Latest Ratios: P/E Ratio 15.3x · EV/EBITDA 7.7x · ROE 22.1%. (1996–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $108.8B | $110.6B | $42.7B | $34.8B | $37.5B | $49.7B | $48.3B | $32.0B | $18.5B | $20.1B | $18.1B |
| Enterprise Value | $101.6B | $103.5B | $48.1B | $41.2B | $40.8B | $51.0B | $49.4B | $36.7B | $19.4B | $20.9B | $20.0B |
| P/E Ratio → | 15.32 | 15.58 | 13.01 | — | — | 42.48 | 17.06 | 11.42 | 54.14 | — | — |
| P/S Ratio | 4.92 | 5.01 | 2.30 | 2.96 | 3.14 | 4.08 | 4.23 | 3.29 | 2.55 | 2.73 | 2.70 |
| P/B Ratio | 3.20 | 3.25 | 1.42 | 1.19 | 1.92 | 2.27 | 2.02 | 1.43 | 1.61 | 1.74 | 1.52 |
| P/FCF | 14.91 | 15.16 | 14.43 | 358.86 | 34.46 | 18.92 | 13.48 | 22.82 | 23.32 | 15.96 | 10.95 |
| P/OCF | 10.53 | 10.71 | 6.72 | 12.60 | 11.65 | 11.61 | 9.89 | 11.17 | 10.15 | 9.45 | 6.50 |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 4.68 | 2.59 | 3.50 | 3.41 | 4.18 | 4.33 | 3.77 | 2.67 | 2.84 | 2.98 |
| EV / EBITDA | 7.74 | 7.88 | 5.56 | 9.61 | 8.63 | 8.38 | 8.78 | 9.75 | 7.58 | 7.76 | 8.56 |
| EV / EBIT | 9.82 | 9.99 | 9.69 | — | 231.70 | 37.11 | 14.40 | 9.16 | 20.75 | 16.02 | 767.78 |
| EV / FCF | — | 14.17 | 16.24 | 425.19 | 37.45 | 19.42 | 13.81 | 26.15 | 24.40 | 16.60 | 12.08 |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 49.8% | 49.8% | 34.6% | 9.9% | 17.9% | 19.5% | 31.1% | 20.8% | 21.9% | 22.2% | 19.6% |
| Operating Margin | 46.9% | 46.9% | 31.0% | 5.5% | 13.6% | 15.7% | 26.0% | 15.7% | 16.3% | 16.8% | 13.9% |
| Net Profit Margin | 32.1% | 32.1% | 18.0% | -21.4% | -3.8% | 9.6% | 24.8% | 28.8% | 4.7% | -1.6% | -0.4% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 22.1% | 22.1% | 11.3% | -10.3% | -2.2% | 5.1% | 12.2% | 16.5% | 3.0% | -1.0% | -0.2% |
| ROA | 12.5% | 12.5% | 6.0% | -5.4% | -1.2% | 2.8% | 7.0% | 9.2% | 1.6% | -0.5% | -0.1% |
| ROIC | 24.9% | 24.9% | 12.1% | 1.7% | 5.3% | 6.0% | 8.5% | 5.8% | 7.2% | 7.1% | 4.5% |
| ROCE | 20.7% | 20.7% | 11.7% | 1.5% | 4.4% | 5.0% | 7.8% | 5.4% | 6.2% | 6.4% | 4.3% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 0.01 | 0.01 | 0.30 | 0.32 | 0.31 | 0.29 | 0.28 | 0.31 | 0.37 | 0.35 | 0.39 |
| Debt / EBITDA | 0.04 | 0.04 | 1.04 | 2.20 | 1.30 | 1.04 | 1.19 | 1.84 | 1.66 | 1.51 | 1.98 |
| Net Debt / Equity | — | -0.21 | 0.18 | 0.22 | 0.17 | 0.06 | 0.05 | 0.21 | 0.08 | 0.07 | 0.16 |
| Net Debt / EBITDA | -0.55 | -0.55 | 0.62 | 1.50 | 0.69 | 0.22 | 0.21 | 1.24 | 0.34 | 0.30 | 0.80 |
| Debt / FCF | — | -0.98 | 1.81 | 66.33 | 2.99 | 0.50 | 0.32 | 3.33 | 1.09 | 0.64 | 1.12 |
| Interest Coverage | 34.40 | 34.40 | 12.89 | -7.19 | 0.78 | 5.17 | 11.80 | 12.84 | 4.75 | 5.64 | 0.11 |
Net cash position: cash ($7.6B) exceeds total debt ($474M)
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 1.72 | 1.72 | 1.63 | 1.25 | 2.23 | 2.90 | 2.52 | 2.63 | 2.95 | 3.62 | 2.67 |
| Quick Ratio | 1.46 | 1.46 | 1.34 | 0.81 | 1.63 | 2.23 | 1.99 | 1.86 | 2.21 | 2.65 | 1.88 |
| Cash Ratio | 1.34 | 1.34 | 0.48 | 0.50 | 1.28 | 1.91 | 1.73 | 1.04 | 1.93 | 2.38 | 1.61 |
| Asset Turnover | — | 0.39 | 0.33 | 0.21 | 0.31 | 0.30 | 0.28 | 0.24 | 0.35 | 0.36 | 0.32 |
| Inventory Turnover | 7.34 | 7.34 | 5.56 | 4.01 | 5.59 | 5.49 | 4.40 | 4.22 | 4.28 | 4.22 | 3.90 |
| Days Sales Outstanding | — | 11.20 | 20.77 | 38.03 | 21.08 | 10.09 | 14.35 | 14.00 | 17.39 | 11.76 | 18.71 |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | 1.0% | 1.0% | 2.7% | 4.1% | 4.7% | 3.5% | 1.7% | 2.8% | 1.6% | 0.7% | 0.4% |
| Payout Ratio | 15.6% | 15.6% | 34.2% | — | — | 150.7% | 29.5% | 31.7% | 88.3% | — | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 6.5% | 6.4% | 7.7% | — | — | 2.4% | 5.9% | 8.8% | 1.8% | — | — |
| FCF Yield | 6.7% | 6.6% | 6.9% | 0.3% | 2.9% | 5.3% | 7.4% | 4.4% | 4.3% | 6.3% | 9.1% |
| Buyback Yield | 2.1% | 2.1% | 2.9% | 0.0% | 0.0% | 1.1% | 1.1% | 1.5% | 0.5% | 0.1% | 0.0% |
| Total Shareholder Yield | 3.1% | 3.1% | 5.6% | 4.1% | 4.7% | 4.6% | 2.8% | 4.3% | 2.2% | 0.7% | 0.4% |
| Shares Outstanding | — | $1.1B | $1.1B | $841M | $795M | $801M | $806M | $737M | $535M | $535M | $531M |
