Agnico Eagle Mines (AEM)
Market Price (8/11/2026): $180.86 | Market Cap: $90.7 BilSector: Materials | Industry: Gold
Agnico Eagle Mines (AEM)
Market Price (8/11/2026): $180.86Market Cap: $90.7 BilSector: MaterialsIndustry: Gold
Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.
Attractive yieldTotal YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 7.4%, FCF Yield is 5.0% Strong revenue growthRev Chg LTMRevenue Change % Last Twelve Months (LTM) is 50% Attractive operating marginsOp Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is 58% Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 51%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 31%, CFO LTM is 7.4 Bil, FCF LTM is 4.5 Bil Stock buyback supportStock Buyback 3Y Total is 1.5 Bil Low stock price volatilityVol 12M is 46% Megatrend and thematic driversMegatrends include Sustainable Mining & ESG, and Precious Metals & Strategic Resources. Themes include Responsible Sourcing, Environmental Stewardship, Show more. | Key risksAEM key risks include [1] geopolitical and regulatory challenges related to Indigenous rights and specific ESG allegations, Show more. |
| Attractive yieldTotal YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 7.4%, FCF Yield is 5.0% |
| Strong revenue growthRev Chg LTMRevenue Change % Last Twelve Months (LTM) is 50% |
| Attractive operating marginsOp Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is 58% |
| Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 51%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 31%, CFO LTM is 7.4 Bil, FCF LTM is 4.5 Bil |
| Stock buyback supportStock Buyback 3Y Total is 1.5 Bil |
| Low stock price volatilityVol 12M is 46% |
| Megatrend and thematic driversMegatrends include Sustainable Mining & ESG, and Precious Metals & Strategic Resources. Themes include Responsible Sourcing, Environmental Stewardship, Show more. |
| Key risksAEM key risks include [1] geopolitical and regulatory challenges related to Indigenous rights and specific ESG allegations, Show more. |
Qualitative Assessment
AI Analysis | Feedback
Agnico Eagle Mines (AEM) stock has lost about 5% since 4/30/2026 because of the following key factors:
1. Reduction in 2026 Gold Production Outlook and Long-Term Resource Loss.
A significant factor contributing to the stock's trend was the rock mass movement at the Barnat open pit at Canadian Malartic, reported on July 2, 2026. This incident resulted in 370,000 ounces being permanently removed from the mine plan, including an estimated 60,000 to 80,000 ounces in fiscal year 2026 and approximately 150,000 ounces in both fiscal year 2027 and 2028. Consequently, Agnico Eagle Mines adjusted its full-year 2026 payable gold production guidance to the lower end of its previously stated range of 3.3 million to 3.5 million ounces.
2. Increased Capital Expenditure Guidance for Fiscal Year 2026.
The company revised its total capital expenditure guidance for fiscal year 2026 (excluding capitalized exploration) upwards, from a previous range of $2.2 billion to $2.4 billion, to a new range of $2.6 billion to $2.8 billion. This increase of $400 million to $500 million reflects the approval of construction activities at the Hope Bay project, announced on May 19, 2026. While this investment targets future growth, the immediate increase in projected spending likely weighed on investor sentiment.
Show more
Agnico Eagle Mines (AEM) stock has lost about 5% since 4/30/2026 because of the following key factors:
1. Reduction in 2026 Gold Production Outlook and Long-Term Resource Loss.
A significant factor contributing to the stock's trend was the rock mass movement at the Barnat open pit at Canadian Malartic, reported on July 2, 2026. This incident resulted in 370,000 ounces being permanently removed from the mine plan, including an estimated 60,000 to 80,000 ounces in fiscal year 2026 and approximately 150,000 ounces in both fiscal year 2027 and 2028. Consequently, Agnico Eagle Mines adjusted its full-year 2026 payable gold production guidance to the lower end of its previously stated range of 3.3 million to 3.5 million ounces.
2. Increased Capital Expenditure Guidance for Fiscal Year 2026.
The company revised its total capital expenditure guidance for fiscal year 2026 (excluding capitalized exploration) upwards, from a previous range of $2.2 billion to $2.4 billion, to a new range of $2.6 billion to $2.8 billion. This increase of $400 million to $500 million reflects the approval of construction activities at the Hope Bay project, announced on May 19, 2026. While this investment targets future growth, the immediate increase in projected spending likely weighed on investor sentiment.
