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U.S. Metals and Mining Industry Analysis

UpdatedMay 14, 2026
DataAggregated Company Financials
Companies261
  • 7D3.2%
  • 3M2.6%
  • 1Y104.5%
  • YTD22.7%

Over the last 7 days, the Metals and Mining industry has risen 3.2%, driven by gains in Freeport-McMoRan and Southern Copper of 10% and 5.4%, respectively. During this same period, the MP Materials underperformed, falling 12%. This means that the industry has gained 105% over the past year. Looking forward, 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
Thu, 14 May 2026US$839.3bUS$269.3bUS$32.6b21.4x25.7x3.1x
Sat, 11 Apr 2026US$819.8bUS$255.7bUS$25.6b22.8x32.1x3.2x
Mon, 09 Mar 2026US$794.6bUS$255.2bUS$25.7b22.2x30.9x3.1x
Wed, 04 Feb 2026US$785.4bUS$250.8bUS$23.6b27.2x33.2x3.1x
Fri, 02 Jan 2026US$662.3bUS$248.5bUS$22.5b24.7x29.4x2.7x
Sun, 30 Nov 2025US$623.7bUS$248.3bUS$22.6b22.2x27.6x2.5x
Tue, 28 Oct 2025US$581.1bUS$244.4bUS$21.5b25.7x27.1x2.4x
Thu, 25 Sep 2025US$568.0bUS$244.8bUS$20.3b23x27.9x2.3x
Sat, 23 Aug 2025US$495.8bUS$244.5bUS$20.3b23.3x24.4x2x
Mon, 21 Jul 2025US$472.1bUS$241.2bUS$18.2b22.9x26x2x
Wed, 18 Jun 2025US$467.7bUS$259.2bUS$17.8b21.4x26.2x1.8x
Fri, 16 May 2025US$453.7bUS$272.4bUS$20.2b20.5x22.5x1.7x
Sun, 13 Apr 2025US$418.7bUS$263.0bUS$17.2b20.7x24.4x1.6x
Tue, 11 Mar 2025US$410.3bUS$263.3bUS$17.2b19.7x23.8x1.6x
Thu, 06 Feb 2025US$413.5bUS$262.0bUS$11.5b19.3x35.9x1.6x
Sat, 04 Jan 2025US$390.6bUS$265.8bUS$12.5b15.2x31.3x1.5x
Mon, 02 Dec 2024US$443.8bUS$266.2bUS$12.5b18.7x35.6x1.7x
Wed, 30 Oct 2024US$461.4bUS$269.1bUS$11.2b15.9x41x1.7x
Fri, 27 Sep 2024US$462.2bUS$267.6bUS$11.3b13.8x40.9x1.7x
Sun, 25 Aug 2024US$443.8bUS$267.3bUS$11.4b13.6x38.8x1.7x
Tue, 23 Jul 2024US$443.8bUS$267.0bUS$12.9b13.8x34.4x1.7x
Thu, 20 Jun 2024US$428.1bUS$266.7bUS$13.1b14.6x32.8x1.6x
Sat, 18 May 2024US$464.0bUS$267.0bUS$13.0b13.6x35.6x1.7x
Mon, 15 Apr 2024US$452.6bUS$266.1bUS$15.6b14x28.9x1.7x
Wed, 13 Mar 2024US$401.0bUS$266.7bUS$16.0b14x25.1x1.5x
Fri, 09 Feb 2024US$382.2bUS$264.8bUS$18.2b16.3x21x1.4x
Sun, 07 Jan 2024US$400.5bUS$278.5bUS$19.5b17.5x20.6x1.4x
Tue, 05 Dec 2023US$390.1bUS$283.4bUS$20.1b16x19.4x1.4x
Thu, 02 Nov 2023US$334.8bUS$280.1bUS$20.4b12.8x16.4x1.2x
Sat, 30 Sep 2023US$351.5bUS$283.6bUS$21.9b11.6x16x1.2x
Mon, 28 Aug 2023US$349.2bUS$276.4bUS$21.7b13.5x16.1x1.3x
Wed, 26 Jul 2023US$378.1bUS$279.2bUS$22.7b14.1x16.7x1.4x
Fri, 23 Jun 2023US$345.3bUS$284.6bUS$26.0b12.4x13.3x1.2x
Sun, 21 May 2023US$331.1bUS$284.7bUS$26.3b12.1x12.6x1.2x
Price to Earnings Ratio

