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U.S. Metals and Mining Industry Analysis

UpdatedApr 21, 2026
DataAggregated Company Financials
Companies261
  • 7D0.5%
  • 3M2.5%
  • 1Y105.8%
  • YTD22.1%

Over the last 7 days, the Metals and Mining industry has remained flat, although notably Freeport-McMoRan gained 3.2%. The past year has been better, since the industry has gained 106% in that time. As for the next few years, earnings are expected to grow by 16% per annum.

Industry Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Tue, 21 Apr 2026US$840.8bUS$255.6bUS$25.4b23.2x33x3.3x
Thu, 19 Mar 2026US$761.5bUS$255.2bUS$25.4b20.7x29.9x3x
Sat, 14 Feb 2026US$814.3bUS$252.4bUS$25.0b25.9x32.6x3.2x
Mon, 12 Jan 2026US$747.4bUS$248.6bUS$22.9b25.4x32.6x3x
Wed, 10 Dec 2025US$627.4bUS$248.4bUS$22.5b22x27.8x2.5x
Fri, 07 Nov 2025US$567.5bUS$246.9bUS$22.5b21.4x25.3x2.3x
Sun, 05 Oct 2025US$582.7bUS$242.4bUS$19.9b24.6x29.3x2.4x
Tue, 02 Sep 2025US$519.7bUS$244.5bUS$20.3b22.9x25.6x2.1x
Thu, 31 Jul 2025US$478.1bUS$242.3bUS$19.5b21.2x24.6x2x
Sat, 28 Jun 2025US$469.4bUS$243.8bUS$17.7b21.9x26.5x1.9x
Mon, 26 May 2025US$435.0bUS$259.1bUS$17.8b20.1x24.4x1.7x
Wed, 23 Apr 2025US$421.1bUS$263.8bUS$18.0b21x23.4x1.6x
Fri, 21 Mar 2025US$442.5bUS$262.9bUS$16.9b24x26.2x1.7x
Sun, 16 Feb 2025US$429.9bUS$263.1bUS$12.8b21.6x33.7x1.6x
Tue, 14 Jan 2025US$397.8bUS$265.6bUS$12.1b15.2x32.8x1.5x
Thu, 12 Dec 2024US$434.9bUS$266.1bUS$12.5b18.2x34.9x1.6x
Sat, 09 Nov 2024US$469.9bUS$267.3bUS$12.4b19.5x37.8x1.8x
Mon, 07 Oct 2024US$466.2bUS$267.5bUS$11.3b14.1x41.3x1.7x
Wed, 04 Sep 2024US$440.8bUS$267.4bUS$11.4b13.2x38.8x1.6x
Fri, 02 Aug 2024US$451.0bUS$267.4bUS$11.6b14x39x1.7x
Sun, 30 Jun 2024US$433.2bUS$266.4bUS$13.0b13.3x33.4x1.6x
Tue, 28 May 2024US$459.5bUS$267.0bUS$13.0b14.8x35.2x1.7x
Thu, 25 Apr 2024US$434.8bUS$265.8bUS$15.1b13.6x28.9x1.6x
Sat, 23 Mar 2024US$423.6bUS$266.6bUS$15.8b14.2x26.9x1.6x
Mon, 19 Feb 2024US$385.3bUS$264.8bUS$17.2b16.1x22.4x1.5x
Wed, 17 Jan 2024US$394.2bUS$278.1bUS$19.4b17.3x20.3x1.4x
Fri, 15 Dec 2023US$381.4bUS$278.9bUS$19.8b16x19.3x1.4x
Sun, 12 Nov 2023US$344.6bUS$279.7bUS$20.0b13.9x17.3x1.2x
Tue, 10 Oct 2023US$347.4bUS$283.5bUS$21.9b11.3x15.9x1.2x
Thu, 07 Sep 2023US$358.0bUS$279.1bUS$21.4b12.7x16.8x1.3x
Sat, 05 Aug 2023US$367.7bUS$277.5bUS$22.0b14.2x16.7x1.3x
Mon, 03 Jul 2023US$352.0bUS$284.1bUS$26.0b13x13.5x1.2x
Wed, 31 May 2023US$316.0bUS$284.6bUS$26.4b11.5x12x1.1x
Fri, 28 Apr 2023US$350.6bUS$288.2bUS$26.7b11.4x13.1x1.2x
Price to Earnings Ratio

13.1x


Total Market Cap: US$350.6bTotal Earnings: US$26.7bTotal Revenue: US$288.2bTotal Market Cap vs Earnings and Revenue0%0%0%
U.S. Metals and Mining Industry Price to Earnings3Y Average 26.7x202420252026
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 33.0x which is higher than its 3-year average PE of 26.7x.
  • The 3-year average PS ratio of 1.8x is lower than the industry's current PS ratio of 3.3x.
Past Earnings Growth
  • The earnings for companies in the Metals and Mining industry have remained mostly flat over the last three years.
  • Meanwhile revenues for these companies have declined 3.9% per year.
  • This means that the cost of doing business could be reducing since sales have declined but profits have remained steady.

