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U.S. Metals and Mining Industry Analysis

UpdatedJun 23, 2026
DataAggregated Company Financials
Companies270
  • 7D-3.6%
  • 3M12.0%
  • 1Y73.5%
  • YTD14.6%

Over the last 7 days, the Metals and Mining industry has dropped 3.6%, driven by a pullback from Newmont of 3.8%. In contrast, Materion has gained 10%. Over the past 12 months, the industry was up 74%. As for the next few years, earnings are expected to grow by 14% 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, 23 Jun 2026US$796.6bUS$269.2bUS$32.5b18.3x24.5x3x
Thu, 21 May 2026US$749.9bUS$269.2bUS$32.5b17.8x23.1x2.8x
Sat, 18 Apr 2026US$819.8bUS$255.6bUS$25.4b23.1x32.2x3.2x
Mon, 16 Mar 2026US$748.5bUS$255.1bUS$25.5b21.1x29.3x2.9x
Wed, 11 Feb 2026US$842.7bUS$250.9bUS$23.9b27x35.3x3.4x
Fri, 09 Jan 2026US$716.8bUS$248.3bUS$22.5b27.2x31.8x2.9x
Sun, 07 Dec 2025US$628.1bUS$248.4bUS$22.5b22.2x27.9x2.5x
Tue, 04 Nov 2025US$583.0bUS$246.9bUS$22.3b23.7x26.1x2.4x
Thu, 02 Oct 2025US$578.7bUS$245.2bUS$20.3b24.4x28.5x2.4x
Sat, 30 Aug 2025US$514.7bUS$244.5bUS$20.3b22.9x25.3x2.1x
Mon, 28 Jul 2025US$488.2bUS$243.0bUS$18.9b22.1x25.8x2x
Wed, 25 Jun 2025US$452.8bUS$243.9bUS$17.7b21.5x25.6x1.9x
Fri, 23 May 2025US$462.6bUS$272.4bUS$20.1b20.3x23x1.7x
Sun, 20 Apr 2025US$423.6bUS$263.8bUS$18.0b21.1x23.6x1.6x
Tue, 18 Mar 2025US$427.3bUS$263.1bUS$17.1b23.5x25x1.6x
Thu, 13 Feb 2025US$424.2bUS$262.4bUS$11.9b21.2x35.6x1.6x
Sat, 11 Jan 2025US$399.5bUS$265.6bUS$12.1b15.6x33x1.5x
Mon, 09 Dec 2024US$436.2bUS$266.1bUS$12.5b18.3x35x1.6x
Wed, 06 Nov 2024US$448.5bUS$267.8bUS$11.2b16.5x40x1.7x
Fri, 04 Oct 2024US$468.3bUS$267.5bUS$11.3b14.4x41.5x1.8x
Sun, 01 Sep 2024US$440.8bUS$267.3bUS$11.4b13.8x38.7x1.6x
Tue, 30 Jul 2024US$442.8bUS$266.6bUS$12.8b12.7x34.7x1.7x
Thu, 27 Jun 2024US$430.3bUS$266.3bUS$13.0b13.1x33.2x1.6x
Sat, 25 May 2024US$455.9bUS$266.9bUS$13.0b14.8x35x1.7x
Mon, 22 Apr 2024US$449.4bUS$265.9bUS$15.6b13.7x28.8x1.7x
Wed, 20 Mar 2024US$413.7bUS$266.6bUS$16.0b14x25.9x1.6x
Fri, 16 Feb 2024US$372.1bUS$264.8bUS$18.2b16.4x20.4x1.4x
Sun, 14 Jan 2024US$394.1bUS$278.2bUS$19.4b17.1x20.3x1.4x
Tue, 12 Dec 2023US$372.0bUS$278.6bUS$19.8b15.3x18.8x1.3x
Thu, 09 Nov 2023US$352.5bUS$280.1bUS$20.1b13.3x17.5x1.3x
Sat, 07 Oct 2023US$345.4bUS$283.5bUS$21.9b11.3x15.8x1.2x
Mon, 04 Sep 2023US$366.9bUS$279.2bUS$21.4b12.7x17.2x1.3x
Wed, 02 Aug 2023US$376.5bUS$275.7bUS$21.9b14.3x17.2x1.4x
Fri, 30 Jun 2023US$348.6bUS$284.0bUS$26.0b13x13.4x1.2x
Price to Earnings Ratio

