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
- DuPont Analysis: Disaggregation of ROE, ROA, and Net Profit Margin
- Analysis of Geographic Areas
- Enterprise Value to EBITDA (EV/EBITDA)
- Price to FCFE (P/FCFE)
- Net Profit Margin since 2005
- Debt to Equity since 2005
- Price to Earnings (P/E) 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).
- Price to Earnings (P/E) Ratio
- The P/E ratio exhibited moderate fluctuations from March 2020 to September 2021, ranging roughly between 13.49 and 21.51. However, starting in December 2021, there was a pronounced upward spike, reaching a peak of 56.06 in March 2022. Following this peak, the ratio declined steadily but remained elevated compared to earlier periods, with values of 44.68 in June 2022 and 33.04 in September 2022. The data for subsequent quarters is missing, precluding further analysis.
- Price to Operating Profit (P/OP) Ratio
- The P/OP ratio showed a downward trend from March 2020 through June 2021, decreasing from 36.03 to 12.88, indicating improved operating profitability relative to the stock price in this period. From June 2021 to December 2021, the ratio experienced a sharp increase, peaking at 42.07, followed by further elevation to 173.07 by December 2022. This surge may indicate reduced operating profit margins or elevated market valuation. The absence of data beyond these points limits the ability to assess more recent trends.
- Price to Sales (P/S) Ratio
- The P/S ratio declined steadily from 4.95 in March 2020 to a low of 2.69 in September 2023, reflecting potentially improved sales performance relative to the stock price. There were small fluctuations within this overall downward trajectory, with slight increases noted towards the end of the series, reaching 3.7 in March 2024. This suggests a modest recovery or market adjustment relative to sales figures in the most recent quarter.
- Price to Book Value (P/BV) Ratio
- The P/BV ratio generally decreased over the observed period, dropping from 2.39 in March 2020 to as low as 1.24 in December 2023, before a modest rise to 1.69 in March 2024. This decline may indicate a market reassessment of the company's net asset value or book value. The fluctuations within this trend suggest varying investor sentiment or changes in underlying asset valuations over time.
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 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 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).
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.
- Share Price Trends
- The share price exhibited volatility over the observed periods. Initially, it ranged between approximately $57 and $66 throughout 2020 and the first quarter of 2021. A notable increase was observed by March 31, 2022, reaching a peak of $74.52. However, thereafter, the price underwent a significant decline, falling sharply to around $31.25 by December 31, 2023, before recovering modestly to $42.26 by March 31, 2024.
- Earnings per Share (EPS) Trends
- EPS demonstrated a declining trajectory over the periods. Throughout 2020, EPS fluctuated between $3.2 and $4.87, with a general downward trend starting in late 2020 into 2021, decreasing to 1.47 by December 31, 2021. From 2022 onwards, EPS plunged further, registering negative values starting in the fourth quarter of 2022 (-$0.54) and deepening losses into early 2024, reaching -$2.32 by March 31, 2024.
- Price-to-Earnings (P/E) Ratio Analysis
- The P/E ratio increased considerably over time, reflecting the falling EPS amid variable share prices. Starting at 14.72 in March 2020, it peaked at 56.06 by March 31, 2022. After March 2022, P/E values are not provided, likely due to negative EPS values, which typically render the P/E ratio undefined or less meaningful.
- Overall Financial Insights
- The decline in EPS coupled with volatility in share price highlights potential challenges in profitability and investor confidence over the period analyzed. The pronounced drop in earnings and subsequent negative EPS from late 2022 suggest deteriorating financial performance. The elevated P/E ratio prior to the absence of data suggests that share prices were relatively high compared to earnings, indicating either market optimism despite earnings decline or overvaluation. The partial recovery in share price in early 2024 amidst continuing negative EPS may reflect other market factors or expectations of future improvement.
