Can Newmont Continue Its Strong Free Cash Flow Momentum?

Newmont Corporation NEM logged a record quarterly free cash flow in the fourth quarter of 2025, underscoring its operational efficiency and the strength of its portfolio. Its free cash flow nearly doubled year over year to a record $2.8 billion in the fourth quarter and surged two-and-a-half-fold year over year to a record $7.3 billion, led by an increase in net cash from operating activities. Net cash from operating activities shot up 44% from the prior-year quarter to $3.6 billion, and surged 62% to $10.3 billion in 2025.

NEM, on its fourth-quarter call, said that it expects to continue to deliver strong free cash flows in 2026, aided by its world-class portfolio. Newmont stands to benefit from the strength in gold prices, which should drive its profitability and cash flow generation.

Increased central bank buying and persistent safe-haven demand driven by the war in the Middle East and concerns over further escalation in the coming days, as well as broader macroeconomic uncertainty, are expected to underpin gold prices. NEM’s robust balance sheet positions it to continue supporting growth initiatives, meeting its debt commitments and delivering shareholder value.

Among its major peers, Barrick Mining Corporation B generated strong operating cash flows in 2025, with a significant portion funneled back to investors. Barrick logged operating cash flows of roughly $2.7 billion in the fourth quarter, up 13% year over year, while free cash flow rose 9% to around $1.6 billion. For full-year 2025, Barrick’s operating cash flow surged 71% to around $7.7 billion, and free cash flow shot up 194% to $3.9 billion.

Agnico Eagle Mines Limited AEM recorded fourth-quarter free cash flow of roughly $1.3 billion, more than doubling the prior-year figure of $570 million. For the full year, AEM’s free cash flow was a record $4.4 billion, up 105% year over year. The upside was backed by the strength in gold prices and robust operational results. Agnico Eagle’s operating cash flow for full-year 2025 was a record $6.8 billion, driven by operational efficiencies.

The Zacks Rundown for NEM

Shares of Newmont have shot up 44.3% in the past six months compared with the Zacks Mining – Gold industry’s growth of 42.9%, largely driven by the gold price rally.

Image Source: Zacks Investment Research

From a valuation standpoint, NEM is currently trading at a forward 12-month earnings multiple of 12.79, a roughly 0.4% discount to the industry average of 12.84X. It carries a Value Score of C.

Image Source: Zacks Investment Research

The Zacks Consensus Estimate for NEM’s 2026 and 2027 earnings implies a year-over-year rise of 27.6% and 17.6%, respectively. The EPS estimates for 2026 and 2027 have been trending higher over the past 60 days.

Image Source: Zacks Investment Research

NEM stock currently carries a Zacks Rank #1 (Strong Buy).

You can see the complete list of today’s Zacks #1 Rank stocks here.

Just Released: Zacks Top 10 Stocks for 2026

Hurry – you can still get in early on our 10 top tickers for 2026. Handpicked by Zacks Director of Research Sheraz Mian, this portfolio has been stunningly and consistently successful.

From inception in 2012 through November, 2025, the Zacks Top 10 Stocks gained +2,530.8%, more than QUADRUPLING the S&P 500’s +570.3%.

Sheraz has combed through 4,400 companies covered by the Zacks Rank and handpicked the best 10 to buy and hold in 2026. You can still be among the first to see these just-released stocks with enormous potential.

See New Top 10 Stocks >>

Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report

Newmont Corporation (NEM): Free Stock Analysis Report

Agnico Eagle Mines Limited (AEM): Free Stock Analysis Report

Barrick Mining Corporation (B): Free Stock Analysis Report

This article originally published on Zacks Investment Research (zacks.com).

Zacks Investment Research