Stock Analysis on Net
Stock Analysis on Net

Newmont Corp. (NYSE:NEM)

Adjusted Financial Ratios

Microsoft Excel

Adjusted Financial Ratios (Summary)

Newmont Corp., adjusted financial ratios

Microsoft Excel
Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019
Activity Ratio
Total Asset Turnover
Reported 0.21 0.31 0.30 0.28 0.24
Adjusted 0.21 0.31 0.30 0.28 0.25
Solvency Ratios
Debt to Equity
Reported 0.33 0.32 0.29 0.29 0.32
Adjusted 0.30 0.30 0.27 0.27 0.28
Debt to Capital
Reported 0.25 0.24 0.22 0.23 0.24
Adjusted 0.23 0.23 0.21 0.21 0.22
Financial Leverage
Reported 1.91 1.99 1.84 1.80 1.87
Adjusted 1.73 1.81 1.70 1.60 1.62
Profitability Ratios
Net Profit Margin
Reported -21.11% -3.60% 9.54% 24.61% 28.80%
Adjusted -22.12% -4.32% 1.23% 21.35% 33.97%
Return on Equity (ROE)
Reported -8.59% -2.22% 5.29% 12.30% 13.10%
Adjusted -8.19% -2.43% 0.63% 9.58% 13.63%
Return on Assets (ROA)
Reported -4.49% -1.11% 2.87% 6.84% 7.02%
Adjusted -4.73% -1.34% 0.37% 5.98% 8.39%

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).

Financial ratio Description The company
Adjusted total asset turnover An activity ratio calculated as total revenue divided by adjusted total assets. Newmont Corp. adjusted total asset turnover ratio improved from 2021 to 2022 but then deteriorated significantly from 2022 to 2023.
Adjusted debt-to-equity ratio A solvency ratio calculated as adjusted total debt divided by adjusted total equity. Newmont Corp. adjusted debt-to-equity ratio deteriorated from 2021 to 2022 and from 2022 to 2023.
Adjusted debt-to-capital ratio A solvency ratio calculated as adjusted total debt divided by adjusted total debt plus adjusted total equity. Newmont Corp. adjusted debt-to-capital ratio deteriorated from 2021 to 2022 and from 2022 to 2023.
Adjusted financial leverage A measure of financial leverage calculated as adjusted total assets divided by adjusted total equity.
Financial leverage is the extent to which a company can effect, through the use of debt, a proportional change in the return on common equity that is greater than a given proportional change in operating income.		 Newmont Corp. adjusted financial leverage ratio increased from 2021 to 2022 but then slightly decreased from 2022 to 2023 not reaching 2021 level.
Adjusted net profit margin An indicator of profitability, calculated as adjusted net income divided by total revenue. Newmont Corp. adjusted net profit margin ratio deteriorated from 2021 to 2022 and from 2022 to 2023.
Adjusted ROE A profitability ratio calculated as adjusted net income divided by adjusted total equity. Newmont Corp. adjusted ROE deteriorated from 2021 to 2022 and from 2022 to 2023.
Adjusted ROA A profitability ratio calculated as adjusted net income divided by adjusted total assets. Newmont Corp. adjusted ROA deteriorated from 2021 to 2022 and from 2022 to 2023.

Newmont Corp., Financial Ratios: Reported vs. Adjusted

Adjusted Total Asset Turnover

Microsoft Excel
Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019
Reported
Selected Financial Data (US$ in millions)
Sales 11,812 11,915 12,222 11,497 9,740
Total assets 55,506 38,482 40,564 41,369 39,974
Activity Ratio
Total asset turnover1 0.21 0.31 0.30 0.28 0.24
Adjusted
Selected Financial Data (US$ in millions)
Sales 11,812 11,915 12,222 11,497 9,740
Adjusted total assets2 55,238 38,309 40,295 41,032 39,425
Activity Ratio
Adjusted total asset turnover3 0.21 0.31 0.30 0.28 0.25

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).

1 2023 Calculation
Total asset turnover = Sales ÷ Total assets
= 11,812 ÷ 55,506 = 0.21

2 Adjusted total assets. See details »

3 2023 Calculation
Adjusted total asset turnover = Sales ÷ Adjusted total assets
= 11,812 ÷ 55,238 = 0.21

Activity ratio Description The company
Adjusted total asset turnover An activity ratio calculated as total revenue divided by adjusted total assets. Newmont Corp. adjusted total asset turnover ratio improved from 2021 to 2022 but then deteriorated significantly from 2022 to 2023.

