---
title: Newmont (NEM) — intrinsic value and fair price
canonical: https://sweetvaluelab.com/stocks/nem
ticker: NEM
as_of: 2026-10-17
sector: Basic Materials
industry: Gold
---
# Newmont (NEM)

Newmont (NEM) closed at $118.60 on Oct 16, 2026, overvalued by 474% vs its model value of $20.66 (from a five-year discounted cash flow).

## Key figures

| Figure | Value |
| --- | ---: |
| Last close | $118.60 (Oct 16, 2026) |
| Model value (from a five-year discounted cash flow) | $20.66 |
| Price vs model | overvalued by 474% vs model |
| Range of that model | $13.73 – $46.24 |
| Market value | $125.0B |
| P/E (fiscal 2025) | 18.6 |
| Net margin (fiscal 2025) | 32.1% |
| Free cash flow (fiscal 2025) | $7.3B |
| Dividend yield (trailing twelve months) | 0.87% |
| Beta | 0.53 |
| Cost of capital (WACC) | 7.73% |
| Business classification | Cyclical (High revenue growth (~39% recent), High profitability (31% net margin), Highly cyclical earnings, Strong FCF yield (5.8%)) |

## Dividends

| Figure | Value |
| --- | ---: |
| Trailing dividend yield | 0.87% |
| Dividends per share, last 12 months | $1.03 |
| Dividends / free cash flow (fiscal 2025) | 15.2% |
| Raised | — |
| Growth over 5 years | -12.9% a year |
| Latest payment | $0.26, ex-date Sep 3, 2026, paid Sep 28, 2026 |

| Year of payments | Dividends per share |
| --- | ---: |
| To Sep 8, 2021 | $2.05 |
| To Sep 7, 2022 | $2.20 |
| To Sep 6, 2023 | $1.75 |
| To Sep 5, 2024 | $1.15 |
| To Sep 4, 2025 | $1.00 |
| Trailing twelve months (to Sep 3, 2026) | $1.03 |

## Valuation models

Each model's value per share and the role the engine gave it for this business. The headline above is one model's value; every other model is listed with its own, and each has a page of its own under the valuation. Computed Oct 17, 2026.

| Model | Role | Value per share | Low | High |
| --- | --- | ---: | ---: | ---: |
| DCF · Perpetuity growth · 5y | primary | $20.66 | $13.73 | $46.24 |
| DCF · Perpetuity growth · 10y | cross check | $24.45 | $16.49 | $53.37 |
| DCF · EBITDA exit · 5y | cross check | $42.15 | $20.55 | $67.85 |
| DCF · EBITDA exit · 10y | cross check | $39.64 | $20.35 | $66.25 |
| P/E · peers | cross check | $99.26 | $93.03 | $115.84 |
| P/E · own history | cross check | $161.07 | $134.13 | $247.26 |
| PEG | sanity check | $107.51 | $107.51 | $107.51 |
| EV/EBITDA · peers | cross check | $98.59 | $66.01 | $117.42 |
| EV/Revenue · peers | cross check | $87.38 | $61.70 | $91.98 |
| Earnings power value | cross check | $27.49 | $23.40 | $33.56 |
| Dividend discount | cross check | $17.84 | $12.40 | $30.90 |

## Insider activity (SEC Form 4)

Past 90 days: 0 open-market buys ($0) and 7 open-market sales ($3.9M); 10b5-1 plan sales included.

| Date | Insider | Relationship | Transaction | Shares | Value |
| --- | --- | --- | --- | ---: | ---: |
| Oct 1, 2026 | Toth Peter | EVP, Chief Sustain & Dev Off | Open-market sell (10b5-1 plan) | 3,000 | $344,430 |
| Oct 1, 2026 | Viljoen Natascha | President & CEO | Open-market sell (10b5-1 plan) | 3,882 | $445,692.4 |
| Sep 2, 2026 | Beaven Peter David | Director | Grant / award | 1,092 | $0 |
| Sep 1, 2026 | Toth Peter | EVP, Chief Sustain & Dev Off | Open-market sell (10b5-1 plan) | 3,000 | $369,000 |
| Sep 1, 2026 | Viljoen Natascha | President & CEO | Open-market sell (10b5-1 plan) | 3,882 | $477,486 |

## Recent SEC filings

| Filed | Form | What | Filing |
| --- | --- | --- | --- |
| Aug 20, 2026 | 8-K | 5.02 Departure/Election of Directors or Officers | https://www.sec.gov/Archives/edgar/data/1164727/000110465926099237/tm2623668d1_8k.htm |
| Aug 13, 2026 | 8-K | 1.01 Entry into a Material Agreement; 7.01 Regulation FD Disclosure; 9.01 Financial Statements and Exhibits | https://www.sec.gov/Archives/edgar/data/1164727/000110465926095968/tm2623048d1_8k.htm |
| Jul 23, 2026 | 10-Q | Quarterly report | https://www.sec.gov/Archives/edgar/data/1164727/000116472726000036/nem-20260630.htm |
| Jul 23, 2026 | 8-K | 2.02 Results of Operations (Earnings); 9.01 Financial Statements and Exhibits | https://www.sec.gov/Archives/edgar/data/1164727/000116472726000034/nem-20260723.htm |
| Jun 15, 2026 | 8-K | 5.02 Departure/Election of Directors or Officers; 7.01 Regulation FD Disclosure; 9.01 Financial Statements and Exhibits | https://www.sec.gov/Archives/edgar/data/1164727/000110465926074137/tm2617970d1_8k.htm |

## Superinvestors holding it (latest 13F)

| Manager | Quarter | Shares | Value |
| --- | --- | ---: | ---: |
| First Eagle | 2026-06-30 | 11,570,326 | $1.1B |
| Bridgewater | 2026-06-30 | 2,695,170 | $251.7M |
| Christopher Bloomstran | 2026-06-30 | 447,228 | $41.8M |
| Mairs & Power | 2026-06-30 | 5,000 | $467,000 |

4 tracked managers in all.

## About

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.

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Source: https://sweetvaluelab.com/stocks/nem (SweetValueLab, free, no account). Prices and statements from Financial Modeling Prep; filings from SEC EDGAR. Research and educational data, not investment advice; nothing here is a recommendation to buy, sell or hold any security.