Tearsheet

Agnico Eagle Mines (AEM)

Market Price (3/29/2026): $193.3 | Market Cap: $96.8 Bil
Sector: Materials | Industry: Gold

Agnico Eagle Mines (AEM)

Market Price (3/29/2026): $193.3
Market Cap: $96.8 Bil
Sector: Materials
Industry: Gold

Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.

0	Attractive yield Total YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 5.4%	Key risks AEM key risks include [1] geopolitical and regulatory challenges related to Indigenous rights and specific ESG allegations, Show more.
1	Strong revenue growth Rev Chg LTMRevenue Change % Last Twelve Months (LTM) is 44%
2	Attractive operating margins Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is 53%
3	Attractive cash flow generation CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 57%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 36%, CFO LTM is 6.8 Bil, FCF LTM is 4.3 Bil
4	Low stock price volatility Vol 12M is 44%
5	Megatrend and thematic drivers Megatrends include Sustainable Mining & ESG, and Precious Metals & Strategic Resources. Themes include Responsible Sourcing, Environmental Stewardship, Show more.

0	Attractive yield Total YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 5.4%
1	Strong revenue growth Rev Chg LTMRevenue Change % Last Twelve Months (LTM) is 44%
2	Attractive operating margins Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is 53%
3	Attractive cash flow generation CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 57%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 36%, CFO LTM is 6.8 Bil, FCF LTM is 4.3 Bil
4	Low stock price volatility Vol 12M is 44%
5	Megatrend and thematic drivers Megatrends include Sustainable Mining & ESG, and Precious Metals & Strategic Resources. Themes include Responsible Sourcing, Environmental Stewardship, Show more.
6	Key risks AEM key risks include [1] geopolitical and regulatory challenges related to Indigenous rights and specific ESG allegations, Show more.

Valuation, Metrics & Events

	3/29/26	2025	2024	2023	2022
Share Price CYE	$193.30	$169.53	$78.21	$54.85	$51.99
Market Cap CYE ($ Bil)	96.8	84.9	39.2	27.2	23.7
Total Debt ($ Bil)	0.3	0.3	1.3	2.0	1.5
Total Cash ($ Bil)	2.9	2.9	0.9	0.3	0.7
Enterprise Value ($ Bil)	94.3	85.2	40.5	29.2	25.2
Valuation Ratios
P/S TTM	8.1	7.1	4.7	4.1	4.1
P/EBIT TTM	14.4	12.6	13.5	11.1	20.1
P/E TTM	21.7	19.0	20.7	14.0	35.3
P/FCF TTM	22.7	19.9	18.4	-424.6	42.4
Sector Ratios
P/S TTM (Sector)	1.8	1.5	1.4	1.4	1.1
P/EBIT TTM (Sector)	5.5	5.8	6.6	6.7	5.4
P/E TTM (Sector)	-0.6	-0.7	4.1	7.5	4.8
P/FCF TTM (Sector)	5.0	4.8	6.1	4.8	1.8

	3/29/26	2025	2024
Share Price CYE	$193.30	$169.53	$78.21
Market Cap CYE ($ Bil)	96.8	84.9	39.2
Total Debt ($ Bil)	0.3	0.3	1.3
Total Cash ($ Bil)	2.9	2.9	0.9
Enterprise Value ($ Bil)	94.3	85.2	40.5
Valuation Ratios
P/S TTM	8.1	7.1	4.7
P/EBIT TTM	14.4	12.6	13.5
P/E TTM	21.7	19.0	20.7
P/FCF TTM	22.7	19.9	18.4
Sector Ratios
P/S TTM (Sector)	1.8	1.5	1.4
P/EBIT TTM (Sector)	5.5	5.8	6.6
P/E TTM (Sector)	-0.6	-0.7	4.1
P/FCF TTM (Sector)	5.0	4.8	6.1

	AEM	S&P 500
REVENUE GROWTH	VERY GOOD
Rev LTM ($ Bil)	11.9
Rev Chg Q	60.3%	7.3%
Rev Chg LTM	43.7%	6.7%
Rev Chg 3Y Avg	28.1%	5.7%
PROFITABILITY	VERY GOOD
Op Inc LTM ($ Bil)	6.3
CFO LTM ($ Bil)	6.8
Net Inc LTM ($ Bil)	4.5
Op Mgn LTM	53.0%	18.6%
CFO/Rev LTM	57.2%	20.7%
Net Inc Mgn	37.5%	12.8%
VALUATION	MODERATE
P/S	8.1	3.1
P/CFO	14.2	14.8
P/FCF	22.7	19.4
P/E	21.7	23.7
STABILITY	GOOD
Debt/Equity	0.00	0.22
Cash/Assets	0.08	0.07

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Metric	Value	Date	Source
Payable gold production	866,936 ounces	9302025	Link
All-in sustaining costs (AISC) per ounce	$1,373	9302025	Link
Total cash costs per ounce	$994	9302025	Link
Production costs per ounce	$963	9302025	Link
Proven and Probable Gold Reserves	54.3 million ounces	12312024	Link
Measured and Indicated Gold Resources	43.0 million ounces	12312024	Link
Inferred Gold Resources	36.2 million ounces	12312024	Link

Upcoming
4/23/2026	Earnings Release	Rev: $4.0 Bil (E) EPS: $3.36 (E)

Price Chart

Return (1M):

Why The Stock Moved

Qualitative Assessment

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Agnico Eagle Mines (AEM) stock has gained about 10% since 11/30/2025 because of the following key factors:

1. Macroeconomic Tailwinds from Soaring Gold Prices.

Gold prices experienced a significant rally, trading above $4,500 per ton by early 2026 and reaching an all-time high of $5608.35 in January 2026. This surge was primarily driven by heightened geopolitical tensions, global trade disputes, and increased central bank purchases, creating a highly favorable market environment for gold mining companies like Agnico Eagle Mines.

2. Exceptional Q4 and Full Year 2025 Financial Performance.

Agnico Eagle Mines reported record financial results for 2025, including a record annual free cash flow of $4.399 billion or $8.76 per share. The company exceeded its fourth-quarter 2025 forecasts, posting adjusted earnings per share of $2.70 (compared to $2.62 expected) and revenue of $3.56 billion (versus $3.42 billion projected), which resulted in a 5.63% pre-market stock increase. Additionally, Agnico Eagle increased its quarterly dividend by 12.5% to $0.45 per share, reflecting strong operational performance and a robust financial position.

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Stock Movement Drivers

Fundamental Drivers

The 11.3% change in AEM stock from 11/30/2025 to 3/29/2026 was primarily driven by a 14.8% change in the company's Net Income Margin (%).

(LTM values as of)	11302025	3292026	Change
Stock Price ($)	173.72	193.30	11.3%
Change Contribution By:
Total Revenues ($ Mil)	10,568	11,908	12.7%
Net Income Margin (%)	32.6%	37.5%	14.8%
P/E Multiple	25.3	21.7	-14.2%
Shares Outstanding (Mil)	502	501	0.3%
Cumulative Contribution			11.3%

LTM = Last Twelve Months as of date shown

Market Drivers

11/30/2025 to 3/29/2026

	Return	Correlation
AEM	11.3%
Market (SPY)	-5.3%	36.0%
Sector (XLB)	10.0%	62.2%

Fundamental Drivers

The 35.0% change in AEM stock from 8/31/2025 to 3/29/2026 was primarily driven by a 23.2% change in the company's Total Revenues ($ Mil).

(LTM values as of)	8312025	3292026	Change
Stock Price ($)	143.18	193.30	35.0%
Change Contribution By:
Total Revenues ($ Mil)	9,664	11,908	23.2%
Net Income Margin (%)	30.6%	37.5%	22.3%
P/E Multiple	24.3	21.7	-10.8%
Shares Outstanding (Mil)	503	501	0.4%
Cumulative Contribution			35.0%

LTM = Last Twelve Months as of date shown

Market Drivers

8/31/2025 to 3/29/2026

	Return	Correlation
AEM	35.1%
Market (SPY)	0.6%	32.4%
Sector (XLB)	7.1%	51.9%

Fundamental Drivers

The 102.8% change in AEM stock from 2/28/2025 to 3/29/2026 was primarily driven by a 63.8% change in the company's Net Income Margin (%).

