# Newmont Corporation (NEM)

> Newmont mines gold and other metals, then sells refined gold and metal concentrates to refiners, smelters, and traders.

- Exchange: NYSE · Sector: Materials · Industry: Gold
- Headquarters: Denver, Colorado, United States
- Founded: 1921
- Employees: Approximately 17,500 (December 31, 2025)
- SEC CIK: 0001164727 ([filings on EDGAR](https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=0001164727))
- Full page: https://inspectstocks.com/stocks/nem
- Data as of: price 2026-09-28; newest filing used 2026-07-23; latest fiscal period ended 2026-06-30

## Grade

**A+** on the growth-and-cash rubric, 5 of 5 checks passed.

| Check | Result | Now | Before |
| --- | --- | --- | --- |
| Revenue growing overall | passed | $25.8B | $11.2B |
| Revenue growing recently | passed | $25.8B | $22.7B |
| Free cash flow positive | passed | $9.7B |  |
| Free cash flow growing overall | passed | $9.7B | $310M |
| Free cash flow growing recently | passed | $9.7B | $7.3B |

Business quality (the + / − mark): 5 of 5 checks passed.

| Check | Result | Now | Before |
| --- | --- | --- | --- |
| Profitable | passed | 33.4% |  |
| Healthy profit margin | passed | 33.4% |  |
| Good return on equity | passed | 25.4% |  |
| Debt under control | passed | 0.17 |  |
| Turns sales into cash | passed | 37.8% |  |

How the grade works: the letter counts failed checks (none → A, one → B, two → C, three → D, four or more → F). It is built from SEC filings only — the share price never enters it — and describes the business, not whether the stock is worth buying.

## Key figures

In US dollars, as filed.

| Measure | Value |
| --- | --- |
| Revenue, trailing twelve months | $25.8B |
| Net income, trailing twelve months | $8.6B |
| Free cash flow, trailing twelve months | $9.7B |
| Net margin | 33.4% |
| Return on equity | 25.4% |
| Debt to equity | 0.17 |
| Diluted EPS, trailing twelve months | $7.92 |
| Share price | $116.04 |
| Market value | $122.3B |
| Price / earnings | 14.7x |
| Price / sales | 4.7x |

## What the business does

Newmont explores for, acquires, and operates mines that produce gold, copper, silver, lead, zinc, and molybdenum. Gold from its mines is usually made into doré bars, which are sent to refiners to produce market-standard gold; some gold and other metals are sold in concentrates for further processing. Its mining operations and assets span the Americas, Australia, Africa, and Papua New Guinea.

### How it makes money

- **Gold doré product category** (63.2% (year ended December 31, 2025)) — The product-segment data assigns this category $14.33 billion (year ended December 31, 2025, high). Newmont generally sends doré bars to refiners for a fee; the refined gold and separately recovered silver are credited to Newmont or delivered to buyers.
- **Sales from concentrate and other production** (36.8% (year ended December 31, 2025)) — The product-segment data assigns this category $8.34 billion (year ended December 31, 2025, high). Newmont sells metal concentrates to smelters or traders for further treatment and refining. The supplied product categories do not reconcile to consolidated revenue.

### Products

- **Gold doré** — An unfinished gold alloy bar, usually containing silver and other metals, made at the mine and sent to a refiner.
- **Refined gold bullion** — Gold refined from doré to at least 99.95% purity for sale to buyers.
- **Gold-bearing concentrate** — A concentrated material containing gold and other metals, produced by processing ore and sold for further processing.
- **Copper concentrate** — A copper-rich material made by crushing and grinding ore and separating copper minerals; it is sent off-site for further processing.
- **Silver, lead, and zinc concentrates** — Materials containing these metals, produced by separating minerals from ore and sold to smelters or traders for further processing.

### Customers

- Gold refiners process Newmont's doré for a fee; Newmont's share of the refined gold and recovered silver is credited to it or delivered to buyers.
- Smelters and traders buy metal concentrates for further treatment and refining.

### Competitors

- Barrick Mining Corporation (B) — Competes for gold production and mining properties; it is also Newmont's partner in Nevada Gold Mines.
- Agnico Eagle Mines Limited (AEM) — Competes for gold production and mining properties.
- AngloGold Ashanti plc (AU) — Competes for gold production and mining properties.

### What it depends on

- Sales and cash generation depend on market prices for gold, copper, silver, lead, and zinc.
- Mining depends on finding and extracting ore; the amount and grade recovered can differ from reserve and resource estimates.
- Operations depend on government permits, land rights, and mining concessions in the countries where Newmont operates.
- Mines need reliable supplies of water, energy, equipment, parts, and services; Newmont says shortages or higher costs could disrupt operations or projects.
- Newmont owns an interest in Nevada Gold Mines, which Barrick operates. Newmont's latest quarterly filing describes a dispute with Barrick over management and the joint venture agreement.

### What could go wrong

- A substantial or extended fall in gold or other metal prices could reduce sales and cash generation.
- Ore estimates and mine plans may not match what can actually be mined; hazards such as the seismic event at Cadia have also disrupted mining and affected production.
- Newmont reported an unresolved dispute with Barrick over management of Nevada Gold Mines, including a notice of default under the joint venture agreement; a disagreement could affect the operation and Newmont.

## More on this company

- [Overview](https://inspectstocks.com/stocks/nem)
- [Financial statements](https://inspectstocks.com/stocks/nem/financials)
- [Competitors](https://inspectstocks.com/stocks/nem/peers)
- [Earnings](https://inspectstocks.com/stocks/nem/earnings)

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Source: InspectStocks, built from the company’s own SEC filings. This describes a business — it is not investment advice and not a recommendation to buy or sell anything.