Recent News
September 29, 2025 — Newmont announced that Tom Palmer will retire on December 31, 2025, with Natascha Viljoen named CEO effective January 1, 2026; the company also confirmed CFO changes and an interim CFO appointment.
Technical Analysis
ADX / DI+ / DI-: ADX at 27.93 signals a strong underlying trend; DI+ shows a dip & reversal while DI- is decreasing, both indicating directional momentum favors the upside and supporting a continuation bias tied to valuation resilience.
MACD: MACD sits at 3.92 with a signal line at 2.97 and MACD_trend increasing; MACD above its signal line represents a bullish momentum confirmation that aligns with the stronger trend strength and supports near-term upside potential.
MRO: MRO at 27.99 and MRO_trend increasing indicates price currently sits above the model target, implying potential for consolidation or pullback toward fair-value levels even as momentum stays elevated.
RSI: RSI at 62.14 with an increasing trend points to sustained buying pressure without an extreme overbought reading, which complements the MACD bullish signal while leaving room for further strength before mechanical exhaustion.
Price vs. Moving Averages and Overlays: Latest close of $105.25 trades above the 12-day EMA ($99.11, increasing), the 20-day average ($97.39), the 50-day average ($89.75) and the 200-day average ($68.56), signaling a broadly bullish price structure; price sits above the 1x Bollinger upper band of $103.15, denoting an extended short-term move.
Volume & Support: Recent volume (6,237,145) runs below the 10-day average (10,818,507) and the 50/200-day averages, suggesting the latest upward extension carries lighter participation; SuperTrend lower support at $96.72 provides a reference level for short-term risk management.
Fundamental Analysis
Earnings and Cash-Flow Dynamics: Reported EPS of $1.71 exceeded the estimate of $1.44 by $0.27, an EPS surprise ratio of 18.75%, reflecting stronger-than-expected profit delivery. Operating cash flow reached $2,298,000,000 and free cash flow totaled $1,571,000,000, producing a free cash flow yield of 1.83% (slightly below the industry peer mean of 1.95%).
Profitability: EBIT measured $2,559,000,000 and an EBIT margin of 46.33% sits above the industry peer mean of 37.66% and slightly below the industry peer median of 47.08%. Quarter-over-quarter, EBIT margin fell by 22.62%, while year-over-year EBIT margin improved by 86.31%, indicating recent quarter volatility but strong annual operating leverage.
Revenue and Growth: Total revenue registered $5,524,000,000. Reported revenue growth shows a short-term change of 3.89% while year-over-year revenue declined by 15.59%, signaling recent operational or timing effects on top-line comparisons even as margins expanded year-over-year.
Balance Sheet and Liquidity: Cash on hand reached $5,639,000,000 with cash and short-term investments of $5,967,000,000; current ratio stands at 2.04 and quick ratio at 1.56. Total debt equals $5,651,000,000 producing debt-to-EBITDA of 1.76 and an interest-coverage ratio of 49.21, reflecting a strongly manageable leverage profile after recent deleveraging activity.
Capital Allocation: Dividend payout ratio of 14.90% and dividend yield of 0.32% accompany active share repurchase programs and sizeable divestiture proceeds used to reduce debt and return capital. Forward EPS sits at $1.94 with a forward P/E of 74.25, and trailing P/E stands at 45.95; those multiples reflect elevated market expectations alongside strong cash returns.
Profitability Returns: Return on equity of 5.51% and return on assets of 3.34% illustrate modest returns on a large asset base; operating margin sits at 47.36%, consistent with the company’s concentrated portfolio of high-margin assets.
Valuation Summary: WMDST values the stock as fair-valued. The combination of strong margin metrics, robust cash and low net leverage supports that valuation, while elevated P/E multiples and a free cash flow yield slightly below the industry peer mean suggest limited upside embedded in multiples absent further cash returns or margin expansion.