(LTM values as of)	2282025	3292026	Change
Stock Price ($)	95.30	193.30	102.8%
Change Contribution By:
Total Revenues ($ Mil)	8,286	11,908	43.7%
Net Income Margin (%)	22.9%	37.5%	63.8%
P/E Multiple	25.2	21.7	-14.0%
Shares Outstanding (Mil)	502	501	0.2%
Cumulative Contribution			102.8%

LTM = Last Twelve Months as of date shown

Market Drivers

2/28/2025 to 3/29/2026

	Return	Correlation
AEM	102.9%
Market (SPY)	9.8%	15.2%
Sector (XLB)	12.4%	34.0%

Fundamental Drivers

The 346.8% change in AEM stock from 2/28/2023 to 3/29/2026 was primarily driven by a 244.4% change in the company's Net Income Margin (%).

(LTM values as of)	2282023	3292026	Change
Stock Price ($)	43.26	193.30	346.8%
Change Contribution By:
Total Revenues ($ Mil)	5,308	11,908	124.3%
Net Income Margin (%)	10.9%	37.5%	244.4%
P/E Multiple	34.1	21.7	-36.4%
Shares Outstanding (Mil)	455	501	-9.1%
Cumulative Contribution			346.8%

LTM = Last Twelve Months as of date shown

Market Drivers

2/28/2023 to 3/29/2026

	Return	Correlation
AEM	347.0%
Market (SPY)	69.4%	19.8%
Sector (XLB)	26.8%	34.2%

Return vs. Risk

Price Returns Compared

	2021	2022	2023	2024	2025	2026	Total [1]
Returns
AEM Return	-23%	1%	9%	46%	120%	11%	202%
Peers Return	29%	-4%	5%	12%	111%	6%	224%
S&P 500 Return	27%	-19%	24%	23%	16%	-5%	72%
Monthly Win Rates [3]
AEM Win Rate	50%	50%	58%	50%	83%	67%
Peers Win Rate	52%	45%	53%	55%	72%	67%
S&P 500 Win Rate	75%	42%	67%	75%	67%	33%
Max Drawdowns [4]
AEM Max Drawdown	-31%	-28%	-14%	-18%	0%	0%
Peers Max Drawdown	-13%	-28%	-20%	-18%	-5%	-2%
S&P 500 Max Drawdown	-1%	-25%	-1%	-2%	-15%	-5%

[1] Cumulative total returns since the beginning of 2021
[2] Peers: NEM, GOLD, FNV, RGLD, KGC.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2026 data is for the year up to 3/27/2026 (YTD)

How Low Can It Go

Unique Key	Event	AEM	S&P 500
2022 Inflation Shock	2022 Inflation Shock
2022 Inflation Shock% Loss	% Loss	-50.9%	-25.4%
2022 Inflation Shock% Gain to Breakeven	% Gain to Breakeven	103.5%	34.1%
2022 Inflation ShockTime to Breakeven	Time to Breakeven	659 days	464 days
2020 Covid Pandemic	2020 Covid Pandemic
2020 Covid Pandemic% Loss	% Loss	-41.8%	-33.9%
2020 Covid Pandemic% Gain to Breakeven	% Gain to Breakeven	71.8%	51.3%
2020 Covid PandemicTime to Breakeven	Time to Breakeven	47 days	148 days
2018 Correction	2018 Correction
2018 Correction% Loss	% Loss	-36.6%	-19.8%
2018 Correction% Gain to Breakeven	% Gain to Breakeven	57.8%	24.7%
2018 CorrectionTime to Breakeven	Time to Breakeven	292 days	120 days
2008 Global Financial Crisis	2008 Global Financial Crisis
2008 Global Financial Crisis% Loss	% Loss	-72.9%	-56.8%
2008 Global Financial Crisis% Gain to Breakeven	% Gain to Breakeven	268.9%	131.3%
2008 Global Financial CrisisTime to Breakeven	Time to Breakeven	738 days	1,480 days

Compare to NEM, GOLD, FNV, RGLD, KGC

In The Past

Agnico Eagle Mines's stock fell -50.9% during the 2022 Inflation Shock from a high on 1/7/2021. A -50.9% loss requires a 103.5% gain to breakeven.

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About Agnico Eagle Mines (AEM)

Business Description Analogies Products Customers Suppliers Management Key Risks Emerging Threats Market Size Revenue Drivers Capital Allocation

Agnico Eagle Mines Limited engages in the exploration, development, and production of mineral properties in Canada, Mexico, and Finland. It operates through Northern Business and Southern Business segments. The company primarily produces and sells gold deposits, as well as explores for silver, zinc, and copper deposits. Its flagship property is the LaRonde mine located in the Abitibi region of northwestern Quebec, Canada. As of December 31, 2021, the company's LaRonde mine had proven and probable mineral reserves of approximately 3.0 million ounces of gold. It is also involved in exploration activities in Europe, Latin America, and the United States. The company was incorporated in 1953 and is headquartered in Toronto, Canada.

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Here are 1-2 brief analogies for Agnico Eagle Mines (AEM):

It's like a gold-focused Barrick Gold or Newmont, concentrating its mining operations primarily in Canada, Mexico, and Finland.
Think of it as a pure-play gold producer, similar to the gold mining division of a diversified resource giant like BHP Billiton or Rio Tinto, but operating as an independent company.

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Gold: The primary mineral produced and sold by Agnico Eagle Mines from its mining operations.
Silver: A mineral that the company explores for and aims to produce from its properties.
Zinc: A mineral that the company explores for and aims to produce from its properties.
Copper: A mineral that the company explores for and aims to produce from its properties.

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Agnico Eagle Mines (AEM) Major Customers

Major Customers

Agnico Eagle Mines Limited is a primary producer of raw mineral commodities, primarily gold, silver, zinc, and copper. As such, it generally sells its output into global commodity markets rather than directly to end-user individuals or a few named large corporate customers. Its major customers are typically businesses that further process, refine, or trade these metals. The categories of customers include:

Metal Refiners: Companies that take the raw or semi-processed metals (such as doré bars for gold, or concentrates for other metals) and refine them into high-purity ingots, bars, or other marketable forms.
Bullion Banks and Dealers: For gold and silver, these are financial institutions and specialized dealers that trade in physical bullion for investment, hedging, and distribution purposes to institutional and sometimes retail investors.
Industrial Purchasers and Traders: For base metals like zinc and copper, customers include manufacturing companies that utilize these metals in various industrial applications (e.g., electronics, construction, automotive) or large commodity trading firms that facilitate global distribution.

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Ammar Al-Joundi, President and Chief Executive Officer

Mr. Al-Joundi has served as President and Chief Executive Officer of Agnico Eagle Mines Limited since February 2022. Previously, he was President of Agnico Eagle from 2015 to 2022, and Senior Vice President and Chief Financial Officer from 2010 to 2012. Prior to rejoining Agnico Eagle in 2015, Mr. Al-Joundi held various roles at Barrick Gold Corporation, including Chief Financial Officer from July 2012 to February 2015. He also served as Senior Executive Vice President and Executive Vice President at Barrick. Before Barrick, he was Vice President, Structured Finance at Citibank, Canada.

David Smith, Senior Vice President, Finance, Chief Financial Officer

Mr. Smith holds the position of Senior Vice President, Finance, and Chief Financial Officer at Agnico Eagle.

Jean Robitaille, Executive Vice-President, Chief Strategy & Technology Officer

Mr. Robitaille is the Executive Vice-President, Chief Strategy & Technology Officer at Agnico Eagle. He has been with Agnico Eagle since 1988, serving in various senior executive roles including Senior Vice President, Corporate Development, Business Strategy and Technical Services (2020-2022). His over 25 years of experience in the mining industry include senior executive roles in Technical Services, Project Development, Metallurgy, and Marketing, as well as operational experience as a Mill Superintendent and Metallurgist. Prior to joining Agnico Eagle, he worked as a metallurgist with Teck Mining Group. Mr. Robitaille is a mining technology graduate with a specialty in ore processing and also serves as Chair of the Canada Mining Innovation Council (CMIC).

Natasha Vaz, Executive Vice President & Chief Operating Officer, Ontario, Australia & Mexico

Ms. Vaz is the Executive Vice President & Chief Operating Officer, Ontario, Australia & Mexico. Since joining Agnico Eagle in 2004, she has held several key positions, including Executive Vice President – Operational Excellence (2022-2024), Senior Vice President – Sustainability, People and Culture (2021-2022), and General Manager at the Lapa, Kittilä, and LaRonde mines.

Guy Gosselin, Executive Vice-President Exploration

Mr. Gosselin serves as the Executive Vice-President Exploration for Agnico Eagle.