13.4x


Total Market Cap: US$348.6bTotal Earnings: US$26.0bTotal Revenue: US$284.0bTotal Market Cap vs Earnings and Revenue0%0%0%
U.S. Metals and Mining Industry Price to Earnings3Y Average 27.4x202420252026
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 27.4x.
  • The 3-year average PS ratio of 1.9x is lower than the industry's current PS ratio of 3.0x.
Past Earnings Growth
  • The earnings for companies in the Metals and Mining industry have grown 7.7% 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-1.82%
Materials-1.85%
Metals and Mining-3.57%
Diversified Metals and Mining-0.69%
Copper-1.56%
Precious Metals and Minerals-3.96%
Gold-4.19%
Silver-4.82%
Steel-5.79%
Aluminum-6.72%
Industry PE
  • Investors are most optimistic about the Steel industry which is trading above its 3-year average PE ratio of 25.2x.
    • Analysts expect its future annual earnings growth (24.6%) to be largely in line with prior year's earnings growth.
Forecasted Growth
  • Analysts are most optimistic on the Diversified Metals and Mining industry, expecting annual earnings growth of 34% over the next 5 years.
  • However this is lower than its past earnings growth rate of 93% per year.
  • In contrast, the Gold industry is expected to see its earnings grow by 8.6% 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
MTRN MaterionUS$277.6810.1%
+US$531.3m		256.6%PE75.5x
USAR USA Rare EarthUS$24.647.0%
+US$370.2m		96.6%PS767x
MP MP MaterialsUS$60.293.5%
+US$361.4m		64.9%PS30.9x
EMAT Evolution Metals & TechnologiesUS$7.447.4%
+US$302.6m		-38.0%PS2349.4x
UAMY United States AntimonyUS$7.804.3%
+US$47.2m		186.8%PS29.5x

Latest News

MP
US$60.29
MP Materials
7D
3.5%
1Y
64.9%
STLD
US$250.98
Steel Dynamics
7D
-7.8%
1Y
97.0%
UAMY
US$7.80
United States Antimony
7D
4.3%
1Y
186.8%
NEM
US$101.80
Newmont
7D
-3.8%
1Y
71.2%
SCCO
US$189.91
Southern Copper
7D
-1.7%
1Y
108.2%
AEM
US$166.85
Agnico Eagle Mines
7D
-2.9%
1Y
36.4%
NUE
US$244.93
Nucor
7D
-5.5%
1Y
94.4%
FCX
US$69.21
Freeport-McMoRan
7D
-1.3%
1Y
69.1%
Narrative Update • Jun 22

FCX: Elevated Copper Hype Will Be Tested By Prolonged Grasberg Setbacks

Freeport-McMoRan's updated analyst price target has shifted modestly higher to about $49.27 from $48.99. This reflects analysts' broader reassessment of copper producers as several firms raise long term copper views and sector targets, including multiple recent increases in Freeport-McMoRan targets to the $58.50 to $77 range.
AU
US$86.23
AngloGold Ashanti
7D
-6.6%
1Y
78.5%
Analysis Article • Jun 20

AngloGold Ashanti (AU) Stock Could Be 24.1% Undervalued Ahead Of Earnings

AngloGold Ashanti (AU) is back in focus as investors look ahead to an upcoming earnings release. Many expect it to show significant earnings expansion and improved profitability, given its role in global gold production. See our latest analysis for AngloGold Ashanti. At a share price of $90.87, AngloGold Ashanti has had a 7 day share price return of 5.30%, while its 1 year total shareholder return of 99.85% and 5 year total shareholder return of 447.65% point to strong momentum built over a...
MTRN
US$277.68
Materion
7D
10.1%
1Y
256.6%
Analysis Article • Jun 20

