NYSE · NEM

Newmont Corporation

Basic Materials · Gold

$126.14▼ 2.00% ($2.57)at close

After hours$125.93▼ 0.17%7:58 PM ET

52-week

$76.05$135.29

Market cap

$132.91B

P/E

15.66

Volume

6.25M

Shares outstanding

1.05B

What the market price implies · Reverse DCF

To support a price of $126.14, this model requires revenue to grow by 9.17%/yr over the next 10 years, compounded annually.

Historical revenue grew by 16.03%/yr over the past 4 years. The required annual growth rate is 6.87 percentage points lower.

Selected forecast · Base scenario

0.84%/yr · actual 10-year annualized revenue growth

Year 1 growth: 0.2%

Market-implied · Base operating assumptions + edited margins

9.17%/yr · flat 10-year annualized revenue growth

Reverse DCF solves revenue growth itself using Base operating assumptions and your edited margins. Changing forecast growth alone does not change the implied rate. This is a model-implied requirement, not an analyst forecast.

Valuation

Recommended · Revenue & margin DCF

Price used

$126.14

Estimated value / share

$70.66

Base scenario

This estimate is 43.98% below the price used.

USD · TTM ending 2026-06-30

Latest quarterly growth differs materially from the latest annual pace. It remains an observed growth input; review whether acceleration or a change in the business explains it.

Year 1 growth 0.2% · Ending margin 30% · Discount rate 7.72%

Assumption scenarios, not statistical confidence intervals.

Method, dates & sources

Estimated from future revenue, operating margins, and the investment needed to support them.

Price timestamp: Sep 10, 2026, 8:00 PM UTC
Financial statement period: TTM ending 2026-06-30
Data refreshed: Sep 11, 2026, 12:28 AM UTC · provider

Why this method?

There is not a stable run of positive FCFF to anchor a direct cash-flow CAGR, so the model should start from revenue and margin assumptions instead.

Is FCFF positive and has it been for 3+ consecutive years? Only 2 consecutive positive FCFF years are available.

Price vs Fundamentals

Why The Stock Is Moving

Fundamentals are supporting the moveHigh confidence

1Y Price: 60.83%Revenue (TTM): 10.35%FCF (TTM): 139.91%P/FCF: 5th pct

What changed

The stock rose 60.83% over the last year. Revenue grew 10.35% over the trailing twelve months. Operating margin moved from 38.25% to 51.36%. Free cash flow grew 139.91% over the trailing twelve months.

What the market seems to be pricing

The stock move broadly lines up with stronger business momentum, and the shares are still only around the 5th percentile of their historical P/FCF range.

What would invalidate this read

Operating margin is at 51.36%. Revenue grew 10.35% — this thesis depends on that trajectory holding. If revenue growth, margins, or free cash flow roll over while the stock keeps climbing, more of the move would be coming from multiple expansion than business progress.

Performance

Return analysis

Company profile

Newmont Corporation is primarily involved in the mining and exploration of gold resources.

CEONatascha Viljoen

SectorBasic Materials

IndustryGold

Employees17,500

IPO dateMar 17, 1980

https://www.newmont.com

Market multiples

Forward P/E—

EV/EBITDA7.31

Enterprise value$108.5B

Stock splits

Apr 22, 1994↑ Forward

Every 4 shares became 5

+25%

Oct 9, 1987↑ Forward

Every 2 shares became 3

+50%

Jun 11, 1987↑ Forward

Every 1 shares became 2

+100%

Profitability & growth

Revenue growth-34.52%

Gross margin54.52%▲15.2ppvs FY2024

Operating margin51.36%▲15.9ppvs FY2024

ROE25.46%▲3.3ppvs FY2025

Analyst consensus

RatingBuy

Target price$136.83▲8.47%

Buy

Hold

Sell

Analyst ratings tend to be lagging indicators. Use as one signal among many.

Earnings

Full quarter-by-quarter history of actuals vs estimates. Switch into compare mode to inspect one metric year-over-year.

Next report

Oct 22, 2026

Q4 FY26 · EPS est $2.18 · Revenue est $6.18B

View

Dividends

$1.03/shareQuarterlySafe

NEM pays a dividend with a 0.82% dividend yield, covered 6.6× by free cash flow.

Dividend Yield

0.82%

Annual Div / Share

$1.03

5yr CAGR

-12.86%

Dividend has been cut

Payout Ratio

12.84%

Safe

Dividend Growth Rate

3yr CAGR

-16.2%

5yr CAGR

-12.86%

10yr CAGR

+23.48%

Dividend Safety

10/10Safe

Dividend History

Annualized dividend cycles per share

YearAnnual DivYoY

2026$1.03+3.0%

2025$1.00-13.0%

2024$1.15-34.3%

2023$1.75-20.5%

2022$2.20+7.3%

2021$2.05+162.8%

2020$0.78-40.0%

Income Projection

Invest

Growth rate:

Reinvest dividends

Today

$8/yr

$1/mo

In 5 yrs

$8/yr

$1/mo

In 10 yrs

$8/yr

$1/mo

Today	In 5 yrs	In 10 yrs
$8/yr $1/mo	$8/yr $1/mo	$8/yr $1/mo

Analysis

Dividend Strengths

Well-covered by free cash flow

The dividend is covered 6.6× by free cash flow, indicating the company generates sufficient cash to sustain and potentially grow the payout without straining its finances.

