Newmont Corporation (NEM) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

-25.1%

$82.30

vs $109.92 price

Levered DCF

$215.50

After debt service

Piotroski score

9 / 9

Strong

Altman Z-score

4.66

Safe zone

Rating

Overall 4 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
P/E	15.58×	13.01×	-13.8×	-81.38×	42.48×	17.01×	11.39×	54.14×
P/B	3.26×	1.43×	1.2×	1.94×	2.25×	2.09×	1.49×	1.76×
P/S	4.87×	2.3×	2.96×	3.14×	4.07×	4.22×	3.28×	2.54×
EV / EBITDA	7.7×	6.37×	126.9×	17.25×	13.76×	8.6×	6.14×	8.99×
Gross margin	53.2%	34.6%	9.9%	17.9%	19.5%	31.1%	20.8%	21.9%
Operating margin	48.6%	31.0%	5.5%	13.6%	15.7%	26.0%	15.7%	16.3%
Net margin	31.3%	18.0%	-21.4%	-3.8%	9.6%	24.8%	28.8%	4.7%
Current ratio	2.29×	1.63×	1.25×	2.23×	2.9×	2.52×	2.63×	2.95×
Debt / equity	0.17×	0.3×	0.33×	0.32×	0.29×	0.29×	0.32×	0.41×
Interest coverage	48.14×	14.93×	2.62×	7.14×	7.2×	10.19×	4.88×	6×
Dividend yield	1.0%	2.7%	4.1%	4.7%	3.5%	1.7%	2.8%	1.6%
Payout ratio	15.6%	34.2%	-56.1%	-380.4%	150.7%	29.5%	31.7%	88.3%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	20.9%	11.2%	-8.7%	-2.4%	5.3%	12.3%	13.1%	3.2%
Return on invested capital	13.0%	8.1%	1.3%	-32.4%	0.7%	6.0%	3.2%	2.7%
Return on assets	12.4%	5.9%	-4.5%	-1.2%	2.9%	6.8%	7.0%	1.6%
Free cash flow yield	6.6%	6.9%	0.3%	2.9%	5.3%	7.4%	4.4%	4.3%
Earnings yield	6.4%	7.8%	-7.2%	-1.2%	2.4%	5.9%	8.8%	1.8%
Enterprise value	$108.5B	$48B	$41.2B	$40.7B	$50.9B	$49.3B	$36.6B	$19.3B
Net debt / EBITDA	-0.14×	0.71×	19.8×	1.38×	0.35×	0.2×	0.78×	0.4×
Cash conversion cycle (days)	93	61	96	63	57	75	75	83