undamentalytics Newsletter
Sign in

Newmont (NEM) stock

Add to watchlist

Add holding +

OTC: NEM OTC Gold Next results ~January 21, 2027

C+ Fundamentals grade

Newmont is a US-listed company in the gold industry. Its financial year ends in December.

Stock price today

Loading chart…

Third-party market data · may be delayed

Fair value per share

Under review: our cash-flow value ($250.81) was left out of our combined valuation (it is more than 3x away from the median of our other models), so it can't be the basis of a rating.

Price vs value

Under review: our cash-flow value ($250.81) was left out of our combined valuation (it is more than 3x away from the median of our other models), so it can't be the basis of a rating. We'll show the comparison once resolved.

Newmont valuation: adjust assumptions and compare models →

Who’s trading

What company insiders, investment funds and members of Congress have been doing with the stock, from their own filings.

  • Insiders0 buying, 9 selling0 purchases and 25 sales by directors and officers, last 12 monthsInsider trades
  • Funds817 adding, 899 cuttingOf 94 active managers that changed their stake, 45 added; quarter to June 30, 2026Fund buyers and sellers

Value diary

Our note on each quarter Newmont files

10-Q filed October 22: Newmont

Revenue for the twelve months to September 2026 reached $26.6bn, up 23.7% on a year earlier. That pace cooled from 25.2% a quarter earlier, yet still ranks 147 of 934 among the companies we cover. Free-cash-flow margin climbed to 37.9% from 28.5%. A diluted share count down 3.9% on a year earlier lifts the value of each remaining share. On the back of this, the fundamentals grade moves from B to B+, and our model value rises from $239 to $255 a share against a price of $114. The rating stays Buy. At that price, our model says the market is pricing in about 2.3% a year of cash-flow growth for five years, well below the 16.8% annual revenue growth already delivered.

Our model value for Newmont is under review, so past values are not shown until it is resolved.

Source: 10-Q filed October 22, 2026 on SEC EDGAR · Financials · Valuation

Earlier notes (1)

Where Newmont stands after its latest 10-Q

Revenue for the twelve months to June 2026 was $25.8bn, up 25.2% on a year earlier, slower than 26.9% a quarter earlier. That growth ranks 134 of 931 among all the companies we cover. Free-cash-flow margin rose to 37.8% from 25.9% a year earlier. The diluted share count is down 3.9% on a year earlier, which lifts each remaining share. Against its peers on growth, profitability, cash generation and balance sheet, it grades B. It passes 6 of our 7 financial-health checks.

10-Q on SEC EDGAR

Written from the company's filings and our models when each quarter's report arrives. Figures in older notes are as published at the time. Not investment advice.

The Fundamentalytics view

Next results ~January 21, 2027 (estimated)

Newmont's trailing-twelve-month revenue grew 23.7% year on year, with a free-cash-flow margin of 37.9%. Where it stands out: change in share count of -3.9% ranks 1 of 24 gold companies we cover. Where it lags: revenue growth of 23.7% ranks 24 of 24 gold companies we cover.

Our discounted-cash-flow model values the business at ~$250 per share in the base case (~$190–$330 across growth scenarios) — model values under stated assumptions, not a price target.

Current signal Free cash flow diverging from earnings: TTM free cash flow grew 64.6% while net income grew 28.6%: a 36pp divergence.

Assembled from SEC-filed figures — the full workings are on this page and in our methodology. Observations, not recommendations.

Highlights

How we pick these

Strengths

  • Fast growth. Revenue grew 23.7% over the last 12 months, against a median of 55.1% for gold companies we cover.
  • Strong cash generation. 37.9% of revenue turned into free cash flow, against a median of 28.2% for gold companies we cover.
  • Shrinking share count. Diluted shares fell 3.9% in a year, so each share owns more of the business.
  • Net cash. Cash exceeds long-term debt by $3.7bn.
  • Beating expectations. Earnings per share beat the analysts' consensus estimate in each of the last four quarters.

Things to watch

  • Volatile shares. Over the past year the shares showed annualised volatility of 48% and a beta of 1.8 against the S&P 500.
  • Insiders selling. 9 insiders sold $13M of stock over the past 365 days and none bought (72% under pre-set trading plans).
  • Below peers: revenue growth. Revenue growth of 23.7% ranks 24 of 24 gold companies we cover (median 55.1%).
  • Below peers: change in growth rate. Change in growth rate of -1.4pp ranks 21 of 23 gold companies we cover (median +20.4pp).

Latest results: FY2026 Q3

Filed October 22, 2026
Earnings per share
$2.20 against an average estimate of $1.95: beat by 13.0%
Revenue
$6.36bn, up 15.2% on a year earlier
Share reaction
-7.1% in the first session after the results on October 22, 2026, against -1.7% for the S&P 500
Guidance given
gold By-Product CAS 925 (2026E); gold By-Product CAS 1250 (Q4 2026E)
Next report
October 22, 2026; average EPS estimate $1.94

Newmont's figures from its SEC filings and results release; estimates are the analysts' average. Not a recommendation.

