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U.S. Metals and Mining Industry Analysis

UpdatedAug 23, 2026
DataAggregated Company Financials
Companies266
  • 7D9.6%
  • 3M15.0%
  • 1Y77.4%
  • YTD31.6%

In the last week, the Metals and Mining industry is up 9.6%, with Southern Copper up 17%. During this same period, the Nucor underperformed, falling 9.4%. In the last 12 months, the industry was up 77%. As for the next few years, earnings are expected to grow by 11% per annum.

Industry Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Sun, 23 Aug 2026US$914.9bUS$283.3bUS$37.3b21.1x24.5x3.2x
Tue, 21 Jul 2026US$696.1bUS$270.6bUS$32.4b16.6x21.5x2.6x
Thu, 18 Jun 2026US$824.4bUS$269.2bUS$32.5b17.8x25.4x3.1x
Sat, 16 May 2026US$826.8bUS$269.1bUS$32.4b21.3x25.5x3.1x
Mon, 13 Apr 2026US$830.6bUS$255.7bUS$25.6b22.8x32.5x3.2x
Wed, 11 Mar 2026US$806.6bUS$255.2bUS$25.7b22.3x31.4x3.2x
Fri, 06 Feb 2026US$809.7bUS$250.8bUS$23.7b26.3x34.2x3.2x
Sun, 04 Jan 2026US$677.0bUS$248.5bUS$22.5b24.8x30x2.7x
Tue, 02 Dec 2025US$623.7bUS$248.3bUS$22.6b22.3x27.6x2.5x
Thu, 30 Oct 2025US$580.9bUS$245.4bUS$21.6b28x26.9x2.4x
Sat, 27 Sep 2025US$556.8bUS$244.9bUS$20.3b23.8x27.4x2.3x
Mon, 25 Aug 2025US$507.8bUS$244.5bUS$20.3b23.3x25x2.1x
Wed, 23 Jul 2025US$482.0bUS$241.0bUS$17.6b23.2x27.5x2x
Fri, 20 Jun 2025US$452.8bUS$243.9bUS$17.8b21.6x25.5x1.9x
Sun, 18 May 2025US$453.9bUS$272.4bUS$20.2b20.5x22.5x1.7x
Tue, 15 Apr 2025US$418.7bUS$263.0bUS$17.2b21.4x24.4x1.6x
Thu, 13 Mar 2025US$406.7bUS$263.1bUS$17.2b21.7x23.6x1.5x
Sat, 08 Feb 2025US$421.1bUS$261.9bUS$11.5b19.1x36.6x1.6x
Mon, 06 Jan 2025US$388.9bUS$265.8bUS$12.5b15.2x31.1x1.5x
Wed, 04 Dec 2024US$440.8bUS$266.1bUS$12.5b19.2x35.4x1.7x
Fri, 01 Nov 2024US$444.1bUS$269.6bUS$11.7b15.3x37.9x1.6x
Sun, 29 Sep 2024US$472.0bUS$267.6bUS$11.3b14x41.8x1.8x
Tue, 27 Aug 2024US$443.8bUS$267.2bUS$11.4b13.7x38.8x1.7x
Thu, 25 Jul 2024US$445.3bUS$265.2bUS$12.2b12.7x36.6x1.7x
Sat, 22 Jun 2024US$435.7bUS$266.4bUS$13.0b13x33.6x1.6x
Mon, 20 May 2024US$474.1bUS$267.0bUS$13.0b14.5x36.4x1.8x
Wed, 17 Apr 2024US$451.5bUS$266.0bUS$15.6b13.9x28.9x1.7x
Fri, 15 Mar 2024US$410.7bUS$266.6bUS$16.0b14x25.6x1.5x
Sun, 11 Feb 2024US$377.2bUS$264.8bUS$18.2b16.3x20.7x1.4x
Tue, 09 Jan 2024US$401.5bUS$278.3bUS$19.4b17.5x20.7x1.4x
Thu, 07 Dec 2023US$368.4bUS$278.7bUS$19.8b14.8x18.6x1.3x
Sat, 04 Nov 2023US$348.3bUS$280.1bUS$20.1b13.6x17.3x1.2x
Mon, 02 Oct 2023US$350.8bUS$283.6bUS$21.9b11.7x16x1.2x
Wed, 30 Aug 2023US$362.1bUS$276.5bUS$21.7b14.2x16.7x1.3x
Price to Earnings Ratio

