Newmont Stock (NEM) After December 3, 2025: Record Free Cash Flow, Job Cuts and Insider Selling

Newmont Corporation (NYSE: NEM), the world’s largest gold miner, has turned into one of 2025’s standout large-cap performers. As of the close on December 3, 2025, Newmont stock changed hands around $89–90 per share, giving the company a market capitalization of roughly $98 billion and more than doubling its value over the past year. ^[1]

At the same time, the company is working through a massive restructuring after its Newcrest acquisition, navigating a CEO transition, and digesting record gold prices. Fresh headlines and analyst notes dated December 3, 2025 highlight three big themes for investors: record free cash flow, continued momentum – and new insider selling.

1. Where Newmont Stock Stands on December 3, 2025

Latest close: Newmont ended trading on December 3 at about $89.65, down just under 1% on the day. ^[2]
Market value: StockAnalysis estimates Newmont’s market cap at about $97.8 billion, up over 110% in the last 12 months. ^[3]
52‑week range: The shares have traded between $36.86 and a record high near $98.58, reached in mid‑October. ^[4]
Outperformance: Barchart notes that NEM is up about 140% year‑to‑date and roughly 119% over the past 12 months, dramatically ahead of the iShares U.S. Basic Materials ETF, which is up around 15% YTD and just over 1% in the same 12‑month window. ^[5]

On December 2, MarketWatch reported that Newmont fell about 1.5% to roughly $90.48 even as the S&P 500 and Dow gained, leaving the stock about 8% below its October peak and with trading volume slightly under its 50‑day average. ^[6] A day later, another MarketWatch piece on Freeport‑McMoRan pointed out that Newmont slipped 0.9% to about $89.65 while Freeport rallied more than 3.5%. ^[7]

In other words, after a spectacular 2025, NEM is consolidating below recent highs but still sits near the top of the basic‑materials sector.

Valuation is no longer “cheap,” but it’s not extreme either:

P/E ratio: About 14x trailing earnings.
P/E/G: Around 0.5–0.6, reflecting strong expected earnings growth.
Beta: Roughly 0.3–0.4, making Newmont less volatile than the broader market despite its cyclical exposure. ^[8]

These numbers paint a picture of a defensive growth stock tethered to the gold price.

2. Q3 2025: Earnings Beat and Record Free Cash Flow

Newmont’s current narrative is anchored in a very strong third quarter of 2025.

2.1 Headline results

In an October 23 earnings release, Newmont reported: ^[9]

Net income: About $1.8 billion.
Adjusted net income: Around $1.9 billion, or $1.71 per diluted share.
Adjusted EBITDA: Roughly $3.3 billion.
Revenue: About $5.52 billion, up 20% year‑on‑year and beating analyst expectations near $5.14 billion. ^[10]

That EPS of $1.71 decisively topped consensus estimates of roughly $1.27, a beat echoed in earnings‑call summaries that highlight an EPS surprise around the high‑teens percentage range. ^[11]

On the operational side, Newmont:

Produced roughly 1.4 million ounces of gold and 35,000 tonnes of copper in the quarter. ^[12]
Generated an average realized gold price of about $3,539 per ounce, up from around $2,518 a year earlier. ^[13]
Saw gold output fall about 15% from the prior year as lower grades and planned maintenance weighed on Peñasquito and Lihir, and mining ended at the Subika open pit in Ghana. ^[14]
Still managed to cut all‑in sustaining costs (AISC) by roughly 2.8% to about $1,566 per ounce, thanks to efficiency gains and the gold price tailwind. ^[15]

2.2 Free cash flow shockwave

The real star of the quarter was free cash flow (FCF):

Free cash flow hit a record $1.6 billion, more than doubling year‑on‑year.
It was Newmont’s fourth straight quarter with more than $1 billion of FCF.
Net cash from operating activities jumped about 40% from the year‑earlier period to $2.3 billion. ^[16]

A detailed Zacks analysis (published on Nasdaq on December 3, 2025) stresses that this FCF surge underscores the strength of Newmont’s Tier‑1 asset base and its leverage to higher gold prices. The same piece notes that NEM’s forward P/E of about 12.8x represents a ~5% discount to the broader gold‑mining industry, and that earnings estimates for 2025 and 2026 imply growth of roughly 74% and 18%, respectively – with analyst forecasts trending higher over the past two months. ^[17]

