Investing IdeasBrowse All StocksMarkets
Have your own idea? Try our Stock Screener
Header cover image

U.S. Metals and Mining Industry Analysis

UpdatedJun 24, 2026
DataAggregated Company Financials
Companies269
  • 7D-8.5%
  • 3M4.4%
  • 1Y65.7%
  • YTD9.6%

Over the last 7 days, the Metals and Mining industry has dropped 8.5%, driven by pullbacks in Southern Copper and Newmont of 8.2% and 9.8%, respectively. In contrast, USA Rare Earth has gained 7.0%. Over the past 12 months, the industry was up 66%. 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
Wed, 24 Jun 2026US$789.5bUS$269.2bUS$32.5b18x24.3x2.9x
Fri, 22 May 2026US$771.4bUS$269.2bUS$32.5b17.6x23.8x2.9x
Sun, 19 Apr 2026US$840.8bUS$255.6bUS$25.5b23.1x33x3.3x
Tue, 17 Mar 2026US$748.5bUS$255.1bUS$25.5b21.1x29.3x2.9x
Thu, 12 Feb 2026US$835.9bUS$250.9bUS$23.9b27.3x35x3.3x
Sat, 10 Jan 2026US$717.9bUS$248.3bUS$22.5b27.8x31.8x2.9x
Mon, 08 Dec 2025US$628.1bUS$248.4bUS$22.5b22.2x27.9x2.5x
Wed, 05 Nov 2025US$578.0bUS$246.9bUS$22.3b21.7x25.9x2.3x
Fri, 03 Oct 2025US$573.8bUS$242.4bUS$19.9b24.7x28.8x2.4x
Sun, 31 Aug 2025US$519.7bUS$244.5bUS$20.3b22.9x25.6x2.1x
Tue, 29 Jul 2025US$488.2bUS$243.0bUS$18.6b21.8x26.2x2x
Thu, 26 Jun 2025US$452.7bUS$243.9bUS$17.7b21.3x25.5x1.9x
Sat, 24 May 2025US$471.6bUS$272.4bUS$20.2b20x23.4x1.7x
Mon, 21 Apr 2025US$423.2bUS$263.8bUS$18.0b21.1x23.6x1.6x
Wed, 19 Mar 2025US$432.4bUS$263.1bUS$17.1b23.9x25.3x1.6x
Fri, 14 Feb 2025US$425.9bUS$262.5bUS$12.0b21.4x35.6x1.6x
Sun, 12 Jan 2025US$397.8bUS$265.6bUS$12.1b15.6x32.8x1.5x
Tue, 10 Dec 2024US$436.1bUS$266.1bUS$12.5b19.1x35x1.6x
Thu, 07 Nov 2024US$454.6bUS$266.9bUS$12.0b18.8x37.9x1.7x
Sat, 05 Oct 2024US$461.6bUS$267.5bUS$11.3b14.1x40.9x1.7x
Mon, 02 Sep 2024US$440.8bUS$267.3bUS$11.4b13.8x38.7x1.6x
Wed, 31 Jul 2024US$440.5bUS$266.5bUS$12.8b12.6x34.4x1.7x
Fri, 28 Jun 2024US$431.7bUS$266.3bUS$13.0b13x33.3x1.6x
Sun, 26 May 2024US$459.5bUS$266.9bUS$13.0b14.8x35.3x1.7x
Tue, 23 Apr 2024US$449.4bUS$265.9bUS$15.6b13.7x28.8x1.7x
Thu, 21 Mar 2024US$413.8bUS$266.7bUS$15.7b14.1x26.3x1.6x
Sat, 17 Feb 2024US$383.9bUS$264.4bUS$17.8b16.1x21.6x1.5x
Mon, 15 Jan 2024US$394.1bUS$278.2bUS$19.4b17.1x20.3x1.4x
Wed, 13 Dec 2023US$367.2bUS$278.7bUS$19.8b15x18.6x1.3x
Fri, 10 Nov 2023US$347.3bUS$279.8bUS$20.0b13.5x17.4x1.2x
Sun, 08 Oct 2023US$345.4bUS$283.5bUS$21.9b11.3x15.8x1.2x
Tue, 05 Sep 2023US$366.9bUS$279.2bUS$21.4b12.7x17.2x1.3x
Thu, 03 Aug 2023US$367.8bUS$278.5bUS$22.7b14.1x16.2x1.3x
Sat, 01 Jul 2023US$352.0bUS$284.1bUS$26.0b13x13.5x1.2x
Price to Earnings Ratio