3. General Decline in Gold Prices.
A broader macroeconomic headwind for Agnico Eagle Mines was the downward trend in gold prices during the specified period. After trading around $4,650.30 per ounce on April 30, 2026, the gold spot price declined significantly to approximately $4,052.80 per ounce by July 26, 2026. Although the company reported a strong realized gold price of $4,483 per ounce in fiscal Q2 2026, the overall commodity price weakness since April 30, 2026, created pressure on gold mining stocks, including AEM.
4. Analyst Downgrades and Price Target Reductions.
Negative revisions from several financial analysts likely contributed to the stock's decline. During the period between late June and mid-July 2026, firms like UBS Group, Scotiabank, and Barclays lowered their price targets for Agnico Eagle Mines. Additionally, UBS Group downgraded its rating from "$210 to $170" and set a "neutral" rating on June 30, 2026, while Zacks Research downgraded the stock from "Hold" to "Strong Sell" on July 17, 2026. These adjustments in analyst outlooks and price expectations can negatively influence investor perception and stock performance.
Show less
Stock Movement Drivers
Fundamental Drivers
The -3.9% change in AEM stock from 4/30/2026 to 8/10/2026 was primarily driven by a -12.3% change in the company's P/E Multiple.| (LTM values as of) | 4302026 | 8102026 | Change |
|---|---|---|---|
| Stock Price ($) | 187.75 | 180.48 | -3.9% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 13,539 | 14,526 | 7.3% |
| Net Income Margin (%) | 39.5% | 40.4% | 2.5% |
| P/E Multiple | 17.6 | 15.4 | -12.3% |
| Shares Outstanding (Mil) | 500 | 502 | -0.3% |
| Cumulative Contribution | -3.9% |
Market Drivers
4/30/2026 to 8/10/2026| Return | Correlation | |
|---|---|---|
| AEM | -3.9% | |
| Market (SPY) | 7.6% | 53.8% |
| Sector (XLB) | 3.3% | 57.8% |
Fundamental Drivers
The -4.9% change in AEM stock from 1/31/2026 to 8/10/2026 was primarily driven by a -44.2% change in the company's P/E Multiple.| (LTM values as of) | 1312026 | 8102026 | Change |
|---|---|---|---|
| Stock Price ($) | 189.69 | 180.48 | -4.9% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 10,568 | 14,526 | 37.5% |
| Net Income Margin (%) | 32.6% | 40.4% | 23.9% |
| P/E Multiple | 27.6 | 15.4 | -44.2% |
| Shares Outstanding (Mil) | 502 | 502 | 0.1% |
| Cumulative Contribution | -4.9% |
Market Drivers
1/31/2026 to 8/10/2026| Return | Correlation | |
|---|---|---|
| AEM | -4.9% | |
| Market (SPY) | 12.0% | 51.5% |
| Sector (XLB) | 8.4% | 65.6% |
Fundamental Drivers
The 46.5% change in AEM stock from 7/31/2025 to 8/10/2026 was primarily driven by a 50.3% change in the company's Total Revenues ($ Mil).| (LTM values as of) | 7312025 | 8102026 | Change |
|---|---|---|---|
| Stock Price ($) | 123.21 | 180.48 | 46.5% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 9,664 | 14,526 | 50.3% |
| Net Income Margin (%) | 30.6% | 40.4% | 32.0% |
| P/E Multiple | 20.9 | 15.4 | -26.3% |
