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U.S. Materials Sector Analysis

UpdatedAug 21, 2026
DataAggregated Company Financials
Companies440
  • 7D2.0%
  • 3M4.9%
  • 1Y24.5%
  • YTD14.7%

Over the last 7 days, the Materials industry has risen 2.0%, driven by gains in Agnico Eagle Mines and Newmont of 18% and 12%, respectively. Meanwhile, Nucor actually underperformed within the industry, shrinking 12% in the last week. In the last 12 months, the industry was up 24%. As for the next few years, earnings are expected to grow by 17% per annum.

Sector Valuation and Performance

Has the U.S. Materials Sector valuation changed over the past few years?

DateMarket CapRevenueEarningsPEAbsolute PEPS
Fri, 21 Aug 2026US$2.0tUS$884.5bUS$58.2b21.4x34.2x2.2x
Sun, 19 Jul 2026US$1.8tUS$862.7bUS$54.0b21.5x34.1x2.1x
Tue, 16 Jun 2026US$2.0tUS$863.8bUS$53.8b22.1x36.4x2.3x
Thu, 14 May 2026US$2.0tUS$862.9bUS$53.8b22.1x37.3x2.3x
Sat, 11 Apr 2026US$2.0tUS$840.7bUS$43.1b22x46.3x2.4x
Mon, 09 Mar 2026US$1.9tUS$845.6bUS$43.9b21.6x44x2.3x
Wed, 04 Feb 2026US$1.9tUS$854.3bUS$43.4b25.1x44.5x2.3x
Fri, 02 Jan 2026US$1.7tUS$852.9bUS$45.8b23.4x37.6x2x
Sun, 30 Nov 2025US$1.7tUS$852.7bUS$45.8b23x36.8x2x
Tue, 28 Oct 2025US$1.7tUS$841.9bUS$49.3b23.4x34.2x2x
Thu, 25 Sep 2025US$1.7tUS$838.3bUS$47.3b24x35.6x2x
Sat, 23 Aug 2025US$1.6tUS$838.0bUS$47.3b23.9x34.5x1.9x
Mon, 21 Jul 2025US$1.6tUS$833.0bUS$48.7b22.6x32.8x1.9x
Wed, 18 Jun 2025US$1.6tUS$852.8bUS$48.6b21.4x32.2x1.8x
Fri, 16 May 2025US$1.5tUS$866.1bUS$50.0b20.7x30.9x1.8x
Sun, 13 Apr 2025US$1.4tUS$863.9bUS$54.3b19x26.6x1.7x
Tue, 11 Mar 2025US$1.6tUS$867.9bUS$54.1b20.7x28.6x1.8x
Thu, 06 Feb 2025US$1.6tUS$868.0bUS$47.6b21.2x33.7x1.8x
Sat, 04 Jan 2025US$1.5tUS$875.8bUS$49.7b18.9x30.2x1.7x
Mon, 02 Dec 2024US$1.7tUS$876.1bUS$49.7b21.6x34x1.9x
Wed, 30 Oct 2024US$1.7tUS$875.0bUS$50.6b20.7x33.4x1.9x
Fri, 27 Sep 2024US$1.7tUS$870.8bUS$49.7b21.5x33.8x1.9x
Sun, 25 Aug 2024US$1.6tUS$870.3bUS$49.9b21.8x32.9x1.9x
Tue, 23 Jul 2024US$1.6tUS$866.9bUS$50.6b20.5x31.4x1.8x
Thu, 20 Jun 2024US$1.6tUS$871.2bUS$50.2b20.2x30.9x1.8x
Sat, 18 May 2024US$1.6tUS$871.5bUS$50.3b21.9x32.1x1.9x
Mon, 15 Apr 2024US$1.6tUS$879.9bUS$52.3b17x30.2x1.8x
Wed, 13 Mar 2024US$1.6tUS$880.5bUS$52.4b17.7x29.7x1.8x
Fri, 09 Feb 2024US$1.4tUS$875.5bUS$60.5b18.4x23.7x1.6x
Sun, 07 Jan 2024US$1.5tUS$906.1bUS$63.4b18.1x23.3x1.6x
Tue, 05 Dec 2023US$1.4tUS$911.1bUS$63.7b17.3x22.6x1.6x
Thu, 02 Nov 2023US$1.3tUS$914.7bUS$63.3b13.6x20.4x1.4x
Sat, 30 Sep 2023US$1.3tUS$894.2bUS$63.5b14.3x20.7x1.5x
Mon, 28 Aug 2023US$1.3tUS$887.3bUS$63.3b14.8x21.1x1.5x
Price to Earnings Ratio

