Newmont Mining Corporation
NEM
$97.73
+2.47%
Newmont Corporation is the world's largest gold miner, operating a portfolio of 11 mines and interests in two joint ventures across the Americas, Africa, Australia, and Papua New Guinea, with significant byproduct production of copper, silver, zinc, and lead. As the industry leader by scale and reserves, Newmont has solidified its position through strategic acquisitions, including Goldcorp in 2019 and Newcrest in 2023, and a Nevada joint venture with Barrick. The current investor narrative centers on the company's ability to navigate a volatile gold price environment—marked by a recent bear market—while executing a portfolio optimization strategy that includes divesting higher-cost mines and returning capital to shareholders through a $6 billion buyback. Recent attention has also focused on valuation, with analysts like TD Cowen upgrading the stock on compelling long-term value despite near-term headwinds from falling gold prices and rising costs.…
NEM
Newmont Mining Corporation
$97.73
Related headlines
NEM 12-Month Price Forecast
Wall Street consensus
Most Wall Street analysts maintain a constructive view on Newmont Mining Corporation's 12-month outlook, with a consensus price target around $129.27 and implied upside of +32.3% versus the current price.
Average Target
$129.27
0 analysts
Implied Upside
+32.3%
vs. current price
Analyst Count
—
covering this stock
Price Range
$67 - $168
Analyst target range
The target price range spans from a low of $67.00 to a high of $168.00, indicating a wide dispersion of 151% between the low and high, which signals high uncertainty about the stock's future. The low target of $67.00 assumes continued gold price declines and margin compression, while the high target of $168.00 implies a recovery in gold prices and successful execution of cost-cutting measures. Recent institutional ratings show a positive trend, with TD Cowen upgrading in July 2026 and no downgrades in the past three months, suggesting that analysts are becoming more optimistic. The wide range and recent upgrades suggest that while there is conviction in the long-term story, near-term volatility remains a key risk.
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NEM Technical Analysis
Newmont's stock is in a clear downtrend over the past six months, with the price falling from a 52-week high of $134.88 to a current $93.71, a decline of 30.5% from that peak. The 1-year price change is +50.9%, but this masks a significant correction from the highs; the stock is currently trading at 69.5% of its 52-week range (calculated as (93.71 - 61.83) / (134.88 - 61.83) = 0.695), indicating it is closer to the low end of its annual range. This positioning suggests that while the longer-term trend has been bullish, the recent pullback has brought the stock to a level where value investors may start to take notice, though the risk of further downside remains if the downtrend persists.
Beta
0.50
0.50x market volatility
Max Drawdown
-32.4%
Largest decline past year
52-Week Range
$65-$135
Price range past year
Annual Return
+49.4%
Cumulative gain past year
| Period | NEM Return | S&P 500 |
|---|---|---|
| 1m | +0.7% | +3.6% |
| 3m | -15.1% | +5.1% |
| 6m | -10.0% | +13.8% |
| 1y | +49.4% | +22.2% |
| ytd | -3.4% | +13.1% |
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NEM Fundamental Analysis
Newmont's revenue trajectory has been robust, with the most recent quarter (Q1 2026) reporting revenue of $7.183 billion, a 47.5% year-over-year increase from $4.871 billion in Q1 2025. This growth is driven by soaring gold prices and contributions from the Newcrest acquisition, with sequential revenue also rising from $6.571 billion in Q4 2025. The multi-quarter trend shows accelerating growth, as revenue grew from $5.275 billion in Q2 2025 to $5.380 billion in Q3 2025, then to $6.571 billion in Q4 2025, and finally to $7.183 billion in Q1 2026. The company's gold dore segment contributed $4.776 billion in revenue, while sales from concentrate and other production added $2.531 billion, indicating a diversified revenue base within its mining operations.
Quarterly Revenue
$7.2B
2026-03
Revenue YoY Growth
+47.5%
YoY Comparison
Gross Margin
62.4%
Latest Quarter
Free Cash Flow
$12.3B
Last 12 Months
Revenue & Net Income Trends (2 Years)
Revenue Breakdown
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Valuation Analysis: Is NEM Overvalued?
Given Newmont's positive net income of $3.262 billion in Q1 2026, the PE ratio is the primary valuation metric. The trailing PE is 15.58x, while the forward PE is 8.85x, implying that the market expects significant earnings growth, likely due to sustained high gold prices and operational improvements. The gap between trailing and forward PE suggests a 43% earnings growth expectation, which is aggressive but supported by recent performance and analyst estimates. The PEG ratio of 0.13x further indicates that the stock is undervalued relative to its growth rate, making it an attractive value proposition if the growth materializes.
PE
15.6x
Latest Quarter
vs. Historical
Low-End
5-Year PE Range 7x~65x
vs. Industry Avg
N/A
Industry PE ~N/A*
EV/EBITDA
7.3x
Enterprise Value Multiple
