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1. Company Snapshot

1.a. 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, 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.

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1.b. Last Insights on NEM

Breaking News: Newmont Corporation recently saw changes in investor holdings. 111 Capital reduced its stake in the company by 80.6% during the third quarter, selling 26,038 shares. Meanwhile, Cobblestone Capital Advisors LLC acquired 3,918 shares valued at approximately $330,000. Geopolitical tensions have driven investors to safe-haven assets like gold. Rising tensions in the Mideast initially boosted gold prices but have since declined. Some analysts view conflict as potentially inflationary but also a reason for the Federal Reserve to hold interest rates steady. A buy recommendation was not found. Hold is given by no one. Sell is given by no one.

1.c. Company Highlights

2. Newmont's Strong Q4 2025 Results Drive Investor Confidence

Newmont's fourth quarter 2025 results showcased a robust financial performance, with the company achieving its full-year guidance and strengthening its financial position. The company's earnings per share (EPS) came in at $2.52, beating analyst estimates of $2.07. Revenue growth was driven by the company's gold production, which totaled 5.7 million ounces in 2025. The company's free cash flow generation was also impressive, with $2.8 billion generated in the fourth quarter and $7.3 billion for the full year. Newmont's ability to return capital to shareholders was evident, with $3.4 billion returned through dividends and share repurchases.

Publication Date: Feb -22

📋 Highlights
  • Strong Free Cash Flow & Shareholder Returns:: Generated $7.3B free cash flow in 2025, returning $3.4B to shareholders via dividends and buybacks, with a 4% quarterly dividend increase.
  • Production & Reserve Strength:: Produced 5.7M oz gold in 2025; reserves of 118M oz gold (40 years of production) with $2,000/oz price assumption, up from $1,700.
  • 2026 Guidance & Cost Efficiency:: AISC of $1,680/oz gold at $4,500 gold price, $100/oz savings from inflation mitigation, and $230M cost cuts via debt retirement.
  • Capital Allocation Priorities:: $1.8B sustaining capital and $1.3B development spend in 2026, with $1.1B annual dividend and $5B+ minimum cash balance for resilience.
  • Exploration & Growth Projects:: $525M in 2026 exploration spend, plus $1.3B invested in Tanami expansion (targeting $1.7–1.8B total) and brownfield opportunities like Ahafo, Lihir, and Brucejack.

Operational Highlights

Newmont's operational performance was a key driver of its financial success, with the company producing 5.7 million ounces of gold, 28 million ounces of silver, and 135,000 tonnes of copper in 2025. The company's gold reserve base stands at 118 million ounces, supported by an additional 149 million ounces of gold resource, representing approximately 40 years of production life. Newmont's cost applicable to sales has remained constant year-on-year, demonstrating the company's ability to manage costs effectively.

Guidance and Outlook

For 2026, Newmont expects attributable production of 5.3 million ounces, with all-in sustaining costs expected to be approximately $1,680 per ounce. The company expects to invest about $1.4 billion in development capital and $525 million in exploration and advanced project spend. Newmont's capital allocation priorities remain focused on maintaining financial strength, reinvesting in the business, and returning capital to shareholders. The company's enhanced capital allocation framework prioritizes sustaining capital and dividend payments, followed by development capital and balance sheet targets, and finally, share repurchases.

Valuation and Investor Appeal

Newmont's shares are trading at a P/E Ratio of 18.85, indicating that the company's shares may be reasonably valued. The company's Dividend Yield is 0.82%, which may not be particularly attractive to income investors. However, the company's Free Cash Flow Yield is 7.75%, suggesting that Newmont has significant cash generation capabilities. With a ROIC of 21.46% and ROE of 21.98%, Newmont is demonstrating strong profitability. Overall, Newmont's world-class portfolio of long-life operations and deep pipeline of gold and copper projects positions the company for long-term success.

