Investing IdeasBrowse All StocksMarkets
Have your own idea? Try our Stock Screener
Header cover image

U.S. Metals and Mining Industry Analysis

UpdatedJan 20, 2026
DataAggregated Company Financials
Companies274
  • 7D1.5%
  • 3M31.1%
  • 1Y95.9%
  • YTD14.4%

In the last week, the Metals and Mining industry is up 1.5%, with Southern Copper up 3.8%. Meanwhile, Alcoa actually underperformed within the industry, shrinking 8.1% in the last week. This means that the industry has gained 96% over the past year. Earnings are forecast to grow by 19% annually.

Industry Valuation and Performance

Has the U.S. Metals and Mining Industry valuation changed over the past few years?

DateMarket CapRevenueEarningsPEAbsolute PEPS
Tue, 20 Jan 2026US$782.5bUS$248.6bUS$22.8b27x34.3x3.1x
Thu, 18 Dec 2025US$647.9bUS$248.4bUS$22.5b24.4x28.8x2.6x
Sat, 15 Nov 2025US$593.9bUS$248.2bUS$22.7b23.3x26.2x2.4x
Mon, 13 Oct 2025US$580.1bUS$242.4bUS$20.0b24.6x29x2.4x
Wed, 10 Sep 2025US$528.8bUS$244.5bUS$20.3b22.5x26x2.2x
Fri, 08 Aug 2025US$483.4bUS$244.6bUS$20.6b21.7x23.5x2x
Sun, 06 Jul 2025US$479.9bUS$243.9bUS$17.9b23.1x26.8x2x
Tue, 03 Jun 2025US$432.5bUS$259.1bUS$17.8b20.7x24.2x1.7x
Thu, 01 May 2025US$436.6bUS$264.6bUS$19.2b21.1x22.8x1.7x
Sat, 29 Mar 2025US$437.3bUS$262.9bUS$16.8b24x26x1.7x
Mon, 24 Feb 2025US$418.7bUS$264.3bUS$17.4b21.6x24x1.6x
Wed, 22 Jan 2025US$412.5bUS$263.1bUS$11.9b15.4x34.6x1.6x
Fri, 20 Dec 2024US$389.9bUS$265.9bUS$12.5b15.4x31.2x1.5x
Sun, 17 Nov 2024US$426.4bUS$266.7bUS$12.5b18.8x34.1x1.6x
Tue, 15 Oct 2024US$468.9bUS$267.4bUS$11.3b14.2x41.5x1.8x
Thu, 12 Sep 2024US$413.4bUS$267.4bUS$11.4b13.3x36.3x1.5x
Sat, 10 Aug 2024US$421.0bUS$267.1bUS$11.5b13.7x36.5x1.6x
Mon, 08 Jul 2024US$452.2bUS$266.4bUS$12.8b13.3x35.5x1.7x
Wed, 05 Jun 2024US$459.2bUS$266.8bUS$13.0b14.5x35.3x1.7x
Fri, 03 May 2024US$442.1bUS$267.4bUS$13.3b13.3x33.2x1.7x
Sun, 31 Mar 2024US$439.8bUS$266.5bUS$15.7b14.2x28x1.7x
Tue, 27 Feb 2024US$381.0bUS$266.4bUS$15.9b15.3x24x1.4x
Thu, 25 Jan 2024US$385.5bUS$277.6bUS$19.1b16.5x20.2x1.4x
Sat, 23 Dec 2023US$417.1bUS$278.9bUS$19.4b17.9x21.5x1.5x
Mon, 20 Nov 2023US$363.0bUS$280.1bUS$20.0b15.5x18.2x1.3x
Wed, 18 Oct 2023US$349.3bUS$283.3bUS$21.8b11.9x16x1.2x
Fri, 15 Sep 2023US$352.3bUS$279.1bUS$21.4b12.7x16.5x1.3x
Sun, 13 Aug 2023US$361.0bUS$277.0bUS$21.8b13.6x16.5x1.3x
Tue, 11 Jul 2023US$352.9bUS$284.2bUS$26.0b12.9x13.6x1.2x
Thu, 08 Jun 2023US$337.6bUS$284.7bUS$26.4b12.6x12.8x1.2x
Sat, 06 May 2023US$350.0bUS$285.7bUS$26.8b11.3x13.1x1.2x
Mon, 03 Apr 2023US$363.6bUS$293.2bUS$29.3b10.8x12.4x1.2x
Wed, 01 Mar 2023US$365.1bUS$293.2bUS$31.1b8.4x11.7x1.2x
Fri, 27 Jan 2023US$383.9bUS$295.6bUS$36.1b7.6x10.6x1.3x
Price to Earnings Ratio

