NYSE · Basic Materials

Newmont Corporation

NEM · Gold

$108.33

▼ -0.29 (-0.27%)

Data cached · refreshes every 10 min

Mr. Market is currently offering Newmont Corporation at $108.33.

The business passes 5 of 7 of Graham's defensive criteria — adequate but not exceptional.

Overall Grade

Defensive

Enterprising

Profitability A

Gross Profit Margin 53.2%

Operating Margin 48.6%

Net Income Margin 31.3%

Fin. Health A

Years to Pay Off Debt 0.8 yrs

Working Capital vs Long-Term Debt $2.2B

Working Capital $7.4B

Valuation F

Margin of Safety 0.0%

Price-to-Book 3.41x

Cash Flow C

Free Cash Flow $7.3B

CapEx % of Net Income 42.8%

Owner Earnings $12.6B

5/7

Graham Score

Enterprising

Defensive — Graham's strict criteria (P/B, P/E, dividends, stability) · Enterprising — Profitability & cash flow focused, accepts higher valuations for quality

Market Data

Market Cap $115.6B

Enterprise Value $112.9B

P/E (TTM) 14.05

Dividend Yield 0.94%

Exchange NYSE

Key Margins

Gross Profit 53.2%

Operating Margin 48.6%

Net Margin 31.3%

Company Info

Sector Basic Materials

Industry Gold

Employees 17500

Country United States

Visit website

📖

Full Graham Analysis

Mr. Market is currently offering Newmont Corporation at $108.33.

The business passes 5 of 7 of Graham's defensive criteria — adequate but not exceptional.

At $108.33, the stock trades at a 60% premium to its Graham Number of $67.54. Graham would consider this price speculative.

There is no margin of safety at the current price. Graham would advise patience and waiting for a better entry point.

Negative NCAV — liabilities exceed current assets. Common in capital-return businesses (buybacks, debt-funded dividends) and capital-intensive industries. Not automatically a warning sign..

Conclusion: This stock is better suited for Graham's Enterprising investor — one willing to devote time and skill to security selection.

About Newmont Corporation

Newmont Corporation operates as a gold producer. It also explores for copper, silver, lead, zinc, and other metals. It has operations and/or assets in the United States, Papua New Guinea, Australia, Ghana, Suriname, Argentina, Dominican Republic, Chile, Peru, Ecuador, Mexico, and Canada. The company was founded in 1916 and is headquartered in Denver, Colorado.

Showing Key Metrics

Income Highlights

Metric	2025	2024	2023	2022	2021
Gross Profit %	53.2% ▲	38.2%	25.4%	27.4%	N/A
Operating Margin %	48.6% ▲	31.6%	6.0%	13.5%	N/A
Net Income %	31.3% ▲	17.9%	-21.1%	-3.6%	N/A
Diluted EPS	6.39 ▲	2.92	-2.94	-0.54	N/A

Balance Sheet Highlights

Metric	2025	2024	2023	2022	2021
Total Assets	$57.1B	$56.3B	$55.5B	$38.5B	N/A
Total Debt	$5.6B ↓	$9.0B	$9.4B	$6.1B	N/A
Working Capital	$7.4B ▲	$4.7B	$1.5B	$3.6B	N/A
Years to Pay Debt	0.79	2.68	-3.78	-14.29	N/A

Cash Flow Highlights

Metric	2025	2024	2023	2022	2021
Free Cash Flow	$7.3B ▲	$3.0B	$97M	$1.1B	N/A
Owner Earnings	$12.6B	$9.3B	$2.3B	$3.9B	N/A
CapEx % of Net Income	42.8%	101.6%	N/A	N/A	N/A