Adjusted Debt to Equity

Microsoft Excel
Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019
Reported
Selected Financial Data (US$ in millions)
Total debt 9,436 6,132 6,302 6,702 6,834
Total Newmont stockholders’ equity 29,027 19,354 22,022 23,008 21,420
Solvency Ratio
Debt to equity1 0.33 0.32 0.29 0.29 0.32
Adjusted
Selected Financial Data (US$ in millions)
Adjusted total debt2 9,541 6,248 6,430 6,810 6,909
Adjusted total equity3 31,924 21,169 23,736 25,615 24,275
Solvency Ratio
Adjusted debt to equity4 0.30 0.30 0.27 0.27 0.28

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).

1 2023 Calculation
Debt to equity = Total debt ÷ Total Newmont stockholders’ equity
= 9,436 ÷ 29,027 = 0.33

2 Adjusted total debt. See details »

3 Adjusted total equity. See details »

4 2023 Calculation
Adjusted debt to equity = Adjusted total debt ÷ Adjusted total equity
= 9,541 ÷ 31,924 = 0.30

Solvency ratio Description The company
Adjusted debt-to-equity ratio A solvency ratio calculated as adjusted total debt divided by adjusted total equity. Newmont Corp. adjusted debt-to-equity ratio deteriorated from 2021 to 2022 and from 2022 to 2023.

Adjusted Debt to Capital

Microsoft Excel
Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019
Reported
Selected Financial Data (US$ in millions)
Total debt 9,436 6,132 6,302 6,702 6,834
Total capital 38,463 25,486 28,324 29,710 28,254
Solvency Ratio
Debt to capital1 0.25 0.24 0.22 0.23 0.24
Adjusted
Selected Financial Data (US$ in millions)
Adjusted total debt2 9,541 6,248 6,430 6,810 6,909
Adjusted total capital3 41,465 27,417 30,166 32,425 31,184
Solvency Ratio
Adjusted debt to capital4 0.23 0.23 0.21 0.21 0.22

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).

1 2023 Calculation
Debt to capital = Total debt ÷ Total capital
= 9,436 ÷ 38,463 = 0.25

2 Adjusted total debt. See details »

3 Adjusted total capital. See details »

4 2023 Calculation
Adjusted debt to capital = Adjusted total debt ÷ Adjusted total capital
= 9,541 ÷ 41,465 = 0.23

Solvency ratio Description The company
Adjusted debt-to-capital ratio A solvency ratio calculated as adjusted total debt divided by adjusted total debt plus adjusted total equity. Newmont Corp. adjusted debt-to-capital ratio deteriorated from 2021 to 2022 and from 2022 to 2023.

Adjusted Financial Leverage

Microsoft Excel
Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019
Reported
Selected Financial Data (US$ in millions)
Total assets 55,506 38,482 40,564 41,369 39,974
Total Newmont stockholders’ equity 29,027 19,354 22,022 23,008 21,420
Solvency Ratio
Financial leverage1 1.91 1.99 1.84 1.80 1.87
Adjusted
Selected Financial Data (US$ in millions)
Adjusted total assets2 55,238 38,309 40,295 41,032 39,425
Adjusted total equity3 31,924 21,169 23,736 25,615 24,275
Solvency Ratio
Adjusted financial leverage4 1.73 1.81 1.70 1.60 1.62

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).

1 2023 Calculation
Financial leverage = Total assets ÷ Total Newmont stockholders’ equity
= 55,506 ÷ 29,027 = 1.91

2 Adjusted total assets. See details »

3 Adjusted total equity. See details »

4 2023 Calculation
Adjusted financial leverage = Adjusted total assets ÷ Adjusted total equity
= 55,238 ÷ 31,924 = 1.73

Solvency ratio Description The company
Adjusted financial leverage A measure of financial leverage calculated as adjusted total assets divided by adjusted total equity.
Financial leverage is the extent to which a company can effect, through the use of debt, a proportional change in the return on common equity that is greater than a given proportional change in operating income.		 Newmont Corp. adjusted financial leverage ratio increased from 2021 to 2022 but then slightly decreased from 2022 to 2023 not reaching 2021 level.

