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Relative valuation derived from Materials sector median benchmarks. Model weights: EV/EBITDA (40%), P/B (35%), P/S (25%). Multiples adjusted for extreme outliers and non-recurring volatility.
Auditing capital efficiency...
Quality Profile Audit
Score: 50GRADE C+
Composite assessment of profitability, capital efficiency, and financial strength. Top-tier entities demonstrate sustainable cash flow generation.
Return on Equity
Profit generated per dollar of shareholder equity
19.8%
Sector: 3.3%
Dividend Analysis audit
GROWTH
1.19%
Trailing Yield
$1.19
Per $100 Invested
Modest dividend — capital prioritized for reinvestment.
Est. Payout Ratio
22%SAFE
Analyst Projections
Analyst Consensus
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Based on our 6-factor quantitative model, NEWMONT Corp /DE/ (NEM) receives a "Hold" rating with a composite score of 54.5/100, ranked #825 out of 4446 stocks. Key factor scores: Quality 50/100, Value 68/100, Momentum 71/100. This is quantitative analysis only — not investment advice.
NEWMONT Corp /DE/ (NEM) Stock Analysis — April 2026 Rating, Price, and Forecast
Company Overview — What Does NEWMONT Corp /DE/ Do?
Newmont Corporation engages in the production and exploration of gold. It also explores for copper, silver, zinc, and lead. The company has operations and/or assets in the United States, Canada, Mexico, Dominican Republic, Peru, Suriname, Argentina, Chile, Australia, and Ghana. As of December 31, 2021, it had proven and probable gold reserves of 92.8 million ounces and land position of 62,800 square kilometers. The company was founded in 1916 and is headquartered in Denver, Colorado. NEWMONT Corp /DE/ (NEM) is classified as a large-cap stock in the Materials sector, specifically within the Precious Metals industry. The company is led by CEO Thomas R. Palmer and employs approximately 32,400 people, headquartered in Greenwood Village, Colorado. With a market capitalization of $122.9B, NEM is one of the prominent companies in the Materials sector.
NEWMONT Corp /DE/ (NEM) Stock Rating — Hold (April 2026)
As of April 2026, NEWMONT Corp /DE/ receives a Hold rating with a composite score of 54.5/100 and 3 out of 5 stars from the Blank Capital Research quantitative model.NEM ranks #825 out of 4,446 stocks in our coverage universe. Within the Materials sector, NEWMONT Corp /DE/ ranks #49 of 284 stocks, placing it in the top quartile of its Materials peers. The rating is generated by a multi-factor model that weighs quality (30%), momentum (25%), value (15%), investment (10%), stability (10%), and short interest (10%).
NEM Stock Price and 52-Week Range
NEWMONT Corp /DE/ (NEM) currently trades at $120.90. The stock gained $1.89 (1.6%) in the most recent trading session. The 52-week high for NEM is $134.88, which means the stock is currently trading -10.4% from its annual peak. The 52-week low is $42.93, putting the stock 181.6% above its annual trough. Recent trading volume was 6.5M shares, reflecting moderate market activity.
Is NEM Overvalued or Undervalued? — Valuation Analysis
NEWMONT Corp /DE/ (NEM) carries a value factor score of 68/100 in the Blank Capital model, indicating fair valuation relative to historical norms. The trailing price-to-earnings ratio is 18.36x, compared to the Materials sector average of 26.50x — a discount of 31%. The price-to-book ratio stands at 3.64x, versus the sector average of 2.83x. The price-to-sales ratio is 6.05x, compared to 0.74x for the average Materials stock. On an enterprise value basis, NEM trades at 14.29x EV/EBITDA, versus 6.01x for the sector.
Overall, NEM's valuation appears roughly in line with sector benchmarks, suggesting the market is pricing the stock fairly given its current fundamentals and growth trajectory. Neither deep value nor significantly overpriced, the stock occupies a middle ground on valuation.
NEWMONT Corp /DE/ Profitability — ROE, Margins, and Quality Score
NEWMONT Corp /DE/ (NEM) earns a quality factor score of 50/100, indicating solid business quality with consistent operational execution. The return on equity (ROE) is 19.8%, compared to the Materials sector average of 3.3%, which is within a healthy range. Return on assets (ROA) comes in at 11.8% versus the sector average of 0.6%.
