Enterprise Value to EBITDA (EV/EBITDA)

Earnings before Interest, Tax, Depreciation and Amortization (EBITDA)
EV to EBITDA Ratio, Current
EV to EBITDA Ratio, Historical

Earnings before Interest, Tax, Depreciation and Amortization (EBITDA)

Newmont Corp., EBITDA calculation

US$ in millions

12 months ended:	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019
Net income (loss) attributable to Newmont stockholders	(2,494)	(429)	1,166)	2,829)	2,805)
Add: Net income attributable to noncontrolling interest	27)	60)	(933)	(38)	79)
Less: Net income (loss) from discontinued operations	27)	30)	57)	163)	(72)
Add: Income tax expense	526)	455)	1,098)	704)	832)
Earnings before tax (EBT)	(1,968)	56)	1,274)	3,332)	3,788)
Add: Interest expense, net of capitalized interest	243)	227)	274)	308)	301)
Earnings before interest and tax (EBIT)	(1,725)	283)	1,548)	3,640)	4,089)
Add: Depreciation and amortization	2,108)	2,185)	2,323)	2,300)	1,960)
Earnings before interest, tax, depreciation and amortization (EBITDA)	383)	2,468)	3,871)	5,940)	6,049)

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).

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Item	Description	The company
EBITDA	To calculate EBITDA analysts start with net earnings. To that earnings number, interest, taxes, depreciation, and amortization are added. EBITDA as a pre-interest number is a flow to all providers of capital.	Newmont Corp. EBITDA decreased from 2021 to 2022 and from 2022 to 2023.

Enterprise Value to EBITDA Ratio, Current

Newmont Corp., current EV/EBITDA calculation, comparison to benchmarks

Selected Financial Data (US$ in millions)
Enterprise value (EV)	56,621)
Earnings before interest, tax, depreciation and amortization (EBITDA)	383)
Valuation Ratio
EV/EBITDA	147.84
Benchmarks
EV/EBITDA, Competitors¹
Freeport-McMoRan Inc.	9.87
EV/EBITDA, Sector
Metals & Mining	15.75
EV/EBITDA, Industry
Materials	17.40

Based on: 10-K (reporting date: 2023-12-31).

¹ Click competitor name to see calculations.

If the company EV/EBITDA is lower then the EV/EBITDA of benchmark then company is relatively undervalued.
Otherwise, if the company EV/EBITDA is higher then the EV/EBITDA of benchmark then company is relatively overvalued.

Enterprise Value to EBITDA Ratio, Historical

Newmont Corp., historical EV/EBITDA calculation, comparison to benchmarks

	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019
Selected Financial Data (US$ in millions)
Enterprise value (EV)¹	42,606)	37,687)	53,895)	47,615)	44,149)
Earnings before interest, tax, depreciation and amortization (EBITDA)²	383)	2,468)	3,871)	5,940)	6,049)
Valuation Ratio
EV/EBITDA³	111.24	15.27	13.92	8.02	7.30
Benchmarks
EV/EBITDA, Competitors⁴
Freeport-McMoRan Inc.	8.11	7.74	7.20	15.89	14.35
EV/EBITDA, Sector
Metals & Mining	12.50	9.32	9.04	11.15	9.27
EV/EBITDA, Industry
Materials	16.20	13.49	12.02	14.14	12.12

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 See details »

² See details »

³ 2023 Calculation
EV/EBITDA = EV ÷ EBITDA
= 42,606 ÷ 383 = 111.24

⁴ Click competitor name to see calculations.

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Valuation ratio	Description	The company
EV/EBITDA	Enterprise value to earnings before interest, tax, depreciation and amortization is a valuation indicator for the overall company rather than common stock.	Newmont Corp. EV/EBITDA ratio increased from 2021 to 2022 and from 2022 to 2023.

Newmont Corp. (NYSE:NEM)

Enterprise Value to EBITDA (EV/EBITDA)

Earnings before Interest, Tax, Depreciation and Amortization (EBITDA)

Enterprise Value to EBITDA Ratio, Current

Enterprise Value to EBITDA Ratio, Historical