Income Statement

	2025	2024	2023	2022	2021
Tax Effect Of Unusual Items	152,800	-346,270	-565,950	-319,830
Tax Rate For Calcs	0	0	0	0
Normalized EBITDA	13,710,000	8,645,000	3,015,000	3,884,000
Total Unusual Items	382,000	-1,117,000	-2,695,000	-1,523,000
Total Unusual Items Excluding Goodwill	382,000	-1,117,000	-2,695,000	-1,523,000
Net Income From Continuing Operation Net Minority Interest	7,085,000	3,280,000	-2,521,000	-459,000
Reconciled Depreciation	2,521,000	2,576,000	2,108,000	2,185,000
Reconciled Cost Of Revenue	10,606,000	11,539,000	8,807,000	8,653,000
EBITDA	14,092,000	7,528,000	320,000	2,361,000
EBIT	11,571,000	4,952,000	-1,788,000	176,000
Net Interest Income	-15,000	-223,000	-95,000	-149,000
Interest Expense	229,000	375,000	243,000	227,000
Interest Income	214,000	152,000	148,000	78,000
Normalized Income	6,855,800	4,050,730	-391,950	744,170
Net Income From Continuing And Discontinued Operation	7,085,000	3,348,000	-2,494,000	-429,000
Total Expenses	11,646,000	12,772,000	11,104,000	10,310,000
Diluted Average Shares	1,108,000	1,148,000	841,000	795,000
Basic Average Shares	1,106,000	1,146,000	841,000	794,000
Diluted EPS	0	0	0	0
Basic EPS	0	0	0	0
Diluted NI Availto Com Stockholders	7,085,000	3,348,000	-2,494,000	-429,000
Net Income Common Stockholders	7,085,000	3,348,000	-2,494,000	-429,000
Net Income	7,085,000	3,348,000	-2,494,000	-429,000
Minority Interests	-82,000	-33,000	-27,000	-60,000
Net Income Including Noncontrolling Interests	7,167,000	3,381,000	-2,467,000	-369,000
Net Income Discontinuous Operations	0	68,000	27,000	30,000
Net Income Continuous Operations	7,167,000	3,313,000	-2,494,000	-399,000
Earnings From Equity Interest Net Of Tax	421,000	133,000	63,000	107,000
Tax Provision	4,596,000	1,397,000	526,000	455,000
Pretax Income	11,342,000	4,577,000	-2,031,000	-51,000
Other Income Expense	334,000	-1,110,000	-2,643,000	-1,507,000
Other Non Operating Income Expenses	-48,000	7,000	52,000	16,000
Special Income Charges	-85,000	-1,280,000	-2,592,000	-1,472,000
Gain On Sale Of Ppe	1,046,000	-1,079,000	-197,000	35,000
Other Special Charges	103,000	13,000	16,000	183,000
Write Off			0	0	1,000
Impairment Of Capital Assets	842,000	78,000	1,891,000	1,320,000
Restructuring And Mergern Acquisition	186,000	110,000	488,000	4,000
Gain On Sale Of Security	467,000	163,000	-103,000	-51,000
Net Non Operating Interest Income Expense	-15,000	-223,000	-95,000	-149,000
Interest Expense Non Operating	229,000	375,000	243,000	227,000
Interest Income Non Operating	214,000	152,000	148,000	78,000
Operating Income	11,023,000	5,910,000	708,000	1,605,000
Operating Expense	1,040,000	1,233,000	2,297,000	1,657,000
Other Operating Expenses	492,000	594,000	1,798,000	1,152,000
Research And Development	166,000	197,000	200,000	229,000
Selling General And Administration	382,000	442,000	299,000	276,000
General And Administrative Expense	382,000	442,000	299,000	276,000
Other Gand A	382,000	442,000	299,000	276,000
Gross Profit	12,063,000	7,143,000	3,005,000	3,262,000
Cost Of Revenue	10,606,000	11,539,000	8,807,000	8,653,000
Total Revenue	22,669,000	18,682,000	11,812,000	11,915,000
Operating Revenue	22,669,000	18,682,000	11,812,000	11,915,000

