Stock Analysis on Net
Stock Analysis on Net

Newmont Corp. (NYSE:NEM)

DuPont Analysis: Disaggregation of ROE, ROA, and Net Profit Margin
Quarterly Data

Microsoft Excel

Decomposing ROE involves expressing net income divided by shareholders’ equity as the product of component ratios.

Two-Component Disaggregation of ROE

Newmont Corp., decomposition of ROE (quarterly data)

Microsoft Excel
ROE = ROA × Financial Leverage
Dec 31, 2023 -8.59% = -4.49% × 1.91
Sep 30, 2023 -4.26% = -2.13% × 2.00
Jun 30, 2023 -3.94% = -1.99% × 1.98
Mar 31, 2023 -2.71% = -1.37% × 1.98
Dec 31, 2022 -2.22% = -1.11% × 1.99
Sep 30, 2022 4.72% = 2.56% × 1.84
Jun 30, 2022 3.70% = 2.00% × 1.85
Mar 31, 2022 4.92% = 2.64% × 1.86
Dec 31, 2021 5.29% = 2.87% × 1.84
Sep 30, 2021 8.96% = 5.11% × 1.76
Jun 30, 2021 12.36% = 7.06% × 1.75
Mar 31, 2021 11.10% = 6.25% × 1.78
Dec 31, 2020 12.30% = 6.84% × 1.80
Sep 30, 2020 11.34% = 6.34% × 1.79
Jun 30, 2020 17.76% = 9.80% × 1.81
Mar 31, 2020 16.23% = 8.92% × 1.82
Dec 31, 2019 13.10% = 7.02% × 1.87
Sep 30, 2019 — = — × 1.90
Jun 30, 2019 — = — × 1.91
Mar 31, 2019 — = — × 1.99

Based on: 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31), 10-K (reporting date: 2019-12-31), 10-Q (reporting date: 2019-09-30), 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31).

Three-Component Disaggregation of ROE

Newmont Corp., decomposition of ROE (quarterly data)

Microsoft Excel
ROE = Net Profit Margin × Asset Turnover × Financial Leverage
Dec 31, 2023 -8.59% = -21.11% × 0.21 × 1.91
Sep 30, 2023 -4.26% = -7.35% × 0.29 × 2.00
Jun 30, 2023 -3.94% = -6.77% × 0.29 × 1.98
Mar 31, 2023 -2.71% = -4.55% × 0.30 × 1.98
Dec 31, 2022 -2.22% = -3.60% × 0.31 × 1.99
Sep 30, 2022 4.72% = 8.28% × 0.31 × 1.84
Jun 30, 2022 3.70% = 6.40% × 0.31 × 1.85
Mar 31, 2022 4.92% = 8.53% × 0.31 × 1.86
Dec 31, 2021 5.29% = 9.54% × 0.30 × 1.84
Sep 30, 2021 8.96% = 16.67% × 0.31 × 1.76
Jun 30, 2021 12.36% = 23.00% × 0.31 × 1.75
Mar 31, 2021 11.10% = 21.77% × 0.29 × 1.78
Dec 31, 2020 12.30% = 24.61% × 0.28 × 1.80
Sep 30, 2020 11.34% = 23.19% × 0.27 × 1.79
Jun 30, 2020 17.76% = 36.79% × 0.27 × 1.81
Mar 31, 2020 16.23% = 33.66% × 0.26 × 1.82
Dec 31, 2019 13.10% = 28.80% × 0.24 × 1.87
Sep 30, 2019 — = — × — × 1.90
Jun 30, 2019 — = — × — × 1.91
Mar 31, 2019 — = — × — × 1.99

Based on: 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31), 10-K (reporting date: 2019-12-31), 10-Q (reporting date: 2019-09-30), 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31).

Five-Component Disaggregation of ROE

Newmont Corp., decomposition of ROE (quarterly data)

Microsoft Excel
ROE = Tax Burden × Interest Burden × EBIT Margin × Asset Turnover × Financial Leverage
Dec 31, 2023 -8.59% = — × — × -14.60% × 0.21 × 1.91
Sep 30, 2023 -4.26% = — × — × -0.33% × 0.29 × 2.00
Jun 30, 2023 -3.94% = — × -3.63 × 0.43% × 0.29 × 1.98
Mar 31, 2023 -2.71% = — × -0.46 × 1.37% × 0.30 × 1.98
Dec 31, 2022 -2.22% = -16.50 × 0.10 × 2.12% × 0.31 × 1.99
Sep 30, 2022 4.72% = 0.61 × 0.87 × 15.57% × 0.31 × 1.84
Jun 30, 2022 3.70% = 0.51 × 0.86 × 14.65% × 0.31 × 1.85
Mar 31, 2022 4.92% = 0.49 × 0.89 × 19.35% × 0.31 × 1.86
Dec 31, 2021 5.29% = 0.52 × 0.89 × 20.77% × 0.30 × 1.84
Sep 30, 2021 8.96% = 0.66 × 0.92 × 27.62% × 0.31 × 1.76
Jun 30, 2021 12.36% = 0.72 × 0.93 × 34.44% × 0.31 × 1.75
Mar 31, 2021 11.10% = 0.73 × 0.92 × 32.47% × 0.29 × 1.78
Dec 31, 2020 12.30% = 0.80 × 0.92 × 33.41% × 0.28 × 1.80
Sep 30, 2020 11.34% = 0.82 × 0.91 × 31.26% × 0.27 × 1.79
Jun 30, 2020 17.76% = 0.83 × 0.94 × 47.60% × 0.27 × 1.81
Mar 31, 2020 16.23% = 0.84 × 0.93 × 43.25% × 0.26 × 1.82
Dec 31, 2019 13.10% = 0.77 × 0.92 × 40.43% × 0.24 × 1.87
Sep 30, 2019 — = — × — × — × — × 1.90
Jun 30, 2019 — = — × — × — × — × 1.91
Mar 31, 2019 — = — × — × — × — × 1.99

Based on: 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31), 10-K (reporting date: 2019-12-31), 10-Q (reporting date: 2019-09-30), 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31).