10.6x


Total Market Cap: US$383.9bTotal Earnings: US$36.1bTotal Revenue: US$295.6bTotal Market Cap vs Earnings and Revenue0%0%0%
U.S. Metals and Mining Industry Price to Earnings3Y Average 25x202420252026
Current Industry PE
  • Investors are optimistic on the American Metals and Mining industry, and appear confident in long term growth rates.
  • The industry is trading at a PE ratio of 34.3x which is higher than its 3-year average PE of 25.0x.
  • The 3-year average PS ratio of 1.6x is lower than the industry's current PS ratio of 3.1x.
Past Earnings Growth
  • The earnings for companies in the Metals and Mining industry have declined 14% per year over the last three years,
  • Revenues have also declined 5.6% per year.
  • This means overall sales from these companies are declining and profits are subsequently falling as well.

Industry Trends

Which industries have driven the changes within the U.S. Materials industry?

US Market-0.55%
Materials0.50%
Metals and Mining1.48%
Silver8.27%
Steel3.57%
Gold2.15%
Copper1.77%
Precious Metals and Minerals0.64%
Aluminum-4.95%
Diversified Metals and Mining-9.08%
Industry PE
  • Investors are most optimistic about the Silver industry which is trading above its 3-year average PE ratio of 9.0x.
    • Analysts are expecting annual earnings growth of 31.6% and investors are willing to pay a premium for that growth.
Forecasted Growth
  • Analysts are most optimistic on the Diversified Metals and Mining industry, expecting annual earnings growth of 65% over the next 5 years.
  • This is better than its past earnings growth rate of 33% per year.
  • In contrast, the Copper industry is expected to see its earnings grow by 11% per year over the next few years.

Top Stock Gainers and Losers

Which companies have driven the market over the last 7 days?

CompanyLast Price7D1YValuation
SCCO Southern CopperUS$180.953.8%
+US$5.4b		90.0%PE38.8x
HL Hecla MiningUS$26.549.2%
+US$1.5b		375.6%PE89.5x
NUE NucorUS$174.392.9%
+US$1.1b		39.4%PE24.2x
CDE Coeur MiningUS$22.587.7%
+US$1.0b		254.5%PE35.5x
RGLD Royal GoldUS$265.124.4%
+US$940.2m		88.4%PE46.6x

Latest News

SCCO
US$180.95
Southern Copper
7D
3.8%
1Y
90.0%
RGLD
US$265.12
Royal Gold
7D
4.4%
1Y
88.4%
HCC
US$100.07
Warrior Met Coal
7D
-0.6%
1Y
75.1%

HCC: Future Performance Will Rely On Blue Creek Ramp Up And Cost Discipline

Analysts have lifted their price target on Warrior Met Coal to about $91 from roughly $81, pointing to updated assumptions for revenue growth, profit margin and future P/E as key drivers of the change. What's in the News Warrior Met Coal marked the completion of the Blue Creek Mine project in Tuscaloosa County, a longwall mine backed by roughly US$1b of company investment and described as a world class metallurgical coal asset.
AU
US$99.03
AngloGold Ashanti
7D
1.4%
1Y
254.2%

AU: Higher Margins And Dividend Will Support A Stronger Outlook

Analysts have lifted their fair value estimate for AngloGold Ashanti from $70.00 to $131.00, citing updated assumptions for revenue growth, profit margins and future P/E multiples as key drivers of the higher price target. What's in the News AngloGold Ashanti plc announced an interim dividend of US$0.91 per share for the three months ended 30 September 2025, with the ex dividend date and record date on the NYSE set for 28 November 2025 and payment scheduled for 12 December 2025 (company announcement).
AA
US$60.07
Alcoa
7D
-8.1%
1Y
55.6%

