Recent News
Feb 19, 2026 — Newmont reported 2025 mineral reserves at 118.2 million attributable gold ounces and 12.5 million tonnes of copper, reflecting portfolio changes including divestments.
Feb 16, 2026 — Newmont secured a supply agreement to purchase roughly one-third of Papua New Guinea’s planned domestic quicklime output beginning in 2026.
Apr 24, 2026 — Company announced an estimated ordinary distribution of $0.26 per share for the quarter ending March 31, 2026, payable June 22, 2026.
Technical Analysis
ADX at 14.18 indicates no trend strength; directional movement measures show pressure as DI+ registered a peak-and-reversal while DI- produced a dip-and-reversal, a combination that reads bearish for near-term directional conviction.
MACD sits at -0.01 below its signal line (0.32) with a peak-and-reversal pattern, which signals bearish momentum and no bullish MACD cross to support immediate upside.
MRO stands at 6.71 and shows a dip-and-reversal; the MRO positive reading signals price presently sits above the WMDST target and therefore exhibits downward potential until regression narrows.
RSI at 50.3 with a peak-and-reversal implies stalled momentum near neutral territory but leaning toward downside pressure rather than renewed strength.
Price sits below the 20-day and 50-day averages (20-day: $114.36; 50-day: $114.12) while remaining above the 200-day average ($95.14). The 12-day EMA shows a peak-and-reversal near $112.89, placing the market under short-term resistance but supported by longer-term trend exposure.
Ichimoku components place Tenkan at $114.39 and Kijun at $108.17; with the last close at $107.61, price trades just beneath the Kijun, implying short-term vulnerability with a nearby support band near the super-trend lower level at $106.45. Bollinger boundaries span roughly $104.93 (lower 2x) to $123.79 (upper 2x), indicating current compression in a mid-volatility range.
Fundamental Analysis
Revenue totaled $7,307,000,000 with operating income of $4,485,000,000 and EBIT of $4,622,000,000; WMDST records an EBIT margin near 63.25%, substantially above the industry peer mean of 10.57% and well outside the industry peer range provided, reflecting unusually high operating profitability by comparison.
Net income reached $3,262,000,000 while free cash flow amounted to $3,144,000,000, producing a free cash flow yield of 2.62%, above the industry peer mean of 0.64% for the metric and reinforcing strong cash generation on a market-cap of $120,009,481,130.
EPS came in at $2.90 versus an estimate of $2.17, generating an EPS surprise of +33.64%, which supports the elevated profitability measures and the company’s capacity to fund distributions and capital allocation moves.
Balance sheet metrics show cash and short-term investments of $8,779,000,000, total debt of $5,532,000,000, debt-to-EBITDA of 1.05, and an interest coverage ratio near 118.5—together indicating low leverage and strong debt service capacity relative to earnings.
Liquidity and working capital remain healthy: current ratio of 2.44 and quick ratio of 1.95. Return on equity of 9.34% and return on invested capital of 7.97% reflect profitable capital deployment with positive year-over-year lifts across returns.
Top-line growth shows mixed timing: reported revenue growth of 7.17% (annual framing) contrasts with a sharp quarter-over-quarter decline of -69.38%, and a year-over-year revenue change of -163.14% in the provided QoQ/YoY fields; those period-to-period swings warrant monitoring through the coming reports for normalization. Earnings growth recorded at 15.08% while free cash growth shows decline metrics on recent quarter comparisons.
Capital allocation developments: the company publicly confirmed increased share repurchase authorization and continued distributions alongside the first-quarter reports, reflecting active return-of-capital initiatives concurrent with the strong cash position.
Valuation context: enterprise-value-to-revenue (EVR) stands near 15.98 with an enterprise multiple around 22.22 and trailing PE about 38.57x; forward PE approximates 40.17x. Given robust free cash flow generation, low leverage, and a WMDST assessment that the security trades under-valued, valuation appears stretched on earnings multiples but supported by cash metrics and superior margins.
