Barrick Mining Stock May Have More Upside
We think Barrick Mining (B) stock might be a good investment candidate. Why? Because you get strong margin, low-debt capital structure, and strong momentum – with room to run as the stock is meaningfully below its 52-week high.
There Are Several Things In Favor Of B Stock
B stock can run given its good fundamentals and the fact that it is 10% below its 52-week high.
Barrick’s Q3 2025 saw record cash flows, enabling significant debt reduction and a net cash positive position. Strong margins are supported by efficient operations and gold prices soaring ~65% in 2025, hitting over $5,000/oz in January 2026. Momentum continues with the Lumwana copper expansion reaching a key milestone in December 2025, aiming to double output, and the Reko Diq project mobilizing equipment. Barrick’s stock rallied ~160% into 2026, reaching new 52-week highs.
And Its Fundamentals Look Good
- Long-Term Profitability: About 36.2% operating cash flow margin and 31.6% operating margin last 3-year average.
- Strong Momentum: Currently in the top 10th percentile of stocks in terms of “trend strength” – our proprietary momentum metric.
- Revenue Growth: Barrick Mining saw revenue growth of 18.4% LTM and 8.5% last 3-year average, but this is not a growth story
- Room To Run: Despite its momentum, B stock is trading 10% below its 52-week high.
Below is a quick comparison of B fundamentals with S&P medians.
| B | S&P Median | |
|---|---|---|
| Sector | Materials | – |
| Industry | Gold | – |
| PS Ratio | 5.5 | 3.3 |
| PE Ratio | 22.6 | 24.6 |
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| LTM* Revenue Growth | 18.4% | 6.4% |
| 3Y Average Annual Revenue Growth | 8.5% | 5.6% |
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| LTM* Operating Margin | 43.3% | 18.8% |
| 3Y Average Operating Margin | 31.6% | 18.3% |
| LTM* Op Cash Flow Margin | 43.5% | 20.6% |
| 3Y Average Op Cash Flow Margin | 36.2% | 20.1% |
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| DE Ratio | 5.8% | 20.2% |
*LTM: Last Twelve Months
But Be Wary Of The Risks
While B stock may be a compelling investment opportunity, it’s always helpful to be aware of a stock’s history of drawdown. Stock B fell about 66% in the Global Financial Crisis, 52% in the 2018 correction, and nearly 48% during the inflation shock. Even the Covid sell-off, which was relatively mild, still saw a drop of around 29%. This shows that no matter the positive outlook or strong fundamentals, this stock can take big hits when the market turns sour. Risk is always part of the game. But the risk is not limited to major market crashes. Stocks fall even when markets are good – think events like earnings, business updates, outlook changes. Read B Dip Buyer Analyses to see how the stock has recovered from sharp dips in the past.
If you want to see more details, read Buy or Sell B Stock.
B Is Just One of Several Such Stocks
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We chose these stocks using the following criteria:
- Greater than $2 Bil in market cap
- High operating or (cash flow from operations) margins
- No instance of very large revenue decline in the past 5 years
- Low-debt capital structure
- Strong momentum
A portfolio that was built starting 12/31/2016 with stocks that fulfill the criteria above would have performed as follows:
- Average 12-month forward returns of nearly 15%
- 12-month win rate (percentage of picks returning positive) of about 60%
Stock Picking Falls Short Against Multi Asset Portfolios
Individual stocks can soar or tank but multi asset exposure steadies the ride. A spread out portfolio captures upside while limiting the damage from any one market.
The asset allocation framework of Trefis’ Boston-based, wealth management partner yielded positive returns during the 2008-09 period when the S&P lost more than 40%. Our partner’ strategy now includes Trefis High Quality Portfolio, which has a track record of comfortably outperforming its benchmark that includes all 3 – the S&P 500, S&P mid-cap, and Russell 2000 indices