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U.S. Metals and Mining Industry Analysis

UpdatedJun 03, 2026
DataAggregated Company Financials
Companies260
  • 7D3.8%
  • 3M-0.7%
  • 1Y92.6%
  • YTD23.6%

Freeport-McMoRan is up 11%, leading the way for the Metals and Mining industry, which has gained 3.8%. During this same period, the AngloGold Ashanti underperformed, falling 5.8%. This means that the industry has gained 93% over the past year. 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
Wed, 03 Jun 2026US$826.7bUS$269.2bUS$32.5b22.1x25.5x3.1x
Fri, 01 May 2026US$759.7bUS$263.3bUS$29.1b21.8x26.1x2.9x
Sun, 29 Mar 2026US$717.6bUS$255.3bUS$25.5b21x28.2x2.8x
Tue, 24 Feb 2026US$842.9bUS$254.8bUS$25.3b24x33.4x3.3x
Thu, 22 Jan 2026US$809.0bUS$248.6bUS$22.8b28x35.5x3.3x
Sat, 20 Dec 2025US$652.7bUS$248.5bUS$22.5b25.4x29x2.6x
Mon, 17 Nov 2025US$589.0bUS$248.3bUS$22.5b20.5x26.1x2.4x
Wed, 15 Oct 2025US$611.9bUS$242.1bUS$20.1b25.7x30.5x2.5x
Fri, 12 Sep 2025US$538.5bUS$244.5bUS$20.3b23.6x26.5x2.2x
Sun, 10 Aug 2025US$497.5bUS$244.4bUS$20.5b21.8x24.3x2x
Tue, 08 Jul 2025US$479.9bUS$243.9bUS$17.9b22.2x26.8x2x
Thu, 05 Jun 2025US$453.7bUS$259.1bUS$17.8b21.1x25.4x1.8x
Sat, 03 May 2025US$420.8bUS$258.8bUS$18.1b22.1x23.2x1.6x
Mon, 31 Mar 2025US$427.7bUS$262.9bUS$16.8b24x25.4x1.6x
Wed, 26 Feb 2025US$419.6bUS$263.5bUS$17.3b21.5x24.3x1.6x
Fri, 24 Jan 2025US$410.4bUS$263.5bUS$11.9b15.9x34.4x1.6x
Sun, 22 Dec 2024US$390.0bUS$265.9bUS$12.5b15.4x31.1x1.5x
Tue, 19 Nov 2024US$426.4bUS$266.7bUS$12.5b19.1x34.1x1.6x
Thu, 17 Oct 2024US$466.0bUS$267.3bUS$11.3b14.5x41.3x1.7x
Sat, 14 Sep 2024US$426.3bUS$267.5bUS$11.4b13.9x37.4x1.6x
Mon, 12 Aug 2024US$420.4bUS$267.1bUS$11.5b13.7x36.5x1.6x
Wed, 10 Jul 2024US$450.7bUS$266.4bUS$12.8b13.4x35.3x1.7x
Fri, 07 Jun 2024US$456.8bUS$283.1bUS$13.6b15.2x33.5x1.6x
Sun, 05 May 2024US$447.4bUS$267.0bUS$13.3b13.3x33.7x1.7x
Tue, 02 Apr 2024US$439.6bUS$266.3bUS$15.7b14.9x28x1.7x
Thu, 29 Feb 2024US$381.7bUS$266.4bUS$15.9b13.8x24x1.4x
Sat, 27 Jan 2024US$387.1bUS$277.7bUS$19.2b16.8x20.2x1.4x
Mon, 25 Dec 2023US$418.3bUS$278.9bUS$19.4b17.9x21.5x1.5x
Wed, 22 Nov 2023US$363.0bUS$280.1bUS$20.0b15.2x18.2x1.3x
Fri, 20 Oct 2023US$337.5bUS$282.7bUS$22.1b11.8x15.3x1.2x
Sun, 17 Sep 2023US$356.3bUS$279.1bUS$21.4b12.6x16.7x1.3x
Tue, 15 Aug 2023US$364.3bUS$276.9bUS$21.8b13.7x16.7x1.3x
Thu, 13 Jul 2023US$365.6bUS$284.4bUS$26.0b13.1x14.1x1.3x
Sat, 10 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 27.2x202420252026
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 27.2x.
  • 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 Market1.22%
Materials1.06%
Metals and Mining3.78%
Aluminum8.11%
Copper7.99%
Steel7.72%
Diversified Metals and Mining5.94%
Precious Metals and Minerals1.78%
Silver1.27%
Gold-2.02%
Industry PE
  • Investors are most optimistic about the Steel industry which is trading above its 3-year average PE ratio of 24.5x.
    • Analysts expect its future annual earnings growth (24.5%) 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$70.6411.0%
+US$10.1b		72.9%PE37.3x
SCCO Southern CopperUS$196.594.7%
+US$7.4b		117.6%PE33x
NUE NucorUS$257.734.6%
+US$2.6b		111.5%PE25.3x
STLD Steel DynamicsUS$275.136.5%
+US$2.4b		103.8%PE28.9x
AA AlcoaUS$80.8610.5%
+US$2.0b		195.4%PE20.8x

