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U.S. Metals and Mining Industry Analysis

UpdatedFeb 04, 2026
DataAggregated Company Financials
Companies277
  • 7D-1.3%
  • 3M43.3%
  • 1Y106.0%
  • YTD21.1%

Over the last 7 days, the Metals and Mining industry has dropped 1.3%, driven by declines in Newmont and Agnico Eagle Mines of 7.8% and 8.7%, respectively. In contrast, Southern Copper has gained 11%. This takes the industry's 12 month performance to a gain of 106%. Earnings are forecast to grow by 18% annually.

Industry Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
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
Tue, 18 Apr 2023US$367.5bUS$293.3bUS$30.8b11.2x11.9x1.3x
Thu, 16 Mar 2023US$332.7bUS$293.2bUS$31.0b7.8x10.7x1.1x
Sat, 11 Feb 2023US$365.5bUS$295.6bUS$35.5b7.7x10.3x1.2x
Price to Earnings Ratio

10.3x


Total Market Cap: US$365.5bTotal Earnings: US$35.5bTotal Revenue: US$295.6bTotal Market Cap vs Earnings and Revenue0%0%0%
U.S. Metals and Mining Industry Price to Earnings3Y Average 25.3x202420252026
Current Industry PE
  • Investors are optimistic on the American Metals and Mining industry, and appear confident in long term growth rates.
  • The industry is trading at a PE ratio of 33.2x which is higher than its 3-year average PE of 25.3x.
  • The 3-year average PS ratio of 1.7x 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 declined 13% per year over the last three years,
  • Revenues have also declined 5.3% per year.
  • This means overall sales from these companies are declining and profits are subsequently falling as well.

Industry Trends

Which industries have driven the changes within the U.S. Materials industry?

US Market-1.35%
Materials0.43%
Metals and Mining-1.25%
Copper7.70%
Steel5.51%
Aluminum4.78%
Diversified Metals and Mining-3.22%
Gold-8.70%
Precious Metals and Minerals-13.01%
Silver-17.08%
Industry PE
  • Investors are most optimistic about the Silver industry which is trading above its 3-year average PE ratio of 11.8x.
    • Analysts are expecting annual earnings growth of 36.6% and investors are willing to pay a premium for that growth.
Forecasted Growth
  • Analysts are most optimistic on the Diversified Metals and Mining industry, expecting annual earnings growth of 64% over the next 5 years.
  • This is better than its past earnings growth rate of 33% per year.
  • In contrast, the Copper industry is expected to see its earnings grow by 8.2% 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
SCCO Southern CopperUS$215.4410.6%
+US$16.9b		139.4%PE40.7x
NUE NucorUS$186.507.4%
+US$3.0b		42.6%PE24.5x
FCX Freeport-McMoRanUS$64.672.9%
+US$2.6b		77.3%PE42.1x
STLD Steel DynamicsUS$192.959.8%
+US$2.5b		52.7%PE23.8x
USAR USA Rare EarthUS$25.97-1.4%
US$1.8b		104.5%PE-19.8x

Latest News

SCCO
US$215.44
Southern Copper
7D
10.6%
1Y
139.4%
NUE
US$186.50
Nucor
7D
7.4%
1Y
42.6%
HL
US$23.44
Hecla Mining
7D
-17.2%
1Y
298.6%
CMC
US$81.87
Commercial Metals
7D
7.0%
1Y
70.8%

CMC: Ongoing Buybacks And Refined Assumptions Will Guide A Balanced Outlook

Analysts have nudged their price target on Commercial Metals slightly higher to about US$80.30 from roughly US$79.90, reflecting updated views on fair value, discount rate, revenue growth, profit margin and future P/E assumptions. What's in the News Commercial Metals repurchased 663,220 shares between October 1, 2025 and November 30, 2025 for US$38.9 million, representing 0.6% of the company.
AU
US$100.74
AngloGold Ashanti
7D
-7.9%
1Y
226.4%

AU: Rising Output And Dividend Will Support A Stronger Outlook

Analysts have made a small upward revision to their price target for AngloGold Ashanti to $132 from $131, reflecting slightly higher assumptions for revenue growth, profit margins, and the P/E they are prepared to use in their models. What's in the News AngloGold Ashanti plc declared an interim dividend of US$0.91 per share for the three months ended 30 September 2025, with the ex dividend and record date on the NYSE set for Friday, 28 November 2025, and payment scheduled for Friday, 12 December 2025 (company announcement).
AA
US$61.35
Alcoa
7D
2.8%
1Y
69.3%

AA: Low Carbon Smelting And Margin Assumptions Will Shape Balanced Future Returns

Analysts have raised their price target on Alcoa from US$45.42 to US$61.08. They cite updates in their models that reflect revised assumptions for fair value, discount rate, revenue growth, profit margins, and future P/E multiples.
CDE
US$21.26
Coeur Mining
7D
-17.3%
1Y
207.2%
AEM
US$197.35
Agnico Eagle Mines
7D
-8.7%
1Y
106.5%
FCX
US$64.67
Freeport-McMoRan
7D
2.9%
1Y
77.3%
STLD
US$192.95
Steel Dynamics
7D
9.8%
1Y
52.7%
RS
US$336.09
Reliance
7D
2.7%
1Y
19.3%

RS: Updated Return Assumptions And P/E Outlook Will Guide Future Per Share Returns

Analysts have nudged their fair value estimate for Reliance from ₹316.25 to ₹324.63, citing updated assumptions around revenue growth, profit margins, and future P/E expectations. Valuation Changes Fair Value: Revised slightly higher from ₹316.25 to ₹324.63, reflecting updated model inputs.
USAR
US$25.97
USA Rare Earth
7D
-1.4%
1Y
104.5%
RGLD
US$265.17
Royal Gold
7D
-9.7%
1Y
86.7%

Copper Growth Projects And Extended Mount Milligan Life Will Transform Long Term Cash Flows

Catalysts About Royal Gold Royal Gold is a precious metals royalty and streaming company with a portfolio focused on gold, silver and copper interests across producing and development assets. What are the underlying business or industry changes driving this perspective?
NEM
US$117.14
Newmont
7D
-7.8%
1Y
170.2%

NEM: Future Barrick Nevada Deal Pursuit Will Likely Pressure Stretched Shares

Narrative Update on Newmont Analysts have lifted their implied price target on Newmont by about US$7 per share, reflecting updated views on fair value, refreshed commodity price assumptions, and company guidance that points to revenue growth, a different profit margin profile, and a slightly higher future P/E multiple. Analyst Commentary Recent Street research on Newmont has centered on refreshed commodity price assumptions, updated company guidance, and how those factors flow through to valuation.
DRD
US$32.71
DRDGOLD
7D
-14.6%
1Y
202.3%
HYMC
US$42.07
Hycroft Mining Holding
7D
-18.6%
1Y
1,524.3%