Current EV
Historical EV

Newmont Corp., current enterprise value calculation

Current share price (P)	$42.26
No. shares of common stock outstanding	1,153,140,195
US$ in millions
Common equity (market value)¹	48,732)
Add: Noncontrolling interests (per books)	178)
Total equity	48,910)
Add: Current finance lease and other financing obligations (per books)	114)
Add: Current debt (per books)	1,923)
Add: Non-current debt (per books)	6,951)
Add: Non-current finance lease and other financing obligations (per books)	448)
Total equity and debt	58,346)
Less: Cash and cash equivalents	3,002)
Less: Time deposits and other investments	23)
Enterprise value (EV)	55,321)

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

¹ Common equity (market value) = Share price × No. shares of common stock outstanding
= 42.26 × 1,153,140,195

Newmont Corp., EV calculation

	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019
Share price^1, 2	$31.25	$44.26	$66.72	$57.36	$48.10
No. shares of common stock outstanding¹	1,152,551,607	793,794,062	792,502,327	800,314,223	807,583,184
US$ in millions
Common equity (market value)³	36,017)	35,133)	52,876)	45,906)	38,845)
Add: Noncontrolling interests (book value)	178)	179)	(209)	837)	950)
Total equity	36,195)	35,312)	52,667)	46,743)	39,795)
Add: Current finance lease and other financing obligations (book value)	114)	96)	106)	106)	100)
Add: Current debt (book value)	1,923)	—)	87)	551)	—)
Add: Non-current debt (book value)	6,951)	5,571)	5,565)	5,480)	6,138)
Add: Non-current finance lease and other financing obligations (book value)	448)	465)	544)	565)	596)
Total equity and debt	45,631)	41,444)	58,969)	53,445)	46,629)
Less: Cash and cash equivalents	3,002)	2,877)	4,992)	5,540)	2,243)
Less: Time deposits and other investments	23)	880)	82)	290)	237)
Enterprise value (EV)	42,606)	37,687)	53,895)	47,615)	44,149)

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 Data adjusted for splits and stock dividends.

² Closing price as at the filing date of Newmont Corp. Annual Report.

³ 2023 Calculation
Common equity (market value) = Share price × No. shares of common stock outstanding
= 31.25 × 1,152,551,607

Common Equity (Market Value): The common equity (market value) showed a steady increase from 2019 to 2021, rising from approximately 38,845 million USD in 2019 to 52,876 million USD in 2021. This indicates a positive equity market perception during this period. However, in 2022, there was a sharp decline to 35,133 million USD, followed by a slight recovery to 36,017 million USD in 2023, which still remains significantly lower than the peak level in 2021.
Total Equity: Total equity mirrored the trend of common equity, increasing from 39,795 million USD in 2019 to 52,667 million USD in 2021. Then, it experienced a pronounced reduction in 2022, dropping to 35,312 million USD, and showed a modest increase to 36,195 million USD in 2023. This pattern suggests a similar underlying factor affecting both market and book value of equity around 2022.
Total Equity and Debt: Total equity and debt increased steadily from 46,629 million USD in 2019 to 58,969 million USD in 2021, indicating growth in the company’s overall capitalization. In 2022, a significant reduction occurred, declining to 41,444 million USD, followed by a partial recovery to 45,631 million USD in 2023. This trend reflects a decrease in overall financing or asset base in 2022 with some recovery thereafter.
Enterprise Value (EV): Enterprise value rose from 44,149 million USD in 2019 to 53,895 million USD in 2021, consistent with the growth trends in equity and capitalization. It then fell sharply to 37,687 million USD in 2022, recovering slightly to 42,606 million USD in 2023. The drop and subsequent recovery in EV align with fluctuations in market conditions or valuation expectations during these years.

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Newmont Corp. (NYSE:NEM)

Enterprise Value (EV)

Current Enterprise Value (EV)

Historical Enterprise Value (EV)