Debt to Equity
since 2005
Calculation
Newmont Corp., debt to equity, long-term trends, calculation
| Debt to equity | = | Debt, finance lease and other financing obligations1 | ÷ | Newmont stockholders’ equity1 | |
|---|---|---|---|---|---|
| Dec 31, 2023 | 0.33 | = | 9,436) | ÷ | 29,027) |
| Dec 31, 2022 | 0.32 | = | 6,132) | ÷ | 19,354) |
| Dec 31, 2021 | 0.29 | = | 6,302) | ÷ | 22,022) |
| Dec 31, 2020 | 0.29 | = | 6,702) | ÷ | 23,008) |
| Dec 31, 2019 | 0.32 | = | 6,834) | ÷ | 21,420) |
| Dec 31, 2018 | 0.41 | = | 4,261) | ÷ | 10,502) |
| Dec 31, 2017 | 0.38 | = | 4,065) | ÷ | 10,609) |
| Dec 31, 2016 | 0.43 | = | 4,615) | ÷ | 10,721) |
| Dec 31, 2015 | 0.55 | = | 6,236) | ÷ | 11,350) |
| Dec 31, 2014 | 0.65 | = | 6,646) | ÷ | 10,274) |
| Dec 31, 2013 | 0.66 | = | 6,740) | ÷ | 10,141) |
| Dec 31, 2012 | 0.46 | = | 6,298) | ÷ | 13,773) |
| Dec 31, 2011 | 0.33 | = | 4,313) | ÷ | 12,896) |
| Dec 31, 2010 | 0.33 | = | 4,441) | ÷ | 13,345) |
| Dec 31, 2009 | 0.45 | = | 4,809) | ÷ | 10,703) |
| Dec 31, 2008 | 0.50 | = | 3,542) | ÷ | 7,102) |
| Dec 31, 2007 | 0.39 | = | 2,938) | ÷ | 7,548) |
| Dec 31, 2006 | 0.20 | = | 1,911) | ÷ | 9,337) |
| Dec 31, 2005 | 0.23 | = | 1,929) | ÷ | 8,376) |
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), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31), 10-K (reporting date: 2012-12-31), 10-K (reporting date: 2011-12-31), 10-K (reporting date: 2010-12-31), 10-K (reporting date: 2009-12-31), 10-K (reporting date: 2008-12-31), 10-K (reporting date: 2007-12-31), 10-K (reporting date: 2006-12-31), 10-K (reporting date: 2005-12-31).
1 US$ in millions
The capital structure from 2005 to 2023 is characterized by a generally conservative approach to leverage, with the debt-to-equity ratio remaining below 0.70 throughout the entire period. While absolute debt levels have increased significantly over two decades, a simultaneous and more aggressive expansion of stockholders' equity has largely mitigated the impact on the overall financial leverage.
- Debt Obligations Trends
- Total debt, including finance leases and other financing obligations, exhibited a general upward trajectory over the analyzed period. Initial levels of approximately US$ 1.9 billion in 2005 rose to a peak of US$ 9.4 billion by 2023. Notable periods of debt expansion occurred between 2007 and 2009, and again between 2018 and 2019, with the most significant single-year increase occurring between 2022 and 2023.
- Stockholders' Equity Evolution
- Equity growth has been a primary driver in maintaining a stable leverage ratio. Equity fluctuated between US$ 7.1 billion and US$ 13.8 billion from 2005 to 2018. However, a substantial shift occurred in 2019, where equity surged to US$ 21.4 billion and continued to climb, reaching US$ 29.0 billion by the end of 2023. This expansion in the equity base has significantly offset the growth in total liabilities.
- Debt to Equity Ratio Analysis
- The debt-to-equity ratio experienced several distinct phases. An initial low period was observed in 2006 at 0.20, followed by a gradual increase that peaked in 2013 and 2014 at 0.66 and 0.65, respectively. This represented the period of highest relative leverage. From 2015 onward, a downward trend in the ratio was observed, reaching a recent low of 0.29 in 2020 and 2021. The ratio stabilized at 0.33 by 2023, indicating that despite the increase in absolute debt, the proportional reliance on debt relative to equity has decreased compared to the 2013-2014 peak.
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Comparison to Competitors
Newmont Corp., debt to equity, long-term trends, comparison to competitors
| Newmont Corp. | Freeport-McMoRan Inc. | |
|---|---|---|
| Dec 31, 2023 | 0.33 | 0.56 |
| Dec 31, 2022 | 0.32 | 0.68 |
| Dec 31, 2021 | 0.29 | 0.68 |
| Dec 31, 2020 | 0.29 | 0.95 |
| Dec 31, 2019 | 0.32 | 1.06 |
| Dec 31, 2018 | 0.41 | 1.14 |
| Dec 31, 2017 | 0.38 | 1.64 |
| Dec 31, 2016 | 0.43 | 2.65 |
| Dec 31, 2015 | 0.55 | 2.61 |
| Dec 31, 2014 | 0.65 | 1.04 |
| Dec 31, 2013 | 0.66 | 0.99 |
| Dec 31, 2012 | 0.46 | 0.20 |
| Dec 31, 2011 | 0.33 | 0.23 |
| Dec 31, 2010 | 0.33 | 0.38 |
| Dec 31, 2009 | 0.45 | 0.70 |
| Dec 31, 2008 | 0.50 | 1.27 |
| Dec 31, 2007 | 0.39 | 0.40 |
| Dec 31, 2006 | 0.20 | 0.28 |
| Dec 31, 2005 | 0.23 | 0.68 |
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), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31), 10-K (reporting date: 2012-12-31), 10-K (reporting date: 2011-12-31), 10-K (reporting date: 2010-12-31), 10-K (reporting date: 2009-12-31), 10-K (reporting date: 2008-12-31), 10-K (reporting date: 2007-12-31), 10-K (reporting date: 2006-12-31), 10-K (reporting date: 2005-12-31).
Comparison to Industry (Materials)
Newmont Corp., debt to equity, long-term trends, comparison to industry (materials)
| Newmont Corp. | Materials | |
|---|---|---|
| Dec 31, 2023 | 0.33 | 0.64 |
| Dec 31, 2022 | 0.32 | 0.67 |
| Dec 31, 2021 | 0.29 | 0.55 |
| Dec 31, 2020 | 0.29 | 0.56 |
| Dec 31, 2019 | 0.32 | 0.52 |
| Dec 31, 2018 | 0.41 | 0.55 |
| Dec 31, 2017 | 0.38 | 1.85 |
| Dec 31, 2016 | 0.43 | 2.12 |
| Dec 31, 2015 | 0.55 | 2.42 |
| Dec 31, 2014 | 0.65 | 1.21 |
| Dec 31, 2013 | 0.66 | 1.07 |
| Dec 31, 2012 | 0.46 | 0.50 |
| Dec 31, 2011 | 0.33 | 0.49 |
| Dec 31, 2010 | 0.33 | 0.57 |
| Dec 31, 2009 | 0.45 | 0.77 |
| Dec 31, 2008 | 0.50 | 1.16 |
| Dec 31, 2007 | 0.39 | 0.49 |
| Dec 31, 2006 | 0.20 | 0.53 |
| Dec 31, 2005 | 0.23 | 0.71 |
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), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31), 10-K (reporting date: 2012-12-31), 10-K (reporting date: 2011-12-31), 10-K (reporting date: 2010-12-31), 10-K (reporting date: 2009-12-31), 10-K (reporting date: 2008-12-31), 10-K (reporting date: 2007-12-31), 10-K (reporting date: 2006-12-31), 10-K (reporting date: 2005-12-31).