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    Alamos Gold (AGI)

    Market Price (11/9/2026): $31.83 | Market Cap: $13.3 BilSector: Materials | Industry: Gold

    Alamos Gold (AGI)

    Market Price (11/9/2026): $31.83
    Market Cap: $13.3 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 8.4%

    Attractive operating margins
    Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is 57%

    Attractive cash flow generation
    CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 41%

    Megatrend and thematic drivers
    Megatrends include Global Resource Supply & Security. Themes include Precious Metals Extraction, and Sustainable Mining Operations.

    Key risks
    AGI key risks include [1] potential execution delays and cost overruns at its key Island Gold and Magino growth projects, 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 8.4%
    1 Attractive operating margins
    Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is 57%
    2 Attractive cash flow generation
    CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 41%
    3 Megatrend and thematic drivers
    Megatrends include Global Resource Supply & Security. Themes include Precious Metals Extraction, and Sustainable Mining Operations.
    4 Key risks
    AGI key risks include [1] potential execution delays and cost overruns at its key Island Gold and Magino growth projects, Show more.

    AGI in ETFs

    Weight = AGI's share of each fund

    SPEM0.01%

    Valuation & Metrics

    FYE: 12/31AGI [1]S&P 500 [2]
    REVENUE GROWTH
    LTM Revenue [3]$2.3 Bil—
    FY 2026 Sales$2.3 Bil—
    FY 2027 Sales$2.8 Bil—
    FY 2026 Sales Growth1.6%—
    FY 2027 Sales Growth21.2%8.6%
    EARNINGS
    LTM Net Income (GAAP) [3]$1.1 Bil—
    FY 2026 Net Income (Non-GAAP)$901.5 Mil—
    FY 2027 Net Income (Non-GAAP)$1.2 Bil—
    FY 2027 Net Income Growth28.2%13.1%
    FY 2026 EPS (Non-GAAP)$2.12—
    FY 2027 EPS (Non-GAAP)$2.72—
    FY 2027 EPS Growth28.1%—
    VALUATION
    FY 2026 P/S5.81.7
    FY 2027 P/S4.8—
    FY 2026 P/E14.88.6
    FY 2027 P/E11.5—

    [1] AGI forward figures are analyst consensus for the next two fiscal years (fiscal year end 12/31). Net Income and EPS are non-GAAP (adjusted) consensus. P/S and P/E divide the current market cap by the consensus figure.
    [2] S&P 500 figures are the SPY ETF's holdings-weighted forward aggregate. P/S and P/E reflect FY1/FY2 consensus blended to the 12-month window ending 11/30/27 (~one year forward), shown when ≥90% of index weight has estimates. Growth is the aggregate next-fiscal-year vs current-fiscal-year (FY1→FY2) change. Index-level dollar Sales, Net Income and EPS are not applicable.
    [3] LTM = reported trailing-twelve-month actuals (GAAP).
    AGIS&P 500
    REVENUE GROWTHVERY GOOD
    Rev LTM ($ Bil)2.3
    Rev Chg Q10.4%8.8%
    Rev Chg LTM41.5%8.6%
    Rev Chg 3Y Avg31.8%6.4%
    PROFITABILITYVERY GOOD
    Op Inc LTM ($ Bil)1.3
    CFO LTM ($ Bil)0.9
    Net Inc LTM ($ Bil)1.1
    Op Mgn LTM57.3%19.0%
    CFO/Rev LTM41.4%21.4%
    Net Inc Mgn46.7%13.5%
    VALUATIONHIGH
    P/S5.93.1
    P/CFO14.214.9
    P/FCF74.119.9
    P/E12.521.8
    STABILITYGOOD
    Debt/Equity0.020.19
    Cash/Assets0.090.07

    AI Analysis | Feedback

    MetricValueDateSource
    Gold Production141,700 ounces9302025Link
    Gold Sales136,473 ounces9302025Link
    All-in Sustaining Costs (AISC)$1,375 per ounce9302025Link
    Total Cash Costs$973 per ounce9302025Link
    AISC Margin$1,984 per ounce9302025Link
    2025 Production Guidance560,000 to 580,000 ounces10292025Link
    Island Gold Mill Capacity1,200 tonnes per day10302025Link
    Magino Mill Expansion Target12,400 tonnes per day10302025Link
    Mineral Reserves14 million ounces2192025Link

    Price Chart

    Recent
    10/28/2026Earnings ReleaseRev: $510 Mil (A) vs. $551 Mil (E)
    EPS: 0.43 (A) vs. $0.43 (E)
    Upcoming
    2/17/2027Earnings ReleaseRev: $594 Mil (E)
    EPS: $0.55 (E)

    Why The Stock Moved

    Qualitative Assessment

    AI Analysis | Feedback

    Updated on 11/6/2026

    Alamos Gold (AGI) stock has gained about 15% since 7/31/2026 because of the following key factors:

    1. Strong Fiscal Q2 2026 Performance Exceeded Expectations.

    Alamos Gold reported robust results for fiscal Q2 2026 (ended June 2026) on July 29, 2026, which likely provided positive momentum for the stock at the beginning of the specified period. The company posted earnings per share (EPS) of $0.59, surpassing consensus estimates, and achieved a 35.6% year-over-year increase in revenue, largely driven by record production at its Island Gold District.

    2. Favorable Gold Price Environment and Central Bank Demand.

    Throughout much of the period, elevated gold prices provided a strong macroeconomic tailwind for Alamos Gold. The company's average realized gold price in fiscal Q3 2026 (ended September 2026) was $4,258 per ounce. This environment was further supported by strong global central bank demand for gold, which increased by 42% in fiscal Q3 2026 compared to the prior year.

    Show more
    Updated on 11/6/2026

    Alamos Gold (AGI) stock has gained about 15% since 7/31/2026 because of the following key factors:

    1. Strong Fiscal Q2 2026 Performance Exceeded Expectations.

    Alamos Gold reported robust results for fiscal Q2 2026 (ended June 2026) on July 29, 2026, which likely provided positive momentum for the stock at the beginning of the specified period. The company posted earnings per share (EPS) of $0.59, surpassing consensus estimates, and achieved a 35.6% year-over-year increase in revenue, largely driven by record production at its Island Gold District.