Price to Operating Profit (P/OP)
Newmont Corp., historical P/OP calculation (quarterly data)
| Mar 31, 2024 | Dec 31, 2023 | Sep 30, 2023 | Jun 30, 2023 | Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | Dec 31, 2021 | Sep 30, 2021 | Jun 30, 2021 | Mar 31, 2021 | Dec 31, 2020 | Sep 30, 2020 | Jun 30, 2020 | Mar 31, 2020 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | |||||||||||||||||||||||
| Selected Financial Data (US$) | |||||||||||||||||||||||
| 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).
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
- The share price showed a general upward trend from March 2020 at $64.91, reaching a peak of $74.52 in March 2022. Following this peak, there was a significant decline, with the price dropping to a low of $31.25 by December 2023. A moderate recovery is observed in March 2024, with the share price rising to $42.26. This pattern indicates an initial period of growth followed by a substantial decline and subsequent partial recovery.
- Operating Profit per Share (OPPS)
- Operating profit per share increased steadily from $1.80 in March 2020 to a peak of $4.67 in June 2021, reflecting improving profitability during this period. After June 2021, OPPS declined sharply, becoming negative from March 2023 onwards, reaching a low of -$1.57 in March 2024. This progression suggests that profitability strengthened during 2020 and early 2021 but experienced significant deterioration starting in late 2021, resulting in losses in recent quarters.
- Price-to-Operating Profit Ratio (P/OP)
- The P/OP ratio decreased from 36.03 in March 2020 to a low of 12.88 in June 2021, indicating that stock prices were relatively more aligned with increasing earnings. However, from September 2021, the ratio increased dramatically, peaking at 173.07 in December 2022. No values are reported after December 2022, coinciding with the shift of operating profit per share to negative territory. The high ratio prior to losses indicates the share price was high relative to earnings, but the absence of P/OP data during the loss period reflects the inapplicability of this metric when profits are negative.
- Overall Analysis
- The data reveal an initial phase of financial strength and growth, with rising share prices and operating profits through mid-2021. Subsequently, profitability declined sharply, turning negative by early 2023, which correlated with a falling share price and a disrupted valuation metric. The sharp increase and subsequent absence of P/OP data highlight challenges in maintaining profitability. The modest recovery in share price by the first quarter of 2024 may suggest improving market sentiment, but operating profit remains negative, signaling continuing operational difficulties.
Price to Sales (P/S)
Newmont Corp., historical P/S calculation (quarterly data)
| Mar 31, 2024 | Dec 31, 2023 | Sep 30, 2023 | Jun 30, 2023 | Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | Dec 31, 2021 | Sep 30, 2021 | Jun 30, 2021 | Mar 31, 2021 | Dec 31, 2020 | Sep 30, 2020 | Jun 30, 2020 | Mar 31, 2020 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | |||||||||||||||||||||||
| Selected Financial Data (US$) | |||||||||||||||||||||||
| 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).
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.
The analysis of the quarterly financial data reveals notable fluctuations in share price, sales per share, and the price-to-sales (P/S) ratio over the examined periods.
- Share Price Trends
- The share price exhibited considerable volatility throughout the timeframe. Beginning at $64.91 in the first quarter of 2020, it experienced a gradual decline into the end of 2020, reaching $57.36. A rebound was seen in early 2021, peaking at $74.52 by the first quarter of 2022. However, from this peak, there was a sharp decline over the next several quarters, with the price falling to a low of $31.25 at the end of 2023. A modest recovery occurred by the first quarter of 2024, increasing to $42.26. This pattern indicates significant market uncertainty or reassessment of the company’s value during the later periods.
- Sales Per Share
- Sales per share showed a relatively stable upward trend during 2020 through 2022, starting at $13.11 and reaching a peak of $15.59 in the first quarter of 2022. After this peak, however, sales per share started to decline gradually, falling to $13.91 by the third quarter of 2023, followed by a more pronounced drop to $10.25 at the end of 2023. A slight recovery occurred by March 2024, rising to $11.41. The decline after early 2022 suggests potential challenges in revenue generation or changes in operational performance.
