Highlights

  • Newmont shows 33.61% one-year basic EPS growth, a P/E of 12.67 and PEG of 0.53.
  • Third quarter net income attributable to stockholders was $2,475 million, or $2.35 per diluted share.
  • Net cash from operating activities was $9,477 million for nine months, against $6,713 million.
  • Newmont repurchased $5,241 million of common stock in the nine months.

Basic earnings per share growth of 33.61% over one year, a trailing twelve-month P/E of 12.67 and a PEG of 0.53 on an expected basis define Newmont (NYSE:NEM) as an undervalued growth stock, with shares trading at USD 112.41 on October 28, 2026, down 0.20%. Alongside those figures, the gold, copper and silver producer authorized a $6 billion share repurchase program in April, amended its Nevada Gold Mines joint venture agreement with Barrick Mining Corporation on August 10, and reported third quarter 2026 net income attributable to stockholders of $2,475 million on October 22.

Based in Denver, Colorado, and incorporated in Delaware, Newmont describes itself as the world's leading gold company and a producer of copper, silver, lead, zinc and molybdenum. It explores for and acquires gold properties and has operations or assets in the United States, Papua New Guinea, Australia, Ghana, Suriname, Argentina, the Dominican Republic, Chile, Peru, Ecuador, Mexico and Canada.

Growth: Third Quarter Earnings, Sales and Production

Net income attributable to Newmont stockholders was $2,475 million in the third quarter against $1,832 million a year earlier, and $7,939 million for the nine months against $5,784 million. Basic earnings per share were $2.36 against $1.67, and diluted earnings per share were $2.35 against $1.67. The company said the quarterly increase was primarily due to higher sales, largely reflecting higher average realized gold and silver prices, partially offset by lower gold sales volumes and higher costs applicable to sales.

Sales were $6,363 million against $5,524 million. The average realized gold price was $4,317 per ounce against $3,539, and consolidated gold production was 1,216 thousand ounces against 1,317 thousand. Silver production was 11 million ounces against 7 million.

Valuation: P/E of 12.67, PEG of 0.53 and Management Commentary

The P/E ratio of 12.67 is measured on trailing twelve-month earnings, and the PEG ratio of 0.53 on expected growth. Free cash flow, a non-GAAP measure, was $7,261 million for the nine months against $4,486 million. Adjusted net income, also non-GAAP, was $2,309 million, or $2.20 per diluted share, against $1,883 million, or $1.71.

On the earnings call, Chief Financial Officer Brian Tabolt said Newmont has returned more than 80% of free cash flow to shareholders year to date. He said the company's approach to repurchases reflects its conviction that the shares continue to represent an attractive long-term investment opportunity.

Capital Returns and Balance Sheet

Newmont repurchased $5,241 million of common stock in the nine months and $9,241 million in total under its programs through the filing date. Management said about $2.8 billion remained under the $6 billion program after more than $450 million of October repurchases. The Board declared a dividend of $0.26 per share in October.

At September 30, 2026, cash and cash equivalents were $8,827 million and total liquidity was $12,827 million, with no borrowings under the $4,000 million revolving credit facility. Net cash, a non-GAAP measure, was $3,243 million. Management said that balance does not yet reflect the $1.95 billion cash payment to Barrick due within 30 days after the contribution of the Fourmile property to Nevada Gold Mines, which is expected in the fourth quarter of 2026.

Disclosed Risks and Outlook

Costs applicable to sales for gold were $1,449 per ounce against $1,185. The company disclosed that the expiry of Ghana's stability agreement and a revised royalty framework ranging from 5% to 12% of gold revenues could increase operating costs at its Ghanaian operations. Management said it is monitoring potential water impacts at Lihir from El Niño conditions, which could influence fourth quarter production and costs.

Management expects fourth quarter production of 1.4 million ounces and said gold all-in sustaining costs for 2026 are expected to be approximately $1,520 per ounce, with the fourth quarter the highest of the year at $1,900. It expects 2027 production to increase by a low to mid single digit percentage and unit costs to trend higher. A full-funds decision on the Red Chris block cave, subject to Board approval, is expected in early 2027, with development capital estimated at $4.2 billion to $4.8 billion.