Newmont Corporation
Latest report: Q3 FY2026, the quarter ended 30 September 2026, released 22 October 2026. Snapshot FY2026Q3_99c42438.
Overview
Revenue, quarter
+15.2% year on yearPre-tax income, quarter
+28.0% year on yearNet income, quarter
+35.1% year on yearDiluted EPS, quarter
+40.7% year on yearPre-tax margin, last 4 quarters
+5.6pp year on yearReturn on equity, last 4 quarters
+4.0pp year on yearSelect a figure to see the document it came from.
Key Findings
Findings for the latest quarter, with their history over earlier quarters.
Revenue for the quarter ended 30 September 2026 was US$6.4 billion, 15.2% higher than in the same quarter a year earlier.
Confirmedin Q3 FY2026 · stated since Q3 FY202415.2% from 15.1% in Q2 FY2026Rule: Revenue against a year earlier · Sources 10-Q 2026-09History of this finding, 9 records
- Q3 FY2026 ConfirmedRevenue for the quarter ended 30 September 2026 was US$6.4 billion, 15.2% higher than in the same quarter a year earlier.Recorded from FY2026Q3_99c42438 · data update
- Q2 FY2026 WeakenedRevenue for the quarter ended 30 June 2026 was US$6.1 billion, 15.1% higher than in the same quarter a year earlier.Reconstructed · data update
- Q1 FY2026 StrengthenedRevenue for the quarter ended 31 March 2026 was US$7.3 billion, 45.8% higher than in the same quarter a year earlier.Reconstructed · data update
- Q4 FY2025 ConfirmedRevenue for the quarter ended 31 December 2025 was US$6.8 billion, 20.6% higher than in the same quarter a year earlier.Reconstructed · data update
- Q3 FY2025 ConfirmedRevenue for the quarter ended 30 September 2025 was US$5.5 billion, 20.0% higher than in the same quarter a year earlier.Reconstructed · data update
- Q2 FY2025 WeakenedRevenue for the quarter ended 30 June 2025 was US$5.3 billion, 20.8% higher than in the same quarter a year earlier.Reconstructed · data update
- Q1 FY2025 WeakenedRevenue for the quarter ended 31 March 2025 was US$5.0 billion, 24.5% higher than in the same quarter a year earlier.Reconstructed · data update
- Q4 FY2024 WeakenedRevenue for the quarter ended 31 December 2024 was US$5.7 billion, 42.8% higher than in the same quarter a year earlier.Reconstructed · data update
- Q3 FY2024 NewRevenue for the quarter ended 30 September 2024 was US$4.6 billion, 84.7% higher than in the same quarter a year earlier.Reconstructed · initial
Net income attributable to the company was US$2.5 billion, 35.1% higher than in the same quarter a year earlier.
Strengthenedin Q3 FY2026 · stated since Q1 FY202635.1% from 6.8% in Q2 FY2026Rule: Net income against a year earlier · Sources 10-Q 2026-09History of this finding, 13 records
- Q3 FY2026 StrengthenedNet income attributable to the company was US$2.5 billion, 35.1% higher than in the same quarter a year earlier.Recorded from FY2026Q3_99c42438 · data update
- Q2 FY2026 WeakenedNet income attributable to the company was US$2.2 billion, 6.8% higher than in the same quarter a year earlier.Reconstructed · data update
- Q1 FY2026 NewNet income attributable to the company was US$3.3 billion, 72.5% higher than in the same quarter a year earlier.Reconstructed · data update
- Q1 FY2026 RetiredThe finding changed to higher than a year earlier.Reconstructed · data update
- Q4 FY2025 NewNet income attributable to the company was US$1.3 billion, 7.3% lower than in the same quarter a year earlier.Reconstructed · data update
- Q4 FY2025 RetiredThe finding changed to lower than a year earlier.Reconstructed · data update
- Q3 FY2025 WeakenedNet income attributable to the company was US$1.8 billion, 98.7% higher than in the same quarter a year earlier.Reconstructed · data update
- Q2 FY2025 WeakenedNet income attributable to the company was US$2.1 billion, 141.6% higher than in the same quarter a year earlier.Reconstructed · data update
- Q1 FY2025 NewNet income attributable to the company was US$1.9 billion, 1,012.4% higher than in the same quarter a year earlier.Reconstructed · data update
- Q1 FY2025 RetiredThe finding changed to higher than a year earlier.Reconstructed · data update
- Q4 FY2024 NewNet income attributable to the company was US$1.4 billion, against a net loss of US$3.2 billion in the same quarter a year earlier.Reconstructed · data update
- Q4 FY2024 RetiredThe finding changed to a profit after a loss a year earlier.Reconstructed · data update
- Q3 FY2024 NewNet income attributable to the company was US$922 million, 483.5% higher than in the same quarter a year earlier.Reconstructed · initial
Return on equity over the last 4 quarters was 26.8%, against 22.8% a year earlier.
