AU vs NEM: AngloGold Ashanti and Newmont Goldcorp compared
The short version
From the latest prices and each company's SEC filings. Who's ahead on each measure, not which to buy.
- Newmont Goldcorp is the larger company, worth $116.2B, about 2.6 times AngloGold Ashanti.
- AngloGold Ashanti grew revenue faster over the last year (+70.8% vs +15.1%).
- On earnings, Newmont Goldcorp is the cheaper stock (14.1x vs 18.2x).
- Newmont Goldcorp's price assumes faster free cash flow growth: about 2% a year, against -0% for AngloGold Ashanti (reverse DCF).
Side by side
The stronger figure is shaded where higher (or, for valuation multiples, lower) reads as better. How the implied growth works.
| Measure | AU | NEM |
|---|---|---|
| Market cap | $44.4B | $116.2B |
| Share price | $94.16 | $117.84 |
| Revenue (last fiscal year) | $9.9B | $22.7B |
| Free cash flow (last fiscal year) | $3.3B | $7.3B |
| Revenue growth, last year | +70.8% | +15.1% |
| Revenue growth per year, last 5 fiscal years | +25.2% | +16.7% |
| Operating margin | — | 51.2% |
| Net margin | 32.1% | 33.4% |
| Return on equity | 39.2% | 24.4% |
| P/E (trailing) | 18.2x | 14.1x |
| Price / free cash flow | 14.3x | 15.9x |
| EV / EBITDA | 7.19x | 7.56x |
| FCF growth the price implies | -0.35% | 2.0% |
| Dividend yield | 5.4% | 0.95% |
| Debt / equity | 0.64x | 0.63x |
| Fundamental grade | A | B |
| Superinvestors holding it | 4 | 0 |
| Insider purchases, last 12 months | 0 | 0 |
Results from SEC filings
Revenue and free cash flow by fiscal year, from each company's 10-K filings.
AngloGold Ashanti
| Year | Revenue | Free cash flow | Op. margin |
|---|---|---|---|
| 2021 | $4.0B | $240M | — |
| 2022 | $4.5B | $776M | — |
| 2023 | $4.6B | -$71M | — |
| 2024 | $5.8B | $878M | — |
| 2025 | $9.9B | $3.3B | — |
Newmont Goldcorp
| Year | Revenue | Free cash flow | Op. margin |
|---|---|---|---|
| 2021 | $12.2B | $2.6B | 10.3% |
| 2022 | $11.9B | $1.1B | 1.7% |
| 2023 | $11.8B | $97M | -14.4% |
| 2024 | $18.7B | $3.0B | 24.2% |
| 2025 | $22.7B | $7.3B | 48.4% |
Where the revenue comes from
AngloGold Ashanti
No segment breakdown reported.
Newmont Goldcorp · by segments, 2024
NGM$2.5B13%
Peñasquito$2.3B12%
Ahafo South$1.9B10%
Cadia$1.9B10%
Boddington$1.7B9%
Lihir$1.5B8%
Compare them in fullFifteen years of statements, quarterly results, DCF and IRR models, and any number of peers side by side.
Open AU in InvestinglyQuestions
Which is bigger, AngloGold Ashanti or Newmont Goldcorp?
Newmont Goldcorp (NEM), at $116.2B against $44.4B.
Is AU or NEM cheaper?
By trailing P/E, Newmont Goldcorp (14.1x) is cheaper than AngloGold Ashanti (18.2x). A lower multiple can also mean the market expects less growth.
Which grows faster, AU or NEM?
AngloGold Ashanti: revenue grew +70.8% over the last year, against +15.1%.
Prices and ratios as of the last daily update; statements from SEC filings. Information only, not investment advice.