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U.S. Metals and Mining Industry Analysis

UpdatedJun 03, 2026
DataAggregated Company Financials
Companies260
  • 7D3.8%
  • 3M-0.7%
  • 1Y92.6%
  • YTD23.6%

Freeport-McMoRan is up 11%, leading the way for the Metals and Mining industry, which has gained 3.8%. During this same period, the AngloGold Ashanti underperformed, falling 5.8%. This means that the industry has gained 93% over the past year. 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
Thu, 04 Jun 2026US$826.7bUS$269.2bUS$32.5b22.1x25.5x3.1x
Sat, 02 May 2026US$779.0bUS$265.4bUS$30.2b22.2x25.8x2.9x
Mon, 30 Mar 2026US$717.6bUS$255.3bUS$25.5b21x28.2x2.8x
Wed, 25 Feb 2026US$863.0bUS$254.7bUS$25.3b23.9x34.1x3.4x
Fri, 23 Jan 2026US$807.4bUS$248.5bUS$22.9b27.8x35.2x3.2x
Sun, 21 Dec 2025US$665.2bUS$248.5bUS$22.5b25.4x29.6x2.7x
Tue, 18 Nov 2025US$589.0bUS$248.3bUS$22.5b20.7x26.1x2.4x
Thu, 16 Oct 2025US$611.5bUS$242.1bUS$20.1b25.5x30.5x2.5x
Sat, 13 Sep 2025US$548.1bUS$244.5bUS$20.3b23.9x27x2.2x
Mon, 11 Aug 2025US$497.5bUS$244.4bUS$20.5b21.8x24.3x2x
Wed, 09 Jul 2025US$476.7bUS$243.9bUS$17.9b22.3x26.6x2x
Fri, 06 Jun 2025US$456.3bUS$259.2bUS$17.8b21.5x25.6x1.8x
Sun, 04 May 2025US$426.2bUS$258.8bUS$18.1b22.1x23.5x1.6x
Tue, 01 Apr 2025US$427.7bUS$262.9bUS$16.8b22x25.4x1.6x
Thu, 27 Feb 2025US$416.2bUS$263.7bUS$17.2b21.8x24.1x1.6x
Sat, 25 Jan 2025US$410.6bUS$263.2bUS$11.9b17.1x34.5x1.6x
Mon, 23 Dec 2024US$390.0bUS$265.9bUS$12.5b15.4x31.1x1.5x
Wed, 20 Nov 2024US$435.7bUS$266.8bUS$12.5b19.1x34.9x1.6x
Fri, 18 Oct 2024US$468.1bUS$267.1bUS$11.2b14.7x41.8x1.8x
Sun, 15 Sep 2024US$432.1bUS$267.5bUS$11.4b13.9x37.9x1.6x
Tue, 13 Aug 2024US$420.4bUS$267.1bUS$11.5b12.8x36.5x1.6x
Thu, 11 Jul 2024US$446.8bUS$266.4bUS$12.8b13.5x35x1.7x
Sat, 08 Jun 2024US$451.8bUS$266.7bUS$13.0b14.6x34.7x1.7x
Mon, 06 May 2024US$447.4bUS$267.0bUS$13.3b13.3x33.7x1.7x
Wed, 03 Apr 2024US$443.5bUS$266.3bUS$15.7b14.3x28.3x1.7x
Fri, 01 Mar 2024US$376.0bUS$266.3bUS$16.0b13.9x23.5x1.4x
Sun, 28 Jan 2024US$387.1bUS$277.7bUS$19.2b16.8x20.2x1.4x
Tue, 26 Dec 2023US$418.3bUS$278.9bUS$19.4b17.9x21.5x1.5x
Thu, 23 Nov 2023US$364.0bUS$280.1bUS$20.0b15.1x18.2x1.3x
Sat, 21 Oct 2023US$332.8bUS$282.8bUS$22.1b11.7x15.1x1.2x
Mon, 18 Sep 2023US$356.3bUS$279.1bUS$21.4b12.6x16.7x1.3x
Wed, 16 Aug 2023US$355.8bUS$276.5bUS$21.7b13.3x16.4x1.3x
Fri, 14 Jul 2023US$372.2bUS$284.5bUS$26.0b13.5x14.3x1.3x
Sun, 11 Jun 2023US$337.1bUS$284.7bUS$26.4b12.6x12.8x1.2x
Price to Earnings Ratio