Balance Sheet

	2025	2024	2023	2022	2021
Treasury Shares Number	7,000	7,000	7,000	6,000
Ordinary Shares Number	1,089,000	1,126,981	1,152,492	793,000
Share Issued	1,096,000	1,133,981	1,159,492	799,000
Net Debt		4,857,000	5,872,000	2,694,000	660,000
Total Debt	5,589,000	8,972,000	9,436,000	6,132,000
Tangible Book Value	31,209,000	27,270,000	26,026,000	17,383,000
Invested Capital	38,982,000	38,404,000	37,901,000	24,925,000
Working Capital	7,354,000	4,732,000	1,514,000	3,589,000
Net Tangible Assets	31,209,000	27,270,000	26,026,000	17,383,000
Capital Lease Obligations	474,000	496,000	562,000	561,000
Common Stock Equity	33,867,000	29,928,000	29,027,000	19,354,000
Total Capitalization	38,982,000	37,480,000	35,978,000	24,925,000
Total Equity Gross Minority Interest	34,042,000	30,109,000	29,205,000	19,533,000
Minority Interest	175,000	181,000	178,000	179,000
Stockholders Equity	33,867,000	29,928,000	29,027,000	19,354,000
Gains Losses Not Affecting Retained Earnings	137,000	-95,000	14,000	29,000
Other Equity Adjustments	137,000	-95,000	14,000	29,000
Treasury Stock	301,000	278,000	264,000	239,000
Retained Earnings	3,431,000	-1,320,000	-2,996,000	916,000
Additional Paid In Capital	28,847,000	29,808,000	30,419,000	17,369,000
Capital Stock	1,753,000	1,813,000	1,854,000	1,279,000
Common Stock	1,753,000	1,813,000	1,854,000	1,279,000
Total Liabilities Net Minority Interest	23,079,000	26,240,000	26,301,000	18,949,000
Total Non Current Liabilities Net Minority Interest	17,367,000	18,697,000	20,303,000	16,023,000
Other Non Current Liabilities	787,000	862,000	918,000	1,052,000
Preferred Securities Outside Stock Equity					48,000
Employee Benefits	634,000	555,000	655,000	342,000
Tradeand Other Payables Non Current	133,000	125,000	177,000	206,000
Non Current Deferred Liabilities	4,045,000	2,820,000	2,987,000	1,809,000
Non Current Deferred Taxes Liabilities	4,045,000	2,820,000	2,987,000	1,809,000
Long Term Debt And Capital Lease Obligation	5,471,000	7,941,000	7,399,000	6,036,000
Long Term Capital Lease Obligation	356,000	389,000	448,000	465,000
Long Term Debt	5,115,000	7,552,000	6,951,000	5,571,000
Long Term Provisions	6,297,000	6,394,000	8,167,000	6,578,000
Current Liabilities	5,712,000	7,543,000	5,998,000	2,926,000
Other Current Liabilities	433,000	2,389,000	406,000	329,000
Current Debt And Capital Lease Obligation	118,000	1,031,000	2,037,000	96,000
Current Capital Lease Obligation	118,000	107,000	114,000	96,000
Current Debt		924,000	1,923,000		87,000
Other Current Borrowings		924,000
Line Of Credit		0	1,923,000	0	0
Current Notes Payable				0	87,000
