Forensic Analysis · Precious Metals Mining · as of Nov 9, 2026
Newmont Corp /De/ (NEM)
A forensic read on Newmont Corp /De/ built from its complete SEC filings — financial-health screens, earnings quality, red flags and a price-aware rating. Reproducible math, not opinion.
B · Sound & dependable
Forensic grade
Safe
Financial health
3.9
Distress distance
Clean
Earnings quality
4
Forensic signals
22.2%
ROE
21.3%
Revenue growth
This free snapshot doesn't read filing or proxy text, so the auditor-quality and governance checks that can lower a grade were not evaluated (auditor quality, say on pay, board independence, going concern). Those checks only ever lower a grade, so the full analysis can land below the grade above but never above it — treat it as the most favourable reading, not the settled one.
Newmont Corp /De/ earns a B (Sound & dependable) forensic quality grade, and its balance-sheet distress test reads 3.9, placing it in the Safe zone. 4 forensic signals were flagged in its latest SEC filings, led by share-count dilution.
What the filings flag
+14.8%/yr
FY2023–FY2025
Share-count dilution.Diluted share count changed +32% over the last 2 years to FY2025 (+14.8%/yr). The count is growing — 841.0M shares in FY2023, 1,108.0M in FY2025: more stock was issued than repurchased over this window, so aggregate results grew faster than their per-share equivalents. That's ~14.8% shaved off per-share growth every year — total profit has to grow that much just to keep earnings-per-share flat, and a stake held since FY2023 has been diluted ~24%.
0.4% of rev
FY2025
Stock-based comp load.Stock-based compensation ran 0.4% of revenue and 1% of free cash flow in FY2025 — about $0.09 per diluted share. No cash left the business to pay it, which is why operating cash flow adds it back. Net of repurchases the diluted count still rose about 14.8% a year across FY2023–FY2025, and the rate is falling. Stock compensation is one source of that issuance; acquisition consideration, equity raises, convertibles and other employee plans also net into the count, and these figures do not separate them.
$1.8B
FY2023
Goodwill impairments.Took $1.8B of goodwill writedowns across 1 year (FY2023 ($1.8B)). Writedowns mean past acquisitions underperformed what was paid for them.
-41%
FY2023→FY2024
Dividend — cut.The payout was CUT ~41% in FY2024 (from FY2023). It still returns some cash, but it is NOT the dependable, rising dividend an unbroken streak implies.
Key fundamentals
Latest Revenue$22.67B
Revenue Growth YoY+21.3%
Revenue CAGR (2yr)+38.5%
Net Margin31.3%
Free Cash Flow$7.30B
Return on Equity22.2%
Debt / Equity0.15x
The forensic grade and screens above are free — no account needed. Want the AI investment read on top — the 0–100 rating, thesis, bull-vs-bear, red flags and the 12-month scenario, written from Newmont Corp /De/'s actual 10-K/10-Q/8-K filings?