Common Stock Valuation Ratios (Price Multiples)
Quarterly Data
Valuation ratios measure the quantity of an asset or flaw (e.g., earnings) associated with ownership of a specified claim (e.g., a share of ownership of the enterprise).
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- Cash Flow Statement
- Common-Size Balance Sheet: Liabilities and Stockholders’ Equity
- Analysis of Long-term (Investment) Activity Ratios
- Enterprise Value to FCFF (EV/FCFF)
- Price to FCFE (P/FCFE)
- Selected Financial Data since 2005
- Return on Equity (ROE) since 2005
- Return on Assets (ROA) since 2005
- Total Asset Turnover since 2005
- Price to Sales (P/S) since 2005
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Historical Valuation Ratios (Summary)
Newmont Corp., historical price multiples (quarterly data)
Based on: 10-Q (reporting date: 2024-03-31), 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).
- Price to earnings (P/E) ratio
- The P/E ratio data starts from March 31, 2020. From this date, the ratio exhibited moderate fluctuations, initially ranging from approximately 13.49 to 21.51 throughout 2020 and 2021. A substantial increase was observed beginning March 31, 2022, peaking at 56.06 in mid-2022, followed by a gradual decrease to around 33.04 by the end of 2022. No values are recorded after this period.
- Price to operating profit (P/OP) ratio
- The P/OP ratio followed a generally downward trend from March 31, 2020, to December 31, 2020, starting at 30.42 and declining to 15.62. It then increased markedly to 49.29 by the middle of 2022 and experienced another decrease to 32.84 by December 31, 2022. An anomalous spike is noticeable at 173.07 on March 31, 2023, after which data is missing.
- Price to sales (P/S) ratio
- Available from March 31, 2020, this ratio showed a gradual decrease from near 5.0 in mid-2020 to below 3.0 towards the end of 2022, indicating declining market valuation relative to sales during that period. Starting 2023, there is a slight recovery perceptible with values rising again towards 3.7 by March 31, 2024.
- Price to book value (P/BV) ratio
- This ratio is provided for a longer period starting from March 31, 2019. It shows a general decreasing trend from 2.47 in early 2019 to below 1.5 during late 2019. The ratio bounced back above 2.0 intermittently in 2020 and early 2021, but experienced volatility with sharp declines and recoveries. From mid-2022 onwards, the values trended downwards again, reaching a low of 1.24 by December 31, 2023, with a moderate uptick to 1.69 by March 31, 2024.
Price to Earnings (P/E)
Newmont Corp., historical P/E calculation (quarterly data)
| Mar 31, 2024 | Dec 31, 2023 | Sep 30, 2023 | Jun 30, 2023 | Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | Dec 31, 2021 | Sep 30, 2021 | Jun 30, 2021 | Mar 31, 2021 | Dec 31, 2020 | Sep 30, 2020 | Jun 30, 2020 | Mar 31, 2020 | Dec 31, 2019 | Sep 30, 2019 | Jun 30, 2019 | Mar 31, 2019 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | ||||||||||||||||||||||||||||
| Selected Financial Data (US$) | ||||||||||||||||||||||||||||
| Net income (loss) attributable to Newmont stockholders (in millions) | ||||||||||||||||||||||||||||
| Earnings per share (EPS)2 | ||||||||||||||||||||||||||||
| Share price1, 3 | ||||||||||||||||||||||||||||
| Valuation Ratio | ||||||||||||||||||||||||||||
| P/E ratio4 | ||||||||||||||||||||||||||||
| Benchmarks | ||||||||||||||||||||||||||||
| P/E Ratio, Competitors5 | ||||||||||||||||||||||||||||
| Freeport-McMoRan Inc. | ||||||||||||||||||||||||||||
Based on: 10-Q (reporting date: 2024-03-31), 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).
1 Data adjusted for splits and stock dividends.
2 Q1 2024 Calculation
EPS
= (Net income (loss) attributable to Newmont stockholdersQ1 2024
+ Net income (loss) attributable to Newmont stockholdersQ4 2023
+ Net income (loss) attributable to Newmont stockholdersQ3 2023
+ Net income (loss) attributable to Newmont stockholdersQ2 2023)
÷ No. shares of common stock outstanding
= ( + + + )
÷ =
3 Closing price as at the filing date of Newmont Corp. Quarterly or Annual Report.
4 Q1 2024 Calculation
P/E ratio = Share price ÷ EPS
= ÷ =
5 Click competitor name to see calculations.
The financial data reveals several notable trends in key performance indicators over the examined quarterly periods.
