vvincii we show the working

← Materials

NEM

Newmont

Materials · fiscal year ending 2025-12-31

Through the investors’ lenses

Each of these investors has said in public what they look at before buying. Click a name to see how this company measures up — a tick where it passes one of their tests, a cross where it does not.

Warren Buffett 4/4
MeasureNEMChecked against
Owner earnings$6.57bnpositive
Return on equity20.9%median 11.7%
Debt to equity0.15xmedian 0.79x
Operating margin50.0%median 15.0%

Passes 4 of 4. To be clear: Warren Buffett has never said anything about Newmont. These are the company’s own figures put through the tests he described. What he looks at, and why →

Terry Smith 3/4
MeasureNEMChecked against
Return on capital employed29.1%median 10.1%
Cash conversion1.46xmedian 1.78x
Operating margin50.0%median 15.0%
Debt to equity0.15xmedian 0.79x

Passes 3 of 4. To be clear: Terry Smith has never said anything about Newmont. These are the company’s own figures put through the tests he described. What he looks at, and why →

Charlie Munger 3/3
MeasureNEMChecked against
Return on capital employed29.1%median 10.1%
Return on equity20.9%median 11.7%
Operating margin50.0%median 15.0%

Passes 3 of 3. To be clear: Charlie Munger has never said anything about Newmont. These are the company’s own figures put through the tests he described. What he looks at, and why →

Chuck Akre 2/4
MeasureNEMChecked against
Return on equity20.9%median 11.7%
Debt to equity0.15xmedian 0.79x
Cash conversion1.46xmedian 1.78x
Return on equity, sustained3 of 108 of 10 above median

Passes 2 of 4. To be clear: Chuck Akre has never said anything about Newmont. These are the company’s own figures put through the tests he described. What he looks at, and why →

Philip Fisher 4/4
MeasureNEMChecked against
Operating margin50.0%median 15.0%
Net margin31.3%median 10.2%
Return on capital employed29.1%median 10.1%
Operating margin, held or improving50.0%10-yr median 24.5%

Passes 4 of 4. To be clear: Philip Fisher has never said anything about Newmont. These are the company’s own figures put through the tests he described. What he looks at, and why →

Walter Schloss 2/2
MeasureNEMChecked against
Current ratio2.29xmedian 1.25x
Debt to equity0.15xmedian 0.79x

Passes 2 of 2. To be clear: Walter Schloss has never said anything about Newmont. These are the company’s own figures put through the tests he described. What he looks at, and why →

Benjamin Graham 2/3
MeasureNEMChecked against
Current ratio2.29x2.00x published
Long-term debt to working capital0.70x1.00x published
Positive earnings, ten years running2 yrs10 published

Passes 2 of 3. To be clear: Benjamin Graham has never said anything about Newmont. These are the company’s own figures put through the tests he described. What he looks at, and why →

Joel Greenblatt 1/1
MeasureNEMChecked against
Return on capital employed29.1%median 10.1%

Passes 1 of 1. To be clear: Joel Greenblatt has never said anything about Newmont. These are the company’s own figures put through the tests he described. What he looks at, and why →

Peter Lynch 2/2
MeasureNEMChecked against
Debt to equity0.15xmedian 0.79x
Net margin31.3%median 10.2%

Passes 2 of 2. To be clear: Peter Lynch has never said anything about Newmont. These are the company’s own figures put through the tests he described. What he looks at, and why →

BasisPayoutWhy
GAAP earnings15.6%
why
A single year's earnings for a commodity producer can be several times the through-cycle average. This ratio computed in a trough looks alarming and in a peak looks trivial; neither describes whether the dividend is affordable across a cycle.
Operating cash flow10.7%
why
Before capital spending.
Free cash flow 15.2%
why
Nets out the capital spending producers cut in downturns — so it flatters a trough year.

Spread between highest and lowest: 4.9 percentage points. Same filings, different denominators.

Coverage rating 73 / 100 — Adequate. ? Peer standing 43/50Direction 30/30Stability 0/20

Free cash flow payout, last 6 years

Fiscal yearPayout
2025-12-3115.2%
2024-12-3138.7%
2022-12-31160.3%
2021-12-3166.9%
2020-12-3123.3%
2019-12-3163.4%

86% of the 36 materials here pay out more — comfortable for the sector.

The arithmetic

Where the figures came from

All public at sec.gov — you should not have to take our word for it.


Computed straight from SEC XBRL. A number that looks wrong to you is more useful to us than agreement — tell us.

What the free cash flow payout ratio measures, and where every company here sits on it.

Also on: rated adequate · when it files.

When this changes

Every figure above is recomputed whenever Newmont files. The monthly letter carries what filed, what moved, and one finding computed across every company here.

Get the letter →