MOST-RECENT QUARTERLY REPORT
| REPORT PERIOD ENDING: | 2025-09-30 |
| REPORT DATE: | 2025-10-23 |
| NEXT REPORT DATE: | 2026-01-22 |
| CASH FLOW | Begin Period Cash Flow | $ 6.2 B |
| Operating Cash Flow | $ 2.3 B | |
| Capital Expenditures | $ -727.00 M | |
| Change In Working Capital | $ -286.00 M | |
| Dividends Paid | $ -273.00 M | |
| Cash Flow Delta | $ -546.00 M | |
| End Period Cash Flow | $ 5.7 B | |
| INCOME STATEMENT | REVENUE | |
| Total Revenue | $ 5.5 B | |
| Forward Revenue | $ 1.6 B | |
| COSTS | ||
| Cost Of Revenue | $ 2.6 B | |
| Depreciation | $ 643.0 M | |
| Depreciation and Amortization | $ 643.0 M | |
| Research and Development | $ 40.0 M | |
| Total Operating Expenses | $ 2.9 B | |
| PROFITABILITY | ||
| Gross Profit | $ 2.9 B | |
| EBITDA | $ 3.2 B | |
| EBIT | $ 2.6 B | |
| Operating Income | $ 2.6 B | |
| Interest Income | $ 56.0 M | |
| Interest Expense | $ 52.0 M | |
| Net Interest Income | $ 4.0 M | |
| Income Before Tax | $ 2.5 B | |
| Tax Provision | $ 787.0 M | |
| Tax Rate | 31.0 % | |
| Net Income | $ 1.8 B | |
| Net Income From Continuing Operations | $ 1.8 B | |
| EARNINGS | ||
| EPS Estimate | $ 1.44 | |
| EPS Actual | $ 1.71 | |
| EPS Difference | $ 0.27 | |
| EPS Surprise | 18.75 % | |
| Forward EPS | $ 1.94 | |
| BALANCE SHEET | ASSETS | |
| Total Assets | $ 54.7 B | |
| Intangible Assets | $ 2.7 B | |
| Net Tangible Assets | $ 30.6 B | |
| Total Current Assets | $ 10.4 B | |
| Cash and Short-Term Investments | $ 6.0 B | |
| Cash | $ 5.6 B | |
| Net Receivables | $ 1.0 B | |
| Inventory | $ 2.4 B | |
| Long-Term Investments | $ 3.5 B | |
| LIABILITIES | ||
| Accounts Payable | $ 832.0 M | |
| Short-Term Debt | — | |
| Total Current Liabilities | $ 5.1 B | |
| Net Debt | — | |
| Total Debt | $ 5.7 B | |
| Total Liabilities | $ 21.3 B | |
| EQUITY | ||
| Total Equity | $ 33.2 B | |
| Retained Earnings | $ 2.7 B | |
| VALUATION & PER-SHARE METRICS | EQUITY & PER-SHARE METRICS | |
| Book Value Per-Share | $ 30.40 | |
| Shares Outstanding | 1.093 B | |
| Revenue Per-Share | $ 5.05 | |
| VALUATION | Market Capitalization | $ 85.9 B |
| Enterprise Value | $ 85.6 B | |
| Enterprise Multiple | 26.722 | |
| Enterprise Multiple QoQ | 43.23 % | |
| Enterprise Multiple YoY | -14.884 % | |
| Enterprise Multiple IPRWA | high: 117.578 median: 27.671 NEM: 26.722 mean: 15.306 low: -220.72 |
|
| EV/R | 15.49 | |
| CAPITAL STRUCTURE | ||
| Asset To Equity | 1.646 | |
| Asset To Liability | 2.57 | |
| Debt To Capital | 0.145 | |
| Debt To Assets | 0.103 | |
| Debt To Assets QoQ | -25.069 % | |
| Debt To Assets YoY | 5092.462 % | |
| Debt To Assets IPRWA | high: 0.574 mean: 0.141 median: 0.123 NEM: 0.103 low: 0.001 |
|
| Debt To Equity | 0.17 | |
| Debt To Equity QoQ | -28.203 % | |
| Debt To Equity YoY | 4411.406 % | |
| Debt To Equity IPRWA | high: 1.332 median: 0.301 mean: 0.266 NEM: 0.17 low: 0.001 |
