Loading…
World's largest gold-mining company, also producing copper, silver and other metals from mines across several continents.
World's largest gold-mining company, also producing copper, silver and other metals from mines across several continents.
Sells gold, copper, silver, zinc and lead at market prices. The 2023 Newcrest acquisition made it bigger and added copper, and since then it has sold non-core mines to concentrate on its largest operations.
Moat: none (scale). Commodity producer; scale and low-cost mines help margins but gold prices set revenue, not differentiation.
Headquarters: Denver, Colorado, United States · Founded: 1921 · Employees: 44,100
Size Newmont (NEM) is a United States Materials company (Precious Metals) with a market value of $126B, the 99th largest of 3,117 United States companies the cockpit tracks. Shares closed at $120.91 on 6 Nov 2026.
Performance Over six months the shares gained 4.0%, against -6.3% for the median peer and -1.1% for the United States market (cap-weighted) — 4th highest of 9 in its peer set.
Growth Revenue grew 23.4% over the last twelve months (peer median +71.4%); the operating margin is 54.6% (peer median 53.3%).
Valuation It trades at 12.7× forward earnings against a peer median of 13.7× (5th cheapest of 9).
Price implies For today's price to make sense, revenue must grow about -9% a year for seven years (Req g). Recent delivered growth is +14%, so the hurdle is -23 pp: the price already allows for a slowdown.
Capital Return on invested capital runs 26.9 points above its cost of capital (7.6% WACC).
Credit Newmont has 10 bonds outstanding ($4.72B), rated BBB+ by the agencies and trading like A+ at a weighted spread of 69 bp.
Short interest Short interest is 1.7% of the free float (15 Oct 2026).
Next results Next results expected around 25 Feb 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | $26.2B | $22.1B | $18.6B | $11.8B | $11.9B |
| Revenue growth | — | +19% | +58% | -1% | — |
| Gross profit | $14.9B | $11.0B | $6.42B | $1.17B | $2.14B |
| EBITDA | $17.2B | $13.1B | $8.65B | $4.29B | $4.73B |
| Net income | $9.24B | $7.08B | $3.28B | -$2.52B | -$459M |
| Free cash flow | $10.1B | $7.30B | $2.96B | $97.0M | $1.09B |
| Capital expenditure | $3.02B | $3.04B | $3.40B | $2.67B | $2.13B |
| Total debt | $5.58B | $5.71B | $9.09B | $9.56B | $6.25B |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| Newmont NEM | $126B | +4% | +23% | 55% | 12.7× | -8.9% |
| Barrick Mining ABX.TO | $67.2B | 0% | +49% | 52% | 10.9× | -3.0% |
| Agnico Eagle Mines AEM.TO | $98.4B | +6% | +41% | 59% | 16.9× | 8.4% |
| Anglogold Ashanti AU | $47.0B | -13% | +139% | 51% | 11.7× | -7.7% |
| Kinross Gold K.TO | $26.4B | -25% | +30% | 51% | 8.5× | -3.9% |
| Gold Fields Limited Sponsored ADR GFI | $31.5B | -13% | +71% | 53% | 9.2× | -14.1% |
| Northern Star Resources NST.AX | $25.3B | +19% | +19% | 35% | 17.8× | 17.5% |
| Evolution Mining EVN.AX | $18.3B | -4% | +28% | 42% | 13.4× | 10.8% |
| Harmony Gold Mining Co. Ltd. Sponsored ADR HMY | $9.84B | -3% | +50% | 45% | 5.3× | -14.1% |
| Zijin Mining 601899.SS | $109B | -15% | +16% | 30% | 9.6× | -10.2% |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | NEM | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +4.6% | +2.4% | 4th highest of 9 |
| 6-month return | +4.0% | -6.3% | 4th highest of 9 |
| Distance from 52-week high | -10.6% | -25.3% | 2nd highest of 9 |
| Revenue growth (TTM) | +23.4% | +71.4% | 2nd lowest of 9 |
| Operating margin | 54.6% | 53.3% | 4th highest of 9 |
| Forward P/E | 12.7× | 13.7× | 5th cheapest of 9 |
| Growth the price implies (Req g, 7 yrs) | -8.9% | -3.0% | 2nd least demanding of 8 |
| Growth delivered (Del g) | +14.1% | +17.4% | 3rd lowest of 8 |
| Hurdle (Req g minus delivered) | -23.0 pp | -23.2 pp | 4th most demanding of 8 |
| ROIC minus cost of capital | +26.9 pp | +14.4 pp | 3rd highest of 9 |
| EV / EBITDA | 7.1× | 9.1× | 3rd cheapest of 7 |
| Net debt / EBITDA | -0.2× | -0.2× | 4th least indebted of 7 |
| Bond spread | 69 bp | n/a | — |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Newmont NEM | United States | $126B | +4% | +23% | 55% | 12.7× | -8.9% | +14.1% |
| Zijin Mining 2899.HK | Hong Kong | $111B | -23% | +21% | 30% | 8.3× | -6.0% | +14.5% |
| Agnico Eagle Mines AEM.TO | Canada | $98.4B | +6% | +41% | 59% | 16.9× | 8.4% | +31.6% |
| Barrick Mining ABX.TO | Canada | $67.2B | 0% | +49% | 52% | 10.9× | -3.0% | +7.0% |
| Wheaton Precious Metals WPM.TO | Canada | $62.3B | +7% | +89% | 73% | 29.9× | n/a | n/a |
| Franco-Nevada FNV.TO | Canada | $49.6B | +16% | +72% | 75% | 31.5× | 17.7% | +13.3% |
| Anglogold Ashanti AU | United States | $47.0B | -13% | +139% | 51% | 11.7× | -7.7% | +17.4% |
| Zijin Gold International 2259.HK | Hong Kong | $46.6B | -19% | +106% | 54% | 15.7× | 17.3% | +43.4% |
| Gold Fields Limited Sponsored ADR GFI | United States | $31.5B | -13% | +71% | 53% | 9.2× | -14.1% | +17.7% |
Newmont has 10 bonds outstanding with $4.72B face value. The agencies rate it BBB+; its bonds trade like A+. Weighted yield 5.56%, a spread of 69 bp over government bonds.