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The key risks to Agnico Eagle Mines are:

Fluctuations in Gold Prices: The company's financial performance, including operating margins, free cash flow, and dividend capacity, is significantly exposed to the volatility of gold prices. A substantial decline in gold prices would negatively impact these metrics.
High Capital Expenditures and Project Execution Risk: Agnico Eagle Mines undertakes large capital-intensive projects, such as the expansion of its Detour Lake mine. These projects carry the risk of cost overruns, delays, and challenges in maintaining targeted grades, which can place considerable pressure on the company's financial flexibility and cash flow.
Geopolitical and Regulatory Risks: Agnico Eagle's mining operations are subject to various geopolitical factors and regulatory changes in the jurisdictions where it operates. Shifts in government policies, including potential increases in royalties or taxes, as well as evolving environmental regulations and the threat of resource nationalism, could lead to higher operating costs and negatively affect profitability.

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Agnico Eagle Mines (AEM) primarily produces gold, and also explores for silver, zinc, and copper deposits. The addressable markets for these main products are detailed below:

Gold

The global gold market was valued at approximately USD 2.5 trillion, based on a five-year historical analysis. Another estimate places the global gold market size at USD 291.68 billion in 2024, with projections to reach USD 400 billion by the end of 2030. In terms of volume, the global gold market stood at 4,890.0 tons in 2025 and is expected to grow to 7,424.4 tons by 2034.
For Mexico, gold exports reached USD 7.37 billion in 2024. Mexico was the world's seventh-largest gold producer in 2025, accounting for a 3.8% share of global production. The broader precious metal market in Mexico, where gold is the largest revenue-generating metal, generated USD 91,855.6 million in 2024.
While specific market size data for gold in Canada was not explicitly found in terms of total market value, Canada is a significant location for Agnico Eagle's gold production.

Silver

The global silver market size was valued at USD 87.12 billion in 2024 and is projected to increase to USD 202.07 billion by 2033. Another estimate indicates the global silver market size was USD 23.51 billion in 2025 and is expected to reach USD 36.51 billion by 2035. In terms of volume, the silver market is expected to grow from 37.78 kilotons in 2025 to 49.54 kilotons by 2031.
Mexico was the largest mine producer of silver in 2024. Silver is also noted as the most lucrative metal segment in Mexico's precious metal market, which had a total revenue of USD 91,855.6 million in 2024.

Zinc

The global zinc market size was valued at USD 27.2 billion in 2024 and is projected to grow to USD 52.14 billion by 2033. Another report states the global zinc market size was estimated at USD 23.36 billion in 2024. The global zinc mining market size was valued at USD 77.07 billion in 2025 and is projected to reach USD 122.25 billion by 2034.
The Canada zinc mining market generated USD 773.4 million in revenue in 2022 and is expected to reach USD 1,064.2 million by 2030. Canada accounted for 1.2% of the global zinc mining market in 2022.
The Mexico zinc mining market is projected to lead the North American regional market in terms of revenue by 2030.

Copper

The global copper market size was estimated at USD 241.88 billion in 2024 and is projected to reach USD 339.95 billion by 2030. Other estimates place the global copper market size at USD 261.93 billion in 2025 and USD 291.12 billion in 2025.
The Canada copper mining market generated USD 4,603.6 million in revenue in 2022 and is expected to reach USD 6,862.1 million by 2030. Canada's domestic exports of copper and copper-based products were valued at USD 10.7 billion in 2024.
The Mexico copper market size was valued at USD 2.97 billion in 2025 and is expected to reach USD 5.17 billion by 2035. The copper market in Mexico is also expected to reach USD 4,003.4 million by 2030.
Finland's copper exports are expected to reach USD 1.6 billion in 2026. Finland's copper imports were US$1.4 billion in 2024.

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Agnico Eagle Mines Limited (AEM) is expected to experience future revenue growth over the next two to three years driven by several key factors:

Increased Gold Production from Existing Operations and Key Expansions: Agnico Eagle projects stable payable gold production of approximately 3.3 to 3.5 million ounces annually from 2026 to 2028. This stable base is expected to be augmented by improved production levels from operations like Canadian Malartic, Fosterville, and Kittila, along with life-of-mine extensions at Meadowbank, contributing to an improved outlook for 2028.
Advancement and Development of Key Growth Projects: The company plans to increase annual production by up to 30% over the next decade through internal projects. Notably, the development of an underground mine at Detour Lake is anticipated to add an estimated 300,000 to 350,000 ounces per year, with underground production potentially commencing as early as 2028. Other significant projects, including the Odyssey project at Canadian Malartic, Upper Beaver, and the Hope Bay Project (with proven and probable mineral reserves of 3.4 million ounces), are also expected to play a crucial role in future cash flow generation and production growth. Capital expenditures are slated to remain in the $2.4 billion to $2.5 billion range for several years to accelerate production from these projects.
Successful Exploration and Resource Expansion: Agnico Eagle achieved record proven and probable reserves of 55.4 million ounces in 2025, representing a 2.1% increase. Measured and indicated resources also grew by nearly 10% to 47.1 million ounces, and inferred mineral resources increased by 15.5% to 41.8 million ounces. The company plans to exceed 1,500,000 meters of drilling in 2026, indicating continued investment in exploration to develop its project pipeline and support sustained long-term growth.
Favorable Gold Price Environment: A sustained favorable gold price environment is a significant external driver for revenue growth. In 2025, Agnico Eagle captured 95% of the year-over-year gold price increase. The company's reported gold price of $3,454 per ounce in 2025 was substantially higher than its internal guidance, and higher gold prices are expected to continue boosting profitability and cash flow generation.

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Share Repurchases

Agnico Eagle Mines repurchased 4,114,150 common shares for an aggregate of $600 million in 2025.
The company received approval to renew its normal course issuer bid (NCIB) from May 4, 2025, to May 3, 2026, allowing it to repurchase up to 25,174,240 common shares or up to $1 billion.
In 2024, Agnico Eagle Mines was authorized to repurchase up to 24,961,914 shares, representing 5% of its outstanding share capital, for $500 million, with the bid terminating by May 3, 2025.

Share Issuance

Agnico Eagle Mines' shares outstanding increased by 86.20% in 2022 to 455.94 million shares, largely influenced by the merger with Kirkland Lake Gold.
Shares outstanding continued to increase by 8.80% in 2023 to 496.06 million, by 1.10% in 2024 to 501.52 million, and by 0.13% in 2025 to 502.19 million.

Outbound Investments

Agnico Eagle Mines completed the acquisition of Kirkland Lake Gold for $10.7 billion in September 2021.
The company acquired O3 Mining, a provider of gold mining and exploration services, for $144 million in December 2024, with the acquisition finalized in March 2025 for approximately $204 million.
Agnico Eagle Mines made strategic equity investments, including acquiring additional common shares of Maple Gold Mines for C$1,623,811 in February 2026 and 26,000,000 common shares of Osisko Metals for C$12,480,000 in December 2025.

Capital Expenditures

Capital expenditures (excluding capitalized exploration) for 2025 were $2.1 billion.
Planned capital expenditures for 2026 are expected to be between $2.2 billion and $2.4 billion, with some sources indicating up to $2.5 billion.
These expenditures are primarily focused on pipeline projects to support future production growth, including accelerated investments at Detour Lake, Canadian Malartic, Upper Beaver, and potentially an additional $300 million for Hope Bay.