Risks to Watch

Dividend has been reduced

The 5-year dividend CAGR of -12.86% is negative, indicating the payout has been cut over this period.

NYSE · NEM

Newmont Corporation

Basic Materials · Gold

$126.14▼ 2.00% ($2.57)at close

After hours$125.93▼ 0.17%7:58 PM ET

52-week

$76.05$135.29

Market cap

$132.91B

P/E

15.66

Volume

6.25M

Shares outstanding

1.05B

What the market price implies · Reverse DCF

To support a price of $126.14, this model requires revenue to grow by 9.17%/yr over the next 10 years, compounded annually.

Historical revenue grew by 16.03%/yr over the past 4 years. The required annual growth rate is 6.87 percentage points lower.

Selected forecast · Base scenario

0.84%/yr · actual 10-year annualized revenue growth

Year 1 growth: 0.2%

Market-implied · Base operating assumptions + edited margins

9.17%/yr · flat 10-year annualized revenue growth

Valuation

Recommended · Revenue & margin DCF

Price used

$126.14

Estimated value / share

$70.66

Base scenario

This estimate is 43.98% below the price used.

USD · TTM ending 2026-06-30

Latest quarterly growth differs materially from the latest annual pace. It remains an observed growth input; review whether acceleration or a change in the business explains it.

Year 1 growth 0.2% · Ending margin 30% · Discount rate 7.72%

Assumption scenarios, not statistical confidence intervals.

Method, dates & sources

Estimated from future revenue, operating margins, and the investment needed to support them.

Price timestamp: Sep 10, 2026, 8:00 PM UTC
Financial statement period: TTM ending 2026-06-30
Data refreshed: Sep 11, 2026, 12:28 AM UTC · provider

Why this method?

There is not a stable run of positive FCFF to anchor a direct cash-flow CAGR, so the model should start from revenue and margin assumptions instead.

Is FCFF positive and has it been for 3+ consecutive years? Only 2 consecutive positive FCFF years are available.

Price vs Fundamentals

Why The Stock Is Moving

Fundamentals are supporting the moveHigh confidence

1Y Price: 60.83%Revenue (TTM): 10.35%FCF (TTM): 139.91%P/FCF: 5th pct

What changed

What the market seems to be pricing

The stock move broadly lines up with stronger business momentum, and the shares are still only around the 5th percentile of their historical P/FCF range.

What would invalidate this read

Performance

Return analysis

Company profile

Newmont Corporation is primarily involved in the mining and exploration of gold resources.

CEONatascha Viljoen

SectorBasic Materials

IndustryGold

Employees17,500

IPO dateMar 17, 1980

https://www.newmont.com

Market multiples

Forward P/E—

EV/EBITDA7.31

Enterprise value$108.5B

Stock splits

Apr 22, 1994↑ Forward

Every 4 shares became 5

+25%

Oct 9, 1987↑ Forward

Every 2 shares became 3

+50%

Jun 11, 1987↑ Forward

Every 1 shares became 2

+100%

Profitability & growth

Revenue growth-34.52%

Gross margin54.52%▲15.2ppvs FY2024

Operating margin51.36%▲15.9ppvs FY2024

ROE25.46%▲3.3ppvs FY2025

Analyst consensus

RatingBuy

Target price$136.83▲8.47%

Buy

Hold

Sell

Analyst ratings tend to be lagging indicators. Use as one signal among many.

Earnings

Full quarter-by-quarter history of actuals vs estimates. Switch into compare mode to inspect one metric year-over-year.

Next report

Oct 22, 2026

Q4 FY26 · EPS est $2.18 · Revenue est $6.18B

View

Dividends

$1.03/shareQuarterlySafe

NEM pays a dividend with a 0.82% dividend yield, covered 6.6× by free cash flow.

Dividend Yield

0.82%

Annual Div / Share

$1.03

5yr CAGR

-12.86%

Dividend has been cut

Payout Ratio

12.84%

Safe

Dividend Growth Rate

3yr CAGR

-16.2%

5yr CAGR

-12.86%

10yr CAGR

+23.48%

Dividend Safety

10/10Safe

Dividend History

Annualized dividend cycles per share

YearAnnual DivYoY

2026$1.03+3.0%

2025$1.00-13.0%

2024$1.15-34.3%

2023$1.75-20.5%

2022$2.20+7.3%

2021$2.05+162.8%

2020$0.78-40.0%

Income Projection

Invest

Growth rate:

Reinvest dividends

Today

$8/yr

$1/mo

In 5 yrs

$8/yr

$1/mo

In 10 yrs

$8/yr

$1/mo

Today	In 5 yrs	In 10 yrs
$8/yr $1/mo	$8/yr $1/mo	$8/yr $1/mo

Analysis

Dividend Strengths

Well-covered by free cash flow

The dividend is covered 6.6× by free cash flow, indicating the company generates sufficient cash to sustain and potentially grow the payout without straining its finances.

Risks to Watch

Dividend has been reduced

The 5-year dividend CAGR of -12.86% is negative, indicating the payout has been cut over this period.