Price chart

  • 1 day+2.3%
  • 1 week-1.2%
  • 1 month-5.6%
  • This year+10.0%
  • 1 year+36.0%
  • 5 years+127.1%
  • S&P 500 this year+11.2%

Closing prices to 2026-11-02. Price change only, dividends excluded.

Loading chart…

Third-party market data · may be delayed

At a glance

Trailing twelve months, from SEC filings

Profitability

Revenue (TTM)
$26.6B
Net margin
34.7%
EPS (TTM, diluted)
$8.60

Growth

Revenue growth
+23.7%
Change in growth rate
−1.4 pts
Share count change
−3.9%

Cash

Free cash flow (TTM)
$10.1B
FCF margin
37.9%
Stock pay % of revenue
0.4%

Earnings

Last results
October 22, 2026
Next results (est.)
January 21, 2027

News & updates

Updated October 31, 2026

Company announcements, filed results and changes that matter to shareholders.

  1. Our research
  2. Our research
  3. Results
  4. Guidance
  5. Leadership
  6. Agreement
  7. Announcement
  8. Insider trade
  9. Results

Refreshed hourly when new source data is available. Summaries are checked against company releases and SEC filings. Company announcement headlines are labelled when a checked summary is unavailable.

Valuation

Newmont valuation models and calculator

Fundamentalytics rating

model v1.6 · 2026-11-03

Not rated: held for review: our cash-flow value ($250.81) was left out of our combined valuation (it is more than 3x away from the median of our other models), so it can't be the basis of a rating.

Our value per share comes from a discounted-cash-flow model of Newmont's free cash flow after stock-based pay ( $6.9B, FY2026 Q3 TTM, with after-tax interest added back): growth for five years as below (the first two years from forecasts, guidance and the company's record), fading to 2.5%, discounted at 8.5%, then cash added and debt and other claims subtracted. These are model values under stated assumptions, not price targets or recommendations.

The inputs used by the models below have passed source checks. Individual model values are available below and in the interactive valuator. Their differences are shown explicitly; the platform combined value and recommendation remain withheld.

Valuation models

We value Newmont as an operating company, with every model that fits that kind of business. Cost of equity 10.4%: the 10-year Treasury yield (4.9%) plus a beta of 1.21 times a 4.5% equity risk premium.

Value per share by model
Model Value per share In the combined value?
Cash-flow model (DCF) Free cash flow to the firm (after stock pay, with after-tax interest added back), grown then faded to 2.5%, discounted at 8.5% as the firm rate, less debt and other claims. ~$250 ~$190–$330 Left out: far from the other models (more than 3x away from their median)
Forward price-to-earnings vs peers Next year's consensus earnings per share times peers' typical (harmonic-mean) forward price-to-earnings. Uses analysts' consensus estimates (third-party data), not our forecasts. ~$78 ~$68–$150 Included
Residual income Book value plus the present value of returns above the cost of equity, fading over ten years. ~$30 ~$22–$40 Included
Justified price-to-book Book value times (return on equity - growth) / (cost of equity - growth): steady-state returns. ~$28 ~$24–$32 Included
Combined value Individual source-checked model scenarios are available. The platform combined value and recommendation remain withheld. — Combined value withheld. Review the individual models and their assumptions.

Different models fail in different ways, so where several apply we average them rather than trust one. Peer-based models compare Newmont with Gold in our coverage, using third-party market data. Model values are estimates under stated assumptions, updated as new filings arrive; not price targets or investment advice. How each model works.

Valuation multiples over time Market data may be delayed

At fiscal year end 20152016201720182019202020212022202320242025Now
Share price$14.03$26.66$29.57$27.75$36.22$50.82$54.58$43.24$39.45$36.36$99.21$109.09
Market value$7.2bn$14.2bn$15.8bn$14.8bn$26.7bn$41.0bn$43.7bn$34.4bn$33.2bn$41.7bn$109.9bn$117.2bn
+ Net debt (− = net cash)$3.5bn$1.9bn$785m$647m$3.9bn$540m$719m$2.7bn$6.2bn$5.2bn−$2.3bn−$3.5bn
Enterprise value$10.7bn$16.0bn$16.6bn$15.5bn$30.6bn$41.5bn$44.4bn$37.1bn$39.4bn$46.9bn$107.6bn$113.7bn
Multiples
Price / sales 1.2x2.1x2.1x2.0x2.7x3.6x3.6x2.9x2.8x2.2x4.8x4.4x
Price / earnings 32.9x——43.5x9.5x14.5x37.5x——12.5x15.5x12.7x
Price / free cash flow 8.7x8.6x12.6x18.7x19.0x11.4x16.6x31.6xn/m14.1x15.1x11.6x
EV / EBITDA ————————————

Market value uses the period's diluted share count; figures for each fiscal year use that year's results and the price at year end. "Now" uses today's price and the last twelve months.

