NEM
MaterialsNewmont
Price Chart
Market Data
Financials
XBRL · SEC EDGAR2012–2025(14yr)| Metric | FY 2012 | FY 2013 | FY 2014 | FY 2015 | FY 2016 | FY 2017 | FY 2018 | FY 2019 | FY 2020 | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025Latest | YoY |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $10.0B | $8.4B | $7.3B | $7.7B | $6.7B | $7.4B | $7.3B | $9.7B | $11.5B | $12.2B | $11.9B | $11.8B | $18.7B | $22.7B | +21.3% |
| Gross Profit | — | — | — | — | — | — | $3.2B | $4.5B | $6.5B | $6.8B | $5.4B | $5.1B | $9.7B | $14.6B | +50.1% |
| Gross Margin | — | — | — | — | — | — | 43.6% | 46.7% | 56.4% | 55.5% | 45.7% | 43.3% | 52.0% | 64.3% | +12.3pp |
| Net Income | $1.8B | -$2.5B | $508.0M | $220.0M | -$627.0M | -$98.0M | $341.0M | $2.8B | $2.8B | $1.2B | -$429.0M | -$2.5B | $3.3B | $7.1B | +111.6% |
| Net Margin | 18.2% | -29.3% | 7.0% | 2.8% | -9.3% | -1.3% | 4.7% | 28.8% | 24.6% | 9.5% | -3.6% | -21.1% | 17.9% | 31.3% | +13.3pp |
| Free Cash Flow | -$838.0M | -$357.0M | $328.0M | $744.0M | $1.7B | $1.5B | $795.0M | $1.4B | $3.6B | $2.6B | $1.1B | $97.0M | $3.0B | $7.3B | +146.5% |
| FCF Margin | -8.4% | -4.2% | 4.5% | 9.6% | 24.6% | 19.9% | 11.0% | 14.4% | 31.1% | 21.5% | 9.1% | 0.8% | 15.8% | 32.2% | +16.3pp |
| EPS (Diluted) | $3.63 | $-4.94 | $1.02 | $0.43 | $-1.18 | $-0.18 | $0.64 | $3.81 | $3.51 | $1.46 | $-0.54 | $-2.97 | $2.92 | $6.39 | +118.8% |
1. THE BIG PICTURE
Newmont is currently a cash-generation machine that the market is pricing as if it were a sunset industry. While it leads its industrial peers in growth and profitability, its refusal to hedge prices means it functions less like a traditional corporation and more like a leveraged, high-margin bet on the spot prices of gold and copper.
2. WHERE THE RISKS HIT HARDEST
The "size and grade of ore bodies" (10-K Item 1) is Newmont’s primary competitive anchor, but this strength is perpetually threatened by "Reserve Replacement" risks. Because mining inherently depletes assets, Newmont must constantly find or buy new deposits; any failure in speculative exploration or high-stakes acquisitions directly undermines its long-term production levels. Furthermore, its "ability to manage costs" (10-K Item 1) is vulnerable to "Project Development and Operational Costs." Inflation and labor shortages can render multi-year capital projects uneconomic, regardless of the technical expertise Newmont claims as a core strength.
3. WHAT THE NUMBERS SAY TOGETHER
Newmont is outperforming its peers (including Freeport-McMoRan and Nucor) on every major efficiency metric, yet it trades at the group's steepest valuation discount. While TTMTTMTrailing Twelve Months — the most recent full year of financial data, updated on a rolling basis each quarter revenue grew by 21.3%, the most recent quarter showed a deceleration in earnings, with net income falling to $1,301 million from $1,832 million in the prior quarter (8-K). This divergence is not a structural collapse but a reflection of a shifting production mix: while gold production rose 2%, copper production fell 17% and zinc dropped 22% (8-K). With short interest low at 2.3% of the float, there is little evidence of a coordinated market bet against Newmont’s operational recovery.
4. IS IT WORTH IT AT THIS PRICE?
At 10.9x Forward P/EP/EPrice-to-Earnings ratio — share price divided by annual earnings per share; how much investors pay per dollar of profit. Higher P/E = higher growth expectations, the market is pricing in a long-term growth rate of just 0.5% (CAPM analysis). This represents a 37% discount to the peer median of 17.4x, which appears attractively valued given that Newmont maintains the highest gross margin (59.1%) and FCFFCFFree Cash Flow — cash left after paying for operations and capital investments; what the company can actually spend, save, or return to shareholders margin (25.7%) in its peer group. If Newmont were to achieve even a modest GDP-paced growth of 2.5%, the justified multiple would rise to 24.2x (CAPM analysis). The primary factor keeping the price depressed is the "Commodity Price Volatility" risk; without hedging, investors are unwilling to pay a premium for earnings that could vanish if gold prices retreat.
