Newmont vs Royal Gold
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KIRA’s take AI analyst
I put Newmont and Royal Gold side by side, using each one’s latest annual report. Here is what stands out:
- 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.
Who comes out ahead
Of the 8 measures where higher (or lower) is clearly better, how many each company leads.
Newmont
NEM
5/8
Return on capitalReturn on equityPiotroski F-scoreNet debt / EBITDAShare count change
Royal Gold
RGLD
3/8
Revenue growth5-year growthNet margin
Side by side
Best in the row
| 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 |
Ten years
Revenue
Operating margin
Free cash flow
Return on capital
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.