Latest News

AUGO
US$68.04
Aura Minerals
7D
-10.0%
1Y
166.7%
Seeking Alpha • 5h

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
NUE
US$258.46
Nucor
7D
7.6%
1Y
111.3%
Seeking Alpha • 8h

Nucor: Ideal Tariff Environment Justifies The Rally

Summary Nucor benefits from tightened U.S. steel tariffs, driving market share gains and robust pricing, with shares up 84% since October. Tariffs have reduced steel imports to 15% of supply, supporting elevated prices near $1,200/ton and strong near-term earnings momentum for NUE. NUE expects over 5% shipment growth in 2024, aided by 87% utilization and new capacity coming online, while maintaining a conservative balance sheet. I maintain a 'hold' rating on NUE due to full valuation (~16.5x forward earnings), with upside capped and prudent profit-taking advised above $300/share. Read the full article on Seeking Alpha
NEM
US$109.50
Newmont
7D
-1.9%
1Y
97.9%
Seeking Alpha • 12h

Newmont: Gold's Volatility Creates A Long-Term Opportunity

Summary Newmont Corporation remains a Buy, supported by robust financials, a new $6B buyback authorization, and long-term gold price tailwinds. NEM delivered a record $3.14B FCF in Q1 despite a >15% production drop, maintaining strong liquidity and advancing organic growth projects. 2026 is expected to be a production trough, with growth resuming in 2027 as key projects come online, and management targets 6M oz gold output. Macro risks, jurisdictional challenges, and higher costs persist, but NEM’s capital allocation and portfolio moves position it well for gold’s potential re-pricing. Read the full article on Seeking Alpha
CMCL
US$21.42
Caledonia Mining
7D
-9.4%
1Y
21.2%
AA
US$83.79
Alcoa
7D
12.4%
1Y
202.9%
HCC
US$110.28
Warrior Met Coal
7D
18.5%
1Y
139.4%
MP
US$72.24
MP Materials
7D
7.8%
1Y
228.4%
AEM
US$178.94
Agnico Eagle Mines
7D
-0.9%
1Y
46.1%
Narrative Update • Jun 01

AEM: Future Senior Gold Repricing Will Rely On Hope Bay Redevelopment

Analysts have edged their average price target for Agnico Eagle Mines slightly lower to about $330, citing updated fair value, discount rate, and growth assumptions. This comes even as several recent research notes highlight favorable Q1 results, potential exploration upside, and generally positive views on gold equities.
CLF
US$14.75
Cleveland-Cliffs
7D
23.1%
1Y
95.1%
Narrative Update • May 31

CLF: Tariff Policy And Leverage Concerns Will Shape Future Earnings Power

Analysts have reduced the Cleveland-Cliffs fair value estimate by about $2.40 to $14.42 per share, reflecting lower assumed revenue growth and P/E multiple, along with a modestly higher profit margin outlook and recent cautious coverage, including new Underweight ratings with a $9 price target. Analyst Commentary Recent Street research on Cleveland-Cliffs has leaned cautious overall, with several firms assigning Underweight ratings and lower price targets.
FCX
US$71.72
Freeport-McMoRan
7D
11.4%
1Y
78.2%
DRD
US$25.88
DRDGOLD
7D
-4.9%
1Y
61.4%
Seeking Alpha • May 30

DRDGOLD: A Debt-Free Gold Proxy With Strong Margins And Execution Risk

Summary DRDGOLD offers a compelling 'Buy' case with a 12-month target price of $35.39, implying 36.10% upside at current gold prices. DRD's debt-free balance sheet, 53.7% operating margin, and disciplined capital allocation underpin robust cash generation and sustainable dividends. Vision 2028 targets doubling processing capacity, and extending mine life and is fully funded by operating cash flow, supporting long-term growth. Key risks include gold price volatility, sodium cyanide supply, and execution on Vision 2028 milestones, but DRD's operational leverage and cost discipline provide resilience. Read the full article on Seeking Alpha
AU
US$91.85
AngloGold Ashanti
7D
-5.8%
1Y
97.8%
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).
RGLD
US$219.58
Royal Gold
7D
-2.8%
1Y
18.5%
BVN
US$34.79
Compañía de Minas BuenaventuraA
7D
-0.9%
1Y
116.9%
SCCO
US$201.37
Southern Copper
7D
6.1%
1Y
125.9%
Narrative Update • May 26

SCCO: Premium Will Face Pressure From Expected Production Declines

Analysts have lifted the fair value estimate for Southern Copper from $67.81 to $125.74, while noting that a richer assumed future P/E of about 28 times and softer projected revenue and margin trends leave the stock looking expensive relative to recent price targets around $135 to $148 and comments about a stretched valuation. Analyst Commentary Recent Street research has leaned cautious on Southern Copper, with several bearish analysts flagging valuation concerns even as they acknowledge the company's strong position in global copper production and reserves.
STLD
US$271.41
Steel Dynamics
7D
8.4%
1Y
98.3%