Newmont Mining (NEM)
NYSE:NEM
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Newmont Mining
(NYSE:NEM)
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Rating:76Outperform
Price Target:
$123.00
▲(5.58% Upside)
Action:UpgradedDate:04/24/26
Overall score reflects strong fundamentals—especially a very strong balance sheet and improved cash generation—supported by a positive earnings update with maintained guidance and significant capital returns. This is tempered by mixed/soft near-term technical signals and limited valuation clarity due to an unusable P/E input, plus operational and JV-related uncertainties highlighted on the call.
Positive Factors
Conservative balance sheet
Extremely low leverage (debt-to-equity ~0.01) gives durable financial flexibility across commodity cycles. This reduces refinancing risk, supports sustained capital returns and project investment, and provides a buffer to fund operations or opportunistic M&A during downturns.
Negative Factors
Revenue volatility
A sharp TTM revenue decline (~22%) highlights sensitivity to commodity prices, volumes and grade mix. Such top-line volatility can translate into uneven earnings and cash flow, complicating long-term planning for capital projects and consistent returns despite strong margins in the most recent period.
Read all positive and negative factors
Positive Factors
Negative Factors
Conservative balance sheet
Extremely low leverage (debt-to-equity ~0.01) gives durable financial flexibility across commodity cycles. This reduces refinancing risk, supports sustained capital returns and project investment, and provides a buffer to fund operations or opportunistic M&A during downturns.
Read all positive factors
Newmont Mining (NEM) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$115.65B
Dividend Yield0.95%
Average Volume (3M)10.26M
Price to Earnings (P/E)9.0
Beta (1Y)0.90
Revenue Growth25.14%
EPS Growth73.19%
CountryUS
Employees44,100
SectorBasic Materials
Sector Strength58
IndustryGold
Share Statistics
EPS (TTM)7.74
Shares Outstanding1,067,552,700
10 Day Avg. Volume7,257,041
30 Day Avg. Volume10,257,074
Financial Highlights & Ratios
PEG Ratio0.13
Price to Book (P/B)3.26
Price to Sales (P/S)5.00
P/FCF Ratio15.13
Enterprise Value/Market Cap0.97
Enterprise Value/Revenue4.60
Enterprise Value/Gross Profit8.35
Enterprise Value/Ebitda6.73
Forecast
1Y Price Target
$147.44Price Target Upside26.55% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering14
EPS Forecast (FY)10.42
Revenue Forecast (FY)$28.73B
Newmont Mining Business Overview & Revenue Model
Company Description
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, Argentin...
How the Company Makes Money
Newmont makes money mainly by producing and selling metals, led by gold. Revenue is recognized from the sale of mined and processed metal (typically as doré bars for gold/silver and concentrates or other saleable forms for copper and certain by-pr...
Newmont Mining Key Performance Indicators (KPIs)
Any
Attributable Sales Breakdown
Shows the distribution of sales that can be directly linked to the company, highlighting core revenue sources and key operational areas driving financial performance.
Shows the distribution of sales that can be directly linked to the company, highlighting core revenue sources and key operational areas driving financial performance.
Data provided by:
The Fly
The FlyNewmont Mining Earnings Call Summary
Earnings Call Date:Apr 23, 2026
(Q1-2026)
| % Change Since: |
Next Earnings Date:Jul 29, 2026
Earnings Call Sentiment Positive
The call emphasized strong operational and financial performance in Q1 — record free cash flow, robust adjusted EBITDA, below-guidance AISC, meaningful shareholder returns, and clear progress on key projects — which substantially outweigh near-term challenges. Management is proactively managing cost and productivity levers, progressing Cadia recovery with no injuries, and has maintained full-year guidance despite energy and geopolitical headwinds. Primary negatives include the Cadia seismic downtime impact on Q2, rising energy costs (quantified sensitivity: ~$60M per $10/barrel or ~$12/oz), the open-ended Nevada Gold Mines JV dispute with Barrick, and region-specific operational disruptions and a recent fatality at Tanami. Overall, positives (record cash generation, strong metrics, shareholder returns, project progress, and maintained guidance) materially outweigh the lowlights.Positive Updates
Record Free Cash Flow and Strong Cash Generation
Generated $3.8 billion in cash flow from operations after working capital and a record $3.1 billion in free cash flow for the quarter, despite typical seasonal working capital headwinds.
Negative Updates
Cadia Seismic Event and Near-Term Production Impact
Magnitude April event at Cadia led to temporary underground downtime; processing surface stockpiles while underground rehabilitation is underway. Management expects return to ~80% operating capacity within ~5 weeks and full recovery by end of Q2, but Q2 production is expected to be lower as a result.
Read all updates
Q1-2026 Updates
Positive
Negative
Record Free Cash Flow and Strong Cash Generation
Generated $3.8 billion in cash flow from operations after working capital and a record $3.1 billion in free cash flow for the quarter, despite typical seasonal working capital headwinds.
