Is the business good?
How good a business is NEM?
Newmont earns 33% on the capital it employs against a 9.0% cost of capital, so the business is worth more the bigger it gets.
33%
Return on invested capital · cost of capital 9.0% · 24 points above what the capital costs: growth creates value
- Operating margin
- 51%
Operating margin · Basic Materials median 13% · 12 months to Q2 2026
- Cash conversion
- 1.13×
Cash conversion · 0.85× a year ago · every dollar of reported profit arrived as cash, and more
- Share count, year on year
- −4.0%
Share count, year on year · bought back, each share owns more of the company
| Year | Operating margin |
|---|---|
| FY2020 | 24% |
| FY2021 | 10% |
| FY2022 | 1.7% |
| FY2023 | −14% |
| FY2024 | 24% |
| FY2025 | 48% |
Details›
- Gross margin12 months to Q2 2026
- 69%
- Operating margin12 months to Q2 2026
- 51%
- Net margin12 months to Q2 2026
- 33%
- Free cash flow margin
- 38%
- R&D as % of revenue
- 0.68%
- Revenue, trailing twelve months
- $25.8B
- Free cash flow, trailing twelve months
- $9.73B
- Net income, trailing twelve months
- $8.60B
- Return on invested capitaloperating profit after tax ÷ debt + equity − cash
- 33%
Margins, capital and share counts from the statements as filed with the SEC; cash conversion from the cash flow statement.
Basic Materials
Ranks #25 of 140 by Smart Score