# Newmont Corporation (NEM)

> Source: Nexqual · https://nexqual.com/NEM · data as of 2026-10-22 20:00 UTC · cite as "Nexqual, Newmont Corporation (NEM), nexqual.com/NEM" · informational, not investment advice.

**Price:** USD 114.11 (-2.62% on the day) · last close of Oct 22, 2026; US market pre market, not a live price. Prev close 117.18 · day 111.41–114.31 · 52w 76.05–135.29 · market cap $120B · NYQ

## Key facts
- Last four reported quarters (through Jun 30, 2026): revenue $25.8B, net income $8.60B (33.4% margin), free cash flow $9.73B (SEC filings).
- Valuation: P/E 14.0x (avg 14.2x at the last 2 fiscal year-ends), net cash $3.93B.
- 3 of 80 tracked superinvestors hold NEM (13F, Q2 2026): 0 new, 0 added, 2 reduced, 1 unchanged.
- Insider open-market sales, last ~7 months: 13 Form 4 filings, $7.0M; 1 not under a Rule 10b5-1 plan ($1.2M); 0 by opportunistic insiders, 0 by routine insiders (three-year test, Cohen, Malloy & Pomorski 2012).
- Analysts: Buy (mean 1.96 on a 1–5 scale) (23 analysts), mean target USD 136.19 (range 67–165).
- Total return with dividends: 1Y +29.6% vs S&P 500 +14.9%; 5Y +127.3% vs S&P 500 +80.3%.
- Next earnings: 2026-10-22, EPS estimate USD 2.16, revenue estimate $6.17B.

## Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters)
| USD | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | TTM |
|---|---|---|---|---|---|---|
| Revenue | $12.2B | $11.9B | $11.8B | $18.7B | $22.7B | $25.8B |
| Net income | $1.17B | -$429M | -$2.49B | $3.35B | $7.08B | $8.60B |
| EPS (diluted) | $1.46 | -$0.54 | -$2.97 | $2.92 | $6.39 | — |
| Free cash flow | $2.63B | $1.09B | $97.0M | $2.96B | $7.30B | $9.73B |
| Net margin | 9.5% | -3.6% | -21.1% | 17.9% | 31.3% | 33.4% |
| Revenue growth | +6.3% | -2.5% | -0.9% | +58.2% | +21.3% | — |
| Cash + short-term investments | $5.07B | $3.76B | $3.02B | $3.64B | $8.24B | — |
| Total debt | $5.71B | $5.57B | $8.87B | $8.48B | $5.12B | — |
Fiscal years end Dec. EPS is split-adjusted.

## Valuation (price ÷ last four quarters, through Jun 30, 2026)
P/E 14.0x · P/S 4.7x · EV/Sales 4.5x · P/FCF 12.4x · P/B 3.4x · FCF yield 8.09% · Earnings yield 7.15% · Dividend yield (paid, TTM) 0.92% · Buyback yield (TTM) 3.66% · Net cash $3.93B · EV $116B
P/E at fiscal year-ends: Dec 2025 15.6x, Dec 2024 12.8x.

## Superinvestors (SEC 13F-HR, Q2 2026)
3 of 80 tracked investors hold NEM. Each row is the investor's latest 13F; change is vs their prior-quarter share count.
| Investor | Firm | % of portfolio | Value | Change |
|---|---|---|---|---|
| Christopher Bloomstran | Semper Augustus | 4.72% | $41.8M | Reduced -6.7% |
| First Eagle Investment | First Eagle Investment Management | 1.80% | $1.08B | Reduced -3.8% |
| Mairs & Power | Mairs & Power Funds | <0.01% | $467K | Unchanged |

