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Newmont Corporation — Intrinsic Value & Fair Price

NEM
NYSEBasic MaterialsGoldCIK 0001164727newmont.comAbout NEM
Last close · Oct 16, 2026118.60+2.81 (+2.43%)
Market cap$125.0B
Model value · DCF · Perpetuity growth · 5y
20.66
Newmont closed at $118.60 — overvalued by 474% vs model.
13.73the model's range46.24

DCF · Perpetuity growth · 5y leads for a cyclical company — positive operating income and three years of positive free cash flow. From a five-year discounted cash flow.

Other models
17.84 – 161.07
Wall St. target
142.00 16% below
Above model, 1y
20 of 20 days

Price and model value

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What the marks mean
Daily close

Dividends

Quarterly · as of Oct 16, 2026
Yield, trailing 12 months
0.87%
Past 2 years
low 0.75%high 2.83%
Dividends per share, a year at a time
$2.05Sep ’21$2.20Sep ’22$1.75Sep ’23$1.15Sep ’24$1.00Sep ’25$1.03TTM
Dividends / free cash flow, FY2025
15.2%
Raised
—
Growth, 5 yrs
-12.9% a year
Last change
+4.0% · Mar 2026
Every payment, with ex-dates · latest $0.26, paid Sep 28, 2026

Research on NEM

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How it is valued

Valued asCyclical
High revenue growth (~39% recent)High profitability (31% net margin)Highly cyclical earningsStrong FCF yield (5.8%)
What growth the price implies: the reverse DCF

Key figures

FY2025 · chosen for cyclical companies
P/E
18.6×
EV / EBITDA
8.0×
FCF yield
5.6%
Dividend yield, TTM
0.87%
Beta
0.53
Cost of capital (WACC)
7.73%
Full financials

Analyst actions

third-party, quoted
10-16CIBC · target154.00
09-09Bernstein · target144.00
08-24Raymond James · target140.00
07-14TD Cowen · “Buy” from “Hold”upgrade
Ratings, targets and estimates

Comparable companies

by business, not by industry label

The weekly

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About Newmont

Newmont Corporation is primarily involved in the mining and exploration of gold resources. Additionally, the company undertakes prospecting for other base and precious metals, including copper, silver, zinc, and lead. Its operations and assets are geographically widespread, located across various countries such as the United States, Canada, Mexico, the Dominican Republic, Peru, Suriname, Argentina, Chile, Australia, and Ghana. As of the close of 2021 (December 31st), Newmont reported substantial proven and probable gold reserves, totaling 92.8 million ounces, and managed a vast land portfolio covering 62,800 square kilometers. Founded in 1916, the company's corporate headquarters are situated in Denver, Colorado.

CEO
Natascha Viljoen
Headquarters
Denver, CO
Employees
17,500
IPO
1980-03-17
Full company profile

Model estimates for research reference only, not investment advice. Every model rests on assumptions that may not match what happens; the formulas are in how we value a stock.