21.1x


Total Market Cap: US$1.3tTotal Earnings: US$63.3bTotal Revenue: US$887.3bTotal Market Cap vs Earnings and Revenue0%0%0%
U.S. Materials Sector Price to Earnings3Y Average 34.6x202420252026
Current Industry PE
  • Investors are relatively neutral on the American Materials 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 34.6x.
  • The industry is trading close to its 3-year average PS ratio of 2.1x.
Past Earnings Growth
  • The earnings for companies in the Materials industry have declined 2.8% per year over the last three years.
  • Meanwhile revenues have remained mostly flat.
  • This means that although sales have remained flat, either the cost of doing business or the level of investment back into businesses has increased, which has decreased profits.

Industry Trends

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

US Market-2.09%
Materials2.01%
Metals and Mining5.22%
Chemicals0.42%
Packaging-0.91%
Basic Materials-3.57%
Paper and Forestry Products-3.95%
Industry PE
  • Investors are most optimistic about the Chemicals industry which is trading above its 3-year average PE ratio of 52.4x.
    • Analysts are expecting annual earnings growth of 21.7%, which is higher than its past year's earnings growth of 2.4% per year.
Forecasted Growth
  • Analysts are most optimistic on the Paper and Forestry Products industry, expecting annual earnings growth of 68% over the next 5 years.
  • This is better than its past earnings decline of 65% per year.
  • In contrast, the Metals and Mining industry is expected to see its earnings grow by 11% 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
AEM Agnico Eagle MinesUS$212.0417.6%
+US$16.0b		55.5%PE18.3x
NEM NewmontUS$127.6411.8%
+US$14.1b		82.1%PE15.6x
AU AngloGold AshantiUS$115.1421.1%
+US$10.2b		110.0%PE15.4x
SCCO Southern CopperUS$198.735.9%
+US$9.4b		120.4%PE29.6x
FCX Freeport-McMoRanUS$71.226.6%
+US$6.3b		70.7%PE34.8x

Latest News

NEM
US$127.64
Newmont
7D
11.8%
1Y
82.1%
STLD
US$219.00
Steel Dynamics
7D
-15.9%
1Y
74.1%
AU
US$115.14
AngloGold Ashanti
7D
21.1%
1Y
110.0%
Seeking Alpha • Aug 20

AngloGold Ashanti: Strong Cash Flow, But Execution Caps The Upside

Summary AngloGold Ashanti (AU) is rated Hold at $108.54, reflecting strong H1 2026 cash flow but requiring improved operating execution to justify upside. H1 EBITDA surged 82% to $4.265B and FCF more than doubled to $1.895B, driven by high realized gold prices despite 4% lower production and rising costs. Balance sheet strength—$991M net cash, $949M H1 dividends, and a $2B buyback authorization—provides capital allocation flexibility, but cost inflation and asset quality dispersion persist. Maintaining production ≥2.80Moz and AISC ≤$1,990/oz in H2 is critical; sustained operating recovery and cost discipline are prerequisites for a potential upgrade. Read the full article on Seeking Alpha
RGLD
US$252.36
Royal Gold
7D
11.7%
1Y
44.4%
Narrative Update • Aug 20

RGLD: Royalty Cash Flows And Buybacks Will Support Long Term Upside

Analysts cut their fair value estimate for Royal Gold from $375 to $350, reflecting updated assumptions around discount rates, revenue growth, margins, and long-term P/E multiples in light of recent price target revisions across the Street. Analyst Commentary Recent Street research on Royal Gold shows a split view, although several bullish analysts still see meaningful upside potential based on long term royalty cash flow durability and the stock's relative positioning within the precious metals sector.
MTRN
US$232.72
Materion
7D
-17.6%
1Y
112.4%
Narrative Update • Aug 20

MTRN: Higher Electronic Materials Margins Will Support Stronger 2026 Outlook

Analysts have lifted their Materion price target to $237 from $223, citing stronger expectations for Electronic Materials segment margins supported by a richer product mix and cost efficiencies discussed after the Q1 update. What's in the News for Materion Materion reported that from April 1, 2026 to June 30, 2026, it repurchased 0 shares for US$0 million under the buyback program announced on October 29, 2025, and that this tranche is now complete.
SHW
US$346.91
Sherwin-Williams
7D
-4.0%
1Y
-4.7%
NUE
US$240.48
Nucor
7D
-11.7%
1Y
67.9%
Seeking Alpha • Aug 18