MOST-RECENT QUARTERLY REPORT
| REPORT PERIOD ENDING: | 2026-03-31 |
| REPORT DATE: | 2026-04-23 |
| NEXT REPORT DATE: | 2026-07-23 |
| CASH FLOW | Begin Period Cash Flow | $ 7.7 B |
| Operating Cash Flow | $ 3.8 B | |
| Capital Expenditures | $ -641.00 M | |
| Change In Working Capital | $ -202.00 M | |
| Dividends Paid | $ -282.00 M | |
| Cash Flow Delta | $ 1.1 B | |
| End Period Cash Flow | $ 8.8 B | |
| INCOME STATEMENT | REVENUE | |
| Total Revenue | $ 7.3 B | |
| Forward Revenue | $ 1.7 B | |
| COSTS | ||
| Cost Of Revenue | $ 2.6 B | |
| Depreciation | $ 632.0 M | |
| Depreciation and Amortization | $ 632.0 M | |
| Research and Development | $ 45.0 M | |
| Total Operating Expenses | $ 2.8 B | |
| PROFITABILITY | ||
| Gross Profit | $ 4.7 B | |
| EBITDA | $ 5.3 B | |
| EBIT | $ 4.6 B | |
| Operating Income | $ 4.5 B | |
| Interest Income | $ 84.0 M | |
| Interest Expense | $ 39.0 M | |
| Net Interest Income | $ 45.0 M | |
| Income Before Tax | $ 4.6 B | |
| Tax Provision | $ 1.4 B | |
| Tax Rate | 31.0 % | |
| Net Income | $ 3.3 B | |
| Net Income From Continuing Operations | $ 3.3 B | |
| EARNINGS | ||
| EPS Estimate | $ 2.17 | |
| EPS Actual | $ 2.90 | |
| EPS Difference | $ 0.73 | |
| EPS Surprise | 33.641 % | |
| Forward EPS | $ 2.83 | |
| BALANCE SHEET | ASSETS | |
| Total Assets | $ 57.7 B | |
| Intangible Assets | $ 2.7 B | |
| Net Tangible Assets | $ 32.3 B | |
| Total Current Assets | $ 13.5 B | |
| Cash and Short-Term Investments | $ 8.8 B | |
| Cash | $ 8.8 B | |
| Net Receivables | $ 1.1 B | |
| Inventory | $ 2.7 B | |
| Long-Term Investments | $ 4.0 B | |
| LIABILITIES | ||
| Accounts Payable | $ 828.0 M | |
| Short-Term Debt | — | |
| Total Current Liabilities | $ 5.5 B | |
| Net Debt | — | |
| Total Debt | $ 5.5 B | |
| Total Liabilities | $ 22.6 B | |
| EQUITY | ||
| Total Equity | $ 34.9 B | |
| Retained Earnings | $ 5.0 B | |
| VALUATION & PER-SHARE METRICS | EQUITY & PER-SHARE METRICS | |
| Book Value Per-Share | $ 32.55 | |
| Shares Outstanding | 1.073 B | |
| Revenue Per-Share | $ 6.81 | |
| VALUATION | Market Capitalization | $ 120.0 B |
| Enterprise Value | $ 116.8 B | |
| Enterprise Multiple | 22.224 | |
| Enterprise Multiple QoQ | -23.917 % | |
| Enterprise Multiple YoY | 24.321 % | |
| Enterprise Multiple IPRWA | high: 41.742 median: 41.742 NEM: 22.224 mean: -79.866 low: -349.904 |
|
| EV/R | 15.98 | |
| CAPITAL STRUCTURE | ||
| Asset To Equity | 1.651 | |
| Asset To Liability | 2.555 | |
| Debt To Capital | 0.137 | |
| Debt To Assets | 0.096 | |
| Debt To Assets QoQ | -1.952 % | |
| Debt To Assets YoY | -33.308 % | |
| Debt To Assets IPRWA | high: 0.383 median: 0.352 mean: 0.32 NEM: 0.096 low: 0.001 |
|
| Debt To Equity | 0.158 | |
| Debt To Equity QoQ | -4.024 % | |
| Debt To Equity YoY | -38.025 % | |
| Debt To Equity IPRWA | high: 1.219 median: 0.763 mean: 0.685 NEM: 0.158 low: 0.001 |
