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U.S. Metals and Mining Industry Analysis

UpdatedSep 02, 2026
DataAggregated Company Financials
Companies265
  • 7D-7.7%
  • 3M2.6%
  • 1Y62.9%
  • YTD24.3%

The Metals and Mining industry is down 7.7% over the last week with Agnico Eagle Mines the worst performer, down 14%. This takes the industry's 12 month performance to a gain of 63%. 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
Thu, 03 Sep 2026US$888.5bUS$283.3bUS$37.3b21.4x23.8x3.1x
Sat, 01 Aug 2026US$743.0bUS$279.6bUS$35.5b15.4x20.9x2.7x
Mon, 29 Jun 2026US$737.0bUS$269.7bUS$32.4b20.8x22.7x2.7x
Wed, 27 May 2026US$784.4bUS$269.2bUS$32.5b19.2x24.1x2.9x
Fri, 24 Apr 2026US$825.7bUS$257.2bUS$26.0b22.3x31.8x3.2x
Sun, 22 Mar 2026US$669.2bUS$255.2bUS$25.5b20x26.3x2.6x
Tue, 17 Feb 2026US$833.5bUS$250.5bUS$24.9b25.3x33.4x3.3x
Thu, 15 Jan 2026US$772.0bUS$248.6bUS$22.8b27.8x33.8x3.1x
Sat, 13 Dec 2025US$662.6bUS$248.4bUS$22.6b22.9x29.4x2.7x
Mon, 10 Nov 2025US$575.6bUS$247.1bUS$22.3b23.1x25.8x2.3x
Wed, 08 Oct 2025US$588.7bUS$242.4bUS$20.0b23.5x29.4x2.4x
Fri, 05 Sep 2025US$528.4bUS$244.5bUS$20.3b22.7x26x2.2x
Sun, 03 Aug 2025US$461.3bUS$244.4bUS$20.5b20.8x22.5x1.9x
Tue, 01 Jul 2025US$457.4bUS$243.9bUS$17.7b22.3x25.8x1.9x
Thu, 29 May 2025US$437.2bUS$259.1bUS$17.8b20.3x24.5x1.7x
Sat, 26 Apr 2025US$443.9bUS$264.5bUS$19.7b21.2x22.6x1.7x
Mon, 24 Mar 2025US$433.5bUS$262.9bUS$16.9b23.7x25.7x1.6x
Wed, 19 Feb 2025US$430.0bUS$263.1bUS$12.8b21.8x33.6x1.6x
Fri, 17 Jan 2025US$409.7bUS$263.0bUS$11.9b15.7x34.3x1.6x
Sun, 15 Dec 2024US$417.7bUS$266.1bUS$12.5b17.2x33.3x1.6x
Tue, 12 Nov 2024US$459.1bUS$266.9bUS$12.5b19.1x36.8x1.7x
Thu, 10 Oct 2024US$455.5bUS$267.4bUS$11.3b14x40.4x1.7x
Sat, 07 Sep 2024US$407.5bUS$267.4bUS$11.4b12.9x35.8x1.5x
Mon, 05 Aug 2024US$425.5bUS$266.6bUS$11.2b13.6x37.9x1.6x
Wed, 03 Jul 2024US$433.1bUS$266.4bUS$13.0b13.3x33.4x1.6x
Fri, 31 May 2024US$457.7bUS$266.9bUS$13.0b14.7x35.1x1.7x
Sun, 28 Apr 2024US$452.8bUS$267.2bUS$14.6b13.3x31x1.7x
Tue, 26 Mar 2024US$423.6bUS$266.5bUS$15.7b14.3x27x1.6x
Thu, 22 Feb 2024US$380.6bUS$264.8bUS$17.2b15.8x22.1x1.4x
Sat, 20 Jan 2024US$378.0bUS$278.1bUS$19.6b17.5x19.2x1.4x
Mon, 18 Dec 2023US$397.4bUS$278.8bUS$19.4b16.1x20.5x1.4x
Wed, 15 Nov 2023US$344.2bUS$279.9bUS$20.0b14.7x17.2x1.2x
Fri, 13 Oct 2023US$352.0bUS$283.2bUS$21.8b11.1x16.2x1.2x
Sun, 10 Sep 2023US$352.8bUS$279.1bUS$21.4b12.5x16.5x1.3x
Price to Earnings Ratio