- Share Price
- The share price exhibited considerable volatility. Beginning at $31.63 in March 2019, it rose steadily to a peak of $74.52 in March 2022. This was followed by a marked decline, dropping to a low of $31.25 by September 2023 before rebounding slightly to $42.26 by March 2024. The overall pattern shows periods of growth interrupted by sharp corrections, especially during 2022 and 2023.
- Earnings Per Share (EPS)
- EPS data first appears in March 2020 with a value of 3.47 and initially shows an upward trend, reaching 4.87 in September 2020. However, from late 2020 onwards, the EPS began to decline progressively, falling into negative territory starting March 2023. The negative EPS persists through March 2024, indicating deteriorating profitability over this recent period.
- Price-to-Earnings Ratio (P/E)
- P/E ratios are available for the period from March 2020 through March 2022. Initial values range between approximately 13.49 and 21.51, suggesting moderate valuation levels relative to earnings. A significant increase in the P/E ratio is observed in 2022, peaking at over 56.00 in June 2022, coinciding with the time when share prices were nearing historical highs while EPS was declining. This elevated ratio indicates an increase in market valuation relative to earnings, possibly owing to investor optimism despite weakening earnings. P/E data is unavailable from March 2023 onwards, likely due to negative EPS during that period which makes P/E ratio calculation non-meaningful.
In summary, the data points to a phase of strong share price appreciation up to early 2022, supported initially by increasing earnings. However, since mid-2022, earnings have declined sharply, resulting in negative EPS and heightened valuation multiples before the difficulty in maintaining those valuation levels led to a share price correction. The latest available period shows continued negative earnings and a partial recovery in share price, reflecting ongoing financial challenges and investor uncertainty.
Price to Operating Profit (P/OP)
Newmont Corp., historical P/OP calculation (quarterly data)
| Mar 31, 2024 | Dec 31, 2023 | Sep 30, 2023 | Jun 30, 2023 | Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | Dec 31, 2021 | Sep 30, 2021 | Jun 30, 2021 | Mar 31, 2021 | Dec 31, 2020 | Sep 30, 2020 | Jun 30, 2020 | Mar 31, 2020 | Dec 31, 2019 | Sep 30, 2019 | Jun 30, 2019 | Mar 31, 2019 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | ||||||||||||||||||||||||||||
| Selected Financial Data (US$) | ||||||||||||||||||||||||||||
| Operating income (loss) (in millions) | ||||||||||||||||||||||||||||
| Operating profit per share2 | ||||||||||||||||||||||||||||
| Share price1, 3 | ||||||||||||||||||||||||||||
| Valuation Ratio | ||||||||||||||||||||||||||||
| P/OP ratio4 | ||||||||||||||||||||||||||||
| Benchmarks | ||||||||||||||||||||||||||||
| P/OP Ratio, Competitors5 | ||||||||||||||||||||||||||||
| Freeport-McMoRan Inc. | ||||||||||||||||||||||||||||
Based on: 10-Q (reporting date: 2024-03-31), 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).
1 Data adjusted for splits and stock dividends.
2 Q1 2024 Calculation
Operating profit per share
= (Operating income (loss)Q1 2024
+ Operating income (loss)Q4 2023
+ Operating income (loss)Q3 2023
+ Operating income (loss)Q2 2023)
÷ No. shares of common stock outstanding
= ( + + + )
÷ =
3 Closing price as at the filing date of Newmont Corp. Quarterly or Annual Report.
4 Q1 2024 Calculation
P/OP ratio = Share price ÷ Operating profit per share
= ÷ =
5 Click competitor name to see calculations.
- Share Price Trends
- The share price exhibited an overall increasing trend from March 2019 through March 2022, rising from $31.63 to a peak of $74.52 in March 2022. This increase was accompanied by periods of volatility, for example, a notable dip occurred between June 2022 ($44.59) and September 2023 ($37.48), followed by a gradual recovery reaching $42.26 in March 2024. The share price appears to have experienced significant fluctuations in the period from mid-2022 onward, suggesting increased market uncertainty or changing investor sentiment during that time frame.
