Colorado-based Newmont Corporation (NEM) is the world's largest gold mining company and a leading producer of gold, with a diversified portfolio of operations, projects, and exploration assets across North America, South America, Australia, Africa, and Papua New Guinea. In addition to gold, the company also produces copper, silver, zinc, and lead as by-products from several of its mines. It is currently valued at a market cap of $113.4 billion.
Newmont has glittered over the past year, delivering standout gains that have comfortably outpaced both the broader market and its industry benchmark. Shares of NEM have rallied 31.6% over this time frame, while the broader S&P 500 Index ($SPX) has gained 10.5%. However, the stock has lost some of its shine in 2026, rising 7.6% year-to-date while the SPX has advanced 10.6%.
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Even so, NEM has notably outpaced the VanEck Gold Miners ETF (GDX), which rose 8.9% over the past 52 weeks and dipped 9.5% on a YTD basis.
www.barchart.com Newmont delivered a strong third quarter on Oct. 22, supported by elevated gold prices, improved operating performance at key mines, and lower unit production costs. Revenue increased 15.2% year over year to $6.36 billion, while adjusted EPS climbed 28.7% to $2.20. Adjusted EBITDA rose 19.4% to $3.95 billion, and adjusted net income reached a quarterly record of $2.31 billion.
Operationally, attributable gold production declined 8.4% year over year to approximately 1.30 million ounces, although output improved 1% from the previous quarter. Newmont generated $2.77 billion in operating cash flow and $1.91 billion in free cash flow during the quarter.
Looking ahead, Newmont improved its full-year 2026 gold by-product CAS and AISC guidance to $925 and $1,520 per ounce, respectively, citing continued cost discipline and stronger co-product pricing. The company remains on track to achieve its annual production target of 5.26 million attributable gold ounces and expects production to increase by a low-to-mid-single-digit percentage in 2027.
For the current fiscal year, ending in December, analysts expect NEM’s EPS to rise 32.2% year over year to $9.11. The company’s earnings surprise history is promising. It exceeded the consensus estimates in each of the last four quarters.
Among the 24 analysts covering the stock, the consensus rating is a “Strong Buy,” which is based on 18 “Strong Buy,” two "Moderate Buy,” and four “Hold” ratings.
www.barchart.com The configuration is slightly bearish than a month ago, with 19 "Strong Buy” suggestions.
On Oct. 22, Freedom Broker downgraded Newmont to “Hold” from “Buy” and lowered its price target to $116 from $130, citing an unfavorable combination of earnings growth prospects, execution risks, and valuation upside relative to its peers.
The mean price target of $137.12 implies a 27.6% premium to its current price, while the Street-high price target of $165 implies a 53.5% potential upside from current levels.
On the date of publication, Kritika Sarmah did not directly have a position in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. For more information please view the Barchart Disclosure Policy here.
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