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Newmont Mining
(NYSE:NEM)
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Rating:78Outperform
Price Target:
$143.00
▲(53.45% Upside)
Action:Reiterated
Date:08/21/26
The score is driven primarily by markedly improved financial performance—especially strong margins, low leverage, and very robust operating/free cash flow—supported by a constructive earnings update with maintained guidance and large shareholder returns. The main offsets are technical overbought signals (RSI/Stoch) and revenue/volume cyclicality, while valuation is only moderate due to the low dividend yield.
Positive Factors
Robust Cash Generation
Strong operating and free cash flow indicates high earnings quality and gives Newmont flexibility to fund sustaining capital, advance projects, reduce financial risk and return capital without relying heavily on external financing.
Negative Factors
Revenue and Volume Cyclicality
Revenue depends on metal prices, production volumes, grades and recoveries, making results inherently cyclical. Lower recent revenue and volume trends could constrain growth and reduce operating leverage if they persist.
Read all positive and negative factors
Positive Factors
Negative Factors
Robust Cash Generation
Strong operating and free cash flow indicates high earnings quality and gives Newmont flexibility to fund sustaining capital, advance projects, reduce financial risk and return capital without relying heavily on external financing.
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
$122.21B
Dividend Yield0.82%
Average Volume (3M)8.28M
Price to Earnings (P/E)15.7
Beta (1Y)1.11
Revenue Growth23.61%
EPS Growth42.29%
CountryUS
Employees17,500
SectorBasic Materials
Sector Strength58
IndustryGold
Share Statistics
EPS (TTM)7.95
Shares Outstanding1,053,692,300
10 Day Avg. Volume8,106,384
30 Day Avg. Volume8,278,638
Financial Highlights & Ratios
PEG Ratio0.13
Price to Book (P/B)3.26
Price to Sales (P/S)5.00
P/FCF Ratio15.13
Enterprise Value/Market Cap<0.01
Enterprise Value/Revenue<0.01
Enterprise Value/Gross Profit<0.01
Enterprise Value/Ebitda<0.01
Forecast
1Y Price Target
$136.58Price Target Upside46.56% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering12
EPS Forecast (FY)9.49
Revenue Forecast (FY)$26.78B
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 primarily by producing and selling mined metals, with revenue largely driven by (1) the volume of metal produced and sold and (2) prevailing market prices for those metals. The company’s core revenue stream is gold sales: ore i...
Newmont Mining Earnings Call Summary
Earnings Call Date:Jul 23, 2026
(Q2-2026)
| % Change Since: |
Next Earnings Date:Oct 22, 2026
Earnings Call Sentiment Positive
The call conveyed a predominantly positive operational and financial performance: record free cash flow, strong realized gold price (+33% YoY), disciplined capital allocation, share repurchases and a healthy net cash position. Offsetting these positives are tangible near-term challenges including rising energy/cost inflation, Cadia seismic-related development delays and an unresolved JV dispute with Barrick, plus jurisdictional risks in Ghana. Management emphasized cost discipline, portfolio productivity actions and maintained full-year guidance while actively advancing key project milestones (Red Chris, Lihir).Positive Updates
Strong Production and Metals Output (Q2 2026)
Q2 production of 1.3 million ounces of gold, 17,000 tonnes of copper and 7 million ounces of silver from the full portfolio; company now expects ~49% of full-year production delivered in H1 and ~51% in H2.
Negative Updates
Rising Energy Costs and Inflationary Pressures
Higher oil prices (noted spot up to ~$100/bbl) drove Q2 diesel-related cost increases; company estimates roughly $60 million full-year impact on costs for every $10/bbl change in oil; continued monitoring as Q3 diesel pass-through expected.
Read all updates
Q2-2026 Updates
Positive
Negative
Strong Production and Metals Output (Q2 2026)
Q2 production of 1.3 million ounces of gold, 17,000 tonnes of copper and 7 million ounces of silver from the full portfolio; company now expects ~49% of full-year production delivered in H1 and ~51% in H2.