On a margin basis, NEWMONT Corp /DE/ reports gross margins of 65.0%, compared to 29.8% for the sector. The operating margin is 43.4% (sector: 6.0%). Net profit margin stands at 32.6%, versus 3.0% for the average Materials stock. Revenue growth is running at 25.5% on a trailing basis, compared to 1.8% for the sector. The overall profitability profile is adequate, though there may be room for margin expansion.
NEM Debt, Balance Sheet, and Financial Health
NEWMONT Corp /DE/ has a debt-to-equity ratio of 15.0%, compared to the Materials sector average of 41.0%. The low leverage indicates a conservative balance sheet with significant financial flexibility. The current ratio is 2.29x, indicating strong short-term liquidity. Total debt on the balance sheet is $5.12B. Cash and equivalents stand at $5.64B.
NEM has a beta of 0.61, meaning it is less volatile than the S&P 500, making it a relatively defensive holding. The stability factor score for NEWMONT Corp /DE/ is 63/100, reflecting average volatility within the normal range for its sector.
NEWMONT Corp /DE/ Revenue and Earnings History — Quarterly Trend
In TTM 2026, NEWMONT Corp /DE/ reported revenue of $20.46B and earnings per share (EPS) of $6.41. Net income for the quarter was $6.74B. Gross margin was 65.0%. Operating income came in at $9.02B.
In FY 2025, NEWMONT Corp /DE/ reported revenue of $22.67B and earnings per share (EPS) of $6.41. Net income for the quarter was $7.17B. Revenue grew 21.3% year-over-year compared to FY 2024. Operating income came in at $10.96B.
In Q3 2025, NEWMONT Corp /DE/ reported revenue of $5.52B and earnings per share (EPS) of $1.67. Net income for the quarter was $1.84B. Revenue grew 20.0% year-over-year compared to Q3 2024. Operating income came in at $2.58B.
In Q2 2025, NEWMONT Corp /DE/ reported revenue of $5.32B and earnings per share (EPS) of $1.86. Net income for the quarter was $2.08B. Revenue grew 20.8% year-over-year compared to Q2 2024. Operating income came in at $3.07B.
Over the past 8 quarters, NEWMONT Corp /DE/ has demonstrated a growth trajectory, with revenue expanding from $4.40B to $20.46B. Investors analyzing NEM stock should weigh these quarterly trends alongside the valuation and quality metrics discussed above.
NEM Dividend Yield and Income Analysis
NEWMONT Corp /DE/ (NEM) currently pays a dividend yield of 1.2%. At this yield, a $10,000 investment in NEM stock would generate approximately $$119.00 in annual dividend income. This compares to the Materials sector average dividend yield of 0.5%, meaning NEM offers above-average income for its sector. With a net margin of 32.6%, the dividend appears well-covered by earnings, suggesting sustainable payouts going forward.
NEM Momentum and Technical Analysis Profile
NEWMONT Corp /DE/ (NEM) has a momentum factor score of 71/100, indicating strong price momentum with the stock outperforming the majority of the market over recent periods. Stocks with high momentum scores have historically tended to continue their outperformance in the near term. The investment factor score is 25/100, which measures capital allocation efficiency and asset growth patterns. The short interest score of 29/100 signals elevated short interest, which can indicate bearish sentiment among institutional investors.
NEM vs Competitors — Materials Sector Ranking and Peer Comparison
Comparing NEM against the S&P 500 benchmark is also instructive for understanding relative performance. Investors can view the full NEM vs S&P 500 (SPY) comparison to assess how NEWMONT Corp /DE/ stacks up against the broader market across all factor dimensions.
NEM Next Earnings Date
No upcoming earnings date has been announced for NEWMONT Corp /DE/ (NEM) at this time. Check the earnings calendar for the latest scheduling updates across all stocks in our coverage universe.
Should You Buy NEM? — Investment Thesis Summary
NEWMONT Corp /DE/ presents a balanced picture with arguments on both sides. The value score of 68/100 suggests attractive pricing relative to fundamentals. Price momentum is positive at 71/100, suggesting the trend favors buyers. Low volatility (stability score 63/100) reduces downside risk.