Moat

44 /100

Weak moat

How hard Newmont's competitive advantage looks for rivals to wear away, judged from 10 years of its own filings: returns on capital, pricing power, profit durability, cash conversion and discipline.

  • Returns on capital 4 / 20

    Net income has been a median 3.8% of total assets over 10 years.

  • Durability 5 / 20

    Net margin has been a median 16.7%; its worst year was -7.4%.

  • Cash conversion 17 / 20

    Free cash flow was positive in 9 of 9 years, at a median 13.1% of revenue.

  • Discipline 10 / 20

    The diluted share count rose 33.9% over five years; stock-based pay has been a median 0.8% of revenue.

AI disruption exposure: Low. In this industry, the business rests on physical assets, regulated networks or products AI itself depends on.

A rules-based reading of reported figures, not a forecast and not investment advice. How the score is built: methodology.

Forecasts and guidance

Analysts' consensus

Fiscal yearEPSGrowthRevenueGrowth
Current $9.13 +33% $26.4bn +17%
Next $10.07 +10% $27.8bn +5%

Next year's EPS estimate has moved −4.5% in 90 days, across 17 analysts.

How the EPS forecast has moved

The consensus EPS forecast for the current fiscal year is −3.1% on 90 days ago. In the last 30 days, 3 analysts raised Newmont's forecast and 1 cut it.

Consensus EPS forecast Newmont, last 90 days
$9.00 $9.50 $10.00 $10.50 $11.00 90 days ago 60 days ago 30 days ago 7 days ago Now Current fiscal year, 90 days ago: $9.43 Current fiscal year, 60 days ago: $9.17 Current fiscal year, 30 days ago: $9.23 Current fiscal year, 7 days ago: $9.16 Current fiscal year, Now: $9.13 $9.13 Next fiscal year, 90 days ago: $10.55 Next fiscal year, 60 days ago: $10.06 Next fiscal year, 30 days ago: $10.20 Next fiscal year, 7 days ago: $10.14 Next fiscal year, Now: $10.07 $10.07

Average of analysts' published estimates (third-party data).

View chart data
Period Current fiscal yearNext fiscal year
90 days ago $9.43$10.55
60 days ago $9.17$10.06
30 days ago $9.23$10.20
7 days ago $9.16$10.14
Now $9.13$10.07

Earnings against estimates

Quarter toEstimateActualSurprise
Sept 2026 $1.95 $2.20 +13.0%
Jun 2026 $1.99 $2.10 +5.7%
Mar 2026 $2.17 $2.90 +33.5%
Dec 2025 $2.03 $2.52 +24.2%

Adjusted EPS as companies report it, against the average analyst estimate.

Management guidance

Earnings release, October 22, 2026
  • Gold By-Product CAS 2026E about 925 Raised
    “Gold by-product Costs Applicable to Sales (CAS) was $832 per ounce and All-In Sustaining Costs (AISC) was $1,454 per ounce 3 ; improved full-year cost guidance to $925 and $1,520 per ounce, respectively 2” source
  • Gold By-Product AISC 2026E about 1,520 Raised
    “Gold by-product Costs Applicable to Sales (CAS) was $832 per ounce and All-In Sustaining Costs (AISC) was $1,454 per ounce 3 ; improved full-year cost guidance to $925 and $1,520 per ounce, respectively 2” source
  • Adjusted Tax Rate 2026E about 33% Non-GAAP Maintained vs about 33
    “Adjusted Tax Rate (5) 33%” source
  • Development Capital increase vs 2026 2027 about $500m
    “Development capital spend is expected to increase by approximately $500 million compared to 2026 as investment ramps up on the construction of the Lihir Nearshore Barrier and the Red Chris Block Cave project, pending a full-funds investment decision.” source
  • Gold By-Product CAS Q4 2026E about 1,250
    “Gold By-Product CAS ($/oz) (2) $925 $1,250” source
  • Gold By-Product AISC Q4 2026E about 1,900
    “Gold By-Product AISC ($/oz) (2) $1,520 $1,900” source

Figures and quotations are management's, copied from the company's own press release (SEC 8-K exhibit) and checked word for word against it. Forward-looking statements are the company's expectations, not ours and not advice; guidance can change or be missed.

How our valuation uses these forecasts

Our cash-flow model grows Newmont's revenue by +8.5% next year and +14.7% the year after, then fades back toward its own record by year five. Next year's rate weighs analysts' consensus (+3.3%, weight 69%) and the company's own record (+20.0%, weight 31%) . How the weights are set.

Analyst recommendations

23 analysts, Oct 2026
Buy1983%
Hold313%
Sell14%

Monthly trend

  1. Oct 2026514323
  2. Sep 2026515223
  3. Aug 2026515223
  4. Jul 2026515223

Counts of recommendations published by analysts covering Newmont, by month. Source: Aggregated broker recommendations (third-party data). Aggregated counts only: we do not reproduce any firm's recommendation or price target, and these are not Fundamentalytics ratings.

