Recent News
On September 19, 2025, Newmont sold its entire 43 million-share stake in Orla Mining for roughly $439 million as part of a divestiture program to unlock cash and focus on Tier‑1 assets.
On September 29, 2025, Newmont announced CEO Tom Palmer will retire effective December 31, 2025, with COO Natascha Viljoen named successor and an interim CFO in place; the move follows recent executive changes.
Late August reporting highlighted a company-wide cost reduction program targeting material AISC savings and potential workforce reductions aimed at lowering unit costs.
On August 29, 2025, Newmont filed notice of 19 permanent position reductions at its Colorado headquarters and technical facility as part of prior cost actions.
On September 19, 2025, Newmont recorded a first gold pour at the Ahafo North project in Ghana, a milestone toward planned commercial production in 4Q25.
Technical Analysis
ADX at 31.24 indicates a strong directional market environment; strength favors the dominant directional pressure rather than implying direction by itself. With DI+ at 29.42 trending lower and DI‑ at 26.69 trending higher, directional indicators point toward bearish directional pressure against the stock’s short-term momentum.
MACD sits at 1.53 below the signal line at 2.91 and shows a peak‑and‑reversal pattern, signaling bearish momentum and declining impulse in recent sessions.
MRO reads 6.08 and trends down; the positive value indicates price stands above the WMDST target, creating technical pressure for a pullback toward intrinsic valuation levels.
RSI at 63.54 and decreasing signals waning bullish breadth below overbought territory, consistent with the MACD and directional indicators suggesting diminishing upside momentum.
Price relationships reinforce a short‑term concession: the close at $78.63 sits beneath the 20‑day average of $88.60 and the 50‑day average of $81.20, while remaining above the 200‑day average of $59.16. The 12‑day EMA peaked then reversed, aligning with near‑term weakness despite longer‑term support from the 200‑day average.
Volume registered at 23,042,327, exceeding the 10‑day average of 15,315,643 and the 200‑day average of 11,982,291, indicating elevated participation during the recent move and increasing the odds of a meaningful short‑term re‑test of moving averages or the WMDST target mean of $80.18.
Fundamental Analysis
Profitability shows pronounced strength: EBIT at $3,183,000,000 and EBIT margin at 59.87%, above the industry peer range high of 54.42%, signaling outsized operating conversion versus peers. QoQ EBIT margin expanded +17.62% and YoY expanded +131.36%, underscoring recent margin improvement on a reported basis.
Cash generation remains robust: operating cash flow $2,384,000,000, free cash flow $1,710,000,000, and cash plus short‑term investments $6,653,000,000. Free cash flow yield stands at 2.44%, above the industry peer mean of 0.72%, supporting the company’s ability to fund buybacks, dividends, and deleveraging.
Leverage and coverage metrics appear conservative: total debt $7,607,000,000, net debt $947,000,000, debt‑to‑EBITDA ~2.00, and interest coverage ~4,896.92% (interest coverage ratio 48.97), indicating ample ability to service obligations after the recent divestments.
Valuation multiples present a mixed picture: trailing P/E 38.93 with forward P/E 55.35 and price/book 2.18, while price/ sales sits at 13.17. Price target mean registers at $80.18 versus the close at $78.63, and WMDST classifies the equity as under‑valued on the firm’s intrinsic framework.
Operational efficiency and returns show modest levels: return on equity 6.42% and return on assets 3.72%. Revenue trends require attention—YoY revenue growth registered ‑34.95% and QoQ revenue growth registered ‑153.95%—reflecting period timing or portfolio reclassification effects that reduce top‑line comparability and warrant monitoring on subsequent reports.
Capital allocation metrics complement the cash profile: dividend yield 0.40% with a dividend payout ratio 13.54% and dividend coverage ~738.71%, leaving capacity for buybacks or further balance sheet repair following asset sales.
WMDST valuation stance: WMDST values the stock as under‑valued, citing strong margin conversion, meaningful free cash flow generation, low net debt, and the company’s active divestiture program that should accelerate cash redeployment toward shareholder returns or core project funding.
