Commodity prices diverged in the quarter. Despite solid China steel production, iron ore and metallurgical coal prices are down, while copper rose on supply issues and hopes of faster global growth. However, prices are elevated compared with history and cost-curve support.
Newmont is the world’s largest gold miner, with copper and other byproducts providing some diversification, representing around 15% of forecast midcycle revenue from 2028.
Bigger is not always better in gold mining. Newmont's operations span five continents, increasing complexity and difficulty managing the assets.
|
Metric
|
NEM
|
GOLD
|
AEM
|
|---|---|---|---|
Price/Earnings (Normalized) | 25.23 | 19.66 | 28.26 |
Price/Book Value | 1.53 | 1.24 | 1.65 |
Price/Sales | 2.75 | 2.54 | 4.71 |
Price/Cash Flow | 9.94 | 6.93 | 11.35 |
|
Metric
|
NEM
|
GOLD
|
AEM
|
|---|---|---|---|
Quick Ratio | 0.71 | 2.26 | 0.51 |
Current Ratio | 1.25 | 3.16 | 2.09 |
Interest Coverage | −7.97 | 8.98 | 26.73 |
|
Metric
|
NEM
|
GOLD
|
AEM
|
|---|---|---|---|
Return on Assets (Normalized) | 3.17% | 3.21% | 3.90% |
Return on Equity (Normalized) | 6.24% | 6.40% | 5.81% |
Return on Invested Capital (Normalized) | 4.97% | 4.64% | 5.50% |
|
Ticker
|
Name
|
Morningstar Rating for Stocks
|
Capital Allocation
|
Economic Moat
|
Market Cap
|
|---|---|---|---|---|---|
ZIJMF
| Zijin Mining Group Co Ltd Class H | — | Fcxwhv | $65.5 Bil | |
ZIJMY
| Zijin Mining Group Co Ltd ADR | — | Bfmks | $62.3 Bil | |
NEMCL
| Newmont Corp Chess Depository Interest | — | Jrdd | $44.5 Bil | |
AEM
| Agnico Eagle Mines Ltd | Jwyjhryjm | Vcjl | $31.8 Bil | |
GOLD
| Barrick Gold Corp | Lvpgtvj | Cyz | $29.1 Bil | |
WPM
| Wheaton Precious Metals Corp | Rctrvdmzr | Tqss | $23.7 Bil | |
FNV
| Franco-Nevada Corp | — | Nlktnk | $22.9 Bil | |
GFI
| Gold Fields Ltd ADR | Yhbdbcqv | Cxhvjw | $15.1 Bil | |
KGC
| Kinross Gold Corp | Yccl | Gkznr | $8.1 Bil |