|
| PRICE-BASED VALUATION | ||
| Price To Book (P/B) | 2.585 | |
| Price To Book QoQ | 18.576 % | |
| Price To Book YoY | 30.822 % | |
| Price To Book IPRWA | high: 8.202 mean: 3.412 median: 3.406 NEM: 2.585 low: 0.927 |
|
| Price To Earnings (P/E) | 45.95 | |
| Price To Earnings QoQ | 18.02 % | |
| Price To Earnings YoY | -27.47 % | |
| Price To Earnings IPRWA | high: 163.615 median: 48.415 NEM: 45.95 mean: 42.002 low: -173.761 |
|
| PE/G Ratio | 2.347 | |
| Price To Sales (P/S) | 15.547 | |
| Price To Sales QoQ | 18.092 % | |
| Price To Sales YoY | 21.955 % | |
| Price To Sales IPRWA | high: 28.634 NEM: 15.547 mean: 14.866 median: 13.598 low: 0.628 |
|
| FORWARD MULTIPLES | ||
| Forward P/E | 74.255 | |
| Forward PE/G | 3.792 | |
| Forward P/S | 108.861 | |
| EFFICIENCY | OPERATIONAL | |
| Operating Leverage | -5.036 | |
| ASSET & SALES | ||
| Asset Turnover Ratio | 0.101 | |
| Asset Turnover Ratio QoQ | 4.673 % | |
| Asset Turnover Ratio YoY | 22.14 % | |
| Asset Turnover Ratio IPRWA | high: 0.462 mean: 0.154 median: 0.153 NEM: 0.101 low: 0.006 |
|
| Receivables Turnover | 6.561 | |
| Receivables Turnover Ratio QoQ | -5.978 % | |
| Receivables Turnover Ratio YoY | 37.409 % | |
| Receivables Turnover Ratio IPRWA | high: 43.106 mean: 12.168 NEM: 6.561 median: 5.762 low: 1.388 |
|
| Inventory Turnover | 1.1 | |
| Inventory Turnover Ratio QoQ | -4.451 % | |
| Inventory Turnover Ratio YoY | -19.132 % | |
| Inventory Turnover Ratio IPRWA | high: 2.678 median: 1.173 mean: 1.13 NEM: 1.1 low: 0.336 |
|
| Days Sales Outstanding (DSO) | 13.909 | |
| CASH CYCLE | ||
| Cash Conversion Cycle Days (CCC) | 68.586 | |
| Cash Conversion Cycle Days QoQ | 6.417 % | |
| Cash Conversion Cycle Days YoY | 3.049 % | |
| Cash Conversion Cycle Days IPRWA | high: 277.604 NEM: 68.586 mean: 36.369 median: 29.62 low: -2045.19 |
|
| CAPITAL DEPLOYMENT | ||
| Cash Conversion Ratio | 1.045 | |
| CapEx To Revenue | -0.132 | |
| CapEx To Depreciation | -1.131 | |
| CAPITAL, LIQUIDITY & COVERAGE | CAPITAL STRUCTURE | |
| Total Capital | $ 38.4 B | |
| Net Invested Capital | $ 38.4 B | |
| Invested Capital | $ 38.4 B | |
| Net Tangible Assets | $ 30.6 B | |
| Net Working Capital | $ 5.3 B | |
| LIQUIDITY | ||
| Cash Ratio | 1.173 | |
| Current Ratio | 2.039 | |
| Current Ratio QoQ | -8.418 % | |
| Current Ratio YoY | 3.904 % | |
| Current Ratio IPRWA | high: 12.496 median: 2.581 mean: 2.43 NEM: 2.039 low: 0.005 |
|
| Quick Ratio | 1.558 | |
| Quick Ratio QoQ | -10.528 % | |
| Quick Ratio YoY | -4.021 % | |
| Quick Ratio IPRWA | high: 2.957 median: 1.685 mean: 1.564 NEM: 1.558 low: 0.315 |
|
| COVERAGE & LEVERAGE | ||
| Debt To EBITDA | 1.765 | |
| Cost Of Debt | 0.541 % | |
| Interest Coverage Ratio | 49.212 | |
| Interest Coverage Ratio QoQ | 0.495 % | |
| Interest Coverage Ratio YoY | 269.624 % | |
