Newmont Goldcorp Corp (NEM)
Official siteBASIC MATERIALS • GOLD • NYSE
Market Cap: $142.40B
Last updated: Aug 27, 2026 at 5:00 PM ET
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Gold Fields: The 137-Year-Old Miner That Finally Learned to Print Cash
Founded in 1887 by Cecil Rhodes, (GFI) has survived wars, apartheid, and commodity crashes. Now it runs on one of the strongest free cash flow profiles in the gold sector. FY 2025 adjusted free cash flow of $2.97B and net debt/EBITDA of just 0.26x: this is the balance sheet of a miner that no longer needs to bet on the gold price to stay solvent. The dividend per share jumped from $0.16 in 2020 to $0.77 in 2025, with $1.44 projected for 2026. Five-year DPS CAGR of 37.1% pushes the Chowder Rule calculation above 40. Salares Norte in Chile reached steady-state production by end of 2025, contributing $808M of free cash flow in a partial operating year. FY 2026 will be the first full year without construction overhang. The Ghana Damang lease was awarded to a local firm in April 2026. The risk is real but manageable: Tarkwa, Australia, and Chile now carry the weight of the production story.
Three Ways to Own Gold. Most Investors Pick One.
Newmont's Safety Score is 99.03 out of 100. Interest coverage sits at 52.85x. Piotroski F-Score is a perfect 9. This is not a typical gold miner balance sheet. The company generated $7.3B in free cash flow in 2025, paid down $3.4B in debt, and ended the year in a net cash position. The cleanup is done. GNG fair value is $127.94. Vulcan fair value is $144.88. The stock is trading near $105. Every serious valuation model shows a meaningful discount. Gold belongs in your portfolio as a regime hedge. Physical via (IAUM) or (GLD), a basket via (GDX), and a best-in-class equity position in (NEM) serve three different functions. Operating leverage is the miner's advantage over the metal. At current gold prices, Newmont's per-ounce spread is roughly $1,420 above its all-in sustaining cost. 2026 is a transition year with softer production guidance and elevated capex. That's the known risk. The balance sheet strength means the company can absorb it. The 1-year max drawdown is 66.7%. Entry discipline and position sizing matter more here than with an index fund.
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AI is not just a software story — it is an intensely physical build-out that requires massive amounts of power, copper, steel, and other critical materials. Data centers, grid expansion, and electrification are colliding with years of chronic underinvestment in mining, creating a structural supply-demand imbalance rather than a normal commodity cycle. Mining supply cannot respond quickly: permitting, environmental hurdles, and long lead times mean new production lags demand by a decade or more. Despite a powerful rally, valuations remain anomalously low, suggesting markets are only beginning to price miners as mission-critical bottleneck assets in the AI era.
The Gold Standard Rewritten: Why Newmont’s Perfect Piotroski Score Matters More Than Its 180% Rally
Newmont posted $1.6B quarterly FCF, perfect Piotroski F-Score of 9 (98.6th percentile), proving this isn't just a gold rally play but a fundamentally transformed cash machine. At $4,600 gold with $1,630 AISC, the spread is ~$3,000/oz. Banks project $5,000 gold by Q4 2026, which would widen that spread 12% without operational improvement. GNG terminal shows $120.65 fair value (5.6% upside) with 99.05 Safety Score. Stock Rover DCF at $111.78 confirms valuation support even at conservative assumptions. GNG Tool Monte Carlo 3Y regime: 60% median return, 11% loss probability. 10Y regime: 23% median return, 28% loss probability. De-dollarization thesis favors bullish scenario. Tier 1 transformation complete: shed non-core assets, Ahafo North now producing low-cost ounces. ROIC 19.2% is 2.7x the 7.1% WACC, exceptional for capital-intensive miner. Five key risks: gold mean reversion, cost inflation above $1,800 AISC, production execution on multiple mine transitions, CEO transition to Natascha Viljoen, geopolitical exposure.
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Frequently Asked Questions About NEM
- What is NEM's current dividend yield?
- Newmont Goldcorp Corp (NEM) has a current dividend yield of 0.78%.
- Does NEM pay dividends?
- Yes, Newmont Goldcorp Corp pays dividends with a current yield of 0.78%.
- What is NEM's P/E ratio?
- Newmont Goldcorp Corp has a price-to-earnings (P/E) ratio of 14.26.
- What is NEM's market cap?
- Newmont Goldcorp Corp (NEM) has a market capitalization of $142.40B with a current stock price of $131.61.
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