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.