MOST-RECENT QUARTERLY REPORT
| REPORT PERIOD ENDING: | 2025-06-30 |
| REPORT DATE: | 2025-10-23 |
| NEXT REPORT DATE: | 2026-01-22 |
| CASH FLOW | Begin Period Cash Flow | $ 4.7 B |
| Operating Cash Flow | $ 2.4 B | |
| Capital Expenditures | $ -674.00 M | |
| Change In Working Capital | $ 156.0 M | |
| Dividends Paid | $ -279.00 M | |
| Cash Flow Delta | $ 1.5 B | |
| End Period Cash Flow | $ 6.2 B | |
| INCOME STATEMENT | REVENUE | |
| Total Revenue | $ 5.3 B | |
| Forward Revenue | $ 679.9 M | |
| COSTS | ||
| Cost Of Revenue | $ 2.6 B | |
| Depreciation | $ 620.0 M | |
| Depreciation and Amortization | $ 620.0 M | |
| Research and Development | $ 40.0 M | |
| Total Operating Expenses | $ 2.9 B | |
| PROFITABILITY | ||
| Gross Profit | $ 2.7 B | |
| EBITDA | $ 3.8 B | |
| EBIT | $ 3.2 B | |
| Operating Income | $ 2.4 B | |
| Interest Income | $ 54.0 M | |
| Interest Expense | $ 65.0 M | |
| Net Interest Income | $ -11.00 M | |
| Income Before Tax | $ 3.1 B | |
| Tax Provision | $ 1.1 B | |
| Tax Rate | 35.0 % | |
| Net Income | $ 2.1 B | |
| Net Income From Continuing Operations | $ 2.1 B | |
| EARNINGS | ||
| EPS Estimate | $ 1.44 | |
| EPS Actual | $ 1.71 | |
| EPS Difference | $ 0.27 | |
| EPS Surprise | 18.75 % | |
| Forward EPS | $ 0.96 | |
| BALANCE SHEET | ASSETS | |
| Total Assets | $ 55.2 B | |
| Intangible Assets | $ 2.7 B | |
| Net Tangible Assets | $ 29.5 B | |
| Total Current Assets | $ 10.4 B | |
| Cash and Short-Term Investments | $ 6.7 B | |
| Cash | $ 6.2 B | |
| Net Receivables | $ 637.0 M | |
| Inventory | $ 2.3 B | |
| Long-Term Investments | $ 3.6 B | |
| LIABILITIES | ||
| Accounts Payable | $ 742.0 M | |
| Short-Term Debt | — | |
| Total Current Liabilities | $ 4.7 B | |
| Net Debt | $ 947.0 M | |
| Total Debt | $ 7.6 B | |
| Total Liabilities | $ 22.9 B | |
| EQUITY | ||
| Total Equity | $ 32.1 B | |
| Retained Earnings | $ 1.4 B | |
| VALUATION & PER-SHARE METRICS | EQUITY & PER-SHARE METRICS | |
| Book Value Per-Share | $ 29.17 | |
| Shares Outstanding | 1.101 B | |
| Revenue Per-Share | $ 4.83 | |
| VALUATION | Market Capitalization | $ 70.0 B |
| Enterprise Value | $ 71.0 B | |
| Enterprise Multiple | 18.657 | |
| Enterprise Multiple QoQ | 4.37 % | |
| Enterprise Multiple YoY | -28.91 % | |
| Enterprise Multiple IPRWA | high: 194.158 mean: 62.479 median: 27.42 NEM: 18.657 low: -189.617 |
|
| EV/R | 13.345 | |
| CAPITAL STRUCTURE | ||
| Asset To Equity | 1.718 | |
| Asset To Liability | 2.411 | |
| Debt To Capital | 0.192 | |
| Debt To Assets | 0.138 | |
| Debt To Assets QoQ | -4.13 % | |
| Debt To Assets YoY | 7274.332 % | |
| Debt To Assets IPRWA | high: 0.485 NEM: 0.138 mean: 0.138 median: 0.108 low: 0.0 |
|
| Debt To Equity | 0.237 | |
| Debt To Equity QoQ | -7.309 % | |
| Debt To Equity YoY | 6591.808 % | |
| Debt To Equity IPRWA | high: 1.426 mean: 0.256 NEM: 0.237 median: 0.214 low: 0.0 |