    2. Favorable Gold Price Environment and Central Bank Demand.

    Throughout much of the period, elevated gold prices provided a strong macroeconomic tailwind for Alamos Gold. The company's average realized gold price in fiscal Q3 2026 (ended September 2026) was $4,258 per ounce. This environment was further supported by strong global central bank demand for gold, which increased by 42% in fiscal Q3 2026 compared to the prior year.

    3. Positive Analyst Coverage and Price Target.

    Mid-October saw RBC Capital initiate coverage of Alamos Gold with a bullish rating and a price target of $42. This analyst endorsement implied substantial upside potential from then-current levels, contributing to positive investor sentiment and upward pressure on the stock price.

    4. Enhanced Exposure to Gold Prices through Hedge Elimination.

    Alamos Gold continued its strategic efforts to reduce legacy gold hedges. The company repurchased 36,000 ounces of remaining Argonaut Gold forward contracts since fiscal Q2 2026, bringing the total eliminated to 96% since the 2024 acquisition. This move increased Alamos Gold's direct exposure to rising gold prices, which was viewed favorably by the market.

    5. Solid Financial Position and Shareholder Returns.

    The company maintained a strong financial position, reporting a net cash position of $397 million at the end of fiscal Q3 2026, which was bolstered by a $160 million anniversary payment from the sale of its Turkish assets. Demonstrating its commitment to shareholder value, Alamos Gold returned $22 million to shareholders in fiscal Q3 2026 through dividends and share buybacks, with year-to-date shareholder returns reaching $123 million.

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    Stock Movement Drivers

    Fundamental Drivers

    The 14.5% change in AGI stock from 7/31/2026 to 11/8/2026 was primarily driven by a 26.1% change in the company's P/E Multiple.
    (LTM values as of)731202611082026Change
    Stock Price ($)27.8031.8314.5%
    Change Contribution By: 
    Total Revenues ($ Mil)2,2282,2762.2%
    Net Income Margin (%)52.6%46.7%-11.4%
    P/E Multiple9.912.526.1%
    Shares Outstanding (Mil)4204190.3%
    Cumulative Contribution14.5%

    LTM = Last Twelve Months as of date shown

    Market Drivers

    7/31/2026 to 11/8/2026
    ReturnCorrelation
    AGI14.5% 
    Market (SPY)-1.6%31.9%
    Sector (XLB)3.0%41.9%

    Fundamental Drivers

    The -20.1% change in AGI stock from 4/30/2026 to 11/8/2026 was primarily driven by a -20.4% change in the company's P/E Multiple.
    (LTM values as of)430202611082026Change
    Stock Price ($)39.8531.83-20.1%
    Change Contribution By: 
    Total Revenues ($ Mil)2,0722,2769.8%
    Net Income Margin (%)51.2%46.7%-8.9%
    P/E Multiple15.812.5-20.4%
    Shares Outstanding (Mil)4204190.3%
    Cumulative Contribution-20.1%

    LTM = Last Twelve Months as of date shown

    Market Drivers

    4/30/2026 to 11/8/2026
    ReturnCorrelation
    AGI-20.1% 
    Market (SPY)2.6%42.8%
    Sector (XLB)1.3%47.4%

    Fundamental Drivers

    The 3.8% change in AGI stock from 10/31/2025 to 11/8/2026 was primarily driven by a 41.5% change in the company's Total Revenues ($ Mil).
    (LTM values as of)1031202511082026Change
    Stock Price ($)30.6731.833.8%
    Change Contribution By: 
    Total Revenues ($ Mil)1,6092,27641.5%
    Net Income Margin (%)33.5%46.7%39.5%
    P/E Multiple24.012.5-47.6%
    Shares Outstanding (Mil)4204190.5%
    Cumulative Contribution3.8%

    LTM = Last Twelve Months as of date shown

    Market Drivers

    10/31/2025 to 11/8/2026
    ReturnCorrelation
    AGI3.8% 
    Market (SPY)8.7%40.8%
    Sector (XLB)22.9%53.7%

    Fundamental Drivers

    The 160.8% change in AGI stock from 10/31/2023 to 11/8/2026 was primarily driven by a 129.4% change in the company's Net Income Margin (%).
    (LTM values as of)1031202311082026Change
    Stock Price ($)12.2131.83160.8%
    Change Contribution By: 
    Total Revenues ($ Mil)1,0012,276127.5%
    Net Income Margin (%)20.3%46.7%129.4%
    P/E Multiple23.812.5-47.2%
    Shares Outstanding (Mil)396419-5.4%
    Cumulative Contribution160.8%

    LTM = Last Twelve Months as of date shown

    Market Drivers

    10/31/2023 to 11/8/2026
    ReturnCorrelation
    AGI160.8% 
    Market (SPY)81.9%27.1%
    Sector (XLB)44.0%39.8%

    Return vs. Risk

    Price Returns Compared

     202120222023202420252026Total [1]
    Returns
    AGI Return-11%33%34%38%110%-17%281%
    Peers Return17%-7%7%14%123%10%227%
    S&P 500 Return27%-19%24%23%16%12%105%

    Monthly Win Rates [3]
    AGI Win Rate58%58%58%50%75%36% 
    Peers Win Rate45%48%57%52%77%44% 
    S&P 500 Win Rate75%42%67%75%67%45% 

    Max Drawdowns [4]
    AGI Max Drawdown-28%-28%-21%-18%-21%-51% 
    Peers Max Drawdown-34%-46%-33%-30%-25%-41% 
    S&P 500 Max Drawdown-5%-25%-10%-8%-19%-9% 

    [1] Cumulative total returns since the beginning of 2021
    [2] Peers: AEM, GOLD, NEM, KGC, BTG.
    [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 11/6/2026 (YTD)

    How Low Can It Go

    EventAGIS&P 500
    Summer-Fall 2023 Five Percent Yield Shock
      % Loss-12.0%-9.5%
      % Gain to Breakeven13.7%10.5%
      Time to Breakeven15 days24 days
    2022 Inflation Shock & Fed Tightening
      % Loss-12.5%-24.5%
      % Gain to Breakeven14.3%32.4%
      Time to Breakeven4 days427 days
    2020 COVID-19 Crash
      % Loss-40.4%-33.7%
      % Gain to Breakeven67.9%50.9%
      Time to Breakeven31 days140 days
    Q4 2018 Fed Policy Error / Growth Scare
      % Loss-36.3%-19.2%
      % Gain to Breakeven56.9%23.8%
      Time to Breakeven67 days105 days
    2016-2017 Trump Reflation Bond Selloff
      % Loss-26.2%-3.7%
      % Gain to Breakeven35.5%3.9%
      Time to Breakeven27 days6 days
    2015-2016 China Devaluation / Global Growth Scare
      % Loss-38.9%-12.2%
      % Gain to Breakeven63.7%13.9%
      Time to Breakeven16 days62 days

    Compare to AEM, GOLD, NEM, KGC, BTG

    In The Past

    Alamos Gold's stock fell -0.2% during the 2025 US Tariff Shock. Such a loss loss requires a 0.2% 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.