2.3 Guidance and near‑term headwinds

The Q3 release also included improved 2025 cost and capital guidance driven by cost‑saving initiatives and a shift in the timing of capex. Management reaffirmed its outlook for 2025 production and unit costs despite inflationary pressures and higher gold prices. ^[18]

However, there are important caveats:

Newmont warned that fourth‑quarter free cash flow will be “adversely impacted” by heavy spending on water‑treatment facilities at Yanacocha and planned severance payments. ^[19]
The company expects its 2026 gold production to land toward the lower end of its 2025 forecast range. ^[20]

So while Q3 numbers are stellar, management is actively tempering expectations for Q4 and beyond.

3. Project Catalyst, Workforce Cuts and the Newcrest Integration

Newmont is still absorbing its $17 billion acquisition of Newcrest Mining. That deal dramatically expanded the company’s footprint in Australia and copper, but it also forced a deep restructuring.

A Reuters‑based report in Mining.com and a separate integration deep dive from Discovery Alert describe a sweeping program called “Project Catalyst”: ^[21]

The restructuring has affected about 16% of Newmont’s global workforce, equivalent to roughly 3,500+ positions across multiple regions.
Job cuts targeted around 12% of “Level 2” roles (superintendents, leads, specialists) and 10% of “Level 1” positions (advisors, operators, maintainers), reflecting an effort to streamline middle management while preserving core operational staff. ^[22]
The company says the program finished about a month ahead of schedule, aiming to reduce uncertainty for employees. ^[23]
Newmont has already sold more than $2 billion of non‑core assets since early 2024, and the Q3 release notes over $3.5 billion in net cash proceeds from asset and equity sales in 2025 alone. ^[24]

Alongside workforce and portfolio moves, Newmont’s balance sheet looks significantly stronger:

Roughly $2 billion of debt retired via a tender offer.
Net debt near zero, with $5.6 billion in cash and total liquidity of about $9.6 billion.
A Moody’s upgrade to A3 with a stable outlook, reflecting the stronger credit profile. ^[25]

For shareholders, these steps point toward lower structural costs and higher operating leverage, but they also introduce execution and labor‑relations risk, especially given the scale of headcount reductions.

4. Leadership Transition: A New CEO for 2026

Q3 also marks the beginning of a significant leadership hand‑off.

Long‑time CEO Tom Palmer will retire at the end of 2025. ^[26]
Natascha Viljoen, previously Newmont’s president and COO and formerly CEO of Anglo American Platinum, will take over as Newmont’s first female chief executive in early 2026. ^[27]

Palmer’s farewell remarks in the Q3 release emphasize that Newmont is “well positioned” as he hands the reins to Viljoen – pointing to cost‑savings momentum, a stronger balance sheet, and progressing growth projects such as Ahafo North in Ghana, which is expected to deliver profitable production over an initial 13‑year mine life. ^[28]

For investors, the transition raises two key questions:

Will Viljoen maintain aggressive portfolio pruning and buybacks?
How will she balance gold and copper growth, especially in politically complex jurisdictions?

5. Macro Tailwind: Gold Near Record Highs

Newmont’s breakout year cannot be separated from the remarkable run in gold.

According to a late‑November analysis from Investopedia:

Gold is up roughly 60% year‑to‑date, far outpacing the S&P 500.
Prices recently traded around $4,220 per ounce, after setting a record just below $4,400 in October. ^[29]
A survey of institutional investors by Goldman Sachs found that nearly 70% expect gold to keep rising, with 36% believing prices will top $5,000 by the end of 2026. ^[30]
Deutsche Bank and UBS both now see gold in the $4,450–$4,500 range by 2026, citing persistent central‑bank buying, a weaker dollar, and concerns about sovereign debt. ^[31]

Barchart explicitly links Newmont’s huge share‑price move to this “dramatic rally in gold prices,” noting that NEM’s gain has been far greater than that of rival Barrick Gold. ^[32]

The flip side is clear: if gold retraces from these elevated levels, Newmont’s earnings and free cash flow are likely to compress, especially given the company’s high operating leverage and concentration in gold.

6. What Wall Street is Saying: Ratings and Price Targets

Fresh analyst data and December 3, 2025 headlines show broadly bullish—but increasingly nuanced—views on NEM.