|
| PRICE-BASED VALUATION | ||
| Price To Book (P/B) | 2.18 | |
| Price To Book QoQ | 28.728 % | |
| Price To Book YoY | 32.757 % | |
| Price To Book IPRWA | high: 12.847 mean: 3.415 median: 3.36 NEM: 2.18 low: 0.467 |
|
| Price To Earnings (P/E) | 38.934 | |
| Price To Earnings QoQ | 3.035 % | |
| Price To Earnings YoY | -33.114 % | |
| Price To Earnings IPRWA | high: 199.465 mean: 41.291 NEM: 38.934 median: 34.137 low: -190.951 |
|
| PE/G Ratio | 2.704 | |
| Price To Sales (P/S) | 13.165 | |
| Price To Sales QoQ | 24.649 % | |
| Price To Sales YoY | 20.135 % | |
| Price To Sales IPRWA | high: 25.697 NEM: 13.165 median: 12.226 mean: 11.854 low: 0.608 |
|
| FORWARD MULTIPLES | ||
| Forward P/E | 55.346 | |
| Forward PE/G | 3.843 | |
| Forward P/S | 102.952 | |
| EFFICIENCY | OPERATIONAL | |
| Operating Leverage | 4.051 | |
| ASSET & SALES | ||
| Asset Turnover Ratio | 0.096 | |
| Asset Turnover Ratio QoQ | 7.268 % | |
| Asset Turnover Ratio YoY | 21.145 % | |
| Asset Turnover Ratio IPRWA | high: 0.462 mean: 0.173 median: 0.166 NEM: 0.096 low: 0.005 |
|
| Receivables Turnover | 6.978 | |
| Receivables Turnover Ratio QoQ | 35.306 % | |
| Receivables Turnover Ratio YoY | 37.667 % | |
| Receivables Turnover Ratio IPRWA | high: 30.072 NEM: 6.978 mean: 4.683 median: 2.662 low: 1.305 |
|
| Inventory Turnover | 1.152 | |
| Inventory Turnover Ratio QoQ | -4.661 % | |
| Inventory Turnover Ratio YoY | -10.688 % | |
| Inventory Turnover Ratio IPRWA | high: 2.589 NEM: 1.152 mean: 1.049 median: 0.897 low: 0.34 |
|
| Days Sales Outstanding (DSO) | 13.077 | |
| CASH CYCLE | ||
| Cash Conversion Cycle Days (CCC) | 64.45 | |
| Cash Conversion Cycle Days QoQ | 7.441 % | |
| Cash Conversion Cycle Days YoY | -2.19 % | |
| Cash Conversion Cycle Days IPRWA | high: 126.513 mean: 76.966 median: 73.828 NEM: 64.45 low: -49.475 |
|
| CAPITAL DEPLOYMENT | ||
| Cash Conversion Ratio | 0.928 | |
| CapEx To Revenue | -0.127 | |
| CapEx To Depreciation | -1.087 | |
| CAPITAL, LIQUIDITY & COVERAGE | CAPITAL STRUCTURE | |
| Total Capital | $ 39.2 B | |
| Net Invested Capital | $ 39.2 B | |
| Invested Capital | $ 39.2 B | |
| Net Tangible Assets | $ 29.5 B | |
| Net Working Capital | $ 5.7 B | |
| LIQUIDITY | ||
| Cash Ratio | 1.425 | |
| Current Ratio | 2.227 | |
| Current Ratio QoQ | 12.499 % | |
| Current Ratio YoY | 5.749 % | |
| Current Ratio IPRWA | high: 16.134 mean: 2.869 median: 2.681 NEM: 2.227 low: 0.014 |
|
| Quick Ratio | 1.741 | |
| Quick Ratio QoQ | 11.75 % | |
| Quick Ratio YoY | 0.598 % | |
| Quick Ratio IPRWA | high: 2.842 NEM: 1.741 median: 1.585 mean: 1.522 low: 0.525 |
|
| COVERAGE & LEVERAGE | ||
| Debt To EBITDA | 2.0 | |
| Cost Of Debt | 0.542 % | |
| Interest Coverage Ratio | 48.969 | |
| Interest Coverage Ratio QoQ | 51.709 % | |
| Interest Coverage Ratio YoY | 342.83 % | |
