Newmont vs Royal Gold
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The short version
- Newmont is the larger business, with $22.7B of revenue in fiscal 2025 against $1.0B for Royal Gold, about 22 times as much.
- Royal Gold grew revenue faster (43.2%, against 21.3%).
- Newmont earned a higher return on the capital invested in it (20.6%, against 9.7%).
- Investors pay more for each dollar of Royal Gold’s earnings: a P/E of 25.2x against 12.7x for Newmont.
| Latest fiscal year | NEM · FY25 | RGLD · FY25 |
|---|---|---|
| Size | ||
| Market cap | $114.4B | $19.4B |
| Revenue | $22.7B | $1.0B |
| Free cash flow | $7.3B | — |
| Net income | $7.1B | $466M |
| Growth | ||
| Revenue growth | 21.3% | 43.2% |
| 5-year growth | 14.5% | 15.6% |
| Share count change | −3.5% | 5.8% |
| Profitability | ||
| Gross margin | — | 69.3% |
| Operating margin | — | 61.9% |
| Net margin | 31.3% | 45.3% |
| FCF margin | 32.2% | — |
| Return on capital | 20.6% | 9.7% |
| Return on equity | 22.2% | 9.1% |
| Balance sheet | ||
| Net debt | −$2.7B | $662M |
| Net debt / EBITDA | −0.2x | 0.8x |
| Dividends and buybacks | $3.4B | $119M |
| Valuation & quality | ||
| P/E | 12.7x | 25.2x |
| Piotroski F-score | 8 | 6 |
Revenue
FY16
NEM $6.7B
RGLD $289M
FY17
NEM $7.4B
RGLD $441M
FY18
NEM $7.3B
RGLD $459M
FY19
NEM $9.7B
RGLD $423M
FY20
NEM $11.5B
RGLD $499M
FY21
NEM $12.2B
RGLD $616M
FY22
NEM $11.9B
RGLD $603M
FY23
NEM $11.8B
RGLD $606M
FY24
NEM $18.7B
RGLD $719M
FY25
NEM $22.7B
RGLD $1.0B
NEM
RGLD
Operating margin
FY16
NEM —
RGLD 1.7%
FY17
NEM —
RGLD 33.1%
FY18
NEM —
RGLD −16.2%
FY19
NEM —
RGLD 33.3%
FY20
NEM —
RGLD 39.9%
FY21
NEM —
RGLD 54.8%
FY22
NEM —
RGLD 47.0%
FY23
NEM —
RGLD 50.1%
FY24
NEM —
RGLD 59.8%
FY25
NEM —
RGLD 61.9%
NEM
RGLD
Free cash flow
FY16
NEM $1.7B
RGLD —
FY17
NEM $1.3B
RGLD —
FY18
NEM $795M
RGLD —
FY19
NEM $1.4B
RGLD —
FY20
NEM $3.6B
RGLD —
FY21
NEM $2.6B
RGLD —
FY22
NEM $1.1B
RGLD —
FY23
NEM $97.0M
RGLD —
FY24
NEM $3.0B
RGLD —
FY25
NEM $7.3B
RGLD —
NEM
RGLD
Return on capital
FY16
NEM 0.3%
RGLD 0.2%
FY17
NEM 5.8%
RGLD 4.1%
FY18
NEM 3.8%
RGLD −2.3%
FY19
NEM 15.8%
RGLD 5.0%
FY20
NEM 10.3%
RGLD 8.8%
FY21
NEM 2.8%
RGLD —
FY22
NEM 0.4%
RGLD —
FY23
NEM −5.0%
RGLD 8.3%
FY24
NEM 9.6%
RGLD 11.2%
FY25
NEM 20.6%
RGLD 9.7%
NEM
RGLD
Each company's latest fiscal year; fiscal years end in different months. The best value in each row is highlighted where higher (or lower) is clearly better. Not investment advice.