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U.S. Metals and Mining Industry Analysis

UpdatedDec 14, 2025
DataAggregated Company Financials
Companies269
  • 7D3.5%
  • 3M18.0%
  • 1Y64.2%
  • YTD75.9%

Over the last 7 days, the Metals and Mining industry has risen 3.5%, driven by gains from Newmont of 9.3%. In the same time, MP Materials was down 8.7%. In the last 12 months, the industry was up 64%. 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
Sun, 14 Dec 2025US$649.9bUS$248.4bUS$22.5b24.5x28.9x2.6x
Tue, 11 Nov 2025US$576.5bUS$247.2bUS$22.3b23.4x25.9x2.3x
Thu, 09 Oct 2025US$583.3bUS$242.4bUS$20.0b24.5x29.2x2.4x
Sat, 06 Sep 2025US$527.1bUS$244.5bUS$20.3b23.2x25.9x2.2x
Mon, 04 Aug 2025US$461.3bUS$244.4bUS$20.5b20.8x22.5x1.9x
Wed, 02 Jul 2025US$457.4bUS$243.9bUS$17.7b22.3x25.8x1.9x
Fri, 30 May 2025US$435.2bUS$259.1bUS$17.8b20.2x24.4x1.7x
Sun, 27 Apr 2025US$437.7bUS$265.0bUS$19.9b20.9x22x1.7x
Tue, 25 Mar 2025US$433.5bUS$262.9bUS$16.9b23.5x25.7x1.6x
Thu, 20 Feb 2025US$430.0bUS$263.1bUS$12.8b21.8x33.6x1.6x
Sat, 18 Jan 2025US$410.0bUS$263.0bUS$11.9b15.5x34.4x1.6x
Mon, 16 Dec 2024US$417.7bUS$266.1bUS$12.5b17.2x33.3x1.6x
Wed, 13 Nov 2024US$446.8bUS$266.9bUS$12.5b19x35.8x1.7x
Fri, 11 Oct 2024US$458.8bUS$267.4bUS$11.3b13.9x40.7x1.7x
Sun, 08 Sep 2024US$407.5bUS$267.4bUS$11.4b12.9x35.8x1.5x
Tue, 06 Aug 2024US$425.5bUS$266.6bUS$11.2b13x37.9x1.6x
Thu, 04 Jul 2024US$449.0bUS$266.3bUS$12.7b13.7x35.2x1.7x
Sat, 01 Jun 2024US$461.6bUS$266.9bUS$13.0b14.6x35.4x1.7x
Mon, 29 Apr 2024US$452.8bUS$267.2bUS$14.6b13.3x31x1.7x
Wed, 27 Mar 2024US$425.0bUS$266.5bUS$15.7b14x27.1x1.6x
Fri, 23 Feb 2024US$383.9bUS$265.6bUS$17.6b14.5x21.8x1.4x
Sun, 21 Jan 2024US$378.0bUS$278.1bUS$19.6b17.5x19.2x1.4x
Tue, 19 Dec 2023US$397.4bUS$278.8bUS$19.4b16.4x20.5x1.4x
Thu, 16 Nov 2023US$358.9bUS$280.0bUS$20.0b15x18x1.3x
Sat, 14 Oct 2023US$342.3bUS$283.2bUS$21.8b11.7x15.7x1.2x
Mon, 11 Sep 2023US$358.9bUS$279.1bUS$21.4b12.5x16.8x1.3x
Wed, 09 Aug 2023US$366.4bUS$277.5bUS$22.0b13.9x16.7x1.3x
Fri, 07 Jul 2023US$341.4bUS$284.1bUS$26.0b12.8x13.1x1.2x
Sun, 04 Jun 2023US$333.7bUS$284.7bUS$26.4b12.8x12.7x1.2x
Tue, 02 May 2023US$348.9bUS$286.1bUS$27.0b11.3x12.9x1.2x
Thu, 30 Mar 2023US$355.6bUS$293.2bUS$29.2b10.8x12.2x1.2x
Sat, 25 Feb 2023US$353.4bUS$293.3bUS$31.2b7.7x11.3x1.2x
Mon, 23 Jan 2023US$373.5bUS$297.9bUS$37.9b7.6x9.8x1.3x
Wed, 21 Dec 2022US$323.8bUS$298.2bUS$38.0b6.6x8.5x1.1x
Price to Earnings Ratio

8.5x


Total Market Cap: US$323.8bTotal Earnings: US$38.0bTotal Revenue: US$298.2bTotal Market Cap vs Earnings and Revenue0%0%0%
U.S. Metals and Mining Industry Price to Earnings3Y Average 24.2x202320242025
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 28.9x which is higher than its 3-year average PE of 24.2x.
  • The 3-year average PS ratio of 1.6x is lower than the industry's current PS ratio of 2.6x.
Past Earnings Growth
  • The earnings for companies in the Metals and Mining industry have declined 16% per year over the last three years,
  • Revenues have also declined 5.9% 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-0.59%
Materials2.54%
Metals and Mining3.52%
Silver10.85%
Precious Metals and Minerals7.18%
Gold4.88%
Aluminum4.33%
Steel3.01%
Copper2.65%
Diversified Metals and Mining-4.36%
Industry PE
  • Investors are most optimistic about the Silver industry which is trading above its 3-year average PE ratio of 3.3x.
    • Analysts are expecting annual earnings growth of 31.8% 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 69% 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 10% 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
NEM NewmontUS$98.149.3%
+US$9.1b		144.0%PE14.9x
FCX Freeport-McMoRanUS$47.384.8%
+US$3.1b		13.9%PE32.9x
SCCO Southern CopperUS$142.411.4%
+US$1.6b		47.6%PE30.5x
RGLD Royal GoldUS$218.758.5%
+US$1.4b		48.9%PE38.5x
NUE NucorUS$165.113.5%
+US$1.3b		31.8%PE22.9x