| Interest Coverage Ratio IPRWA | high: 65.805 NEM: 48.969 mean: 14.03 median: 9.957 low: -124.147 |
|
| Operating Cash Flow Ratio | 0.625 | |
| TIMING / LIQUIDITY | ||
| Days Payables Outstanding (DPO) | 25.576 | |
| DIVIDENDS | ||
| Dividend Coverage Ratio | 7.387 | |
| Dividend Payout Ratio | 0.135 | |
| Dividend Rate | $ 0.25 | |
| Dividend Yield | 0.004 | |
| PERFORMANCE | GROWTH | |
| Asset Growth Rate | -0.638 % | |
| Revenue Growth | 6.128 % | |
| Revenue Growth QoQ | -153.948 % | |
| Revenue Growth YoY | -34.954 % | |
| Revenue Growth IPRWA | high: 87.493 % mean: 14.148 % median: 7.995 % NEM: 6.128 % low: -50.608 % |
|
| Earnings Growth | 14.4 % | |
| Earnings Growth QoQ | -234.404 % | |
| Earnings Growth YoY | -53.412 % | |
| Earnings Growth IPRWA | high: 425.0 % mean: 116.944 % median: 100.0 % NEM: 14.4 % low: -166.667 % |
|
| MARGINS | ||
| Gross Margin | 50.705 % | |
| Gross Margin QoQ | 9.922 % | |
| Gross Margin YoY | 35.767 % | |
| Gross Margin IPRWA | high: 82.056 % NEM: 50.705 % mean: 29.499 % median: 14.848 % low: -39.531 % |
|
| EBIT Margin | 59.865 % | |
| EBIT Margin QoQ | 17.618 % | |
| EBIT Margin YoY | 131.362 % | |
| EBIT Margin IPRWA | NEM: 59.865 % high: 54.417 % mean: 20.806 % median: 5.959 % low: -119.363 % |
|
| Return On Sales (ROS) | 45.458 % | |
| Return On Sales QoQ | -10.688 % | |
| Return On Sales YoY | 75.683 % | |
| Return On Sales IPRWA | high: 49.338 % NEM: 45.458 % mean: 20.808 % median: 10.868 % low: -67.951 % |
|
| CASH FLOW | ||
| Free Cash Flow (FCF) | $ 1.7 B | |
| Free Cash Flow Yield | 2.443 % | |
| Free Cash Flow Yield QoQ | 7.29 % | |
| Free Cash Flow Yield YoY | 87.634 % | |
| Free Cash Flow Yield IPRWA | high: 3.837 % NEM: 2.443 % mean: 0.721 % median: 0.38 % low: -6.393 % |
|
| Free Cash Growth | 41.909 % | |
| Free Cash Growth QoQ | -259.078 % | |
| Free Cash Growth YoY | -104.418 % | |
| Free Cash Growth IPRWA | high: 496.661 % NEM: 41.909 % median: -55.152 % mean: -82.969 % low: -451.584 % |
|
| Free Cash To Net Income | 0.83 | |
| Cash Flow Margin | 54.918 % | |
| Cash Flow To Earnings | 1.417 | |
| VALUE & RETURNS | ||
| Economic Value Added | $ 0.04 | |
| Return On Assets (ROA) | 3.724 % | |
| Return On Assets QoQ | 10.145 % | |
| Return On Assets YoY | 142.29 % | |
| Return On Assets IPRWA | high: 5.442 % NEM: 3.724 % median: 1.721 % mean: 1.712 % low: -25.167 % |
|
| Return On Capital Employed (ROCE) | 6.304 % | |
| Return On Equity (ROE) | 0.064 | |
| Return On Equity QoQ | 6.048 % | |
| Return On Equity YoY | 121.082 % | |
| Return On Equity IPRWA | high: 0.133 NEM: 0.064 mean: 0.031 median: 0.03 low: -0.328 |
|
| DuPont ROE | 6.506 % | |
| Return On Invested Capital (ROIC) | 5.27 % | |
| Return On Invested Capital QoQ | 8.236 % | |
| Return On Invested Capital YoY | -114.377 % | |
| Return On Invested Capital IPRWA | high: 10.141 % NEM: 5.27 % mean: 3.512 % median: 2.729 % low: -12.344 % |
|