Weakenedin Q3 FY2026 · stated since Q4 FY2024Rule: Return on equity against a year earlier · Sources 10-Q 2025-09, 10-Q 2026-09, 10-K 2025-12 and 3 moreHistory of this finding, 10 records
- Q3 FY2026 WeakenedReturn on equity over the last 4 quarters was 26.8%, against 22.8% a year earlier.Recorded from FY2026Q3_99c42438 · data update
- Q2 FY2026 WeakenedReturn on equity over the last 4 quarters was 25.5%, against 20.4% a year earlier.Reconstructed · data update
- Q1 FY2026 WeakenedReturn on equity over the last 4 quarters was 25.6%, against 16.9% a year earlier.Reconstructed · data update
- Q4 FY2025 WeakenedReturn on equity over the last 4 quarters was 22.2%, against 11.4% a year earlier.Reconstructed · data update
- Q3 FY2025 WeakenedReturn on equity over the last 4 quarters was 22.8%, against -5.0% a year earlier.Reconstructed · data update
- Q2 FY2025 StrengthenedReturn on equity over the last 4 quarters was 20.4%, against -8.1% a year earlier.Reconstructed · data update
- Q1 FY2025 StrengthenedReturn on equity over the last 4 quarters was 16.9%, against -11.1% a year earlier.Reconstructed · data update
- Q4 FY2024 NewReturn on equity over the last 4 quarters was 11.4%, against -10.3% a year earlier.Reconstructed · data update
- Q4 FY2024 RetiredThe finding changed to higher than a year earlier.Reconstructed · data update
- Q3 FY2024 NewReturn on equity over the last 4 quarters was -5.0%, against -4.0% a year earlier.Reconstructed · initial
Free cash flow over the last 4 quarters was US$10.1 billion, and operating cash flow was 1.4 times net income attributable to the company.
Interpretation. Operating cash flow paid for all capital expenditure, and the rest is free for dividends, share buybacks or debt repayment.
Confirmedin Q3 FY2026 · stated since Q3 FY2024Rule: Free cash flow · Sources 10-K 2025-12, 10-Q 2025-09, 10-Q 2026-03 and 2 moreHistory of this finding, 9 records
- Q3 FY2026 ConfirmedFree cash flow over the last 4 quarters was US$10.1 billion, and operating cash flow was 1.4 times net income attributable to the company.Recorded from FY2026Q3_99c42438 · data update
- Q2 FY2026 StrengthenedFree cash flow over the last 4 quarters was US$9.7 billion, and operating cash flow was 1.5 times net income attributable to the company.Reconstructed · data update
- Q1 FY2026 StrengthenedFree cash flow over the last 4 quarters was US$9.2 billion, and operating cash flow was 1.4 times net income attributable to the company.Reconstructed · data update
- Q4 FY2025 StrengthenedFree cash flow over the last 4 quarters was US$7.3 billion, and operating cash flow was 1.5 times net income attributable to the company.Reconstructed · data update
- Q3 FY2025 StrengthenedFree cash flow over the last 4 quarters was US$6.1 billion, and operating cash flow was 1.3 times net income attributable to the company.Reconstructed · data update
- Q2 FY2025 StrengthenedFree cash flow over the last 4 quarters was US$5.3 billion, and operating cash flow was 1.4 times net income attributable to the company.Reconstructed · data update
- Q1 FY2025 StrengthenedFree cash flow over the last 4 quarters was US$4.2 billion, and operating cash flow was 1.5 times net income attributable to the company.Reconstructed · data update
- Q4 FY2024 StrengthenedFree cash flow over the last 4 quarters was US$3.0 billion, and operating cash flow was 1.9 times net income attributable to the company.Reconstructed · data update
- Q3 FY2024 NewFree cash flow over the last 4 quarters was US$1.0 billion, and operating cash flow was -3.7 times net income attributable to the company.Reconstructed · initial
Cash and short-term investments exceeded total debt by US$3.7 billion at 30 September 2026.
