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Newmont Mining
(NYSE:NEM)
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Rating:75Outperform
Price Target:
$128.00
▼(-5.28% Downside)
Action:Reiterated
Date:10/23/26
The score is driven primarily by strong financial performance (improved profitability, very low leverage, and robust free cash flow) and a constructive earnings outlook (on-track guidance, improved cost guidance, and large shareholder returns). These positives are tempered by weaker near-term technical momentum and ongoing cycle/cost risks highlighted in guidance (higher near-term and 2027 costs, operational sensitivities).
Positive Factors
Balance Sheet Strength
Newmont’s net cash position and extremely low leverage provide meaningful financial flexibility through commodity cycles. A de-risked balance sheet can support sustaining investment, fund selected growth projects, and preserve resilience if operating conditions or metal prices become less favorable.
Negative Factors
Commodity-Cycle Volatility
The sharp historical swing between losses and strong profits shows that Newmont’s earnings and cash generation remain highly sensitive to gold prices, production conditions, and costs. This cyclicality can make current profitability less durable and complicate long-term planning.
Read all positive and negative factors
Positive Factors
Negative Factors
Balance Sheet Strength
Newmont’s net cash position and extremely low leverage provide meaningful financial flexibility through commodity cycles. A de-risked balance sheet can support sustaining investment, fund selected growth projects, and preserve resilience if operating conditions or metal prices become less favorable.
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
$113.14B
Dividend Yield0.95%
Average Volume (3M)6.04M
Price to Earnings (P/E)12.6
Beta (1Y)1.03
Revenue Growth23.41%
EPS Growth33.87%
CountryUS
Employees17,500
SectorBasic Materials
Sector Strength58
IndustryGold
Share Statistics
EPS (TTM)8.64
Shares Outstanding1,039,193,200
10 Day Avg. Volume5,869,495
30 Day Avg. Volume6,037,042
Financial Highlights & Ratios
PEG Ratio0.13
Price to Book (P/B)3.26
Price to Sales (P/S)4.87
P/FCF Ratio15.13
Enterprise Value/Market Cap1.04
Enterprise Value/Revenue4.48
Enterprise Value/Gross Profit7.27
Enterprise Value/Ebitda7.02
Forecast
1Y Price Target
$138.31Price Target Upside2.34% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering14
EPS Forecast (FY)9.28
Revenue Forecast (FY)$26.64B
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 mainly by producing and selling mined metals, with gold typically being its largest source of revenue. Its core revenue model is based on (1) mining ore from its operations, (2) processing that ore to produce saleable products ...
Newmont Mining Earnings Call Summary
Earnings Call Date:Oct 22, 2026
(Q3-2026)
| % Change Since: |
Next Earnings Date:Feb 25, 2027
Earnings Call Sentiment Positive
The call was strongly positive, with record third-quarter adjusted earnings, substantial free cash flow, shareholder returns, improved full-year cost guidance, projects advancing ahead of or on schedule, and production growth expected to begin in 2027. The company also disclosed risks from El Nino-related water availability, higher near-term and 2027 costs, inflation, fuel prices and increased development capital, but management stated that 2026 guidance remains on track and that these challenges are being actively managed.Positive Updates
Strong Third-Quarter Production and Financial Results
Newmont safely produced approximately 1.3 million ounces of gold, 23 thousand tons of copper and 11 million ounces of silver. The company generated $1.9 billion of free cash flow and reported adjusted net income of $2.20 per share, described as a third-quarter record.
Negative Updates
2026 Production Trough Before Growth Resumes
Management said Newmont is moving beyond the production trough previously indicated for 2026, with production growth expected to begin in 2027.
Read all updates
Q3-2026 Updates
Positive
Negative
Strong Third-Quarter Production and Financial Results
Newmont safely produced approximately 1.3 million ounces of gold, 23 thousand tons of copper and 11 million ounces of silver. The company generated $1.9 billion of free cash flow and reported adjusted net income of $2.20 per share, described as a third-quarter record.
Read all positive updates
Company Guidance
For the remainder of 2026, Newmont remains well on track to achieve its full year production guidance, with fourth-quarter production expected to increase to 1.4 million ounces, while full year gold all-in sustaining costs are now expected to be approximately $1.52 thousand per ounce, representing an improvement of approximately 10% relative to the guidance provided at the beginning of the year, and fourth-quarter all-in sustaining costs are expected to be the highest of the year at $1.9 thousand per ounce; in 2027, total portfolio production is expected to increase by a low to mid single digit percentage compared with 2026, sustaining capital is expected to remain largely in line with 2026 levels, development capital is expected to be approximately $500 million higher than 2026, approximately $200 million of that increase is expected to be offset in 2027 and approximately $400 million annually beginning in 2028, Tanami is expected to reach commercial production by the end of the second quarter of 2027, and Red Chris construction is anticipated to ramp up in 2027 with commercial production targeted for 2033, an initial development expected to support a mine life of approximately 13 years, producing approximately 3 million ounces of gold and 850 thousand tonnes of copper, followed by estimated annual production of 275 to 325 thousand ounces of gold and 65 to 85 thousand tons of copper, with development capital estimated to be between US$4.2 billion and US$4.8 billion, equivalent to US$5.6 billion and C$6.4 billion on a 100% basis.Newmont Mining Financial Statement Overview
Summary
Income Statement
86
Very Positive
Balance Sheet
88
Very Positive
Cash Flow
84
Very Positive
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 26.36B | 22.67B | 18.56B | 11.78B | 11.95B | 12.19B |
| Gross Profit | 16.25B | 12.06B | 6.42B | 1.17B | 2.14B | 2.38B |
| EBITDA | 16.83B | 14.09B | 7.54B | 325.00M | 2.36B | 3.70B |
| Net Income | 9.24B | 7.08B | 3.35B | -2.52B | -459.00M | 1.17B |
Balance Sheet | ||||||
| Total Assets | 58.18B | 57.12B | 56.35B | 55.51B | 38.48B | 40.56B |
| Cash, Cash Equivalents and Short-Term Investments | 8.83B | 8.24B | 3.64B | 3.02B | 3.76B | 5.07B |
| Total Debt | 5.45B | 5.71B | 8.97B | 9.44B | 6.13B | 6.30B |
| Total Liabilities | 22.33B | 23.08B | 26.24B | 26.30B | 18.95B | 18.70B |
| Stockholders Equity | 35.67B | 33.87B | 29.93B | 29.03B | 19.35B | 22.02B |
Cash Flow | ||||||
| Free Cash Flow | 10.07B | 7.30B | 2.96B | 97.00M | 1.09B | 2.63B |
| Operating Cash Flow | 13.10B | 10.33B | 6.36B | 2.76B | 3.22B | 4.28B |
| Investing Cash Flow | -2.60B | 739.00M | -2.70B | -1.00B | -2.98B | -1.77B |
| Financing Cash Flow | -7.27B | -7.17B | -2.95B | -1.60B | -2.36B | -3.06B |
Newmont Mining Technical Analysis
Negative
135.14
Price Trends
121.59
Negative
110.14
Negative
112.09
Negative
Market Momentum
-1.66
Positive
36.21
Neutral
40.80
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For NEM, the sentiment is Negative. The current price of 135.14 is above the 20-day moving average (MA) of 115.58, above the 50-day MA of 121.59, and above the 200-day MA of 112.09, indicating a bearish trend. The MACD of -1.66 indicates Positive momentum. The RSI at 36.21 is Neutral, neither overbought nor oversold. The STOCH value of 40.80 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for NEM.
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 |
|---|---|---|---|---|---|---|---|
83 Outperform | $10.00B | 5.57 | 46.23% | 4.88% | 49.72% | 120.32% | |
81 Outperform | $30.95B | 6.91 | 51.87% | 6.82% | 71.19% | 133.85% | |
76 Outperform | $9.30B | 27.70 | 12.98% | 0.13% | 51.13% | 399.24% | |
76 Outperform | $19.27B | 24.80 | 11.55% | 0.84% | 93.51% | 34.48% | |
75 Outperform | $113.14B | 12.60 | 26.45% | 0.95% | 23.41% | 33.87% | |
74 Outperform | $42.21B | 11.13 | 45.77% | 5.41% | ― | ― | |
61 Neutral | $10.43B | 7.12 | -0.05% | 2.87% | 2.86% | -36.73% |
* Basic Materials Sector Average
NEM
Newmont Mining
108.87
30.97
39.76%
GFI
Gold Fields
34.59
-1.48
-4.11%
HMY
Harmony Gold Mining
15.83
-0.02
-0.13%
HL
Hecla Mining Company
13.85
1.50
12.15%
RGLD
Royal Gold
227.42
51.31
29.14%
AU
Anglogold Ashanti PLC
83.59
21.48
34.59%
Newmont Mining Corporate Events
Executive/Board Changes
Newmont Mining Adds Peter Beaven to Board, Audit Committee
Positive
Aug 20, 2026
Newmont Corporation has appointed Peter David Beaven as an independent director, effective September 1, 2026, and named him to its Audit Committee as of the same date. The decision adds to Newmont’s board a leader with deep global mining and...
Business Operations and StrategyLegal Proceedings
Newmont Updates Nevada Gold Mines JV, Resolves Disputes
Positive
Aug 13, 2026
On August 10, 2026, Newmont and Barrick signed a second amended Nevada Gold Mines joint venture agreement that brings previously excluded assets, including Barrick’s Fourmile and Newmont’s Fiberline and Mike projects, into the JV and t...
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.