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U.S. Metals and Mining Industry Analysis

UpdatedDec 18, 2025
DataAggregated Company Financials
Companies268
  • 7D0.5%
  • 3M18.2%
  • 1Y76.9%
  • YTD75.7%

In the last week, Metals and Mining has been flat. As for the the longer term, the industry is up 77% over the past 12 months. As for the next few years, earnings are expected to grow by 19% 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, 19 Dec 2025US$647.9bUS$248.4bUS$22.5b24.4x28.8x2.6x
Sun, 16 Nov 2025US$589.0bUS$248.3bUS$22.5b20.5x26.1x2.4x
Tue, 14 Oct 2025US$580.3bUS$242.4bUS$20.0b26x29x2.4x
Thu, 11 Sep 2025US$528.9bUS$244.5bUS$20.3b23x26x2.2x
Sat, 09 Aug 2025US$491.9bUS$244.7bUS$20.6b21.8x23.9x2x
Mon, 07 Jul 2025US$479.9bUS$243.9bUS$17.9b23.1x26.8x2x
Wed, 04 Jun 2025US$452.6bUS$259.1bUS$17.8b21x25.4x1.7x
Fri, 02 May 2025US$432.9bUS$263.5bUS$18.8b21.4x23.1x1.6x
Sun, 30 Mar 2025US$427.7bUS$262.9bUS$16.8b24x25.4x1.6x
Tue, 25 Feb 2025US$418.7bUS$264.3bUS$17.6b21.6x23.8x1.6x
Thu, 23 Jan 2025US$416.9bUS$263.1bUS$11.9b15.4x35x1.6x
Sat, 21 Dec 2024US$385.5bUS$265.9bUS$12.5b15.4x30.8x1.4x
Mon, 18 Nov 2024US$426.4bUS$266.7bUS$12.5b18.8x34.1x1.6x
Wed, 16 Oct 2024US$462.1bUS$267.3bUS$11.3b14.3x41x1.7x
Fri, 13 Sep 2024US$413.4bUS$267.4bUS$11.4b13.5x36.3x1.5x
Sun, 11 Aug 2024US$420.5bUS$267.1bUS$11.5b13.7x36.5x1.6x
Tue, 09 Jul 2024US$452.2bUS$266.4bUS$12.8b13.6x35.5x1.7x
Thu, 06 Jun 2024US$440.3bUS$266.8bUS$13.0b14.4x33.8x1.6x
Sat, 04 May 2024US$441.4bUS$267.0bUS$13.3b13.3x33.3x1.7x
Mon, 01 Apr 2024US$439.8bUS$266.3bUS$15.7b14.4x28x1.7x
Wed, 28 Feb 2024US$380.9bUS$266.4bUS$15.9b15.3x24x1.4x
Fri, 26 Jan 2024US$386.5bUS$277.6bUS$19.2b16.3x20.2x1.4x
Sun, 24 Dec 2023US$418.3bUS$278.9bUS$19.4b17.9x21.5x1.5x
Tue, 21 Nov 2023US$363.0bUS$280.1bUS$20.0b15.5x18.2x1.3x
Thu, 19 Oct 2023US$341.1bUS$283.2bUS$21.8b12x15.6x1.2x
Sat, 16 Sep 2023US$352.3bUS$279.1bUS$21.4b12.7x16.5x1.3x
Mon, 14 Aug 2023US$361.0bUS$276.9bUS$21.8b13.6x16.5x1.3x
Wed, 12 Jul 2023US$357.7bUS$284.2bUS$26.0b13x13.8x1.3x
Fri, 09 Jun 2023US$340.6bUS$284.7bUS$26.4b12.6x12.9x1.2x
Sun, 07 May 2023US$349.9bUS$285.7bUS$26.8b11.3x13.1x1.2x
Tue, 04 Apr 2023US$366.1bUS$293.3bUS$29.3b11.2x12.5x1.2x
Thu, 02 Mar 2023US$373.9bUS$293.3bUS$31.1b8.5x12x1.3x
Sat, 28 Jan 2023US$379.9bUS$295.6bUS$36.1b7.5x10.5x1.3x
Mon, 26 Dec 2022US$326.6bUS$298.2bUS$37.9b6.6x8.6x1.1x
Price to Earnings Ratio

8.6x


Total Market Cap: US$326.6bTotal Earnings: US$37.9bTotal Revenue: US$298.2bTotal Market Cap vs Earnings and Revenue0%0%0%
U.S. Metals and Mining Industry Price to Earnings3Y Average 24.3x202320242025
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 28.8x which is higher than its 3-year average PE of 24.3x.
  • The 3-year average PS ratio of 1.6x is lower than the industry's current PS ratio of 2.6x.
Past Earnings Growth
  • The earnings for companies in the Metals and Mining industry have declined 16% per year over the last three years,
  • Revenues have also declined 5.9% 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-2.83%
Materials1.12%
Metals and Mining0.53%
Silver12.54%
Aluminum3.97%
Gold1.74%
Copper-0.054%
Steel-0.46%
Precious Metals and Minerals-6.58%
Diversified Metals and Mining-9.24%
Industry PE
  • Investors are most optimistic about the Silver industry which is trading above its 3-year average PE ratio of 3.9x.
    • Analysts are expecting annual earnings growth of 31.6% and investors are willing to pay a premium for that growth.
Forecasted Growth
  • Analysts are most optimistic on the Diversified Metals and Mining industry, expecting annual earnings growth of 70% over the next 5 years.
  • This is better than its past earnings growth rate of 33% per year.
  • In contrast, the Copper industry is expected to see its earnings grow by 10% 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$47.822.9%
+US$2.0b		23.5%PE33.3x
AEM Agnico Eagle MinesUS$167.512.1%
+US$1.7b		115.4%PE24.4x
HL Hecla MiningUS$19.4112.9%
+US$1.5b		287.4%PE65.5x
AU AngloGold AshantiUS$84.542.7%
+US$1.1b		265.2%PE19x
CDE Coeur MiningUS$17.207.7%
+US$789.9m		192.0%PE27x

