Newmont Corporation (NEM)

Executive Summary

Newmont is the world’s largest gold producer, and it is delivering the most profitable stretch in its century-long history at exactly the moment the market is least sure what to do with a gold miner trading near a record-high gold price. In the first quarter of 2026 Newmont realized an average gold price of roughly $4,900 per ounce against an all-in sustaining cost of $1,029 per ounce on a by-product basis — a cash margin of nearly $3,900 an ounce — and generated a RECORD $3.1 billion of quarterly free cash flow on $7.3 billion of revenue.

What’s Inside The Full Report

• 15-year financial summary table — revenue, net income, GAAP & adjusted EPS
• Valuation framework — current multiples vs. 5-year historical range
• Peer comparison table — multiples, margins, balance-sheet metrics
• Base case, bull case, bear case price targets with explicit math
• Competitive position and economic moat analysis
• Management and capital allocation track record
• Balance sheet review — leverage, credit ratings, distribution coverage
• Insider activity — recent open-market buys / sells with interpretation
• Strategic acquisitions and divestitures history
• Sell-side consensus and where TTCM differs
• Detailed risk factors specific to the name
• Bull case and forward catalysts to watch
• TTCM rating with explicit ADD / TRIM price triggers