12.6x


Total Market Cap: US$331.1bTotal Earnings: US$26.3bTotal Revenue: US$284.7bTotal Market Cap vs Earnings and Revenue0%0%0%
U.S. Metals and Mining Industry Price to Earnings3Y Average 27x202420252026
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 27.0x.
  • 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 7.4% 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 Market0.55%
Materials0.42%
Metals and Mining3.19%
Silver15.91%
Copper7.17%
Aluminum5.29%
Gold3.26%
Steel-1.94%
Precious Metals and Minerals-3.87%
Diversified Metals and Mining-4.42%
Industry PE
  • Investors are most optimistic about the Steel industry which is trading above its 3-year average PE ratio of 23.9x.
    • Analysts expect its future annual earnings growth (23.0%) 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 39% over the next 5 years.
  • However this is lower than its past earnings growth rate of 87% 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
FCX Freeport-McMoRanUS$67.1610.3%
+US$9.0b		71.9%PE35.4x
SCCO Southern CopperUS$191.895.4%
+US$8.2b		113.2%PE32.2x
NEM NewmontUS$118.963.4%
+US$4.1b		144.5%PE15x
AEM Agnico Eagle MinesUS$195.973.2%
+US$3.1b		87.0%PE18.3x
HL Hecla MiningUS$21.0516.0%
+US$1.9b		339.5%PE30.6x

Latest News

USAR
US$25.42
USA Rare Earth
7D
-11.1%
1Y
185.9%
Seeking Alpha • 4h

USA Rare Earth: Step By Step It's Coming Together -- Still At 'Buy'

Summary Rare earths are important. They involve hard-to-mine elements that are vital for many defense and digital needs. China dominates supply. We need to correct that! Within this world, I’ve been seeing USA Rare Earth as a little brother, to MP Materials for example. That’s because USAR’s flagship property is still being studied. Recent feasibility-study results now suggest USAR’s mine will go commercial in 2028, revised from a prior plan to get going in 2030. Meanwhile…. USAR has been taking other steps, baby steps, to build itself into a fully integrated mine-to-market rare earth company. And a pending Brazilian acquisition will accelerate that. USAR accomplished a lot in the past six months. Besides the big acquisition, it may wind up getting U.S. funding. With all systems go, I’m reiterating my “Buy” rating. Read the full article on Seeking Alpha
NUE
US$232.34
Nucor
7D
-0.8%
1Y
98.4%
TX
US$45.56
Ternium
7D
-5.9%
1Y
61.2%
MP
US$63.73
MP Materials
7D
-12.3%
1Y
202.3%
AA
US$68.44
Alcoa
7D
8.2%
1Y
131.1%
Narrative Update • May 13

AA: Production Stability And Higher Margins Will Support Stronger Long Term Outlook

Analysts have raised Alcoa's fair value estimate from $58.00 to $92.00, citing updated assumptions about revenue growth, profit margins, and a lower future P/E multiple as the main factors supporting the higher price target. What's in the News Alcoa reported first quarter 2026 production results, with Bauxite at 9.1 mdmt compared with 9.5 mdmt a year earlier, Alumina at 2,355 kmt in line with the prior year, and Aluminum at 607 kmt compared with 564 kmt a year earlier (Key Developments).
STLD
US$237.08
Steel Dynamics
7D
-2.0%
1Y
77.3%
HL
US$21.05
Hecla Mining
7D
16.0%
1Y
339.5%
Narrative Update • May 12

HL: Higher Silver Output And Margin Outlook Will Support Bullish Thesis

Analysts have lowered their price target on Hecla Mining to $32.00 from $36.50, citing updated assumptions around revenue growth, margins, discount rate, and future P/E that together suggest a different balance of risk and reward for the stock. What's in the News Hecla Mining reported consolidated silver production of 3.9 million ounces for the first quarter of 2026, which the company described as nearly 3% higher than the prior quarter.
SGML
US$18.83
Sigma Lithium
7D
-17.6%
1Y
153.4%
BVN
US$38.47
Compañía de Minas BuenaventuraA
7D
13.0%
1Y
170.5%
NEM
US$118.96
Newmont
7D
3.4%
1Y
144.5%
AU
US$102.37
AngloGold Ashanti
7D
3.8%
1Y
156.8%
FCX
US$67.16
Freeport-McMoRan
7D
10.3%
1Y
71.9%
AEM
US$195.97
Agnico Eagle Mines
7D
3.2%
1Y
87.0%
AUGO
US$79.26
Aura Minerals
7D
-11.6%
1Y
322.7%
SCCO
US$191.89
Southern Copper
7D
5.4%
1Y
113.2%
RS
US$368.85
Reliance
7D
-2.0%
1Y
22.8%
Seeking Alpha • May 05

Reliance Steel: Fresh Records As Margin Performance Comes Through

Summary Reliance Steel has seen margins approach 10%, with shares trading at a market multiple if $20 earnings per share is attained. Reliance's diversified operations, strong balance sheet, and disciplined capital allocation underpin its long-term value creation and resilience through cycles. Recent government contracts, including a $1.4B border wall project, support near-term volume and earnings, though margin expansion remains key for upside. Despite recent share weakness, Reliance remains a core holding with above-average long-term return expectations as operational improvements and M&A opportunities materialize. Read the full article on Seeking Alpha