| Factor | Score | Distribution | Value | Avg | Rank |
|---|---|---|---|---|---|
Valuation | 72 | 15.6x | 17.6x | Top tier | |
Growth | 92 | 25.2% | 7.1% | Top tier | |
Quality | 85 | 16.1% | 4.5% | Top tier | |
Safety | 84 | — | 2.6x | Top tier | |
Capital Return | 37 | 0.82% | 2.15% | Bottom tier | |
Momentum | 80 | 46.8% | 2.3% | Top tier | |
Sentiment | 67 | 10 | 3 | Top tier |
Estimates — analyst targets and a simplified DCF, not investment advice.
Ten ratios that matter, each compared against its sector median and average — so you can see whether a number is rich or cheap relative to peers in the same sector.
Newmont Corporation is a multi-asset mining company operating 12 sites, generating revenue primarily from the production and sale of gold alongside copper and silver. In Q2 FY 2026, it produced 1.3 million ounces of gold, 17 thousand tonnes of copper, and 7 million ounces of silver, demonstrating that gold is the primary operational driver, with secondary metals contributing to production diversification and reducing gold costs on a by-product basis. Its portfolio includes named assets and projects such as Lihir, Cadia, Ahafo North, Boddington, Peñasquito, Tanami, Red Chris, and Cerro Negro, in addition to its interest in the Nevada Gold Mines joint venture.
In Q2 FY 2026, revenue was $6.1 billion, net income was $2.2 billion, and diluted earnings per share were $2.06, equivalent to a net income margin of approximately 36% calculated from the reported figures. The company also recorded adjusted net income of $2.10 per share and adjusted earnings before interest, taxes, depreciation, and amortization of $3.8 billion. This compares with revenue of $7.3 billion, net income of $3.3 billion, and earnings per share of $3 in Q1 FY 2026, while FY 2025 revenue was approximately $22.7 billion and net income was $7.1 billion.
Operations in Q2 FY 2026 supported operating cash flow after working capital of $2.9 billion and record second-quarter free cash flow of $2.2 billion. The average realized gold price was $4,414 per ounce, while gold all-in sustaining costs were $1,621 per ounce on a by-product basis, below FY 2026 guidance of $1,680. Newmont ended the quarter with net cash of $3.4 billion, while returning approximately $1.8 billion to shareholders during the quarter through dividends and share repurchases.
The analyst consensus on NEM shares is “Buy,” with an average target of $136.18 and a wide range between $110 and $170; the average is only approximately 0.7% above the 52-week range high of $135.29, while the range low is $71.49. Higher gold prices and free cash flow of $2.2 billion in Q2 FY 2026 support a re-rating, but the wide target range and the risks of cost inflation and capital projects justify caution, and the available information does not include a usable price-to-earnings ratio.
Figures in the text are as of 2026-08-27; the live price is shown at the top of the page.
Newmont generated revenue of $6.1 billion, net income of $2.2 billion, and diluted earnings per share of $2.06 in Q2 FY 2026. Adjusted net income was $2.10 per share, with adjusted earnings before interest, taxes, depreciation, and amortization of $3.8 billion. The most prominent driver was an average realized gold price of $4,414 per ounce, an annual increase of approximately $1,100, compared with only a 4% increase in absolute costs applicable to sales.
Management confirmed during the July 23, 2026 call that FY 2026 guidance for production, costs, and capital expenditure was unchanged. The company expects 49% of annual production to have been achieved in the first half and 51% in the second half, with Q3 production close to Q2 and then increasing in Q4. Gold all-in sustaining cost guidance also remained at $1,680 per ounce, compared with $1,621 achieved in Q2.
The company generated $2.9 billion in operating cash flow after working capital and $2.2 billion in free cash flow in Q2 FY 2026. It returned approximately $1.8 billion to shareholders during the quarter through dividends and share repurchases, with a declared quarterly dividend of $0.26 per share. From the launch of the repurchase program more than two years ago through July 2026, Newmont reduced its share count by more than 100 million shares, or approximately 9%, and $4.3 billion remained under the April 2026 authorization.
Automated analysis for informational purposes only — not investment advice.
In Q2 FY 2026, Red Chris Block Cave received key regulatory approvals from British Columbia, and Newmont is working to complete the feasibility study before a final investment decision. Management acknowledged that project capital will be higher than Newcrest’s original estimates, but said design modifications following the September 2025 rockfall incident reduced risks and improved project economics. At Cadia, the two operating caves returned to production in mid-June 2026, while development of PC2-3 and PC1-2 remained subject to completion of safety requirements and regulatory approvals.
Gold all-in sustaining costs were $1,621 per ounce in Q2 FY 2026 and remained below annual guidance of $1,680. Nevertheless, management said every $10 increase in the price of a barrel of oil adds an annual impact of approximately $60 million, with pressure potentially flowing through to diesel, freight, explosives, cyanide, and grinding media. The company expected a moderate increase in unit costs in Q3 FY 2026 due to approximately flat production and an increase in sustaining capital expenditure of approximately $150 million compared with Q2.
The July 23, 2026 call stated that Natascha Viljoen serves as President and Chief Executive Officer, and that Brian Tabolt was appointed Executive Vice President and Chief Financial Officer after holding financial roles at Newmont since 2021. Mark Rodgers was also appointed Chief Operating Officer and Dave Thornton Chief Technical Officer, while David Fry was promoted to Executive Vice President of Project Development. The company linked these appointments to improving financial discipline, operational performance, technical expertise, and the execution of growth projects across its 12 operations.