12.8x


Total Market Cap: US$337.1bTotal Earnings: US$26.4bTotal Revenue: US$284.7bTotal Market Cap vs Earnings and Revenue0%0%0%
U.S. Metals and Mining Industry Price to Earnings3Y Average 27.2x202420252026
Current Industry PE
  • Investors are relatively neutral on the American Metals and Mining industry at the moment, indicating that they anticipate long term growth rates to remain steady.
  • The industry is trading close to its 3-year average PE ratio of 27.2x.
  • The 3-year average PS ratio of 1.9x 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 7.2% 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 Market1.22%
Materials1.06%
Metals and Mining3.78%
Aluminum8.11%
Copper7.99%
Steel7.72%
Diversified Metals and Mining5.94%
Precious Metals and Minerals1.78%
Silver1.27%
Gold-2.02%
Industry PE
  • Investors are most optimistic about the Steel industry which is trading above its 3-year average PE ratio of 24.5x.
    • Analysts expect its future annual earnings growth (24.5%) 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 40% over the next 5 years.
  • However this is lower than its past earnings growth rate of 93% per year.
  • In contrast, the Copper industry is expected to see its earnings grow by 8.5% 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$70.6411.0%
+US$10.1b		72.9%PE37.3x
SCCO Southern CopperUS$196.594.7%
+US$7.4b		117.6%PE33x
NUE NucorUS$257.734.6%
+US$2.6b		111.5%PE25.3x
STLD Steel DynamicsUS$275.136.5%
+US$2.4b		103.8%PE28.9x
AA AlcoaUS$80.8610.5%
+US$2.0b		195.4%PE20.8x

Latest News

AEM
US$171.65
Agnico Eagle Mines
7D
-1.9%
1Y
38.9%
Seeking Alpha • 1h

Agnico Eagle: Locking Down Lapland With Ikkari In The Nest

Summary Agnico Eagle Mines Limited reported a robust Q1 '26, reaffirming cost and production guidance despite sector-wide headwinds and executing a transformative Finland land consolidation. The Rupert (Ikkari) acquisition adds ~7% to reserves and production with minimal dilution, creating a multi-asset, multi-decade Finnish platform targeting 500,000 oz/year regional output. While AEM still trades at a premium to most of its peers, this premium remains justified with unrivaled Tier-1 jurisdictional exposure, exceptional per share growth and a phenomenal pipeline. With AEM offering a rare mix of quality/growth with a laser focus on per share metrics, a rarity within the sector, sharp pullbacks from here should offer a buying opportunity,. Read the full article on Seeking Alpha
STLD
US$275.13
Steel Dynamics
7D
6.5%
1Y
103.8%
SCCO
US$196.59
Southern Copper
7D
4.7%
1Y
117.6%
AUGO
US$64.23
Aura Minerals
7D
-14.1%
1Y
151.9%
Seeking Alpha • 8h

Aura Minerals: A Cheap Gold Miner With Room To Run

Summary Aura Minerals is initiated at Buy, benefiting from higher gold prices, increased production, and low cash costs. AUGO's revenue and EBITDA margins have surged, with 2025 guidance showing significant operational leverage and upside to consensus estimates. The stock trades at a material discount to peers, reflecting country risk, but multiple expansion toward 10–11x P/E is plausible if gold prices persist. Geopolitical instability supports gold as a hedge, making AUGO an attractive, quality exposure for diversified portfolios despite Latin American risk. Read the full article on Seeking Alpha
CRML
US$11.01
Critical Metals
7D
-4.9%
1Y
659.3%
NUE
US$257.73
Nucor
7D
4.6%
1Y
111.5%
Narrative Update • Jun 02