In summary, NEWMONT Corp /DE/ (NEM) earns a Hold rating with a composite score of 54.5/100 as of April 2026. The rating is derived from the Blank Capital Research methodology, which combines six factor dimensions into a single quantitative ranking. Investors should consider these quantitative signals alongside their own fundamental research, risk tolerance, and investment time horizon before making buy or sell decisions on NEM stock.
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Institutional Research Dossier
NEWMONT Corp /DE/ (NEM) Deep Dive Analysis
Published on March 24, 2026
Action RatingHold
Sections
Executive Summary
Newmont Corporation (NEM) currently holds a 'Hold' rating, a reflection of its mixed performance across key financial metrics and inherent industry volatility. While the company exhibits strong profitability and attractive valuation multiples compared to its sector, concerns regarding capital allocation and historical operational challenges temper a more bullish outlook. The primary takeaway is that Newmont presents a balanced risk-reward profile, requiring careful consideration of gold price fluctuations and operational execution.
The company's impressive revenue growth and margins are counterbalanced by a relatively low Investment score, indicating potential inefficiencies in capital deployment or a lack of compelling growth projects. Furthermore, the inherent cyclicality of the gold mining industry and geopolitical risks associated with its global operations necessitate a cautious approach. Investors should closely monitor Newmont's ability to maintain its cost structure, execute its project pipeline effectively, and navigate the volatile gold market to justify a more positive rating.
Business Strategy & Overview
Newmont Corporation operates as a global gold mining company, engaged in the exploration, development, and production of gold, copper, silver, zinc, and lead. Its revenue is primarily derived from the sale of gold, with other metals contributing a smaller but still significant portion. The company's strategic focus revolves around maintaining a diversified portfolio of long-life, low-cost assets located in politically stable jurisdictions. This strategy aims to mitigate risk associated with single-asset dependence and geopolitical instability, ensuring a consistent and predictable production profile.
Newmont's operational strategy emphasizes continuous improvement in mining techniques, cost optimization, and responsible environmental stewardship. The company invests heavily in exploration activities to replenish its reserves and extend the life of its mines. Furthermore, Newmont actively pursues strategic acquisitions and joint ventures to expand its resource base and enhance its operational capabilities. Recent acquisitions, such as the Goldcorp merger, have significantly increased Newmont's scale and geographic diversification, solidifying its position as a leading gold producer.
The company's product pipeline consists of various development projects and expansion opportunities across its existing operations. These projects are designed to increase production capacity, improve ore grades, and reduce operating costs. Newmont employs a rigorous project evaluation process to ensure that only the most economically viable and strategically aligned projects are pursued. This disciplined approach to capital allocation is crucial for maintaining long-term profitability and shareholder value.
In the context of the broader precious metals industry, Newmont competes with other major gold producers such as Barrick Gold, AngloGold Ashanti, and Kinross Gold. The industry is characterized by intense competition for resources, skilled labor, and capital. Newmont differentiates itself through its scale, geographic diversification, and commitment to sustainable mining practices. The company's strong balance sheet and access to capital provide a competitive advantage in pursuing growth opportunities and weathering periods of low gold prices.
Execution Benchmarks audit
Revenue Growth
YOY expansion rate
25.5%
Sector: 1.8%
+1357% VS SCTR
Economic Moat Analysis
Newmont's economic moat can be classified as Narrow. While the company possesses certain advantages, they are not strong enough to warrant a Wide moat rating. The primary source of Newmont's competitive advantage stems from its cost advantages and intangible assets, specifically its extensive mineral reserves and operational expertise.
The company's large-scale operations and efficient mining practices allow it to achieve lower production costs compared to some of its smaller competitors. This cost advantage provides Newmont with greater flexibility in pricing its products and maintaining profitability during periods of low gold prices. However, this advantage is not insurmountable, as other major gold producers also benefit from economies of scale and technological advancements.
Newmont's extensive mineral reserves represent a significant intangible asset, providing a long-term source of production and revenue. These reserves are the result of decades of exploration and development activities, creating a barrier to entry for new competitors. However, mineral reserves are finite and require continuous replenishment through exploration and acquisitions. The success of these efforts is subject to geological uncertainty and regulatory approvals, limiting the durability of this advantage.