Positioning

Short interest
2.0%
of tradable shares
Days to cover
3.03
at average volume
Short interest, 1 month
+7%
to October 15, 2026
Held by institutions
83%
of shares
Held by insiders
0.3%
of shares
Employees
17,500
full time

Consensus figures average analysts' published estimates (third-party data); guidance is the company's own. Neither is our forecast. Short interest is reported twice a month and lags. Market data may be delayed.

This section is general information, not investment advice or a personal recommendation, and it does not take account of your objectives or circumstances. Forecasts and guidance are estimates, not promises: companies miss their own guidance and analysts' figures are often revised. Prices can fall as well as rise, and you can lose money. See our disclaimer.

Share-price performance

Market data may be delayed

What moved the share price

Last 12 months +36.0%

$80.22 on October 31, 2025 to $109.09

ThenNowEffect
Revenue (last 12 months) $20.6bn $25.8bn +25.2%
Net margin 30.5% 33.4% +9.4%
P/E multiple 14.5x 13.8x −4.6%
Share count 1131m 1087m +4.0%

Biggest factor: revenue.

Last 3 years +196.2%

$36.83 on November 3, 2023 to $109.09

ThenNowEffect
Revenue (last 12 months) $11.2bn $25.8bn +130.1%
P/S multiple 2.6x 4.6x +75.9%
Share count 795m 1087m −26.8%

Biggest factor: revenue. Loss-making at one end, so the split uses price/sales.

The effects multiply back to the price change exactly. Results are the last 12 months as known on each date (filings assumed public 45 days after quarter end).

Return and risk by year

Calendar year 202120222023202420252026 to date
Return
NEM+7%−21%−9%−8%+173%+10%
Industry peers (median)−29%−18%−12%−9%+201%−25%
S&P 500+29%−18%+26%+25%+18%+11%
Months that ended higher
NEM42%50%58%58%92%55%
S&P 50075%42%67%75%75%46%
Largest fall from a high during the year
NEM−27%−55%−37%−37%−20%−32%
S&P 500−5%−25%−10%−8%−19%−9%

Worst fall since November 2, 2015: 62% from April 18, 2022 to February 27, 2024. Getting back needed a 166% gain, reached on September 10, 2025, 561 days after the low.

Price behaviour

52-week range
$78.17 – $134.86
From 52-week high
−19.1%
vs 50-day average
−9.2%
vs 200-day average
−2.7%
Volatility (1 year)
48%
Beta vs S&P 500
1.83

Volatility is the annualised standard deviation of daily returns. Beta 1.5 means the shares typically moved 1.5% for each 1% move in the S&P 500 over the past year. Prices to November 2, 2026.

Share price after results

Next day
4 up, 8 down
typical move ±6.1%
After a week
4 up, 8 down
typical move ±5.5%
After a month
6 up, 5 down
typical move ±12.1%
Results releasedNext dayS&P 500 next day5 days21 days
October 22, 2026 −7.1% −1.7% −4.6% —
July 23, 2026 −2.7% −1.1% 0.0% +37.4%
April 23, 2026 +7.9% +0.4% −0.7% −3.8%
February 19, 2026 −2.1% +0.5% +2.2% −23.0%
October 23, 2025 −4.2% +1.4% −5.4% −4.0%
July 24, 2025 +7.0% +0.5% +1.1% +15.2%
April 23, 2025 +2.1% +3.7% −3.4% −3.5%
February 20, 2025 −4.4% −2.1% −11.2% +0.5%
October 23, 2024 −16.1% −0.7% −20.0% −26.2%
July 24, 2024 −2.9% −2.8% +4.2% +9.2%
April 25, 2024 +10.7% +0.6% +6.3% +8.8%
February 22, 2024 −6.4% +2.1% −6.5% +1.8%

From the close before the release date to the close 1, 5 and 21 trading days after it, so releases before the open and after the close are both captured. Past moves don't predict future ones.

Newmont in five measures

Fundamentals grade C+
Growth Profitability Cash Balance sheet

Growth, profitability, cash generation and balance sheet are percentiles against the companies we cover in the same industry, from SEC filings (100 = best). Value compares the share price with our modelled value range (50 = at our base value; higher = cheaper). A description of reported data and our model — not a quality score or advice.

Fundamentals

Revenue (TTM) Newmont
$10B $15B $20B $25B $30B FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 Revenue (TTM), FY23 Q4: $11.8B Revenue (TTM), FY24 Q1: $13.2B Revenue (TTM), FY24 Q2: $14.9B Revenue (TTM), FY24 Q3: $17B Revenue (TTM), FY24 Q4: $18.7B Revenue (TTM), FY25 Q1: $19.7B Revenue (TTM), FY25 Q2: $20.6B Revenue (TTM), FY25 Q3: $21.5B Revenue (TTM), FY25 Q4: $22.7B Revenue (TTM), FY26 Q1: $25B Revenue (TTM), FY26 Q2: $25.8B Revenue (TTM), FY26 Q3: $26.6B $26.6B

Source: SEC EDGAR filings. Retrieved October 23, 2026.

