Newmont Corp., FCFE calculation

US$ in millions

12 months ended:	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019
Net income (loss) attributable to Newmont stockholders	(2,494)	(429)	1,166)	2,829)	2,805)
Net (income) loss attributable to noncontrolling interests	27)	60)	(933)	(38)	79)
Net noncash charges	5,734)	4,408)	4,574)	1,804)	301)
Net change in operating assets and liabilities	(513)	(841)	(541)	295)	(309)
Net cash provided by operating activities	2,754)	3,198)	4,266)	4,890)	2,876)
Additions to property, plant and mine development	(2,666)	(2,131)	(1,653)	(1,302)	(1,463)
Payments on finance lease and other financing obligations	(67)	(66)	(73)	(66)	(55)
Repayment of debt	—)	(89)	(1,382)	(1,160)	(1,876)
Proceeds from issuance of debt, net	—)	—)	992)	985)	690)
Free cash flow to equity (FCFE)	21)	912)	2,150)	3,347)	172)

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).

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Item	Description	The company
FCFE	Free cash flow to equity is the cash flow available to Newmont Corp. equity holders after all operating expenses, interest, and principal payments have been paid and necessary investments in working and fixed capital have been made.	Newmont Corp. FCFE decreased from 2021 to 2022 and from 2022 to 2023.

Newmont Corp., current P/FCFE calculation, comparison to benchmarks

No. shares of common stock outstanding	1,153,140,195
Selected Financial Data (US$)
Free cash flow to equity (FCFE) (in millions)	21)
FCFE per share	0.02
Current share price (P)	42.26
Valuation Ratio
P/FCFE	2,320.56
Benchmarks
P/FCFE, Competitors¹
Freeport-McMoRan Inc.	—
P/FCFE, Industry
Materials	44.63

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

¹ Click competitor name to see calculations.

If the company P/FCFE is lower then the P/FCFE of benchmark then company is relatively undervalued.
Otherwise, if the company P/FCFE is higher then the P/FCFE of benchmark then company is relatively overvalued.

Newmont Corp., historical P/FCFE calculation, comparison to benchmarks

	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019
No. shares of common stock outstanding¹	1,152,551,607	793,794,062	792,502,327	800,314,223	807,583,184
Selected Financial Data (US$)
Free cash flow to equity (FCFE) (in millions)²	21)	912)	2,150)	3,347)	172)
FCFE per share³	0.02	1.15	2.71	4.18	0.21
Share price^1, 4	31.25	44.26	66.72	57.36	48.10
Valuation Ratio
P/FCFE⁵	1,715.11	38.52	24.59	13.72	225.84
Benchmarks
P/FCFE, Competitors⁶
Freeport-McMoRan Inc.	—	20.95	11.90	55.60	—
P/FCFE, Industry
Materials	45.58	18.95	19.23	27.42	88,121.39

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 See details »

³ 2023 Calculation
FCFE per share = FCFE ÷ No. shares of common stock outstanding
= 21,000,000 ÷ 1,152,551,607 = 0.02

⁴ Closing price as at the filing date of Newmont Corp. Annual Report.

⁵ 2023 Calculation
P/FCFE = Share price ÷ FCFE per share
= 31.25 ÷ 0.02 = 1,715.11

⁶ Click competitor name to see calculations.

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Valuation ratio	Description	The company
P/FCFE	Price to free cash flow to equity is cash valuation indicator of stockholders’ equity.	Newmont Corp. P/FCFE ratio increased from 2021 to 2022 and from 2022 to 2023.

Newmont Corp. (NYSE:NEM)

Price to FCFE (P/FCFE)

Free Cash Flow to Equity (FCFE)

Price to FCFE Ratio, Current

Price to FCFE Ratio, Historical