Investing IdeasBrowse All StocksMarkets
Have your own idea? Try our Stock Screener
Header cover image

U.S. Metals and Mining Industry Analysis

UpdatedMay 05, 2026
DataAggregated Company Financials
Companies265
  • 7D-5.2%
  • 3M-9.3%
  • 1Y82.3%
  • YTD10.8%

The Metals and Mining industry is down 4.0% over the last week with Southern Copper the worst performer, down 6.6%. On the other hand Nucor is actually up 5.0%. Over the past 12 months, the industry was up 84%. 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
Tue, 05 May 2026US$771.0bUS$265.4bUS$30.2b22.1x25.5x2.9x
Thu, 02 Apr 2026US$758.4bUS$255.7bUS$25.5b22.3x29.8x3x
Sat, 28 Feb 2026US$889.4bUS$255.1bUS$25.8b23.5x34.5x3.5x
Mon, 26 Jan 2026US$832.6bUS$248.5bUS$23.0b27.1x36.2x3.4x
Wed, 24 Dec 2025US$686.4bUS$248.5bUS$22.5b26.4x30.5x2.8x
Fri, 21 Nov 2025US$588.0bUS$248.3bUS$22.5b20.5x26.1x2.4x
Sun, 19 Oct 2025US$597.9bUS$242.2bUS$20.1b25.3x29.7x2.5x
Tue, 16 Sep 2025US$545.8bUS$244.5bUS$20.3b24.7x26.9x2.2x
Thu, 14 Aug 2025US$500.4bUS$244.5bUS$20.5b21.5x24.4x2x
Sat, 12 Jul 2025US$468.6bUS$243.9bUS$17.9b23.2x26.2x1.9x
Mon, 09 Jun 2025US$453.3bUS$259.2bUS$17.8b21.4x25.4x1.7x
Wed, 07 May 2025US$427.4bUS$258.8bUS$18.1b21.6x23.6x1.7x
Fri, 04 Apr 2025US$429.9bUS$262.9bUS$16.9b20.4x25.5x1.6x
Sun, 02 Mar 2025US$411.7bUS$263.2bUS$17.2b20.9x23.9x1.6x
Tue, 28 Jan 2025US$410.1bUS$263.2bUS$11.9b16.5x34.4x1.6x
Thu, 26 Dec 2024US$393.8bUS$265.9bUS$12.5b15.4x31.5x1.5x
Sat, 23 Nov 2024US$442.7bUS$266.0bUS$12.4b19.3x35.6x1.7x
Mon, 21 Oct 2024US$476.5bUS$267.1bUS$11.2b14.6x42.6x1.8x
Wed, 18 Sep 2024US$432.0bUS$267.5bUS$11.3b14x38.1x1.6x
Fri, 16 Aug 2024US$425.6bUS$267.1bUS$11.4b13.5x37.4x1.6x
Sun, 14 Jul 2024US$463.5bUS$266.5bUS$12.8b13.9x36.3x1.7x
Tue, 11 Jun 2024US$437.7bUS$266.7bUS$13.0b14.7x33.7x1.6x
Thu, 09 May 2024US$451.1bUS$266.8bUS$13.1b13.4x34.5x1.7x
Sat, 06 Apr 2024US$449.2bUS$266.3bUS$15.7b14.6x28.7x1.7x
Mon, 04 Mar 2024US$384.3bUS$266.5bUS$15.8b14.2x24.4x1.4x
Wed, 31 Jan 2024US$391.5bUS$276.7bUS$18.8b16.9x20.9x1.4x
Fri, 29 Dec 2023US$422.4bUS$279.0bUS$19.4b18.1x21.8x1.5x
Sun, 26 Nov 2023US$367.3bUS$280.1bUS$20.0b15.3x18.4x1.3x
Tue, 24 Oct 2023US$330.5bUS$282.8bUS$22.1b11.6x15x1.2x
Thu, 21 Sep 2023US$353.0bUS$279.1bUS$21.3b12.4x16.6x1.3x
Sat, 19 Aug 2023US$354.4bUS$276.4bUS$21.7b13.8x16.4x1.3x
Mon, 17 Jul 2023US$366.4bUS$284.5bUS$26.0b13.4x14.1x1.3x
Wed, 14 Jun 2023US$348.0bUS$284.8bUS$26.3b13.4x13.2x1.2x
Fri, 12 May 2023US$331.7bUS$284.9bUS$26.3b11.8x12.6x1.2x
Price to Earnings Ratio