Read all positive updates
Company Guidance
Management reiterated it remains on track to meet 2026 guidance and gave detailed metrics: Q2 production was 1.3M oz Au, 17k t Cu and 7M oz Ag; adjusted EBITDA $3.8B and adjusted EPS $2.10; realized gold price $4,414/oz; cash flow from operations after working capital $2.9B and record free cash flow $2.2B; Q2 sustaining capex $438M (FY guide $1.95B, ~58% weighted to H2) and development capex $285M (FY guide $1.4B, ~63% H2); AISC $1,621/oz (FY guide $1,680/oz); net cash $3.4B (vs target $1B ± $2B); ~49% of FY production was delivered in H1 vs 51% expected in H2 with Q3 broadly in line with Q2 and Q4 strongest; repurchases/returns totaled roughly $1.8–1.9B this quarter/period (>$1.7B repurchased under a $6B authorization, >100M shares retired, ≈$4.3B remaining); $10/bbl oil sensitivity ≈ $60M FY impact; and management expects a ~ $150M QoQ rise in sustaining capex into Q3, driving moderately higher unit costs but no change to full‑year production guidance.Newmont Mining Financial Statement Overview
Summary
Income Statement
83
Very Positive
Balance Sheet
78
Positive
Cash Flow
88
Very Positive
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 22.59B | 22.10B | 18.56B | 11.78B | 11.95B | 12.19B |
| Gross Profit | 12.31B | 11.00B | 6.42B | 1.17B | 2.14B | 2.38B |
| EBITDA | 14.51B | 14.83B | 7.87B | 1.86B | 3.28B | 5.54B |
| Net Income | 8.60B | 7.08B | 3.35B | -2.52B | -459.00M | 1.17B |
Balance Sheet | ||||||
| Total Assets | 57.64B | 57.12B | 56.35B | 55.51B | 38.48B | 40.56B |
| Cash, Cash Equivalents and Short-Term Investments | 13.13B | 8.24B | 3.64B | 3.02B | 3.76B | 5.07B |
| Total Debt | 5.47B | 5.71B | 8.97B | 9.44B | 6.13B | 6.30B |
| Total Liabilities | 22.23B | 23.08B | 26.24B | 26.30B | 18.95B | 18.70B |
| Stockholders Equity | 35.41B | 33.87B | 29.93B | 29.03B | 19.35B | 22.02B |
Cash Flow | ||||||
| Free Cash Flow | 12.77B | 7.30B | 2.96B | 97.00M | 1.09B | 2.63B |
| Operating Cash Flow | 12.63B | 10.33B | 6.36B | 2.76B | 3.22B | 4.28B |
| Investing Cash Flow | -1.84B | 739.00M | -2.70B | -1.00B | -2.98B | -1.87B |
| Financing Cash Flow | -7.93B | -7.17B | -2.95B | -1.60B | -2.36B | -2.96B |
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 | $49.47B | 14.45 | 45.77% | 5.77% | ― | ― | |
79 Outperform | $19.52B | 27.06 | 11.55% | 0.93% | 93.51% | 34.48% | |
78 Outperform | $122.21B | 15.73 | 25.02% | 1.09% | 23.61% | 42.29% | |
76 Outperform | $37.13B | 10.73 | 50.82% | 5.40% | 68.87% | 187.55% | |
76 Outperform | $12.06B | 41.08 | 12.98% | 0.09% | 51.13% | 399.24% | |
71 Outperform | $12.34B | 13.08 | 32.51% | 2.46% | 31.10% | 57.19% | |
61 Neutral | $10.43B | 7.12 | -0.05% | 2.87% | 2.86% | -36.73% |
* Basic Materials Sector Average
NEM
Newmont Mining
127.64
58.29
84.05%
GFI
Gold Fields
45.45
16.13
54.99%
HMY
Harmony Gold Mining
22.02
6.41
41.08%
HL
Hecla Mining Company
20.82
13.14
171.06%
RGLD
Royal Gold
252.36
79.11
45.66%
AU
Anglogold Ashanti PLC
115.14
63.18
121.60%
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...
Business Operations and StrategyExecutive/Board Changes
Newmont Announces New Executive Team to Drive Growth
Positive
Jun 15, 2026
On June 15, 2026, Newmont Corporation announced a series of senior leadership appointments designed to shape its next phase under President and Chief Executive Officer Natascha Viljoen. Effective July 1, 2026, Brian Tabolt will become Chief Financ...
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.