Pensionand Other Post Retirement Benefit Plans Current	898,000	630,000	551,000	399,000
Current Provisions	893,000	991,000	619,000	526,000
Payables And Accrued Expenses	3,370,000	2,502,000	2,385,000	1,576,000
Current Accrued Expenses	913,000	938,000	930,000	671,000
Interest Payable	57,000	97,000
Payables	2,457,000	1,564,000	1,455,000	905,000
Other Payable				73,000	114,000
Dueto Related Parties Current	227,000	115,000	91,000	73,000
Total Tax Payable	1,414,000	606,000	404,000	199,000
Income Tax Payable	1,188,000	381,000	88,000	199,000
Accounts Payable	816,000	843,000	960,000	633,000
Total Assets	57,121,000	56,349,000	55,506,000	38,482,000
Total Non Current Assets	44,055,000	44,074,000	47,994,000	31,967,000
Other Non Current Assets	3,856,000	3,274,000	2,575,000	2,276,000
Non Current Deferred Assets	45,000	124,000	268,000	173,000
Non Current Deferred Taxes Assets	45,000	124,000	268,000	173,000
Financial Assets		142,000	444,000	196,000
Investments And Advances	4,186,000	4,471,000	4,143,000	3,278,000
Investmentin Financial Assets	171,000	309,000	229,000	226,000
Available For Sale Securities	171,000	309,000	229,000	226,000
Long Term Equity Investment	4,015,000	4,162,000	3,914,000	3,052,000
Investmentsin Joint Venturesat Cost	1,526,000	1,493,000
Investmentsin Associatesat Cost	2,489,000	2,669,000
Goodwill And Other Intangible Assets	2,658,000	2,658,000	3,001,000	1,971,000
Goodwill	2,658,000	2,658,000	3,001,000	1,971,000
Net PPE	33,310,000	33,547,000	37,563,000	24,073,000
Accumulated Depreciation	-20,227,000	-18,863,000	-20,060,000	-18,152,000
Gross PPE	53,537,000	52,410,000	57,623,000	42,225,000
Construction In Progress	4,577,000	5,183,000	4,799,000	3,211,000
Machinery Furniture Equipment	24,337,000	23,362,000	25,804,000	19,044,000
Land And Improvements	297,000	253,000	347,000	281,000
Properties	24,326,000	23,612,000	26,673,000	19,689,000
Current Assets	13,066,000	12,275,000	7,512,000	6,515,000
Other Current Assets	391,000	290,000	913,000	303,000
Hedging Assets Current		0	198,000	12,000
Assets Held For Sale Current	0	4,609,000	0
Inventory	2,689,000	2,184,000	2,642,000	1,753,000
Finished Goods	91,000	76,000	122,000	59,000
Work In Process	199,000	118,000	160,000	123,000
Raw Materials	2,399,000	1,990,000	2,360,000	1,571,000
Receivables	1,745,000	1,552,000	734,000	690,000
Other Receivables	678,000	496,000	493,000	324,000
Accounts Receivable	1,067,000	1,056,000	734,000	366,000
Cash Cash Equivalents And Short Term Investments	8,241,000	3,640,000	3,025,000	3,757,000
Other Short Term Investments	594,000	21,000	23,000	880,000
Cash And Cash Equivalents	7,647,000	3,619,000	3,002,000	2,877,000

