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U.S. Metals and Mining Industry Analysis

UpdatedMar 21, 2026
DataAggregated Company Financials
Companies266
  • 7D-10.7%
  • 3M-0.5%
  • 1Y59.6%
  • YTD-2.3%

Over the last 7 days, the Metals and Mining industry has dropped 11%, and Newmont contributed the most with a 13% decline. In the past year, the industry has gained 60%. 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
Sat, 21 Mar 2026US$692.9bUS$255.2bUS$25.5b20x27.2x2.7x
Mon, 16 Feb 2026US$833.5bUS$250.5bUS$24.9b25.3x33.4x3.3x
Wed, 14 Jan 2026US$771.0bUS$248.6bUS$22.8b26.8x33.8x3.1x
Fri, 12 Dec 2025US$639.0bUS$248.4bUS$22.6b23.1x28.3x2.6x
Sun, 09 Nov 2025US$575.6bUS$247.1bUS$22.3b23.1x25.8x2.3x
Tue, 07 Oct 2025US$582.7bUS$242.4bUS$20.0b24.1x29.1x2.4x
Thu, 04 Sep 2025US$523.5bUS$244.5bUS$20.3b22.7x25.8x2.1x
Sat, 02 Aug 2025US$463.9bUS$243.4bUS$20.0b20.8x23.1x1.9x
Mon, 30 Jun 2025US$459.3bUS$243.8bUS$17.7b21.9x25.9x1.9x
Wed, 28 May 2025US$435.0bUS$259.1bUS$17.9b20.8x24.3x1.7x
Fri, 25 Apr 2025US$429.0bUS$264.3bUS$19.2b21x22.3x1.6x
Sun, 23 Mar 2025US$433.5bUS$262.9bUS$16.9b23.7x25.7x1.6x
Tue, 18 Feb 2025US$430.0bUS$263.1bUS$12.8b21.6x33.7x1.6x
Thu, 16 Jan 2025US$403.2bUS$263.0bUS$11.9b15.6x33.7x1.5x
Sat, 14 Dec 2024US$427.5bUS$266.1bUS$12.5b18.5x34.3x1.6x
Mon, 11 Nov 2024US$459.4bUS$267.0bUS$12.5b19.7x36.8x1.7x
Wed, 09 Oct 2024US$466.2bUS$267.5bUS$11.3b13.8x41.3x1.7x
Fri, 06 Sep 2024US$416.8bUS$267.4bUS$11.4b12.9x36.6x1.6x
Sun, 04 Aug 2024US$425.5bUS$266.6bUS$11.2b13.6x37.9x1.6x
Tue, 02 Jul 2024US$433.2bUS$266.4bUS$13.0b13.5x33.4x1.6x
Thu, 30 May 2024US$463.4bUS$266.9bUS$13.0b14.7x35.6x1.7x
Sat, 27 Apr 2024US$452.9bUS$267.5bUS$14.6b13.3x31x1.7x
Mon, 25 Mar 2024US$423.6bUS$266.4bUS$15.7b14.2x27x1.6x
Wed, 21 Feb 2024US$380.6bUS$264.8bUS$17.2b15.6x22.1x1.4x
Fri, 19 Jan 2024US$377.7bUS$278.0bUS$19.6b17.2x19.2x1.4x
Sun, 17 Dec 2023US$397.4bUS$278.8bUS$19.4b16.1x20.5x1.4x
Tue, 14 Nov 2023US$344.2bUS$279.7bUS$20.0b14.4x17.2x1.2x
Thu, 12 Oct 2023US$352.0bUS$283.5bUS$21.9b11.5x16.1x1.2x
Sat, 09 Sep 2023US$355.1bUS$279.1bUS$21.4b12.6x16.6x1.3x
Mon, 07 Aug 2023US$367.7bUS$277.5bUS$22.0b14.2x16.7x1.3x
Wed, 05 Jul 2023US$356.3bUS$284.1bUS$26.0b13x13.7x1.3x
Fri, 02 Jun 2023US$323.1bUS$284.7bUS$26.4b12.5x12.3x1.1x
Sun, 30 Apr 2023US$351.1bUS$286.1bUS$27.0b11.3x13x1.2x
Tue, 28 Mar 2023US$349.7bUS$293.1bUS$29.2b9.8x12x1.2x
Price to Earnings Ratio