AA: Future Decarbonization Benefits Will Likely Fail To Justify Current Pricing

Analysts have lifted their price target on Alcoa from US$27.00 to US$33.00, pointing to updated assumptions around revenue growth, profit margins, discount rate, and a lower future P/E as key drivers of the change. What's in the News Alcoa, Ball Corporation and Unilever announced the first use of ELYSIS carbon free smelting technology in consumer personal and home care packaging, using aluminum that eliminates direct smelting greenhouse gas emissions and generates oxygen instead of CO2 (Key Developments).
HL
US$26.54
Hecla Mining
7D
9.2%
1Y
375.6%

HL: Higher Multiple And Slower Revenue Will Likely Undermine Production Optimism

Analysts have nudged their price target for Hecla Mining to US$12.00, supported by updated views on revenue growth, profit margins, and a higher assumed future P/E of about 29.9x. What's in the News Hecla plans an analyst and investor day focused on its approach to strategy, finance, operations, exploration, sustainability, and innovation, providing a more detailed view into how management is thinking about the business.
CMCL
US$27.22
Caledonia Mining
7D
-17.1%
1Y
182.7%
CDE
US$22.58
Coeur Mining
7D
7.7%
1Y
254.5%
EMAT
US$8.40
Evolution Metals & Technologies
7D
-11.7%
1Y
-23.7%

Here's Why We're Not Too Worried About Evolution Metals & Technologies' (NASDAQ:EMAT) Cash Burn Situation

Jan 14
Here's Why We're Not Too Worried About Evolution Metals & Technologies' (NASDAQ:EMAT) Cash Burn Situation
NEM
US$114.12
Newmont
7D
-0.4%
1Y
169.5%
SGML
US$12.27
Sigma Lithium
7D
-21.1%
1Y
6.3%

SGML: Operational And Liquidity Setbacks Will Outweigh Benefits From Higher Lithium Prices

Analysts have nudged their fair value estimate for Sigma Lithium from $13 to $14, reflecting updated assumptions around profit margins and liquidity risks, while still flagging unresolved operational issues and uncertainty over the timing of mining resumption and prepayment cash receipts. Analyst Commentary Bullish Takeaways Bullish analysts point to higher lithium prices supporting stronger Q4 and FY26 EBITDA estimates, which feeds into a higher fair value framework even with existing risks.
FCX
US$58.71
Freeport-McMoRan
7D
-1.1%
1Y
45.7%
RS
US$324.03
Reliance
7D
4.0%
1Y
11.6%

RS: Completed Buybacks And Steady Assumptions Will Support Future Per Share Returns

Analysts have lifted their fair value estimate for Reliance from ₹315.63 to ₹316.25, citing updated assumptions on the discount rate, revenue growth, profit margin and future P/E as the main drivers of the change. What's in the News Reliance reported that from July 1, 2025 to September 30, 2025, it repurchased 211,873 shares for US$60.9 million, accounting for 0.4% of the buyback program.
NUE
US$174.39
Nucor
7D
2.9%
1Y
39.4%

NUE: Steel Pricing, Tariffs And Capacity Shifts Will Shape Future Returns

The analyst price target for Nucor has moved modestly higher to about $180. This reflects updated views that combine firmer steel pricing, a relatively muted demand outlook, and ongoing adjustments to long term valuation inputs such as discount rate, revenue growth, profit margin, and future P/E assumptions.
AEM
US$197.48
Agnico Eagle Mines
7D
-0.8%
1Y
122.9%
MP
US$68.98
MP Materials
7D
8.1%
1Y
230.5%

MP: Future Rare Earth Refining Expansion Will Reshape Supply Security

Analysts have lifted their fair value estimate for MP Materials from US$30.00 to US$71.00. This change reflects updated assumptions around growth, profitability and the P/E multiple they are comfortable using.