Cash Flow

	2025	2024	2023	2022	2021
Free Cash Flow	7,299,000	2,961,000	97,000	1,089,000
Repurchase Of Capital Stock	-2,303,000	-1,246,000	0	0
Repayment Of Debt	-3,525,000	-3,947,000	-67,000	-155,000
Issuance Of Debt	0	3,476,000	0	0
Capital Expenditure	-3,035,000	-3,402,000	-2,666,000	-2,131,000
Interest Paid Supplemental Data	233,000	317,000	228,000	172,000
Income Tax Paid Supplemental Data		966,000	794,000	1,122,000	1,534,000
End Cash Position	7,684,000	3,650,000	3,100,000	2,944,000
Beginning Cash Position	3,650,000	3,100,000	2,944,000	5,093,000
Effect Of Exchange Rate Changes	-4,000	-20,000	-2,000	-30,000
Changes In Cash	4,038,000	570,000	158,000	-2,119,000
Other Cash Adjustment Inside Changein Cash	138,000	-138,000	0	0
Financing Cash Flow	-7,040,000	-2,953,000	-1,603,000	-2,356,000
Cash Flow From Continuing Financing Activities	-7,040,000	-2,953,000	-1,603,000	-2,356,000
Net Other Financing Charges	-106,000	-91,000	-121,000	-455,000
Cash Dividends Paid	-1,106,000	-1,145,000	-1,415,000	-1,746,000
Common Stock Dividend Paid	-1,106,000	-1,145,000	-1,415,000	-1,746,000
Net Common Stock Issuance	-2,303,000	-1,246,000	0	0
Common Stock Payments	-2,303,000	-1,246,000	0	0
Net Issuance Payments Of Debt	-3,525,000	-471,000	-67,000	-155,000
Net Long Term Debt Issuance	-3,525,000	-471,000	-67,000	-155,000
Long Term Debt Payments	-3,525,000	-3,947,000	-67,000	-155,000
Long Term Debt Issuance	0	3,476,000	0	0
Investing Cash Flow	606,000	-2,702,000	-1,002,000	-2,983,000
Cash From Discontinued Investing Activities	0	153,000	0	0
Cash Flow From Continuing Investing Activities	606,000	-2,855,000	-1,002,000	-2,983,000
Net Other Investing Changes	-145,000	44,000	22,000	-45,000
Net Investment Purchase And Sale	972,000	-17,000	1,046,000	-676,000
Sale Of Investment	986,000	49,000	1,597,000	264,000
Purchase Of Investment	-14,000	-66,000	-551,000	-940,000
Net Business Purchase And Sale	3,000	-40,000	596,000	-147,000
Sale Of Business	62,000	56,000	704,000	62,000
Purchase Of Business	-59,000	-96,000	-108,000	-209,000
Net PPE Purchase And Sale	-224,000	-2,842,000	-2,666,000	-2,115,000
Sale Of PPE	2,811,000	560,000	0	16,000
Purchase Of PPE	-3,035,000	-3,402,000	-2,666,000	-2,131,000
Operating Cash Flow	10,334,000	6,363,000	2,763,000	3,220,000
Cash From Discontinued Operating Activities	0	45,000	9,000	22,000
Cash Flow From Continuing Operating Activities	10,334,000	6,318,000	2,754,000	3,198,000
Change In Working Capital	-210,000	-1,025,000	-513,000	-841,000
Change In Other Working Capital	-803,000	-433,000	-275,000	-247,000
Change In Other Current Assets	-247,000	64,000	50,000	-84,000
Change In Payables And Accrued Expense	1,387,000	319,000	139,000	-354,000
Change In Accrued Expense	367,000	86,000	378,000	-113,000
Change In Payable	1,020,000	233,000	-239,000	-241,000
Change In Account Payable	-19,000	-2,000	-42,000	102,000
Change In Tax Payable	1,039,000	235,000	-197,000	-343,000
Change In Income Tax Payable	1,039,000	235,000	-197,000	-343,000
Change In Inventory	-454,000	-534,000	-187,000	-161,000
Change In Receivables	-93,000	-441,000	-240,000	5,000
Changes In Account Receivables	-93,000	-441,000	-240,000
Other Non Cash Items	93,000	119,000	1,712,000	960,000
Stock Based Compensation	99,000	89,000	80,000	73,000
Unrealized Gain Loss On Investment Securities	-604,000	-62,000	47,000	46,000
Asset Impairment Charge	842,000	78,000	1,891,000	1,320,000
Deferred Tax	1,391,000	80,000	-104,000	-278,000
Deferred Income Tax	1,391,000	80,000	-104,000	-278,000
Depreciation Amortization Depletion	2,521,000	2,576,000	2,108,000	2,185,000
Depreciation And Amortization	2,521,000	2,576,000	2,108,000	2,185,000
Operating Gains Losses	-965,000	1,082,000	206,000	102,000
Pension And Employee Benefit Expense		1,000	9,000	137,000	4,000
Gain Loss On Sale Of Business				-35,000	0
Net Income From Continuing Operations	7,167,000	3,381,000	-2,467,000	-369,000

These metrics estimate what Newmont Corporation is worth based on its fundamentals — independent of what the market currently prices it at. Graham's Fair Value and NCAV are conservative floors rooted in 1930s–60s principles. EPV assumes zero growth. None are price targets — they are reference points for judging whether the current price offers a margin of safety.

