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Newmont Mining
(NYSE:NEM)
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Rating:73Outperform
Price Target:
$104.00
▲(11.60% Upside)
Action:Reiterated
Date:07/25/26
The score is primarily supported by strong current financial performance (notably cash generation and improved leverage) and a constructive earnings call featuring reiterated guidance, record free cash flow, and sizable shareholder returns. These positives are tempered by weak technicals (price below key moving averages with negative MACD) and identifiable near-term operational/cost risks highlighted on the call.
Positive Factors
Cash generation strength
Newmont's step-up in operating cash and record free cash flow demonstrates durable cash-generation capacity that funds sustaining/development capex, dividends and sizable buybacks without stressing the balance sheet. Strong cash conversion underpins financial flexibility through commodity cycles.
Negative Factors
Energy and inflation sensitivity
Fuel and input-cost volatility materially affects unit costs and free cash flow. Persistent higher oil/pricing inflation would erode margins and raise sustaining costs across the portfolio, increasing cash-flow variability and pressuring returns on projects and shareholder distributions.
Read all positive and negative factors
Positive Factors
Negative Factors
Cash generation strength
Newmont's step-up in operating cash and record free cash flow demonstrates durable cash-generation capacity that funds sustaining/development capex, dividends and sizable buybacks without stressing the balance sheet. Strong cash conversion underpins financial flexibility through commodity cycles.
Read all positive factors
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 (NEM) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$100.90B
Dividend Yield1.09%
Average Volume (3M)8.28M
Price to Earnings (P/E)11.8
Beta (1Y)0.98
Revenue Growth23.61%
EPS Growth42.29%
CountryUS
Employees17,500
SectorBasic Materials
Sector Strength58
IndustryGold
Share Statistics
EPS (TTM)7.95
Shares Outstanding1,053,692,300
10 Day Avg. Volume8,106,384
30 Day Avg. Volume8,278,638
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 Cap<0.01
Enterprise Value/Revenue<0.01
Enterprise Value/Gross Profit<0.01
Enterprise Value/Ebitda<0.01
Forecast
1Y Price Target
$137.18Price Target Upside47.21% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering11
EPS Forecast (FY)9.5
Revenue Forecast (FY)$26.89B
Newmont Mining Business Overview & Revenue Model
Company Description
Newmont Corporation is primarily involved in the mining and exploration of gold resources. Additionally, the company undertakes prospecting for other base and precious metals, including copper, silver, zinc, and lead. Its operations and assets are...
How the Company Makes Money
Newmont makes money primarily by producing and selling mined metals, with revenue largely driven by (1) the volume of metal produced and sold and (2) prevailing market prices for those metals. The company’s core revenue stream is gold sales: ore i...
Newmont Mining Earnings Call Summary
Earnings Call Date:Jul 23, 2026
(Q2-2026)
| % Change Since: |
Next Earnings Date:Oct 22, 2026
Earnings Call Sentiment Positive
The call conveyed a predominantly positive operational and financial performance: record free cash flow, strong realized gold price (+33% YoY), disciplined capital allocation, share repurchases and a healthy net cash position. Offsetting these positives are tangible near-term challenges including rising energy/cost inflation, Cadia seismic-related development delays and an unresolved JV dispute with Barrick, plus jurisdictional risks in Ghana. Management emphasized cost discipline, portfolio productivity actions and maintained full-year guidance while actively advancing key project milestones (Red Chris, Lihir).Positive Updates
Strong Production and Metals Output (Q2 2026)
Q2 production of 1.3 million ounces of gold, 17,000 tonnes of copper and 7 million ounces of silver from the full portfolio; company now expects ~49% of full-year production delivered in H1 and ~51% in H2.
Negative Updates
Rising Energy Costs and Inflationary Pressures
Higher oil prices (noted spot up to ~$100/bbl) drove Q2 diesel-related cost increases; company estimates roughly $60 million full-year impact on costs for every $10/bbl change in oil; continued monitoring as Q3 diesel pass-through expected.
Read all updates
Q2-2026 Updates
Positive
Negative
Strong Production and Metals Output (Q2 2026)
Q2 production of 1.3 million ounces of gold, 17,000 tonnes of copper and 7 million ounces of silver from the full portfolio; company now expects ~49% of full-year production delivered in H1 and ~51% in H2.
