Will Newmont's Strong Free Cash Flow Trend Continue into Q4?
Written by Emily J. Thompson, Senior Investment Analyst
Source: NASDAQ.COM
Updated: 4 day ago0mins
Newmont's Financial Performance: Newmont Corporation reported a record quarterly free cash flow of $1.6 billion in Q3 2025, more than doubling year-over-year, driven by a 40% increase in net cash from operating activities. This marks the fourth consecutive quarter of free cash flow exceeding $1 billion.
Future Cash Flow Concerns: Despite strong performance, Newmont has cautioned about potential declines in cash flow for Q4 due to increased spending on projects and severance payments, although its solid balance sheet supports ongoing growth and debt commitments.
Peer Comparisons: Barrick Mining Corporation and Agnico Eagle Mines Limited also reported significant increases in free cash flow for Q3, with Barrick at $1.5 billion and Agnico Eagle at $1.2 billion, reflecting higher gold prices and operational efficiencies.
Stock Performance and Valuation: Newmont's shares have risen 143.5% year-to-date, outperforming the industry average, and it currently trades at a forward earnings multiple of 12.8, which is below the industry average, indicating potential value for investors.
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Analyst Views on B
Wall Street analysts forecast B stock price to rise over the next 12 months. According to Wall Street analysts, the average 1-year price target for B is 43.36 USD with a low forecast of 37.90 USD and a high forecast of 50.00 USD. However, analyst price targets are subjective and often lag stock prices, so investors should focus on the objective reasons behind analyst rating changes, which better reflect the company's fundamentals.
16 Analyst Rating
14 Buy
2 Hold
0 Sell
Strong Buy
Current: 40.910
Low
37.90
Averages
43.36
High
50.00
Current: 40.910
Low
37.90
Averages
43.36
High
50.00
BofA
Neutral -> Buy
upgrade
$38 -> $48
2025-11-24
Reason
BofA
Price Target
$38 -> $48
2025-11-24
upgrade
Neutral -> Buy
Reason
BofA upgraded Barrick Mining to Buy from Neutral with a price target of $48, up from $38, citing an increased focus on capital return, a strategic redirection of the business to developed market from emerging market jurisdictions, and expected improvement in Nevada Gold Mines' 2026 unit costs. The firm also cites what it views as "still underappreciated upside" from the Fourmile project and an attractive relative valuation to senior peers
Cormark
Market Perform -> Buy
upgrade
$66
2025-11-11
Reason
Cormark
Price Target
$66
2025-11-11
upgrade
Market Perform -> Buy
Reason
Cormark upgraded Barrick Mining to Buy from Market Perform with a C$66 price target.
Scotiabank
Sector Perform -> Outperform
upgrade
$43
2025-10-23
Reason
Scotiabank
Price Target
$43
2025-10-23
upgrade
Sector Perform -> Outperform
Reason
Scotiabank upgraded Barrick Mining to Outperform from Sector Perform with a $43 price target.
Scotiabank
Sector Perform -> Outperform
upgrade
$43
2025-10-23
Reason
Scotiabank
Price Target
$43
2025-10-23
upgrade
Sector Perform -> Outperform
Reason
Scotiabank upgraded Barrick Mining to Outperform from Sector Perform with a price target of $43, up from $27.50. The firm cites its higher gold price forecasts for the upgrade. Barrick should see better operating performance as a result and the stock's valuation is still attractive, the analyst tells investors in a research note. Scotiabank increased its gold price forecast to $3,450 and $3,800 per ounce for 2025 and 2026, respectively.
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About B
Barrick Mining Corporation is a gold and copper producer, which is engaged in the production and sale of gold and copper, as well as related activities, such as exploration and mine development. The Company has ownership interests in producing gold mines that are located in Argentina, Canada, Cote d’Ivoire, the Democratic Republic of Congo, the Dominican Republic, Papua New Guinea, Tanzania and the United States. Its copper mines are located in Zambia, Chile and Saudi Arabia. Its operations include Nevada Gold Mines, Bulyanhulu, Jabal Sayid, Kibali, Loulo-Gounkoto, Lumwana, North Mara, Porgera, Pueblo Viejo, Veladero and Zaldivar. Its Bulyanhulu operation is located in north-west Tanzania, over 55 kilometers (km) south of Lake Victoria and 150 km southwest of the city of Mwanza. The Jabal Sayid copper operation is located approximately 350 km north-east of Jeddah in the Kingdom of Saudi Arabia. The Lumwana copper mine is a conventional open pit operation.
About the author
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Emily J. Thompson
Emily J. Thompson, a Chartered Financial Analyst (CFA) with 12 years in investment research, graduated with honors from the Wharton School. Specializing in industrial and technology stocks, she provides in-depth analysis for Intellectia’s earnings and market brief reports.
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