Confirmedin Q3 FY2026 · stated since Q3 FY2025Rule: Net debt or net cash · Sources 10-Q 2026-09History of this finding, 10 records
- Q3 FY2026 ConfirmedCash and short-term investments exceeded total debt by US$3.7 billion at 30 September 2026.Recorded from FY2026Q3_99c42438 · data update
- Q2 FY2026 StrengthenedCash and short-term investments exceeded total debt by US$3.9 billion at 30 June 2026.Reconstructed · data update
- Q1 FY2026 StrengthenedCash and short-term investments exceeded total debt by US$3.7 billion at 31 March 2026.Reconstructed · data update
- Q4 FY2025 StrengthenedCash and short-term investments exceeded total debt by US$3.1 billion at 31 December 2025.Reconstructed · data update
- Q3 FY2025 NewCash and short-term investments exceeded total debt by US$787 million at 30 September 2025.Reconstructed · data update
- Q3 FY2025 RetiredThe finding changed to net cash.Reconstructed · data update
- Q2 FY2025 WeakenedNet debt was US$479 million at 30 June 2025.Reconstructed · data update
- Q1 FY2025 WeakenedNet debt was US$2.8 billion at 31 March 2025.Reconstructed · data update
- Q4 FY2024 WeakenedNet debt was US$4.8 billion at 31 December 2024.Reconstructed · data update
- Q3 FY2024 NewNet debt was US$5.5 billion at 30 September 2024.Reconstructed · initial
Records before Q3 FY2026 are reconstructed from the latest snapshot. Ledger: findings.json.
Credit, liquidity, earnings quality and score findings: Analysis.
Data
DownloadsExcel workbook · JSON
Snapshot
FY2026Q3_99c42438Corporate Events
- Acquisition6 November 2023
Completed the acquisition of Newcrest Mining Limited.
Source 8-K 2023-11 - Discontinued operations31 December 2020
Reported discontinued operations for fiscal 2020, with net income of US$163 million from them.
Source 10-K 2022-12 - Change of name3 January 2020
Changed its name from NEWMONT GOLDCORP CORP to Newmont Corporation.
Earnings, Returns and Balance Sheet
Revenue
By quarter, US dollars
Income Before Income Taxes
By quarter, US dollars
Net Income Attributable to the Company
By quarter, US dollars
Margins
Last 4 quarters at each quarter end, per cent
Returns
Last 4 quarters, per cent
Free Cash Flow
Operating cash flow less capital expenditure, by quarter, US dollars
Net Debt
Total debt less cash and short-term investments, at quarter end, US dollars
Diluted Earnings per Share
By quarter, as reported
Financial Statements
Figures as filed. Select a figure for its source document and method; a small d marks a quarter derived from cumulative reports.
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Ratios
Select a ratio for its formula and the figures it uses, each with its document; (i) gives its definition.
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Analysis
Credit update
Q3 FY2026
Form 10-Q, period ended 30 September 2026, filed 22 October 2026. Changes are against the previous report, and each figure shows its period.
2changes0thresholds crossed
Changes in This Report 2
- StrengthenedNet Income Against a Year Earlier10-Q 2026-09
Net income attributable to the company was US$2.5 billion, 35.1% higher than in the same quarter a year earlier.
Earlier record, Q2 FY2026
Net income attributable to the company was US$2.2 billion, 6.8% higher than in the same quarter a year earlier.
- WeakenedReturn on Equity Against a Year Earlier10-Q 2026-09
Return on equity over the last 4 quarters was 26.8%, against 22.8% a year earlier.
Earlier record, Q2 FY2026
Return on equity over the last 4 quarters was 25.5%, against 20.4% a year earlier.
Thresholds Crossed 0
No published finding crosses a threshold.
Fiscal years and the latest quarter, with flows over the last 4 quarters and balances at the quarter end. Select a value for its formula and the figures it uses.
Credit MetricsLease-adjusted debt, EBITDA and cash flow on the definitions of S&P and Moody's, as far as the filings allow.
Lease-adjusted debt, EBITDA and cash flow on the definitions of S&P and Moody's, as far as the filings allow.