    EventAGIS&P 500
    2020 COVID-19 Crash
      % Loss-40.4%-33.7%
      % Gain to Breakeven67.9%50.9%
      Time to Breakeven31 days140 days
    Q4 2018 Fed Policy Error / Growth Scare
      % Loss-36.3%-19.2%
      % Gain to Breakeven56.9%23.8%
      Time to Breakeven67 days105 days
    2016-2017 Trump Reflation Bond Selloff
      % Loss-26.2%-3.7%
      % Gain to Breakeven35.5%3.9%
      Time to Breakeven27 days6 days
    2015-2016 China Devaluation / Global Growth Scare
      % Loss-38.9%-12.2%
      % Gain to Breakeven63.7%13.9%
      Time to Breakeven16 days62 days
    2014-2016 Oil Price Collapse
      % Loss-74.5%-6.8%
      % Gain to Breakeven292.7%7.3%
      Time to Breakeven163 days15 days
    2013 Taper Tantrum
      % Loss-36.5%-0.2%
      % Gain to Breakeven57.5%0.2%
      Time to Breakeven3362 days1 days
    2011 US Debt Ceiling Crisis & European Contagion
      % Loss-26.0%-17.9%
      % Gain to Breakeven35.2%21.8%
      Time to Breakeven23 days123 days

    Compare to AEM, GOLD, NEM, KGC, BTG

    In The Past

    Alamos Gold's stock fell -0.2% during the 2025 US Tariff Shock. Such a loss loss requires a 0.2% 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 Alamos Gold (AGI)

    ```html

    Alamos Gold Inc. is a Canadian-based mining company primarily focused on the acquisition, exploration, development, and extraction of precious metals. The company's core operations involve finding, developing, and operating mines that produce gold and silver. Its operational footprint is geographically diverse, with activities spanning across Canada, Mexico, the United States, and Turkey.

    The main products of Alamos Gold are gold and silver, which it extracts from its various mining properties. Key assets contributing to its production include two prominent mines in Ontario, Canada: the Young-Davidson mine, which serves as its flagship project, and the Island Gold mine. These mines are crucial to the company's output of precious metals.

    As a producer of gold and silver, Alamos Gold serves the global precious metals market. Its primary customers are those involved in the buying, selling, and holding of these commodities, including financial institutions, central banks, industrial users, and the jewelry sector worldwide. The company's business relies on the global demand for and market prices of gold and silver.

    ```

    AI Analysis | Feedback

    ExxonMobil for gold.

    AI Analysis | Feedback

    • Gold: Alamos Gold extracts and sells gold from its various mining operations.
    • Silver: The company also explores for and extracts silver as a precious metal byproduct or primary product.

    AI Analysis | Feedback

    Alamos Gold Inc. (AGI) operates in the precious metals mining sector, primarily extracting gold and silver. As such, its product is a raw or semi-processed commodity (typically in the form of doré bars or concentrates).

    Due to the fungible nature of commodities and the liquid global market for precious metals, gold mining companies like Alamos Gold Inc. generally do not publicly disclose the names of their specific major customers. Instead, they sell their output into the market at prevailing prices to a range of specialized entities within the precious metals supply chain.

    The primary categories of customers that Alamos Gold Inc. would typically sell its gold and silver to are:

    1. Precious Metal Refiners: Companies that specialize in purifying raw or semi-processed precious metals (like doré bars) into high-purity bullion suitable for investment, industrial, and jewelry manufacturing purposes.
    2. Bullion Banks and Financial Institutions: Large banks and financial firms that act as intermediaries in the physical precious metals market, often buying from miners for their own trading operations or for resale to other clients.
    3. Commodity Trading Houses: Firms that specialize in the large-scale buying, selling, and logistics of raw materials, including precious metals, on a global scale.

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    null

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    John A. McCluskey, President, Chief Executive Officer, and Director John A. McCluskey co-founded Alamos Gold Inc. in 2003 with mining hall of famer Chester Millar. He also founded Alamos Minerals in 1996 and Grayd Resource Corp. in 1980, serving as CEO of Grayd from 1996 to 2003. Before Alamos, Mr. McCluskey worked for Glamis Gold, a company also started by Chester Millar. He partnered with Chester Millar to pursue opportunities in Mexico, which led to the creation of Alamos, going public in June 1996. In 2001, he secured an option to acquire an asset in Mexico and partnered with National Gold, eventually consolidating the district and becoming CEO of Alamos in 2003. Grayd Resources was acquired by Agnico Eagle Mines in 2011. Mr. McCluskey was named Ontario's 2012 Ernst & Young Entrepreneur of The Year. Greg Fisher, Chief Financial Officer Greg Fisher joined Alamos Gold in 2010 and was appointed Chief Financial Officer in 2023, having previously served as Senior Vice President of Finance. He brings close to 20 years of progressive experience in the mining sector. Prior to joining Alamos, Mr. Fisher was a Senior Manager at KPMG, where he served mining clients in the firm's audit practice. Luc Guimond, Chief Operating Officer Luc Guimond holds the position of Chief Operating Officer at Alamos Gold Inc. Chris Bostwick, Senior Vice President, Technical Services Chris Bostwick possesses over 30 years of experience in the global mining industry, including 19 years spent with Barrick Gold. He joined Alamos Gold as Vice President, Technical Services, during the merger with AuRico Gold Inc., and previously held the role of Senior Vice President of Technical Services at AuRico Gold. Before his time at AuRico, Mr. Bostwick was seconded from Barrick to Highland Gold Mining, where he led the Capital Projects and Technical Services groups. John Fitzgerald, Senior Vice President, Projects John Fitzgerald has over 30 years of global experience in progressive engineering and management positions. He joined Alamos in 2021 as Vice President, Projects. Prior to his role at Alamos, he was Vice President, Projects & Technical Services at Centerra Gold. Mr. Fitzgerald also served as Chief Operating Officer at AuRico Metals and Senior Director of Mining at AuRico Gold (and its predecessor Northgate Minerals), where he oversaw mining and project development activities.

