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U.S. Metals and Mining Industry Analysis

UpdatedApr 29, 2026
DataAggregated Company Financials
Companies263
  • 7D-4.2%
  • 3M-10.5%
  • 1Y85.0%
  • YTD12.9%

Over the last 7 days, the Metals and Mining industry has dropped 4.2%, driven by a pullback from Freeport-McMoRan of 14%. In contrast, Nucor has gained 8.2%. This takes the industry's 12 month performance to a gain of 85%. As for the next few years, earnings are expected to grow by 15% per annum.

Industry Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Wed, 29 Apr 2026US$800.6bUS$262.0bUS$28.5b22.1x28.1x3.1x
Fri, 27 Mar 2026US$725.6bUS$255.3bUS$25.5b21.1x28.5x2.8x
Sun, 22 Feb 2026US$842.9bUS$254.8bUS$25.3b23.8x33.3x3.3x
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
Price to Earnings Ratio

13.1x


Total Market Cap: US$350.0bTotal Earnings: US$26.8bTotal Revenue: US$285.7bTotal Market Cap vs Earnings and Revenue0%0%0%
U.S. Metals and Mining Industry Price to Earnings3Y Average 26.8x202420252026
Current Industry PE
  • Investors are relatively neutral on the American Metals and Mining industry at the moment, indicating that they anticipate long term growth rates to remain steady.
  • The industry is trading close to its 3-year average PE ratio of 26.8x.
  • The 3-year average PS ratio of 1.8x 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 grown 2.1% per year over the last three years.
  • Meanwhile revenues for these companies have declined 2.8% per year.
  • This means that less sales are being generated overall, but since cost of doing business is lower, profits have been increasing.

Industry Trends

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

US Market-0.028%
Materials-1.86%
Metals and Mining-4.22%
Steel5.13%
Precious Metals and Minerals4.28%
Silver-1.49%
Aluminum-2.61%
Diversified Metals and Mining-3.39%
Gold-4.10%
Copper-9.73%
Industry PE
  • Investors are most optimistic about the Silver industry which is trading above its 3-year average PE ratio of 20.7x.
    • Analysts are expecting annual earnings growth of 23.2%, which is lower than the prior year's growth of 811.1% per year.
Forecasted Growth
  • Analysts are most optimistic on the Diversified Metals and Mining industry, expecting annual earnings growth of 44% over the next 5 years.
  • However this is lower than its past earnings growth rate of 86% 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
NUE NucorUS$225.118.2%
+US$3.9b		89.5%PE22.1x
RS RelianceUS$362.427.9%
+US$1.3b		25.8%PE23x
STLD Steel DynamicsUS$226.963.1%
+US$861.3m		75.6%PE23.9x
CLF Cleveland-CliffsUS$10.2211.9%
+US$621.8m		21.5%PS0.3x
KALU Kaiser AluminumUS$172.8012.8%
+US$336.9m		167.2%PE18.2x

Latest News

NUE
US$225.11
Nucor
7D
8.2%
1Y
89.5%

Nucor Corporation: Good Results Already Reflected In Valuation

Apr 29
RS
US$362.42
Reliance
7D
7.9%
1Y
25.8%
AU
US$93.95
AngloGold Ashanti
7D
-6.5%
1Y
130.9%

AU: Arthur Project Reserve And Dividend Will Support Stronger Future Returns

Analysts have trimmed their price target for AngloGold Ashanti from $164.00 to $155.00, linking the change to updated assumptions that include a higher discount rate, slightly stronger revenue growth expectations, a lower profit margin outlook, and a modestly different 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 a pre-feasibility study and an initial nine-year mine plan based on conventional open pit mining and processing (Key Developments).
RGLD
US$236.92
Royal Gold
7D
-6.3%
1Y
31.3%

RGLD: Future Upside Will Hinge On SAND Integration In 2026

Royal Gold's updated analyst price target has inched higher to about $337 from around $332, as analysts factor in new views on 2026 metal price forecasts, the SAND transaction, and project-level updates including Hod Maden and upcoming 2026 guidance. Analyst Commentary Street research on Royal Gold has recently focused on how updated 2026 metal price forecasts, the SAND transaction and project work at Hod Maden feed into valuation and execution risk.
AEM
US$189.23
Agnico Eagle Mines
7D
-6.8%
1Y
62.6%

Agnico Eagle Mines (AEM): The Gold Standard Braces for a High-Output Verdict

Agnico Eagle Mines Limited (AEM) , the global vanguard of low-risk gold mining and the leading producer in Canada, enters the final week of April 2026 in a state of formidable operational momentum. The company is scheduled to release its Q1 2026 earnings report on Thursday, April 30, 2026, after the market closes.
MP
US$61.70
MP Materials
7D
-6.2%
1Y
151.0%
SCCO
US$170.49
Southern Copper
7D
-7.1%
1Y
90.5%
STLD
US$226.96
Steel Dynamics
7D
3.1%
1Y
75.6%
FCX
US$58.21
Freeport-McMoRan
7D
-13.9%
1Y
56.6%
KALU
US$172.80
Kaiser Aluminum
7D
12.8%
1Y
167.2%
TX
US$43.40
Ternium
7D
1.5%
1Y
46.9%

Ternium: Retest Of $45+ Likely As We Approach Q1 Earnings Release (Rating Upgrade) (Technical Analysis)

Apr 23
CSTM
US$31.08
Constellium
7D
3.7%
1Y
224.1%

CSTM: Free Cash Flow And Buybacks Will Support Future Balance Sheet Progress

Constellium's updated analyst price target has edged higher by about $1 to $29.22, as analysts factor in a slightly higher assumed future P/E multiple and modest adjustments to growth, margin and discount rate assumptions following recent Q4 "beat and raise" commentary and expectations for improved free cash flow support for deleveraging and buybacks. Analyst Commentary Recent research updates cluster around Constellium's Q4 report, with several large firms adjusting their price targets following what has been described as a "beat and raise" quarter and expectations for improved free cash flow and balance sheet progress.
CLF
US$10.22
Cleveland-Cliffs
7D
11.9%
1Y
21.5%
AA
US$63.17
Alcoa
7D
-5.9%
1Y
150.8%
CMC
US$68.97
Commercial Metals
7D
2.1%
1Y
54.2%

CMC: Future Upside Will Be Driven By Buybacks And Rising Dividend Payout

Analysts have lifted their price target on Commercial Metals to $85 from $80, reflecting updated assumptions for revenue growth, profitability, discount rate, and a slightly lower future P/E multiple. What's in the News Commercial Metals completed a share repurchase tranche, buying 249,154 shares, or 0.22% of shares, for $18.3 million between December 1, 2025 and February 28, 2026, bringing total repurchases under the October 13, 2021 authorization to 15,131,239 shares, or 12.98%, for $702.21 million (Key Developments).
AUGO
US$83.61
Aura Minerals
7D
-14.6%
1Y
320.6%