Stock Analysis on Net
Stock Analysis on Net

Newmont Corp. (NYSE:NEM)

DuPont Analysis: Disaggregation of ROE, ROA, and Net Profit Margin

Microsoft Excel

Decomposing ROE involves expressing net income divided by shareholders’ equity as the product of component ratios.

Two-Component Disaggregation of ROE

Newmont Corp., decomposition of ROE

Microsoft Excel
ROE = ROA × Financial Leverage
Dec 31, 2023 -8.59% = -4.49% × 1.91
Dec 31, 2022 -2.22% = -1.11% × 1.99
Dec 31, 2021 5.29% = 2.87% × 1.84
Dec 31, 2020 12.30% = 6.84% × 1.80
Dec 31, 2019 13.10% = 7.02% × 1.87

Based on: 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31).

Three-Component Disaggregation of ROE

Newmont Corp., decomposition of ROE

Microsoft Excel
ROE = Net Profit Margin × Asset Turnover × Financial Leverage
Dec 31, 2023 -8.59% = -21.11% × 0.21 × 1.91
Dec 31, 2022 -2.22% = -3.60% × 0.31 × 1.99
Dec 31, 2021 5.29% = 9.54% × 0.30 × 1.84
Dec 31, 2020 12.30% = 24.61% × 0.28 × 1.80
Dec 31, 2019 13.10% = 28.80% × 0.24 × 1.87

Based on: 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31).

Five-Component Disaggregation of ROE

Newmont Corp., decomposition of ROE

Microsoft Excel
ROE = Tax Burden × Interest Burden × EBIT Margin × Asset Turnover × Financial Leverage
Dec 31, 2023 -8.59% = — × — × -14.60% × 0.21 × 1.91
Dec 31, 2022 -2.22% = -16.50 × 0.10 × 2.12% × 0.31 × 1.99
Dec 31, 2021 5.29% = 0.52 × 0.89 × 20.77% × 0.30 × 1.84
Dec 31, 2020 12.30% = 0.80 × 0.92 × 33.41% × 0.28 × 1.80
Dec 31, 2019 13.10% = 0.77 × 0.92 × 40.43% × 0.24 × 1.87

Based on: 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31).

Two-Component Disaggregation of ROA

Newmont Corp., decomposition of ROA

Microsoft Excel
ROA = Net Profit Margin × Asset Turnover
Dec 31, 2023 -4.49% = -21.11% × 0.21
Dec 31, 2022 -1.11% = -3.60% × 0.31
Dec 31, 2021 2.87% = 9.54% × 0.30
Dec 31, 2020 6.84% = 24.61% × 0.28
Dec 31, 2019 7.02% = 28.80% × 0.24

Based on: 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31).

Four-Component Disaggregation of ROA

Newmont Corp., decomposition of ROA

Microsoft Excel
ROA = Tax Burden × Interest Burden × EBIT Margin × Asset Turnover
Dec 31, 2023 -4.49% = — × — × -14.60% × 0.21
Dec 31, 2022 -1.11% = -16.50 × 0.10 × 2.12% × 0.31
Dec 31, 2021 2.87% = 0.52 × 0.89 × 20.77% × 0.30
Dec 31, 2020 6.84% = 0.80 × 0.92 × 33.41% × 0.28
Dec 31, 2019 7.02% = 0.77 × 0.92 × 40.43% × 0.24

Based on: 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31).

Disaggregation of Net Profit Margin

Newmont Corp., decomposition of net profit margin ratio

Microsoft Excel
Net Profit Margin = Tax Burden × Interest Burden × EBIT Margin
Dec 31, 2023 -21.11% = — × — × -14.60%
Dec 31, 2022 -3.60% = -16.50 × 0.10 × 2.12%
Dec 31, 2021 9.54% = 0.52 × 0.89 × 20.77%
Dec 31, 2020 24.61% = 0.80 × 0.92 × 33.41%
Dec 31, 2019 28.80% = 0.77 × 0.92 × 40.43%

Based on: 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31).