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U.S. Metals and Mining Industry Analysis

UpdatedJul 25, 2026
DataAggregated Company Financials
Companies271
  • 7D4.4%
  • 3M-10.8%
  • 1Y47.0%
  • YTD5.2%

Freeport-McMoRan is up 7.2%, leading the way for the Metals and Mining industry, which has gained 4.4%. In the same time, MP Materials was down 8.7%. This means that the industry has gained 47% over the past year. As for the next few years, earnings are expected to grow by 12% per annum.

Industry Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Sat, 25 Jul 2026US$729.9bUS$275.3bUS$34.2b16.3x21.3x2.7x
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
Price to Earnings Ratio

17.3x


Total Market Cap: US$383.2bTotal Earnings: US$22.1bTotal Revenue: US$276.7bTotal Market Cap vs Earnings and Revenue0%0%0%
U.S. Metals and Mining Industry Price to Earnings3Y Average 27.7x202420252026
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 21.3x which is lower than its 3-year average PE of 27.7x.
  • The 3-year average PS ratio of 1.9x is lower than the industry's current PS ratio of 2.7x.
Past Earnings Growth
  • The earnings for companies in the Metals and Mining industry have grown 16% 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-1.06%
Materials1.74%
Metals and Mining4.37%
Copper5.16%
Silver5.00%
Gold4.82%
Steel4.45%
Aluminum3.35%
Diversified Metals and Mining-2.35%
Precious Metals and Minerals-6.02%
Industry PE
  • Investors are most optimistic about the Steel industry which is trading above its 3-year average PE ratio of 26.2x.
    • Analysts are expecting annual earnings growth of 21.8%, which is lower than the prior year's growth of 42.4% 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 93% per year.
  • In contrast, the Aluminum industry is expected to see its earnings grow by 5.4% 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$62.607.2%
+US$6.1b		39.5%PE30.6x
SCCO Southern CopperUS$179.293.9%
+US$5.7b		89.5%PE26.4x
AEM Agnico Eagle MinesUS$145.136.0%
+US$4.1b		14.4%PE13.6x
NEM NewmontUS$93.193.9%
+US$3.3b		41.7%PE11.4x
NUE NucorUS$247.564.6%
+US$2.5b		69.8%PE24.3x

Latest News

CLF
US$11.93
Cleveland-Cliffs
7D
28.6%
1Y
4.3%
FCX
US$62.60
Freeport-McMoRan
7D
7.2%
1Y
39.5%
NEM
US$93.19
Newmont
7D
3.9%
1Y
41.7%
SGML
US$9.63
Sigma Lithium
7D
-6.1%
1Y
35.3%
AU
US$79.67
AngloGold Ashanti
7D
3.8%
1Y
58.8%
Narrative Update • Jul 23

AU: Geita Financing And Buybacks Will Support Stronger Future Shareholder Returns

Analysts have revised their price target for AngloGold Ashanti to $134.00 from $155.00, citing updated assumptions for revenue growth, profit margins, the discount rate, and the future P/E multiple. What's in the News Nedbank CIB arranged a US$500 million (about $714.2 million) financing facility for AngloGold Ashanti’s Geita Gold Mine in Tanzania, one of the largest mine financings solely underwritten by an African bank, with funds intended to support mine life beyond 10 years and production targets towards 600,000 oz per year.
MTRN
US$241.02
Materion
7D
-1.7%
1Y
154.2%
SCCO
US$179.29
Southern Copper
7D
3.9%
1Y
89.5%
Narrative Update • Jul 23

SCCO: Elevated P E And Copper Euphoria Will Restrain Future Returns

Southern Copper's analyst price targets have shifted higher, with the internal fair value estimate rising from $163.13 to $167.79 as analysts factor in updated copper price forecasts, firmer profit margin assumptions, and a tighter supply outlook for the metal. Analyst Commentary Recent Street research on Southern Copper shows a mix of optimism on copper fundamentals and caution on the stock's valuation and risk reward, with several price targets clustered around the US$135 to US$172 range.
CRML
US$5.81
Critical Metals
7D
-9.2%
1Y
33.9%
STLD
US$247.11
Steel Dynamics
7D
4.9%
1Y
88.9%
Narrative Update • Jul 22

STLD: Tight Supply And Record Shipments Will Support Earnings Power

Analysts have lifted the Steel Dynamics fair value estimate by $55 to $310, reflecting updated views on sector pricing, tighter supply conditions, and company margins, even as some Street price targets on the stock have recently been trimmed or reset. Analyst Commentary Recent Street commentary around Steel Dynamics highlights a mixed but generally constructive backdrop, with several firms fine tuning price targets and earnings expectations ahead of upcoming quarters.
USAR
US$14.15
USA Rare Earth
7D
-9.6%
1Y
17.7%
Narrative Update • Jul 21

USAR: CHIPS Funding And New Leadership Will Drive Mine To Magnet Chain

Analysts now see fair value for USA Rare Earth at $30, down from $32. The change reflects updated sector valuation inputs along with continued confidence that new leadership and recently secured funding support the company’s mine to magnet build out.
MP
US$41.30
MP Materials
7D
-8.7%
1Y
-33.5%
METC
US$10.35
Ramaco Resources
7D
-11.2%
1Y
-54.1%
Narrative Update • Jul 20

METC: Brook Mine Minerals Will Drive Future Cash Generation Despite Sector Headwinds

The Ramaco Resources analyst price target in this framework moves from $16.00 to $13.00 as analysts recalibrate expectations following Q1 updates. The sector view currently favors copper, precious metals, and other commodities over coal exposure.
NUE
US$247.56
Nucor
7D
4.6%
1Y
69.8%
Narrative Update • Jul 16

NUE: Tight Steel Supply And Higher P E Assumptions Will Shape Returns

Nucor's updated analyst price target rises from about $189 to $234, reflecting analysts' focus on higher modeled revenue growth, a richer future P/E assumption, and continued support from recent price target revisions across the Street. Analyst Commentary Recent research on Nucor shows a mix of optimism on long term steel pricing and demand, paired with pockets of caution around valuation, earnings quality, and how much good news is already reflected in the stock.
AEM
US$145.13
Agnico Eagle Mines
7D
6.0%
1Y
14.4%
Narrative Update • Jul 13

AEM: Barnat Production Disruption Will Ultimately Cap Upside Despite Rich Pipeline

The updated analyst price target for Agnico Eagle Mines reflects a lower fair value estimate of $118.47. Analysts cite reduced commodity price forecasts, production adjustments at Canadian Malartic, and expectations for mixed near term sector conditions.
ALOY
US$7.03
REalloys
7D
-20.9%
1Y
-5.7%
SIM
US$26.51
Grupo Simec. de
7D
-11.2%
1Y
-5.2%