At a glance
Newmont Goldcorp Corp is worth $113.37B, about 17 times its fiscal 2025 earnings. Revenue grew 21.3% to $22.67B in fiscal 2025, with 31.3% kept as profit; over 5 years it has grown 14.5% a year. It pays a 0.94% dividend yield, and returned $11.24B to shareholders in dividends and buybacks over FY2021–FY2025. The stock returned +36.0% over the past year with dividends reinvested and +18.0% a year over five years, against +11.5% and +11.7% for the S&P 500. At its worst it fell 24.5% in the 2020 crash (S&P 500: 33.7%) and 51.9% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high within a month and 35 months after the lows.
The business in plain English
Denver-based Newmont, founded in 1921, is primarily a gold miner. It says it is the world's top gold producer, with about 5% of global mined output. Gold made up 85% of its $22.7 billion in 2025 sales. Copper (6%), silver (5%), zinc (3%) and lead (1%), mined alongside gold at some sites, made up the rest. Newmont does not hedge (lock in future selling prices), so revenue rises and falls with metal prices.
Most gold leaves the mines as doré, bars of mostly gold plus some silver, which refiners turn into 99.95% pure bullion for a fee. Doré sales were 63.2% of 2025 revenue. The other 36.8% came from concentrate, a metal-rich powder sold to smelters, and other production. By buyer location, the United Kingdom, home to the London gold market, took 57.6% of sales, followed by South Korea (14.1%) and Japan (8.8%).
Newmont reports 13 segments: 12 mines it runs, including Lihir in Papua New Guinea, Cadia and Boddington in Australia, Peñasquito in Mexico and Ahafo North in Ghana, plus a 38.5% stake in Nevada Gold Mines, which it does not manage. It also owns 40% of the Pueblo Viejo mine and 32% of Lundin Gold. After buying Newcrest Mining in November 2023, it sold six mines and a development project it judged non-core.
Price history
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NEM +36.0% over the year to Nov 2, 2026, total return with dividends reinvested.
How it makes money
By product or service
| Gold Dore | $14.33B | 63.2% |
| Sales from Concentrate and Other Production | $8.34B | 36.8% |
By geography
| United Kingdom | $13.07B | 57.6% |
| South Korea | $3.20B | 14.1% |
| Japan | $2.00B | 8.8% |
| China | $1.41B | 6.2% |
| Other | $1.38B | 6.1% |
| Australia | $803.0M | 3.5% |
| Mexico | $639.0M | 2.8% |
| Switzerland | $89.0M | 0.4% |
| Philippines | $82.0M | 0.4% |
Latest results
- In Q3 FY2026 (ended Sep 30, 2026), revenue was $6.36B, up 15.2% from a year earlier, and net income was $2.48B (+35.1%).
- For fiscal 2025, revenue was $22.67B (+21.3% year over year; +14.5% a year from FY2020 to FY2025) with a 31.3% net margin.
Financial health check
| Revenue growth a year (FY2020–FY2025) | +14.5% good |
|---|---|
| Free cash flow margin | 32.2% good |
| Return on equity (FY2025) | 20.9% good |
| Return on assets (FY2025) | 12.4% good |
| Net cash (cash minus debt) | $7.81B good |
| Fiscal year | Revenue | Net income | Free cash flow |
|---|---|---|---|
| FY2020 | $11.50B | $2.83B | $3.58B |
| FY2021 | $12.22B | $1.17B | $2.63B |
| FY2022 | $11.91B | $-429.0M | $1.09B |
| FY2023 | $11.81B | $-2.49B | $97.0M |
| FY2024 | $18.68B | $3.35B | $2.96B |
| FY2025 | $22.67B | $7.08B | $7.30B |
Valuation snapshot
| Market value | $113.37B |
|---|---|
| P/E ratio | 17.1 |
| Dividend yield | 0.94% |
Rank among 1514 US companies
Market value at each year end
Newmont Goldcorp’s market value went from $18.08B at the end of 2016 to $113.37B on Nov 2, 2026, about 6.3 times as much; since the end of 2025 it is up 4%.