Latest News

CRML
US$9.18
Critical Metals
7D
-9.1%
1Y
44.6%
HL
US$18.81
Hecla Mining
7D
10.8%
1Y
248.3%

Revenues Not Telling The Story For Hecla Mining Company (NYSE:HL) After Shares Rise 31%

Dec 12
Revenues Not Telling The Story For Hecla Mining Company (NYSE:HL) After Shares Rise 31%
SCCO
US$142.41
Southern Copper
7D
1.4%
1Y
47.6%
CDE
US$17.25
Coeur Mining
7D
8.8%
1Y
163.0%
NUE
US$165.11
Nucor
7D
3.5%
1Y
31.8%

NUE: Future Steel Demand And Tariff Policy Will Shape Share Performance

The analyst price target for Nucor has been raised by $4.00 to $173.69, as analysts factor in modestly stronger long term revenue growth, slightly higher margins, and a firmer valuation backdrop supported by recent upward target revisions across the Street, despite a still challenging macro environment. Analyst Commentary Bullish analysts have steadily lifted their price targets on Nucor, citing a more constructive long term outlook for steel pricing and demand, as well as the companys demonstrated ability to execute through cycles.
MP
US$56.66
MP Materials
7D
-8.7%
1Y
192.5%

MP: Saudi Refinery Venture Will Drive Future Profitability And Upside Potential

Analysts have nudged their price target on MP Materials slightly higher to approximately 79.29 dollars from about 79.11 dollars, citing modestly stronger long term revenue growth expectations. These expectations more than offset a small downward tweak to projected profit margins and a marginally higher discount rate.
TX
US$38.17
Ternium
7D
-0.7%
1Y
24.3%

TX: Slightly Higher Required Return Will Shape Fairly Balanced Outlook

Analysts have modestly raised their price target on Ternium to bring it more in line with their fair value estimate of approximately $36.81 per share. This adjustment reflects slightly higher assumed discount rates while keeping expectations for revenue growth, profit margins, and future valuation multiples broadly unchanged.
FCX
US$47.38
Freeport-McMoRan
7D
4.8%
1Y
13.9%

FCX: Higher Copper Prices Will Gradually Balance Grasberg Disruption And Policy Support Risks

Analysts have nudged their blended price target for Freeport McMoRan slightly higher to about $48.50 from roughly $47.90. This reflects a wave of recent upgrades and higher copper and gold price assumptions that more than offset lingering concerns around Grasberg related production cuts and macro headwinds.
CMP
US$17.35
Compass Minerals International
7D
-14.4%
1Y
32.8%
AEM
US$168.27
Agnico Eagle Mines
7D
-0.3%
1Y
101.0%

AEM: Geopolitical Uncertainty And Gold Rally Will Drive Future Upside

Analysts have nudged their price target for Agnico Eagle Mines higher, reflecting an improved fair value estimate of about $195 per share. This is driven by more constructive assumptions on revenue growth, margins, and sustained support from higher gold price forecasts and sector tailwinds.
NEM
US$98.14
Newmont
7D
9.3%
1Y
144.0%

NEM: Shares Will Rise On Constructive Gold Cycle And Acquisition Ambitions

Analysts have nudged our Newmont fair value estimate modestly higher to approximately $105, reflecting a series of higher Street price targets, stronger expected revenue growth and margins, and sustained optimism around gold and broader metals pricing, despite a still challenging macro backdrop. Analyst Commentary Recent Street research for Newmont has skewed overwhelmingly positive, with multiple upward price target revisions and several rating upgrades clustered in a short time frame.
TMC
US$6.64
TMC the metals
7D
-12.5%
1Y
730.0%
STLD
US$171.97
Steel Dynamics
7D
4.1%
1Y
40.5%

STLD: Demand Recovery And Tariff Risks Will Shape Performance Ahead

The consensus analyst price target for Steel Dynamics has increased by $2.50, as analysts cite resilient U.S. and European demand and recent updates to price forecasts despite ongoing macroeconomic challenges. Analyst Commentary Recent analyst updates highlight a mix of optimism and caution regarding Steel Dynamics' outlook, with several notable price target adjustments and rating changes.
RGLD
US$218.75
Royal Gold
7D
8.5%
1Y
48.9%

RGLD: Recent Acquisitions And Precious Metals Rally Will Support Stronger Returns

Royal Gold’s analyst price target has increased slightly to $248.55. Analysts cite portfolio enhancements, ongoing M&A momentum, and supportive market conditions as key factors behind their updated outlook.
UAMY
US$5.60
United States Antimony
7D
-11.9%
1Y
191.7%

UAMY: New Long-Term Supply Agreement Will Strengthen Domestic Market Position

Analysts have modestly raised their price target for United States Antimony to $9.67 per share, citing slight adjustments in long-term assumptions. These include higher discount rates and lower profit margin expectations.
METC
US$15.60
Ramaco Resources
7D
-11.6%
1Y
29.8%

METC: Future Upside To Be Driven By Wyoming Rare Earths Ramp Up

Analysts have revised Ramaco Resources’ fair value estimate downward from approximately $43 to $39.14 per share. This adjustment is due to recalibrated revenue growth expectations, a slight increase in the discount rate, and updated profit margin forecasts following coverage updates that highlight both growth potential and sector challenges.