Nucor: Tariff Shield, Rising Capacity, And Infrastructure Demand Merit A Strong Buy

Summary Nucor Corporation is positioned for durable growth as U.S. steel demand strengthens and import volumes decline, supporting higher pricing and volumes. New capacity from the West Virginia sheet mill and Utah Towers facility will drive volume growth, with start-up costs expected through eFY27 before normalizing. NUE's strong balance sheet and reduced net leverage (0.77x) provide flexibility for expansion and M&A, while Section 232 tariffs and infrastructure demand underpin the bullish outlook. I reiterate a Strong Buy rating on NUE stock with a $306/share price target, reflecting 8.94x eFY28 EV/EBITDA, justified by robust operating leverage and market tailwinds. Read the full article on Seeking Alpha
CDE
US$21.11
Coeur Mining
7D
14.4%
1Y
80.9%
Seeking Alpha • Aug 18

Coeur Mining: A Guidance Cut Doesn't Change The Bigger Picture

Summary Coeur Mining remains a Strong Buy, with robust cash flow, a strong balance sheet, and significant long-term optionality supporting a discounted valuation. CDE's updated 2026 FCF guidance is $1.5 billion, down from >$2 billion, reflecting operational challenges but still indicating substantial cash generation and flexibility. The company is leveraging record exploration budgets and a $750 million buyback program while maintaining net cash and pursuing shareholder returns. Valuation implies a significant margin of safety, with potential catalysts including commodity price appreciation, M&A, and strategic capital deployment. Read the full article on Seeking Alpha
MLM
US$525.27
Martin Marietta Materials
7D
-3.6%
1Y
-12.6%
SCCO
US$198.73
Southern Copper
7D
5.9%
1Y
120.4%
APD
US$300.33
Air Products and Chemicals
7D
-1.7%
1Y
2.3%
FCX
US$71.22
Freeport-McMoRan
7D
6.6%
1Y
70.7%
Seeking Alpha • Aug 11

Freeport-McMoRan: Growth On The Horizon, With A Positive Q2 As Significant Growth Operations Continue

Summary Freeport-McMoRan (FCX) is well-positioned to benefit from strong copper market tailwinds and robust financials, supporting a Buy rating for long-term value investors. FCX's growth profile is underpinned by upgraded ore leaching, which further bolsters the effects of major expansion projects at Bagdad, Kucing Liar, and El Abra. Financial stability is evidenced by a Q2 asset-to-liability ratio of ~2.17, strong liquidity, and ongoing income generation matching CapEx. While FCX trades at a justified premium (P/E 23.46 vs. sector 17.12), upside is expected from growth execution, not technical re-rating. Read the full article on Seeking Alpha
AEM
US$212.04
Agnico Eagle Mines
7D
17.6%
1Y
55.5%
Narrative Update • Aug 10

AEM: Barnat Setback And Softer Gold Outlook Will Pressure Returns

Agnico Eagle Mines' updated analyst price target reflects a modest reset in fair value to $112.50 from $115.10, as analysts factor in softer revenue expectations alongside slightly stronger profit margins and a higher future P/E assumption. Analyst Commentary Recent Street research on Agnico Eagle Mines shows a mix of caution and support, with several firms recalibrating their targets around commodity assumptions, company specific events and sector positioning.
RS
US$380.31
Reliance
7D
-10.5%
1Y
33.0%
CRH
US$93.09
CRH
7D
-4.7%
1Y
-15.9%
CTVA
US$79.46
Corteva
7D
4.8%
1Y
8.9%
Narrative Update • Aug 04

CTVA: Upcoming Seed Spinoff And Crop Protection Pipeline Will Reshape Earnings Mix

Analysts lifted their price target for Corteva to $92.40 from $90.05, pointing to updated expectations around the Vylor seed spinoff, the crop protection and fertilizer backdrop, and the revised P/E and profitability assumptions cited in recent research. Analyst Commentary Recent research on Corteva centers on how the Vylor seed spinoff, crop protection trends, and fertilizer market conditions may affect valuation, growth prospects, and execution risk.