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

U.S. Metals and Mining Industry Analysis

UpdatedMar 14, 2026
DataAggregated Company Financials
Companies266
  • 7D-5.9%
  • 3M13.9%
  • 1Y80.2%
  • YTD9.4%

Over the last 7 days, the Metals and Mining industry has dropped 5.9%, driven by Southern Copper declining 7.6%. On the other hand Alcoa is actually up 6.6%. Over the past 12 months, the industry was up 80%. Earnings are forecast to grow by 15% annually.

Industry Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Sat, 14 Mar 2026US$784.2bUS$255.1bUS$25.6b21.1x30.6x3.1x
Mon, 09 Feb 2026US$812.1bUS$250.9bUS$23.7b26.8x34.3x3.2x
Wed, 07 Jan 2026US$697.0bUS$248.4bUS$22.5b26.3x30.9x2.8x
Fri, 05 Dec 2025US$628.5bUS$248.3bUS$22.5b22.6x27.9x2.5x
Sun, 02 Nov 2025US$583.0bUS$246.9bUS$22.3b24.1x26.1x2.4x
Tue, 30 Sep 2025US$566.6bUS$245.5bUS$20.3b23.8x27.9x2.3x
Thu, 28 Aug 2025US$513.4bUS$244.5bUS$20.3b23.1x25.3x2.1x
Sat, 26 Jul 2025US$482.0bUS$242.9bUS$18.9b22.1x25.5x2x
Mon, 23 Jun 2025US$446.3bUS$243.9bUS$17.7b21.2x25.1x1.8x
Wed, 21 May 2025US$459.5bUS$272.4bUS$20.2b20.6x22.8x1.7x
Fri, 18 Apr 2025US$427.3bUS$263.8bUS$18.0b21.1x23.8x1.6x
Sun, 16 Mar 2025US$427.3bUS$263.1bUS$17.1b22.9x25x1.6x
Tue, 11 Feb 2025US$421.2bUS$261.9bUS$11.5b20.9x36.6x1.6x
Thu, 09 Jan 2025US$395.7bUS$265.7bUS$12.1b15.6x32.6x1.5x
Sat, 07 Dec 2024US$443.1bUS$266.1bUS$12.5b18.3x35.5x1.7x
Mon, 04 Nov 2024US$445.4bUS$268.8bUS$11.7b15.4x38x1.7x
Wed, 02 Oct 2024US$465.0bUS$267.5bUS$11.3b14.5x41.2x1.7x
Fri, 30 Aug 2024US$435.5bUS$267.3bUS$11.4b13.6x38.3x1.6x
Sun, 28 Jul 2024US$442.8bUS$266.6bUS$12.8b13.3x34.7x1.7x
Tue, 25 Jun 2024US$434.4bUS$266.4bUS$13.0b13x33.5x1.6x
Thu, 23 May 2024US$477.5bUS$266.9bUS$13.0b14.5x36.7x1.8x
Sat, 20 Apr 2024US$450.9bUS$265.9bUS$15.6b13.8x28.9x1.7x
Mon, 18 Mar 2024US$416.7bUS$266.6bUS$16.0b14.1x26x1.6x
Wed, 14 Feb 2024US$366.4bUS$264.7bUS$18.2b16x20.1x1.4x
Fri, 12 Jan 2024US$394.5bUS$278.2bUS$19.4b17x20.3x1.4x
Sun, 10 Dec 2023US$372.2bUS$278.6bUS$19.8b15x18.8x1.3x
Tue, 07 Nov 2023US$348.2bUS$280.1bUS$20.1b13.8x17.3x1.2x
Thu, 05 Oct 2023US$345.1bUS$283.5bUS$21.9b12.1x15.8x1.2x
Sat, 02 Sep 2023US$367.3bUS$279.1bUS$21.4b12.7x17.2x1.3x
Mon, 31 Jul 2023US$375.6bUS$276.7bUS$22.1b13.9x17x1.4x
Wed, 28 Jun 2023US$348.9bUS$284.4bUS$26.0b12.9x13.4x1.2x
Fri, 26 May 2023US$317.3bUS$284.6bUS$26.3b12.2x12x1.1x
Sun, 23 Apr 2023US$358.8bUS$290.2bUS$28.7b11.2x12.5x1.2x
Tue, 21 Mar 2023US$344.4bUS$293.2bUS$31.0b9.7x11.1x1.2x
Price to Earnings Ratio