Industry Trends

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

US Market3.58%
Materials-0.16%
Metals and Mining0.46%
Diversified Metals and Mining12.13%
Steel4.82%
Precious Metals and Minerals2.70%
Silver0.40%
Copper-0.62%
Gold-0.95%
Aluminum-7.08%
Industry PE
  • Investors are most optimistic about the Steel industry which is trading above its 3-year average PE ratio of 23.1x.
    • Analysts are expecting annual earnings growth of 23.5%, which is higher than its past year's earnings decline of 14.7% per year.
Forecasted Growth
  • Analysts are most optimistic on the Diversified Metals and Mining industry, expecting annual earnings growth of 40% over the next 5 years.
  • However this is lower than its past earnings growth rate of 93% per year.
  • In contrast, the Copper industry is expected to see its earnings grow by 13% 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
FCX Freeport-McMoRanUS$70.183.2%
+US$3.1b		113.0%PE45.9x
NUE NucorUS$202.266.6%
+US$2.9b		89.6%PE26.5x
STLD Steel DynamicsUS$209.357.1%
+US$2.0b		84.4%PE25.6x
MP MP MaterialsUS$66.2316.6%
+US$1.7b		185.6%PS42.7x
USAR USA Rare EarthUS$22.5834.5%
+US$1.3b		92.3%PS2995.7x

Latest News

AEM
US$216.39
Agnico Eagle Mines
7D
-0.5%
1Y
75.3%
USAR
US$22.58
USA Rare Earth
7D
34.5%
1Y
92.3%
CDE
US$19.78
Coeur Mining
7D
-2.6%
1Y
232.4%

Coeur's Next Leg Is About Duration, Not Just Scale

Apr 21
SCCO
US$190.76
Southern Copper
7D
-2.9%
1Y
128.4%
STLD
US$209.35
Steel Dynamics
7D
7.1%
1Y
84.4%

Steel Dynamics: Tariff Benefits Strengthen In Q1

Apr 21
MP
US$66.23
MP Materials
7D
16.6%
1Y
185.6%

MP: Texas Magnet Campus Will Support Margins While Shares Appear Fairly Priced

Analysts have updated their price target on MP Materials to $62 from $65, reflecting revised assumptions that include a different discount rate, adjusted revenue growth and profit margin expectations, and a lower future P/E outlook. What's in the News MP Materials selected a 120-acre site in Northlake, Texas, for its planned "10X" rare earth magnet manufacturing campus, located less than 10 miles from its existing Independence facility in Fort Worth (Key Developments).
AA
US$66.53
Alcoa
7D
-9.2%
1Y
185.5%
NEM
US$114.84
Newmont
7D
-1.4%
1Y
108.0%

NEM: Higher Diesel Costs Will Pressure Margins Despite Gold Price Optimism

The analyst price target for Newmont has been adjusted slightly higher to reflect updated assumptions around profit margins and a lower future P/E, even as recent Street research has featured both target hikes and cuts tied to changing views on gold prices, the new CEO's agenda, and input costs such as diesel. Analyst Commentary Recent research on Newmont reflects a mix of optimism and caution, with several bearish analysts flagging risks around costs, execution, and valuation.
BVN
US$35.08
Compañía de Minas BuenaventuraA
7D
-7.3%
1Y
137.5%

BVN: Future Returns Will Balance San Gabriel Ramp Up And Portfolio Actions

Analysts have lifted their price targets on Compañía de Minas Buenaventura, with recent moves such as Scotiabank's increase to $44. This reflects updated assumptions for fair value, profitability, project ramp ups and a lower future P/E outlook.
NEXA
US$16.00
Nexa Resources
7D
32.3%
1Y
170.7%

Nexa; an integrated base-metals platform with real cash-flow torque?

Rating: Speculative Buy / Deep-Value Metals PlayStyle: Cyclical mining and smelting with zinc leverage and balance-sheet repair Core debate: Is Nexa just a cheap Latin American zinc name trapped in a volatile commodity cycle, or is it an underappreciated integrated base-metals platform with real cash-flow torque, diversified by-products, and upside if zinc fundamentals tighten further? Executive view Nexa is one of the cheaper ways to gain exposure to zinc and related base metals, but the investment case is stronger than a simple commodity beta trade.
FCX
US$70.18
Freeport-McMoRan
7D
3.2%
1Y
113.0%

FCX: Copper Strength And Grasberg Agreement Will Drive More Skewed Upside Outlook

Freeport-McMoRan's updated analyst price target moves from $70 to $81, with analysts pointing to revised metal price forecasts, higher assumed revenue growth, stronger profit margins, and recent positive views on copper demand and Grasberg asset clarity as key drivers behind the change. Analyst Commentary Recent Street research on Freeport-McMoRan shows a cluster of bullish revisions, with several firms lifting price targets and upgrading ratings while only a few have trimmed targets or turned more cautious.
AU
US$106.49
AngloGold Ashanti
7D
-2.4%
1Y
141.1%

AU: Rich P/E And Costly Nevada Project Will Likely Restrain Future Returns

Analysts have kept their price target for AngloGold Ashanti steady at $75.00, citing updated assumptions that reflect a slightly higher discount rate and lower revenue growth, along with a stronger profit margin profile and a modestly lower future P/E multiple. What's in the News Completed a Technical Report Summary for the Arthur Gold Project in Nevada, outlining a Tier One gold deposit with an initial nine year mine life and average annual production of about 500,000 oz of gold, supported by a first time Probable Mineral Reserve of 4.9 Moz of contained gold and 7.8 Moz of contained silver as at 31 December 2025 (Key Developments).
NUE
US$202.26
Nucor
7D
6.6%
1Y
89.6%

Nucor: Premier Steelmaker But Time To Take A Little Off The Table

Apr 12
RS
US$335.36
Reliance
7D
3.4%
1Y
23.4%
CENX
US$61.33
Century Aluminum
7D
-9.7%
1Y
303.8%

CENX: Section 232 Tariffs And Oklahoma Smelter Plans Will Shape Future Cash Flows

Narrative Update: Century Aluminum Analyst Targets Analysts have lifted their average price target on Century Aluminum to $69. They cite updated supply and demand work that points to a wider projected aluminum deficit, firm Midwest Premiums, and potential earnings support from elevated power costs and new smelter plans in Oklahoma.
SGML
US$21.69
Sigma Lithium
7D
24.7%
1Y
209.9%