3. NewsRoom

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Why Newmont Corporation Stock Just Dropped

Mar -03

Source: fool.com

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Markets Seek Shelter as Gold Shines Brightest

Mar -03

Source: marketbeat.com

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3,918 Shares in Newmont Corporation $NEM Bought by Cobblestone Capital Advisors LLC NY

Mar -03

Source: defenseworld.net

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111 Capital Cuts Stock Position in Newmont Corporation $NEM

Mar -03

Source: defenseworld.net

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History Says Buy These 25 Stocks in March

Mar -02

Source: schaeffersresearch.com

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First Look: Oil Jumps, Paramount-WBD Deal, Berkshire and Nvidia

Mar -02

Source: gurufocus.com

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Mining in America Heats Up: High-Grade US Gold Stocks Ride Historic Gold Rally and Faster Permitting

Mar -02

Source: feeds.newsfilecorp.com

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American Century Companies Inc. Buys 876,412 Shares of Newmont Corporation $NEM

Mar -01

Source: defenseworld.net

4. Business Breakdown

4.a. Revenues by Country

4.b. Revenues by Segment

5. Expected revenues mid-term growth (2.00%)

6. Segments

NGM

Expected Growth: 2.5%

NGM's growth is driven by ongoing exploration and development of new projects, as well as optimization of existing mines. With a strong portfolio of assets, NGM is well-positioned for modest growth.

Peñasquito

Expected Growth: None%

None

Ahafo

Expected Growth: 4.0%

Ahafo's growth is driven by its high-grade ore and potential for expansion. Newmont's focus on operational efficiency and exploration is expected to drive growth.

Cadia

Expected Growth: 2.0%

Cadia's growth prospects are driven by its large reserves and potential for expansion. However, growth is expected to be modest due to the mine's mature stage.

Boddington

Expected Growth: 1.5%

Boddington's growth prospects are limited due to its mature stage and declining reserves. However, Newmont's focus on operational efficiency is expected to maintain production levels.

Lihir

Expected Growth: 3.5%

Lihir's growth prospects are driven by its large reserves and potential for expansion. Newmont's investments in the mine's infrastructure and exploration are expected to drive growth.

Tanami

Expected Growth: 2.5%

Tanami's growth prospects are driven by its high-grade ore and potential for expansion. Newmont's focus on operational efficiency and exploration is expected to drive growth.

Yanacocha

Expected Growth: 2.0%

Yanacocha's growth prospects are driven by its large reserves and potential for expansion. However, growth is expected to be modest due to the mine's mature stage.

Porcupine

Expected Growth: 3.0%

Porcupine's growth prospects are driven by its high-grade ore and potential for expansion. Newmont's focus on operational efficiency and exploration is expected to drive growth.

Merian

Expected Growth: 4.5%

Merian's growth prospects are driven by its high-grade ore and potential for expansion. Newmont's investments in the mine's infrastructure and exploration are expected to drive growth.

Brucejack

Expected Growth: 3.5%

Brucejack's growth prospects are driven by its high-grade ore and potential for expansion. Newmont's focus on operational efficiency and exploration is expected to drive growth.

Éléonore

Expected Growth: None%

None

Cerro Negro

Expected Growth: 4.0%

Cerro Negro's growth prospects are driven by its high-grade ore and potential for expansion. Newmont's investments in the mine's infrastructure and exploration are expected to drive growth.

Musselwhite

Expected Growth: 2.0%

Musselwhite's growth prospects are limited due to its mature stage and declining reserves. However, Newmont's focus on operational efficiency is expected to maintain production levels.

Akyem

Expected Growth: 3.0%

Akyem's growth prospects are driven by its high-grade ore and potential for expansion. Newmont's focus on operational efficiency and exploration is expected to drive growth.

CC&V

Expected Growth: 2.5%

CC&V's growth prospects are driven by its large reserves and potential for expansion. However, growth is expected to be modest due to the mine's mature stage.

Red Chris

Expected Growth: 4.5%

Red Chris's growth prospects are driven by its high-grade ore and potential for expansion. Newmont's investments in the mine's infrastructure and exploration are expected to drive growth.

Telfer

Expected Growth: 2.0%

Telfer's growth prospects are limited due to its mature stage and declining reserves. However, Newmont's focus on operational efficiency is expected to maintain production levels.