12.6x


Total Market Cap: US$331.7bTotal Earnings: US$26.3bTotal Revenue: US$284.9bTotal Market Cap vs Earnings and Revenue0%0%0%
U.S. Metals and Mining Industry Price to Earnings3Y Average 26.9x202420252026
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 26.9x.
  • The 3-year average PS ratio of 1.8x is lower than the industry's current PS ratio of 2.9x.
Past Earnings Growth
  • The earnings for companies in the Metals and Mining industry have grown 4.6% per year over the last three years.
  • Meanwhile revenues for these companies have declined 2.3% per year.
  • This means that less sales are being generated overall, but since cost of doing business is lower, profits have been increasing.

Industry Trends

Which industries have driven the changes within the U.S. Materials industry?

US Market0.58%
Materials-3.56%
Metals and Mining-5.22%
Precious Metals and Minerals3.81%
Diversified Metals and Mining1.82%
Steel1.39%
Aluminum-5.13%
Silver-5.61%
Copper-7.23%
Gold-7.60%
Industry PE
  • Investors are most optimistic about the Steel industry which is trading above its 3-year average PE ratio of 23.6x.
    • Analysts expect its future annual earnings growth (22.1%) 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 43% over the next 5 years.
  • However this is lower than its past earnings growth rate of 86% per year.
  • In contrast, the Copper industry is expected to see its earnings grow by 8.8% 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
NUE NucorUS$225.815.0%
+US$2.5b		87.4%PE22.1x
STLD Steel DynamicsUS$229.822.1%
+US$689.3m		72.6%PE24.2x
USAR USA Rare EarthUS$25.578.7%
+US$448.0m		127.2%PS3391.8x
EMAT Evolution Metals & TechnologiesUS$9.584.5%
+US$243.3m		-20.2%PE-9.2x
MP MP MaterialsUS$66.202.0%
+US$227.9m		162.7%PS42.8x

Latest News

STLD
US$229.82
Steel Dynamics
7D
2.1%
1Y
72.6%
NUE
US$225.81
Nucor
7D
5.0%
1Y
87.4%
NEM
US$108.33
Newmont
7D
-6.7%
1Y
104.2%
SCCO
US$166.30
Southern Copper
7D
-6.6%
1Y
92.9%
AEM
US$179.93
Agnico Eagle Mines
7D
-9.2%
1Y
57.4%
MP
US$66.20
MP Materials
7D
2.0%
1Y
162.7%

MP: Texas Magnet Campus Will Support Margins While Shares Remain Fairly Valued

Analysts are keeping their $62.00 price target for MP Materials steady, citing largely unchanged fair value estimates along with small refinements to discount rate, revenue growth, profit margin and future P/E assumptions. What's in the News MP Materials selected a 120-acre site in Northlake, Texas, to build its "10X" rare earth magnet manufacturing campus, located less than 10 miles from its existing Independence facility in Fort Worth (Key Developments).
CDE
US$17.56
Coeur Mining
7D
-7.0%
1Y
222.2%

