Stock Analysis on Net
Stock Analysis on Net

Newmont Corp. (NYSE:NEM)

This company has been moved to the archive! The financial data has not been updated since April 29, 2024.

Common-Size Income Statement 

Newmont Corp., common-size consolidated income statement

Microsoft Excel
12 months ended: Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019
Sales 100.00 100.00 100.00 100.00 100.00
Costs applicable to sales -56.71 -54.28 -44.47 -43.61 -53.34
Depreciation and amortization -17.85 -18.34 -19.01 -20.01 -20.12
Reclamation and remediation -12.98 -7.73 -15.10 -3.18 -2.87
Gross profit 12.46% 19.65% 21.42% 33.20% 23.67%
Exploration -2.24 -1.94 -1.71 -1.63 -2.72
Advanced projects, research and development -1.69 -1.92 -1.26 -1.06 -1.54
General and administrative -2.53 -2.32 -2.12 -2.34 -3.21
Impairment charges -16.01 -11.08 -0.20 -0.43 -0.05
Loss on assets held for sale 0.00 0.00 -4.67 0.00 0.00
Newcrest transaction and integration costs -3.93 0.00 0.00 0.00 0.00
Restructuring and severance -0.20 -0.03 -0.09 -0.16 -0.07
Settlement costs -0.06 -0.18 -0.09 -0.50 -0.05
COVID-19 specific costs -0.01 -0.32 -0.71 -0.80 0.00
Goldcorp transaction and integration costs 0.00 0.00 0.00 -0.20 -2.23
Nevada JV transaction and implementation costs 0.00 0.00 0.00 0.00 -0.31
Other -0.18 -0.15 -0.28 -1.68 -0.37
Other expense, net -4.38% -0.69% -1.17% -3.34% -3.03%
Operating income (loss) -14.39% 1.70% 10.28% 24.41% 13.11%
Gain on formation of Nevada Gold Mines 0.00 0.00 0.00 0.00 24.54
Gain (loss) on asset and investment sales, net -1.67 0.29 1.73 5.89 0.31
Interest income 1.25 0.65 0.15 0.21 0.59
Foreign currency exchange, net -0.47 -0.04 0.19 -0.63 -0.07
Change in fair value of investments -0.40 -0.39 -1.10 2.19 1.70
Insurance Proceeds 0.31 0.12 0.00 0.00 0.39
Pension settlements -0.08 -1.15 -0.03 -0.80 0.21
Charges from debt extinguishment 0.00 0.00 -0.09 -0.67 0.00
Impairment of investments 0.00 0.00 -0.01 -0.81 -0.02
Other 0.30 0.29 0.19 0.23 0.26
Other income (loss), net -0.75% -0.23% 1.02% 5.61% 3.36%
Interest expense, net of capitalized interest -2.06 -1.91 -2.24 -2.68 -3.09
Other income (expense) -2.80% -2.13% -1.22% 2.93% 24.80%
Income (loss) before income and mining tax and other items -17.19% -0.43% 9.07% 27.34% 37.92%
Income and mining tax expense -4.45 -3.82 -8.98 -6.12 -8.54
Equity income of affiliates 0.53 0.90 1.36 1.64 0.98
Net income (loss) from continuing operations -21.11% -3.35% 1.44% 22.86% 30.35%
Net income (loss) from discontinued operations 0.23 0.25 0.47 1.42 -0.74
Net income (loss) -20.89% -3.10% 1.91% 24.28% 29.61%
Net (income) loss attributable to noncontrolling interests -0.23 -0.50 7.63 0.33 -0.81
Net income (loss) attributable to Newmont stockholders -21.11% -3.60% 9.54% 24.61% 28.80%

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).

Sales and Cost Trends
Sales have remained steady at 100% across all periods, providing a consistent baseline for analysis. Costs applicable to sales exhibited fluctuation, declining significantly from -53.34% in 2019 to -43.61% in 2020, then moderately increasing to -44.47% in 2021, followed by sharp rises to -54.28% in 2022 and -56.71% in 2023. Depreciation and amortization showed a gradual decrease from -20.12% in 2019 to -17.85% in 2023, reflecting potential changes in asset base or depreciation policies.
Profitability Indicators
Gross profit margin increased notably in 2020 to 33.2% from 23.67% in 2019, but subsequently declined to 12.46% by 2023, indicating increasing pressures on profitability. Operating income demonstrated a volatile trend: a peak of 24.41% in 2020 was followed by significant declines, turning negative at -14.39% in 2023. This pattern suggests deteriorating operational efficiency or rising operational costs in recent years.
Exploration and Development Expenses
Exploration expenses as a percentage of sales decreased slightly from -2.72% in 2019 to -2.24% in 2023 after fluctuations, indicating stable but minor investment in exploration activities. Similarly, advanced projects, research, and development expenses fluctuated but generally increased, peaking at -1.92% in 2022 before declining to -1.69% in 2023, pointing to variable but consistent commitment to innovation and development.
Administrative and Other Operating Expenses
General and administrative costs declined from -3.21% in 2019 to -2.12% in 2021 but rose again to -2.53% in 2023, reflecting some operational cost pressures. Impairment charges exhibited sharp increases, particularly in 2022 (-11.08%) and 2023 (-16.01%), which significantly impacted profitability. Loss on assets held for sale appeared notably only in 2021 (-4.67%). Transaction and integration costs were observed in specific years, especially related to acquisitions or restructuring activities, indicating episodic expenditure peaks.
Other Income and Expenses
Other expense, net, remained relatively low but showed a notable increase to -4.38% in 2023 from lower levels in prior years. Interest income displayed a rising trend, increasing from 0.59% in 2019 to 1.25% in 2023. Meanwhile, interest expense, net of capitalized interest, declined from -3.09% to -2.06% over the same period, suggesting some improvement in financing costs. Foreign currency exchange and fair value changes of investments contributed minor volatility without consistent trends.
Income and Taxation
Income before income and mining tax and other items decreased sharply from 37.92% in 2019 to -17.19% in 2023, paralleling declining operating income and rising impairment costs. Income and mining tax expense varied year-to-year but showed a decline in rate from -8.54% in 2019 to around -4.45% in 2023. Equity income of affiliates reduced steadily over time, suggesting decreased contributions from associated entities.
Net Income Performance
Net income attributable to Newmont stockholders demonstrated a strong performance in 2019 and 2020 at 28.8% and 24.61%, respectively, but subsequently declined sharply, becoming negative at -3.6% in 2022 and further decreasing to -21.11% in 2023. This decline corresponds with increased impairment charges, higher costs, and lower operating income, indicating substantial challenges faced in recent years. Income from discontinued operations remained marginal and stable, with negligible impact on total net income.