- Operating Profit per Share (OPPS)
- Operating profit per share is available starting from March 2020, showing initial growth from $1.58 to a high of $4.67 in September 2021. However, beginning in December 2021, the OPPS declined sharply, turning negative in the first quarter of 2023 and continuing to deteriorate through March 2024, reaching -$1.57. This downward trend reflects a substantial weakening in operating profitability, indicating operational challenges or intensified cost pressures during the latter periods.
- Price to Operating Profit Ratio (P/OP)
- The P/OP ratio, calculated as the share price divided by operating profit per share, shows a decline from 30.42 in March 2020 to a low of 12.88 in September 2021, suggesting improving valuation relative to profitability during this period. Subsequently, the ratio rose sharply, peaking at 49.29 in June 2022, aligned with the decrease in operating profit per share. The ratio then escalated dramatically to 173.07 in March 2023, consistent with negative operating profit values and sustained high share prices. However, the P/OP data for periods after March 2023 is unavailable, likely due to the negative operating profit values making ratio calculation impractical.
- Overall Observations
- The company experienced a period of increasing market valuation and improving operational profitability through late 2021. From 2022 onward, operating profitability contracted significantly, turning negative and coinciding with increased volatility and a declining trend in share price. The decoupling of share price from operating profit in recent years is reflected in the inflated P/OP ratios. These patterns potentially indicate industry challenges, cost escalations, or other operational setbacks impacting profitability, while market valuation appears more volatile and less closely aligned with underlying operating performance in the most recent periods.
Price to Sales (P/S)
Newmont Corp., historical P/S calculation (quarterly data)
| Mar 31, 2024 | Dec 31, 2023 | Sep 30, 2023 | Jun 30, 2023 | Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | Dec 31, 2021 | Sep 30, 2021 | Jun 30, 2021 | Mar 31, 2021 | Dec 31, 2020 | Sep 30, 2020 | Jun 30, 2020 | Mar 31, 2020 | Dec 31, 2019 | Sep 30, 2019 | Jun 30, 2019 | Mar 31, 2019 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | ||||||||||||||||||||||||||||
| Selected Financial Data (US$) | ||||||||||||||||||||||||||||
| Sales (in millions) | ||||||||||||||||||||||||||||
| Sales per share2 | ||||||||||||||||||||||||||||
| Share price1, 3 | ||||||||||||||||||||||||||||
| Valuation Ratio | ||||||||||||||||||||||||||||
| P/S ratio4 | ||||||||||||||||||||||||||||
| Benchmarks | ||||||||||||||||||||||||||||
| P/S Ratio, Competitors5 | ||||||||||||||||||||||||||||
| Freeport-McMoRan Inc. | ||||||||||||||||||||||||||||
Based on: 10-Q (reporting date: 2024-03-31), 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).
1 Data adjusted for splits and stock dividends.
2 Q1 2024 Calculation
Sales per share
= (SalesQ1 2024
+ SalesQ4 2023
+ SalesQ3 2023
+ SalesQ2 2023)
÷ No. shares of common stock outstanding
= ( + + + )
÷ =
3 Closing price as at the filing date of Newmont Corp. Quarterly or Annual Report.
4 Q1 2024 Calculation
P/S ratio = Share price ÷ Sales per share
= ÷ =
5 Click competitor name to see calculations.
- Share Price Trend
- The share price demonstrated significant variability over the analyzed period. It started at $31.63 in March 2019, rising steadily to peak at $74.52 by March 2022. Following this peak, a sharp decline occurred, with the price falling to a low of $31.25 in December 2023 before recovering modestly to $42.26 by March 2024. This indicates a period of growth followed by notable volatility and partial recovery.
- Sales per Share Evolution
- Sales per share began being recorded from March 2020 onward. The values showed a gradual increase from $12.06 in March 2020 to a peak around $15.63 in September 2021. Afterward, sales per share plateaued and exhibited a slight downtrend, dropping to $10.25 in December 2023 before a small rebound to $11.41 in March 2024. This suggests initial growth in sales per share, followed by stabilization and a mild decline towards the end of the period.
- Price-to-Sales (P/S) Ratio Dynamics
- The P/S ratio started at 3.99 in March 2020, increased to a high of 4.96 in September 2020, then declined steadily reaching a low of 2.69 by September 2023. In the last quarter, it increased again to 3.70 by March 2024. This pattern indicates relatively high valuation multiples in the early part of the timeline, followed by decreasing valuations relative to sales, and a recent upward adjustment in valuation metrics.