Interactive Breakdown

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Better Bets vs. Agnico Eagle Mines (AEM)

INDUSTRY: Gold

Higher Rev Chg 3Y Avg | Lower P/S (Values for AEM: 28.1% | 8.1x)

AU (36.1% | 4.6x)

Anglogold Ashanti

PAAS (35.0% | 6.0x)

Pan American Silver

CDE (43.1% | 5.3x)

Coeur Mining

IAG (47.7% | 3.6x)

Iamgold

EQX (32.4% | 5.5x)

Equinox Gold

Higher Rev Chg 3Y Avg | Lower P/Op Inc (Values for AEM: 28.1% | 15.4x)

AU (36.1% | 10.6x)

Anglogold Ashanti

CDE (43.1% | 14.1x)

Coeur Mining

IAG (47.7% | 9.2x)

Iamgold

EGO (28.1% | 8.9x)

Eldorado Gold

ARIS (35.9% | 9.7x)

Aris Mining

Higher Rev Chg LTM (Value for AEM: 43.7%)

EQX (99.1%)

Equinox Gold

CDE (96.4%)

Coeur Mining

IAG (74.7%)

Iamgold

AU (70.8%)

Anglogold Ashanti

FNV (63.7%)

Franco-Nevada

Higher Rev Chg 3Y Avg (Value for AEM: 28.1%)

IAG (47.7%)

Iamgold

CDE (43.1%)

Coeur Mining

AU (36.1%)

Anglogold Ashanti

PAAS (35.0%)

Pan American Silver

AGI (30.2%)

Alamos Gold

Higher Op Mgn LTM (Value for AEM: 53.0%)

OR (72.9%)

OR Royalties

FNV (71.6%)

Franco-Nevada

RGLD (64.5%)

Royal Gold

Higher CFO/Rev LTM (Value for AEM: 57.2%)

OR (88.5%)

OR Royalties

ORLA (87.3%)

Orla Mining

FNV (81.9%)

Franco-Nevada

RGLD (68.4%)

Royal Gold

Higher FCF/Rev LTM (Value for AEM: 35.8%)

OR (75.2%)

OR Royalties

KGC (36.4%)

Kinross Gold

Higher Total Yield (Value for AEM: 5.4%)

AU (10.0%)

Anglogold Ashanti

B (9.1%)

Barrick Mining

NEM (7.4%)

Newmont

KGC (7.3%)

Kinross Gold

CDE (5.4%)

Coeur Mining

SECTOR: Materials

Higher Rev Chg 3Y Avg | Lower P/S (Values for AEM: 28.1% | 8.1x)

AU (36.1% | 4.6x)

Anglogold Ashanti

PAAS (35.0% | 6.0x)

Pan American Silver

SW (55.1% | 0.7x)

Smurfit WestRock

CDE (43.1% | 5.3x)

Coeur Mining

IAG (47.7% | 3.6x)

Iamgold

Higher Rev Chg 3Y Avg | Lower P/Op Inc (Values for AEM: 28.1% | 15.4x)

AU (36.1% | 10.6x)

Anglogold Ashanti

SW (55.1% | 9.4x)

Smurfit WestRock

CDE (43.1% | 14.1x)

Coeur Mining

IAG (47.7% | 9.2x)

Iamgold

EGO (28.1% | 8.9x)

Eldorado Gold

Higher Rev Chg LTM (Value for AEM: 43.7%)

AU (70.8%)

Anglogold Ashanti

FNV (63.7%)

Franco-Nevada

HL (53.0%)

Hecla Mining

SW (47.7%)

Smurfit WestRock

IP (44.3%)

International Paper

Higher Rev Chg 3Y Avg (Value for AEM: 28.1%)

SW (55.1%)

Smurfit WestRock

CDE (43.1%)

Coeur Mining

AU (36.1%)

Anglogold Ashanti

PAAS (35.0%)

Pan American Silver

AGI (30.2%)

Alamos Gold

Higher Op Mgn LTM (Value for AEM: 53.0%)

MSB (74.6%)

Mesabi Trust

OR (72.9%)

OR Royalties

FNV (71.6%)

Franco-Nevada

RGLD (64.5%)

Royal Gold

TFPM (55.7%)

Triple Flag Precious Metals

Higher CFO/Rev LTM (Value for AEM: 57.2%)

OR (88.5%)

OR Royalties

ORLA (87.3%)

Orla Mining

FNV (81.9%)

Franco-Nevada

TFPM (80.5%)

Triple Flag Precious Metals

RGLD (68.4%)

Royal Gold

Higher FCF/Rev LTM (Value for AEM: 35.8%)

MSB (102.0%)

Mesabi Trust

OR (75.2%)

OR Royalties

KODK (41.7%)

Eastman Kodak

KGC (36.4%)

Kinross Gold

Higher Total Yield (Value for AEM: 5.4%)

AU (10.0%)

Anglogold Ashanti

B (9.1%)

Barrick Mining

NEM (7.4%)

Newmont

NUE (6.0%)

Nucor

CRH (5.9%)

CRH

All Other Sectors

Higher Rev Chg 3Y Avg | Lower P/S (Values for AEM: 28.1% | 8.1x)

MU (45.3% | 6.9x)

Micron Technology

MELI (38.9% | 2.8x)

MercadoLibre

KKR (65.2% | 4.1x)

KKR

RCL (28.2% | 4.0x)

Royal Caribbean

NU (62.1% | 6.9x)

Higher Rev Chg 3Y Avg | Lower P/Op Inc (Values for AEM: 28.1% | 15.4x)

MU (45.3% | 14.3x)

Micron Technology

RCL (28.2% | 14.4x)

Royal Caribbean

APO (66.8% | 7.8x)

Apollo Global Management

LVS (58.8% | 11.3x)

Las Vegas Sands

IBKR (38.4% | 3.2x)

Interactive Brokers

Higher Rev Chg LTM (Value for AEM: 43.7%)

MU (85.5%)

Micron Technology

NVDA (65.5%)

NVIDIA

PLTR (56.2%)

Palantir Technologies

APH (51.7%)

Amphenol

LLY (44.7%)

Eli Lilly

Higher Rev Chg 3Y Avg (Value for AEM: 28.1%)

NVDA (101.8%)

NVIDIA

MU (45.3%)

Micron Technology

APP (40.7%)

AppLovin

PLTR (33.9%)

Palantir Technologies

LLY (32.1%)

Eli Lilly

Higher Op Mgn LTM (Value for AEM: 53.0%)

APP (71.7%)

AppLovin

V (67.0%)

Visa

NVDA (60.4%)

NVIDIA

MO (59.8%)

Altria

MA (59.5%)

Mastercard

Higher CFO/Rev LTM (Value for AEM: 57.2%)

RY (91.5%)

Royal Bank of Canada

APP (68.4%)

AppLovin

CME (65.6%)

CME

V (59.1%)

Visa

META (57.6%)

Meta Platforms

Higher FCF/Rev LTM (Value for AEM: 35.8%)

V (55.4%)

Visa

MA (50.1%)

Mastercard

PLTR (46.9%)

Palantir Technologies

NVDA (44.8%)

NVIDIA

AVGO (42.3%)

Broadcom

Higher Total Yield (Value for AEM: 5.4%)

JPM (7.4%)

JPMorgan Chase

JNJ (6.8%)

Johnson & Johnson

BRK-B (6.6%)

Berkshire Hathaway

XOM (6.4%)

Exxon Mobil

MSFT (5.5%)

Microsoft

Best Bets in Materials

What You Pay

P/EBIT (Value for AEM: 14.4x)

RGLD (31.7x)

Royal Gold

SCCO (19.2x)

Southern Copper

USLM (22.5x)

United States Lime & Minerals

CF (8.9x)

CF Industries

NEU (9.8x)

NewMarket

NEM (9.6x)

Newmont

EXP (9.8x)

Eagle Materials

SMG (9.3x)

Scotts Miracle Gro

B (7.0x)

Barrick Mining

CBT (6.4x)

Cabot

P/E (Value for AEM: 21.7x)

RGLD (41.0x)

Royal Gold

SCCO (31.6x)

Southern Copper

USLM (26.4x)

United States Lime & Minerals

CF (14.6x)

CF Industries

NEU (14.0x)

NewMarket

NEM (15.7x)

Newmont

EXP (13.5x)

Eagle Materials

SMG (39.1x)

Scotts Miracle Gro

B (13.0x)

Barrick Mining

CBT (12.6x)

Cabot

What You Get

Rev Chg 3Y Avg (Value for AEM: 28.1%)

RGLD (20.8%)

Royal Gold

SCCO (10.5%)

Southern Copper

USLM (16.5%)

United States Lime & Minerals

CF (-10.6%)

CF Industries

NEU (-0.4%)

NewMarket

NEM (26.2%)

Newmont

EXP (3.3%)

Eagle Materials

SMG (-4.6%)

Scotts Miracle Gro

B (16.0%)

Barrick Mining

CBT (-5.7%)

Cabot

Rev Chg LTM (Value for AEM: 43.7%)

RGLD (43.2%)

Royal Gold

SCCO (17.4%)

Southern Copper

USLM (17.3%)

United States Lime & Minerals

CF (19.3%)

CF Industries

NEU (-2.2%)

NewMarket

NEM (21.3%)

Newmont

EXP (1.4%)

Eagle Materials

SMG (-4.5%)

Scotts Miracle Gro

B (31.2%)

Barrick Mining

CBT (-9.6%)