Latest News

NUE
US$160.69
Nucor
7D
-3.5%
1Y
38.8%
FCX
US$47.82
Freeport-McMoRan
7D
2.9%
1Y
23.5%
CRML
US$7.26
Critical Metals
7D
-19.6%
1Y
12.4%
HL
US$19.41
Hecla Mining
7D
12.9%
1Y
287.4%
SCCO
US$141.45
Southern Copper
7D
-1.8%
1Y
57.7%

SCCO Copper Supply Tightness Is Expected To Drive MultiYear Upside

Analysts have raised their price target for Southern Copper significantly, with fair value estimates climbing from approximately $125 to $172. This reflects higher copper price forecasts, tightening supply into 2026, and modestly stronger long term growth and profitability assumptions.
UAMY
US$4.54
United States Antimony
7D
-24.3%
1Y
158.0%

UAMY: Long-Term Supply Deal And Index Inclusion Will Drive Bullish Repricing

Analysts have modestly raised their price target on United States Antimony, citing slightly higher discount rate and forward P/E assumptions that collectively support a fair value estimate of approximately 9.67 dollars per share. What's in the News United States Antimony signed a five year antimony trioxide supply agreement with a major U.S. industrial fabric manufacturer, with potential extensions to ten years and contract value up to 106.7 million dollars, supporting domestic flame retardant and critical mineral supply chains (company announcement).
CDE
US$17.20
Coeur Mining
7D
7.7%
1Y
192.0%

CDE: Diversified Mines And Exploration Success Will Drive Future Upside Potential

Analysts have nudged their average price target on Coeur Mining modestly higher to reflect stronger valuation multiples and solid growth prospects highlighted in recent research, even as some now view the stock as fairly valued following its sharp rally. Analyst Commentary Recent Street research presents a more balanced picture on Coeur Mining, with some bullish analysts still highlighting attractive growth and asset quality, while more cautious voices focus on valuation after the stock's strong run.
AU
US$84.54
AngloGold Ashanti
7D
2.7%
1Y
265.2%

AU: Rising Gold Output Will Likely Fail To Justify Current Share Price

Analysts have significantly raised their price target for AngloGold Ashanti from approximately $38 to about $67 per share, citing expectations for stronger revenue growth, improved profit margins, a slightly higher required return, and a modestly lower future earnings multiple. What's in the News AngloGold Ashanti increased its interim dividend to 91 US cents per share for the three months ended 30 September 2025, indicating confidence in cash generation and balance sheet strength (Key Developments).
USAR
US$13.56
USA Rare Earth
7D
-27.8%
1Y
23.3%
SIM
US$28.73
Grupo Simec. de
7D
-3.3%
1Y
8.5%
MP
US$52.03
MP Materials
7D
-10.3%
1Y
211.0%

MP: Saudi Refinery Venture Will Drive Future Profitability And Upside Potential

Analysts have nudged their price target on MP Materials slightly higher to approximately 79.29 dollars from about 79.11 dollars, citing modestly stronger long term revenue growth expectations. These expectations more than offset a small downward tweak to projected profit margins and a marginally higher discount rate.
AUGO
US$48.37
Aura Minerals
7D
12.1%
1Y
300.4%
AEM
US$167.51
Agnico Eagle Mines
7D
2.1%
1Y
115.4%

AEM: Geopolitical Uncertainty And Gold Rally Will Drive Future Upside

Analysts have nudged their price target for Agnico Eagle Mines higher, reflecting an improved fair value estimate of about $195 per share. This is driven by more constructive assumptions on revenue growth, margins, and sustained support from higher gold price forecasts and sector tailwinds.
RS
US$297.71
Reliance
7D
3.0%
1Y
10.9%

RS: Ongoing Share Repurchases Will Support Stronger Future Shareholder Returns

Analysts have modestly lowered their fair value estimate for Reliance from ₹323.13 to ₹319.38, citing a slightly higher discount rate and a softer profit margin outlook, partly offset by expectations of marginally stronger revenue growth and a small improvement in future valuation multiples. What's in the News Continued share buyback progress, with Reliance repurchasing 211,873 shares, or about 0.4% of its outstanding equity, between July 1 and September 30, 2025 (company filing) Total cumulative buyback under the program first announced on December 1, 1994 has reached 45,627,366 shares, amounting to $4,501.5 million (company filing) The latest tranche cost $60.9 million, underscoring ongoing capital return to shareholders alongside long running buyback activity (company filing) Valuation Changes The fair value estimate has edged down slightly from ₹323.13 to ₹319.38 per share.
AA
US$46.84
Alcoa
7D
4.9%
1Y
25.5%

AA: Low Carbon Initiatives And Portfolio Reshaping Will Define Future Performance

Analysts have modestly raised their price target on Alcoa from approximately 39.54 dollars to 41.29 dollars, citing higher long term revenue growth expectations and a richer future earnings multiple, despite a lower projected profit margin and slightly higher discount rate. What's in the News Alcoa, Ball and Unilever unveiled the first consumer packaging using ELYSIS carbon free smelting technology in low carbon aerosol cans ahead of COP30, highlighting a major step toward decarbonized aluminum supply chains (Key Developments).
IE
US$13.94
Ivanhoe Electric
7D
-12.4%
1Y
101.4%