Operational and jurisdictional volatility
According to recent market data, Newmont trades at a forward P/E of 9.36, which appears to discount the company's massive scale relative to peers like Agnico Eagle, suggesting investors remain cautious regarding the successful realization of synergies from the recent Newcrest Mining acquisition and ongoing operational integration.
The current valuation multiple suggests the market is applying a 'size discount' to Newmont, potentially due to the complexity of managing a global portfolio compared to more focused, single-region producers. While the forward P/E is attractive, it warrants further investigation into whether this reflects a genuine value opportunity or a structural lack of confidence in the company's ability to consistently replace reserves at low costs.
As reported in financial statements, Newmont’s ROIC has struggled to gain sustained momentum, fluctuating between 1.9% and 9.2% over the last ten quarters, which indicates that the company’s massive capital base has yet to generate returns that consistently exceed the industry's weighted average cost of capital.
The volatility in ROIC appears driven by the lumpy nature of large-scale capital expenditures and the integration of significant assets that have not yet reached full operational maturity. Investors should monitor whether the company can improve these returns as it shifts focus from aggressive acquisition-led growth toward optimizing its existing Tier 1 asset base.
Based on reported figures, Newmont’s cash conversion cycle has shown significant variability, peaking at 72 days in 2024Q1 before moderating to 51 days by 2025Q4, reflecting the inherent challenges of managing inventory and collection cycles across a geographically dispersed and complex global mining supply chain.
The fluctuation in the cash conversion cycle suggests that inventory management, particularly regarding ore on leach pads, remains a critical variable in the company's short-term liquidity. While the recent trend toward a shorter cycle is encouraging, it may be sensitive to operational disruptions at key sites, which could quickly reverse these efficiency gains.
Financial analysts frequently misapply standard P/E multiples to Newmont, as reported in industry research, because this metric fails to account for the massive non-cash depreciation and depletion charges that are inherent to the extractive industry and often obscure the company's true underlying cash-generative capacity.
Using P/E as the primary valuation tool for a business with such high capital intensity and non-cash accounting charges can lead to a distorted view of profitability. Investors should instead prioritize metrics like EV/EBITDA or P/FCF, which better capture the cash-flow-generative potential of the company's mining operations after accounting for the necessary sustaining capital expenditures.
Includes 30+ ratios · 30 years · Updated daily
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Quick answers to the most common questions about buying NEM stock.
Newmont Corporation's current P/E ratio is 15.3x. The historical average is 37.3x. This places it at the 20th percentile of its historical range.
Newmont Corporation's current EV/EBITDA is 7.7x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 10.1x.
Newmont Corporation's return on equity (ROE) is 22.1%. This is above the typical threshold of 15-20% considered good for most companies. The historical average is 3.2%.
Based on historical data, Newmont Corporation is trading at a P/E of 15.3x. This is at the 20th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
Newmont Corporation's current dividend yield is 1.02% with a payout ratio of 15.6%.
Newmont Corporation has 49.8% gross margin and 46.9% operating margin. Operating margin above 20% indicates strong pricing power and cost efficiency.
Newmont Corporation's Debt/EBITDA ratio is 0.0x, indicating low leverage. A ratio below 2x is generally considered financially healthy.