Cabot

Rev Chg Q (Value for AEM: 60.3%)

RGLD (85.3%)

Royal Gold

SCCO (39.0%)

Southern Copper

USLM (9.8%)

United States Lime & Minerals

CF (22.8%)

CF Industries

NEU (-2.9%)

NewMarket

NEM (20.6%)

Newmont

EXP (-0.4%)

Eagle Materials

SMG (-3.3%)

Scotts Miracle Gro

B (64.5%)

Barrick Mining

CBT (-11.1%)

Cabot

FCF/Rev 3Y Avg (Value for AEM: 20.2%)

RGLD (27.8%)

Royal Gold

SCCO (27.0%)

Southern Copper

USLM (26.4%)

United States Lime & Minerals

CF (23.5%)

CF Industries

NEU (18.1%)

NewMarket

NEM (16.3%)

Newmont

EXP (15.1%)

Eagle Materials

SMG (13.2%)

Scotts Miracle Gro

B (12.9%)

Barrick Mining

CBT (10.7%)

Cabot

[1] Choosing top 10 best bets from each sector quarterly is an alpha producing strategy vs sector benchmark
[2] Historical annualized return of 11%, alpha of 1.8%, and sharpe of 0.46

Latest Trefis Analyses

	Title	Date
0	DASHBOARDS
1	Pay Less, Grow More: AU, IAG Beat Agnico Eagle Mines Stock	03/24/2026
2	Is 22.2% Fall In Agnico Eagle Mines (AEM) Stock A Buying Opportunity?	03/19/2026
3	AEM Stock Surges 15% With A 5-day Winning Spree On Record Earnings	02/25/2026
4	AEM Stock Surges 15% With A 5-day Winning Spree On Record Cash Flow & Upgrades	02/25/2026
5	AEM Stock Surges 17% With A 8-day Winning Spree On Record Gold Prices	01/14/2026
6	AEM Stock Surges 15% With A 7-day Winning Spree On Record Gold Prices	01/13/2026
7	AEM Stock Surges 13% With A 6-day Winning Spree On Bullish Gold Outlook	01/10/2026
8	AEM Stock Surges 10% With A 5-day Winning Spree On Bullish Gold Outlook	01/09/2026
9	AEM Stock Surges 10% With A 7-day Winning Spree On Record Gold Prices	12/27/2025
10	AEM Stock Surges 8.9% In A 6-day Spree On Strong Buy Rating	12/25/2025
11	ARTICLES
12	Stronger Bet Than Agnico Eagle Mines Stock: AU Delivers More	03/24/2026
13	Is Agnico Eagle Mines Stock’s 22% Drop A Bargain?	03/19/2026
14	Agnico Eagle Mines or Pan American Silver: Which Stock Has More Upside?	03/16/2026
15	Pay Less, Gain More: AU Tops Agnico Eagle Mines Stock	02/14/2026
16	Better Value & Growth: AU Leads Agnico Eagle Mines Stock	02/03/2026

	Title
0	DASHBOARDS
1	Pay Less, Grow More: AU, IAG Beat Agnico Eagle Mines Stock
2	Is 22.2% Fall In Agnico Eagle Mines (AEM) Stock A Buying Opportunity?
3	AEM Stock Surges 15% With A 5-day Winning Spree On Record Earnings
4	AEM Stock Surges 15% With A 5-day Winning Spree On Record Cash Flow & Upgrades
5	AEM Stock Surges 17% With A 8-day Winning Spree On Record Gold Prices
6	AEM Stock Surges 15% With A 7-day Winning Spree On Record Gold Prices
7	AEM Stock Surges 13% With A 6-day Winning Spree On Bullish Gold Outlook
8	AEM Stock Surges 10% With A 5-day Winning Spree On Bullish Gold Outlook
9	AEM Stock Surges 10% With A 7-day Winning Spree On Record Gold Prices
10	AEM Stock Surges 8.9% In A 6-day Spree On Strong Buy Rating
11	ARTICLES
12	Stronger Bet Than Agnico Eagle Mines Stock: AU Delivers More
13	Is Agnico Eagle Mines Stock’s 22% Drop A Bargain?
14	Agnico Eagle Mines or Pan American Silver: Which Stock Has More Upside?
15	Pay Less, Gain More: AU Tops Agnico Eagle Mines Stock
16	Better Value & Growth: AU Leads Agnico Eagle Mines Stock

Trade Ideas

Select ideas related to AEM.

Unique Key	Date	Ticker	Company	Category	Trade Strategy	6M Fwd Rtn	12M Fwd Rtn	12M Max DD
IP_1312026_Insider_Buying_45D_2Buy_200K	01312026	IP	International Paper	Insider	Insider Buys 45DStrong Insider Buying Companies with multiple insider buys in the last 45 days	9.1%	9.1%	0.0%
B_1302026_Quality_Momentum_RoomToRun_10%	01302026	B	Barrick Mining	Quality	Q \| Momentum \| UpsideQuality Stocks with Momentum and Upside Buying quality stocks with strong momentum but still having room to run	11.7%	11.7%	-4.0%
AMR_12312025_Insider_Buying_45D_2Buy_200K	12312025	AMR	Alpha Metallurgical Resources	Insider	Insider Buys 45DStrong Insider Buying Companies with multiple insider buys in the last 45 days	-18.6%	-18.6%	-18.6%
EMN_12262025_Dip_Buyer_ValueBuy	12262025	EMN	Eastman Chemical	Dip Buy	DB \| P/E OPMDip Buy with Low PE and High Margin Buying dips for companies with tame PE and meaningfully high operating margin	18.9%	18.9%	0.0%
AMCR_12122025_Insider_Buying_GTE_1Mil_EBITp+DE_V2	12122025	AMCR	Amcor	Insider	Insider Buys \| Low D/EStrong Insider Buying Companies with strong insider buying in the last 1 month, positive operating income and reasonable debt / market cap	19.2%	19.2%	-0.5%

Recent Active Movers

Top Gainers

Ticker	Company	Mkt Cap (B)	1D Rtn	YTD Rtn
AGX	Argan	7.8	37.9%	81.1%
TBN	Tamboran Resources	0.9	25.6%	59.4%
U	Unity Software	8.3	13.5%	-56.0%
ADMA	ADMA Biologics	2.2	11.6%	-49.3%
METC	Ramaco Resources	1.0	11.4%	-13.6%
MEOH	Methanex	5.0	9.7%	64.8%
PTON	Peloton Interactive	1.9	8.8%	-28.1%
OXM	Oxford Industries	0.5	8.7%	3.0%
REX	REX American Resources	1.6	8.3%	47.7%
SGML	Sigma Lithium	1.2	7.8%	-20.7%

Top Losers

Ticker	Company	Mkt Cap (B)	1D Rtn	YTD Rtn
BUR	Burford Capital	0.9	-47.1%	-53.6%
RCKT	Rocket Pharmaceuticals	0.4	-19.6%	7.4%
ZBIO	Zenas BioPharma	0.8	-17.8%	-49.8%
BKSY	BlackSky Technology	0.8	-17.2%	24.2%
PSNL	Personalis	0.6	-13.4%	-20.4%
SLS	SELLAS Life Sciences	0.5	-11.8%	15.8%
ANAB	AnaptysBio	1.6	-11.7%	18.4%
FLY	Firefly Aerospace	2.2	-11.6%	6.0%
INBX	Inhibrx Biosciences	0.9	-11.2%	-26.1%
YOU	Clear Secure	4.6	-11.2%	36.3%

Top Gainers

Ticker	Company	Mkt Cap (B)	1W Rtn	YTD Rtn
BCPC	Balchem	5.4	610.4%	8.9%
KOD	Kodiak Sciences	2.0	66.3%	32.3%
OLPX	Olaplex	1.3	51.9%	50.7%
CAR	Avis Budget	5.2	48.6%	15.7%
TBN	Tamboran Resources	0.9	36.0%	59.4%
ELVN	Enliven Therapeutics	2.4	33.8%	152.1%
TROX	Tronox	1.4	30.1%	120.3%
BORR	Borr Drilling	1.8	28.7%	50.1%
BRZE	Braze	2.5	25.5%	-32.9%
INDI	Indie Semiconductor	0.6	24.6%	-9.6%