13.5x


Total Market Cap: US$352.0bTotal Earnings: US$26.0bTotal Revenue: US$284.1bTotal Market Cap vs Earnings and Revenue0%0%0%
U.S. Metals and Mining Industry Price to Earnings3Y Average 27.5x202420252026
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 24.3x which is lower than its 3-year average PE of 27.5x.
  • The 3-year average PS ratio of 1.9x is lower than the industry's current PS ratio of 2.9x.
Past Earnings Growth
  • The earnings for companies in the Metals and Mining industry have grown 7.6% 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-2.31%
Materials-4.50%
Metals and Mining-8.55%
Diversified Metals and Mining-3.87%
Precious Metals and Minerals-6.54%
Steel-7.99%
Copper-8.20%
Aluminum-9.55%
Gold-9.70%
Silver-10.10%
Industry PE
  • Investors are most optimistic about the Steel industry which is trading above its 3-year average PE ratio of 25.3x.
    • Analysts expect its future annual earnings growth (24.3%) 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 8.8% 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
USAR USA Rare EarthUS$24.647.0%
+US$370.2m		96.6%PS767x
MP MP MaterialsUS$58.903.2%
+US$329.3m		68.7%PS30.2x
EMAT Evolution Metals & TechnologiesUS$7.447.4%
+US$302.6m		-38.0%PS2349.4x
MTRN MaterionUS$265.343.5%
+US$184.3m		231.3%PE72.2x
TG TredegarUS$8.023.8%
+US$10.0m		-9.8%PE9.7x

Latest News

USAR
US$24.64
USA Rare Earth
7D
7.0%
1Y
96.6%
Seeking Alpha • 15h

USA Rare Earth: Funding Now Secured, Scaling Comes Next

Summary USA Rare Earth remains a Strong Buy, driven by rapid midstream buildout and significant government funding de-risking execution. USAR secured $1.6 billion in low-cost government funding, and with $1.7 billion in cash, USAR is now very well-capitalized. Serra Verde is expected to deliver $550–$650 million annualized EBITDA by 2027, with USAR trading at a 24% EV/EBITDA discount to sector averages. USAR targets 600 tpa magnet capacity by year-end, scaling to 10,000 tpa post-2030, underpinned by robust inventory build and customer pipeline. Read the full article on Seeking Alpha
MP
US$58.90
MP Materials
7D
3.2%
1Y
68.7%
STLD
US$243.69
Steel Dynamics
7D
-11.2%
1Y
90.1%
NEM
US$97.84
Newmont
7D
-9.8%
1Y
68.4%
SCCO
US$178.57
Southern Copper
7D
-8.2%
1Y
91.2%
AEM
US$160.16
Agnico Eagle Mines
7D
-8.9%
1Y
32.9%
NUE
US$239.63
Nucor
7D
-7.5%
1Y
86.9%
FCX
US$64.40
Freeport-McMoRan
7D
-8.2%
1Y
53.3%
Narrative Update • Jun 22

FCX: Elevated Copper Hype Will Be Tested By Prolonged Grasberg Setbacks

Freeport-McMoRan's updated analyst price target has shifted modestly higher to about $49.27 from $48.99. This reflects analysts' broader reassessment of copper producers as several firms raise long term copper views and sector targets, including multiple recent increases in Freeport-McMoRan targets to the $58.50 to $77 range.
LUD
US$5.37
Luda Technology Group
7D
2.9%
1Y
-11.8%
AU
US$83.79
AngloGold Ashanti
7D
-10.8%
1Y
80.6%
Analysis Article • Jun 20

AngloGold Ashanti (AU) Stock Could Be 24.1% Undervalued Ahead Of Earnings

AngloGold Ashanti (AU) is back in focus as investors look ahead to an upcoming earnings release. Many expect it to show significant earnings expansion and improved profitability, given its role in global gold production. See our latest analysis for AngloGold Ashanti. At a share price of $90.87, AngloGold Ashanti has had a 7 day share price return of 5.30%, while its 1 year total shareholder return of 99.85% and 5 year total shareholder return of 447.65% point to strong momentum built over a...
MTRN
US$265.34
Materion
7D
3.5%
1Y
231.3%
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...
FRD
US$35.28
Friedman Industries
7D
1.2%
1Y
114.3%
CDE
US$16.32
Coeur Mining
7D
-13.1%
1Y
83.0%
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.
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
GORO
US$1.33
Gold Resource
7D
3.1%
1Y
137.5%
TG
US$8.02
Tredegar
7D
3.8%
1Y
-9.8%