- Relationship Between Share Price, Sales per Share, and P/S Ratio
- There is a discernible correlation between share price and the P/S ratio, with both rising in tandem initially and then declining. Sales per share followed a steadier progression with less volatility compared to the share price, which experienced more pronounced fluctuations. The divergence between share price and sales per share, especially in the later quarters, suggests changing market sentiment or external factors influencing valuation beyond sales performance alone.
- Overall Insights
- The analyzed period encompasses growth phases, peak valuations, and subsequent corrections. The initial growth in both sales per share and share price likely reflects favorable business conditions or investor optimism. The subsequent decline in share price and valuation multiples, despite relatively stable sales per share, points to a revaluation by the market, possibly influenced by macroeconomic factors or company-specific risks. The recent partial recovery in share price and P/S ratio towards early 2024 may indicate renewed investor confidence or positive developments impacting future expectations.
Price to Book Value (P/BV)
Newmont Corp., historical P/BV calculation (quarterly data)
| Mar 31, 2024 | Dec 31, 2023 | Sep 30, 2023 | Jun 30, 2023 | Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | Dec 31, 2021 | Sep 30, 2021 | Jun 30, 2021 | Mar 31, 2021 | Dec 31, 2020 | Sep 30, 2020 | Jun 30, 2020 | Mar 31, 2020 | Dec 31, 2019 | Sep 30, 2019 | Jun 30, 2019 | Mar 31, 2019 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | ||||||||||||||||||||||||||||
| Selected Financial Data (US$) | ||||||||||||||||||||||||||||
| Total Newmont stockholders’ equity (in millions) | ||||||||||||||||||||||||||||
| Book value per share (BVPS)2 | ||||||||||||||||||||||||||||
| Share price1, 3 | ||||||||||||||||||||||||||||
| Valuation Ratio | ||||||||||||||||||||||||||||
| P/BV ratio4 | ||||||||||||||||||||||||||||
| Benchmarks | ||||||||||||||||||||||||||||
| P/BV Ratio, Competitors5 | ||||||||||||||||||||||||||||
| Freeport-McMoRan Inc. | ||||||||||||||||||||||||||||
Based on: 10-Q (reporting date: 2024-03-31), 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).
1 Data adjusted for splits and stock dividends.
2 Q1 2024 Calculation
BVPS = Total Newmont stockholders’ equity ÷ No. shares of common stock outstanding
= ÷ =
3 Closing price as at the filing date of Newmont Corp. Quarterly or Annual Report.
4 Q1 2024 Calculation
P/BV ratio = Share price ÷ BVPS
= ÷ =
5 Click competitor name to see calculations.
- Share Price Trend
- The share price experienced notable fluctuations over the observed period. Starting at $31.63 in March 2019, it increased steadily to a peak of $74.52 in March 2022. This upward trend was followed by a significant decline to a low of $31.25 in September 2023. Towards the end of the period, a partial recovery was observed, with the price rising to $42.26 by March 2024.
- Book Value Per Share (BVPS) Trend
- Book value per share showed a more stable trajectory compared to the share price. It rose from $12.81 in March 2019 to a peak of $29.08 in June 2021, indicating consistent growth in the company's net asset value per share. However, from June 2021 onward, BVPS experienced a gradual decline, reaching $24.38 by March 2023, before showing a slight recovery and stabilizing around $25.05 by March 2024.
- Price-to-Book Value (P/BV) Ratio Dynamics
- The P/BV ratio demonstrated significant volatility throughout the period, reflecting changes in market valuation relative to book value. Initially, the ratio decreased sharply from 2.47 in March 2019 to 1.44 by September 2019, then rebounded to a high of 2.76 in March 2022, coinciding with the share price peak. Thereafter, the ratio declined to a low of 1.24 in September 2023, suggesting a period where the market price undervalued the book value. In the final quarters, the ratio recovered moderately to 1.69 by March 2024.
- Summary of Observations
- Overall, the share price and P/BV ratio closely followed each other with similar cycles of increase and decrease, driven by market sentiment and valuation adjustments. The BVPS showed more gradual changes, suggesting relatively stable underlying asset values despite market volatility. The sharp drops in both share price and P/BV ratio after early 2022 may indicate market concerns or adjustments, while the recent partial recoveries suggest improving investor confidence or changes in company fundamentals.