Top Losers

Ticker	Company	Mkt Cap (B)	1W Rtn	YTD Rtn
PIPR	Piper Sandler Cos	1.2	-75.2%	-12.4%
BUR	Burford Capital	0.9	-46.2%	-53.6%
WVE	WAVE Life Sciences	1.1	-45.9%	-62.6%
TASK	TaskUs	0.6	-37.8%	-15.9%
MAZE	Maze Therapeutics	1.4	-36.7%	-26.7%
ADMA	ADMA Biologics	2.2	-35.4%	-49.3%
CRCL	Circle Internet	21.5	-25.7%	18.1%
PLAY	Dave & Buster's Entertainment	0.3	-23.5%	-39.5%
EL	Estee Lauder Companies	24.3	-21.8%	-35.6%
NTSK	Netskope	1.9	-18.9%	-55.9%

Top Gainers

Ticker	Company	Mkt Cap (B)	1M Rtn	YTD Rtn
SOC	Sable Offshore	1.8	133.2%	104.5%
DAWN	Day One Biopharmaceuticals	2.2	101.0%	129.7%
VG	Venture Global	42.7	85.4%	157.4%
AAOI	Applied Optoelectronics	6.2	82.9%	181.7%
TNGX	Tango Therapeutics	2.1	68.9%	117.4%
AXTI	AXT	2.7	63.3%	270.8%
BW	Babcock & Wilcox Enterprises	1.5	61.7%	134.4%
PARR	Par Pacific	3.3	61.6%	86.9%
LWLG	Lightwave Logic	0.9	61.5%	123.3%
SM	SM Energy	3.8	56.2%	76.5%

Top Losers

Ticker	Company	Mkt Cap (B)	1M Rtn	YTD Rtn
WVE	WAVE Life Sciences	1.1	-58.6%	-62.6%
BUR	Burford Capital	0.9	-51.4%	-53.6%
OLMA	Olema Pharmaceuticals	1.2	-44.0%	-45.3%
WING	Wingstop	4.3	-43.1%	-35.2%
FRMI	Fermi	3.7	-43.0%	-22.8%
PAR	PAR Technology	0.5	-43.0%	-64.7%
SES	SES AI	0.3	-42.6%	-45.1%
USAS	Americas Gold And Silver	1.5	-41.9%	7.6%
ITRG	Integra Resources	0.4	-41.0%	-36.2%
VITL	Vital Farms	0.6	-40.6%	-58.9%

Peer Comparisons

Peers to compare with:

Financials

	AEM	NEM	GOLD	FNV	RGLD	KGC	Median
Name	Agnico E.	Newmont	Gold.com	Franco-N.	Royal Go.	Kinross .
Mkt Price	193.30	102.21	39.73	235.99	237.28	28.76	147.75
Mkt Cap	96.8	111.5	1.0	45.5	19.1	34.7	40.1
Rev LTM	11,908	22,669	15,679	1,823	1,030	7,051	9,479
Op Inc LTM	6,306	11,023	54	1,306	665	3,228	2,267
FCF LTM	4,262	7,299	310	-703	-460	2,566	1,438
FCF 3Y Avg	2,108	3,452	116	63	128	1,481	805
CFO LTM	6,817	10,334	323	1,494	705	3,760	2,627
CFO 3Y Avg	4,460	6,487	128	1,105	550	2,604	1,854

Growth & Margins

	AEM	NEM	GOLD	FNV	RGLD	KGC	Median
Name	Agnico E.	Newmont	Gold.com	Franco-N.	Royal Go.	Kinross .
Rev Chg LTM	43.7%	21.3%	48.0%	63.7%	43.2%	36.9%	43.5%
Rev Chg 3Y Avg	28.1%	26.2%	26.1%	15.9%	20.8%	27.0%	26.1%
Rev Chg Q	60.3%	20.6%	136.2%	86.1%	85.3%	42.9%	72.8%
QoQ Delta Rev Chg LTM	12.7%	5.4%	31.3%	17.9%	20.1%	9.4%	15.3%
Op Mgn LTM	53.0%	48.6%	0.3%	71.6%	64.5%	45.8%	50.8%
Op Mgn 3Y Avg	38.8%	28.8%	0.8%	65.8%	58.1%	31.0%	34.9%
QoQ Delta Op Mgn LTM	3.6%	5.1%	-0.0%	2.5%	-2.4%	5.3%	3.1%
CFO/Rev LTM	57.2%	45.6%	2.1%	81.9%	68.4%	53.3%	55.3%
CFO/Rev 3Y Avg	48.1%	34.3%	0.9%	79.2%	70.2%	46.2%	47.2%
FCF/Rev LTM	35.8%	32.2%	2.0%	-38.6%	-44.6%	36.4%	17.1%
FCF/Rev 3Y Avg	20.2%	16.3%	0.8%	12.6%	27.8%	25.0%	18.2%

Valuation

	AEM	NEM	GOLD	FNV	RGLD	KGC	Median
Name	Agnico E.	Newmont	Gold.com	Franco-N.	Royal Go.	Kinross .
Mkt Cap	96.8	111.5	1.0	45.5	19.1	34.7	40.1
P/S	8.1	4.9	0.1	25.0	18.5	4.9	6.5
P/EBIT	14.4	9.6	13.5	32.2	31.7	10.6	13.9
P/E	21.7	15.7	79.0	41.0	41.0	14.5	31.3
P/CFO	14.2	10.8	3.1	30.5	27.1	9.2	12.5
Total Yield	5.4%	7.4%	2.3%	2.6%	3.1%	7.3%	4.2%
Dividend Yield	0.8%	1.0%	1.0%	0.2%	0.6%	0.4%	0.7%
FCF Yield 3Y Avg	3.4%	4.7%	14.7%	0.8%	2.5%	8.8%	4.0%
D/E	0.0	0.1	0.8	0.0	0.0	0.0	0.0
Net D/E	-0.0	-0.0	0.7	-0.0	0.0	-0.0	-0.0

Returns

	AEM	NEM	GOLD	FNV	RGLD	KGC	Median
Name	Agnico E.	Newmont	Gold.com	Franco-N.	Royal Go.	Kinross .
1M Rtn	-23.2%	-21.4%	-30.9%	-15.8%	-20.9%	-22.2%	-21.8%
3M Rtn	5.7%	-3.2%	15.3%	8.7%	1.7%	-3.0%	3.7%
6M Rtn	18.8%	20.5%	50.8%	8.9%	21.2%	19.6%	20.0%
12M Rtn	81.9%	115.3%	54.6%	53.0%	47.7%	131.7%	68.3%
3Y Rtn	300.2%	125.3%	26.8%	66.9%	89.9%	531.7%	107.6%
1M Excs Rtn	-13.7%	-12.0%	-21.7%	-7.9%	-11.6%	-13.8%	-12.9%
3M Excs Rtn	14.9%	5.9%	22.8%	17.7%	10.1%	6.5%	12.5%
6M Excs Rtn	25.0%	26.3%	59.5%	14.3%	27.0%	25.5%	25.9%
12M Excs Rtn	74.9%	107.0%	36.6%	43.6%	38.9%	125.7%	59.3%
3Y Excs Rtn	247.5%	74.1%	-18.5%	9.2%	39.7%	554.3%	56.9%

FDIC Bank Data

Bank Capital

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Bank Deposits

null

Bank Assets

null

Bank Loans

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FDA Approved Drugs Data

Expand for Morenull

Financials

Annual
Quarterly

$ Mil \| FY: 12/31	LTM	2025	2024	2023	2022	2021	2020
Period End	12/31/2025	12/31/2025	12/31/2024	12/31/2023	12/31/2022	12/31/2021	12/31/2020
Filing Date	2/12/2026	2/12/2026	2/27/2025	3/25/2024	3/27/2023	3/25/2022	3/26/2021
Key Financials
Total Revenue	11,908	11,908	8,286	6,627	5,741	3,870	3,138
EBITDA	8,377	8,377	4,422	3,942	2,271	1,747	1,482
Operating Income	6,306	6,328	3,149	1,695	1,443	1,057	822
Net Income	4,461	4,461	1,896	1,941	670	562	512
EPS	8.89	8.89	3.79	3.97	1.53	2.31	2.12
Growth Rates
Total Revenue Growth	43.7%	43.7%	25.0%	15.4%	48.4%	23.3%	25.8%
EBITDA Growth	89.4%	89.4%	12.2%	73.5%	30.0%	17.9%	7.7%
Operating Income Growth	100.5%	100.9%	85.8%	17.4%	36.5%	28.5%	76.1%
Net Income Growth	135.4%	135.4%	-2.4%	189.6%	19.3%	9.8%	8.1%
Margins
EBITDA Margin	70.3%	70.3%	53.4%	59.5%	39.6%	45.1%	47.2%
Operating Income Margin	53.0%	53.1%	38.0%	25.6%	25.1%	27.3%	26.2%
Net Income Margin	37.5%	37.5%	22.9%	29.3%	11.7%	14.5%	16.3%
Cash & Debt
Total Cash	2,875	2,875	934	349	669	191	406
Total Debt	321	321	1,282	2,005	1,493	1,697	1,686
Net Debt / (Cash)	-2,553	-2,553	348	1,656	825	1,506	1,279
Cash Flows
Net Cash from Operations	6,817	6,817	3,961	2,602	2,097	1,345	1,192
Free Cash from Operations	4,262	4,262	2,127	-64	558	398	433
Returns to Shareholders
Dividends	728	728	672	639	608	275	190
Share Repurchases	683	683	169	47	110	35	-0