NUE: Tariff Support And New Mills Will Shape Future Earnings Resilience

Analysts nudged their Nucor fair value estimate higher to $244.14 from $240.71, reflecting fresh price targets in the $260 to $270 range, as well as recent research pointing to improved profitability and continued interest in the stock within the metals and mining sector. Analyst Commentary Bullish Takeaways Bullish analysts are assigning fresh price targets in the US$260 to US$270 range, which sits above the current blended fair value estimate of US$244.14 and supports the idea that the stock still has upside in their models.
AA
US$80.86
Alcoa
7D
10.5%
1Y
195.4%
HL
US$16.67
Hecla Mining
7D
-1.6%
1Y
172.8%
Narrative Update • Jun 02

HL: Debt Free Silver Pivot Will Eventually Strain Elevated Future P/E

Analysts have nudged their price target for Hecla Mining up by about $0.34 per share to $14.19, reflecting updated views on fair value, discount rate, revenue growth expectations, profit margins, and future P/E assumptions. What's in the News Hecla Mining reports being debt free after redeeming its final senior notes in April 2026, funded mainly by the sale of its Casa Berardi gold operation.
MP
US$68.55
MP Materials
7D
5.1%
1Y
178.9%
CLF
US$14.15
Cleveland-Cliffs
7D
10.3%
1Y
87.7%
Narrative Update • May 31

CLF: Tariff Policy And Leverage Concerns Will Shape Future Earnings Power

Analysts have reduced the Cleveland-Cliffs fair value estimate by about $2.40 to $14.42 per share, reflecting lower assumed revenue growth and P/E multiple, along with a modestly higher profit margin outlook and recent cautious coverage, including new Underweight ratings with a $9 price target. Analyst Commentary Recent Street research on Cleveland-Cliffs has leaned cautious overall, with several firms assigning Underweight ratings and lower price targets.
FCX
US$70.64
Freeport-McMoRan
7D
11.0%
1Y
72.9%
DRD
US$25.30
DRDGOLD
7D
-3.1%
1Y
61.4%
Seeking Alpha • May 30

DRDGOLD: A Debt-Free Gold Proxy With Strong Margins And Execution Risk

Summary DRDGOLD offers a compelling 'Buy' case with a 12-month target price of $35.39, implying 36.10% upside at current gold prices. DRD's debt-free balance sheet, 53.7% operating margin, and disciplined capital allocation underpin robust cash generation and sustainable dividends. Vision 2028 targets doubling processing capacity, and extending mine life and is fully funded by operating cash flow, supporting long-term growth. Key risks include gold price volatility, sodium cyanide supply, and execution on Vision 2028 milestones, but DRD's operational leverage and cost discipline provide resilience. Read the full article on Seeking Alpha
AU
US$89.85
AngloGold Ashanti
7D
-4.9%
1Y
94.8%
Narrative Update • May 28

AU: New Buyback And Dividend Policy Will Support Future Upside

Analysts now place AngloGold Ashanti's price target at $123.29, up from $121.86, reflecting updated assumptions for the discount rate, revenue growth, profit margin, and future P/E. What's in the News The Board of Directors authorized a share repurchase plan under which AngloGold Ashanti may buy back up to US$2,000m of its common stock, subject to shareholder approval (Buyback Transaction Announcements).
RGLD
US$216.76
Royal Gold
7D
-0.7%
1Y
17.8%
BVN
US$33.86
Compañía de Minas BuenaventuraA
7D
-2.2%
1Y
109.4%
RS
US$393.95
Reliance
7D
4.1%
1Y
27.7%
Narrative Update • May 18

RS: Future Returns Will Depend On Ongoing Buybacks And Dividend Increases

Analysts have raised their price target for Reliance from $344.38 to $357.75. This change reflects updated assumptions around revenue growth, profit margins and future P/E expectations.