Graham's Fair Value

$67.54

Margin of Safety

Market Cap ÷ Company Value

1.15

P/B Ratio

3.41

Warren's Owner Earnings

$12.6B

Latest fiscal year

Graham's 7 Criteria

Defensive Investor Checklist

5/7 — Enterprising Investor

✅ Adequate Size

$22.7B

vs > $1.5B revenue

✅ Strong Financial Condition

2.29x

vs Current Ratio > 2.0x

❌ Earnings Stability

2 loss years (4 yrs data)

vs No negative EPS years

✅ Dividend Record

0.94%

vs Uninterrupted dividends

✅ Earnings Growth

+118.8% EPS growth

vs > 33% EPS growth

✅ Moderate P/E Ratio

14.1x

vs P/E ≤ 15.0x

❌ Moderate Price-to-Book

3.41x P/B (P/E×P/B: 48.0)

vs P/B ≤ 1.5x | P/E × P/B ≤ 22.5

Net Current Asset Value

$-9.38

Negative NCAV — liabilities exceed current assets. Common in capital-return businesses (buybacks, debt-funded dividends) and capital-intensive industries. Not automatically a warning sign.

"Buy at two-thirds of net current assets." — Graham

Earnings Power Value

$114.73

Per share, no-growth floor. Compare to current price.

Cash Flow Analysis

Metric	2025	2024	2023	2022	2021
Capital Expenditure % of Net Income	42.8%	101.6%	N/A	N/A	N/A
Repurchase of Capital Stock	-$2.3B	-$1.2B	$0M	$0M	N/A
Free Cash Flow	$7.3B ▲	$3.0B ▲	$97M ▼	$1.1B •	N/A •
Warren's Owner Earnings	$12.6B	$9.3B	$2.3B	$3.9B	N/A

Peers & Industry

No auto-detected peers for Gold. You can manually compare NEM against any stock using the Compare tool.

"The management of a business is its most important single factor — more important than market position, patents, or financial structure."

— Benjamin Graham

Capital Allocation & Alignment

Insider Ownership

0.25%

Low — management has little skin in the game

Return on Equity (ROE)

20.9%

Excellent — management generates strong returns on equity

Return on Assets (ROA)

12.4%

Strong — management uses assets efficiently

Share Buybacks (Latest Year)

$2.3B

Management is returning capital to shareholders via buybacks

Debt Trend YoY

-37.7% YoY

Debt is declining — management is deleveraging

Leadership Team

Natascha Viljoen BEng (PrEng), EMBA

CEO, President & Director

Age 55

Pay: $2,840,795

0.040% of net income

Peter Wexler

EVP, Chief Legal Officer & Interim CFO

Age 56

Pay: $1,537,358

0.022% of net income

Top Institutional Holders

Institution	% Owned	Shares
Vanguard Group Inc	12.56%	134,107,293
Blackrock Inc.	12.17%	129,969,380
State Street Corporation	4.68%	49,959,850
Van Eck Associates Corporation	2.79%	29,780,063
Geode Capital Management, LLC	2.53%	27,011,084
FMR, LLC	1.73%	18,481,031
NORGES BANK	1.35%	14,452,956
Invesco Ltd.	1.30%	13,864,965

Risk Analysis

Beta (Market Risk)

0.45

Low volatility — more stable than the market

Short Interest

2.0% of float

Low short interest — market is not heavily bearish

Debt-to-Equity

0.16x

Conservative balance sheet — low financial risk

Current Ratio

2.44x

Strong liquidity — Graham approved

52-Week Price Range

Low: $48.27 Current: $108.33 High: $134.88

Currently at 69% of 52-week range

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