Two-Component Disaggregation of ROA

Newmont Corp., decomposition of ROA (quarterly data)

Microsoft Excel
ROA = Net Profit Margin × Asset Turnover
Dec 31, 2023 -4.49% = -21.11% × 0.21
Sep 30, 2023 -2.13% = -7.35% × 0.29
Jun 30, 2023 -1.99% = -6.77% × 0.29
Mar 31, 2023 -1.37% = -4.55% × 0.30
Dec 31, 2022 -1.11% = -3.60% × 0.31
Sep 30, 2022 2.56% = 8.28% × 0.31
Jun 30, 2022 2.00% = 6.40% × 0.31
Mar 31, 2022 2.64% = 8.53% × 0.31
Dec 31, 2021 2.87% = 9.54% × 0.30
Sep 30, 2021 5.11% = 16.67% × 0.31
Jun 30, 2021 7.06% = 23.00% × 0.31
Mar 31, 2021 6.25% = 21.77% × 0.29
Dec 31, 2020 6.84% = 24.61% × 0.28
Sep 30, 2020 6.34% = 23.19% × 0.27
Jun 30, 2020 9.80% = 36.79% × 0.27
Mar 31, 2020 8.92% = 33.66% × 0.26
Dec 31, 2019 7.02% = 28.80% × 0.24
Sep 30, 2019 — = — × —
Jun 30, 2019 — = — × —
Mar 31, 2019 — = — × —

Based on: 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31), 10-K (reporting date: 2019-12-31), 10-Q (reporting date: 2019-09-30), 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31).

Four-Component Disaggregation of ROA

Newmont Corp., decomposition of ROA (quarterly data)

Microsoft Excel
ROA = Tax Burden × Interest Burden × EBIT Margin × Asset Turnover
Dec 31, 2023 -4.49% = — × — × -14.60% × 0.21
Sep 30, 2023 -2.13% = — × — × -0.33% × 0.29
Jun 30, 2023 -1.99% = — × -3.63 × 0.43% × 0.29
Mar 31, 2023 -1.37% = — × -0.46 × 1.37% × 0.30
Dec 31, 2022 -1.11% = -16.50 × 0.10 × 2.12% × 0.31
Sep 30, 2022 2.56% = 0.61 × 0.87 × 15.57% × 0.31
Jun 30, 2022 2.00% = 0.51 × 0.86 × 14.65% × 0.31
Mar 31, 2022 2.64% = 0.49 × 0.89 × 19.35% × 0.31
Dec 31, 2021 2.87% = 0.52 × 0.89 × 20.77% × 0.30
Sep 30, 2021 5.11% = 0.66 × 0.92 × 27.62% × 0.31
Jun 30, 2021 7.06% = 0.72 × 0.93 × 34.44% × 0.31
Mar 31, 2021 6.25% = 0.73 × 0.92 × 32.47% × 0.29
Dec 31, 2020 6.84% = 0.80 × 0.92 × 33.41% × 0.28
Sep 30, 2020 6.34% = 0.82 × 0.91 × 31.26% × 0.27
Jun 30, 2020 9.80% = 0.83 × 0.94 × 47.60% × 0.27
Mar 31, 2020 8.92% = 0.84 × 0.93 × 43.25% × 0.26
Dec 31, 2019 7.02% = 0.77 × 0.92 × 40.43% × 0.24
Sep 30, 2019 — = — × — × — × —
Jun 30, 2019 — = — × — × — × —
Mar 31, 2019 — = — × — × — × —

Based on: 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31), 10-K (reporting date: 2019-12-31), 10-Q (reporting date: 2019-09-30), 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31).

Disaggregation of Net Profit Margin

Newmont Corp., decomposition of net profit margin ratio (quarterly data)

Microsoft Excel
Net Profit Margin = Tax Burden × Interest Burden × EBIT Margin
Dec 31, 2023 -21.11% = — × — × -14.60%
Sep 30, 2023 -7.35% = — × — × -0.33%
Jun 30, 2023 -6.77% = — × -3.63 × 0.43%
Mar 31, 2023 -4.55% = — × -0.46 × 1.37%
Dec 31, 2022 -3.60% = -16.50 × 0.10 × 2.12%
Sep 30, 2022 8.28% = 0.61 × 0.87 × 15.57%
Jun 30, 2022 6.40% = 0.51 × 0.86 × 14.65%
Mar 31, 2022 8.53% = 0.49 × 0.89 × 19.35%
Dec 31, 2021 9.54% = 0.52 × 0.89 × 20.77%
Sep 30, 2021 16.67% = 0.66 × 0.92 × 27.62%
Jun 30, 2021 23.00% = 0.72 × 0.93 × 34.44%
Mar 31, 2021 21.77% = 0.73 × 0.92 × 32.47%
Dec 31, 2020 24.61% = 0.80 × 0.92 × 33.41%
Sep 30, 2020 23.19% = 0.82 × 0.91 × 31.26%
Jun 30, 2020 36.79% = 0.83 × 0.94 × 47.60%
Mar 31, 2020 33.66% = 0.84 × 0.93 × 43.25%
Dec 31, 2019 28.80% = 0.77 × 0.92 × 40.43%
Sep 30, 2019 — = — × — × —
Jun 30, 2019 — = — × — × —
Mar 31, 2019 — = — × — × —

Based on: 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31), 10-K (reporting date: 2019-12-31), 10-Q (reporting date: 2019-09-30), 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31).