Show as a table
| Year end | Market value | Change |
|---|---|---|
| Nov 2, 2026 | $113.37B | +4.0% |
| 2025 | $108.96B | +157.2% |
| 2024 | $42.37B | +28.8% |
| 2023 | $32.90B | -12.2% |
| 2022 | $37.46B | -24.2% |
| 2021 | $49.46B | +2.8% |
| 2020 | $48.11B | +35.1% |
| 2019 | $35.62B | +93.0% |
| 2018 | $18.46B | -7.8% |
| 2017 | $20.01B | +10.7% |
| 2016 | $18.08B |
Price behavior
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | |
|---|---|---|---|---|---|
| NEM price data to Nov 2, 2026 | +10.0% | +36.0% | +44.9% | +18.0% | +14.1% |
Show as a table
| Year | Price data |
|---|---|
| 2026 (to date) | +10.0% |
| 2025 | +172.8% |
| 2024 | -7.9% |
| 2023 | -8.8% |
| 2022 | -20.8% |
| 2021 | +7.4% |
| 2020 | +40.3% |
| 2019 | +30.6% |
| 2018 | -6.1% |
| 2017 | +10.9% |
| 2016 | +90.2% |
| 2015 | -4.2% |
| 2014 | -17.1% |
| 2013 | -48.5% |
| 2012 | -20.4% |
| 2011 | -0.7% |
| 2010 | +31.0% |
| 2009 | +17.3% |
| 2008 | -15.7% |
| 2007 | +9.1% |
| 2006 | -14.8% |
| 2005 | +21.4% |
| 2004 | -8.0% |
| 2003 | +68.3% |
| 2002 | +52.6% |
| 2001 | +12.7% |
| 2000 | -29.9% |
| 1999 | +35.3% |
| 1998 | -37.2% |
| 1997 | -33.0% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Lost 16.5% over that stretch · deepest drop along the way 61.4%, back to its old high 13.1 months after the low |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Lost 9.5% over that stretch · deepest drop along the way 24.5%, back to its old high 0.9 months after the low |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Lost 29.3% over that stretch · deepest drop along the way 51.9%, back to its old high 35.4 months after the low |
Insider activity
Form 4 filings from 2025-10-29 to 2026-10-29 (25 read): 0 open-market purchases and 10 sales ($4.9M), 9 of them under pre-arranged 10b5-1 trading plans.
| Date | Insider | Type | Value |
|---|---|---|---|
| Aug 5, 2026 | Brian Tabolt Chief Financial Officer | sell | $1.2M |
| Aug 5, 2026 | Natascha Viljoen President & CEO, Director | sell (plan) | $807K |
| Sep 1, 2026 | Natascha Viljoen President & CEO, Director | sell (plan) | $477K |
| Oct 1, 2026 | Natascha Viljoen President & CEO, Director | sell (plan) | $446K |
| Jun 1, 2026 | Natascha Viljoen President & CEO, Director | sell (plan) | $409K |
Who owns it
Large shareholders (13G filings)
| BlackRock, Inc. | 8.7% | Mar 31, 2025 |
| Vanguard Capital Management | 7.7% | Mar 31, 2026 |
ETFs with the most weight in NEM
| RING iShares MSCI Global Gold Miners ETF | 16.79% |
| SGDM Sprott Gold Miners ETF | 13.16% |
| GDX VanEck Gold Miners ETF | 11.93% |
| AGMI Themes Silver Miners ETF | 11.36% |
| GDMN WisdomTree Efficient Gold Plus Gold Miners Strategy Fund | 7.13% |
| XME SPDR S&P Metals & Mining ETF | 5.5% |
| IYM iShares U.S. Basic Materials ETF | 5.29% |
| XLB Materials Select Sector SPDR Fund | 5.26% |
What could go wrong
- Profits swing with gold prices. Gold made up 85% of 2025 sales, and Newmont does not hedge, or lock in, its selling prices. A long slump would cut revenue and profits and could make some ore too costly to mine.
- Political risk in key mining countries. Its annual report singles out political, social and economic risks at Yanacocha (Peru), Merian (Suriname), Ahafo (Ghana), Lihir (Papua New Guinea), Peñasquito (Mexico) and its Argentina operations.
