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U.S. Metals and Mining Industry Analysis

UpdatedJun 05, 2026
DataAggregated Company Financials
Companies265
  • 7D0.8%
  • 3M4.4%
  • 1Y87.0%
  • YTD21.5%

Last week, the Metals and Mining industry hasn't moved much but Freeport-McMoRan is up 5.8% in that time. The past year has been better, since the industry has gained 87% in that time. Looking forward, earnings are forecast to grow by 14% annually.

Industry Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Fri, 05 Jun 2026US$832.6bUS$269.2bUS$32.4b20.1x25.7x3.1x
Sun, 03 May 2026US$771.1bUS$265.4bUS$30.2b22.2x25.5x2.9x
Tue, 31 Mar 2026US$717.6bUS$255.7bUS$25.5b21x28.1x2.8x
Thu, 26 Feb 2026US$873.9bUS$254.8bUS$25.3b23.9x34.6x3.4x
Sat, 24 Jan 2026US$815.1bUS$248.5bUS$23.0b27.1x35.5x3.3x
Mon, 22 Dec 2025US$665.2bUS$248.5bUS$22.5b25.4x29.6x2.7x
Wed, 19 Nov 2025US$578.9bUS$248.3bUS$22.5b20.6x25.7x2.3x
Fri, 17 Oct 2025US$616.9bUS$242.1bUS$20.1b25.4x30.7x2.5x
Sun, 14 Sep 2025US$545.8bUS$244.5bUS$20.3b23.9x26.9x2.2x
Tue, 12 Aug 2025US$498.0bUS$244.5bUS$20.5b20.7x24.3x2x
Thu, 10 Jul 2025US$469.7bUS$243.9bUS$17.9b22.4x26.2x1.9x
Sat, 07 Jun 2025US$457.9bUS$259.2bUS$17.8b21.4x25.7x1.8x
Mon, 05 May 2025US$426.2bUS$258.8bUS$18.1b22.1x23.5x1.6x
Wed, 02 Apr 2025US$425.9bUS$262.9bUS$16.8b22.1x25.3x1.6x
Fri, 28 Feb 2025US$419.3bUS$263.7bUS$17.3b21.1x24.2x1.6x
Sun, 26 Jan 2025US$410.1bUS$263.2bUS$11.9b17.1x34.4x1.6x
Tue, 24 Dec 2024US$390.0bUS$265.9bUS$12.5b15.4x31.2x1.5x
Thu, 21 Nov 2024US$441.8bUS$266.8bUS$12.5b19.1x35.4x1.7x
Sat, 19 Oct 2024US$469.9bUS$267.2bUS$11.2b14.6x42x1.8x
Mon, 16 Sep 2024US$432.1bUS$267.5bUS$11.4b13.9x37.9x1.6x
Wed, 14 Aug 2024US$422.7bUS$267.2bUS$11.5b13.2x36.7x1.6x
Fri, 12 Jul 2024US$454.6bUS$266.4bUS$12.8b13.9x35.6x1.7x
Sun, 09 Jun 2024US$435.1bUS$266.7bUS$13.0b14.6x33.5x1.6x
Tue, 07 May 2024US$451.4bUS$266.9bUS$13.1b13.4x34.4x1.7x
Thu, 04 Apr 2024US$453.6bUS$266.4bUS$15.7b14.6x28.9x1.7x
Sat, 02 Mar 2024US$381.6bUS$266.5bUS$15.9b14.2x24.1x1.4x
Mon, 29 Jan 2024US$387.1bUS$277.7bUS$19.2b16.8x20.2x1.4x
Wed, 27 Dec 2023US$418.3bUS$278.9bUS$19.4b18.2x21.5x1.5x
Fri, 24 Nov 2023US$367.9bUS$280.1bUS$20.0b15.2x18.4x1.3x
Sun, 22 Oct 2023US$332.8bUS$282.8bUS$22.1b11.7x15.1x1.2x
Tue, 19 Sep 2023US$355.7bUS$279.1bUS$21.4b12.6x16.7x1.3x
Thu, 17 Aug 2023US$354.2bUS$276.4bUS$21.7b13.4x16.3x1.3x
Sat, 15 Jul 2023US$366.7bUS$284.5bUS$26.0b13.4x14.1x1.3x
Mon, 12 Jun 2023US$337.1bUS$284.7bUS$26.4b12.6x12.8x1.2x
Price to Earnings Ratio

12.8x


Total Market Cap: US$337.1bTotal Earnings: US$26.4bTotal Revenue: US$284.7bTotal 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 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 27.3x.
  • The 3-year average PS ratio of 1.9x 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 grown 7.2% 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-0.11%
Materials-0.37%
Metals and Mining0.85%
Steel4.47%
Aluminum2.40%
Copper1.88%
Precious Metals and Minerals-1.00%
Gold-1.34%
Diversified Metals and Mining-2.37%
Silver-4.38%
Industry PE
  • Investors are most optimistic about the Steel industry which is trading above its 3-year average PE ratio of 24.6x.
    • Analysts expect its future annual earnings growth (25.3%) 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 40% over the next 5 years.
  • However this is lower than its past earnings growth rate of 93% per year.
  • In contrast, the Copper industry is expected to see its earnings grow by 8.5% 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$69.695.8%
+US$5.5b		67.2%PE36.8x
NUE NucorUS$262.285.2%
+US$3.0b		120.9%PE25.7x
STLD Steel DynamicsUS$276.856.2%
+US$2.3b		109.6%PE29.1x
RS RelianceUS$396.464.9%
+US$949.0m		29.1%PE25.2x
CLF Cleveland-CliffsUS$14.438.6%
+US$650.3m		103.2%PS0.4x

