Price to Sales (P/S)
since 2005
Calculation
Newmont Corp., P/S, long-term trends, calculation
| P/S | = | Share price1, 2, 3 | ÷ | Sales per share1 | Sales per share1 | = | Sales1 (in millions) |
÷ | No. shares of common stock outstanding2 | ||
|---|---|---|---|---|---|---|---|---|---|---|---|
| Feb 29, 2024 | 3.05 | = | 31.25 | ÷ | 10.25 | 10.25 | = | 11,812 | ÷ | 1,152,551,607 | |
| Feb 23, 2023 | 2.95 | = | 44.26 | ÷ | 15.01 | 15.01 | = | 11,915 | ÷ | 793,794,062 | |
| Feb 24, 2022 | 4.33 | = | 66.72 | ÷ | 15.42 | 15.42 | = | 12,222 | ÷ | 792,502,327 | |
| Feb 18, 2021 | 3.99 | = | 57.36 | ÷ | 14.37 | 14.37 | = | 11,497 | ÷ | 800,314,223 | |
| Feb 20, 2020 | 3.99 | = | 48.10 | ÷ | 12.06 | 12.06 | = | 9,740 | ÷ | 807,583,184 | |
| Feb 21, 2019 | 2.60 | = | 35.41 | ÷ | 13.62 | 13.62 | = | 7,253 | ÷ | 532,669,445 | |
| Feb 22, 2018 | 2.73 | = | 37.63 | ÷ | 13.77 | 13.77 | = | 7,348 | ÷ | 533,474,863 | |
| Feb 21, 2017 | 2.96 | = | 37.44 | ÷ | 12.63 | 12.63 | = | 6,711 | ÷ | 531,149,818 | |
| Feb 17, 2016 | 1.70 | = | 24.84 | ÷ | 14.61 | 14.61 | = | 7,729 | ÷ | 529,161,509 | |
| Feb 20, 2015 | 1.75 | = | 25.58 | ÷ | 14.62 | 14.62 | = | 7,292 | ÷ | 498,857,070 | |
| Feb 21, 2014 | 1.40 | = | 23.38 | ÷ | 16.71 | 16.71 | = | 8,322 | ÷ | 497,918,226 | |
| Feb 22, 2013 | 2.05 | = | 40.82 | ÷ | 19.87 | 19.87 | = | 9,868 | ÷ | 496,735,683 | |
| Feb 24, 2012 | 2.99 | = | 62.51 | ÷ | 20.92 | 20.92 | = | 10,358 | ÷ | 495,065,056 | |
| Feb 24, 2011 | 2.83 | = | 54.76 | ÷ | 19.34 | 19.34 | = | 9,540 | ÷ | 493,268,648 | |
| Feb 25, 2010 | 3.12 | = | 49.02 | ÷ | 15.69 | 15.69 | = | 7,705 | ÷ | 490,987,380 | |
| Feb 19, 2009 | 3.22 | = | 40.79 | ÷ | 12.67 | 12.67 | = | 6,199 | ÷ | 489,195,141 | |
| Feb 21, 2008 | 4.15 | = | 50.64 | ÷ | 12.19 | 12.19 | = | 5,526 | ÷ | 453,288,717 | |
| Feb 26, 2007 | 4.25 | = | 47.06 | ÷ | 11.07 | 11.07 | = | 4,987 | ÷ | 450,677,597 | |
| Mar 2, 2006 | 5.51 | = | 54.15 | ÷ | 9.82 | 9.82 | = | 4,406 | ÷ | 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 Price-to-Sales (P/S) ratio exhibited significant volatility between 2006 and 2024, characterized by an initial long-term contraction, a mid-term recovery, and a recent period of normalization. The ratio transitioned from a high of 5.51 in 2006 to a cyclical low of 1.40 in 2014, before ascending to a secondary peak of 4.33 in 2022 and settling near 3.05 by 2024.
