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U.S. Metals and Mining Industry Analysis

UpdatedJun 22, 2026
DataAggregated Company Financials
Companies267
  • 7D-0.5%
  • 3M14.4%
  • 1Y77.2%
  • YTD15.7%

Over the last 7 days, the Metals and Mining industry has remained flat, although notably Newmont gained 3.6%. As for the the longer term, the industry is up 77% over the past 12 months. Earnings are forecast to grow by 14% annually.

Industry Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Mon, 22 Jun 2026US$796.6bUS$269.2bUS$32.5b18.1x24.5x3x
Wed, 20 May 2026US$771.7bUS$269.2bUS$32.5b19.2x23.8x2.9x
Fri, 17 Apr 2026US$819.7bUS$255.8bUS$25.6b22.8x32.1x3.2x
Sun, 15 Mar 2026US$748.5bUS$255.1bUS$25.5b21.1x29.3x2.9x
Tue, 10 Feb 2026US$812.5bUS$250.9bUS$23.7b27.3x34.3x3.2x
Thu, 08 Jan 2026US$723.1bUS$248.4bUS$22.5b26.5x32.1x2.9x
Sat, 06 Dec 2025US$632.0bUS$248.4bUS$22.5b22.2x28x2.5x
Mon, 03 Nov 2025US$582.9bUS$246.9bUS$22.3b23.4x26.1x2.4x
Wed, 01 Oct 2025US$573.4bUS$245.5bUS$20.3b23.9x28.3x2.3x
Fri, 29 Aug 2025US$512.7bUS$244.5bUS$20.3b23.1x25.2x2.1x
Sun, 27 Jul 2025US$488.2bUS$243.0bUS$18.9b22.1x25.8x2x
Tue, 24 Jun 2025US$451.4bUS$243.9bUS$17.7b21.5x25.5x1.9x
Thu, 22 May 2025US$464.2bUS$272.4bUS$20.2b20.4x23x1.7x
Sat, 19 Apr 2025US$423.6bUS$263.8bUS$18.0b21.1x23.6x1.6x
Mon, 17 Mar 2025US$427.3bUS$263.1bUS$17.1b22.9x25x1.6x
Wed, 12 Feb 2025US$432.1bUS$261.9bUS$11.6b21x37.4x1.6x
Fri, 10 Jan 2025US$399.5bUS$265.7bUS$12.1b15.6x33x1.5x
Sun, 08 Dec 2024US$436.2bUS$266.1bUS$12.5b18.3x35x1.6x
Tue, 05 Nov 2024US$445.4bUS$268.9bUS$11.7b15.6x38x1.7x
Thu, 03 Oct 2024US$465.0bUS$267.5bUS$11.3b14.5x41.2x1.7x
Sat, 31 Aug 2024US$440.0bUS$267.3bUS$11.4b13.8x38.6x1.6x
Mon, 29 Jul 2024US$442.8bUS$266.6bUS$12.8b13.3x34.7x1.7x
Wed, 26 Jun 2024US$435.8bUS$266.4bUS$13.0b12.9x33.6x1.6x
Fri, 24 May 2024US$459.4bUS$266.9bUS$13.0b14.8x35.3x1.7x
Sun, 21 Apr 2024US$449.4bUS$265.9bUS$15.6b13.7x28.8x1.7x
Tue, 19 Mar 2024US$416.3bUS$266.6bUS$16.0b14x26x1.6x
Thu, 15 Feb 2024US$366.4bUS$264.8bUS$18.2b16.2x20.1x1.4x
Sat, 13 Jan 2024US$394.1bUS$278.2bUS$19.4b17.1x20.3x1.4x
Mon, 11 Dec 2023US$372.2bUS$278.6bUS$19.8b15x18.8x1.3x
Wed, 08 Nov 2023US$360.9bUS$280.0bUS$20.1b13.8x17.9x1.3x
Fri, 06 Oct 2023US$338.0bUS$283.4bUS$21.9b11.9x15.4x1.2x
Sun, 03 Sep 2023US$366.9bUS$279.2bUS$21.4b12.7x17.2x1.3x
Tue, 01 Aug 2023US$383.2bUS$276.7bUS$22.1b14.1x17.3x1.4x
Thu, 29 Jun 2023US$344.1bUS$284.4bUS$26.0b12.9x13.3x1.2x
Price to Earnings Ratio