    AI Analysis | Feedback

    The key risks to Alamos Gold Inc.'s business (AGI) are primarily tied to commodity price fluctuations, operational challenges including the execution of expansion projects and weather-related disruptions, and jurisdictional and regulatory changes.

    1. Gold Price Volatility: The price of gold is the most significant factor affecting Alamos Gold's profitability. Significant declines in gold prices could quickly compress profit margins, directly impacting the company's revenue and financial performance.
    2. Operational Risks: This category encompasses several critical factors. The successful execution of large mining expansion projects, such as the Island Gold expansion, is vital for the company's growth, but these projects inherently carry risks of cost overruns, delays, and technical issues. Furthermore, mining operations are exposed to inherent geological uncertainties, equipment failures, safety risks, and production disruptions. Specifically, operations in northern climates, like Canada, face challenges from extreme weather conditions that can lead to production shortfalls, as experienced in 2025 at the Island Gold and Young-Davidson mines due to severe winter weather and other operational issues. The geographic concentration of a significant portion of the company's production from a single asset, such as the Island Gold District, also amplifies the impact of any operational disruptions at that site.
    3. Jurisdictional and Regulatory Risks: Although Alamos Gold operates primarily in politically stable jurisdictions like Canada and Mexico, the company remains subject to various governmental, regulatory, and environmental risks. Changes in national and local legislation, environmental requirements, or tax policies could negatively affect operations. The ability to obtain and maintain necessary licenses, permits, and authorizations for its development-stage and operating assets is also a continuous risk.

    AI Analysis | Feedback

    The emergence and increasing adoption of digital assets, particularly cryptocurrencies like Bitcoin, as an alternative store of value. These digital assets are often touted as "digital gold" and compete with physical gold for investor capital seeking a hedge against inflation or a non-sovereign asset. A significant long-term shift of investment demand from physical gold to digital alternatives could reduce the overall market demand for gold, impacting gold prices and the profitability of gold mining operations.

    AI Analysis | Feedback

    Addressable Markets for Alamos Gold (AGI)

    Alamos Gold Inc. primarily explores for and extracts gold and silver. The addressable markets for these precious metals are global.

    Gold Market

    The global gold market size is estimated to be 4,890.0 tons in 2025. It is projected to grow from 5,118.1 tons in 2026 to 7,424.4 tons by 2034, with a compound annual growth rate (CAGR) of 4.70% during this forecast period. In terms of value, the global gold market was estimated at USD 291.68 billion in 2024 and is projected to reach USD 400 billion by the end of 2030, growing at a CAGR of 6.51% from 2025-2030.

    Silver Market

    The global silver market size is expected to reach 37.78 kilotons in 2025. This market is forecast to grow to 49.54 kilotons by 2031, with a CAGR of 4.62% between 2026 and 2031. The global silver market was valued at USD 87.12 billion in 2024 and is projected to grow to USD 202.07 billion by 2033, exhibiting a CAGR of 9.86% during the forecast period (2025-2033).

    AI Analysis | Feedback

    The expected drivers of future revenue growth for Alamos Gold (AGI) over the next 2-3 years include:
    1. Island Gold District Expansion: A significant driver of revenue growth is the multi-phase expansion of the Island Gold District in Ontario, Canada, which includes the Island Gold underground mine and the Magino open-pit mine. This expansion is projected to nearly double the district's value and lead to a substantial increase in annual gold production to an average of 534,000 ounces over the initial 10 years post-2028, representing a 113% increase from 2025 production. Key aspects of this expansion involve doubling mill capacity to 20,000 tonnes per day and increasing underground mining rates.
    2. Increased Production at Young-Davidson Mine: The Young-Davidson mine, located in Northern Ontario, Canada, is anticipated to contribute to revenue growth through higher underground mining rates. Production at Young-Davidson is expected to increase by approximately 8% in 2026 relative to 2025, driven by improved ore pass availability and capacity.
    3. Commencement of Production from the PDA Project: The PDA (Palo Duro) project in Mexico, part of the Mulatos District, is slated to begin initial production by mid-2027. This new source of gold production will add to Alamos Gold's overall output and, consequently, its revenue.
    4. Ongoing Exploration Success and Reserve Growth: Alamos Gold's consistent investment in exploration, particularly within the Island Gold District, has resulted in significant increases in mineral reserves. The company reported a 32% increase in year-end mineral reserves to 16 million ounces in 2025, marking the seventh consecutive year of growth. This expansion of the reserve base underpins longer mine lives and provides the foundation for sustained future production.
    5. Exposure to Higher Realized Gold Prices: While subject to market dynamics, Alamos Gold has strategically increased its exposure to gold prices by reducing hedges inherited from past transactions. Higher realized gold prices have historically boosted the company's revenue, and with increased unhedged production from its growth projects, the company is positioned to benefit further from favorable gold market conditions.

    AI Analysis | Feedback

    Share Repurchases

    • Alamos Gold received approval to repurchase up to 18.58 million Class A common shares (approximately 4.4% of total outstanding shares) between December 24, 2025, and December 23, 2026.
    • In the previous program, ending December 2025, Alamos repurchased 1.33 million shares for C$54.4 million (approximately $38.8 million).
    • The company renewed its Normal Course Issuer Bid to repurchase up to 18,605,661 Class A Common Shares from December 24, 2024, to December 23, 2025, with the aim of enhancing shareholder value.

    Inbound Investments

    • Van ECK Associates Corp significantly increased its stake in Alamos Gold by 35.3% in Q3, acquiring 11,876,324 shares to hold a total of 45,544,137 shares, valued at approximately $1.59 billion, representing 10.83% of the company.
    • Several other major institutions, including Vanguard, CIBC Asset Management, Mackenzie, and Geode, also increased their positions, while Norges Bank initiated a new stake, contributing to institutional investors owning roughly 64.33% of Alamos Gold's stock.

    Outbound Investments

    • In April 2024, Alamos Gold acquired Orford Mining Corporation and its wholly-owned Qiqavik Gold Project in Nunavik, Quebec.