View chart data
Period Revenue (TTM)
FY23 Q4 $11.8B
FY24 Q1 $13.2B
FY24 Q2 $14.9B
FY24 Q3 $17B
FY24 Q4 $18.7B
FY25 Q1 $19.7B
FY25 Q2 $20.6B
FY25 Q3 $21.5B
FY25 Q4 $22.7B
FY26 Q1 $25B
FY26 Q2 $25.8B
FY26 Q3 $26.6B
Revenue growth, TTM YoY Newmont
-20% 0% 20% 40% 60% FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 Revenue growth, TTM YoY, FY23 Q4: -0.9% Revenue growth, TTM YoY, FY24 Q1: 13.7% Revenue growth, TTM YoY, FY24 Q2: 32.9% Revenue growth, TTM YoY, FY24 Q3: 53.7% Revenue growth, TTM YoY, FY24 Q4: 58.2% Revenue growth, TTM YoY, FY25 Q1: 49.5% Revenue growth, TTM YoY, FY25 Q2: 38.4% Revenue growth, TTM YoY, FY25 Q3: 26.6% Revenue growth, TTM YoY, FY25 Q4: 21.3% Revenue growth, TTM YoY, FY26 Q1: 26.9% Revenue growth, TTM YoY, FY26 Q2: 25.2% Revenue growth, TTM YoY, FY26 Q3: 23.7% 23.7%

Source: SEC EDGAR filings. Retrieved October 23, 2026.

View chart data
Period Revenue growth, TTM YoY
FY23 Q4 -0.9%
FY24 Q1 13.7%
FY24 Q2 32.9%
FY24 Q3 53.7%
FY24 Q4 58.2%
FY25 Q1 49.5%
FY25 Q2 38.4%
FY25 Q3 26.6%
FY25 Q4 21.3%
FY26 Q1 26.9%
FY26 Q2 25.2%
FY26 Q3 23.7%
FCF margin (TTM) Newmont
0% 10% 20% 30% 40% FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 FCF margin (TTM), FY23 Q4: 0.8% FCF margin (TTM), FY24 Q1: 0.5% FCF margin (TTM), FY24 Q2: 4.4% FCF margin (TTM), FY24 Q3: 6.0% FCF margin (TTM), FY24 Q4: 15.8% FCF margin (TTM), FY25 Q1: 21.6% FCF margin (TTM), FY25 Q2: 25.9% FCF margin (TTM), FY25 Q3: 28.5% FCF margin (TTM), FY25 Q4: 32.2% FCF margin (TTM), FY26 Q1: 37.0% FCF margin (TTM), FY26 Q2: 37.8% FCF margin (TTM), FY26 Q3: 37.9% 37.9%

Source: SEC EDGAR filings. Retrieved October 23, 2026.

View chart data
Period FCF margin (TTM)
FY23 Q4 0.8%
FY24 Q1 0.5%
FY24 Q2 4.4%
FY24 Q3 6.0%
FY24 Q4 15.8%
FY25 Q1 21.6%
FY25 Q2 25.9%
FY25 Q3 28.5%
FY25 Q4 32.2%
FY26 Q1 37.0%
FY26 Q2 37.8%
FY26 Q3 37.9%

Data: SEC EDGAR XBRL company facts (as filed in 10-K/10-Q); forms 10-K, 10-K/A, 10-Q. Generated November 3, 2026. Definitions in our methodology.