5. WHAT WOULD CHANGE THIS VIEW?
- Constructive if the "Portfolio Optimization Program" successfully divests the seven named non-core assets, such as Telfer and Akyem, at or above book value to further streamline the portfolio.
- Constructive if the transition to a "strong net cash position" of $2.1 billion (8-K) results in an expansion of the current 1.7% buyback yield.
- Cautious if "Reserve and Resource Estimation Uncertainty" leads to material non-cash impairment charges, signaling that Newmont’s ore grade advantages are less robust than stated.
6. BOTTOM LINE
Structural Advantage: A diverse portfolio of high-grade ore bodies combined with a sector-leading 25.7% free cash flow margin. Bottom Line: Newmont is a highly efficient operator priced for stagnation, making it a compelling value play for those who believe commodity prices will remain stable or rise.
1. Top 5 Material Risks
- Commodity Price Volatility: Newmont’s financial position, results of operations, and cash flows are directly dependent on the daily market prices of gold, copper, silver, lead, and zinc. Because Newmont does not engage in hedging transactions, any substantial or extended decline in these prices directly reduces revenues and net income.
- Reserve Replacement: Mining operations inherently deplete reserves. Newmont must continually replace these through exploration or acquisition to maintain production. Exploration is speculative and often unsuccessful, while acquisitions involve intense competition and reliance on third-party data that may be unverifiable.
- Reserve and Resource Estimation Uncertainty: Estimates of proven and probable reserves are based on geologic data and price assumptions that may not reflect future results. If prices decline or operating costs increase, Newmont may be forced to record material write-downs of mining properties and goodwill.
- Project Development and Operational Costs: Development projects require significant upfront capital and years of work. Profitability is subject to risks including inflation, labor availability, geotechnical conditions, and permitting delays. Actual costs often differ from feasibility study estimates, potentially rendering projects uneconomic.
- Environmental and Closure Liabilities: Newmont is subject to extensive environmental laws requiring land rehabilitation. Estimates for these costs are significant and subject to change. Under CERCLA, Newmont may be held jointly and severally liable for cleanup costs at current or former sites, such as the inactive Midnite uranium mine.
2. Company-Specific Risks
- Joint Venture Mismanagement: Newmont holds a 38.5% interest in the Nevada Gold Mines (NGM) joint venture, where Barrick Gold Corporation acts as the operator. Newmont has identified evidence of resource diversion to Barrick’s wholly-owned Fourmile property and issued a notice of default in February 2026.
- Yanacocha Water Compliance: Newmont faces ongoing uncertainty regarding water treatment costs at the Yanacocha mine in Peru due to evolving water quality regulations. Newmont has included construction and operating costs for two new water treatment plants in its asset retirement obligation, but these estimates remain subject to revision.
- Cadia Air Quality Enforcement: Cadia Holdings has faced multiple legal proceedings from the New South Wales Environment Protection Authority regarding dust emissions and tailings storage facility management. In 2025, Newmont was convicted of three offenses and ordered to pay penalties and contributions to environmental monitoring networks.
- Cybersecurity Vulnerabilities: Newmont relies on complex information and operational technology systems. A 2020 cyberattack required significant resources to remediate, and Newmont does not carry specific cybersecurity insurance, leaving it exposed to potential financial losses and operational downtime.
3. Regulatory/Legal Risks
- Tax and Royalty Changes: Newmont is subject to retroactive tax claims and royalty increases in multiple jurisdictions, including Argentina, Mexico, and the U.S. (Nevada). Specifically, Mexico increased mining tax rates effective January 1, 2025, and the state of Zacatecas is seeking to renegotiate environmental tax calculations for 2025–2027.
- Indigenous Rights and Cultural Heritage: Newmont faces heightened scrutiny regarding cultural heritage management, particularly in Western Australia and Canada. Failure to comply with laws like the Aboriginal Heritage Act or the Declaration on the Rights of Indigenous Peoples Act can lead to project delays, litigation, and reputational damage.
- Permitting and Land Tenure: Operations at sites like Boddington and Cadia depend on securing renewals for mining leases and tailings storage capacity. Failure to obtain these permits or secure land tenure on commercially reasonable terms could force the cessation of mining activities.
4. Financial Impact Map
- Commodity Price Volatility → Revenues, Net Income, and Operating Cash Flows → Newmont does not hedge sales, making these items fully exposed to market price fluctuations.
- Reserve and Resource Estimation Uncertainty → Mining Properties, Goodwill, and Amortization/Reclamation Charges → Material write-downs occur if reserves are deemed uneconomic or if carrying values exceed fair value.
- Project Development and Operational Costs → Profitability and Operating Cash Flow → Increased capital expenditures or operating costs can render projects uneconomic and reduce available funds for dividends or share repurchases.
