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Gold briefly traded above $5,000 earlier this year, putting miners with tight costs and clean balance sheets in focus. A Simply Wall St screen of gold stocks with net margins over 34% highlights three names. Newmont, with a market cap of $118.9 billion, is a large global gold miner. It aims to cut operating costs and lift margins through productivity gains at sites such as Lihir and Boddington. DRDGOLD recovers gold from surface mine tailings in South Africa. It posted a 38.1% net margin and 33.4% return on equity on ZAR 11,159 million of FY2026 sales; its market cap is $2.1 billion. Franco-Nevada, a Toronto-based royalty and streaming company, has a market cap of CA$62.7 billion. It earned about $2.0 billion from precious metals in 2026, as record gold prices lifted royalty revenue.

Newmont stock: profit exceeds expectations, but the gold price creates headwinds. October 23, 2026, 5:03 p.m. The world's largest gold producer earns significantly more than expected, although it realizes almost US$100 less per ounce than in the previous quarter. * Newmont earns adjusted US$2.20 per share, more than expected * Realized gold price falls to US$4,317 compared with the previous quarter * Analysts are divided on Newmont stock Newmont earned more in the third quarter than expected: adjusted earnings per share rose by just under 29 percent year on year to US$2.20; analysts had expected an average of around US$1.95. The gold producer published the figures after the US market closed on Thursday. Newmont stock was trading at times at US$109.89 on the NYSE, down 3.70 percent. Fewer ounces, but significantly higher prices than a year ago. The jump in profit is mainly carried by the gold price. On average, Newmont realized US$4,317 per ounce, 22 percent more than a year earlier. That more than offset the fact that attributable gold production was around 8 percent below the prior-year figure at 1.30 million ounces. On the bottom line, Newmont earned US$2.5 billion, just over a third more than in the year-ago quarter. Free cash flow climbed 22 percent to US$1.9 billion. Compared with the previous quarter, the realized gold price did fall by US$97 per ounce. However, higher sales volumes and better copper prices more than offset this: net profit was US$0.3 billion above the second quarter's figure. Costs eased. All-in sustaining costs (AISC) per ounce fell 10 percent compared with the previous quarter to US$1,454, but were above the US$1,303 of the year-ago quarter. For 2026, Newmont lowered its cost forecast to US$1,520 per ounce and confirmed its production target of 5.3 million ounces. In the fourth quarter, however, the company expects costs of US$1,900 per ounce, even though it is set to be the strongest production quarter of the year. Since the last earnings release, US$1.9 billion has flowed back to shareholders through share buybacks and dividends. However, net liquidity of US$3.2 billion at the end of the quarter will shrink in the fourth quarter due to a payment of US$1.95 billion to Barrick Mining resulting from the amended agreement for the Nevada Gold Mines joint venture. Gold price is below Newmont's planning assumption. For the coming quarters, the gold price is more likely to become a headwind. A troy ounce currently costs around US$4,000, significantly less than the US$4,500 that Newmont uses as the basis for its 2026 forecast. In the first quarter, the company had still realized US$4,900 per ounce. Its own sensitivity calculation shows how much this matters: every change of US$100 per ounce affects revenue and costs by around US$505 million before taxes. The precious metal is currently being weighed down by rising oil prices, which fuel inflation concerns and expectations of higher policy rates. Analyst views on Newmont stock. Analysts are divided. According to TheFly, Freedom Broker downgraded Newmont stock from Buy to Hold after the figures and lowered its price target from US$130 to US$116. Analyst Vitaly Kononov sees Newmont as having the least favorable ratio of earnings growth, execution risks, and valuation potential in the sector. RBC Capital remains more optimistic and, after the figures, also confirmed its Buy rating with a price target of US$155. Of 13 analysts listed by TipRanks, eleven recommend Buy and two recommend Hold. The average price target of around US$137 is a good 20 percent above the last closing price of US$114.11. For the coming year, Newmont expects gold production to rise in the low-to-mid single-digit percentage range. At the same time, the company expects higher unit costs in 2027, partly due to rising diesel prices, unfavorable Australian dollar exchange rates, and gold-price-dependent royalties. The next fixed date for Newmont shareholders is November 25: anyone on the share register then will receive the quarterly dividend of US$0.26, which will be paid on December 21. Newmont intends to make a final decision on the expansion of the Red Chris mine in Canada in early 2027. Martina Köhler, Benedict Kurschat, finanzen.net editorial team This text is for information purposes only and does not constitute an investment recommendation. finanzen.net GmbH excludes any claims for recourse. Selected leveraged products on Newmont. With knock-outs, speculative investors can participate disproportionately in price movements. 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Newmont shares have returned 222.6% over three years, but a discounted cash flow (DCF) analysis suggests the gold miner may now be fully valued. The stock trades at $114.11, modestly above the model's estimated intrinsic value. The model starts from free cash flow of about $8.7 billion over the past twelve months. It assumes higher cash flow around 2027 before a return to more muted long-run trends. Newmont recently reported earnings per share of $2.20 and revenue of $6.4 billion. Hopes for a return to growth in 2027 may already be priced in, leaving little room for disappointment. Investor views differ. Bulls see the stock 17% undervalued, citing synergies from the Newcrest Mining acquisition. Bears see it 19% overvalued, warning of rising costs as reserves deplete.