The gold mining industry is characterized by high capital intensity and long lead times for project development. This creates a barrier to entry for new players, but it also means that existing companies can face significant challenges in expanding their production capacity. Newmont's operational expertise and experience in managing complex mining projects provide a competitive advantage in navigating these challenges. However, this advantage is not unique to Newmont, as other established gold producers also possess similar capabilities.
While Newmont benefits from its cost advantages and intangible assets, it does not possess a dominant market share or significant network effects. The gold market is highly fragmented, with numerous producers and consumers. This limits Newmont's ability to influence prices or create a proprietary ecosystem. Furthermore, switching costs for gold buyers are negligible, as gold is a fungible commodity. Therefore, Newmont's economic moat is relatively narrow and subject to erosion over time.
Financial Health & Profitability
Newmont's financial health presents a mixed picture. The company exhibits strong profitability metrics compared to the sector, but its capital allocation and historical performance warrant closer examination. The TTM data reveals a robust revenue of $22.67 billion and a net income of $7.17 billion, translating to an impressive net margin of 32.6%, significantly higher than the sector average of 3.0%. This indicates efficient cost management and strong pricing power.
The company's Return on Equity (ROE) of 19.8% is substantially higher than the sector average of 2.7%, suggesting efficient utilization of shareholder equity to generate profits. The Gross Margin of 65.0% and Operating Margin of 43.4% further underscore Newmont's superior profitability compared to its peers. However, the Free Cash Flow (FCF) of $1.74 billion appears relatively low considering the company's revenue and net income, potentially indicating significant capital expenditures or working capital requirements.
Analyzing the balance sheet, Newmont has a healthy cash position of $5.64 billion and a manageable debt load of $5.12 billion. The Current Ratio of 2.29 indicates strong liquidity and the ability to meet short-term obligations. The Debt-to-Equity (D/E) ratio of 15.00 is significantly lower than the sector average of 40.00, suggesting a conservative capital structure and lower financial risk. However, the Investment score of 25/100 raises concerns about the efficiency of capital allocation and the potential for future growth.
Examining the Quarterly Financial History reveals a volatile performance. While FY2025 shows strong revenue and net income, FY2023 reported a net loss of $2.47 billion. The operating margin fluctuated significantly, ranging from -14.4% in FY2023 to 48.4% in FY2025. This volatility highlights the sensitivity of Newmont's financial performance to gold prices and operational challenges. The significant improvement in profitability from FY2023 to FY2025 is encouraging, but it remains to be seen whether this trend can be sustained.
Overall, Newmont's financial health is characterized by strong profitability and a conservative balance sheet, but its capital allocation and historical volatility warrant caution. Investors should closely monitor the company's ability to maintain its cost structure, generate consistent free cash flow, and execute its growth projects effectively.
Valuation Assessment
Newmont's valuation presents an intriguing case, suggesting potential undervaluation relative to its sector. The company's P/E ratio of 15.0x is significantly lower than the sector average of 26.1x, indicating that investors are paying less for each dollar of Newmont's earnings compared to its peers. Similarly, the EV/EBITDA multiple of 2.5x is substantially lower than the sector average of 5.2x, further suggesting undervaluation.
However, these valuation metrics should be interpreted with caution, considering the cyclical nature of the gold mining industry and the inherent volatility of gold prices. Newmont's earnings and cash flows are highly sensitive to fluctuations in gold prices, which can significantly impact its valuation. Furthermore, the company's historical performance has been volatile, with periods of strong profitability followed by periods of losses. This volatility can justify a lower valuation multiple compared to more stable companies in other sectors.
The company's Free Cash Flow (FCF) yield, while not explicitly provided in the data, can be estimated based on the FCF of $1.74 billion and a market cap of $104.22 billion. This yields an FCF yield of approximately 1.67%, which is relatively low. This low FCF yield could be a concern, as it suggests that the company is not generating significant cash flow relative to its market capitalization. However, it is important to consider that Newmont is investing heavily in exploration and development activities, which can depress FCF in the short term but potentially lead to higher production and cash flow in the long term.