16.7x


Total Market Cap: US$362.1bTotal Earnings: US$21.7bTotal Revenue: US$276.5bTotal Market Cap vs Earnings and Revenue0%0%0%
U.S. Metals and Mining Industry Price to Earnings3Y Average 27.8x202420252026
Current Industry PE
  • Investors are pessimistic on the American Metals and Mining industry, indicating that they anticipate long term growth rates will be lower than they have historically.
  • The industry is trading at a PE ratio of 24.5x which is lower than its 3-year average PE of 27.8x.
  • The 3-year average PS ratio of 2.0x is lower than the industry's current PS ratio of 3.2x.
Past Earnings Growth
  • The earnings for companies in the Metals and Mining industry have grown 20% per year over the last three years, while revenues have remained mostly flat.
  • This means that companies overall are more efficiently conducting business since profits are increasing while sales have been flat.

Industry Trends

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

US Market-1.49%
Materials4.41%
Metals and Mining9.63%
Copper16.20%
Gold15.03%
Silver10.92%
Diversified Metals and Mining2.52%
Precious Metals and Minerals1.52%
Aluminum-2.30%
Steel-7.19%
Industry PE
  • Investors are most optimistic about the Diversified Metals and Mining industry which is trading above its 3-year average PE ratio of 16.7x.
    • Analysts are expecting annual earnings growth of 33.1%, which is lower than the prior year's growth of 97.2% per year.
Forecasted Growth
  • Analysts are most optimistic on the Diversified Metals and Mining industry, expecting annual earnings growth of 33% over the next 5 years.
  • However this is lower than its past earnings growth rate of 97% per year.
  • In contrast, the Aluminum industry is expected to see its earnings growth to stay flat 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$216.0017.0%
+US$26.5b		130.2%PE32.2x
AEM Agnico Eagle MinesUS$216.0615.9%
+US$15.0b		57.4%PE18.6x
FCX Freeport-McMoRanUS$76.6615.3%
+US$14.6b		77.1%PE37.5x
NEM NewmontUS$131.5811.7%
+US$14.5b		85.9%PE16.1x
AU AngloGold AshantiUS$121.2225.9%
+US$12.7b		122.0%PE16.3x

Latest News

RGLD
US$259.01
Royal Gold
7D
12.3%
1Y
46.0%
NEM
US$131.58
Newmont
7D
11.7%
1Y
85.9%
CLF
US$11.27
Cleveland-Cliffs
7D
-5.3%
1Y
8.0%
CDE
US$20.97
Coeur Mining
7D
11.5%
1Y
73.7%
SCCO
US$216.00
Southern Copper
7D
17.0%
1Y
130.2%
FCX
US$76.66
Freeport-McMoRan
7D
15.3%
1Y
77.1%
AU
US$121.22
AngloGold Ashanti
7D
25.9%
1Y
122.0%
Narrative Update • Aug 21

AU: Dividends And Buyback Plan Will Support Balanced Future Returns

Analysts have trimmed their price target for AngloGold Ashanti from $118.00 to about $113.13, reflecting updated assumptions around revenue growth, profit margins and future P/E expectations. What's in the News AngloGold Ashanti declared an interim dividend for the second quarter of 2026 of US$0.72 per share, with key dates for New York Stock Exchange and South African Register holders set around August 21, 2026, and payment on September 4, 2026.
STLD
US$228.68
Steel Dynamics
7D
-10.6%
1Y
72.4%
KALU
US$154.16
Kaiser Aluminum
7D
-15.2%
1Y
93.7%
MTRN
US$231.96
Materion
7D
-18.1%
1Y
104.4%
Narrative Update • Aug 20

