamental

## Navigation

- Overview: /stocks/NEM
- Financials (this page): /stocks/NEM/financials
- Thesis: /stocks/NEM/thesis
- Investment Memo: /stocks/NEM/memo
- Coverage universe: /stocks