$ Mil \| FY: 12/31	2025Q4	2025Q3	2025Q2	2025Q1	2024Q4	2024Q3	2024Q2	2024Q1	2023Q4	2023Q3	2023Q2	2023Q1
Period End	12/31/2025	9/30/2025	6/30/2025	3/31/2025	12/31/2024	9/30/2024	6/30/2024	3/31/2024	12/31/2023	9/30/2023	6/30/2023	3/31/2023
Filing Date	2/12/2026	10/31/2025	7/30/2025	4/24/2025	2/27/2025	10/30/2024	7/31/2024	4/25/2024	3/25/2024	10/25/2023	7/26/2023	4/27/2023
Key Financials Quarterly
Total Revenue	3,564	3,060	2,816	2,468	2,224	2,156	2,077	1,830	1,757	1,642	1,718	1,510
Ebitda	2,693	2,030	2,021	1,634	1,158	1,259	1,123	883	64	722	883	2,273
Operating Income	1,991	1,645	1,510	1,160	900	859	809	577	429	347	479	440
Net Income	1,523	1,055	1,069	815	509	567	472	347	-374	175	324	1,817
EPS	3.04	2.10	2.13	1.62	1.02	1.13	0.95	0.70	-0.77	0.35	0.66	3.87
Key Financials TTM
Total Revenue TTM	11,908	10,568	9,664	8,924	8,286	7,819	7,305	6,947	6,627	6,255	6,062	5,925
Ebitda TTM	8,377	6,842	6,071	5,173	4,422	3,328	2,791	2,552	3,942	4,425	4,222	4,086
Operating Income TTM	6,306	5,214	4,428	3,727	3,145	2,673	2,162	1,832	1,695	1,535	1,570	1,616
Net Income TTM	4,461	3,448	2,960	2,363	1,896	1,012	620	472	1,941	2,509	2,401	2,368
Growth Rates Quarterly
Total Revenue Growth	60.3%	41.9%	35.6%	34.9%	26.6%	31.2%	20.9%	21.2%	26.9%	13.3%	8.7%	13.9%
EBITDA Growth	132.5%	61.3%	80.0%	85.1%	1717.8%	74.3%	27.1%	-61.2%	-88.4%	39.2%	18.2%	396.3%
Operating Income Growth	121.3%	91.5%	86.7%	101.0%	109.9%	147.5%	68.9%	31.1%	59.1%	-9.1%	-8.8%	64.9%
Net Income Growth	199.1%	86.0%	126.4%	134.7%	236.1%	224.4%	45.8%	-80.9%	-292.7%	162.2%	11.5%	1425.8%
Margins Quarterly
EBITDA Margin	75.6%	66.3%	71.8%	66.2%	52.1%	58.4%	54.1%	48.2%	3.6%	44.0%	51.4%	150.6%
Operating Income Margin	55.9%	53.8%	53.6%	47.0%	40.5%	39.9%	39.0%	31.5%	24.4%	21.1%	27.9%	29.1%
Net Income Margin	42.7%	34.5%	38.0%	33.0%	22.9%	26.3%	22.7%	19.0%	-21.3%	10.6%	18.8%	120.4%
Cash & Debt
Total Cash	2,875	2,355	1,569	1,152	934	983	930	533	349	365	442	754
Total Debt	321	336	734	1,281	1,282	1,615	1,988	1,992	2,005	2,108	2,115	2,514
Net Debt / (Cash)	-2,553	-2,019	-835	128	348	632	1,057	1,459	1,656	1,743	1,674	1,759
Cash Flows Quarterly
FCF from Operations	2,112	1,816	1,845	1,044	1,132	1,085	961	783	728	502	722	650
Cash Flows TTM
FCF from Operations TTM	6,817	5,837	5,106	4,222	3,961	3,557	2,974	2,735	2,602	2,254	2,328	2,239
Returns to Shareholders Quarterly
Dividends	185	186	181	176	174	176	164	157	156	161	165	156
Share Repurchases	373	150	100	60	63	30	50	26	31	-0	2	15
Return on Invested Capital (ROIC) Quarterly
ROIC	31.3%	25.7%	21.8%	16.5%	12.2%	12.0%	10.9%	8.2%	8.5%	4.5%	6.7%	8.2%
Return on Invested Capital (ROIC) TTM
ROIC TTM	25.1%	20.3%	16.2%	13.0%	11.0%	8.1%	5.9%	4.8%	6.9%	6.5%	6.5%	6.6%

Segment Financials

Assets by Segment

$ Mil	2025	2024	2023	2022	2021
Detour Lake	9,730	9,353	9,120
Canadian Malartic	6,833	6,898	1,582	1,509	1,543
Meliadine	2,344	2,356	2,324	2,300	2,199
Macassa	1,774	1,639	2,267
Corporate and other	1,763	1,086	1,058	590	895
Kittila	1,560	1,685	1,647	1,600	1,591
Exploration	1,418	1,253	822	959	435
Meadowbank	1,344	1,347	1,387	1,195	1,037
LaRonde mine	1,065	1,031	988	946	852
Fosterville	1,044	976	1,225
Goldex	457	402	339	315	297
Pinos Altos	392	411	464	466	459
LaRonde Zone 5 mine (LZ5)	166	134	115	94	72
La India	95	114	151	233	228
Creston Mascota			5	5	8
Non-Operating properties				4
Hope Bay mine					0
Total	29,987	28,685	23,495	10,216	9,615

Price Behavior

Price Behavior

Market Price	$193.40
Market Cap ($ Bil)	96.9
First Trading Date	09/07/1984
Distance from 52W High	-23.3%
	50 Days	200 Days
DMA Price	$212.34	$166.61
DMA Trend	up	up
Distance from DMA	-8.9%	16.1%
	3M	1YR
Volatility	55.0%	43.9%
Downside Capture	1.09	0.29
Upside Capture	284.95	96.46
Correlation (SPY)	35.5%	14.8%

AEM Betas & Captures as of 2/28/2026

	1M	2M	3M	6M	1Y	3Y
Beta	1.63	0.73	0.90	0.85	0.23	0.40
Up Beta	0.21	0.14	0.57	0.78	0.19	0.27
Down Beta	1.26	-0.31	-0.34	-0.30	0.09	0.35
Up Capture	351%	356%	322%	269%	87%	61%
Bmk +ve Days	9	20	31	70	142	431
Stock +ve Days	15	31	42	81	151	422
Down Capture	100%	-35%	44%	78%	-13%	45%
Bmk -ve Days	12	21	30	54	109	320
Stock -ve Days	6	10	19	42	99	326

[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively

Based On 1-Year Data

	Annualized Return	Annualized Volatility	Sharpe Ratio	Correlation with AEM
AEM	87.0%	43.7%	1.55	-
Sector ETF (XLB)	14.6%	20.9%	0.55	33.5%
Equity (SPY)	14.5%	18.9%	0.59	14.6%
Gold (GLD)	50.2%	27.7%	1.46	78.6%
Commodities (DBC)	17.8%	17.6%	0.85	32.0%
Real Estate (VNQ)	0.4%	16.4%	-0.15	15.9%
Bitcoin (BTCUSD)	-23.7%	44.2%	-0.49	15.3%

Smart multi-asset allocation framework can stack odds in your favor. Learn How

Based On 5-Year Data

	Annualized Return	Annualized Volatility	Sharpe Ratio	Correlation with AEM
AEM	29.3%	36.3%	0.79	-
Sector ETF (XLB)	6.7%	18.9%	0.25	38.0%
Equity (SPY)	11.8%	17.0%	0.54	23.7%
Gold (GLD)	20.7%	17.7%	0.96	73.5%
Commodities (DBC)	11.6%	18.9%	0.50	32.6%
Real Estate (VNQ)	3.0%	18.8%	0.07	28.3%
Bitcoin (BTCUSD)	4.0%	56.6%	0.29	12.0%