| Interest Coverage Ratio IPRWA | NEM: 49.212 high: 47.486 mean: 14.833 median: 11.763 low: -194.931 |
|
| Operating Cash Flow Ratio | 0.388 | |
| TIMING / LIQUIDITY | ||
| Days Payables Outstanding (DPO) | 27.399 | |
| DIVIDENDS | ||
| Dividend Coverage Ratio | 6.711 | |
| Dividend Payout Ratio | 0.149 | |
| Dividend Rate | $ 0.25 | |
| Dividend Yield | 0.003 | |
| PERFORMANCE | GROWTH | |
| Asset Growth Rate | -0.861 % | |
| Revenue Growth | 3.893 % | |
| Revenue Growth QoQ | -36.472 % | |
| Revenue Growth YoY | -15.59 % | |
| Revenue Growth IPRWA | high: 121.571 % mean: 8.232 % median: 4.258 % NEM: 3.893 % low: -4.838 % |
|
| Earnings Growth | 19.58 % | |
| Earnings Growth QoQ | 35.972 % | |
| Earnings Growth YoY | 56.64 % | |
| Earnings Growth IPRWA | high: 257.143 % mean: 28.536 % NEM: 19.58 % median: 5.6 % low: -150.0 % |
|
| MARGINS | ||
| Gross Margin | 53.041 % | |
| Gross Margin QoQ | 4.607 % | |
| Gross Margin YoY | 46.786 % | |
| Gross Margin IPRWA | high: 83.6 % NEM: 53.041 % median: 47.743 % mean: 45.613 % low: -5.37 % |
|
| EBIT Margin | 46.325 % | |
| EBIT Margin QoQ | -22.618 % | |
| EBIT Margin YoY | 86.314 % | |
| EBIT Margin IPRWA | high: 55.997 % median: 47.083 % NEM: 46.325 % mean: 37.658 % low: -25.528 % |
|
| Return On Sales (ROS) | 47.357 % | |
| Return On Sales QoQ | 4.177 % | |
| Return On Sales YoY | 90.464 % | |
| Return On Sales IPRWA | high: 51.244 % NEM: 47.357 % median: 39.257 % mean: 37.366 % low: -31.756 % |
|
| CASH FLOW | ||
| Free Cash Flow (FCF) | $ 1.6 B | |
| Free Cash Flow Yield | 1.829 % | |
| Free Cash Flow Yield QoQ | -25.133 % | |
| Free Cash Flow Yield YoY | 39.299 % | |
| Free Cash Flow Yield IPRWA | high: 4.504 % median: 2.627 % mean: 1.953 % NEM: 1.829 % low: -7.163 % |
|
| Free Cash Growth | -8.129 % | |
| Free Cash Growth QoQ | -119.397 % | |
| Free Cash Growth YoY | -135.699 % | |
| Free Cash Growth IPRWA | high: 420.708 % median: 33.839 % mean: 31.732 % NEM: -8.129 % low: -251.799 % |
|
| Free Cash To Net Income | 0.858 | |
| Cash Flow Margin | 35.735 % | |
| Cash Flow To Earnings | 1.078 | |
| VALUE & RETURNS | ||
| Economic Value Added | $ 0.04 | |
| Return On Assets (ROA) | 3.335 % | |
| Return On Assets QoQ | -10.446 % | |
| Return On Assets YoY | 102.244 % | |
| Return On Assets IPRWA | high: 6.16 % median: 4.619 % NEM: 3.335 % mean: 2.968 % low: -14.746 % |
|
| Return On Capital Employed (ROCE) | 5.159 % | |
| Return On Equity (ROE) | 0.055 | |
| Return On Equity QoQ | -14.085 % | |
| Return On Equity YoY | 77.699 % | |
| Return On Equity IPRWA | high: 0.115 median: 0.074 NEM: 0.055 mean: 0.044 low: -0.432 |
|
| DuPont ROE | 5.608 % | |
| Return On Invested Capital (ROIC) | 4.597 % | |
| Return On Invested Capital QoQ | -12.77 % | |
| Return On Invested Capital YoY | -115.366 % | |
| Return On Invested Capital IPRWA | high: 9.171 % median: 6.768 % mean: 5.441 % NEM: 4.597 % low: -12.191 % |
|