Newmont Corp. /DE/ (NEM) intrinsic value & 10-year financials
Newmont Corp. /DE/ (NEM) has a Graham intrinsic value of $212.25 per share. At $118.60 on Oct 17, 2026, the stock trades 44% below that value. Over the last 10 fiscal years revenue grew 14.5% a year to $22.7B, with an average return on invested capital of 5.0%.
- Graham intrinsic value
- $212.25
- Share price (Oct 17, 2026)
- $118.60
- Price vs Graham value
- 44% below
- Market cap
- $131.4B
- Revenue (FY2025)
- $22.7B
- Revenue growth (10-yr CAGR)
- 14.5%
- ROIC (10-yr avg)
- 5.0%
- Free cash flow (FY2025)
- $7.3B
NEM 10-year financial history
| Fiscal year | Revenue | Net income | EPS (diluted) | Free cash flow | Operating margin | ROIC |
|---|---|---|---|---|---|---|
| FY2025 | $22.7B | $7.1B | $6.39 | $7.3B | — | 21.4% |
| FY2024 | $18.7B | $3.3B | $2.92 | $3.0B | — | 9.6% |
| FY2023 | $11.8B | -$2.5B | -$2.97 | $97.0M | — | -8.8% |
| FY2022 | $11.9B | -$429.0M | -$0.54 | $1.1B | — | -1.9% |
| FY2021 | $12.2B | $1.2B | $1.46 | $2.6B | — | 5.0% |
| FY2020 | $11.5B | $2.8B | $3.51 | $3.6B | — | 11.6% |
| FY2019 | $9.7B | $2.8B | $3.81 | $1.4B | — | 15.4% |
| FY2018 | $7.3B | $341.0M | $0.64 | $795.0M | — | 3.0% |
| FY2017 | $7.4B | -$98.0M | -$0.18 | $1.5B | — | -0.8% |
| FY2016 | $6.7B | -$627.0M | -$1.18 | $1.7B | — | -5.0% |
Source: annual 10-K filings on SEC EDGAR. Figures in USD.
Executive summary
Newmont is a consistent compounder, expanding top-line revenue at 14.5% annually over the past decade.
Newmont has historically struggled to out-earn its cost of capital, averaging just 5.0% ROIC.
Newmont has not shown aggressive share repurchases (>10% retirement) or a major balance-sheet leverage increase (>50% net debt growth) over the 10-year window.
Benjamin Graham lens
Under Benjamin Graham's formula using SEC EDGAR fundamentals, Newmont is modeled at 15.0% normalized earnings growth with a 5.1% bond-yield adjustment. The resulting Graham intrinsic value estimate is $212.25 per share.