Smart multi-asset allocation framework can stack odds in your favor. Learn How

Based On 10-Year Data

	Annualized Return	Annualized Volatility	Sharpe Ratio	Correlation with AEM
AEM	19.8%	37.4%	0.60	-
Sector ETF (XLB)	10.1%	20.6%	0.44	26.6%
Equity (SPY)	14.0%	17.9%	0.67	16.5%
Gold (GLD)	13.3%	15.8%	0.70	70.2%
Commodities (DBC)	8.2%	17.6%	0.39	25.4%
Real Estate (VNQ)	4.7%	20.7%	0.19	19.6%
Bitcoin (BTCUSD)	66.4%	66.8%	1.06	11.3%

Smart multi-asset allocation framework can stack odds in your favor. Learn How

Short Interest

Short Interest: As Of Date	3132026
Short Interest: Shares Quantity	4.4 Mil
Short Interest: % Change Since 2282026	-23.0%
Average Daily Volume	2.6 Mil
Days-to-Cover Short Interest	1.7 days
Basic Shares Quantity	500.8 Mil
Short % of Basic Shares	0.9%

Returns Analyses

	Title
0	How Low Can Agnico Eagle Mines Stock Really Go?

Earnings Returns History

Expand for More

	Forward Returns
Earnings Date	1D Returns	5D Returns	21D Returns
SUMMARY STATS
# Positive	0	0	0
# Negative	0	0	0
Median Positive
Median Negative
Max Positive
Max Negative

SEC Filings

Expand for More

Report Date	Filing Date	Filing
09/30/2025	10/31/2025	6-K
06/30/2025	07/30/2025	6-K
03/31/2025	04/24/2025	6-K
12/31/2024	02/27/2025	40-F
09/30/2024	10/30/2024	6-K
06/30/2024	07/31/2024	6-K
03/31/2024	04/25/2024	6-K
12/31/2023	03/25/2024	40-F
09/30/2023	10/25/2023	6-K
06/30/2023	07/26/2023	6-K
03/31/2023	04/27/2023	6-K
12/31/2022	03/27/2023	40-F
09/30/2022	10/28/2022	6-K
06/30/2022	07/27/2022	6-K
03/31/2022	04/28/2022	6-K
12/31/2021	03/25/2022	40-F

Recent Forward Guidance [BETA]

Latest: null Earnings Reported N/A/N/A/N/A | Prior: null Earnings Reported N/A/N/A/N/A

null

Insider Activity

Expand for Morenull

AEM Trade Sentinel

Stock Conviction

null

CONVICTION RATIONALE

null

STOCK ARCHETYPE

null

INVESTMENT THESIS

null

Mechanism: null

Supporting Evidence:

PRIMARY RISK

null

Mechanism: null

Supporting Evidence:

Key KPI Watchlist

KPI	Threshold	Rationale

Core Investment Debate

BULL VIEW

CORE TENSION

PREVAILING SENTIMENT

BEAR VIEW

Next 6 months: Risks and Catalysts

Timeline	Event & Metric To Watch

Key Events in Last 6 Months

Date	Event	Stock Impact

Risk Management

Position Sizing

null

Diversification Alternatives

How Is The Market Pricing AEM?

What will confirm the thesis

What will damage the thesis

Noise: Real but irrelevant to thesis

Repricing Catalyst

What AEM Makes & Who Pays

TTM figures based on

AEM Evolution: Price Return by Era

① Structure

② Volume / Momentum

③ Catalyst

Combined Score

0 / 12

1 Price Structure & Trend · ▾

2 Momentum ▾

3 Relative Strength vs. SPY ▾

4 Institutional Footprint & Volume ▾

5 Volatility ▾

6 Key Price Levels Range · Vol ▾

7 Earnings Reaction History ▾

8 How the Verdict Is Derived Three Pillars ▾

Pillar	Score
① Structure	0
② Vol / Mom	0
③ Catalyst	0

ℹ Bull Pillars: 0 · Bear Pillars: 0 · Combined Score: 0 →

External Quote Links

0	Y Finance	Barrons
1	TradingView	Morningstar
2	SeekingAlpha	ValueLine
3	Motley Fool	Robinhood
4	CNBC	Etrade
5	MarketWatch	Unusual Whales
6	YCharts	Perplexity Finance
7	FinViz

Prefer one of these to Trefis? Tell us why.

Agnico Eagle Mines (AEM)

Market Price (3/29/2026): $193.3 | Market Cap: $96.8 BilSector: Materials | Industry: Gold

Agnico Eagle Mines (AEM)

Market Price (3/29/2026): $193.3Market Cap: $96.8 BilSector: MaterialsIndustry: Gold

Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.

Valuation, Metrics & Events

Price Chart

Why The Stock Moved

Qualitative Assessment

Stock Movement Drivers

Fundamental Drivers

Market Drivers

Fundamental Drivers

Market Drivers

Fundamental Drivers

Market Drivers

Fundamental Drivers

Market Drivers

Return vs. Risk

Price Returns Compared

How Low Can It Go

In The Past

Preserve Wealth

Asset Allocation

About Agnico Eagle Mines (AEM)

Agnico Eagle Mines (AEM) Major Customers

Major Customers

Gold

Silver

Zinc

Copper

Share Repurchases

Share Issuance

Outbound Investments

Capital Expenditures

Interactive Breakdown

Better Bets vs. Agnico Eagle Mines (AEM)

INDUSTRY: Gold

Higher Rev Chg 3Y Avg | Lower P/S (Values for AEM: 28.1% | 8.1x)

Higher Rev Chg 3Y Avg | Lower P/Op Inc (Values for AEM: 28.1% | 15.4x)

Higher Rev Chg LTM (Value for AEM: 43.7%)

Higher Rev Chg 3Y Avg (Value for AEM: 28.1%)

Higher Op Mgn LTM (Value for AEM: 53.0%)

Higher CFO/Rev LTM (Value for AEM: 57.2%)

Higher FCF/Rev LTM (Value for AEM: 35.8%)

Higher Total Yield (Value for AEM: 5.4%)

SECTOR: Materials

Higher Rev Chg 3Y Avg | Lower P/S (Values for AEM: 28.1% | 8.1x)

Higher Rev Chg 3Y Avg | Lower P/Op Inc (Values for AEM: 28.1% | 15.4x)

Higher Rev Chg LTM (Value for AEM: 43.7%)

Higher Rev Chg 3Y Avg (Value for AEM: 28.1%)

Higher Op Mgn LTM (Value for AEM: 53.0%)

Higher CFO/Rev LTM (Value for AEM: 57.2%)

Higher FCF/Rev LTM (Value for AEM: 35.8%)

Higher Total Yield (Value for AEM: 5.4%)

All Other Sectors

Higher Rev Chg 3Y Avg | Lower P/S (Values for AEM: 28.1% | 8.1x)

Higher Rev Chg 3Y Avg | Lower P/Op Inc (Values for AEM: 28.1% | 15.4x)

Higher Rev Chg LTM (Value for AEM: 43.7%)

Higher Rev Chg 3Y Avg (Value for AEM: 28.1%)

Higher Op Mgn LTM (Value for AEM: 53.0%)

Higher CFO/Rev LTM (Value for AEM: 57.2%)

Higher FCF/Rev LTM (Value for AEM: 35.8%)

Higher Total Yield (Value for AEM: 5.4%)

Best Bets in Materials

P/EBIT (Value for AEM: 14.4x)

P/E (Value for AEM: 21.7x)

Rev Chg 3Y Avg (Value for AEM: 28.1%)

Rev Chg LTM (Value for AEM: 43.7%)

Rev Chg Q (Value for AEM: 60.3%)

FCF/Rev 3Y Avg (Value for AEM: 20.2%)

Latest Trefis Analyses

Trade Ideas

Recent Active Movers

Top Gainers

Top Losers

Top Gainers

Top Losers

Top Gainers

Top Losers

Market Price (3/29/2026): $193.3 | Market Cap: $96.8 Bil
Sector: Materials | Industry: Gold

Market Price (3/29/2026): $193.3
Market Cap: $96.8 Bil
Sector: Materials
Industry: Gold