## Insider sales (SEC Form 4, open-market, last ~7 months)
12 of 13 under a Rule 10b5-1 trading plan (scheduled in advance). Unplanned sales were timed by the insider.
| Trade date | Insider | Role | Shares | Value | % of holdings sold | 10b5-1 plan | Insider type |
|---|---|---|---|---|---|---|---|
| 2026-10-01 | Toth Peter | EVP, Chief Sustain & Dev Off | 3,000 | $344K | 8% | Yes | Too little history (no open-market trades in 2023) |
| 2026-10-01 | Viljoen Natascha | President & CEO | 3,882 | $446K | 3% | Yes | Too little history (no open-market trades in 2023) |
| 2026-09-01 | Toth Peter | EVP, Chief Sustain & Dev Off | 3,000 | $369K | 7.4% | Yes | Too little history (no open-market trades in 2023) |
| 2026-09-01 | Viljoen Natascha | President & CEO | 3,882 | $477K | 2.9% | Yes | Too little history (no open-market trades in 2023) |
| 2026-08-05 | Tabolt Brian | Chief Financial Officer | 11,445 | $1.2M | 28.1% | No | Too little history (no open-market trades in 2023 or 2024) |
| 2026-08-05 | Viljoen Natascha | President & CEO | 7,764 | $807K | 5.4% | Yes | Too little history (no open-market trades in 2023) |
| 2026-08-03 | Toth Peter | EVP, Chief Sustain & Dev Off | 3,000 | $280K | 6.9% | Yes | Too little history (no open-market trades in 2023) |
| 2026-07-01 | Toth Peter | EVP, Chief Sustain & Dev Off | 3,000 | $277K | 6.5% | Yes | Too little history (no open-market trades in 2023) |
| 2026-06-01 | Viljoen Natascha | President & CEO | 3,882 | $409K | 2.6% | Yes | Too little history (no open-market trades in 2023) |
| 2026-06-01 | Toth Peter | EVP, Chief Sustain & Dev Off | 3,000 | $316K | 6.1% | Yes | Too little history (no open-market trades in 2023) |
| 2026-05-01 | Toth Peter | EVP, Chief Sustain & Dev Off | 3,000 | $330K | 5.7% | Yes | Too little history (no open-market trades in 2023) |
| 2026-05-01 | Thornton David John | MD, Americas | 2,296 | $253K | 9% | Yes | Too little history (no open-market trades in 2023–2025) |
| 2026-05-01 | Wexler Peter | EVP, CLO & Interim CFO | 13,378 | $1.5M | 16.5% | Yes | Too little history (no open-market trades in 2023–2025) |
% of holdings sold = shares sold ÷ (shares sold + all holdings the insider reported on that Form 4, direct and through trusts).
Insider type follows Cohen, Malloy & Pomorski (Journal of Finance, 2012). An insider who traded the stock in the same calendar month in each of the past three years is a routine trader; one who traded in each of those years without such a pattern is an opportunistic trader. In their study, trades by opportunistic insiders predicted future returns and trades by routine insiders did not. Counts open-market purchases and sales only (SEC Form 4 codes P and S) by that insider in that company. Not investment advice.

## Analysts
Consensus Buy (mean 1.96 on a 1–5 scale), 23 analysts; mean target USD 136.19 (low 67, high 165).
Rating changes, last 120 days:
| Date | Firm | Action | Rating | Price target |
|---|---|---|---|---|
| 2026-10-22 | Freedom Broker | Downgrade | Buy → Hold | $130 → $116 |
| 2026-10-20 | Citigroup | Target raised | Buy | $125 → $140 |
| 2026-10-19 | Barclays | Target lowered | Overweight | $124 → $123 |
| 2026-09-16 | RBC Capital | Target raised | Outperform | $135 → $155 |
| 2026-09-09 | Bernstein | Target lowered | Outperform | $147 → $144 |
| 2026-08-12 | Scotiabank | Target raised | Sector Outperform | $147 → $149 |
| 2026-07-28 | Barclays | Target lowered | Overweight | $125 → $124 |
| 2026-07-16 | Barclays | Target lowered | Overweight | $133 → $125 |
| 2026-07-14 | Scotiabank | Target lowered | Sector Outperform | $151 → $147 |
| 2026-07-14 | TD Cowen | Upgrade | Hold → Buy | $129 → $127 |
| 2026-07-09 | RBC Capital | Target lowered | Outperform | $140 → $135 |
| 2026-07-09 | B of A Securities | Target lowered | Buy | $157 → $132 |

## Total return (dividends reinvested)
|  | 1Y (from 2025-10-23) | 5Y (from 2021-10-18) |
|---|---|---|
| Total return | +29.6% | +127.3% |
| S&P 500 (SPY) | +14.9% | +80.3% |
| Per year | +29.7% | +17.8% |
| Volatility (annualized) | 48.5% | 39.7% |
| Max drawdown | -32.1% (Jan 2026→Jul 2026) | -60.3% (Apr 2022→Feb 2024) |

## Peers (Gold)
AEM (Agnico Eagle Mines Limited) USD 176.15 -5.98% · B (Barrick Mining Corporation) USD 38.65 -5.18% · WPM (Wheaton Precious Metals Corp) USD 123.53 -6.54% · FNV (Franco-Nevada Corporation) USD 231.94 -4.74% · AU (AngloGold Ashanti PLC) USD 85.19 -6.89% · GFI (Gold Fields Limited) USD 35.14 -4.51%

## More
Full page: https://nexqual.com/NEM · Free keyless MCP server with the same data and citations: https://mcp.nexqual.com/mcp · Guide for agents: https://nexqual.com/agents · https://nexqual.com/llms.txt