Latest News

CLF
US$14.43
Cleveland-Cliffs
7D
8.6%
1Y
103.2%
Seeking Alpha • 3h

Cleveland-Cliffs: The Right Rally For The Wrong Reason

Summary Cleveland-Cliffs is downgraded to Sell as its stock price outpaces underlying financial and operational improvements. Despite favorable steel pricing and tariff dynamics, CLF’s realized prices lag spot, and its cost structure remains inflexible versus peers. CLF’s high leverage—net debt nearly equals equity value—makes the stock a volatile call option on steel prices, not a cash-flow compounder. Scenario analysis yields a probability-weighted price target of $11.66, with significant downside risk if steel prices mean-revert or execution falters. Read the full article on Seeking Alpha
NUE
US$262.28
Nucor
7D
5.2%
1Y
120.9%
RS
US$396.46
Reliance
7D
4.9%
1Y
29.1%
USAR
US$27.10
USA Rare Earth
7D
-3.9%
1Y
157.8%
AEM
US$176.75
Agnico Eagle Mines
7D
-0.7%
1Y
44.8%
STLD
US$276.85
Steel Dynamics
7D
6.2%
1Y
109.6%
SCCO
US$194.09
Southern Copper
7D
-0.4%
1Y
109.6%
CSTM
US$36.15
Constellium
7D
5.2%
1Y
181.8%
Seeking Alpha • Jun 03

Constellium: Quality Segments, Better Cash Flow, And Still Reasonable Upside

Summary Constellium SE offers quality exposure to aerospace, packaging, and automotive sectors, with strong segment margins and a healthy balance sheet supporting a bullish outlook. CSTM’s Q1 2026 results showed record segment adjusted EBITDA driven by improved price/mix and margin structure, not just volume or aluminum price movements. Valuation remains attractive with a DCF-derived fair value of $46.9 per share, implying 29% upside, though the stock is no longer a deep value play after its run-up. Key risks include margin normalization, working capital pressures, cyclical demand volatility, and leverage, making CSTM a quality cyclical rather than a buy-and-forget position. Read the full article on Seeking Alpha
AUGO
US$66.86
Aura Minerals
7D
-11.9%
1Y
163.1%
Seeking Alpha • Jun 03

Aura Minerals: A Cheap Gold Miner With Room To Run

Summary Aura Minerals is initiated at Buy, benefiting from higher gold prices, increased production, and low cash costs. AUGO's revenue and EBITDA margins have surged, with 2025 guidance showing significant operational leverage and upside to consensus estimates. The stock trades at a material discount to peers, reflecting country risk, but multiple expansion toward 10–11x P/E is plausible if gold prices persist. Geopolitical instability supports gold as a hedge, making AUGO an attractive, quality exposure for diversified portfolios despite Latin American risk. Read the full article on Seeking Alpha
MP
US$65.46
MP Materials
7D
-2.1%
1Y
152.4%
Narrative Update • Jun 03

MP: Texas Magnet Campus And Government Contracts Will Drive Future Upside Potential

Analysts have made a small adjustment to their MP Materials price target, moving it from $80.86 to $80.44. This change reflects updated views on revenue growth, profit margins, and future P/E assumptions.
HYMC
US$30.32
Hycroft Mining Holding
7D
-8.6%
1Y
635.9%
AA
US$78.02
Alcoa
7D
3.2%
1Y
179.9%
Narrative Update • Jun 03

AA: Supply Disruptions And Cost Pressures Will Likely Still Fail To Justify Pricing

Analysts have lifted their price target on Alcoa from about $46.37 to roughly $53.99, citing updated assumptions for revenue growth, profit margins, and a slightly higher future P/E multiple. What's in the News UBS upgraded Alcoa to Buy and lifted its price target to $80, citing expectations of prolonged aluminum supply disruptions in the Middle East and a projected global supply gap by 2026.
HL
US$16.83
Hecla Mining
7D
-4.3%
1Y
160.9%
Narrative Update • Jun 02

HL: Debt Free Silver Pivot Will Eventually Strain Elevated Future P/E

Analysts have nudged their price target for Hecla Mining up by about $0.34 per share to $14.19, reflecting updated views on fair value, discount rate, revenue growth expectations, profit margins, and future P/E assumptions. What's in the News Hecla Mining reports being debt free after redeeming its final senior notes in April 2026, funded mainly by the sale of its Casa Berardi gold operation.
TX
US$50.12
Ternium
7D
2.2%
1Y
75.7%
FCX
US$69.69
Freeport-McMoRan
7D
5.8%
1Y
67.2%
AU
US$92.17
AngloGold Ashanti
7D
-4.3%
1Y
95.7%
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).