| Shares Outstanding (Mil) | 503 | 502 | 0.2% |
| Cumulative Contribution | 46.5% |
Market Drivers
7/31/2025 to 8/10/2026| Return | Correlation | |
|---|---|---|
| AEM | 46.5% | |
| Market (SPY) | 23.3% | 38.9% |
| Sector (XLB) | 23.0% | 53.0% |
Fundamental Drivers
The 264.4% change in AEM stock from 7/31/2023 to 8/10/2026 was primarily driven by a 139.6% change in the company's Total Revenues ($ Mil).| (LTM values as of) | 7312023 | 8102026 | Change |
|---|---|---|---|
| Stock Price ($) | 49.53 | 180.48 | 264.4% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 6,062 | 14,526 | 139.6% |
| Net Income Margin (%) | 39.6% | 40.4% | 2.1% |
| P/E Multiple | 10.2 | 15.4 | 51.2% |
| Shares Outstanding (Mil) | 494 | 502 | -1.5% |
| Cumulative Contribution | 264.4% |
Market Drivers
7/31/2023 to 8/10/2026| Return | Correlation | |
|---|---|---|
| AEM | 264.4% | |
| Market (SPY) | 74.8% | 26.2% |
| Sector (XLB) | 31.0% | 41.7% |
Price Returns Compared
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| AEM Return | -23% | 1% | 9% | 46% | 120% | 6% | 189% |
| Peers Return | 29% | -4% | 5% | 12% | 111% | 12% | 243% |
| S&P 500 Return | 27% | -19% | 24% | 23% | 16% | 13% | 107% |
Monthly Win Rates [3] | |||||||
| AEM Win Rate | 50% | 50% | 58% | 50% | 83% | 38% | |
| Peers Win Rate | 52% | 45% | 53% | 55% | 72% | 50% | |
| S&P 500 Win Rate | 75% | 42% | 67% | 75% | 67% | 50% | |
Max Drawdowns [4] | |||||||
| AEM Max Drawdown | -36% | -42% | -27% | -18% | -16% | -46% | |
| Peers Max Drawdown | -28% | -44% | -34% | -28% | -21% | -36% | |
| S&P 500 Max Drawdown | -5% | -25% | -10% | -8% | -19% | -9% | |
[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 8/10/2026 (YTD)
How Low Can It Go
| Event | AEM | S&P 500 |
|---|---|---|
| Summer-Fall 2023 Five Percent Yield Shock | ||
| % Loss | -16.4% | -9.5% |
| % Gain to Breakeven | 19.6% | 10.5% |
| Time to Breakeven | 55 days | 24 days |
| 2023 SVB Regional Banking Crisis | ||
| % Loss | -11.9% | -6.7% |
| % Gain to Breakeven | 13.5% | 7.1% |
| Time to Breakeven | 9 days | 31 days |
| 2022 Inflation Shock & Fed Tightening | ||
| % Loss | -25.7% | -24.5% |
| % Gain to Breakeven | 34.5% | 32.4% |
| Time to Breakeven | 65 days | 427 days |
| 2020 COVID-19 Crash | ||
| % Loss | -26.5% | -33.7% |
| % Gain to Breakeven | 36.0% | 50.9% |
| Time to Breakeven | 26 days | 140 days |
| 2016-2017 Trump Reflation Bond Selloff | ||
| % Loss | -33.6% | -3.7% |
| % Gain to Breakeven | 50.6% | 3.9% |
| Time to Breakeven | 945 days | 6 days |
| 2015-2016 China Devaluation / Global Growth Scare | ||
| % Loss | -12.2% | -12.2% |
| % Gain to Breakeven | 13.9% | 13.9% |
| Time to Breakeven | 15 days | 62 days |
In The Past
Agnico Eagle Mines's stock fell -3.0% during the 2025 US Tariff Shock. Such a loss loss requires a 3.1% gain to breakeven.
Preserve Wealth
Limiting losses and compounding gains is essential to preserving wealth.
Asset Allocation
Actively managed asset allocation strategies protect wealth. Learn more.