## Supply chain and relationships (SEC annual reports)

Named in NEM's own 10-K filed 2026-02-19 (https://www.sec.gov/Archives/edgar/data/1164727/000116472726000010/nem-20251231.htm):

| Relationship | Company | Sentence in the filing |
|---|---|---|
| Partner | BARRICK MINING CORP (B) | "For example, our joint ventures, including the joint venture that combined our and Barrick Mining Corporation's ("Barrick") respective Nevada operations, forming NGM, pursuant to the operating agreement entered into on J…" |
| Partner | Staatsolie Maatschappij Suriname | "If Staatsolie does not have sufficient funds or borrowing ability to make their capital commitments in accordance with the terms of the partnership agreement, our operations in Suriname could be impacted." |
| Partner | Nevada Gold Mines | "It is noted that the Nevada mines owned by Nevada Gold Mines LLC, the joint venture between the Company (38.5%) and Barrick (61.5%), are not required to be disclosed in Exhibit 95 mine safety disclosure reporting as such…" |
| Partner | SSR MINING INC. (SSRM) | "Under the terms of the agreement with SSR, Newmont expects to receive deferred cash contingent consideration upon certain regulatory approvals, including the resolution of regulatory applications relating to the Carlton …" |

## Revenue by business segment (fiscal year ended 2024-12-31)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| NGM | $2.48B | 13.3% | +9.4% |
| Pe&#241;asquito: | $2.32B | 12.4% | +157.7% |
| Ahafo South | $1.92B | 10.3% | +70.2% |
| Cadia | $1.86B | 10.0% | +341.0% |
| Boddington: | $1.75B | 9.3% | -3.7% |
| Lihir | $1.47B | 7.9% | +453.8% |
| Tanami | $988.0M | 5.3% | +14.0% |
| Yanacocha | $841.0M | 4.5% | +56.6% |
| Porcupine | $673.0M | 3.6% | +33.8% |
| Merian | $660.0M | 3.5% | +5.6% |
| Brucejack | $610.0M | 3.3% | +747.2% |
| &#201;l&#233;onore | $583.0M | 3.1% | +28.7% |
| Cerro Negro | $566.0M | 3.0% | +11.0% |
| Musselwhite | $516.0M | 2.8% | +47.0% |
| Akyem | $495.0M | 2.6% | -13.8% |
| CC&V | $347.0M | 1.9% | +4.5% |
| Red Chris: | $325.0M | 1.7% | +915.6% |
| Telfer | $268.0M | 1.4% | +76.3% |
| Total revenue | $18.68B | 100% | — |

## Revenue by product line (quarter ended 2026-09-30)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| Gold Sales from Dor&#233; Production | $4.13B | 64.9% | +19.7% |
| Sales from Concentrate and Other Production | $2.23B | 35.1% | +7.7% |
| Total revenue | $6.36B | 100% | — |

## Revenue by region (fiscal year ended 2025-12-31)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| United Kingdom | $13.07B | 57.6% | +19.2% |
| South Korea | $3.20B | 14.1% | +63.4% |
| Japan | $2.00B | 8.8% | +4.3% |
| China | $1.41B | 6.2% | +343.7% |
| Other Countries | $1.38B | 6.1% | +18.5% |
| Australia | $803.0M | 3.5% | +96.3% |
| Mexico | $639.0M | 2.8% | +6.5% |
| Switzerland | $89.0M | 0.4% | -86.1% |
| Philippines | $82.0M | 0.4% | -88.4% |
| Total revenue | $22.67B | 100% | — |

## Analyst estimates and revisions

| Period | EPS est. | 90d ago | Change | Revenue est. | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends 2026-12-31) | $2.16 | $2.11 | +2.1% | $6.17B | 7 |
| Next quarter (ends 2027-03-31) | $2.30 | $2.62 | -12.3% | $6.48B | 6 |
| Current fiscal year (ends 2026-12-31) | $9.20 | $9.09 | +1.2% | $26.04B | 14 |
| Next fiscal year (ends 2027-12-31) | $10.18 | $10.52 | -3.3% | $28.18B | 15 |

## Options: expected move (Cboe, 15-min delayed)

| Expiration | Days | ATM IV | Expected move |
|---|---|---|---|
| 2026-10-30 | 7 | 60.0% | ±7.4% |
| 2026-11-06 | 14 | 52.2% | ±8.7% |
| 2026-11-13 | 21 | 47.6% | ±9.8% |
| 2026-11-20 | 28 | 46.0% | ±10.6% |
| 2026-11-27 | 35 | 40.8% | ±10.4% |
| 2026-12-04 | 42 | 40.3% | ±11.2% |
| 2026-12-18 | 56 | 39.4% | ±12.8% |
| 2027-01-15 | 84 | 37.7% | ±14.8% |