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U.S. Metals and Mining Industry Analysis

UpdatedJul 23, 2026
DataAggregated Company Financials
Companies270
  • 7D2.9%
  • 3M-6.8%
  • 1Y50.2%
  • YTD8.1%

Over the last 7 days, the Metals and Mining industry has risen 2.9%, driven by gains from Southern Copper of 7.7%. In the same time, MP Materials was down 7.6%. In the last 12 months, the industry was up 50%. Earnings are forecast to grow by 13% annually.

Industry Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Thu, 23 Jul 2026US$724.7bUS$273.3bUS$33.4b17.3x21.7x2.7x
Sat, 20 Jun 2026US$796.6bUS$269.2bUS$32.5b18.1x24.5x3x
Mon, 18 May 2026US$782.2bUS$269.1bUS$32.4b21.3x24.1x2.9x
Wed, 15 Apr 2026US$832.4bUS$255.8bUS$25.6b23.1x32.6x3.3x
Fri, 13 Mar 2026US$810.7bUS$255.2bUS$25.6b21.6x31.6x3.2x
Sun, 08 Feb 2026US$812.1bUS$250.9bUS$23.7b26.8x34.3x3.2x
Tue, 06 Jan 2026US$697.2bUS$248.5bUS$22.5b25.5x30.9x2.8x
Thu, 04 Dec 2025US$624.1bUS$248.3bUS$22.6b22.9x27.7x2.5x
Sat, 01 Nov 2025US$587.4bUS$246.8bUS$22.3b24.1x26.3x2.4x
Mon, 29 Sep 2025US$567.7bUS$245.5bUS$20.3b23.8x28x2.3x
Wed, 27 Aug 2025US$509.3bUS$244.5bUS$20.3b23.3x25.1x2.1x
Fri, 25 Jul 2025US$489.7bUS$242.0bUS$17.7b22.3x27.7x2x
Sun, 22 Jun 2025US$452.6bUS$243.9bUS$17.8b21.2x25.5x1.9x
Tue, 20 May 2025US$453.9bUS$272.4bUS$20.2b20.6x22.5x1.7x
Thu, 17 Apr 2025US$423.9bUS$263.0bUS$17.2b21.9x24.7x1.6x
Sat, 15 Mar 2025US$416.7bUS$263.1bUS$17.3b22.8x24.2x1.6x
Mon, 10 Feb 2025US$421.2bUS$261.9bUS$11.5b20.7x36.6x1.6x
Wed, 08 Jan 2025US$394.0bUS$265.7bUS$12.1b15.6x32.4x1.5x
Fri, 06 Dec 2024US$439.7bUS$266.2bUS$12.5b19.2x35.3x1.7x
Sun, 03 Nov 2024US$445.4bUS$268.8bUS$11.7b15.4x38x1.7x
Tue, 01 Oct 2024US$471.9bUS$267.6bUS$11.3b14x41.8x1.8x
Thu, 29 Aug 2024US$446.8bUS$267.2bUS$11.5b13.5x39x1.7x
Sat, 27 Jul 2024US$437.3bUS$266.5bUS$12.7b13.3x34.4x1.6x
Mon, 24 Jun 2024US$434.4bUS$266.4bUS$13.0b13x33.5x1.6x
Wed, 22 May 2024US$480.8bUS$267.0bUS$13.0b14.6x37x1.8x
Fri, 19 Apr 2024US$450.9bUS$265.9bUS$15.6b13.8x28.9x1.7x
Sun, 17 Mar 2024US$416.7bUS$266.6bUS$16.0b14.1x26x1.6x
Tue, 13 Feb 2024US$379.5bUS$264.8bUS$18.2b16.5x20.8x1.4x
Thu, 11 Jan 2024US$397.7bUS$278.2bUS$19.4b17.1x20.5x1.4x
Sat, 09 Dec 2023US$368.9bUS$278.6bUS$19.8b15x18.7x1.3x
Mon, 06 Nov 2023US$348.2bUS$280.1bUS$20.1b13.6x17.3x1.2x
Wed, 04 Oct 2023US$345.1bUS$283.5bUS$21.9b11.4x15.8x1.2x
Fri, 01 Sep 2023US$361.3bUS$276.5bUS$21.7b13.8x16.7x1.3x
Sun, 30 Jul 2023US$371.7bUS$276.7bUS$22.0b13.9x16.9x1.3x
Price to Earnings Ratio