By Fiscal Year
| Ratio | FY202131 Dec 2021 | FY202231 Dec 2022 | FY202331 Dec 2023 | FY202431 Dec 2024 | FY202531 Dec 2025 | Q3 FY2026latest quarter |
|---|---|---|---|---|---|---|
| Lease-adjusted debtBorrowings plus the obligations of long-term leases, such as rents of stores, offices and warehouses, which credit analysts count as debt.Total debt + operating lease liabilities | est. | |||||
| Operating cash flow to debtOperating cash flow, with lease costs added back, as a share of lease-adjusted debt. A higher share means the debt could be repaid sooner from operating cash.Lease-adjusted operating cash flow / lease-adjusted debt | est. | |||||
| Free operating cash flow to debtOperating cash flow less capital spending, as a share of lease-adjusted debt: the cash left for the debt after the company maintains and expands its assets.(Lease-adjusted operating cash flow - capital expenditure) / lease-adjusted debt | est. | |||||
| Discretionary cash flow to debtCash left after capital spending, dividends and share repurchases, as a share of lease-adjusted debt. A negative figure means the company paid out more than it generated.(Lease-adjusted operating cash flow - capital expenditure - dividends - repurchases of common stock) / lease-adjusted debt | est. | |||||
| Liquid assets to debtCash and short-term investments as a share of lease-adjusted debt: the part of the debt that cash on hand could repay at once.(Cash + short-term investments) / lease-adjusted debt | est. |
Reconciliation of the Credit Figures
| Item | FY202131 Dec 2021 | FY202231 Dec 2022 | FY202331 Dec 2023 | FY202431 Dec 2024 | FY202531 Dec 2025 | Q3 FY2026latest quarter |
|---|---|---|---|---|---|---|
| Total debt | $5.7bn | $5.6bn | $8.9bn | $8.5bn | $5.1bn | $5.1bn |
| Operating lease liabilities | $128m | $116m | $105m | $87.0m | $109m | $109m |
| Lease-adjusted debt | $5.8bn | $5.7bn | $9.0bn | $8.6bn | $5.2bn | $5.2bn |
Method
- Lease-adjusted debt is total debt plus operating lease liabilities, before the deduction of cash. Adjusted EBITDA adds goodwill impairment, share-based compensation and operating lease cost to EBIT and depreciation and amortisation; restructuring and litigation charges, other impairments and profits on disposals stay in EBIT. FFO deducts cash interest, lease interest and cash taxes.
- Lease interest is the average operating lease liability times the weighted average discount rate of the leases, or the implied cost of debt where the rate is not reported.
- S&P applies its table to its own adjusted figures, which also deduct surplus cash and adjust for pensions and other items, so the band of an S&P calculation can differ.
- Operating lease cost is reported in the annual report only. Over the last 4 quarters, the lease figures that the quarters do not report are estimated from the latest fiscal year, and every value computed with such an estimate is marked.
Liquidity and MaturitiesLiquidity cover 5.31x, Debt due within 12 months $0 · Q3 FY2026
Cash and operating cash flow against debt due within 12 months, capital expenditure and dividends, with the debt maturities of the latest annual report.
Cash, short-term investments and operating cash flow over the last 4 quarters equalled 5.3 times the sum of debt due within 12 months, capital expenditure and dividends.
Interpretation. Cash on hand and 1 year of operating cash flow pay for the debt due in the next 12 months, capital expenditure and dividends, without new borrowing. Undrawn credit lines are not counted.
Confirmedin Q3 FY2026 · stated since Q3 FY20245.31x from 5.41x in Q2 FY2026Rule: Liquidity cover · Sources 10-Q 2026-09, 10-K 2025-12, 10-Q 2025-09 and 2 moreHistory of this finding, 9 records
- Q3 FY2026 ConfirmedCash, short-term investments and operating cash flow over the last 4 quarters equalled 5.3 times the sum of debt due within 12 months, capital expenditure and dividends.Recorded from FY2026Q3_99c42438 · data update
- Q2 FY2026 ConfirmedCash, short-term investments and operating cash flow over the last 4 quarters equalled 5.4 times the sum of debt due within 12 months, capital expenditure and dividends.Reconstructed · data update