Materion (MTRN) Stock Could Be 30.3% Overvalued After Strong Q1 Results

Materion (MTRN) drew fresh attention after first quarter results showed double-digit growth and operational improvements, along with guidance for continued top line gains in fiscal 2026 and a 14th consecutive annual dividend increase. See our latest analysis for Materion. The strong first quarter has arrived on top of a powerful run in Materion’s share price, with the stock up 30.9% on a 1 month share price return and 113.9% year to date. The 1 year total shareholder return of about 2.6x...
USAR
US$24.64
USA Rare Earth
7D
7.0%
1Y
96.6%
Analysis Article • Jun 19

USA Rare Earth (USAR) Stock Price Jumps on DOE Funding but Is Valuation Still Hard to Justify?

USA Rare Earth (USAR) has drawn fresh attention after recent trading showed sharp short term gains, with the stock up 8.3% in a day and 15.8% over the past week. See our latest analysis for USA Rare Earth. The latest moves come on top of a strong run for USA Rare Earth, with a 30 day share price return of 10.69%, a 90 day share price return of 32.23%, and a year to date share price return of 66.43%. The 1 year total shareholder return of 85.87% suggests momentum has been building rather than...
FRD
US$37.15
Friedman Industries
7D
6.5%
1Y
129.3%
AA
US$58.35
Alcoa
7D
-9.1%
1Y
103.2%
Narrative Update • Jun 17

AA: Higher Margin Outlook And Aluminum Price Tailwinds Will Support Future Upside

Analysts have raised their Alcoa price target from $73.87 to $82.25, citing updated assumptions on fair value, discount rate, revenue growth, profit margins, and future P/E. What’s in the News for Alcoa Alcoa shares dropped nearly 10% after the company revised its Q2 outlook, citing a projected US$60 million unfavorable impact in the Alumina segment from higher production costs at the Pinjarra refinery, cyclone related disruptions, and increased energy prices linked to geopolitical tensions near the Strait of Hormuz.
EMAT
US$7.44
Evolution Metals & Technologies
7D
7.4%
1Y
-38.0%
Seeking Alpha • Jun 10

Evolution Metals & Technologies: Capital Needs In A High Capital Cost Environment

Summary Evolution Metals & Technologies Corp. is a SPAC targeting rare earth recycling and production, an industry with high capital intensity. EMAT's balance sheet is dominated by goodwill with minimal tangible assets, signaling large outstanding CAPEX needs overall. They are burning cash, with not a lot left on hand, and they don't have major CAPEX outlays yet. Reinflation risks, high capital costs, and potential overvaluation drive a cautious stance toward EMAT in a market where cash burners have reflexivity risks, especially the expensive ones. Read the full article on Seeking Alpha
LZM
US$4.25
Lifezone Metals
7D
4.4%
1Y
-3.4%
KALU
US$185.03
Kaiser Aluminum
7D
1.1%
1Y
141.6%
Seeking Alpha • May 05

Kaiser Aluminum: Dangerous Valuation In May 2026

Summary Kaiser Aluminum is rated 'HOLD' due to excessive valuation above $170/share, despite strong recent results and sector tailwinds. KALU's 1Q26 saw record EPS, margin improvements, and leverage reduction to 2.8x, driven by packaging demand, aerospace recovery, and reshoring trends. The company’s specialization in value-added products and recycled feedstock limits commodity exposure but does not eliminate volatility or credit risk. My fair value target is $115/share, reflecting a more conservative 15-18x P/E multiple to account for KALU’s historical earnings volatility and sub-investment grade credit. Read the full article on Seeking Alpha