| Event | AEM | S&P 500 |
|---|---|---|
| 2022 Inflation Shock & Fed Tightening | ||
| % Loss | -25.7% | -24.5% |
| % Gain to Breakeven | 34.5% | 32.4% |
| Time to Breakeven | 65 days | 427 days |
| 2020 COVID-19 Crash | ||
| % Loss | -26.5% | -33.7% |
| % Gain to Breakeven | 36.0% | 50.9% |
| Time to Breakeven | 26 days | 140 days |
| 2016-2017 Trump Reflation Bond Selloff | ||
| % Loss | -33.6% | -3.7% |
| % Gain to Breakeven | 50.6% | 3.9% |
| Time to Breakeven | 945 days | 6 days |
| 2014-2016 Oil Price Collapse | ||
| % Loss | -44.4% | -6.8% |
| % Gain to Breakeven | 80.0% | 7.3% |
| Time to Breakeven | 224 days | 15 days |
| 2013 Taper Tantrum | ||
| % Loss | -22.6% | -0.2% |
| % Gain to Breakeven | 29.3% | 0.2% |
| Time to Breakeven | 12 days | 1 days |
| 2011 US Debt Ceiling Crisis & European Contagion | ||
| % Loss | -31.8% | -17.9% |
| % Gain to Breakeven | 46.7% | 21.8% |
| Time to Breakeven | 1740 days | 123 days |
| 2008-2009 Global Financial Crisis | ||
| % Loss | -58.0% | -53.4% |
| % Gain to Breakeven | 138.3% | 114.4% |
| Time to Breakeven | 88 days | 1085 days |
In The Past
Agnico Eagle Mines's stock fell -3.0% during the 2025 US Tariff Shock. Such a loss loss requires a 3.1% gain to breakeven.
Preserve Wealth
Limiting losses and compounding gains is essential to preserving wealth.
Asset Allocation
Actively managed asset allocation strategies protect wealth. Learn more.
About Agnico Eagle Mines (AEM)
Agnico Eagle Mines (AEM) is a well-established Canadian-headquartered mining company specializing in the exploration, development, and production of mineral properties. The company operates across Northern Business (primarily Canada and Finland) and Southern Business (primarily Mexico) segments, with additional exploration activities extending to Europe, Latin America, and the United States.
AEM's primary focus is on producing gold deposits, making it a significant player in the global gold market. Its flagship asset, the LaRonde mine in Quebec, Canada, boasts substantial proven and probable gold reserves. Beyond gold, Agnico Eagle Mines also engages in exploration for other valuable metals such as silver, zinc, and copper, diversifying its potential future output. The company serves the global commodity market, supplying raw materials to various industrial and investment sectors.
AI Analysis | Feedback
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.
AI Analysis | Feedback
- 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.
AI Analysis | Feedback
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.
AI Analysis | Feedback
AI Analysis | Feedback
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.
AI Analysis | Feedback
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.
AI Analysis | Feedback
AI Analysis | Feedback
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.
AI Analysis | Feedback
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.
AI Analysis | Feedback
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.
Latest Trefis Analyses
Research & Analysis
Invest in Strategies
Wealth Management
Peer Comparisons
| Peers to compare with: |
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 148.87 |
| Mkt Cap | 39.5 |
| Rev LTM | 11,498 |
| Op Inc LTM | 2,989 |