MTRN: Higher Electronic Materials Margins Will Support Stronger 2026 Outlook

Analysts have lifted their Materion price target to $237 from $223, citing stronger expectations for Electronic Materials segment margins supported by a richer product mix and cost efficiencies discussed after the Q1 update. What's in the News for Materion Materion reported that from April 1, 2026 to June 30, 2026, it repurchased 0 shares for US$0 million under the buyback program announced on October 29, 2025, and that this tranche is now complete.
NUE
US$243.63
Nucor
7D
-9.4%
1Y
64.7%
Seeking Alpha • Aug 18

Nucor: Tariff Shield, Rising Capacity, And Infrastructure Demand Merit A Strong Buy

Summary Nucor Corporation is positioned for durable growth as U.S. steel demand strengthens and import volumes decline, supporting higher pricing and volumes. New capacity from the West Virginia sheet mill and Utah Towers facility will drive volume growth, with start-up costs expected through eFY27 before normalizing. NUE's strong balance sheet and reduced net leverage (0.77x) provide flexibility for expansion and M&A, while Section 232 tariffs and infrastructure demand underpin the bullish outlook. I reiterate a Strong Buy rating on NUE stock with a $306/share price target, reflecting 8.94x eFY28 EV/EBITDA, justified by robust operating leverage and market tailwinds. Read the full article on Seeking Alpha
CMC
US$66.31
Commercial Metals
7D
-7.4%
1Y
12.5%
Seeking Alpha • Aug 18

Commercial Metals Company: Working On Its Foundation

Summary Commercial Metals Company is executing a strategy focused on higher-margin, less capital-intensive operations following $2.5 billion in transformative M&A. Commercial Metals targets $1.65–$1.80 billion core EBITDA and $11B revenue by 2029, aiming to nearly double free cash flow per share. Leverage remains in the low 2s as Commercial Metals prioritizes EBITDA growth and shareholder returns via increased buybacks over rapid debt reduction. Despite recent volatility, Commercial Metals' modest valuation, margin expansion, and capital allocation roadmap present a compelling long-term value proposition. Read the full article on Seeking Alpha
CSTM
US$27.04
Constellium
7D
-8.6%
1Y
83.3%
Seeking Alpha • Aug 12

Constellium: Downgrading To Hold, But Quality Remains Intact (Rating Downgrade)

Summary Constellium delivered record Q2 adjusted EBITDA, driven by robust aluminum pricing and disciplined execution, but faces near-term headwinds from falling commodity prices. CSTM raised guidance, expecting $980M–$1.02B in adjusted EBITDA and over $300M free cash flow, with 2028 targets now likely to be achieved ahead of schedule. I favor CSTM’s quality and through-cycle economics over more levered peers, yet aluminum price volatility prompts a downgrade to Hold despite continued value. Peer multiples have compressed; I now assign a 10x 2027 EPS multiple, resulting in a $27.50 price target for CSTM. Read the full article on Seeking Alpha
HL
US$20.72
Hecla Mining
7D
12.8%
1Y
162.6%
Narrative Update • Aug 12

HL: Exploration Success And Solid Margins Will Support Higher Future P/E

Analysts have trimmed their price target for Hecla Mining from $19.00 to $17.00, citing softer revenue growth assumptions, slightly lower profit margin expectations, and a higher future P/E multiple in their updated models. What’s in the News for Hecla Mining Hecla Mining reported strong Q2 2026 exploration and definition drilling results at Keno Hill, Greens Creek and Midas, including new high grade silver and gold discoveries and extensions of existing mineralization.
AEM
US$216.06
Agnico Eagle Mines
7D
15.9%
1Y
57.4%
Narrative Update • Aug 10

AEM: Barnat Setback And Softer Gold Outlook Will Pressure Returns

Agnico Eagle Mines' updated analyst price target reflects a modest reset in fair value to $112.50 from $115.10, as analysts factor in softer revenue expectations alongside slightly stronger profit margins and a higher future P/E assumption. Analyst Commentary Recent Street research on Agnico Eagle Mines shows a mix of caution and support, with several firms recalibrating their targets around commodity assumptions, company specific events and sector positioning.
RS
US$387.89
Reliance
7D
-9.1%
1Y
31.7%