Read all positive updates
Company Guidance
Management maintained 2026 guidance and provided detailed metrics: Q1 produced 1.3M oz gold, 50k t copper and 9M oz silver, generated $3.8B cash flow from operations (after working capital) and a record $3.1B free cash flow, with adjusted EBITDA of $5.2B and adjusted net income of $2.90 per diluted share; Q1 gold AISC (by‑product) was $1,029/oz. They reaffirmed full‑year production guidance of 5.3M oz, full‑year development capital guidance of $1.4B (weighted to H2) and reported $239M of development and $381M of sustaining capital spent in Q1; guidance assumes $70/bbl Brent (diesel ≈6% of direct operating cost) and management cites a ~$60M cost impact per $10/bbl movement (~$12/oz AISC), plus an estimated Ghana sliding‑scale royalty headwind of ~$25/oz in 2026. On capital allocation, the sustainable total cash dividend is $1.1B/year (Q1 dividend $0.26/share), prior repurchase authority was fully exercised (≈$2.4B repurchased since the last call, $6B total over 24 months), the board approved a new $6B buyback, net cash target remains $1B ± $2B, debt was reduced by $42M, and non‑core divestiture proceeds now exceed $4.6B (≈$321M received this quarter).Newmont Mining Financial Statement Overview
Summary
Income Statement
78
Positive
Balance Sheet
90
Very Positive
Cash Flow
84
Very Positive
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 24.41B | 22.10B | 18.56B | 11.78B | 11.95B | 12.19B |
| Gross Profit | 13.45B | 11.00B | 6.42B | 1.17B | 2.14B | 2.38B |
| EBITDA | 16.70B | 13.12B | 7.87B | 1.86B | 3.28B | 5.54B |
| Net Income | 8.46B | 7.08B | 3.35B | -2.52B | -459.00M | 1.17B |
Balance Sheet | ||||||
| Total Assets | 57.67B | 57.12B | 56.35B | 55.51B | 38.48B | 40.56B |
| Cash, Cash Equivalents and Short-Term Investments | 8.78B | 8.24B | 3.64B | 3.02B | 3.76B | 5.07B |
| Total Debt | 5.53B | 5.71B | 8.97B | 9.44B | 6.13B | 6.30B |
| Total Liabilities | 22.57B | 23.08B | 26.24B | 26.30B | 18.95B | 18.70B |
| Stockholders Equity | 34.93B | 33.87B | 29.93B | 29.03B | 19.35B | 22.02B |
Cash Flow | ||||||
| Free Cash Flow | 12.27B | 7.30B | 2.96B | 97.00M | 1.09B | 2.63B |
| Operating Cash Flow | 12.09B | 10.33B | 6.36B | 2.76B | 3.22B | 4.28B |
| Investing Cash Flow | -434.00M | 739.00M | -2.70B | -1.00B | -2.98B | -1.87B |
| Financing Cash Flow | -7.74B | -7.17B | -2.95B | -1.60B | -2.36B | -2.96B |
Newmont Mining Technical Analysis
Positive
116.50
Price Trends
115.14
Positive
109.94
Positive
92.74
Positive
Market Momentum
1.29
Negative
54.50
Neutral
33.19
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For NEM, the sentiment is Positive. The current price of 116.5 is above the 20-day moving average (MA) of 109.97, above the 50-day MA of 115.14, and above the 200-day MA of 92.74, indicating a bullish trend. The MACD of 1.29 indicates Negative momentum. The RSI at 54.50 is Neutral, neither overbought nor oversold. The STOCH value of 33.19 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for NEM.
Newmont Mining Risk Analysis
Newmont Mining disclosed 53 risk factors in its most recent earnings report. Newmont Mining reported the most risks in the "Legal & Regulatory" category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 0 New Risks
Newmont Mining Peers Comparison
UnderperformOutperform
Sector (61)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
80 Outperform | $45.80B | 12.69 | 35.18% | 2.82% | ― | ― | |
76 Outperform | $115.65B | 9.00 | 25.22% | 0.95% | 25.14% | 73.19% | |
75 Outperform | $37.80B | 3.80 | 50.82% | 1.51% | 68.87% | 187.55% | |
73 Outperform | $9.97B | 5.53 | 32.51% | 0.87% | 31.10% | 57.19% | |
69 Neutral | $11.79B | 23.91 | 13.65% | 0.07% | 53.03% | 756.69% | |
67 Neutral | $19.38B | 47.71 | 10.92% | 0.77% | 43.24% | 35.16% | |
61 Neutral | $10.43B | 7.12 | -0.05% | 2.87% | 2.86% | -36.73% |
* Basic Materials Sector Average
NEM
Newmont Mining
108.33
55.97
106.90%
GFI
Gold Fields
41.79
19.62
88.48%
HMY
Harmony Gold Mining
15.49
-0.14
-0.88%
HL
Hecla Mining Company
17.58
12.80
267.71%
RGLD
Royal Gold
228.42
50.74
28.55%
AU
Anglogold Ashanti PLC
90.69
50.38
125.00%
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.