    Capital Expenditures

    • Capital spending is projected to increase to between $850 and $940 million in 2026 (excluding capitalized exploration), primarily due to the Island Gold District (IGD) Expansion, accelerated spending at Canadian mine sites, and ongoing inflation.
    • From 2022 to 2024, total capital expenditures exceeded $1.1 billion, reflecting significant investments in exploration and mine development.
    • A primary focus of capital expenditures is the Island Gold District Expansion, with an expected $355 million to $385 million in growth capital for 2026, alongside investments in the Lynn Lake project and PDA development.

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    Teck Resources
    AEM (42.4%)
    Agnico Eagle Mines

    Higher Rev Chg 3Y Avg (Value for AGI: 31.8%)

    WPM (56.5%)
    Wheaton Precious Metals
    SW (48.4%)
    Smurfit WestRock
    RGLD (47.3%)
    Royal Gold
    NEM (34.7%)
    Newmont
    AEM (34.2%)
    Agnico Eagle Mines

    Higher Op Mgn LTM (Value for AGI: 57.3%)

    FNV (75.7%)
    Franco-Nevada
    WPM (72.1%)
    Wheaton Precious Metals
    RGLD (62.7%)
    Royal Gold
    AEM (58.8%)
    Agnico Eagle Mines
    SCCO (58.6%)
    Southern Copper

    Higher CFO/Rev LTM (Value for AGI: 41.4%)

    WPM (80.9%)
    Wheaton Precious Metals
    NEM (49.2%)
    Newmont
    AEM (48.9%)
    Agnico Eagle Mines
    B (45.5%)
    Barrick Mining
    SCCO (43.3%)
    Southern Copper

    Higher FCF/Rev LTM (Value for AGI: 7.9%)

    NEM (37.9%)
    Newmont
    SCCO (32.7%)
    Southern Copper
    AEM (27.9%)
    Agnico Eagle Mines
    LIN (14.0%)
    Linde
    ECL (10.3%)
    Ecolab

    Higher Total Yield (Value for AGI: 8.4%)

    TECK (13.7%)
    Teck Resources
    KGC (12.8%)
    Kinross Gold
    B (11.9%)
    Barrick Mining
    AMCR (11.0%)
    Amcor
    NTR (9.6%)
    Nutrien

    All Other Sectors

    Higher Rev Chg 3Y Avg | Lower P/S (Values for AGI: 31.8% | 5.9x)

    APH (39.7% | 5.6x)
    Amphenol
    SNDK (102.9% | 4.2x)
    SanDisk
    KKR (33.7% | 4.1x)
    KKR
    MELI (40.4% | 2.0x)
    MercadoLibre
    OKE (36.4% | 1.2x)
    ONEOK

    Higher Rev Chg 3Y Avg | Lower P/Op Inc (Values for AGI: 31.8% | 10.2x)

    MU (122.3% | 7.8x)
    Micron Technology
    SNDK (102.9% | 5.8x)
    SanDisk
    OKE (36.4% | 8.7x)
    ONEOK
    FANG (32.8% | 6.8x)
    Diamondback Energy
    EXE (45.9% | 5.0x)
    Expand Energy

    Higher Rev Chg LTM (Value for AGI: 41.5%)

    MU (256.3%)
    Micron Technology
    NVDA (83.4%)
    NVIDIA
    AVGO (48.7%)
    Broadcom
    LLY (45.5%)
    Eli Lilly
    AMD (41.9%)
    Advanced Micro Devices

    Higher Rev Chg 3Y Avg (Value for AGI: 31.8%)

    MU (122.3%)
    Micron Technology
    NVDA (116.5%)
    NVIDIA
    PLTR (52.9%)
    Palantir Technologies
    LLY (39.4%)
    Eli Lilly
    AVGO (36.2%)
    Broadcom

    Higher Op Mgn LTM (Value for AGI: 57.3%)

    APP (77.8%)
    AppLovin
    MU (74.6%)
    Micron Technology
    NVDA (65.2%)
    NVIDIA
    V (65.1%)
    Visa
    MA (60.1%)
    Mastercard

    Higher CFO/Rev LTM (Value for AGI: 41.4%)

    MSFT (56.5%)
    Microsoft
    META (55.1%)
    Meta Platforms
    SPCX (49.2%)
    Space Exploration Technologies
    AVGO (45.6%)
    Broadcom
    NVDA (44.3%)
    NVIDIA

    Higher FCF/Rev LTM (Value for AGI: 7.9%)

    AVGO (44.2%)
    Broadcom
    NVDA (41.9%)
    NVIDIA
    AAPL (28.4%)
    Apple
    MSFT (17.3%)
    Microsoft
    META (11.9%)
    Meta Platforms

    Higher Total Yield (Value for AGI: 8.4%)

    BAC (12.1%)
    Bank of America
    MU (11.0%)
    Micron Technology
    CVX (9.8%)
    Chevron
    JPM (9.3%)
    JPMorgan Chase
    XOM (8.4%)
    Exxon Mobil

    Best Bets in Materials

    What You Pay

    P/EBIT (Value for AGI: 8.7x)

    SCCO (13.7x)
    Southern Copper
    NEM (8.9x)
    Newmont
    RGLD (20.8x)
    Royal Gold
    CF (5.2x)
    CF Industries
    CDE (14.3x)
    Coeur Mining
    B (5.4x)
    Barrick Mining
    HL (12.0x)
    Hecla Mining
    AA (6.0x)
    Alcoa
    ARIS (6.0x)
    Aris Mining
    HCC (16.5x)
    Warrior Met Coal

    P/E (Value for AGI: 12.5x)

    SCCO (22.1x)
    Southern Copper
    NEM (13.7x)
    Newmont
    RGLD (26.8x)
    Royal Gold
    CF (8.3x)
    CF Industries
    CDE (22.8x)
    Coeur Mining
    B (10.4x)
    Barrick Mining
    HL (25.9x)
    Hecla Mining
    AA (6.8x)
    Alcoa
    ARIS (10.4x)
    Aris Mining
    HCC (19.2x)
    Warrior Met Coal
    What You Get

    Rev Chg 3Y Avg (Value for AGI: 31.8%)

