Common Stock Valuation Ratios (Price Multiples)
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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Current Valuation Ratios
Newmont Corp., current price multiples
| Newmont Corp. | Freeport-McMoRan Inc. | Materials | |||
|---|---|---|---|---|---|
| Selected Financial Data | |||||
| Current share price (P) | |||||
| No. shares of common stock outstanding | |||||
| Earnings per share (EPS) | |||||
| Operating profit per share | |||||
| Sales per share | |||||
| Book value per share (BVPS) | |||||
| Valuation Ratios (Price Multiples) | |||||
| Price to sales (P/S) | |||||
| Price to book value (P/BV) | |||||
Based on: 10-K (reporting date: 2023-12-31).
If the company price multiple is lower then the price multiple of benchmark then company stock is relatively undervalued.
Otherwise, if the company price multiple is higher then the price multiple of benchmark then company stock is relatively overvalued.
Historical Valuation Ratios (Summary)
Newmont Corp., historical price multiples
| Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | ||
|---|---|---|---|---|---|---|
| Price to earnings (P/E) | ||||||
| Price to operating profit (P/OP) | ||||||
| Price to sales (P/S) | ||||||
| Price to book value (P/BV) |
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).
- Price to Earnings (P/E) Ratio
- The P/E ratio demonstrated a noticeable increase from 13.85 in 2019 to 16.23 in 2020, followed by a significant surge to 45.35 in 2021. Data for 2022 and 2023 are unavailable, which limits the analysis for recent years. The sharp rise in 2021 may suggest increased market expectations for future earnings or a decline in net income during that period.
- Price to Operating Profit (P/OP) Ratio
- The P/OP ratio decreased substantially from 30.42 in 2019 to 16.36 in 2020, indicating an improvement in operating profitability relative to price. However, in 2021 there was a marked increase to 42.07, followed by a dramatic escalation to 173.07 in 2022, suggesting either a large drop in operating profit or an increase in share price not supported by operating earnings. The absence of data for 2023 restricts further trend analysis.
- Price to Sales (P/S) Ratio
- The P/S ratio remained stable at 3.99 for both 2019 and 2020, then slightly increased to 4.33 in 2021, indicating rising market valuation relative to sales. In 2022, the ratio dropped sharply to 2.95 but slightly recovered to 3.05 in 2023. This pattern suggests fluctuating investor sentiment or sales performance impacting valuation multiples.
- Price to Book Value (P/BV) Ratio
- The P/BV ratio showed a gradually increasing trend from 1.81 in 2019 to 2.0 in 2020, and further to 2.4 in 2021, reflecting an upward market valuation relative to book value. However, this ratio reversed direction thereafter, falling to 1.82 in 2022 and further declining to 1.24 in 2023, which indicates decreasing market confidence in the company's net asset value or potential asset write-downs over these years.
Price to Earnings (P/E)
Newmont Corp., historical P/E 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 | ||||||
| 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. | ||||||
| P/E Ratio, Industry | ||||||
| Materials | ||||||
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 2023 Calculation
EPS = Net income (loss) attributable to Newmont stockholders ÷ No. shares of common stock outstanding
= ÷ =
3 Closing price as at the filing date of Newmont Corp. Annual Report.
4 2023 Calculation
P/E ratio = Share price ÷ EPS
= ÷ =
5 Click competitor name to see calculations.
- Share price
- The share price exhibited an upward trend from 2019 to 2021, increasing from $48.10 to a peak of $66.72. This was followed by a noticeable decline over the subsequent two years, dropping to $44.26 in 2022 and further falling to $31.25 in 2023. This pattern indicates a period of growth culminating in 2021, succeeded by a substantial decrease in market valuation.
- Earnings per share (EPS)
- The EPS showed moderate growth in the early years, rising from $3.47 in 2019 to $3.53 in 2020. However, there was a sharp decline starting in 2021, with EPS falling to $1.47. This negative trend continued into 2022 and 2023, with EPS recording losses of -$0.54 and -$2.16, respectively. The data indicates deteriorating profitability beginning in 2021, escalating to significant losses in the last two reported years.
- P/E ratio
- The Price-to-Earnings (P/E) ratio increased from 13.85 in 2019 to 16.23 in 2020, followed by a marked spike to 45.35 in 2021. No data is provided for 2022 and 2023, likely due to negative earnings affecting the calculation. The elevated P/E ratio in 2021 suggests that share prices were high relative to earnings, reflecting either strong market expectations or a decrease in earnings. The absence of P/E data in subsequent years aligns with the negative EPS reported, indicating unfavorable earnings performance.
Price to Operating Profit (P/OP)
Newmont Corp., historical P/OP calculation, comparison to benchmarks
| Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | ||
|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | ||||||
| Selected Financial Data (US$) | ||||||
| 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. | ||||||
| P/OP Ratio, Industry | ||||||
| Materials | ||||||
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 2023 Calculation
Operating profit per share = Operating income (loss) ÷ No. shares of common stock outstanding
= ÷ =
3 Closing price as at the filing date of Newmont Corp. Annual Report.
4 2023 Calculation
P/OP ratio = Share price ÷ Operating profit per share
= ÷ =
5 Click competitor name to see calculations.
The financial data over the five-year period reveals significant fluctuations in share price, operating profit per share, and the price-to-operating profit ratio.
- Share Price
- The share price increased steadily from $48.10 in 2019 to a peak of $66.72 in 2021, indicating positive market sentiment during this period. However, from 2021 onward, the share price experienced a substantial decline, falling to $44.26 in 2022 and further to $31.25 by the end of 2023. This represents a significant drop in investor confidence or valuation after 2021.