| FCF LTM | 1,644 |
| FCF 3Y Avg | 1,093 |
| CFO LTM | 3,091 |
| CFO 3Y Avg | 2,158 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | 61.1% |
| Rev Chg 3Y Avg | 33.3% |
| Rev Chg Q | 55.8% |
| QoQ Delta Rev Chg LTM | 11.4% |
| Op Inc Chg LTM | 89.9% |
| Op Inc Chg 3Y Avg | 65.2% |
| Op Mgn LTM | 56.8% |
| Op Mgn 3Y Avg | 40.6% |
| QoQ Delta Op Mgn LTM | 1.3% |
| CFO/Rev LTM | 51.8% |
| CFO/Rev 3Y Avg | 47.9% |
| FCF/Rev LTM | 17.3% |
| FCF/Rev 3Y Avg | 24.6% |
Segment Financials
Revenue by Segment| $ Mil | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Detour Lake | 2,361 | 1,583 | 1,263 | 1,189 | |
| Canadian Malartic | 2,078 | 1,492 | 1,124 | 576 | 646 |
| Meadowbank | 1,700 | 1,178 | 858 | 645 | 593 |
| Meliadine | 1,329 | 890 | 697 | 678 | 679 |
| LaRonde | 1,303 | 770 | |||
| Macassa | 1,022 | 671 | 432 | 327 | |
| Kittila | 749 | 524 | 449 | 408 | 415 |
| Fosterville | 538 | 545 | 552 | 645 | |
| Goldex | 461 | 321 | 273 | 251 | 241 |
| Pinos Altos | 323 | 246 | 213 | 200 | 259 |
| Corporate and other | 44 | ||||
| Exploration | 0 | 0 | 0 | 0 | 0 |
| La India | 65 | 151 | 135 | 118 | |
| LaRonde Zone 5 mine (LZ5) | 131 | 130 | 121 | ||
| LaRonde mine | 483 | 554 | 655 | ||
| Creston Mascota | 4 | 28 | |||
| Hope Bay mine | 115 | ||||
| Total | 11,908 | 8,286 | 6,627 | 5,741 | 3,870 |
| $ Mil | 2023 | 2022 | 2017 | 2015 | 2014 |
|---|---|---|---|---|---|
| Detour Lake | 809 | 699 | |||
| Canadian Malartic | 659 | 340 | 215 | 156 | 76 |
| Fosterville | 421 | 441 | |||
| Meliadine | 354 | 360 | |||
| Meadowbank | 334 | 202 | 196 | 173 | 294 |
| LaRonde mine | 265 | 341 | 299 | 146 | 120 |
| Kittila | 243 | 197 | 100 | 80 | 60 |
| Goldex | 161 | 147 | 69 | 73 | 61 |
| Corporate and other | 68 | 16 | |||
| La India | 55 | 4 | 69 | 75 | 57 |
| LaRonde Zone 5 mine (LZ5) | 49 | 57 | |||
| Pinos Altos | -45 | 55 | 149 | 146 | 128 |
| Exploration | -216 | -112 | -61 | -45 | |
| Macassa | -398 | 197 | |||
| Creston Mascota | 3 | 32 | 40 | 32 | |
| Amortization of property, plant and mine development | -509 | -609 | -434 | ||
| Environmental remediation | -1 | -2 | -8 | ||
| General and administrative | -115 | -97 | -119 | ||
| Lapa mine | 26 | 52 | 54 | ||
| Total | 2,759 | 3,059 | 418 | 172 | 276 |
| $ Mil | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Detour Lake | 10,202 | 9,730 | 9,353 | 9,120 | 0 |
| Canadian Malartic | 7,025 | 6,833 | 6,898 | 1,582 | 1,509 |
| Corporate and other | 4,497 | 1,763 | 1,086 | 1,058 | 594 |
| Meliadine | 2,277 | 2,344 | 2,356 | 2,324 | 2,300 |
| Exploration | 1,968 | 1,418 | 1,253 | 822 | 959 |
| Macassa | 1,896 | 1,774 | 1,639 | 2,267 | 0 |
| Meadowbank | 1,568 | 1,344 | 1,347 | 1,387 | 1,195 |
| Kittila | 1,546 | 1,560 | 1,685 | 1,647 | 1,600 |
| LaRonde | 1,266 | 1,231 | |||
| Fosterville | 1,237 | 1,044 | 976 | 1,225 | 0 |
| Goldex | 468 | 457 | 402 | 339 | 315 |
| Pinos Altos | 437 | 392 | 411 | 464 | 466 |
| La India | 85 | 95 | 114 | 151 | 233 |
| LaRonde Zone 5 mine (LZ5) | 134 | 115 | 94 | ||
| LaRonde mine | 1,031 | 988 | 946 | ||
| Creston Mascota | 5 | 5 | |||
| Total | 34,471 | 29,987 | 28,685 | 23,495 | 10,216 |
Price Behavior
| Market Price | $180.48 | |
| Market Cap ($ Bil) | 90.5 | |
| First Trading Date | 09/07/1984 | |