Financial statements

US$ billions unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

Fiscal year 2012 Dec 2012 2013 Dec 2013 2014 Dec 2014 2015 Dec 2015 2016 Dec 2016 2017 Dec 2017 2018 Dec 2018 2019 Dec 2019 2020 Dec 2020 2021 Dec 2021 2022 Dec 2022 2023 Dec 2023 2024 Dec 2024 2025 Dec 2025 LTM Sept 2026
Income
Revenue 10.0 8.4 6.8 6.1 6.7 7.4 7.3 9.7 11.5 12.2 11.9 11.8 18.7 22.7 26.6
Net income 1.8 −2.5 0.5 0.2 −0.6 −0.1 0.3 2.8 2.8 1.2 −0.4 −2.5 3.3 7.1 9.2
Diluted EPS $3.61 −$5.09 $1.02 $0.43 −$1.18 −$0.21 $0.64 $3.81 $3.51 $1.46 −$0.54 −$2.97 $2.92 $6.39 $8.60
Growth (year on year)
Revenue — −15.6% −19.0% −10.8% +10.3% +10.0% −1.7% +34.3% +18.0% +6.3% −2.5% −0.9% +58.2% +21.3% +23.7%
Net income — −240.6% — −56.7% −385.9% — — +722.6% +0.9% −58.8% −136.8% — — +111.6% +28.6%
Diluted EPS — −241.0% — −57.8% −374.4% — — +495.3% −7.9% −58.4% −137.0% — — +118.8% +33.8%
Margins
Net margin 18.1% −30.1% 7.4% 3.6% −9.4% −1.5% 4.7% 28.8% 24.6% 9.5% −3.6% −21.1% 17.9% 31.3% 34.7%
Free-cash-flow margin −8.4% −4.2% 5.8% 13.7% 24.6% 17.0% 11.0% 14.4% 31.1% 21.5% 9.1% 0.8% 15.8% 32.2% 37.9%
Cash flow
Cash from operations 2.4 1.5 1.4 2.1 2.8 2.1 1.8 2.9 4.9 4.3 3.2 2.8 6.4 10.3 13.1
Capital spending 3.2 1.9 1.0 1.3 1.1 0.9 1.0 1.5 1.3 1.7 2.1 2.7 3.4 3.0 3.0
Free cash flow −0.8 −0.4 0.4 0.8 1.7 1.3 0.8 1.4 3.6 2.6 1.1 0.1 3.0 7.3 10.1
Stock-based pay 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 —
Free cash flow after stock pay −0.9 −0.4 0.3 0.8 1.6 1.2 0.7 1.3 3.5 2.6 1.0 0.0 2.9 7.2 —
Balance sheet
Cash 1.6 1.3 2.2 2.4 2.8 3.3 3.4 2.2 5.5 5.0 2.9 3.0 3.6 7.6 8.8
Total debt 6.3 6.7 6.6 5.9 4.6 4.0 4.0 6.2 6.1 5.7 5.6 9.2 8.8 5.3 5.3
Net debt (negative = net cash) 4.7 5.4 4.4 3.5 1.9 0.8 0.6 3.9 0.5 0.7 2.7 6.2 5.2 −2.3 −3.5
Diluted shares 499m 498m 499m 516m 532m 535m 535m 737m 806m 801m 795m 841m 1,148m 1,108m 1,075m
Returned to shareholders
Dividends 0.7 0.6 0.1 0.1 0.1 0.1 0.3 0.9 0.8 1.8 1.7 1.4 1.1 1.1 1.1
Buybacks — — — — — — 0.1 0.5 0.5 0.5 0.0 0.0 1.2 2.3 5.7
Total returned 0.7 0.6 0.1 0.1 0.1 0.1 0.4 1.4 1.4 2.3 1.7 1.4 2.4 3.4 6.8

Source: SEC EDGAR XBRL company facts (US and foreign periodic filings); column headings link to the filing. EBITDA is operating income plus depreciation and amortisation. Free cash flow is cash from operations minus capital spending. Growth is left blank when last year's figure was a loss or under 2% of revenue. Share counts and EPS are restated for stock splits. A dash means the company didn't report the figure.

Financial health

6 of 7 checks passed · September 30, 2026
What it owns · $58.2bn
Short-term assets $13.6bnLonger-term assets $44.6bn
What it owes, and who funded it · $58.0bn
Short-term liabilities $5.5bnLonger-term liabilities $16.8bnShareholders' equity $35.7bn
  • Short-term assets cover short-term liabilities $13.6bn of assets due within a year against $5.5bn of liabilities due within a year.
  • Short-term assets cover long-term liabilities $13.6bn short-term assets against $16.8bn of longer-dated liabilities.
  • More cash than debt $8.8bn of cash against $5.1bn of debt.
  • Debt below 40% of shareholders' equity Debt is 14% of equity.
  • Debt burden no higher than five years ago Debt to equity moved from 26% to 14% over five years.
  • A year's operating cash flow covers at least 20% of debt $13.1bn of operating cash flow against $5.1bn of debt.
  • Operating profit covers interest at least five times over No material interest expense reported.

From Newmont's latest balance sheet as filed. Checks are fixed, documented rules (methodology), counted only where the company reports the figures — a dot means the filing doesn't break the item out. Descriptions of reported data, not advice.

Dividends, buybacks and capital spending

FY2026 Q3 TTM
Buybacks (TTM)
$5.7B
Dividends (TTM)
$1.1B
Returned to shareholders
67%
of free cash flow
Buybacks, last 3 fiscal years
$3.5B
Diluted share count
−3.9%
year over year
Total shareholder yield
5.9%
dividends 1.0% + buybacks 4.9% of market value
Dividend payout ratio
12%
of net income paid out
R&D spending
0.7%
of revenue
Days sales outstanding
13 days
receivables vs revenue

Competitors: side by side with peers

Closest by revenue in gold
Last 12 months unless stated NEM B AEM AU GFI HMY Median
Revenue, last 12 months $26.6bn $17.0bn $11.9bn $9.9bn $8.8bn $5.9bn $1.8bn
Revenue growth, last 12 months 23.7% 31.2% 43.7% 70.8% 68.2% 44.4% 53.7%
Gross margin 23.7% 51.3% 71.9% 49.2% 57.9% 44.9% 51.2%
Operating margin — — 48.3% — — 41.2% 41.2%
Net margin 34.7% 29.4% 37.5% 32.1% 40.8% 29.6% 30.0%
Cash from operations / revenue 49.2% 45.3% 57.2% 48.4% 43.1% 33.9% 45.3%
Free-cash-flow margin 37.9% 22.8% 36.9% 23.4% 27.1% 15.9% 27.1%
Free-cash-flow margin, 3-year average 24.1% 15.7% 14.6% — 8.9% 4.7% 13.8%
Stock pay / revenue 0.4% 1.6% 0.8% — 0.3% 0.8% 0.8%
Change in share count −3.9% −2.5% 0.5% 18.1% 0.2% 0.8% 2.9%

Median of all 24 companies we cover in gold. Shaded: best of the six on that line (lowest for stock pay and share-count growth). 3-year figures average the last three 12-month periods; 3-year growth is compound annual. Source: SEC filings.

