Can Newmont's Record Free Cash Flow Momentum Carry Into Q4?

Core Insights - Newmont Corporation achieved 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 [1][7] - The company has cautioned that Q4 cash flow may decline due to increased spending on water treatment at Yanacocha and planned severance payments [2][7] - Despite potential short-term cash flow pressures, Newmont's strong balance sheet supports ongoing growth initiatives and debt commitments [3] Financial Performance - Newmont's free cash flow exceeded $1 billion for the fourth consecutive quarter, with net cash from operating activities reaching $2.3 billion [1][7] - Comparatively, Barrick Mining Corporation reported a free cash flow of $1.5 billion, up from $444 million year-over-year, while Agnico Eagle Mines Limited recorded approximately $1.2 billion, nearly doubling its previous year's figure of $620 million [4][5] Market Position - Newmont's shares have increased by 143.5% year-to-date, outperforming the Zacks Mining – Gold industry's rise of 139.1% [6] - The Zacks Consensus Estimate indicates a projected earnings increase of 73.9% for 2025 and 18.3% for 2026, with EPS estimates trending higher over the past 60 days [10] - Newmont is currently trading at a forward 12-month earnings multiple of 12.8, which is about 4.8% lower than the industry average of 13.44 [11]