- Mines run out and need replacing. Every ounce mined must be replaced to keep output steady. Exploration often fails, new finds can take many years to reach production, and acquiring reserves from others relies on uncertain estimates.
- Ore and ground conditions may disappoint. Reserve figures are estimates. The ore recovered may be smaller or lower grade (less metal per ton) than expected. Unstable ground, heat or groundwater problems can disrupt mining and cut production.
- Partners run some important assets. Newmont owns 38.5% of Nevada Gold Mines, which it does not manage, plus minority stakes in Pueblo Viejo and Lundin Gold. Partners may make spending and operating decisions that don't suit Newmont.
- Rising costs can squeeze profits. Energy, labor, equipment and contractors drive mining costs. Higher input prices, energy shortages or projects that cost more than planned can reduce profits even when metal prices hold up.
Recent events
- Quarterly results released
- Executive or board change
- Major agreement signed; Investor presentation or announcement
- Quarterly results released
- Executive or board change; Investor presentation or announcement
- Shareholder vote results
- Executive or board change
- Quarterly results released
- Quarterly results released
For income and retirement investors
Newmont pays a dividend but has not raised it steadily. Dividends per share were $2.20 in 2021 and 2022. They fell to $1.60 in 2023 and $1.00 in 2024, and stayed at $1.00 in 2025. The 2025 payout used about 16% of earnings and 15% of free cash flow (cash left after capital spending). The yield was 0.91% as of October 27, 2026, so the shares produce modest income. Buybacks rose to $2.3 billion in 2025, yet the share count grew 30.3% between October 2021 and October 2026.
The stock has fallen sharply in downturns. It dropped 61.4% during the 2008 financial crisis and regained its earlier peak about 13 months after the low. It fell 51.9% in the 2022 bear market and took about 35 months to recover. In the 2020 COVID crash it fell 24.5% but recovered within a month. As with any single stock, Newmont carries more risk than a diversified fund.
Questions investors ask
How does Newmont make money?
Newmont makes money by mining and selling metal, mostly gold. Gold made up 85% of 2025 sales, and copper, silver, zinc and lead made up the rest. Refiners turn its gold-rich doré bars into bullion, and smelters purchase its concentrate, a partly processed ore. In 2025, revenue was $22.7 billion and net income was $7.1 billion. It runs 12 mines in Australia, Papua New Guinea, Ghana, Suriname, Argentina, Peru, Mexico and Canada, and owns 38.5% of Nevada Gold Mines.
Does Newmont raise its dividend every year?
No. Newmont paid $2.20 per share in 2021 and 2022. It then cut the dividend to $1.60 in 2023 and $1.00 in 2024, and kept it at $1.00 in 2025. From 2020 to 2025, regular dividends per share shrank by about 0.8% a year. The 2025 dividend took only about 16% of earnings and 15% of free cash flow (cash left after capital spending). The yield was 0.91% as of October 27, 2026.
Does Newmont stock follow the price of gold?
Largely, but not exactly. Gold made up 85% of 2025 sales, and Newmont does not hedge, or lock in, its selling prices. The average gold price rose from $2,386 an ounce in 2024 to $3,432 in 2025. Over the same years, revenue grew 21.3% and net income more than doubled, even though Newmont produced fewer ounces after selling mines. The shares gained about 173% in 2025. Yet they fell about 9% in 2023 and 8% in 2024, even though average gold prices rose in both years.
How much debt does Newmont have?
Newmont had more cash than debt as of September 30, 2026. Cash and investments totaled $12.9 billion and total debt was $5.1 billion, leaving net cash of about $7.8 billion. Shareholders' equity (assets minus liabilities) was $35.7 billion. That cushion may help in a gold-price slump. Still, the company's annual report warns that a credit-rating downgrade could raise future borrowing costs and make new financing harder to get.
How has Newmont stock performed over the long term?
Well over the past 10 years, but with big swings. Based on share prices as of October 27, 2026, the stock returned 44.6% over one year. It averaged 17.5% a year over five years and 15.3% a year over 10 years. Across 30 years of price history, the average was about 4.6% a year, and the deepest drop was 76.5%. In the year to October 27, 2026, its beta was 1.68, meaning it tended to move about 1.7 times as much as the overall stock market.