NEM vs PLD: Which Is the Better Buy in 2026?

Same yardstick, side by side (as of October 2026). Valuation lined up like this is most meaningful for two names in the same corner of the market, which these are. Figures are approximate; verify before investing.

Reading it: NEM is the cheaper of the two on forward earnings, but cheaper is not the same as better. Pair the valuation with growth (how far the forward P/E sits below the trailing P/E) and risk (beta) before you decide.

The metrics above tell you which is the marginally better business. The bigger risk for most people is not picking the slightly worse stock, it is over-concentrating. NEM and PLD share themes, so owning both, or adding either to what you already hold, can quietly push a large share of your portfolio into one bet.

This is the part a generic comparison page cannot answer, because it depends on what you own. Connect your brokerage and Walnut shows your real, combined NEM and PLD exposure, flags overlap with your existing positions, and tells you if adding one would tip you past a concentration you are comfortable with, read-only by default, with your login staying at your broker. Walnut is not an investment adviser.

Newmont (NEM) is the world's largest gold producer and a leading name in precious-metals mining. It explores for, mines, and sells gold, with meaningful byproduct production of copper, silver, zinc, and lead from a global portfolio of tier-one operations across North America, South America, Australia, Africa, and Papua New Guinea. Gold is the company's core driver, and its revenue and profits move closely with the gold price, which it does not control and which tends to rise with inflation fears, falling real interest rates, and market or geopolitical stress. Newmont expanded its scale and reserves through the 2023 acquisition of Newcrest Mining and has since worked to streamline the combined portfolio around its highest-quality, longest-life assets while returning cash through dividends and buybacks.

Full NEM guide

Prologis (NYSE: PLD) is a self-administered, self-managed real estate investment trust focused exclusively on industrial and logistics properties. The company owns and operates approximately 1.3 billion square feet across roughly 5,882 buildings in 20 countries, with a strong concentration in high-barrier, last-mile markets in North America, Europe, and Asia. Revenue comes primarily from long-term leases on warehouse, distribution center, and fulfillment facility space, supplemented by a Strategic Capital segment that manages approximately $60 billion in third-party assets on behalf of institutional co-investment partners. Rental income is the dominant and most stable revenue stream, while strategic capital fees (including periodic promote income) add a more variable layer of earnings.

Full PLD guide

Both fit overlapping themes, but they are not interchangeable. The useful comparison is which set of drivers and risks you want exposure to.

• NEM drivers: Leveraged exposure to gold; Scale, tier-one assets, and reserves.
• PLD drivers: E-Commerce as a Structural Tailwind; Reshoring and Supply Chain Reconfiguration.

A faster-growing, richer-valued name usually swings harder, so it suits a longer horizon and a higher tolerance for volatility; a steadier, more cash-generative business suits a more conservative or income-minded investor. The honest test is which set of risks you could hold through a drawdown: Newmont is a commodity producer, so its revenue and profits swing with the gold price and byproduct metal prices it does not control, and those prices can fall sharply; gold hit a two-month low in early October 2026 as the Fed signaled another hike, and NEM fell about 4.5% over the month. For PLD, the primary bear case centers on the interest rate environment: Prologis carries total debt of about $36.8 billion and a debt-to-EBITDA ratio near 5x, and sustained elevated rates could raise refinancing costs, expand capitalization rates, and compress net asset values even if occupancy holds.

Pick NEM if you believe its drivers more; PLD if you believe its. Many investors hold both, but since they share themes, that is a concentrated bet, not diversification. Decide deliberately and check overlap. For the full detail, see the NEM and PLD guides.

NEM. Newmont's valuation is inherently cyclical because earnings move with the gold price and mining costs the company does not fully control. At about 15 times trailing and 12 times forward earnings, the shares price in gold staying near recent levels; a normal P/E can look low near the top of the gold cycle and high or not meaningful at the bottom, as the 2023 loss showed. Figures are approximate as of October 16, 2026 and move with commodity prices; verify current numbers before relying on them.

PLD. For industrial REITs, Core FFO is a more relevant cash-flow metric than GAAP net earnings, which swing with depreciation, gains on property sales, and promote income timing. At $127.18, PLD trades at roughly 20x the midpoint of its 2026 Core FFO guidance of $6.25-6.29, while its trailing GAAP P/E of about 28x is lower than the ~37x of mid-2026 because the share price fell and earnings rose. The yield has risen to about 3.4% and the GAAP payout ratio is about 92%; the average analyst target is about $156.

Headline figures (approximate, October 2026): NEM shows revenue (ttm) ~$25.8 billion; up ~15% year over year in the latest quarter, net income (ttm) ~$8.6 billion; trailing EPS ~$7.93, margins Gross ~68%, operating ~52%, net ~33%, p/e (trailing / forward) ~14.9x trailing / ~11.8x forward; PLD shows revenue (ttm) ~$9.8 billion (~3.5% growth in latest quarter, per Yahoo Finance), q3 2026 revenue ~$2.39 billion vs ~$2.17 billion expected, net income (ttm) ~$4.26 billion (EPS ~$4.50), core ffo guidance (fy2026) ~$6.25-6.29 per share.

NEM and PLD are related but distinct: same themes, different businesses and risks. Neither wins in the abstract; the right pick is whichever thesis you actually believe, sized so you are not over-concentrated in one theme. Walnut can show your combined NEM and PLD exposure against your real portfolio. It is not an investment adviser.