Price to Earnings (P/E)
since 2005
Calculation
Newmont Corp., P/E, long-term trends, calculation
| P/E | = | Share price1, 2, 3 | ÷ | Earnings per share1 (EPS) | EPS1 | = | Net income (loss) attributable to Newmont stockholders1 (in millions) |
÷ | No. shares of common stock outstanding2 | ||
|---|---|---|---|---|---|---|---|---|---|---|---|
| Feb 29, 2024 | — | = | 31.25 | ÷ | -2.16 | -2.16 | = | -2,494 | ÷ | 1,152,551,607 | |
| Feb 23, 2023 | — | = | 44.26 | ÷ | -0.54 | -0.54 | = | -429 | ÷ | 793,794,062 | |
| Feb 24, 2022 | 45.35 | = | 66.72 | ÷ | 1.47 | 1.47 | = | 1,166 | ÷ | 792,502,327 | |
| Feb 18, 2021 | 16.23 | = | 57.36 | ÷ | 3.53 | 3.53 | = | 2,829 | ÷ | 800,314,223 | |
| Feb 20, 2020 | 13.85 | = | 48.10 | ÷ | 3.47 | 3.47 | = | 2,805 | ÷ | 807,583,184 | |
| Feb 21, 2019 | 55.31 | = | 35.41 | ÷ | 0.64 | 0.64 | = | 341 | ÷ | 532,669,445 | |
| Feb 22, 2018 | — | = | 37.63 | ÷ | -0.18 | -0.18 | = | -98 | ÷ | 533,474,863 | |
| Feb 21, 2017 | — | = | 37.44 | ÷ | -1.18 | -1.18 | = | -627 | ÷ | 531,149,818 | |
| Feb 17, 2016 | 59.75 | = | 24.84 | ÷ | 0.42 | 0.42 | = | 220 | ÷ | 529,161,509 | |
| Feb 20, 2015 | 25.12 | = | 25.58 | ÷ | 1.02 | 1.02 | = | 508 | ÷ | 498,857,070 | |
| Feb 21, 2014 | — | = | 23.38 | ÷ | -4.94 | -4.94 | = | -2,462 | ÷ | 497,918,226 | |
| Feb 22, 2013 | 11.21 | = | 40.82 | ÷ | 3.64 | 3.64 | = | 1,809 | ÷ | 496,735,683 | |
| Feb 24, 2012 | 84.55 | = | 62.51 | ÷ | 0.74 | 0.74 | = | 366 | ÷ | 495,065,056 | |
| Feb 24, 2011 | 11.86 | = | 54.76 | ÷ | 4.62 | 4.62 | = | 2,277 | ÷ | 493,268,648 | |
| Feb 25, 2010 | 18.56 | = | 49.02 | ÷ | 2.64 | 2.64 | = | 1,297 | ÷ | 490,987,380 | |
| Feb 19, 2009 | 23.39 | = | 40.79 | ÷ | 1.74 | 1.74 | = | 853 | ÷ | 489,195,141 | |
| Feb 21, 2008 | — | = | 50.64 | ÷ | -4.16 | -4.16 | = | -1,886 | ÷ | 453,288,717 | |
| Feb 26, 2007 | 26.81 | = | 47.06 | ÷ | 1.76 | 1.76 | = | 791 | ÷ | 450,677,597 | |
| Mar 2, 2006 | 75.43 | = | 54.15 | ÷ | 0.72 | 0.72 | = | 322 | ÷ | 448,529,574 |
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$
2 Data adjusted for splits and stock dividends.
3 Closing price as at the filing date of Newmont Corp. Annual Report.
The financial performance exhibits significant volatility in earnings and valuation metrics over the analyzed period. A cyclical pattern is evident, where the price-to-earnings ratio fluctuates sharply in response to inconsistent earnings per share, indicating a high sensitivity to operational or market-driven variables.
- Earnings per Share (EPS) Trends
- Earnings demonstrate extreme variance, characterized by alternating periods of profitability and net losses. Significant deficits were recorded in 2008, 2014, 2017, 2018, 2023, and 2024. The highest earnings peak occurred in 2011 at 4.62 US$, while the most severe contraction was noted in 2014 at -4.94 US$.
- Price to Earnings (P/E) Ratio Dynamics
- The P/E ratio shows extreme instability, with high peaks reaching 84.55 in 2012 and 75.43 in 2006. The ratio contracted to its lowest levels between 2011 and 2013, falling to as low as 11.21. The metric is frequently unavailable during years of negative EPS, highlighting periods where the company's valuation cannot be measured by traditional earnings multiples.
- Share Price Behavior
- The share price has fluctuated between a low of 23.38 US$ in 2014 and a high of 66.72 US$ in 2022. A notable disconnect is observed where the share price remained relatively high in 2012 (62.51 US$) despite a significant drop in EPS (0.74 US$), resulting in the peak P/E ratio of 84.55.
- Valuation Correlation
- An inverse relationship is often observed between earnings peaks and P/E ratios; for instance, the high EPS of 2011 corresponds with a low P/E ratio of 11.86. This suggests that the market valuation does not always move in tandem with realized earnings, reflecting potential shifts in investor expectations or external commodity price influences.
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Comparison to Competitors
Newmont Corp., P/E, long-term trends, comparison to competitors
| Newmont Corp. | Freeport-McMoRan Inc. | |
|---|---|---|
| Feb 29, 2024 | — | 30.14 |
| Feb 23, 2023 | — | 17.45 |
| Feb 24, 2022 | 45.35 | 14.75 |
| Feb 18, 2021 | 16.23 | 80.11 |
| Feb 20, 2020 | 13.85 | — |
| Feb 21, 2019 | 55.31 | 6.84 |
| Feb 22, 2018 | — | 14.69 |
| Feb 21, 2017 | — | — |
| Feb 17, 2016 | 59.75 | — |
| Feb 20, 2015 | 25.12 | — |
| Feb 21, 2014 | — | 13.08 |
| Feb 22, 2013 | 11.21 | 10.13 |
| Feb 24, 2012 | 84.55 | 9.01 |
| Feb 24, 2011 | 11.86 | 11.62 |
| Feb 25, 2010 | 18.56 | 12.81 |
| Feb 19, 2009 | 23.39 | — |
| Feb 21, 2008 | — | 13.94 |
| Feb 26, 2007 | 26.81 | 8.11 |
| Mar 2, 2006 | 75.43 | 10.75 |
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., P/E, long-term trends, comparison to industry (materials)
| Newmont Corp. | Materials | |
|---|---|---|
| Feb 29, 2024 | — | 33.75 |
| Feb 23, 2023 | — | 30.05 |
| Feb 24, 2022 | 45.35 | 28.21 |
| Feb 18, 2021 | 16.23 | 47.50 |
| Feb 20, 2020 | 13.85 | 49.13 |
| Feb 21, 2019 | 55.31 | 17.75 |
| Feb 22, 2018 | — | 22.15 |
| Feb 21, 2017 | — | — |
| Feb 17, 2016 | 59.75 | — |
| Feb 20, 2015 | 25.12 | 69.44 |
| Feb 21, 2014 | — | 17.83 |
| Feb 22, 2013 | 11.21 | 15.06 |
| Feb 24, 2012 | 84.55 | 12.60 |
| Feb 24, 2011 | 11.86 | 14.83 |
| Feb 25, 2010 | 18.56 | 14.87 |
| Feb 19, 2009 | 23.39 | — |
| Feb 21, 2008 | — | 15.68 |
| Feb 26, 2007 | 26.81 | 13.52 |
| Mar 2, 2006 | 75.43 | 15.84 |
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).