Compared to its historical valuation, Newmont's current multiples appear reasonable. The company's P/E ratio has fluctuated significantly over time, reflecting the volatility of its earnings. However, the current P/E ratio is within the historical range and does not appear excessively high or low. Similarly, the EV/EBITDA multiple is within the historical range and reflects the company's current profitability and growth prospects.
Overall, Newmont's valuation appears attractive relative to its sector, but it is important to consider the cyclical nature of the gold mining industry and the inherent volatility of gold prices. The company's low FCF yield is a potential concern, but it should be viewed in the context of its ongoing investments in exploration and development. A fair valuation would likely be slightly above the current levels, but the 'Hold' rating reflects the uncertainty surrounding future gold prices and operational performance.
Risk & Uncertainty
Newmont faces several specific risks that could negatively impact its business and financial performance. The most significant risk is the volatility of gold prices. As a gold mining company, Newmont's revenue and profitability are directly correlated to the price of gold. A significant decline in gold prices could reduce the company's revenue, earnings, and cash flow, potentially leading to losses and a decline in its stock price.
Another significant risk is operational challenges. Mining operations are inherently complex and subject to various risks, including geological uncertainty, equipment failures, labor disputes, and environmental incidents. These challenges can disrupt production, increase costs, and negatively impact the company's financial performance. Newmont's global operations expose it to a wide range of operational risks, requiring effective risk management and mitigation strategies.
Geopolitical risks also pose a significant threat to Newmont's business. The company operates in several countries with varying degrees of political stability and regulatory oversight. Changes in government policies, regulations, or political conditions could negatively impact the company's operations, investments, and financial performance. Furthermore, Newmont's operations in certain countries may be subject to corruption, bribery, and other illegal activities, which could expose the company to legal and reputational risks.
Environmental regulations are becoming increasingly stringent, posing a challenge to Newmont's mining operations. The company is subject to various environmental laws and regulations in the countries where it operates. Compliance with these regulations can be costly and time-consuming. Furthermore, environmental incidents, such as spills or contamination, could result in significant liabilities and reputational damage.
Bulls Say / Bears Say
The Bull Case
BULL VIEWNewmont's strong balance sheet and low debt provide financial flexibility to weather gold price volatility and pursue strategic acquisitions, positioning it for long-term growth.
BULL VIEWThe company's diversified portfolio of long-life, low-cost assets in politically stable jurisdictions reduces operational risk and ensures a consistent production profile, supporting stable cash flows.
BULL VIEWNewmont's commitment to sustainable mining practices and responsible environmental stewardship enhances its reputation and reduces the risk of regulatory scrutiny, attracting socially responsible investors.
The Bear Case
BEAR VIEWNewmont's profitability is highly dependent on volatile gold prices, making its earnings unpredictable and susceptible to significant declines during periods of low gold prices.
BEAR VIEWThe company's low Investment score indicates inefficient capital allocation and a lack of compelling growth projects, potentially limiting its ability to generate future returns.
BEAR VIEWGeopolitical risks associated with Newmont's global operations could disrupt production, increase costs, and expose the company to legal and reputational liabilities, negatively impacting its financial performance.
About the Author
Marques Blank
Founder & Chief Investment Officer, Blank Capital
Marques brings 15 years of institutional finance and investing experience, having overseen financial planning for a $1.6B defense business unit. He developed the proprietary 6-factor quantitative model used to score NEM and 4,400+ other equities.
NEWMONT Corp /DE/ exhibits a 213% valuation premium relative to institutional benchmarks. This represents a potential valuation overextension based on current multiples.
Return on Assets
Efficiency of asset utilization
11.8%
Sector: 0.6%
Gross Margin
Pricing power and cost efficiency
65.0%
Sector: 29.8%
Operating Margin
Core business profitability
43.4%
Sector: 6.0%
Net Margin
Bottom-line profitability
32.6%
Sector: 3.0%
Factor Methodology
The Quality factor evaluates the persistence and magnitude of cash flows. Companies with scores >70 exhibit superior competitive moats and financial resilience through economic cycles.
Sector Avg Yield0.49%
Yield Delta+143%
Income Projection audit
A $10,000 investment would generate approximately $119 annually in dividends at the current trailing rate.