12x


Total Market Cap: US$349.7bTotal Earnings: US$29.2bTotal Revenue: US$293.1bTotal Market Cap vs Earnings and Revenue0%0%0%
U.S. Metals and Mining Industry Price to Earnings3Y Average 26.2x202420252026
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 26.2x.
  • The 3-year average PS ratio of 1.7x is lower than the industry's current PS ratio of 2.7x.
Past Earnings Growth
  • The earnings for companies in the Metals and Mining industry have declined 4.5% per year over the last three years,
  • Revenues have also declined 4.5% 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-1.86%
Materials-6.49%
Metals and Mining-10.67%
Steel-2.56%
Copper-9.52%
Aluminum-10.63%
Diversified Metals and Mining-11.88%
Silver-12.31%
Gold-13.97%
Precious Metals and Minerals-17.84%
Industry PE
  • Investors are most optimistic about the Steel industry which is trading above its 3-year average PE ratio of 21.9x.
    • Analysts are expecting annual earnings growth of 26.4%, 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 53% over the next 5 years.
  • However this is lower than its past earnings growth rate of 104% per year.
  • In contrast, the Copper industry is expected to see its earnings grow by 8.4% 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
HCC Warrior Met CoalUS$88.544.0%
+US$179.8m		89.8%PE81.7x
YDDL One and one Green TechnologiesUS$9.6121.8%
+US$93.4m		n/aPE66x
AMR Alpha Metallurgical ResourcesUS$193.693.1%
+US$74.6m		54.9%PS1.2x
ASTL Algoma Steel GroupUS$3.573.2%
+US$11.5m		-42.0%PS0.2x
MTUS MetallusUS$14.821.0%
+US$5.8m		14.7%PS0.5x

Latest News

AU
US$79.99
AngloGold Ashanti
7D
-15.7%
1Y
125.5%
AA
US$56.45
Alcoa
7D
-11.2%
1Y
66.3%
CDE
US$17.67
Coeur Mining
7D
-12.5%
1Y
184.5%
RGLD
US$215.21
Royal Gold
7D
-16.9%
1Y
37.1%
AEM
US$179.13
Agnico Eagle Mines
7D
-13.7%
1Y
71.7%
YDDL
US$9.61
One and one Green Technologies
7D
21.8%
1Y
n/a
FCX
US$52.09
Freeport-McMoRan
7D
-7.6%
1Y
29.4%

FCX: Copper Price Strength And Grasberg Accord Will Shape Future Upside Potential

Analysts have nudged the fair value estimate for Freeport-McMoRan up by $1 to $67.47, citing refreshed copper price assumptions, improved long-term clarity around Grasberg, and a series of higher Street price targets that reflect updated metals forecasts and recent modeling changes. Analyst Commentary Recent research on Freeport-McMoRan has leaned toward higher valuation ranges, with several firms updating models to reflect revised copper price decks, Grasberg developments, and company specific data points.
CHNR
US$4.55
China Natural Resources
7D
36.4%
1Y
-2.2%
AMR
US$193.69
Alpha Metallurgical Resources
7D
3.1%
1Y
54.9%

AMR: Heavy Buybacks And Preliminary Loss Guidance Will Shape Future Returns

Analysts have raised their price target on Alpha Metallurgical Resources to $207 from $205, reflecting updated assumptions that incorporate revised inputs for the discount rate, revenue growth, profit margin, and future P/E. What's in the News Share repurchases from October 1, 2025 to December 31, 2025 totaled 113,000 shares, about 0.87% of the company, for $20 million under the existing buyback program (Key Developments).
HCC
US$88.54
Warrior Met Coal
7D
4.0%
1Y
89.8%

HCC: Blue Creek Mine Ramp Up Will Likely Limit Further Share Upside

Analysts have raised their average price target for Warrior Met Coal to around $101. This reflects a series of recent upward revisions that indicate slightly stronger expected growth and profitability assumptions in their models.
MTUS
US$14.82
Metallus
7D
1.0%
1Y
14.7%

MTUS: Buybacks And New Labor Agreement Will Support Upside Into 2026

Analysts have modestly lifted their price target on Metallus to $18.00, reflecting small adjustments to assumptions for discount rate, revenue growth, profit margin and future P/E that leave their fair value view unchanged at $18.00. What's in the News From October 1, 2025 to December 31, 2025, Metallus repurchased 70,701 shares, representing 0.17% of shares, for US$1.21 million under its existing buyback program (company disclosure).
SCCO
US$152.71
Southern Copper
7D
-10.6%
1Y
57.8%
NEM
US$95.80
Newmont
7D
-12.6%
1Y
102.3%

NEM: Higher Gold Assumptions And CEO Shift Will Still Face Execution Risk

The analyst price target for Newmont in our model has been raised by about $8 to $89.87, as analysts collectively lift their targets into the $150 range, citing a stronger gold outlook, refreshed leadership priorities, and updated metal price assumptions for 2026. Analyst Commentary Recent research on Newmont has centered on a cluster of higher price targets, with several firms adjusting their models around updated 2026 metal price assumptions, refreshed company guidance, and leadership changes.
ASTL
US$3.57
Algoma Steel Group
7D
3.2%
1Y
-42.0%
FRD
US$17.40
Friedman Industries
7D
2.3%
1Y
1.2%