Adjusted Net Profit Margin

Microsoft Excel
Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019
Reported
Selected Financial Data (US$ in millions)
Net income (loss) attributable to Newmont stockholders (2,494) (429) 1,166 2,829 2,805
Sales 11,812 11,915 12,222 11,497 9,740
Profitability Ratio
Net profit margin1 -21.11% -3.60% 9.54% 24.61% 28.80%
Adjusted
Selected Financial Data (US$ in millions)
Adjusted net income (loss)2 (2,613) (515) 150 2,455 3,309
Sales 11,812 11,915 12,222 11,497 9,740
Profitability Ratio
Adjusted net profit margin3 -22.12% -4.32% 1.23% 21.35% 33.97%

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).

1 2023 Calculation
Net profit margin = 100 × Net income (loss) attributable to Newmont stockholders ÷ Sales
= 100 × -2,494 ÷ 11,812 = -21.11%

2 Adjusted net income (loss). See details »

3 2023 Calculation
Adjusted net profit margin = 100 × Adjusted net income (loss) ÷ Sales
= 100 × -2,613 ÷ 11,812 = -22.12%

Profitability ratio Description The company
Adjusted net profit margin An indicator of profitability, calculated as adjusted net income divided by total revenue. Newmont Corp. adjusted net profit margin ratio deteriorated from 2021 to 2022 and from 2022 to 2023.

Adjusted Return on Equity (ROE)

Microsoft Excel
Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019
Reported
Selected Financial Data (US$ in millions)
Net income (loss) attributable to Newmont stockholders (2,494) (429) 1,166 2,829 2,805
Total Newmont stockholders’ equity 29,027 19,354 22,022 23,008 21,420
Profitability Ratio
ROE1 -8.59% -2.22% 5.29% 12.30% 13.10%
Adjusted
Selected Financial Data (US$ in millions)
Adjusted net income (loss)2 (2,613) (515) 150 2,455 3,309
Adjusted total equity3 31,924 21,169 23,736 25,615 24,275
Profitability Ratio
Adjusted ROE4 -8.19% -2.43% 0.63% 9.58% 13.63%

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).

1 2023 Calculation
ROE = 100 × Net income (loss) attributable to Newmont stockholders ÷ Total Newmont stockholders’ equity
= 100 × -2,494 ÷ 29,027 = -8.59%

2 Adjusted net income (loss). See details »

3 Adjusted total equity. See details »

4 2023 Calculation
Adjusted ROE = 100 × Adjusted net income (loss) ÷ Adjusted total equity
= 100 × -2,613 ÷ 31,924 = -8.19%

Profitability ratio Description The company
Adjusted ROE A profitability ratio calculated as adjusted net income divided by adjusted total equity. Newmont Corp. adjusted ROE deteriorated from 2021 to 2022 and from 2022 to 2023.

Adjusted Return on Assets (ROA)

Microsoft Excel
Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019
Reported
Selected Financial Data (US$ in millions)
Net income (loss) attributable to Newmont stockholders (2,494) (429) 1,166 2,829 2,805
Total assets 55,506 38,482 40,564 41,369 39,974
Profitability Ratio
ROA1 -4.49% -1.11% 2.87% 6.84% 7.02%
Adjusted
Selected Financial Data (US$ in millions)
Adjusted net income (loss)2 (2,613) (515) 150 2,455 3,309
Adjusted total assets3 55,238 38,309 40,295 41,032 39,425
Profitability Ratio
Adjusted ROA4 -4.73% -1.34% 0.37% 5.98% 8.39%

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).

1 2023 Calculation
ROA = 100 × Net income (loss) attributable to Newmont stockholders ÷ Total assets
= 100 × -2,494 ÷ 55,506 = -4.49%

2 Adjusted net income (loss). See details »

3 Adjusted total assets. See details »

4 2023 Calculation
Adjusted ROA = 100 × Adjusted net income (loss) ÷ Adjusted total assets
= 100 × -2,613 ÷ 55,238 = -4.73%

Profitability ratio Description The company
Adjusted ROA A profitability ratio calculated as adjusted net income divided by adjusted total assets. Newmont Corp. adjusted ROA deteriorated from 2021 to 2022 and from 2022 to 2023.