|
| PRICE-BASED VALUATION | ||
| Price To Book (P/B) | 3.436 | |
| Price To Book QoQ | -1.26 % | |
| Price To Book YoY | 102.917 % | |
| Price To Book IPRWA | high: 9.819 mean: 4.293 NEM: 3.436 median: 1.748 low: 1.223 |
|
| Price To Earnings (P/E) | 38.567 | |
| Price To Earnings QoQ | -10.196 % | |
| Price To Earnings YoY | 2.064 % | |
| Price To Earnings IPRWA | high: 59.841 median: 59.841 NEM: 38.567 mean: -14.864 low: -165.681 |
|
| PE/G Ratio | 2.558 | |
| Price To Sales (P/S) | 16.424 | |
| Price To Sales QoQ | -4.987 % | |
| Price To Sales YoY | 55.505 % | |
| Price To Sales IPRWA | NEM: 16.424 high: 7.057 mean: 3.713 median: 3.613 low: 1.889 |
|
| FORWARD MULTIPLES | ||
| Forward P/E | 40.168 | |
| Forward PE/G | 2.664 | |
| Forward P/S | 72.981 | |
| EFFICIENCY | OPERATIONAL | |
| Operating Leverage | 5.711 | |
| ASSET & SALES | ||
| Asset Turnover Ratio | 0.127 | |
| Asset Turnover Ratio QoQ | 4.387 % | |
| Asset Turnover Ratio YoY | 42.135 % | |
| Asset Turnover Ratio IPRWA | high: 0.413 mean: 0.144 low: 0.141 median: 0.141 NEM: 0.127 |
|
| Receivables Turnover | 6.631 | |
| Receivables Turnover Ratio QoQ | 2.796 % | |
| Receivables Turnover Ratio YoY | 28.577 % | |
| Receivables Turnover Ratio IPRWA | NEM: 6.631 high: 2.396 median: 2.161 mean: 2.151 low: 1.406 |
|
| Inventory Turnover | 0.951 | |
| Inventory Turnover Ratio QoQ | -9.233 % | |
| Inventory Turnover Ratio YoY | -21.241 % | |
| Inventory Turnover Ratio IPRWA | high: 1.777 median: 1.777 mean: 1.768 NEM: 0.951 low: 0.943 |
|
| Days Sales Outstanding (DSO) | 13.762 | |
| CASH CYCLE | ||
| Cash Conversion Cycle Days (CCC) | 77.437 | |
| Cash Conversion Cycle Days QoQ | 2.547 % | |
| Cash Conversion Cycle Days YoY | 29.09 % | |
| Cash Conversion Cycle Days IPRWA | high: 87.054 median: 87.054 NEM: 77.437 mean: -14716.892 low: -48791.375 |
|
| CAPITAL DEPLOYMENT | ||
| Cash Conversion Ratio | 0.916 | |
| CapEx To Revenue | -0.088 | |
| CapEx To Depreciation | -1.014 | |
| CAPITAL, LIQUIDITY & COVERAGE | CAPITAL STRUCTURE | |
| Total Capital | $ 40.0 B | |
| Net Invested Capital | $ 40.0 B | |
| Invested Capital | $ 40.0 B | |
| Net Tangible Assets | $ 32.3 B | |
| Net Working Capital | $ 8.0 B | |
| LIQUIDITY | ||
| Cash Ratio | 1.587 | |
| Current Ratio | 2.443 | |
| Current Ratio QoQ | 6.79 % | |
| Current Ratio YoY | 23.413 % | |
| Current Ratio IPRWA | high: 88.72 mean: 28.781 NEM: 2.443 low: 2.384 median: 2.384 |
|
| Quick Ratio | 1.952 | |
| Quick Ratio QoQ | 7.472 % | |
| Quick Ratio YoY | 25.298 % | |
| Quick Ratio IPRWA | high: 2.402 NEM: 1.952 mean: 0.657 low: 0.634 median: 0.634 |
|
| COVERAGE & LEVERAGE | ||
| Debt To EBITDA | 1.053 | |
| Cost Of Debt | 0.484 % | |
| Interest Coverage Ratio | 118.513 | |
| Interest Coverage Ratio QoQ | 19.272 % | |
| Interest Coverage Ratio YoY | 267.157 % | |