- Operating Profit Per Share
- Operating profit per share exhibited considerable volatility. After rising sharply from $1.58 in 2019 to $3.51 in 2020, it then decreased markedly to $1.59 in 2021. The downward trend continued with a significant drop to $0.26 in 2022, followed by a negative operating profit of -$1.47 in 2023, indicating a loss from operations per share in the latest year.
- Price-to-Operating Profit Ratio (P/OP)
- The P/OP ratio reflected these shifts, beginning at 30.42 in 2019 and halving to 16.36 in 2020 as operating profit per share increased sharply. In 2021, the ratio surged to 42.07, corresponding with a decline in operating profit per share despite a higher share price. This ratio then escalated drastically to 173.07 in 2022, driven by a further decrease in profit per share and a declining share price. No value is provided for 2023, likely due to the negative operating profit per share making the ratio undefined or not meaningful.
Overall, the data indicates a period of growth until 2020, followed by deteriorating profitability and declining share prices. The negative operating profit in 2023 coupled with the steep share price decline suggests operational challenges and reduced market valuation, signaling a potentially difficult financial environment in the most recent period.
Price to Sales (P/S)
Newmont Corp., historical P/S calculation, comparison to benchmarks
| Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | ||
|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | ||||||
| Selected Financial Data (US$) | ||||||
| Sales (in millions) | ||||||
| Sales per share2 | ||||||
| Share price1, 3 | ||||||
| Valuation Ratio | ||||||
| P/S ratio4 | ||||||
| Benchmarks | ||||||
| P/S Ratio, Competitors5 | ||||||
| Freeport-McMoRan Inc. | ||||||
| P/S Ratio, Industry | ||||||
| Materials | ||||||
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 2023 Calculation
Sales per share = Sales ÷ No. shares of common stock outstanding
= ÷ =
3 Closing price as at the filing date of Newmont Corp. Annual Report.
4 2023 Calculation
P/S ratio = Share price ÷ Sales per share
= ÷ =
5 Click competitor name to see calculations.
- Share Price Trend
- The share price exhibited an upward trajectory from 2019 through 2021, rising from $48.10 to a peak of $66.72. However, this trend reversed in subsequent years, with the share price declining significantly to $44.26 in 2022 and further dropping to $31.25 in 2023. This indicates a notable loss in market value over the last two years after prior growth.
- Sales per Share Trend
- Sales per share showed consistent growth from 2019 to 2021, increasing from $12.06 in 2019 to $15.42 in 2021. In 2022, sales per share experienced a slight decrease to $15.01. A more pronounced decline followed in 2023, with sales per share falling sharply to $10.25. This suggests weakening sales performance after a period of steady improvement.
- Price-to-Sales (P/S) Ratio Trend
- The P/S ratio remained stable at 3.99 during 2019 and 2020, before rising moderately to 4.33 in 2021, coinciding with the peak in share price and sales per share. In 2022, the P/S ratio dropped significantly to 2.95 and slightly increased to 3.05 by 2023. This decline in the ratio reflects the combined effect of share price depreciation and reduced sales per share, indicating potentially diminished market valuation relative to sales.
- Overall Insights
- The data reveals a period of growth and optimism culminating in 2021, followed by a period of decline in both market valuation and sales performance through 2023. The decreasing share price and sales per share, accompanied by the declining P/S ratio, illustrate challenges in maintaining previous performance levels. The moderate rebound in P/S ratio in 2023, despite falling share prices and sales, may indicate adjusted market expectations or valuation realignments.
Price to Book Value (P/BV)
Newmont Corp., historical P/BV calculation, comparison to benchmarks
| Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | ||
|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | ||||||
| Selected Financial Data (US$) | ||||||
| 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. | ||||||
| P/BV Ratio, Industry | ||||||
| Materials | ||||||
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 2023 Calculation
BVPS = Total Newmont stockholders’ equity ÷ No. shares of common stock outstanding
= ÷ =
3 Closing price as at the filing date of Newmont Corp. Annual Report.
4 2023 Calculation
P/BV ratio = Share price ÷ BVPS
= ÷ =
5 Click competitor name to see calculations.
- Share Price
- The share price demonstrated an overall upward trend from 2019 to 2021, increasing from $48.10 to a peak of $66.72. However, following this peak, a significant decline was observed, with the share price falling to $44.26 in 2022 and further decreasing to $31.25 in 2023. This represents a pronounced downward adjustment in market value over the last two years.
- Book Value per Share (BVPS)
- The book value per share showed moderate fluctuations over the five-year period. It increased from $26.52 in 2019 to a high of $28.75 in 2020, then gradually declined to $27.79 in 2021 and more notably to $24.38 in 2022. A slight recovery occurred in 2023, with the BVPS rising to $25.18. Overall, the book value per share experienced a mild downward trend after peaking in 2020.
- Price-to-Book Value (P/BV) Ratio
- The P/BV ratio mirrored the share price movements with some divergence in 2021. It rose from 1.81 in 2019 to 2.00 in 2020, reaching a maximum of 2.40 in 2021, indicating increasing market valuation relative to book value. This was followed by a significant decrease to 1.82 in 2022 and a further drop to 1.24 in 2023, which suggests the market price declined faster than the book value per share, reflecting either market reassessment of future prospects or external market conditions impacting valuation.
- Overall Insights
- The data indicates a period of growth and investor optimism culminating in 2021, followed by a marked decline in market valuation over the subsequent two years. The stability and slight decrease in book value per share suggest underlying asset values have not diminished as sharply as share prices, contributing to the compression of the P/BV ratio. This pattern may signal valuation risk, market correction, or changes in investor sentiment towards the company.