- Q1 FY2026 StrengthenedCash, short-term investments and operating cash flow over the last 4 quarters equalled 5.3 times the sum of debt due within 12 months, capital expenditure and dividends.Reconstructed · data update
- Q4 FY2025 StrengthenedCash, short-term investments and operating cash flow over the last 4 quarters equalled 4.5 times the sum of debt due within 12 months, capital expenditure and dividends.Reconstructed · data update
- Q3 FY2025 ConfirmedCash, short-term investments and operating cash flow over the last 4 quarters equalled 3.6 times the sum of debt due within 12 months, capital expenditure and dividends.Reconstructed · data update
- Q2 FY2025 StrengthenedCash, short-term investments and operating cash flow over the last 4 quarters equalled 3.5 times the sum of debt due within 12 months, capital expenditure and dividends.Reconstructed · data update
- Q1 FY2025 StrengthenedCash, short-term investments and operating cash flow over the last 4 quarters equalled 2.7 times the sum of debt due within 12 months, capital expenditure and dividends.Reconstructed · data update
- Q4 FY2024 StrengthenedCash, short-term investments and operating cash flow over the last 4 quarters equalled 1.8 times the sum of debt due within 12 months, capital expenditure and dividends.Reconstructed · data update
- Q3 FY2024 NewCash, short-term investments and operating cash flow over the last 4 quarters equalled 1.6 times the sum of debt due within 12 months, capital expenditure and dividends.Reconstructed · initial
Sources and Uses, Last 4 Quarters to Q3 FY2026
| Sources | Amount |
|---|---|
| Cash and short-term investments | $8.8bn |
| Operating cash flow | $13.1bn |
| Sources | $21.9bn |
| Uses | Amount |
|---|---|
| Debt due within 12 months | $0 |
| Capital expenditure | $3.0bn |
| Dividends paid | $1.1bn |
| Uses | $4.1bn |
Liquidity cover 5.31x
Debt Maturities at 31 December 2025
Principal due by fiscal year, US dollars
| FY2026 | FY2027 | FY2028 | FY2029 | FY2030 | After FY2030 | Total |
|---|---|---|---|---|---|---|
| $0 | $0 | $0 | $267m | $671m | $4.4bn | $5.3bn |
By Fiscal Year
| Ratio | FY202131 Dec 2021 | FY202231 Dec 2022 | FY202331 Dec 2023 | FY202431 Dec 2024 | FY202531 Dec 2025 | Q3 FY2026latest quarter |
|---|---|---|---|---|---|---|
| Liquidity coverCash on hand plus a year of operating cash flow, against the cash needed in the next 12 months for maturing debt, capital spending and dividends. Above 1, these sources cover the uses without new borrowing.(Cash + short-term investments + operating cash flow) / (debt due within 12 months + capital expenditure + dividends); the flows of the fiscal year or of the last 4 quarters are taken as those of the next 12 months, and undrawn facilities are not included | ||||||
| Debt due within 12 monthsBorrowings due within the next 12 months, which the company must repay or refinance.The larger of long-term debt maturing within 12 months in the maturity schedule and the current portion of long-term debt, + short-term borrowings | ||||||
| Maturity concentrationThe largest amount of debt due in a single year of the next 5, as a share of the debt in the schedule. A high share means the repayments are concentrated in 1 year.Largest single year of debt maturing within 5 years / total debt in the maturity schedule | n/a |
Method
- Debt due within 12 months is the larger of the first year of the maturity schedule and the current portion of long-term debt, plus short-term borrowings. The schedule of a quarterly report can cover the rest of the fiscal year only and leaves out finance leases.
- Capital expenditure and dividends of the fiscal year, or of the last 4 quarters, are taken as those of the next 12 months. Undrawn credit facilities are not included.
Earnings QualityCash-flow accruals −6.8% · Q3 FY2026
Accruals and the cash backing of reported earnings.
Operating cash flow over the last 4 quarters exceeded net income attributable to the company by an amount equal to 6.8% of average total assets.
Interpretation. The profit came in as cash: operating cash flow was larger than net income. Profit backed by cash tends to repeat more than profit made of accounting entries (Sloan, 1996).