| Distance from 52W High | -28.3% | |
| 50 Days | 200 Days | |
| DMA Price | $156.60 | $182.31 |
| DMA Trend | down | down |
| Distance from DMA | 15.3% | -1.0% |
| 3M | 1YR | |
| Volatility | 49.7% | 46.2% |
| Downside Capture | 205.45 | 167.57 |
| Upside Capture | 129.65 | 163.24 |
| Correlation (SPY) | 51.9% | 39.1% |
| 1M | 2M | 3M | 6M | 1Y | 3Y | |
|---|---|---|---|---|---|---|
| Beta | 1.41 | 1.74 | 2.03 | 1.85 | 1.38 | 0.64 |
| Up Beta | 2.96 | 1.86 | 2.19 | 1.68 | 1.46 | 0.44 |
| Down Beta | 0.39 | 1.95 | 1.94 | 1.30 | 0.64 | 0.48 |
| Up Capture | 77% | 91% | 124% | 171% | 215% | 94% |
| Bmk +ve Days | 11 | 22 | 35 | 67 | 138 | 427 |
| Stock +ve Days | 9 | 19 | 27 | 61 | 140 | 414 |
| Down Capture | 175% | 206% | 240% | 202% | 140% | 90% |
| Bmk -ve Days | 11 | 21 | 28 | 59 | 114 | 326 |
| Stock -ve Days | 13 | 24 | 36 | 65 | 111 | 336 |
[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 | 34.3% | 46.0% | 0.78 | - |
| Sector ETF (XLB) | 22.8% | 17.8% | 1.00 | 53.1% |
| Equity (SPY) | 23.4% | 12.8% | 1.37 | 39.0% |
| Gold (GLD) | 28.7% | 28.4% | 0.88 | 81.3% |
| Commodities (DBC) | 37.2% | 20.1% | 1.46 | 5.9% |
| Real Estate (VNQ) | 12.4% | 13.8% | 0.60 | 15.1% |
| Bitcoin (BTCUSD) | -44.9% | 43.0% | -1.27 | 25.0% |
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 | 26.0% | 37.7% | 0.70 | - |
| Sector ETF (XLB) | 7.1% | 19.1% | 0.26 | 39.5% |
| Equity (SPY) | 13.5% | 17.2% | 0.61 | 25.3% |
| Gold (GLD) | 18.9% | 18.6% | 0.83 | 75.0% |
| Commodities (DBC) | 9.2% | 19.6% | 0.36 | 24.7% |
| Real Estate (VNQ) | 2.1% | 18.9% | 0.01 | 27.2% |
| Bitcoin (BTCUSD) | 10.6% | 52.9% | 0.39 | 14.6% |
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 | 14.0% | 37.5% | 0.46 | - |
| Sector ETF (XLB) | 10.3% | 20.7% | 0.44 | 28.6% |
| Equity (SPY) | 15.4% | 17.9% | 0.73 | 18.9% |
| Gold (GLD) | 12.1% | 16.2% | 0.61 | 71.0% |
| Commodities (DBC) | 7.7% | 18.1% | 0.34 | 21.5% |
| Real Estate (VNQ) | 4.6% | 20.7% | 0.18 | 20.1% |
| Bitcoin (BTCUSD) | 58.3% | 66.2% | 0.98 | 11.7% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Returns Analyses
Earnings Returns History
Updated 6/2/2026| 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 | |||
| 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 |
|---|---|---|
| 06/30/2026 | 07/29/2026 | 6-K |
| 03/31/2026 | 04/30/2026 | 6-K |
| 12/31/2025 | 03/19/2026 | 40-F |
| 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 |
| Report Date | Filing Date | Filing |
|---|---|---|
| 06/30/2026 | 07/29/2026 | 6-K |
| 03/31/2026 | 04/30/2026 | 6-K |
| 12/31/2025 | 03/19/2026 | 40-F |
| 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 |
| 09/30/2021 | 10/28/2021 | 6-K |
| 06/30/2021 | 07/28/2021 | 6-K |
| 03/31/2021 | 05/03/2021 | 6-K |
| 12/31/2020 | 03/26/2021 | 40-F |
| 09/30/2020 | 10/28/2020 | 6-K |
| 06/30/2020 | 07/31/2020 | 6-K |
| 03/31/2020 | 04/30/2020 | 6-K |
| 09/30/2019 | 10/24/2019 | 6-K |
| 06/30/2019 | 07/26/2019 | 6-K |
Investor Activity (13F)
Updated Aug 11, 2026Active managers (13F portfolio over $250M, at least 3 holdings) with a position over $5M that is either over 10% of their portfolio or held in a concentrated book of 50 or fewer total positions. Index/ETF, sovereign, bank, community-bank and charitable/donor-advised filers are excluded.