| Interest Coverage Ratio IPRWA | NEM: 118.513 high: 6.722 median: 3.681 mean: 1.873 low: -3.498 |
|
| Operating Cash Flow Ratio | 0.689 | |
| TIMING / LIQUIDITY | ||
| Days Payables Outstanding (DPO) | 27.863 | |
| DIVIDENDS | ||
| Dividend Coverage Ratio | 11.567 | |
| Dividend Payout Ratio | 0.086 | |
| Dividend Rate | $ 0.26 | |
| Dividend Yield | 0.002 | |
| PERFORMANCE | GROWTH | |
| Asset Growth Rate | 0.961 % | |
| Revenue Growth | 7.172 % | |
| Revenue Growth QoQ | -69.383 % | |
| Revenue Growth YoY | -163.139 % | |
| Revenue Growth IPRWA | high: 19.139 % NEM: 7.172 % mean: -3.73 % median: -3.843 % low: -13.852 % |
|
| Earnings Growth | 15.079 % | |
| Earnings Growth QoQ | -68.166 % | |
| Earnings Growth YoY | -240.741 % | |
| Earnings Growth IPRWA | high: 144.444 % mean: 15.717 % NEM: 15.079 % low: -36.957 % median: -36.957 % |
|
| MARGINS | ||
| Gross Margin | 64.842 % | |
| Gross Margin QoQ | 7.149 % | |
| Gross Margin YoY | 40.57 % | |
| Gross Margin IPRWA | NEM: 64.842 % high: 32.848 % median: 32.848 % mean: 32.504 % low: 9.553 % |
|
| EBIT Margin | 63.254 % | |
| EBIT Margin QoQ | 31.524 % | |
| EBIT Margin YoY | 24.276 % | |
| EBIT Margin IPRWA | NEM: 63.254 % high: 13.903 % median: 10.651 % mean: 10.569 % low: 3.952 % |
|
| Return On Sales (ROS) | 61.379 % | |
| Return On Sales QoQ | 5.305 % | |
| Return On Sales YoY | 20.592 % | |
| Return On Sales IPRWA | NEM: 61.379 % high: 13.329 % median: 11.263 % mean: 11.158 % low: 3.928 % |
|
| CASH FLOW | ||
| Free Cash Flow (FCF) | $ 3.1 B | |
| Free Cash Flow Yield | 2.62 % | |
| Free Cash Flow Yield QoQ | 9.761 % | |
| Free Cash Flow Yield YoY | 15.064 % | |
| Free Cash Flow Yield IPRWA | high: 3.277 % NEM: 2.62 % mean: 0.641 % median: 0.566 % low: -2.166 % |
|
| Free Cash Growth | 11.767 % | |
| Free Cash Growth QoQ | -85.116 % | |
| Free Cash Growth YoY | -144.665 % | |
| Free Cash Growth IPRWA | high: 18.557 % NEM: 11.767 % median: -44.668 % mean: -60.086 % low: -234.051 % |
|
| Free Cash To Net Income | 0.964 | |
| Cash Flow Margin | 52.183 % | |
| Cash Flow To Earnings | 1.169 | |
| VALUE & RETURNS | ||
| Economic Value Added | $ 0.04 | |
| Return On Assets (ROA) | 5.683 % | |
| Return On Assets QoQ | 144.22 % | |
| Return On Assets YoY | 68.086 % | |
| Return On Assets IPRWA | NEM: 5.683 % high: 2.334 % median: 0.989 % mean: -0.423 % low: -12.91 % |
|
| Return On Capital Employed (ROCE) | 8.865 % | |
| Return On Equity (ROE) | 0.093 | |
| Return On Equity QoQ | 143.166 % | |
| Return On Equity YoY | 54.329 % | |
| Return On Equity IPRWA | NEM: 0.093 high: 0.071 median: 0.021 mean: 0.008 low: -0.1 |
|
| DuPont ROE | 9.484 % | |
| Return On Invested Capital (ROIC) | 7.972 % | |
| Return On Invested Capital QoQ | 19.97 % | |
| Return On Invested Capital YoY | 63.73 % | |
| Return On Invested Capital IPRWA | NEM: 7.972 % high: 3.834 % mean: 1.965 % median: 1.645 % low: -2.913 % |
|