Confirmedin Q3 FY2026 · stated since Q3 FY2024−6.8% from −7.1% in Q2 FY2026Rule: Cash backing of earnings · Sources 10-Q 2025-09, 10-Q 2026-09, 10-K 2025-12 and 2 moreHistory of this finding, 9 records
- Q3 FY2026 ConfirmedOperating cash flow over the last 4 quarters exceeded net income attributable to the company by an amount equal to 6.8% of average total assets.Recorded from FY2026Q3_99c42438 · data update
- Q2 FY2026 StrengthenedOperating cash flow over the last 4 quarters exceeded net income attributable to the company by an amount equal to 7.1% of average total assets.Reconstructed · data update
- Q1 FY2026 StrengthenedOperating cash flow over the last 4 quarters exceeded net income attributable to the company by an amount equal to 6.4% of average total assets.Reconstructed · data update
- Q4 FY2025 StrengthenedOperating cash flow over the last 4 quarters exceeded net income attributable to the company by an amount equal to 5.7% of average total assets.Reconstructed · data update
- Q3 FY2025 ConfirmedOperating cash flow over the last 4 quarters exceeded net income attributable to the company by an amount equal to 3.7% of average total assets.Reconstructed · data update
- Q2 FY2025 ConfirmedOperating cash flow over the last 4 quarters exceeded net income attributable to the company by an amount equal to 4.1% of average total assets.Reconstructed · data update
- Q1 FY2025 WeakenedOperating cash flow over the last 4 quarters exceeded net income attributable to the company by an amount equal to 4.6% of average total assets.Reconstructed · data update
- Q4 FY2024 WeakenedOperating cash flow over the last 4 quarters exceeded net income attributable to the company by an amount equal to 5.4% of average total assets.Reconstructed · data update
- Q3 FY2024 NewOperating cash flow over the last 4 quarters exceeded net income attributable to the company by an amount equal to 12.1% of average total assets.Reconstructed · initial
Net Income and Operating Cash Flow
Last 4 quarters at each quarter end, US dollars
By Fiscal Year
| Ratio | FY202131 Dec 2021 | FY202231 Dec 2022 | FY202331 Dec 2023 | FY202431 Dec 2024 | FY202531 Dec 2025 | Q3 FY2026latest quarter |
|---|---|---|---|---|---|---|
| Cash-flow accrualsNet income less operating cash flow, against average assets: the part of profit not received in cash in the same period. Research associates high accruals with lower earnings in later years; a negative figure means cash exceeded profit.(Net income attributable to the company - operating cash flow) / average total assets | ||||||
| Balance sheet accrualsThe same gap between profit and cash, measured from the changes in the balance sheet (Sloan, 1996).[(Change in current assets - change in cash) - (change in current liabilities - change in short-term debt - change in taxes payable) - depreciation and amortisation] / average total assets (Sloan, 1996) | ||||||
| Total accrualsAccruals that also cover long-term operating and financial assets and liabilities (Richardson, Sloan, Soliman and Tuna, 2005). Acquisitions raise the figure.Change in net operating working capital, net non-current operating assets and net financial assets / average total assets (Richardson, Sloan, Soliman and Tuna, 2005) | ||||||
| Free cash flow to net incomeFree cash flow against net income. Below 1, investment and working capital take up part of the profit.(Operating cash flow - capital expenditure) / net income attributable to the company | n/a | n/a | ||||
| Working capital investment to revenueCash put into receivables and stock, less extra credit from suppliers and customers, as a share of revenue. A positive figure means growth or slower collection uses cash.(Increase in receivables + increase in inventories - increase in payables - increase in contract liabilities) / revenue |
Method
- Cash-flow accruals are net income attributable to the company less operating cash flow, over average total assets. Balance sheet accruals follow Sloan (1996) and total accruals Richardson, Sloan, Soliman and Tuna (2005).
- Balance sheet and total accruals include the assets and liabilities that acquisitions bring in and disposals take out; cash-flow accruals exclude them.
Forensic and Distress ScoresBeneish −2.71 · Piotroski 9 of 9
Published distress and misstatement models, with their original coefficients and thresholds.
The Beneish M-score for fiscal 2025 was minus 2.71, below the model threshold of minus 1.78.
Interpretation. The model finds no sign of earnings manipulation. Beneish (1999) set a threshold of minus 1.78, above which a company resembles the companies that manipulated their earnings.
Strengthenedin FY2025 · stated since FY2023−2.71 from −2.46 in FY2024Rule: Beneish M-score against its threshold · Sources 10-K 2025-12, 10-Q 2026-09History of this finding, 3 records
- FY2025 StrengthenedThe Beneish M-score for fiscal 2025 was minus 2.71, below the model threshold of minus 1.78.Reconstructed · data update
- FY2024 StrengthenedThe Beneish M-score for fiscal 2024 was minus 2.46, below the model threshold of minus 1.78.Reconstructed · data update
- FY2023 NewThe Beneish M-score for fiscal 2023 was minus 1.95, below the model threshold of minus 1.78.Reconstructed · initial
The Piotroski F-score for fiscal 2025 was 9 of 9.
Interpretation. The score counts how many of 9 tests of profit, debt, liquidity and efficiency the company passes. A score of 7 to 9 is the strongest group: Piotroski (2000) placed 0 to 3 in the weakest.