Peer comparison

24 gold companies
Measure Company Peer median Rank
Revenue growth Growth 23.7% 55.1% 24 of 24
Change in growth rate Growth -1.4pp +20.4pp 21 of 23
Net margin Profitability 34.7% 30.4% 10 of 24
Free-cash-flow margin Cash generation 37.9% 28.2% 5 of 22
Stock pay as % of revenue Cash generation 0.4% 0.9% 5 of 18
Long-term debt as % of assets Balance sheet 8.7% 7.3% 11 of 18
Change in share count Balance sheet -3.9% 3.0% 1 of 24
Days sales outstanding Balance sheet 13 days 16 days 7 of 17

Rank 1 = best in the group (for spending, debt and dilution, lower ranks first).

Where the revenue comes from

Fiscal year to December 31, 2025
Products and services
Line of business Revenue Share YoY
Gold Dore $14.3B 63.2% ▲ 16.4%
Sales From Concentrate and Other Production $8.3B 36.8% ▲ 30.9%
Geography
Region Revenue Share YoY
United Kingdom $13.1B 57.6% ▲ 19.2%
South Korea $3.2B 14.1% ▲ 63.4%
Japan $2B 8.8% ▲ 4.3%
China $1.4B 6.2% ▲ 343.7%
Other Countries $1.4B 6.1% ▲ 18.5%
Australia $803M 3.5% ▲ 96.3%
Mexico $639M 2.8% ▲ 6.5%
Switzerland $89M 0.4% ▼ 86.1%
PH $82M 0.4% ▼ 88.4%
United States $0 0.0% ▼ 100.0%

From Newmont's 10-K filed February 19, 2026, as tagged in the filing. View filing. Indented rows are part of the line above; their share is of that line. In the bars, the faint bar behind is the year before.

Who owns it

Funds buying and selling
Reported value
$78.1B
Institutions reporting
1,776
Shares held vs prior quarter
▲ 2.6%
Positions opened / closed
133 / 183

Top buyers and sellers, Q2 2026: 817 institutions bought and 899 sold ; the biggest buyer was First Eagle Investment Management, LLC (+11.1M shares) and the biggest seller Arrowstreet Capital, Limited Partnership (−5.8M). See which funds bought and sold →

Largest reported holders, June 30, 2026
Manager Value Shares Share of 13F value Shares QoQ
Blackrock, Inc. $11.3B 120.9M 14.4% ▼ 4.1%
Vanguard Capital Management LLC $6.5B 69.7M 8.3% ▼ 1.5%
State Street Corp $4.9B 52.4M 6.3% ▲ 3.1%
Vanguard Portfolio Management LLC $3.6B 38.6M 4.6% ▲ 2.0%
Van Eck Associates Corp $3B 32.1M 3.8% ▼ 10.8%
Geode Capital Management, LLC $2.7B 28.0M 3.4% ▼ 1.0%
First Eagle Investment Management, LLC $2.2B 23.1M 2.8% ▲ 92.5%
FMR LLC $1.9B 20.0M 2.4% ▲ 2.4%
Invesco Ltd. $1.6B 17.4M 2.1% ▲ 19.7%
Norges Bank $1.3B 14.3M 1.7% —
Bank Of New York Mellon Corp $1.2B 13.1M 1.6% ▲ 6.7%
Northern Trust Corp $1.2B 12.9M 1.5% ▼ 0.5%

From Form 13F filings with the SEC ( quarterly data sets), as reported by each manager for June 30, 2026 and filed up to 45 days later. 13F reports cover long US-listed positions of managers above $100M only, so this is not Newmont's complete shareholder register. Values are as reported by the filers ; 6 inconsistently scaled filing rows were excluded.

