Gold Mining Gold Miners

Operating margin for each miner's most recent fiscal year. Margins in the mid-40s reflect a high gold price against a largely fixed cost base, which is the operating leverage that makes miners a geared bet on the metal.

Revenue for the most recent fiscal year across the US dollar filers. Newmont's lead reflects the Newcrest acquisition, which consolidated two of the largest portfolios in the industry.

Six years of revenue for the largest producers. The rise reflects both a higher gold price and heavy consolidation, with Newmont absorbing Newcrest and Agnico Eagle merging with Kirkland Lake.

Capital expenditure for the most recent fiscal year. Miners must keep spending simply to replace depleted reserves, which is the structural reason their free cash flow converts less of revenue than the royalty companies' does.