- Environmental and Closure Liabilities → Consolidated Net Income and Asset Retirement Obligation → Previously unrecognized remediation liabilities or increased reclamation costs directly reduce net income and increase balance sheet liabilities.
- Tax and Royalty Changes → Net Income and Cash Flows → Increased tax rates or retroactive claims directly reduce the profitability of operations in specific jurisdictions like Mexico and Argentina.
Recent Filings
| Form | Filed | Period |
|---|---|---|
| 8-K | Feb 2026 | — |
| 10-K | Feb 2026 | Dec 2025 |
| 10-Q | Oct 2025 | Sep 2025 |
| 14A | Mar 2025 | — |
AI-extracted key facts from press releases and SEC filings. Significance 1–10.
Newmont Q1 Revenue $7.31B Beats Estimates, EPS $2.90 Surpasses Forecasts
- ▸Q1 revenue $7.31B vs $6.53B estimate
- ▸Adjusted EPS $2.90 vs $2.18 estimate
- ▸Record free cash flow of $3.1B generated in Q1
- ▸Board approved additional $6B share repurchase program
- ▸BMO Capital raised price target to $145 from $140
Newmont shares rally 6% as gold prices climb 2.5% ahead of Q1 earnings
- ▸Newmont shares up 13% over five trading days
- ▸Q1 earnings release scheduled for April 23 after market close
- ▸Consensus Q1 adjusted EPS forecast $2.38 vs $1.25 in Q1 2025
- ▸Spot gold prices rose 2.5% on potential Middle East de-escalation
- ▸Higher gold prices expected to offset projected production volume declines
Nemetschek FY25 Free Cash Flow €389M Exceeds Statutory Profit of €217.2M
- ▸FY25 free cash flow €389M, significantly higher than €217.2M statutory profit
- ▸Accrual ratio of -0.15 indicates strong cash conversion
- ▸EPS grew 34% annually over the last three years
- ▸Statutory profit may understate underlying earnings potential
Nemetschek FY25 revenue hits €1.19B, +19.7% YoY; EPS rises 23.9% to €1.88
- ▸FY25 revenue €1.19B, up 19.7% YoY, exceeding €1B threshold for first time
- ▸Subscription and SaaS revenue +51.2% to €858.7M, now 72% of total revenue
- ▸Recurring revenue reached 92% of total business at year-end 2025
- ▸FY25 EBITDA €371.1M, up 23.3% YoY with 31.2% margin
- ▸Q4 EPS €0.56, up 25.2% YoY driven by reduced interest expenses
Barrick Gold Q4 Production Falls 19% to 871,000 Ounces; 2026 Outlook Tepid
- ▸Q4 gold production 871,000 ounces, down 19% YoY
- ▸FY2025 total gold production 3.26 million ounces, down 17% YoY
- ▸FY2026 production guidance set at 2.9–3.25 million ounces
- ▸Operational issues at Loulo-Gounkoto mine drove production decline and higher unit costs
- ▸Q1 2026 production consensus estimate 784,000 ounces, down 10% sequentially
AngloGold Ashanti 2025 Gold Production +16% YoY Driven by Sukari Mine Performance
- ▸Sukari mine 2025 production 500,000 ounces, +4% YoY
- ▸Sukari 2025 adjusted EBITDA $1.3B, free cash flow $475M
- ▸Sukari all-in sustaining costs $1,094 per ounce
- ▸Sukari accounts for 16% of total AngloGold Ashanti production
- ▸Sukari gold mineral reserves 2.36 million ounces as of Dec 31, 2025
Kinross Gold Q4 margin per ounce jumps 82% to $2,847 on record gold prices
- ▸Q4 margin per gold equivalent ounce $2,847, up 82% YoY
- ▸Q4 attributable free cash flow $769.4M, up 77% YoY
- ▸FY2025 record free cash flow $2.5B
- ▸Average realized gold price rose 56% to $4,144 per ounce
- ▸Tasiast and Paracatu assets remain primary drivers of production and cash flow
Newmont reaffirms Q4 dividend of $0.26/share amid gold price volatility
- ▸Reaffirmed Q4 2025 dividend of $0.26 per share
- ▸Projected 2028 revenue of $21.6B and earnings of $6.4B
- ▸Requires 1.6% annual revenue growth to meet 2028 targets
- ▸Bearish analyst scenarios project 2028 revenue as low as $16.9B
- ▸Shares pressured 5.8% following recent U.S. inflation data releases
Summit Royalties to acquire 1.0% net smelter return royalty on Newmont's Saddle North deposit
- ▸Summit Royalties enters agreement to acquire 1.0% net smelter return royalty
- ▸Royalty covers Newmont's Saddle North copper-gold deposit
- ▸Transaction expands Summit Royalties' portfolio in the mining sector