Confirmedin FY2025 · stated since FY20249.00 from 9.00 in FY2024Rule: Piotroski F-score · Sources 10-K 2024-12, 10-K 2025-12, 10-Q 2026-09History of this finding, 4 records
- FY2025 ConfirmedThe Piotroski F-score for fiscal 2025 was 9 of 9.Reconstructed · data update
- FY2024 NewThe Piotroski F-score for fiscal 2024 was 9 of 9.Reconstructed · data update
- Q4 FY2024 RetiredThe finding changed to a high score.Reconstructed · data update
- FY2023 NewThe Piotroski F-score for fiscal 2023 was 4 of 9. The 5 signals not met were return on assets above zero, return on assets higher than a year earlier, long-term debt to assets lower than a year earlier, current ratio higher than a year earlier and margin higher than a year earlier.Reconstructed · initial
By Fiscal Year
| Ratio | FY202131 Dec 2021 | FY202231 Dec 2022 | FY202331 Dec 2023 | FY202431 Dec 2024 | FY202531 Dec 2025 |
|---|---|---|---|---|---|
| Beneish M-scoreA screen for earnings manipulation, built from 8 changes in the accounts, such as receivables growing faster than sales. Above minus 1.78 the model groups a company with the companies in the Beneish sample that manipulated their earnings.-4.84 + 0.920 DSRI + 0.528 GMI + 0.404 AQI + 0.892 SGI + 0.115 DEPI - 0.172 SGAI + 4.679 TATA - 0.327 LVGI (Beneish, 1999); model threshold -1.78 | below threshold | below threshold | below threshold | below threshold | below threshold |
| Dechow F-scoreThe probability of a material misstatement in the accounts, estimated from accruals, receivables, stock, cash sales, profitability and new financing, against the average. A score of 1 means average risk and 2 means twice the average.Predicted probability of a misstatement (model 1 of Dechow, Ge, Larson and Sloan, 2011) / 0.0037, the unconditional probability; 1 equals the base rate | n/a | ||||
| Piotroski F-scoreA count of 9 yes or no tests on profitability, cash flow, debt, liquidity, new shares, margins and the use of assets. A score of 7 to 9 indicates improving strength and 0 to 3 indicates weakness.Number of 9 binary signals met on profitability, cash flow, debt, liquidity, equity issuance, margin and asset turnover (Piotroski, 2000) | n/a |
Beneish M-score
Beneish M-score
fiscal 2025
A screen for earnings manipulation, built from 8 changes in the accounts, such as receivables growing faster than sales. Above minus 1.78 the model groups a company with the companies in the Beneish sample that manipulated their earnings.
| −2.71Below the threshold, −1.78 and below | Above the threshold, above −1.78 |
The score of minus 2.71 is below the model threshold of minus 1.78. Of the 8 measures, sales growth raises the score most.
| Part | Value | Coefficient | Contribution |
|---|---|---|---|
| Intercept | −4.840 | ||
| Days sales in receivables indexReceivables against sales, against a year earlier. A rise can mean sales recorded before customers pay. | 0.833 | 0.920 | 0.766 |
| Gross margin indexGross margin a year earlier against the current gross margin. Above 1, margins fell, which the model treats as a risk factor. | 0.809 | 0.528 | 0.427 |
| Asset quality indexAssets other than current assets and property, plant and equipment, as a share of total assets, against a year earlier. A rise can mean more costs recorded as assets. | 1.007 | 0.404 | 0.407 |
| Sales growth indexSales against a year earlier. The model treats fast growth as a risk factor. | 1.213 | 0.892 | 1.082 |
| Depreciation indexThe rate of depreciation a year earlier against the current rate. Above 1, depreciation slowed, which raises profit. | 1.014 | 0.115 | 0.117 |
| Selling, general and administrative expenses indexOverheads against sales, against a year earlier. | 1.000 | −0.172 | −0.172 |
| Total accruals to total assetsNet income less operating cash flow, against total assets: profit not backed by cash. It carries the largest coefficient in the model. | −0.057 | 4.679 | −0.266 |
| Leverage indexDebt against total assets, against a year earlier. | 0.708 | −0.327 | −0.231 |
| Score | −2.711 |
Beneish (1999), estimated on 74 companies identified as earnings manipulators in SEC enforcement releases and the press for 1982 to 1992, against 2,332 Compustat companies. The model classes a score above minus 1.78 with the first group. An index whose inputs are not reported counts as 1.
Dechow F-score
Dechow F-score
fiscal 2025
The probability of a material misstatement in the accounts, estimated from accruals, receivables, stock, cash sales, profitability and new financing, against the average. A score of 1 means average risk and 2 means twice the average.