    SCCO (18.8%)
    Southern Copper
    NEM (34.7%)
    Newmont
    RGLD (47.3%)
    Royal Gold
    CF (2.8%)
    CF Industries
    CDE (70.5%)
    Coeur Mining
    B (25.3%)
    Barrick Mining
    HL (37.8%)
    Hecla Mining
    AA (10.6%)
    Alcoa
    ARIS (47.4%)
    Aris Mining
    HCC (8.3%)
    Warrior Met Coal

    Rev Chg LTM (Value for AGI: 41.5%)

    SCCO (38.7%)
    Southern Copper
    NEM (23.7%)
    Newmont
    RGLD (105.2%)
    Royal Gold
    CF (17.9%)
    CF Industries
    CDE (111.7%)
    Coeur Mining
    B (49.4%)
    Barrick Mining
    HL (84.1%)
    Hecla Mining
    AA (11.2%)
    Alcoa
    ARIS (69.7%)
    Aris Mining
    HCC (52.0%)
    Warrior Met Coal

    Rev Chg Q (Value for AGI: 10.4%)

    SCCO (39.1%)
    Southern Copper
    NEM (15.2%)
    Newmont
    RGLD (84.4%)
    Royal Gold
    CF (12.1%)
    CF Industries
    CDE (77.4%)
    Coeur Mining
    B (43.8%)
    Barrick Mining
    HL (24.9%)
    Hecla Mining
    AA (23.7%)
    Alcoa
    ARIS (14.5%)
    Aris Mining
    HCC (54.6%)
    Warrior Met Coal

    FCF/Rev 3Y Avg (Value for AGI: 12.9%)

    SCCO (28.1%)
    Southern Copper
    NEM (24.1%)
    Newmont
    RGLD (21.0%)
    Royal Gold
    CF (20.5%)
    CF Industries
    CDE (16.7%)
    Coeur Mining
    B (15.0%)
    Barrick Mining
    HL (14.8%)
    Hecla Mining
    AA (2.8%)
    Alcoa
    ARIS (0.5%)
    Aris Mining
    HCC (-0.9%)
    Warrior Met Coal
    [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

    Peer Outperformance in Gold

    AGI has outperformed 92% of its 37 Gold peers over 5Y. Gold ranks 3rd of 15 industries in Materials by median 5Y return. That makes it one of the strongest corners of the sector.
    Share of Gold constituents that AGI has outperformed, by holding period. Peers without a full price history over a given window are excluded from that window.
    1Y
    38%
    of 42 industry peers · 3.1% return
    3Y
    39%
    of 41 industry peers · 148.9% return
    5Y
    92%
    of 37 industry peers · 312.7% return
    No Gold peer with a comparable growth profile has beaten AGI by more than 20pp over 5Y.
    Median price return by industry across the Materials sector, ranked by 5Y. Gold is AGI's own industry. Use this to see which corners of the sector have carried the returns.
    Industry Names 1Y med3Y med5Y med Top 3 by 5Y
    Copper 7 31.6%115.9%133.4% SCCO 236% · TGB 208% · HBM 191%
    Steel 14 14.3%39.2%108.4% HCC 311% · STLD 259% · RS 174%
    Gold ← 38 17.5%190.2%102.1% IAG 509% · OGC 372% · AGI 313%
    Silver 6 37.5%293.2%82.3% AYA 284% · HL 149% · EXK 47%
    Construction Materials 6 -14.7%16.8%34.3% USLM 338% · CRH 104% · VMC 43%
    Aluminum 3 6.8%110.3%16.5% CENX 142% · AA -15%
    Metal, Glass & Plastic Containers 11 16.9%21.4%8.0% GEF 24% · ATR 16% · SLGN 9%
    Paper & Plastic Packaging Products & Materials 7 19.6%17.6%-5.6% PKG 115% · CCK 21% · SON 1%
    Diversified Metals & Mining 23 -52.8%-2.8%-7.6% SKE 179% · MTRN 105% · MP -15%
    Diversified Chemicals 3 18.4%4.4%-14.4% CBT 34% · ASH -14%
    Specialty Chemicals 42 11.0%10.0%-21.3% PRM 146% · NEU 128% · ECL 38%
    Commodity Chemicals 13 18.3%-22.8%-31.0% HWKN 318% · MEOH 53% · DOW -30%
    Precious Metals & Minerals 7 -0.9%137.5%-31.4% PPTA 309%
    Fertilizers & Agricultural Chemicals 10 5.2%10.4%-42.8% CF 112% · CTVA 80% · NTR 23%
    Paper Products 4 -40.8%-62.4%-81.3%
    Median of constituents with a full price history over each window. Top names are limited to companies above $2B market cap.

    Latest Trefis Analyses

    TitleDate
    0DASHBOARDS 
    1Alamos Gold Stock Plummets 22% With 5-Day Losing Streak06/25/2026
    2AU, CDE Look Smarter Buy Than Alamos Gold Stock05/19/2026
    3Alamos Gold Stock 6-Day Losing Spree: Stock Falls 14%05/05/2026
    4Alamos Gold Stock Plummets 13% With 5-Day Losing Streak05/02/2026
    5AGI Stock Surges 17% With A 5-day Spree On Record Earnings & Dividend Hike02/25/2026
    6AGI Stock Surges 17% In 5-Day Spree On Record Earnings & Dividend Hike02/25/2026
    7AGI Stock Surges 11% With A 7-day Winning Spree On Technical Breakout01/14/2026
    8Is Agnico Eagle Mines a Better Buy Than Alamos Gold?12/10/2025
    9Can Alamos Gold Stock Hold Up When Markets Turn?10/17/2025
    10AGI Dip Buy Analysis07/10/2025
    11ARTICLES 
    12Has Buying Alamos Gold Stock’s Dips Paid Off?11/04/2026
    13Alamos Gold Stock Plummets -22% With 5-Day Losing Streak06/25/2026
    14Better Value & Growth: AU Leads Alamos Gold Stock05/19/2026
    15Alamos Gold Stock 6-Day Losing Spree: Stock Falls -14%05/05/2026
    16Alamos Gold Stock 5-Day Losing Spree: Stock Falls -13%05/02/2026
    Title
    0DASHBOARDS
    1Alamos Gold Stock Plummets 22% With 5-Day Losing Streak
    2AU, CDE Look Smarter Buy Than Alamos Gold Stock
    3Alamos Gold Stock 6-Day Losing Spree: Stock Falls 14%
    4Alamos Gold Stock Plummets 13% With 5-Day Losing Streak
    5AGI Stock Surges 17% With A 5-day Spree On Record Earnings & Dividend Hike
    6AGI Stock Surges 17% In 5-Day Spree On Record Earnings & Dividend Hike
    7AGI Stock Surges 11% With A 7-day Winning Spree On Technical Breakout
    8Is Agnico Eagle Mines a Better Buy Than Alamos Gold?
    9Can Alamos Gold Stock Hold Up When Markets Turn?
    10AGI Dip Buy Analysis
    11ARTICLES
    12Has Buying Alamos Gold Stock’s Dips Paid Off?
    13Alamos Gold Stock Plummets -22% With 5-Day Losing Streak
    14Better Value & Growth: AU Leads Alamos Gold Stock
    15Alamos Gold Stock 6-Day Losing Spree: Stock Falls -14%
    16Alamos Gold Stock 5-Day Losing Spree: Stock Falls -13%