16.5x


Total Market Cap: US$352.8bTotal Earnings: US$21.4bTotal Revenue: US$279.1bTotal Market Cap vs Earnings and Revenue0%0%0%
U.S. Metals and Mining Industry Price to Earnings3Y Average 27.9x202420252026
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 23.8x which is lower than its 3-year average PE of 27.9x.
  • The 3-year average PS ratio of 2.0x 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 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-0.92%
Materials-4.55%
Metals and Mining-7.67%
Steel1.60%
Aluminum1.14%
Diversified Metals and Mining-8.64%
Copper-8.64%
Silver-9.65%
Gold-10.78%
Precious Metals and Minerals-12.68%
Industry PE
  • Investors are most optimistic about the Diversified Metals and Mining industry which is trading above its 3-year average PE ratio of 123x.
    • Analysts are expecting annual earnings growth of 32.4%, 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 32% 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
NUE NucorUS$251.921.8%
+US$991.4m		72.1%PE19.9x
STLD Steel DynamicsUS$234.091.3%
+US$431.4m		81.4%PE20.9x
RS RelianceUS$390.111.7%
+US$329.3m		34.3%PE22.3x
CENX Century AluminumUS$46.785.8%
+US$255.4m		115.7%PE7.7x
AMR Alpha Metallurgical ResourcesUS$233.418.2%
+US$225.4m		66.4%PS1.4x

Latest News

KALU
US$163.31
Kaiser Aluminum
7D
6.2%
1Y
113.4%
FCX
US$72.47
Freeport-McMoRan
7D
-9.3%
1Y
61.3%
Seeking Alpha • Sep 01

Freeport-McMoRan: The Trailing Multiple Is Describing An Accident

Summary Freeport-McMoRan offers direct copper exposure, with operational recovery at Grasberg and significant leverage to rising copper prices. FCX trades at 5.5x forward EBITDA versus a historical average of 8.25x, with free cash flow yield projected to rise from 1.78% to nearly 8%. Operational improvements, especially in Indonesia, and by-product credits drive forward cash flow, but license renewal and copper price risks remain material. I would add to FCX here, targeting $108/share on license clarity or Baghdad approval, and trim if copper falls below $5 or license delays persist. Read the full article on Seeking Alpha
HL
US$19.11
Hecla Mining
7D
-8.7%
1Y
114.2%
CENX
US$46.78
Century Aluminum
7D
5.8%
1Y
115.7%
Narrative Update • Aug 26

CENX: Oklahoma Smelter And Tariff Support Will Drive Future Upside Potential

Century Aluminum's analyst price target in this narrative update moves from about $67 to $60, reflecting revised assumptions on growth, profitability, discount rate, and future P/E. These revisions are broadly aligned with recent Street research, including updated models after the Q2 print and new coverage citing capacity restart potential and Oklahoma project visibility.
CDE
US$20.20
Coeur Mining
7D
-6.4%
1Y
47.9%
RGLD
US$254.09
Royal Gold
7D
-5.1%
1Y
38.9%
NEM
US$122.63
Newmont
7D
-9.3%
1Y
61.7%
Narrative Update • Aug 25

NEM: Cash Generation Buybacks And Nevada Assets Will Shape Future Returns

Newmont's analyst price target has been updated to $132.87 from $141.46 as analysts factor in revised gold price assumptions, updated views on projects such as Fourmile and Nevada Gold Mines, and the impact of share buybacks and cost expectations on fair value, discount rates, growth and margin forecasts. Analyst Commentary Recent research updates on Newmont give you a mixed but detailed picture of how the Street is thinking about the stock after recent results, gold price moves, and project updates such as Fourmile and Nevada Gold Mines.
AEM
US$193.46
Agnico Eagle Mines
7D
-13.7%
1Y
30.9%
Narrative Update • Aug 24

AEM: Barnat Disruption And Buybacks Will Shape Fairly Balanced Outlook

The updated analyst price target for Agnico Eagle Mines has moved from $249.60 to $214.98 as analysts incorporate recent Q2 previews, commodity price forecast changes, and revised production and cost assumptions into their models. Analyst Commentary Recent Street research on Agnico Eagle Mines shows a split between analysts who see the current setup as an attractive entry point and those who are more cautious on near term execution and commodity price risk.
AMR
US$233.41
Alpha Metallurgical Resources
7D
8.2%
1Y
66.4%
METC
US$14.01
Ramaco Resources
7D
8.4%
1Y
-41.8%
SCCO
US$201.61
Southern Copper
7D
-8.2%
1Y
115.5%
TX
US$55.67
Ternium
7D
0.9%
1Y
67.3%
Narrative Update • Aug 21

TX: Adjusted Profitability And Discount Rate Assumptions Will Shape Balanced Outlook

Analysts have raised their price target for Ternium to $57.08 from $53.12, citing updated assumptions on the discount rate, revenue growth, profit margin and future P/E as key drivers of the change. What’s in the News for Ternium No recent Ternium specific news items were identified from the provided sources as of 21 Aug 2026.
AU
US$108.13
AngloGold Ashanti
7D
-12.4%
1Y
86.0%
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$234.09
Steel Dynamics
7D
1.3%
1Y
81.4%
NUE
US$251.92
Nucor
7D
1.8%
1Y
72.1%
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
RS
US$390.11
Reliance
7D
1.7%
1Y
34.3%