6.1 Consensus ratings

Different data providers are not perfectly aligned, but they tell a similar story:

StockAnalysis: 9 analysts rate Newmont a “Strong Buy,” with an average 12‑month target of about $99.33 (low $72, high $125) — implying roughly 11% upside from the Dec. 3 close. ^[33]
MarketBeat: Aggregating 21 analysts, the site assigns a “Buy” consensus (4 hold, 13 buy, 4 strong buy), with an average target of $92.59, only ~3% above the latest price. ^[34]
MarketWatch: Lists an “Overweight” average recommendation and an average target near $107 based on 29 ratings. ^[35]
Benzinga: A broader set of 23 analysts produces a long‑term consensus target of about $73, but the three most recent calls (UBS, Scotiabank, UBS) average around $114.83, implying roughly 28% upside and highlighting how quickly sentiment has turned positive in 2025. ^[36]

Taken together, these numbers suggest:

Near‑term upside according to consensus is modest (low single‑digits to low‑teens).
The most recent high‑profile upgrades are far more bullish, with targets in the $104–$125 range from the likes of Citigroup, BofA and UBS. ^[37]

6.2 Key analyst moves in 2025

Recent rating changes include: ^[38]

UBS (Dec. 1, 2025): Maintained “Strong Buy”, raising its target from $106 to $125.
Scotiabank (Oct. 23): Upgraded Newmont from “Hold/Sector Perform” to “Buy/Sector Outperform”, lifting its target from $72 to $114.
BofA Securities (Oct. 16): Reiterated a “Strong Buy” with a target increased from $105 to $115.
Citigroup (Oct. 15): Maintained a “Strong Buy” while boosting its target from $74 to $104.
Royal Bank of Canada: Retains an “Outperform” rating but with a relatively cautious target around $40, likely a legacy of older, pre‑rally assumptions that has not yet caught up with the current share price.

MarketBeat’s December 3 piece summarizing these views concludes that Newmont holds a “Buy” consensus, but also notes that top‑rated analysts still see other names as more compelling – a reminder that NEM is no longer an under‑the‑radar value play. ^[39]

7. Fresh December 3, 2025 Headlines: Momentum, Free Cash Flow and Insider Selling

7.1 Zacks: “Great Momentum Stock” and FCF follow‑up

Several Zacks articles around December 1–3 frame Newmont as a momentum and quality story:

A new feature titled “Newmont Corporation (NEM) is a Great Momentum Stock: Should You Buy?” argues that NEM’s strong price performance, rising earnings estimates and positive Zacks style scores make it attractive for momentum‑oriented investors. ^[40]
The December 3 FCF article on Nasdaq (discussed earlier) re‑emphasizes Newmont’s record $1.6 billion Q3 free cash flow, 40% jump in operating cash flow, and Zacks Rank #1 (Strong Buy), while acknowledging that higher capex and severance costs could temporarily slow FCF in Q4. ^[41]

Another Zacks piece, “Wall Street Bulls Look Optimistic About Newmont (NEM): Should You Buy?”, highlights the favorable analyst consensus and upside implied by current price targets, reinforcing the idea that Newmont is broadly liked by the Street at current levels. ^[42]

7.2 Insider sale: Director Bruce Brook trims stake

The other major December 3 storyline is insider activity:

A series of reports from MarketBeat, TradingView, Reuters‑syndicated wires and Form 4 trackers all note that director Bruce R. Brook sold 2,080 shares of Newmont on December 1, 2025 at $92.36 per share, for proceeds of about $192,000. ^[43]
After the sale, Brook still directly owns 32,709 shares, leaving the transaction as roughly a 6% reduction in his position. ^[44]
The filings make clear that the sale occurred under a pre‑arranged Rule 10b5‑1 trading plan, which is designed to separate insider trades from day‑to‑day information flow. ^[45]

MarketBeat’s coverage places the sale in context: over the past 90 days, Newmont insiders have sold about 9,160 shares, a tiny fraction of total insider ownership (~0.05% of shares outstanding), and the CEO also sold a small block earlier in November. ^[46]

For investors, the key takeaway is that this is a modest, pre‑planned trim – not a wholesale exit or red flag on its own.