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    Peer Comparisons

    Peers to compare with:

    Financials

    AGIAEMGOLDNEMKGCBTGMedian
    NameAlamos G.Agnico E.Gold.com Newmont Kinross .B2Gold  
    Mkt Price31.83191.5037.80120.8822.255.4234.81
    Mkt Cap13.396.91.1126.826.37.219.8
    Rev LTM2,27615,05025,09826,6068,4443,83811,747
    Op Inc LTM1,3048,84714714,7954,4201,7453,083
    FCF LTM1804,20636810,0742,6359861,810
    FCF 3Y Avg2043,1982655,7391,9688921,430
    CFO LTM9427,35738913,0984,1379862,561
    CFO 3Y Avg7575,5842818,9303,2068932,049

    Growth & Margins

    AGIAEMGOLDNEMKGCBTGMedian
    NameAlamos G.Agnico E.Gold.com Newmont Kinross .B2Gold  
    Rev Chg LTM41.5%42.4%110.1%23.7%31.0%53.1%41.9%
    Rev Chg 3Y Avg31.8%34.2%43.7%34.7%26.5%26.4%33.0%
    Rev Chg Q10.4%17.1%-11.3%15.2%-1.5%6.8%8.6%
    QoQ Delta Rev Chg LTM2.2%3.6%-1.6%3.3%-0.3%1.4%1.8%
    Op Inc Chg LTM85.1%69.7%247.8%58.1%69.5%72.8%71.3%
    Op Inc Chg 3Y Avg63.2%79.6%51.5%147.4%125.6%39.8%71.4%
    Op Mgn LTM57.3%58.8%0.6%55.6%52.4%45.5%54.0%
    Op Mgn 3Y Avg45.1%47.4%0.5%39.2%39.1%39.5%39.3%
    QoQ Delta Op Mgn LTM0.2%0.3%0.0%0.4%0.3%-0.7%0.2%
    CFO/Rev LTM41.4%48.9%1.5%49.2%49.0%25.7%45.1%
    CFO/Rev 3Y Avg45.2%49.9%1.8%39.5%48.3%35.0%42.3%
    FCF/Rev LTM7.9%27.9%1.5%37.9%31.2%25.7%26.8%
    FCF/Rev 3Y Avg12.9%28.4%1.7%24.1%29.0%35.0%26.2%

    Valuation

    AGIAEMGOLDNEMKGCBTGMedian
    NameAlamos G.Agnico E.Gold.com Newmont Kinross .B2Gold  
    Mkt Cap13.396.91.1126.826.37.219.8
    P/S5.96.40.04.83.11.93.9
    P/Op Inc10.211.07.58.66.04.18.0
    P/EBIT8.710.66.48.95.93.37.5
    P/E12.515.713.013.78.36.012.8
    P/CFO14.213.22.89.76.47.38.5
    Total Yield8.4%7.2%12.5%8.2%12.8%18.2%10.5%
    Dividend Yield0.4%0.8%4.8%0.9%0.7%1.5%0.8%
    FCF Yield 3Y Avg1.8%4.4%32.8%5.5%8.5%16.4%7.0%
    D/E0.00.00.30.00.00.10.0
    Net D/E-0.0-0.00.2-0.0-0.10.0-0.0

    Returns

    AGIAEMGOLDNEMKGCBTGMedian
    NameAlamos G.Agnico E.Gold.com Newmont Kinross .B2Gold  
    1M Rtn-3.3%1.3%-7.1%2.6%-6.3%3.2%-1.0%
    3M Rtn-3.9%7.3%-10.9%7.2%-19.4%8.1%1.7%
    6M Rtn-26.5%-0.4%-14.2%4.2%-29.2%3.1%-7.3%
    12M Rtn3.1%19.7%55.8%46.3%-8.1%41.0%30.3%
    3Y Rtn148.9%325.8%69.9%277.2%325.6%98.2%213.1%
    1M Excs Rtn3.8%9.2%-4.2%9.6%0.3%10.9%6.5%
    3M Excs Rtn0.9%11.2%-5.9%8.2%-13.8%12.4%4.5%
    6M Excs Rtn-26.2%-0.1%-13.9%4.5%-28.9%3.4%-7.0%
    12M Excs Rtn-5.4%12.4%50.1%40.9%-15.6%28.2%20.3%
    3Y Excs Rtn85.0%254.4%-15.7%169.6%262.0%13.9%127.3%

