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U.S. Metals and Mining Industry Analysis

UpdatedMay 02, 2026
DataAggregated Company Financials
Companies266
  • 7D-4.7%
  • 3M-1.5%
  • 1Y85.8%
  • YTD12.5%

Over the last 7 days, the Metals and Mining industry has dropped 2.2%, driven by Newmont declining 10%. In contrast, Nucor has gained 5.5%. Over the past 12 months, the industry was up 89%. As for the next few years, earnings are expected to grow by 15% 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, 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
Tue, 09 May 2023US$349.1bUS$285.7bUS$26.8b11.4x13x1.2x
Price to Earnings Ratio

13x


Total Market Cap: US$349.1bTotal Earnings: US$26.8bTotal Revenue: US$285.7bTotal Market Cap vs Earnings and Revenue0%0%0%
U.S. Metals and Mining Industry Price to Earnings3Y Average 26.9x202420252026
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 26.9x.
  • The 3-year average PS ratio of 1.8x 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 2.8% per year over the last three years.
  • Meanwhile revenues for these companies have declined 2.7% per year.
  • This means that less sales are being generated overall, but since cost of doing business is lower, profits have been increasing.

Industry Trends

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

US Market0.80%
Materials-2.25%
Metals and Mining-4.73%
Precious Metals and Minerals8.28%
Diversified Metals and Mining6.86%
Steel2.79%
Aluminum-3.37%
Silver-4.00%
Copper-5.97%
Gold-8.59%
Industry PE
  • Investors are most optimistic about the Steel industry which is trading above its 3-year average PE ratio of 23.5x.
    • Analysts are expecting annual earnings growth of 22.1%, which is higher than its past year's earnings growth of 14.9% per year.
Forecasted Growth
  • Analysts are most optimistic on the Diversified Metals and Mining industry, expecting annual earnings growth of 44% over the next 5 years.
  • However this is lower than its past earnings growth rate of 86% per year.
  • In contrast, the Copper industry is expected to see its earnings grow by 9.0% 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
NUE NucorUS$226.045.5%
+US$2.7b		83.8%PE22.2x
MP MP MaterialsUS$66.639.7%
+US$1.0b		166.4%PS43x
USAR USA Rare EarthUS$26.3320.4%
+US$974.4m		155.4%PS3493.3x
RS RelianceUS$365.854.0%
+US$723.4m		23.1%PE23.2x
CLF Cleveland-CliffsUS$10.517.7%
+US$427.8m		18.4%PS0.3x

Latest News

CLF
US$10.51
Cleveland-Cliffs
7D
7.7%
1Y
18.4%
AEM
US$183.56
Agnico Eagle Mines
7D
-8.3%
1Y
65.2%
RS
US$365.85
Reliance
7D
4.0%
1Y
23.1%
SCCO
US$171.18
Southern Copper
7D
-5.1%
1Y
95.1%
FCX
US$56.55
Freeport-McMoRan
7D
-7.4%
1Y
50.4%
AA
US$62.63
Alcoa
7D
-5.1%
1Y
145.3%

AA: Higher Margin Outlook And Production Plans Will Support Future Upside

Analysts have lifted their price target for Alcoa to $73.87 from $72.48, reflecting updated expectations around potential revenue growth, profit margins, and a lower assumed future P/E multiple. What's in the News Alcoa reported first quarter 2026 production results, with Bauxite output of 9.1 mdmt compared with 9.5 mdmt a year earlier, Alumina production of 2,355 kmt in line with the prior year, and Aluminum production of 607 kmt compared with 564 kmt a year ago (Key Developments).
NUE
US$226.04
Nucor
7D
5.5%
1Y
83.8%

Long Duration Infrastructure Projects And New Mill Capacity Will Support Stronger Future Earnings Power

Catalysts About Nucor Nucor produces steel and steel products across mills, downstream fabrication and raw materials operations in North America. What are the underlying business or industry changes driving this perspective?
AU
US$92.76
AngloGold Ashanti
7D
-6.6%
1Y
130.9%

AU: Arthur Project Reserve And Dividend Will Support Stronger Future Returns

Analysts have trimmed their price target for AngloGold Ashanti from $164.00 to $155.00, linking the change to updated assumptions that include a higher discount rate, slightly stronger revenue growth expectations, a lower profit margin outlook, and a modestly different future P/E multiple. What's in the News Completed a Technical Report Summary for the Arthur Gold Project in Nevada, outlining a Tier One gold deposit with a pre-feasibility study and an initial nine-year mine plan based on conventional open pit mining and processing (Key Developments).
RGLD
US$230.59
Royal Gold
7D
-8.6%
1Y
30.6%

RGLD: Future Upside Will Hinge On SAND Integration In 2026

Royal Gold's updated analyst price target has inched higher to about $337 from around $332, as analysts factor in new views on 2026 metal price forecasts, the SAND transaction, and project-level updates including Hod Maden and upcoming 2026 guidance. Analyst Commentary Street research on Royal Gold has recently focused on how updated 2026 metal price forecasts, the SAND transaction and project work at Hod Maden feed into valuation and execution risk.
MP
US$66.63
MP Materials
7D
9.7%
1Y
166.4%
NEM
US$108.62
Newmont
7D
-10.0%
1Y
110.8%
UAMY
US$12.15
United States Antimony
7D
24.7%
1Y
257.4%

UAMY: Galena Hydromet Facility Will Support Critical Minerals Upside Thesis

Narrative Update on United States Antimony Analysts have lifted the blended price target for United States Antimony by $2 to $11.50, citing recent research that highlights the planned Galena Complex hydrometallurgical facility joint venture, progression of the Fostung tungsten resource, and expectations around the Bolivian hydromet plant as key supports for this revised view. Analyst Commentary Recent research around United States Antimony centers on the planned hydrometallurgical facility at the Galena Complex, progress at the Fostung tungsten resource, and expectations around the Bolivian hydromet plant.
USAR
US$26.33
USA Rare Earth
7D
20.4%
1Y
155.4%

USA Rare Earth: The Thesis Just Got So Much More Bullish

Apr 22
CDE
US$17.65
Coeur Mining
7D
-8.6%
1Y
232.4%

Coeur's Next Leg Is About Duration, Not Just Scale

Apr 21
SGML
US$21.97
Sigma Lithium
7D
11.6%
1Y
165.0%
EMAT
US$9.70
Evolution Metals & Technologies
7D
6.0%
1Y
-19.2%

Evolution Metals & Technologies Is Just The Beginning; Caution Is Advised

Jan 24