Read all positive updates
Company Guidance
Management reiterated it remains on track to meet 2026 guidance and gave detailed metrics: Q2 production was 1.3M oz Au, 17k t Cu and 7M oz Ag; adjusted EBITDA $3.8B and adjusted EPS $2.10; realized gold price $4,414/oz; cash flow from operations after working capital $2.9B and record free cash flow $2.2B; Q2 sustaining capex $438M (FY guide $1.95B, ~58% weighted to H2) and development capex $285M (FY guide $1.4B, ~63% H2); AISC $1,621/oz (FY guide $1,680/oz); net cash $3.4B (vs target $1B ± $2B); ~49% of FY production was delivered in H1 vs 51% expected in H2 with Q3 broadly in line with Q2 and Q4 strongest; repurchases/returns totaled roughly $1.8–1.9B this quarter/period (>$1.7B repurchased under a $6B authorization, >100M shares retired, ≈$4.3B remaining); $10/bbl oil sensitivity ≈ $60M FY impact; and management expects a ~ $150M QoQ rise in sustaining capex into Q3, driving moderately higher unit costs but no change to full‑year production guidance.Newmont Mining Financial Statement Overview
Summary
Income Statement
83
Very Positive
Balance Sheet
78
Positive
Cash Flow
88
Very Positive
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 22.59B | 22.10B | 18.56B | 11.78B | 11.95B | 12.19B |
| Gross Profit | 12.31B | 11.00B | 6.42B | 1.17B | 2.14B | 2.38B |
| EBITDA | 14.51B | 14.83B | 7.87B | 1.86B | 3.28B | 5.54B |
| Net Income | 8.60B | 7.08B | 3.35B | -2.52B | -459.00M | 1.17B |
Balance Sheet | ||||||
| Total Assets | 57.64B | 57.12B | 56.35B | 55.51B | 38.48B | 40.56B |
| Cash, Cash Equivalents and Short-Term Investments | 13.13B | 8.24B | 3.64B | 3.02B | 3.76B | 5.07B |
| Total Debt | 5.47B | 5.71B | 8.97B | 9.44B | 6.13B | 6.30B |
| Total Liabilities | 22.23B | 23.08B | 26.24B | 26.30B | 18.95B | 18.70B |
| Stockholders Equity | 35.41B | 33.87B | 29.93B | 29.03B | 19.35B | 22.02B |
Cash Flow | ||||||
| Free Cash Flow | 12.77B | 7.30B | 2.96B | 97.00M | 1.09B | 2.63B |
| Operating Cash Flow | 12.63B | 10.33B | 6.36B | 2.76B | 3.22B | 4.28B |
| Investing Cash Flow | -1.84B | 739.00M | -2.70B | -1.00B | -2.98B | -1.87B |
| Financing Cash Flow | -7.93B | -7.17B | -2.95B | -1.60B | -2.36B | -2.96B |
Newmont Mining Risk Analysis
Newmont Mining disclosed 57 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 |
|---|---|---|---|---|---|---|---|
76 Outperform | $29.57B | 7.85 | 50.82% | 5.40% | 68.87% | 187.55% | |
76 Outperform | $10.01B | 34.44 | 11.04% | 0.09% | 56.81% | 525.85% | |
73 Outperform | $100.90B | 11.79 | 25.02% | 1.09% | 23.61% | 42.29% | |
73 Outperform | $9.97B | 10.06 | 32.51% | 2.46% | 31.10% | 57.19% | |
73 Outperform | $17.23B | 23.61 | 11.91% | 0.93% | 70.98% | 38.91% | |
70 Outperform | $41.58B | 11.56 | 43.79% | 5.77% | ― | ― | |
61 Neutral | $10.43B | 7.12 | -0.05% | 2.87% | 2.86% | -36.73% |
* Basic Materials Sector Average
NEM
Newmont Mining
93.71
31.78
51.31%
GFI
Gold Fields
32.42
7.62
30.73%
HMY
Harmony Gold Mining
15.75
1.80
12.90%
HL
Hecla Mining Company
14.12
8.44
148.46%
RGLD
Royal Gold
198.35
47.02
31.07%
AU
Anglogold Ashanti PLC
79.32
33.11
71.66%
Newmont Mining Corporate Events
Business Operations and StrategyExecutive/Board Changes
Newmont Announces New Executive Team to Drive Growth
Positive
Jun 15, 2026
On June 15, 2026, Newmont Corporation announced a series of senior leadership appointments designed to shape its next phase under President and Chief Executive Officer Natascha Viljoen. Effective July 1, 2026, Brian Tabolt will become Chief Financ...
Executive/Board ChangesShareholder Meetings
Newmont Shareholders Back Directors, Pay and Auditor at Meeting
Positive
May 13, 2026
On May 12, 2026, Newmont held its 2026 Annual Meeting of Stockholders, at which shareholders elected the full slate of director nominees, including Gregory H. Boyce, Maura J. Clark and other incumbents, with strong majority support across the boar...
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.