- Price-to-Sales (P/S) Ratio
- The P/S ratio closely followed trends in the share price with some variation. Starting at 4.95 in early 2020, it hovered mostly between 3.5 and 5 until early 2022. Following the peak in share price and sales, the P/S ratio dropped sharply to around 2.7 in late 2022 and early 2023, indicating a relative market repricing amid declining sales or share price pressure. The ratio then fluctuated moderately, rising to 3.7 by the first quarter of 2024. This suggests some restoration in market confidence relative to sales but remains below earlier highs.
Overall, the data delineate a period of growth in sales per share and a generally strong share price until early 2022, followed by a period marked by declining sales metrics and share price losses. The P/S ratio trends reflect these underlying changes, highlighting a market reassessment of value starting in mid-2022. The most recent quarter shows tentative signs of recovery in both share price and relative valuation.
Price to Book Value (P/BV)
Newmont Corp., historical P/BV calculation (quarterly data)
| Mar 31, 2024 | Dec 31, 2023 | Sep 30, 2023 | Jun 30, 2023 | Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | Dec 31, 2021 | Sep 30, 2021 | Jun 30, 2021 | Mar 31, 2021 | Dec 31, 2020 | Sep 30, 2020 | Jun 30, 2020 | Mar 31, 2020 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | |||||||||||||||||||||||
| Selected Financial Data (US$) | |||||||||||||||||||||||
| 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).
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.
The analysis of the quarterly financial data reveals several notable trends concerning the share price, book value per share (BVPS), and the price-to-book value (P/BV) ratio over the observed periods.
- Share Price
- The share price shows a volatile pattern across the quarters. Initially, the price hovered in the mid-$60 range during the early quarters of 2020 but then experienced a downward trend towards the end of that year. Early 2021 saw a mild recovery, peaking again in the fourth quarter of 2021 at $66.72. However, in 2022, a sharp decline is evident, with the share price falling from $74.52 in the first quarter to a low of $41.71 in the third quarter before partially recovering towards the end of the year. Throughout 2023, the price trended downward further, reaching a low of $31.25 in the fourth quarter, before rebounding to $42.26 in the first quarter of 2024. Overall, the share price demonstrates significant fluctuations with a notable decline over the period, especially post-2021.
- Book Value Per Share (BVPS)
- The BVPS remained relatively stable through 2020 and 2021, fluctuating modestly around the $27 to $29 range. A gradual decline began in 2022, dropping to a low of $24.38 by the end of that year. In 2023, the BVPS remained approximately at the same lowered level before showing a slight increase to $25.18 by the fourth quarter. As of the first quarter of 2024, the BVPS stands at $25.05, indicating some recovery but still below the levels seen in earlier years. This indicates a mild erosion of book value during the recent periods with signs of stabilization occurring recently.
- Price-to-Book Value (P/BV) Ratio
- The P/BV ratio illustrates how the market values the company relative to its book value. It started above 2.0 in early 2020, peaking at 2.40 in the second quarter of 2021, indicating strong market sentiment relative to book value at that time. Subsequently, this ratio declined sharply during 2022, reaching a low of 1.56 in the third quarter, coinciding with the notable share price decline. Although the ratio showed some recovery towards the end of 2022 and early 2023, it overall continued to trend downward, hitting a low of 1.24 by the fourth quarter of 2023. The early 2024 figure of 1.69 represents a partial rebound. This trend suggests the market valuation became more conservative relative to the company's book value over the period, reflecting possibly decreasing investor confidence or market volatility.
In summary, the data reflects a period of share price volatility and decline through 2022 and 2023, while the book value per share experienced a mild decline but remained relatively stable compared to market valuation. The P/BV ratio trends reinforce the narrative of shifting market sentiment, with valuation multiples contracting in response to the share price performance. The partial recovery in early 2024 may signal a stabilization phase or improved market outlook.