| Active Manager | Value | % of Portfolio | Total Positions | QoQ | Filing |
|---|---|---|---|---|---|
| Drummond Knight Asset Management Pty Ltd | $28.6 Mil | 10.1% | 14 | New | 13F |
| Muhlenkamp & Co Inc | $28.1 Mil | 7.4% | 29 | TRIM -8.4% | 13F |
| Heathbridge Capital Management Ltd. | $18.8 Mil | 6.8% | 29 | Hold | 13F |
| Hatch Cove Capital, LLC | $16.5 Mil | 6.3% | 19 | TRIM -8.0% | 13F |
| Paulson & Co. Inc. | $159.0 Mil | 5.1% | 9 | Hold | 13F |
| St. James Investment Company, LLC | $28.6 Mil | 4.5% | 22 | TRIM -41.4% | 13F |
| Merk Investments LLC | $16.2 Mil | 4.4% | 11 | Hold | 13F |
| TB Alternative Assets Ltd. | $20.3 Mil | 4.2% | 36 | TRIM -56.4% | 13F |
| Progeny 3, Inc. | $57.8 Mil | 3.1% | 32 | Hold | 13F |
| Elite Wealth Management, Inc. | $5.4 Mil | 1.7% | 49 | Hold | 13F |
| Active Manager | Value | % of Portfolio | Total Positions | QoQ | As Of | Filing |
|---|---|---|---|---|---|---|
| Condire Management, LP | $16.1 Mil | 1.7% | 22 | Exited | Dec 31, 2025 | 13F |
| TB Alternative Assets Ltd. | $20.3 Mil | 4.2% | 36 | TRIM -56.4% | Mar 31, 2026 | 13F |
| St. James Investment Company, LLC | $28.6 Mil | 4.5% | 22 | TRIM -41.4% | Mar 31, 2026 | 13F |
| Muhlenkamp & Co Inc | $28.1 Mil | 7.4% | 29 | TRIM -8.4% | Mar 31, 2026 | 13F |
| Hatch Cove Capital, LLC | $16.5 Mil | 6.3% | 19 | TRIM -8.0% | Mar 31, 2026 | 13F |
| Active Manager | Value | % of Portfolio | Total Positions | QoQ | Filing |
|---|---|---|---|---|---|
| Paulson & Co. Inc. | $159.0 Mil | 5.1% | 9 | Hold | 13F |
| Progeny 3, Inc. | $57.8 Mil | 3.1% | 32 | Hold | 13F |
| Drummond Knight Asset Management Pty Ltd | $28.6 Mil | 10.1% | 14 | New | 13F |
| St. James Investment Company, LLC | $28.6 Mil | 4.5% | 22 | TRIM -41.4% | 13F |
| Muhlenkamp & Co Inc | $28.1 Mil | 7.4% | 29 | TRIM -8.4% | 13F |
| TB Alternative Assets Ltd. | $20.3 Mil | 4.2% | 36 | TRIM -56.4% | 13F |
| Heathbridge Capital Management Ltd. | $18.8 Mil | 6.8% | 29 | Hold | 13F |
| Hatch Cove Capital, LLC | $16.5 Mil | 6.3% | 19 | TRIM -8.0% | 13F |
| Merk Investments LLC | $16.2 Mil | 4.4% | 11 | Hold | 13F |
| Elite Wealth Management, Inc. | $5.4 Mil | 1.7% | 49 | Hold | 13F |
Industry Resources
| Materials Resources |
| Chemical & Engineering News (C&EN) |
| Mining.com |
| Plastics News |
| Gold Resources |
| Kitco News |
| World Gold Council |
| Mining Journal |
External Quote Links
| Y Finance | Barrons |
| TradingView | Morningstar |
| SeekingAlpha | ValueLine |
| Motley Fool | Robinhood |
| CNBC | Etrade |
| MarketWatch | Unusual Whales |
| YCharts | Perplexity Finance |
| FinViz |
Prefer one of these to Trefis? Tell us why.