AngloGold Ashanti vs. Newmont: Which Gold Mining Stock Is a Better Buy in 2026?

Should you invest in a rapidly growing mid-tier producer or the world’s largest miner? Deciding between AngloGold Ashanti (NYSE:AU) and Newmont Corp (NYSE:NEM) requires a look at their 2026 performance and growth.

AngloGold Ashanti is a global player focused on geographic diversification, while Newmont is the world’s largest gold producer with significant scale. Investors often compare them to decide whether to prioritize the high growth potential of a mid-sized major or the stability of an industry leader.

The case for AngloGold Ashanti

AngloGold Ashanti is a global miner with operations spanning Africa, Australia, and the Americas. The company produces gold as its primary commodity, along with silver as a by-product of its mining process.

In FY 2025, revenue reached $9.7 billion, representing growth of approximately 71% compared to the prior year. Net income for the period was close to $2.6 billion, up 160% from just over $1 billion in FY 2024.

As of its December 2025 balance sheet, the debt-to-equity ratio was roughly 0.3x, meaning total debt was about 30% of shareholder equity. The current ratio was approximately 2.9x, indicating its ability to cover short-term liabilities with its current assets. Free cash flow, defined as cash from operations minus capital expenditures, was $2.9 billion.

The case for Newmont Corp

Beyond gold, Newmont produces copper, silver, lead, and zinc across its global operations. It operates major joint ventures, including a partnership with Barrick Gold Corp (NYSE:B) in Nevada. As the world’s largest gold producer, the company’s strategy relies on maintaining high production levels across nine countries.

In FY 2025, Newmont reported revenue of approximately $22.7 billion, representing a 21% increase over the previous fiscal year. Net income reached nearly $7.1 billion, supporting a strong net margin of roughly 32.1%.

As of the December 2025 balance sheet, Newmont's debt-to-equity ratio was approximately 0.2x. Free cash flow was close to $7.3 billion for the year.

Risk profile comparison

AngloGold Ashanti faces significant risks from fluctuating gold prices and geopolitical instability in the various jurisdictions where it operates. Because the company does not hedge its production, a sharp decline in commodity prices would directly impact its revenue and net margin. Operational challenges in mining across four different continents also add to its risk profile.

Newmont is currently embroiled in a legal dispute with Barrick Gold over the Nevada Gold Mines joint venture. The company also faces political risks in Peru and environmental scrutiny regarding its Cadia site in Australia. Finally, like its peers, Newmont remains highly sensitive to the cyclical nature of commodity prices.

Valuation comparison

AngloGold Ashanti currently trades at a lower valuation than Newmont, based on its price relative to sales and future earnings estimates.

The Forward P/E ratio compares a company's stock price to its expected profits over the next year. The P/S ratio measures the stock price against total annual sales.

Sector benchmark uses the SPDR XLB sector ETF.
Valuation metrics sourced from Financial Modeling Prep (FMP) and may differ from other data providers.

Which stock would I buy in 2026?

Gold had an incredible two-plus-year run from about $2,000 an ounce to more than $5,250 an ounce at the start of March. Gold miners like AngloGold Ashanti and Newmont are a great way to play commodity demand because mining stocks tend to correlate with their primary commodity about 85% of the time, offer simpler taxation than commodities, and have the bonus of being dividend-paying.

Even though gold prices have slid back into the low $4,000 range, they’re still at a level where both miners can make plenty of money. The all-in sustaining cost (AISC) — basically the cost of production — was $1,751 for AngloGold, while the AISC for Newmont is $1,680 per ounce in 2026, according to management. That makes most of the gains pure profit, though Newmont points out that for every $100 rise in the price of gold, their AISC rises by $6 due to royalty agreements and other expenses.

In short, each business should have another banner year in 2026. AngloGold Ashanti’s revenue is seen hitting $13.2 billion, a 37% jump from last year, while Newmont’s revenue is seen rising 25% to $28.3 billion. Because of the dynamic of rising gold prices and relatively stable production costs, net income will accelerate even faster for both.

So which gold miner stock should be the pick? I like AngloGold Ashanti because it should pay out a much better dividend than its competitor. AU has a forward dividend yield of 5.7% (it paid $4.60 out over the past year) while NEM forward dividend yield is 1.1% (it paid out $1.02 the past four quarters).

Gold is still shining bright; AngloGold Ashanti is the better way to play the hot commodity.

Brendan Coffey has no position in any of the stocks mentioned. The Motley Fool has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy.