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U.S. Metals and Mining Industry Analysis

UpdatedJun 11, 2026
DataAggregated Company Financials
Companies264
  • 7D-11.7%
  • 3M-7.2%
  • 1Y66.2%
  • YTD6.8%

Over the last 7 days, the Metals and Mining industry has dropped 12%, driven by Southern Copper declining 15%. Meanwhile, Inno Holdings actually outperformed within the industry, gaining 2,985% in the last week. This takes the industry's 12 month performance to a gain of 66%. As for the next few years, earnings are expected to grow by 14% per annum.

Industry Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Fri, 12 Jun 2026US$766.4bUS$269.1bUS$32.4b19x23.6x2.8x
Sun, 10 May 2026US$800.7bUS$268.8bUS$32.5b19.4x24.7x3x
Tue, 07 Apr 2026US$780.2bUS$255.7bUS$25.6b21.5x30.5x3.1x
Thu, 05 Mar 2026US$849.1bUS$255.2bUS$25.7b23.4x33x3.3x
Sat, 31 Jan 2026US$850.6bUS$250.8bUS$23.6b27.4x36x3.4x
Mon, 29 Dec 2025US$696.0bUS$248.6bUS$22.5b26.7x30.9x2.8x
Wed, 26 Nov 2025US$592.8bUS$248.3bUS$22.5b21.7x26.3x2.4x
Fri, 24 Oct 2025US$579.4bUS$243.3bUS$20.4b24.9x28.4x2.4x
Sun, 21 Sep 2025US$561.7bUS$244.8bUS$20.3b23.4x27.6x2.3x
Tue, 19 Aug 2025US$499.0bUS$244.5bUS$20.3b21.6x24.6x2x
Thu, 17 Jul 2025US$466.8bUS$241.1bUS$18.0b22.2x25.9x1.9x
Sat, 14 Jun 2025US$460.1bUS$259.2bUS$17.8b21.2x25.8x1.8x
Mon, 12 May 2025US$431.5bUS$259.1bUS$17.9b20.6x24.1x1.7x
Wed, 09 Apr 2025US$376.0bUS$262.9bUS$16.8b17.8x22.3x1.4x
Fri, 07 Mar 2025US$414.6bUS$263.3bUS$17.2b21.4x24.1x1.6x
Sun, 02 Feb 2025US$406.0bUS$261.8bUS$11.5b18.7x35.3x1.6x
Tue, 31 Dec 2024US$390.3bUS$265.9bUS$12.5b15.3x31.2x1.5x
Thu, 28 Nov 2024US$441.2bUS$266.1bUS$12.4b19.1x35.5x1.7x
Sat, 26 Oct 2024US$459.1bUS$269.1bUS$11.3b15.4x40.8x1.7x
Mon, 23 Sep 2024US$444.2bUS$267.4bUS$11.3b13.6x39.2x1.7x
Wed, 21 Aug 2024US$439.9bUS$267.2bUS$11.5b13.4x38.3x1.6x
Fri, 19 Jul 2024US$458.5bUS$266.2bUS$12.5b14.1x36.7x1.7x
Sun, 16 Jun 2024US$424.9bUS$266.6bUS$13.1b14.1x32.6x1.6x
Tue, 14 May 2024US$461.1bUS$266.9bUS$13.0b13.4x35.3x1.7x
Thu, 11 Apr 2024US$463.1bUS$266.2bUS$15.7b14.3x29.6x1.7x
Sat, 09 Mar 2024US$399.0bUS$266.7bUS$16.0b13.9x25x1.5x
Mon, 05 Feb 2024US$389.2bUS$276.0bUS$18.2b16.2x21.4x1.4x
Wed, 03 Jan 2024US$407.7bUS$278.4bUS$19.5b17.8x20.9x1.5x
Fri, 01 Dec 2023US$376.5bUS$283.4bUS$20.1b14.9x18.8x1.3x
Sun, 29 Oct 2023US$305.7bUS$268.2bUS$22.2b11.6x13.8x1.1x
Tue, 26 Sep 2023US$347.0bUS$279.0bUS$21.3b12.2x16.3x1.2x
Thu, 24 Aug 2023US$356.4bUS$276.5bUS$21.7b13.7x16.4x1.3x
Sat, 22 Jul 2023US$362.9bUS$281.8bUS$24.0b13.5x15.1x1.3x
Mon, 19 Jun 2023US$347.8bUS$285.0bUS$26.3b12.4x13.2x1.2x
Price to Earnings Ratio

13.2x


Total Market Cap: US$347.8bTotal Earnings: US$26.3bTotal Revenue: US$285.0bTotal Market Cap vs Earnings and Revenue0%0%0%
U.S. Metals and Mining Industry Price to Earnings3Y Average 27.3x202420252026
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 23.6x which is lower than its 3-year average PE of 27.3x.
  • The 3-year average PS ratio of 1.9x is lower than the industry's current PS ratio of 2.8x.
Past Earnings Growth
  • The earnings for companies in the Metals and Mining industry have grown 7.3% 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-4.05%
Materials-6.13%
Metals and Mining-11.65%
Steel-3.32%
Gold-12.77%
Copper-13.70%
Aluminum-15.23%
Silver-15.67%
Precious Metals and Minerals-16.34%
Diversified Metals and Mining-17.24%
Industry PE
  • Investors are most optimistic about the Steel industry which is trading above its 3-year average PE ratio of 24.8x.
    • Analysts expect its future annual earnings growth (24.8%) 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 33% over the next 5 years.
  • However this is lower than its past earnings growth rate of 93% per year.
  • In contrast, the Gold industry is expected to see its earnings grow by 9.2% 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
RS RelianceUS$410.433.5%
+US$713.1m		32.4%PE26x
STLD Steel DynamicsUS$279.551.0%
+US$389.4m		112.0%PE29.4x
MTRN MaterionUS$246.008.2%
+US$386.1m		204.7%PE66.9x
CMC Commercial MetalsUS$77.751.9%
+US$164.1m		59.8%PE17.1x
INHD Inno HoldingsUS$39.492,985.2%
+US$96.3m		-93.1%PS21.8x

Latest News

CDE
US$16.40
Coeur Mining
7D
-11.3%
1Y
78.1%
Seeking Alpha • 1h

Ceour Mining: Still Strong, Despite Gold's Bear Market

Summary Coeur Mining maintains a buy rating despite a bearish technical setup and gold's decline below its 200-day average. CDE delivered record Q1 revenue and EBITDA, driven by balanced production, higher realized prices, and the accretive New Gold acquisition. Valuation remains compelling, with shares trading below a $22 fair value target and boasting a nearly 9% free cash flow yield. Key risks include further declines in gold/silver prices, rising costs, and a bearish chart pattern targeting $11 if support fails. Read the full article on Seeking Alpha
MP
US$57.18
MP Materials
7D
-12.6%
1Y
95.8%
Seeking Alpha • 16h

MP Materials: Rare Earth Powerhouse

Summary MP Materials Corp. leads rare earths mining outside China, with robust existing operations and ambitious expansion targets. MP targets $650 million adjusted EBITDA, driven by scaling NdPr and magnet capacity, with upside from higher NdPr prices and recycling. The stock is more attractive on dips to $50, equating to 15x EBITDA targets, though execution risks remain significant. Read the full article on Seeking Alpha
AA
US$68.98
Alcoa
7D
-11.6%
1Y
139.0%
STLD
US$279.55
Steel Dynamics
7D
1.0%
1Y
112.0%
EMAT
US$7.03
Evolution Metals & Technologies
7D
1.2%
1Y
-43.8%
Seeking Alpha • Jun 10

Evolution Metals & Technologies: Capital Needs In A High Capital Cost Environment

Summary Evolution Metals & Technologies Corp. is a SPAC targeting rare earth recycling and production, an industry with high capital intensity. EMAT's balance sheet is dominated by goodwill with minimal tangible assets, signaling large outstanding CAPEX needs overall. They are burning cash, with not a lot left on hand, and they don't have major CAPEX outlays yet. Reinflation risks, high capital costs, and potential overvaluation drive a cautious stance toward EMAT in a market where cash burners have reflexivity risks, especially the expensive ones. Read the full article on Seeking Alpha
AEM
US$157.76
Agnico Eagle Mines
7D
-10.7%
1Y
29.2%
Seeking Alpha • Jun 10

Agnico Eagle: A Gold Standard Of Stability And Consistency

Summary Agnico Eagle is a high cap, low risk, fairly valued investment option for the dividend or long-term value investor. AEM has maintained lower debt levels, having paid off most of its debt last year, and still shows growth analytic measures. The recent increase in dividend yield still leaves AEM with a relatively low dividend yield, but the stock remains an attractive option for long-term dividend investors. Strong financial footing allows AEM to responsibly invest in viable ventures while softening the risk of potential shortfall. AEM is valued fairly but could be considered overvalued for an investor bearish on gold. Read the full article on Seeking Alpha
RYZ
US$29.60
Ryerson Holding
7D
4.6%
1Y
39.3%
Seeking Alpha • Jun 09

Ryerson Holding: Positioned For Margin Expansion As Industrial Restocking Commences

Summary Trading at a 1.16x price-to-book ratio, Ryerson Holding offers an extreme margin of safety essentially pegged to the physical liquidation value of its warehouse inventory. FQ1 2026 data confirms the multi-year industrial destocking cycle has bottomed, forcing a structural restocking phase that will drive significant volume recovery. The $6.5 billion Olympic Steel merger doubled Ryerson's capacity at the exact cycle trough, securing massive low-cost stockpiles. Severe supply constraints in domestic steel and global aluminum will allow Ryerson to reprice this existing inventory to market premiums, driving explosive margin expansion. Surging metal prices, driven by sustained EV manufacturing demand and severe geopolitical supply shocks in the Middle East. Read the full article on Seeking Alpha
SCCO
US$182.16
Southern Copper
7D
-6.1%
1Y
97.0%
Narrative Update • Jun 09

SCCO: Rich P E And ESG Headwinds Will Shape Balanced Future Returns

Analysts have nudged their fair value estimate for Southern Copper slightly higher to about $163 per share, reflecting updated assumptions that temper revenue growth and margins while recognizing the stock's elevated P/E and the recent wave of Underweight and Sell ratings tied to concerns about a stretched valuation. Analyst Commentary Recent research on Southern Copper shows a crowded field of views, with several firms updating price targets and ratings in a short span.
CMC
US$77.75
Commercial Metals
7D
1.9%
1Y
59.8%
WS
US$43.50
Worthington Steel
7D
1.6%
1Y
70.5%
MTRN
US$246.00
Materion
7D
8.2%
1Y
204.7%
FCX
US$66.34
Freeport-McMoRan
7D
-4.8%
1Y
61.1%
Narrative Update • Jun 06

FCX: Copper Euphoria Will Be Capped By Prolonged Grasberg Production Constraints

Analysts have inched up the Fair Value estimate for Freeport-McMoRan by about $0.50, reflecting modest tweaks to revenue growth, profit margin, and future P/E assumptions. This move is supported by a wave of higher Street price targets and new Overweight ratings that highlight copper exposure as a key driver.
RS
US$410.43
Reliance
7D
3.5%
1Y
32.4%
Narrative Update • Jun 05

RS: Future Returns Will Depend On Sustained Buybacks Despite Overvaluation Concerns

Analysts have slightly raised their price target on Reliance from about $357.75 to roughly $359.57, citing marginally higher assumptions for revenue growth and profit margins, as well as a small adjustment to the discount rate and future P/E expectations. What's in the News Reliance, Inc.
NEM
US$97.59
Newmont
7D
-9.9%
1Y
74.5%
AU
US$83.18
AngloGold Ashanti
7D
-9.8%
1Y
70.4%
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).
INHD
US$39.49
Inno Holdings
7D
2,985.2%
1Y
-93.1%