NEM NEM

Name: NEM Crucible Score
Creator: Kaladin Capital Intelligence

UnknownUnknownN/A📅 Scored April 20, 2026

Price at analysis: $116.50

Crucible Score

65.0

B-

Quality × Value Composite

KQI — Quality

62.0

C+

Fundamental Quality Index

KVI — Value

68.7

B-

Valuation Attractiveness Index

Crucible Verdict — NEM

NEM earns a middling B- score despite solid financial metrics, dragged down by weak management effectiveness and limited diversification in an volatile sector. The stock trades at a 10% discount to fair value of $129, though insider selling signals caution from those closest to operations. Watch for management execution improvements to unlock the quality-value disconnect.

— Kal, Kaladin Capital Intelligence

◆ KQI Quality Dimensions

Financial Quality

81.4

Growth Profile

76.5

Moat Durability

54.9

Management Effectiveness

44.7

Diversification & Resilience

45.0

Market Position

66.0

Weakest dimension: Management Effectiveness (44.7)

◆ KVI Value Dimensions

DCF Margin of Safety

56.4

FCF Yield & Cash Returns

76.9

Relative Valuation

88.6

Growth-Adjusted Value

70.0

Historical Valuation

47.8

Macro Context

78.0

◆ DCF Valuation Scenarios

Bear Case

$78.42

Base Case

$128.65

Bull Case

$198.30

Price at Analysis

$116.50

Scenario	Fair Value	Rev CAGR (5yr)	Terminal Margin	WACC
🔴 Bear	$78.42	3.0%	28.0%	7.2%
🟢 Base	$128.65	6.0%	35.0%	6.8%
🟢 Bull	$198.30	9.0%	42.0%	6.3%

Key Assumptions: WACC derived using CAPM with 4.32% risk-free rate, 0.47 beta, and 5.5% ERP yielding ~6.9% cost of equity; blended WACC adjusted modestly across scenarios given NEM's low leverage post-debt reduction. Revenue growth anchored to most recent year's $22.1B base, reflecting gold price sensitivity; operating margins mean-revert from the recent 46.9% peak toward historical norms of 15-30% in bear/base, while bull assumes sustained elevated gold prices. Tax rate normalized to 30% given the volatile historical effective rates, and capex intensity set at ~14.5% of revenue consistent with the 3-year trailing average.

◆ Financial Snapshot

Profitability

Gross Margin49.8%

Operating Margin46.9%

Net Margin32.1%

ROIC14.0%

ROE5.3%

Balance Sheet

Balance SheetCR: 1.72

Cash ConversionFCF/EPS: 1.46x

Capital IntensityCapex/Rev: 13.7%

Altman Z-Score4.55 (Safe)

Piotroski F-Score9/9 (Strong)

Growth

Revenue CAGR16.8% CAGR

Earnings CAGR25.8% CAGR

Growth ConsistencyCV: 1.18

Segment Breadth2/2 growing (100%)

Quarterly TrendRev→+17%, Margin↑, WC↓

Earnings CredibilityConsistent Beater

◆ Analyst Consensus & Leadership

Leadership & Governance

CEO Ownership< 1%

Compensation87% performance-based

Insider ActivitySelling

Capital AllocationROIC 14.0% vs WACC 50.2%

Earnings Beat Rate64% (14/22)

◆ Related Companies in Our Universe

Other Unknown companies scored by the Crucible:

ADBE81.8A-NICE80.7A-DECK79.9A-INTU79.9A-EXEL78.3A-MTCH78.2A-TTD78.0B+

Methodology All Scores Crucible Briefs Performance @KaladinCI

Analysis conducted April 20, 2026 based on most recent SEC filings. Updated quarterly, after new SEC filings.

Point-in-time fundamental analysis. Not investment advice. Scores reflect company quality and valuation at time of analysis and may not reflect current market conditions.