7.3 “Average Rating: Buy” recap

A second MarketBeat story on December 3 focuses on consensus ratings:

It confirms a “Buy” average recommendation from 21 analysts, with 13 buys, 4 strong buys and 4 holds, and an average price target around $92.59. ^[47]
It again notes the Q3 earnings beat (EPS $1.71 vs $1.27 expected, revenue up 20% year‑on‑year) and reiterates the $0.25 quarterly dividend, which annualizes to $1.00 per share for a ~1.1% yield and a payout ratio in the mid‑teens. ^[48]

8. Technical and Quant Views

Beyond fundamental and Wall Street research, a few quantitative and technical sources weigh in:

Barchart points out that Newmont has traded above its 200‑day moving average since mid‑April and above its 50‑day moving average for most of the year, confirming the strength of the uptrend. ^[49]
The site also notes that NEM has dramatically outperformed both Barrick Gold and the broader materials sector over multiple time frames. ^[50]
Technical forecasting service StockInvest.us currently tags NEM as a “Buy candidate,” though with a downgraded score, and projects a “fair” opening price of around $90.38 for December 4 – implying little short‑term edge beyond normal volatility. ^[51]

These tools are backward‑looking and model‑driven, but they underline the degree to which Newmont remains in a strong, but extended, uptrend.

9. Key Risks for Newmont Stock

Even with strong fundamentals and bullish analyst coverage, Newmont is not risk‑free. Major downside factors include:

Gold price volatility
- Gold has climbed about 60% in 2025 and is trading over $4,200/oz, with some forecasts calling for prices above $5,000 by 2026. ^[52]
- If macro conditions stabilize or real yields rise, a sharp pullback in gold could compress Newmont’s margins and free cash flow quickly.
Capex and free cash flow pressure
- Management has explicitly warned that Q4 2025 free cash flow will be weaker due to Yanacocha water‑treatment capex and severance payments tied to restructuring. ^[53]
- Zacks has previously flagged the risk that higher capex could slow Newmont’s free cash flow momentum in the second half, even if long‑term fundamentals remain strong. ^[54]
Integration and workforce risks
- A 16% workforce reduction and significant portfolio reshaping following the Newcrest deal raise the risk of operational disruption, talent loss, and potential community or regulatory tensions. ^[55]
Jurisdiction and project risk
- Key assets in Mexico, Peru, Papua New Guinea, Ghana and elsewhere expose Newmont to policy shifts, permitting delays and social‑license challenges, particularly where communities are sensitive to environmental and water‑usage issues. ^[56]
Valuation and expectations
- With the stock already up well over 100% in a year and consensus targets not far above current prices, expectations are higher. If gold flattens or results merely meet (rather than beat) estimates, multiple compression is a real possibility.

10. What to Watch Next for NEM in 2026

Investors tracking Newmont after December 3, 2025 may want to focus on several catalysts:

Gold price path: Do macro conditions support the bullish scenario (toward $4,500–$5,000/oz), or does gold consolidate/pull back from current highs? ^[57]
Q4 2025 results and 2026 guidance: How deep is the free cash flow dip and what does management guide for 2026 production, AISC and capex?
Execution on Project Catalyst: Do cost savings show up in unit costs and margins without degrading production or safety metrics? ^[58]
CEO Natascha Viljoen’s first strategy update: Any shift in capital allocation (more buybacks vs. growth projects), commodity mix (gold vs. copper) or regional focus will be closely scrutinized. ^[59]
Further asset sales or acquisitions: With a near‑zero net‑debt balance sheet and strong FCF, Newmont has ample flexibility – whether to keep shrinking to a higher‑quality core or to pursue new growth options. ^[60]

Bottom Line

As of December 3, 2025, Newmont stock (NEM) sits at the intersection of:

Exceptional recent performance — record free cash flow, a powerful gold‑price tailwind, and aggressive debt reduction.
Structural change — large‑scale workforce cuts, portfolio pruning and a CEO transition.
Elevated expectations — analysts broadly rate the stock Buy/Strong Buy, but average price targets now imply only modest additional upside from current levels.

For investors who can tolerate commodity and execution risk, Newmont remains a high‑quality, large‑cap gold lever on a potential continued gold super‑cycle. But after a year in which the stock has already more than doubled, future returns are likely to depend heavily on the gold price staying high and management delivering on cost and integration promises.

This article is for informational and educational purposes only and does not constitute financial advice, investment recommendation or a solicitation to buy or sell any security. Always do your own research and consider consulting a licensed financial professional before making investment decisions.