- Valuation Compression (2006–2014)
- A pronounced downward trend in the P/S ratio is observed during this period. Notably, between 2006 and 2012, sales per share increased substantially from 9.82 to 20.92, yet the P/S ratio declined from 5.51 to 2.99. This divergence indicates that market valuation did not keep pace with revenue growth. The compression reached its nadir in 2014, with a P/S ratio of 1.40, coinciding with a share price low of 23.38.
- Recovery and Expansion (2015–2022)
- A trend reversal occurred starting in 2015, leading to a gradual expansion of the valuation multiple. The P/S ratio rose from 1.75 in 2015 to 4.33 in 2022. This expansion was primarily driven by a sharp increase in share price, which climbed from 25.58 in 2015 to a peak of 66.72 in 2022, while sales per share remained relatively stagnant, fluctuating between 12.06 and 15.42. This suggests a period of increased investor optimism or higher market premiums independent of proportional revenue growth.
- Recent Correction and Stabilization (2023–2024)
- The most recent data indicates a correction in the P/S ratio, which fell to 2.95 in 2023 and adjusted slightly to 3.05 in 2024. This shift is accompanied by a significant contraction in both share price, falling to 31.25, and sales per share, which decreased to 10.25 in 2024. The current P/S ratio suggests a return to valuation levels observed during the 2018–2019 period.
AI Ask an analyst for more
Hi, I’m an AI-powered financial analyst at Stock Analysis on Net.
Without a user account, I tend to respond rather slowly.
How can I help you?
Comparison to Competitors
Newmont Corp., P/S, long-term trends, comparison to competitors
| Newmont Corp. | Freeport-McMoRan Inc. | |
|---|---|---|
| Feb 29, 2024 | 3.05 | 2.44 |
| Feb 23, 2023 | 2.95 | 2.66 |
| Feb 24, 2022 | 4.33 | 2.78 |
| Feb 18, 2021 | 3.99 | 3.38 |
| Feb 20, 2020 | 3.99 | 1.23 |
| Feb 21, 2019 | 2.60 | 0.96 |
| Feb 22, 2018 | 2.73 | 1.63 |
| Feb 21, 2017 | 2.96 | 1.29 |
| Feb 17, 2016 | 1.70 | 0.59 |
| Feb 20, 2015 | 1.75 | 1.05 |
| Feb 21, 2014 | 1.40 | 1.66 |
| Feb 22, 2013 | 2.05 | 1.71 |
| Feb 24, 2012 | 2.99 | 1.97 |
| Feb 24, 2011 | 2.83 | 2.62 |
| Feb 25, 2010 | 3.12 | 2.15 |
| Feb 19, 2009 | 3.22 | 0.70 |
| Feb 21, 2008 | 4.15 | 2.28 |
| Feb 26, 2007 | 4.25 | 1.96 |
| Mar 2, 2006 | 5.51 | 2.40 |
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/S, long-term trends, comparison to industry (materials)
| Newmont Corp. | Materials | |
|---|---|---|
| Feb 29, 2024 | 3.05 | 4.47 |
| Feb 23, 2023 | 2.95 | 3.70 |
| Feb 24, 2022 | 4.33 | 3.83 |
| Feb 18, 2021 | 3.99 | 4.08 |
| Feb 20, 2020 | 3.99 | 2.91 |
| Feb 21, 2019 | 2.60 | 2.81 |
| Feb 22, 2018 | 2.73 | 2.50 |
| Feb 21, 2017 | 2.96 | 2.22 |
| Feb 17, 2016 | 1.70 | 1.64 |
| Feb 20, 2015 | 1.75 | 1.94 |
| Feb 21, 2014 | 1.40 | 2.14 |
| Feb 22, 2013 | 2.05 | 2.08 |
| Feb 24, 2012 | 2.99 | 2.06 |
| Feb 24, 2011 | 2.83 | 2.38 |
| Feb 25, 2010 | 3.12 | 2.02 |
| Feb 19, 2009 | 3.22 | 0.98 |
| Feb 21, 2008 | 4.15 | 2.08 |
| Feb 26, 2007 | 4.25 | 1.83 |
| Mar 2, 2006 | 5.51 | 1.77 |
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).