7. Detailed Products

Gold

Newmont Corporation is one of the largest gold producers in the world, with operations in the United States, Australia, Peru, and Ghana.

Copper

Newmont Corporation also produces copper as a by-product of its gold mining operations, primarily in Peru and Australia.

Silver

Silver is another by-product of Newmont's gold mining operations, primarily in Peru and Australia.

Lead

Lead is a by-product of Newmont's gold mining operations, primarily in Peru.

Zinc

Zinc is a by-product of Newmont's gold mining operations, primarily in Peru.

Exploration Services

Newmont Corporation provides exploration services to identify and develop new mineral deposits.

Mining Services

Newmont Corporation provides mining services, including mine planning, operations, and maintenance.

8. Newmont Corporation's Porter Forces

Forces Ranking

Threat Of Substitutes

Newmont Corporation's gold mining operations are susceptible to substitutes, such as recycling of gold and alternative metals. However, the demand for gold is relatively inelastic, reducing the threat of substitutes.

Bargaining Power Of Customers

Newmont Corporation's customers, primarily jewelry manufacturers and central banks, have limited bargaining power due to the company's dominant position in the gold mining industry.

Bargaining Power Of Suppliers

Newmont Corporation's suppliers, including equipment manufacturers and contractors, have some bargaining power due to the company's dependence on their services. However, the company's scale and diversification mitigate this risk.

Threat Of New Entrants

The threat of new entrants in the gold mining industry is low due to the high barriers to entry, including significant capital requirements and regulatory hurdles.

Intensity Of Rivalry

The gold mining industry is highly competitive, with several major players competing for market share. Newmont Corporation faces intense rivalry from companies such as Barrick Gold and AngloGold Ashanti.

9. SWOT Analysis

Strength

Weaknesses

Opportunities

Threats

10. Capital Structure

10.a. Balance Sheet

10.b. Weighted Average Cost of capital

Value
Debt Weight 23.69%
Debt Cost 3.95%
Equity Weight 76.31%
Equity Cost 6.39%
WACC 5.81%
Leverage 31.05%

11. Quality Control: Newmont Corporation passed 3 out of 9 key points

12.a Historical Valuation

12.b Price/Earnings Ratio

12.c Margin Valuation

12.d Peers Valuation

Peers Group Analysis

Stock-Card
Newmont

A-Score: 6.1/10

Value: 4.6

Growth: 4.8

Quality: 8.0

Yield: 4.0

Momentum: 10.0

Volatility: 5.3

1-Year Total Return ->

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Stock-Card
Royal Gold

A-Score: 5.7/10

Value: 1.8

Growth: 6.0

Quality: 8.4

Yield: 2.0

Momentum: 9.0

Volatility: 7.0

1-Year Total Return ->

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Stock-Card
Wheaton

A-Score: 5.5/10

Value: 0.2

Growth: 5.9

Quality: 8.0

Yield: 2.0

Momentum: 10.0

Volatility: 7.0

1-Year Total Return ->

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Stock-Card
Vulcan Materials

A-Score: 5.2/10

Value: 1.9

Growth: 6.7

Quality: 6.1

Yield: 1.0

Momentum: 6.0

Volatility: 9.3

1-Year Total Return ->

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Stock-Card
Sherwin-Williams

A-Score: 4.9/10

Value: 1.7

Growth: 6.4

Quality: 6.0

Yield: 2.0

Momentum: 4.0

Volatility: 9.3

1-Year Total Return ->

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Stock-Card
Dow

A-Score: 4.8/10

Value: 8.6

Growth: 2.7

Quality: 1.9

Yield: 10.0

Momentum: 0.5

Volatility: 5.0

1-Year Total Return ->

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Peers Metrics

12.e Scoring Insights

12.f DCF BETA

Parameters

Short Term Growth

Short term Time

Long-Term Growth

WACC

Target Price

118.52$

Current Price

118.52$

Potential

-0.00%

Expected Cash-Flows