Insider trading activity

Full insider history and chart
Insider purchases History → $0 0 trades by 0 insiders, last 12 months Insider sales History → $13.2M 25 trades by 9 insiders · 72% under pre-set plans
Net ▼ $13.2M net selling
Insider Date Trade Shares Price Value
Viljoen Natascha President & CEO October 1, 2026 Sell pre-set plan 3,882 $114.81 $445,692
Toth Peter EVP, Chief Sustain & Dev Off October 1, 2026 Sell pre-set plan 3,000 $114.81 $344,430
Viljoen Natascha President & CEO September 1, 2026 Sell pre-set plan 3,882 $123.00 $477,486
Toth Peter EVP, Chief Sustain & Dev Off September 1, 2026 Sell pre-set plan 3,000 $123.00 $369,000
Viljoen Natascha President & CEO August 5, 2026 Sell pre-set plan 7,764 $104.00 $807,456
Tabolt Brian Chief Financial Officer August 5, 2026 Sell 11,445 $105.09 $1.2M
Toth Peter EVP, Chief Sustain & Dev Off August 3, 2026 Sell pre-set plan 3,000 $93.45 $280,350
Toth Peter EVP, Chief Sustain & Dev Off July 1, 2026 Sell pre-set plan 3,000 $92.38 $277,140
Toth Peter EVP, Chief Sustain & Dev Off June 1, 2026 Sell pre-set plan 3,000 $105.32 $315,960
Viljoen Natascha President & CEO June 1, 2026 Sell pre-set plan 3,882 $105.32 $408,852
Wexler Peter EVP, CLO & Interim CFO May 1, 2026 Sell pre-set plan 13,378 $110.11 $1.5M
Thornton David John MD, Americas May 1, 2026 Sell pre-set plan 2,296 $110.11 $252,813

From insiders' Form 4 filings with the SEC. Excludes awards, option exercises and shares withheld for tax. "Pre-set plan" means the filing marks the trade as made under a Rule 10b5-1 plan. See every insider trade since five years ago, on a price chart.

Trades by members of Congress

All 27 trades and filings

No trades in Newmont disclosed in the last 12 months; 27 earlier trades on record.

  • Val T. Hoyle(D-OR 4):Sale (full), $1,001 - $15,000, traded September 23, 2025, filed October 10, 2025
  • Adam Smith(D-WA 9):Sale (full), $1,001 - $15,000, traded August 8, 2025, filed August 8, 2025
  • Lisa C. McClain(R-MI 9):Sale (partial), $1,001 - $15,000, traded July 16, 2025, filed August 13, 2025

Value ranges as filed; reports can arrive up to 45 days after a trade.

Earnings dates and SEC filings

Results announcements

Next expected around January 21, 2027 estimated from the company's past filing pattern, not announced

  • October 22, 2026
  • July 23, 2026
  • April 23, 2026
  • February 19, 2026
  • October 23, 2025
  • July 24, 2025

Recent SEC filings

Data status

When each part of this page on Newmont was last updated.

DataLast updatedSource
Share priceExchange closing prices
Financial statementsSEC 10-K and 10-Q filings
News and updatesCompany releases and SEC 8-K filings
Analyst estimatesAggregated analyst estimates
Valuation and scoresOur models, from the filed figures

How we build and check these figures: methodology and data sources.

Newmont in brief

What does Newmont do?
Newmont is a US-listed company in the gold industry. Its financial year ends in December.
What is Newmont's stock ticker?
Newmont trades under the ticker NEM on OTC. This page brings together its financial statements, valuation models, ownership and recent company updates.
What is Newmont's revenue, and how fast is it growing?
Over its most recent trailing twelve months, Newmont reported revenue of $26.6B, 23.7% higher than a year earlier, according to its SEC filings.
What is Newmont's free cash flow?
Newmont's free-cash-flow margin is 37.9% of revenue over the trailing twelve months, ranking 5 of the 22 gold companies we cover.
Who are Newmont's largest institutional shareholders?
By value reported in 13F filings for June 30, 2026, the largest reported holders are Blackrock, Inc., Vanguard Capital Management LLC and State Street Corp. 13F reports cover long US-listed positions of managers above $100M, filed up to 45 days after quarter end.
Is Newmont buying back stock, and does it pay a dividend?
Newmont spent $5.7B on share repurchases over the trailing twelve months, and its diluted share count fell 3.9% over the year.
What is Newmont's market cap?
On November 2, 2026, Newmont's market capitalisation was about $117B, with a price-to-earnings ratio of 12.7 and net debt of -$3.5B. Market figures come from third-party market data and may be delayed.
Does Newmont pay a dividend?
Yes: Newmont paid $1.1B in dividends over the trailing twelve months, a dividend yield of 0.96% and a payout ratio of 11.9%.
How much debt does Newmont have?
Newmont's debt-to-equity ratio is 14.3%, from its latest balance sheet (25.9% five years earlier). The financial health section below sets out its other solvency checks.
Who are Newmont's competitors?
In our Gold peer group, the companies closest to Newmont are Barrick Mining Corp, Agnico Eagle Mines LTD, Anglogold Ashanti PLC, Gold Fields LTD and Harmony Gold Mining Co LTD. The side-by-side comparison below sets their revenue, margins and growth against Newmont's.
Are insiders buying or selling Newmont stock?
Over the last 12 months, Newmont's directors and officers reported 0 open-market purchases and 25 sales on Form 4. The insider trading page charts every trade.
When is Newmont's next earnings date?
Around January 21, 2027, estimated from the spacing of its past results announcements (8-K filings). That is an estimate, not a confirmed date — Newmont announces its own schedule.