16.9x


Total Market Cap: US$371.7bTotal Earnings: US$22.0bTotal Revenue: US$276.7bTotal Market Cap vs Earnings and Revenue0%0%0%
U.S. Metals and Mining Industry Price to Earnings3Y Average 27.7x202420252026
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 21.7x which is lower than its 3-year average PE of 27.7x.
  • The 3-year average PS ratio of 1.9x is lower than the industry's current PS ratio of 2.7x.
Past Earnings Growth
  • The earnings for companies in the Metals and Mining industry have grown 15% 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-1.35%
Materials1.12%
Metals and Mining2.87%
Copper7.29%
Silver3.98%
Gold1.95%
Steel-0.26%
Aluminum-1.80%
Diversified Metals and Mining-2.40%
Precious Metals and Minerals-8.46%
Industry PE
  • Investors are most optimistic about the Steel industry which is trading above its 3-year average PE ratio of 26.1x.
    • Analysts are expecting annual earnings growth of 21.3%, which is lower than the prior year's growth of 42.4% per year.
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 Aluminum industry is expected to see its earnings grow by 7.2% 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
SCCO Southern CopperUS$195.487.7%
+US$11.6b		101.2%PE28.8x
FCX Freeport-McMoRanUS$65.006.6%
+US$5.8b		45.0%PE34.3x
AEM Agnico Eagle MinesUS$147.053.4%
+US$2.4b		15.6%PE13.8x
AU AngloGold AshantiUS$81.172.6%
+US$1.0b		58.9%PE11.8x
RGLD Royal GoldUS$201.264.3%
+US$699.3m		28.0%PE26.9x

Latest News

AA
US$46.17
Alcoa
7D
-5.0%
1Y
43.8%
SCCO
US$195.48
Southern Copper
7D
7.7%
1Y
101.2%
STLD
US$238.64
Steel Dynamics
7D
1.3%
1Y
82.6%
RGLD
US$201.26
Royal Gold
7D
4.3%
1Y
28.0%
RS
US$386.21
Reliance
7D
-1.5%
1Y
12.4%
Narrative Update • Jul 21

RS: Future Returns Will Rely On U.S. Expansion Offsetting Margin And Legal Risks

Analysts have lifted their price target for Reliance to $386.25 from $377.57, citing updated assumptions for revenue growth, profit margins and future P/E that reflect their latest view of the company’s earnings profile. What’s in the News for Reliance Reliance, Inc.
USAR
US$15.82
USA Rare Earth
7D
-8.6%
1Y
24.2%
Narrative Update • Jul 21

USAR: CHIPS Funding And New Leadership Will Drive Mine To Magnet Chain

Analysts now see fair value for USA Rare Earth at $30, down from $32. The change reflects updated sector valuation inputs along with continued confidence that new leadership and recently secured funding support the company’s mine to magnet build out.
MP
US$45.68
MP Materials
7D
-7.6%
1Y
-25.3%
BVN
US$32.09
Compañía de Minas BuenaventuraA
7D
4.5%
1Y
81.8%
Seeking Alpha • Jul 20

Buenaventura: Undervalued As Operations Expand

Summary Compania De Minas Buenaventura is rated a buy, supported by a strong balance sheet, undervaluation, and a resilient metals market outlook. BVN's operational flexibility, diverse metals portfolio, and successful deleveraging position it to absorb setbacks like San Gabriel’s ramp-up delays. Despite flatlining metal prices and operational hiccups, BVN maintains robust liquidity, a safe 3.75% dividend yield, and a P/E of 6.79—well below the sector median. My $39.75 target price reflects conservative EV/EBITDA multiples, balancing market hesitancy and ongoing expansion projects. Read the full article on Seeking Alpha
CLF
US$9.45
Cleveland-Cliffs
7D
-4.1%
1Y
-16.1%
AU
US$81.17
AngloGold Ashanti
7D
2.6%
1Y
58.9%
NUE
US$235.90
Nucor
7D
-0.4%
1Y
62.7%
Narrative Update • Jul 16

NUE: Tight Steel Supply And Higher P E Assumptions Will Shape Returns

Nucor's updated analyst price target rises from about $189 to $234, reflecting analysts' focus on higher modeled revenue growth, a richer future P/E assumption, and continued support from recent price target revisions across the Street. Analyst Commentary Recent research on Nucor shows a mix of optimism on long term steel pricing and demand, paired with pockets of caution around valuation, earnings quality, and how much good news is already reflected in the stock.
NEM
US$95.75
Newmont
7D
0.6%
1Y
55.9%
AEM
US$147.05
Agnico Eagle Mines
7D
3.4%
1Y
15.6%
Narrative Update • Jul 13

AEM: Barnat Production Disruption Will Ultimately Cap Upside Despite Rich Pipeline

The updated analyst price target for Agnico Eagle Mines reflects a lower fair value estimate of $118.47. Analysts cite reduced commodity price forecasts, production adjustments at Canadian Malartic, and expectations for mixed near term sector conditions.
ALOY
US$8.19
REalloys
7D
-24.4%
1Y
9.2%
FCX
US$65.00
Freeport-McMoRan
7D
6.6%
1Y
45.0%
SIM
US$27.20
Grupo Simec. de
7D
-8.8%
1Y
-2.1%