11.1x


Total Market Cap: US$344.4bTotal Earnings: US$31.0bTotal Revenue: US$293.2bTotal Market Cap vs Earnings and Revenue0%0%0%
U.S. Metals and Mining Industry Price to Earnings3Y Average 26.1x202420252026
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 30.6x which is higher than its 3-year average PE of 26.1x.
  • 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 6.1% per year over the last three years,
  • Revenues have also declined 4.5% 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-1.64%
Materials-2.69%
Metals and Mining-5.87%
Aluminum3.80%
Diversified Metals and Mining-3.64%
Silver-3.87%
Steel-3.89%
Copper-6.71%
Gold-6.97%
Precious Metals and Minerals-11.73%
Industry PE
  • Investors are most optimistic about the Steel industry which is trading above its 3-year average PE ratio of 21.6x.
    • Analysts are expecting annual earnings growth of 27.4%, which is higher than its past year's earnings decline of 14.7% per year.
Forecasted Growth
  • Analysts are most optimistic on the Diversified Metals and Mining industry, expecting annual earnings growth of 56% over the next 5 years.
  • However this is lower than its past earnings growth rate of 104% per year.
  • In contrast, the Copper industry is expected to see its earnings grow by 8.3% 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
AA AlcoaUS$63.596.6%
+US$1.0b		89.7%PE14.7x
USAR USA Rare EarthUS$19.4611.5%
+US$438.1m		4.9%PE-14.9x
HCC Warrior Met CoalUS$85.1210.0%
+US$407.9m		72.9%PE78.5x
AMR Alpha Metallurgical ResourcesUS$187.8611.4%
+US$246.4m		43.0%PS1.1x
CENX Century AluminumUS$54.731.9%
+US$102.9m		174.3%PE135.4x

Latest News

AMR
US$187.86
Alpha Metallurgical Resources
7D
11.4%
1Y
43.0%
AU
US$94.89
AngloGold Ashanti
7D
-10.9%
1Y
194.4%
HCC
US$85.12
Warrior Met Coal
7D
10.0%
1Y
72.9%
AA
US$63.59
Alcoa
7D
6.6%
1Y
89.7%
USAR
US$19.46
USA Rare Earth
7D
11.5%
1Y
4.9%
CRML
US$9.05
Critical Metals
7D
2.8%
1Y
357.1%
CDE
US$20.19
Coeur Mining
7D
-10.8%
1Y
234.8%
AEM
US$207.54
Agnico Eagle Mines
7D
-6.1%
1Y
100.3%
SCCO
US$170.83
Southern Copper
7D
-7.6%
1Y
84.4%
RGLD
US$259.11
Royal Gold
7D
-7.4%
1Y
68.0%

RGLD: Future Upside Will Depend On SAND Integration And Hod Maden Progress

Analysts have nudged their average price target for Royal Gold slightly lower to about $329 from roughly $330, citing updated views on 2026 metal price forecasts, the integration of the SAND transaction, and upcoming milestones such as Hod Maden restructuring and new guidance. Analyst Commentary Recent research shows a mix of optimism and caution on Royal Gold, with several firms fine tuning their price targets as they update 2026 metal price forecasts and factor in the SAND transaction along with project milestones such as Hod Maden.
METC
US$14.60
Ramaco Resources
7D
4.1%
1Y
52.7%

METC: Brook Mine Rare Earths Execution Will Drive Future Upside Potential

Analysts have lifted their Ramaco Resources fair value estimate from $27.00 to $50.00. This reflects updated assumptions around Brook Mine risk, higher discount rates, and the shifted timeline and execution focus for the rare earths and semiconductor materials strategy highlighted in recent research.
CENX
US$54.73
Century Aluminum
7D
1.9%
1Y
174.3%

CENX: Section 232 Tariffs And Oklahoma Smelter Project Will Drive Future Upside

Narrative Update: Century Aluminum Analyst Price Target Shift The analyst price target for Century Aluminum has moved from about $59 to roughly $63. Analysts point to stronger Q1 adjusted EBITDA guidance of $215 million to $235 million and expectations for solid cash generation supported by elevated Midwest Premiums ahead of new smelter capex in Oklahoma.
STLD
US$170.60
Steel Dynamics
7D
-6.1%
1Y
34.2%

STLD: Tariff Policy And 2026 Outlook Will Guide Capacity And BlueScope Bid

Narrative update The updated analyst price target for Steel Dynamics of about $195, up from roughly $193, reflects refreshed 2026 outlooks in recent research. Analysts point to firm steel pricing supported by tariffs, capacity driven share gains for domestic mills, and mixed to positive expectations for sector profitability.
NEM
US$109.58
Newmont
7D
-5.8%
1Y
137.0%

NEM: Higher Gold Assumptions And CEO Shift Will Still Face Execution Risk

The analyst price target for Newmont in our model has been raised by about $8 to $89.87, as analysts collectively lift their targets into the $150 range, citing a stronger gold outlook, refreshed leadership priorities, and updated metal price assumptions for 2026. Analyst Commentary Recent research on Newmont has centered on a cluster of higher price targets, with several firms adjusting their models around updated 2026 metal price assumptions, refreshed company guidance, and leadership changes.
FCX
US$56.38
Freeport-McMoRan
7D
-5.0%
1Y
45.1%

FCX: Copper Price Tailwinds And Grasberg Clarity Will Guide Balanced Future Returns

Our updated analyst price target for Freeport-McMoRan moves from $64.02 to $66.47. This reflects a series of higher Street targets tied to stronger long-term copper price assumptions, improved clarity around the Grasberg asset, and refreshed models that point to a modestly higher future P/E of 24.48x, despite slightly lower forecast revenue growth and profit margins.
TMC
US$5.97
TMC the metals
7D
4.2%
1Y
222.7%

Seabed Nodule Permitting And Critical Mineral Demand Will Reshape This Long Term Opportunity

Catalysts About TMC the metals TMC the metals is focused on collecting polymetallic nodules from the seafloor and processing them into nickel, manganese, copper and cobalt products for industrial and battery supply chains. What are the underlying business or industry changes driving this perspective?