CDE: New Gold Acquisition And Higher Metal Prices Will Drive Upside

The analyst price target for Coeur Mining has been adjusted slightly from $27.65 to $27.55, as analysts factor in recent mixed quarterly results, shifts in profit margin assumptions, and updated views on gold and silver pricing that have led to both rating upgrades and downgrades across the Street. Analyst Commentary Street research on Coeur Mining has been active, with a mix of upgrades, downgrades, and new initiations that reflect differing views on how the company is positioned after its recent results and corporate developments.
FCX
US$55.57
Freeport-McMoRan
7D
-8.3%
1Y
48.8%

FCX: Grasberg Agreement And Production Cuts Will Limit Upside Despite Copper Strength

The analyst price target for Freeport-McMoRan has been raised from $36.50 to $48.50, reflecting updated views from recent research, where several firms lifted targets on revised metal price assumptions and copper demand expectations, while others cited mine production cuts and valuation concerns in more cautious calls. Analyst Commentary Recent research on Freeport-McMoRan shows a mix of supportive and cautious views, with some firms raising price targets and others trimming expectations or downgrading the shares.
MTRN
US$189.40
Materion
7D
4.3%
1Y
138.1%
AA
US$62.46
Alcoa
7D
-7.3%
1Y
149.1%

AA: Higher Margin Outlook And Production Plans Will Support Future Upside

Analysts have lifted their price target for Alcoa to $73.87 from $72.48, reflecting updated expectations around potential revenue growth, profit margins, and a lower assumed future P/E multiple. What's in the News Alcoa reported first quarter 2026 production results, with Bauxite output of 9.1 mdmt compared with 9.5 mdmt a year earlier, Alumina production of 2,355 kmt in line with the prior year, and Aluminum production of 607 kmt compared with 564 kmt a year ago (Key Developments).
AU
US$90.69
AngloGold Ashanti
7D
-7.7%
1Y
115.2%

AU: Arthur Project Reserve And Dividend Will Support Stronger Future Returns

Analysts have trimmed their price target for AngloGold Ashanti from $164.00 to $155.00, linking the change to updated assumptions that include a higher discount rate, slightly stronger revenue growth expectations, a lower profit margin outlook, and a modestly different future P/E multiple. What's in the News Completed a Technical Report Summary for the Arthur Gold Project in Nevada, outlining a Tier One gold deposit with a pre-feasibility study and an initial nine-year mine plan based on conventional open pit mining and processing (Key Developments).
RGLD
US$228.42
Royal Gold
7D
-7.2%
1Y
27.4%

RGLD: Future Upside Will Hinge On SAND Integration In 2026

Royal Gold's updated analyst price target has inched higher to about $337 from around $332, as analysts factor in new views on 2026 metal price forecasts, the SAND transaction, and project-level updates including Hod Maden and upcoming 2026 guidance. Analyst Commentary Street research on Royal Gold has recently focused on how updated 2026 metal price forecasts, the SAND transaction and project work at Hod Maden feed into valuation and execution risk.
USAR
US$25.58
USA Rare Earth
7D
12.3%
1Y
148.8%

USA Rare Earth: The Thesis Just Got So Much More Bullish

Apr 22
NEXA
US$15.51
Nexa Resources
7D
6.8%
1Y
189.9%

Nexa; an integrated base-metals platform with real cash-flow torque?

Rating: Speculative Buy / Deep-Value Metals PlayStyle: Cyclical mining and smelting with zinc leverage and balance-sheet repair Core debate: Is Nexa just a cheap Latin American zinc name trapped in a volatile commodity cycle, or is it an underappreciated integrated base-metals platform with real cash-flow torque, diversified by-products, and upside if zinc fundamentals tighten further? Executive view Nexa is one of the cheaper ways to gain exposure to zinc and related base metals, but the investment case is stronger than a simple commodity beta trade.
SGML
US$22.57
Sigma Lithium
7D
9.0%
1Y
189.7%
EMAT
US$9.58
Evolution Metals & Technologies
7D
4.5%
1Y
-20.2%

Evolution Metals & Technologies Is Just The Beginning; Caution Is Advised

Jan 24