A score of 0.17 means a probability of a misstatement 0.17 times the average rate in the Dechow sample: 0.06% against 0.37%.
| Part | Value | Coefficient | Contribution |
|---|---|---|---|
| Intercept | −7.893 | ||
| Total accruals (Richardson, Sloan, Soliman and Tuna)Total accruals: the growth of operating and financial assets net of liabilities, against average assets. | −0.002 | 0.790 | −0.001 |
| Change in receivables / average total assetsThe growth of receivables against average assets. | 0.000 | 2.518 | 0.000 |
| Change in inventories / average total assetsThe growth of stock against average assets. | 0.000 | 1.191 | 0.000 |
| Assets other than cash and property, plant and equipment / total assetsAssets other than cash and property, plant and equipment, as a share of total assets: assets whose value depends more on judgement. | 0.283 | 1.979 | 0.560 |
| Change in cash salesThe growth of sales collected in cash. | 0.234 | 0.171 | 0.040 |
| Change in return on assetsThe change in return on assets against a year earlier. A fall raises the score. | 0.065 | −0.932 | −0.061 |
| Debt or equity issued in the year, 1 or 01 when the company issued shares or debt in the year. | 0.000 | 1.029 | 0.000 |
| Predicted value | −7.354 | ||
| Probability of a misstatement | 0.06% |
Model 1 of Dechow, Ge, Larson and Sloan (2011), estimated on misstatements named in SEC Accounting and Auditing Enforcement Releases. The score is the predicted probability of a misstatement over 0.37%, the unconditional probability in their sample, so 1.00 equals that base rate.
Piotroski F-score
Piotroski F-score
fiscal 2025
A count of 9 yes or no tests on profitability, cash flow, debt, liquidity, new shares, margins and the use of assets. A score of 7 to 9 indicates improving strength and 0 to 3 indicates weakness.
9 of the 9 tests are met, in the high group of 7 to 9.
| Signal | FY2025 | FY2024 |
|---|---|---|
| Return on assets above zero | Met | Met |
| Operating cash flow above zero | Met | Met |
| Return on assets higher than a year earlier | Met | Met |
| Operating cash flow above net income | Met | Met |
| Long-term debt to assets lower than a year earlier | Met | Met |
| Current ratio higher than a year earlier | Met | Met |
| No common equity issued | Met | Met |
| Margin higher than a year earlier | Met | Met |
| Asset turnover higher than a year earlier | Met | Met |
Piotroski (2000), 9 signals on profitability, funding and operating efficiency, designed for companies with high book-to-market ratios. Piotroski grouped scores of 8 and 9 as high and 0 and 1 as low; the findings group 7 to 9 and 0 to 3.
Source Documents
Documents of this snapshot, latest first.
Checks
286286 checks, all passed
Fiscal calendar70 passedFiscal years last 350 to 380 days, quarters 80 to 125 days, and each period starts on the day after the one before. Checked at error level.
Quarters and fiscal year122 passedThe 4 quarters of every item add up to its fiscal year, or a later filing restated the year. Checked at error level.
Filer identity1 passedThe documents are those of the company of this page. Checked at error level.
Balance sheet identity27 passedTotal assets equal total liabilities and equity at each balance sheet date. Checked at error level.
Balance sheet structure27 passedTotal assets equal liabilities, temporary equity and total equity. Checked at warning level.
Debt maturities8 passedThe debt maturity schedule adds up to the long-term debt. Checked at warning level.
Lease liabilities6 passedLease payments due, less imputed interest, equal the lease liabilities. Checked at warning level.
Quarters and 9 months14 passedThe 3 reported quarters of a fiscal year add up to the reported 9-month figure. Checked at error level.
Earnings per share6 passedNet income divided by average shares agrees with reported basic earnings per share. Checked at warning level.
Primary statements5 passedEach key figure of the latest fiscal year is a line of the income statement, the balance sheet or the cash flow statement of the annual report. Checked at warning level.
Data Quality
How many values of this snapshot the checks prove, and how many Annalist derives, withholds and tracks as restated. Every company.
| Values published | 1,535 |
| Confirmed by other figures | 48.1%, 738 values |
| Confirmed by a second document | 0.0%, 0 values |
| Derived from reported figures | 17.7%, 272 values |
| Values withheld | 0 |
| Restated figures tracked | 0 |
| Changes compared on one basis | 0 |
| Company lines mapped | 0 of 0 reviewed |
Citation
Annalist, Newmont Corporation, snapshot newmont/FY2026Q3_99c42438 (as of FY2026 Q3); <item label>, <period>; source <document id> (<document url>)
Snapshot FY2026Q3_99c42438 · dataset SHA-256 99c42438fcd7d6ad9bb0dc08d6a42bbb11a1fefd69fb8448e328e70291dffbf7 · findings rules 0.5
Data: info.json · dataset.json · validation.json · documents.json