13.3x


Total Market Cap: US$344.1bTotal Earnings: US$26.0bTotal Revenue: US$284.4bTotal 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 Market1.40%
Materials-0.25%
Metals and Mining-0.47%
Gold3.33%
Diversified Metals and Mining2.88%
Silver1.97%
Precious Metals and Minerals1.93%
Copper1.17%
Steel-8.24%
Aluminum-11.65%
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 (24.7%) 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
NEM NewmontUS$103.793.6%
+US$3.8b		78.2%PE13x
SCCO Southern CopperUS$192.931.7%
+US$2.6b		114.2%PE32.4x
AU AngloGold AshantiUS$90.875.3%
+US$2.3b		89.4%PE13.2x
AEM Agnico Eagle MinesUS$166.662.5%
+US$2.0b		37.7%PE15.6x
RGLD Royal GoldUS$214.823.5%
+US$615.3m		19.8%PE28.8x

Latest News

AEM
US$166.66
Agnico Eagle Mines
7D
-3.0%
1Y
36.2%
NUE
US$243.83
Nucor
7D
-6.0%
1Y
93.5%
NEM
US$103.79
Newmont
7D
-1.9%
1Y
74.6%
MTRN
US$274.98
Materion
7D
9.1%
1Y
253.1%
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...
STLD
US$249.91
Steel Dynamics
7D
-11.6%
1Y
98.5%
Analysis Article • Jun 19

Steel Dynamics (STLD) Stock Could Be 2% Below Fair Value After Stronger Guidance

Steel Dynamics (STLD) has put fresh numbers around its outlook, issuing second quarter 2026 earnings guidance of US$3.51 to US$3.55 per diluted share while flagging stronger steel and aluminum profitability. See our latest analysis for Steel Dynamics. The new guidance comes after a sharp pullback, with Steel Dynamics’ share price down 7.49% over the last session and 11.62% over the past week, yet still showing a 52.43% 3 month share price return and a 1 year total shareholder return of...
MP
US$60.88
MP Materials
7D
4.5%
1Y
66.5%
Narrative Update • Jun 18

MP: Government Partnership And Magnet Expansion Will Drive Future Upside Potential

Analysts kept their overall fair value view for MP Materials unchanged at $80.44. The latest price target update reflects slightly adjusted assumptions around discount rate, revenue growth, profit margins, and future P/E rather than a directional shift in the stock's outlook.
CDE
US$17.51
Coeur Mining
7D
-6.2%
1Y
93.3%
Narrative Update • Jun 18

CDE: Index Inclusion And Buyback Program Will Support Future Stock Rerating

Analysts reduced their price target for Coeur Mining stock slightly to about $27.27 from $27.55, citing updated assumptions around revenue growth, profit margins and future P/E multiples following recent research updates across the Street. Analyst Commentary Recent research on Coeur Mining highlights a mix of optimism and caution, with several firms updating ratings and targets as they reassess production plans, free cash flow potential and appropriate P/E multiples for the stock.
AA
US$59.37
Alcoa
7D
-7.5%
1Y
106.8%
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.
RGLD
US$214.82
Royal Gold
7D
3.5%
1Y
19.8%
SCCO
US$192.93
Southern Copper
7D
1.7%
1Y
114.2%
Analysis Article • Jun 16

Southern Copper (SCCO) Stock Could Be 18% Overvalued After Earnings Beat And Higher Guidance

Southern Copper (SCCO) drew fresh attention after reporting quarterly net income above analyst expectations and raising its 2026 production guidance, while also outlining progress at Tia Maria and the Buenavista zinc concentrator. See our latest analysis for Southern Copper. Southern Copper's share price has shown strong momentum around these updates, with a 7 day share price return of 13.34% and a year to date share price return of 32.36%. The 1 year total shareholder return is 113.09%,...
UAMY
US$7.85
United States Antimony
7D
4.9%
1Y
188.6%
CLF
US$12.28
Cleveland-Cliffs
7D
-9.9%
1Y
77.5%
Narrative Update • Jun 14

CLF: Higher Leverage And Tariff Shift Will Pressure Future Returns

Analysts have shifted their view on Cleveland-Cliffs with a higher blended price target near $13 to $14, supported by updated steel price assumptions, expectations for firmer Q2 and second half demand, and modestly higher modeled margins, even as some still flag leverage as a constraint on the stock's P/E multiple. Analyst Commentary Recent research on Cleveland-Cliffs reflects a mix of constructive and cautious views, with several firms updating steel price assumptions, earnings models, and valuation frameworks ahead of sector guidance and mid-quarter previews.
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
FCX
US$68.68
Freeport-McMoRan
7D
-2.1%
1Y
67.8%
Narrative Update • Jun 06

FCX: Copper Euphoria Will Be Capped By Prolonged Grasberg Production Constraints

Analysts have inched up the Fair Value estimate for Freeport-McMoRan by about $0.50, reflecting modest tweaks to revenue growth, profit margin, and future P/E assumptions. This move is supported by a wave of higher Street price targets and new Overweight ratings that highlight copper exposure as a key driver.
LZM
US$4.85
Lifezone Metals
7D
19.2%
1Y
10.2%