Newmont shares returned 46.2% over the 12 months to October 28, 2026, beating the S&P 500's 14.0% gain. Trefis's three-year scenario, built on the company's own figures, projects the stock about 20.3% higher (6.4% a year, excluding dividends), driven by 19% annual revenue growth, though revenue rose 15.2% in fiscal Q3 2026 from a year earlier. Newmont produced about 1.3 million ounces of gold in fiscal Q3 2026 and sold it at an average of $4,320 an ounce, and management expects 2027 production to rise by a low to mid-single-digit percentage, so most sales growth would need to come from metal prices. The scenario is sensitive to its assumptions: if revenue grew 11.9% a year, or the net margin fell to 23.0% from 34.7%, the shares would be worth no more than today in three years. Revenue growth from a year earlier is the metric to watch when Newmont reports fiscal Q4 2026 results, expected in February 2027.
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