    Comparison Analyses

    null

    Financials

    $ Mil | FY: 12/312026Q32026Q22026Q12025Q42025Q32025Q22025Q12024Q42024Q32024Q22024Q12023Q4
    Period End9/30/20266/30/20263/31/202612/31/20259/30/20256/30/20253/31/202512/31/20249/30/20246/30/20243/31/202412/31/2023
    Filing Date10/29/20267/30/20264/30/20263/26/202610/30/20257/31/20255/1/20253/31/202511/7/20248/1/20244/25/20243/26/2024
    Key Financials Quarterly            
    Total Revenue510594597575462438333376361333278255
    Ebitda306462389567426237146224205191126109
    Operating Income269357345334237215951581261398172
    Net Income166270191435276159158884704247
    EPS0.400.640.461.030.660.380.040.210.200.180.110.12
    Key Financials TTM            
    Total Revenue TTM2,2762,2282,0721,8091,6091,5081,4021,3471,2261,1211,0491,023
    Ebitda TTM1,7241,8441,6191,3761,033812766746631552500494
    Operating Income TTM1,3041,2721,130880705594518505418375324318
    Net Income TTM1,0621,1731,062886538347257284244199204210
    Growth Rates Quarterly            
    Total Revenue Growth10.4%35.6%79.2%53.1%28.1%31.7%20.0%47.6%40.9%27.4%10.4%9.8%
    EBITDA Growth-28.1%95.1%166.3%153.3%107.8%24.0%16.2%104.5%62.8%37.7%4.8%9.0%
    Operating Income Growth13.5%66.3%264.1%110.6%87.6%54.8%16.3%120.3%52.8%56.7%8.5%16.7%
    Net Income Growth-40.1%69.6%1159.2%396.5%227.0%127.4%-63.9%86.0%114.5%-6.7%-13.0%16.0%
    Margins Quarterly            
    EBITDA Margin60.0%77.8%65.2%98.5%92.2%54.1%43.9%59.5%56.8%57.5%45.3%43.0%
    Operating Income Margin52.6%60.1%57.8%58.0%51.2%49.0%28.4%42.2%35.0%41.7%29.3%28.2%
    Net Income Margin32.4%45.5%32.1%75.6%59.8%36.4%4.6%23.3%23.4%21.1%15.2%18.5%
    Cash & Debt            
    Total Cash642677704682509378319351316378256238
    Total Debt226216220223276280283287297000
    Net Debt / (Cash)-415-460-484-459-234-98-36-65-18-378-256-238
    Cash Flows Quarterly            
    FCF from Operations21623224225126520080192166195109124
    Cash Flows TTM            
    FCF from Operations TTM942990958795737637632662594541488473
    Returns to Shareholders Quarterly            
    Dividends1616161010101099899
    Share Repurchases650-029-010-0-0-0-0-0-0
    Return on Invested Capital (ROIC) Quarterly            
    ROIC18.2%25.2%22.4%30.1%17.6%18.3%5.4%8.6%7.2%8.8%5.1%7.4%
    Return on Invested Capital (ROIC) TTM            
    ROIC TTM24.5%24.9%23.3%19.0%12.9%9.9%7.1%6.9%6.2%6.4%6.3%6.4%

    Segment Financials

    Revenue by Segment
    $ Mil20252024202320222021
    Island Gold District834444248235252
    Young-Davidson534415355348350
    Mulatos486487420238221
    Corporate/other-45000 
    Total1,8091,3471,023821824


    Operating Income by Segment
    $ Mil20252024202320222021
    Island Gold District484232120110135
    Mulatos284191144-736
    Young-Davidson26120810493105
    Corporate/other69-69-51-84-262
    Total1,09756231811215


    Assets by Segment
    $ Mil20252024202320222021
    Island Gold District3,1792,7571,454606539
    Young-Davidson1,8381,7591,6931,6451,684
    Mulatos6975416321,2221,114
    Corporate/other670280223201283
    Magino  0  
    Total6,3855,3364,0013,6743,622


    Price Behavior

    Price Behavior
    Market Price$31.83 
    Market Cap ($ Bil)13.3 
    First Trading Date02/13/2009 
    Distance from 52W High-42.3% 
       50 Days200 Days
    DMA Price$33.02$37.80
    DMA Trenddowndown
    Distance from DMA-3.6%-15.8%
     3M1YR
    Volatility51.6%56.0%
    Downside Capture233.16219.20
    Upside Capture281.74202.98
    Correlation (S&P 500)32.7%41.2%
    AGI Betas & Captures as of 10/31/2026

     1M2M3M6M1Y3Y
    Beta2.552.602.152.231.920.81
    Up Beta1.330.220.011.111.440.53
    Down Beta1.032.633.122.791.680.60
    Up Capture207%220%266%214%317%149%
    Bmk +ve Days12182862130427
    Stock +ve Days9173259131401
    Down Capture375%336%228%222%161%102%
    Bmk -ve Days10253664121325
    Stock -ve Days13263267120347

    [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 AGI
    AGI3.1%56.0%0.26-
    Sector ETF (XLB)23.7%18.2%1.0153.8%
    Equity (SPY)9.5%13.6%0.4040.4%
    Gold (GLD)1.6%28.7%0.0577.2%
    Commodities (DBC)38.4%21.2%1.421.4%
    Real Estate (VNQ)11.3%14.2%0.5120.0%
    Bitcoin (BTCUSD)-27.2%43.6%-0.6133.4%

    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 AGI
    AGI34.7%42.8%0.82-
    Sector ETF (XLB)6.1%19.2%0.2039.4%
    Equity (SPY)11.3%17.3%0.4827.4%
    Gold (GLD)17.5%19.1%0.7472.9%
    Commodities (DBC)8.1%19.6%0.3020.4%
    Real Estate (VNQ)1.3%18.9%-0.0426.1%
    Bitcoin (BTCUSD)4.0%51.6%0.2620.6%

    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 AGI
    AGI15.8%48.2%0.48-
    Sector ETF (XLB)10.5%20.7%0.4423.6%
    Equity (SPY)15.0%18.0%0.7015.4%
    Gold (GLD)11.9%16.5%0.5963.9%
    Commodities (DBC)7.5%18.1%0.3317.0%
    Real Estate (VNQ)5.9%20.7%0.2414.4%
    Bitcoin (BTCUSD)60.0%66.3%1.0014.3%

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

    Short Interest

    Short Interest: As Of Date10152026
    Short Interest: Shares Quantity8.5 Mil
    Short Interest: % Change Since 930202617.9%
    Average Daily Volume2.7 Mil
    Days-to-Cover Short Interest3.1 days
    Basic Shares Quantity418.6 Mil
    Short % of Basic Shares2.0%

    Returns Analyses

    Earnings Returns History

    Updated 6/2/2026
    Expand for More
     Forward Returns
    Earnings Date1D Returns5D Returns21D Returns
    SUMMARY STATS   
    # Positive000
    # Negative000
    Median Positive   
    Median Negative   
    Max Positive   
    Max Negative   
     Collapse to Preview
     Forward Returns
    Earnings Date1D Returns5D Returns21D Returns
    SUMMARY STATS   
    # Positive000
    # Negative000
    Median Positive   
    Median Negative   
    Max Positive   
    Max Negative   

    SEC Filings

    Expand for More
    Report DateFiling DateFiling
    09/30/202610/29/20266-K
    06/30/202607/30/20266-K
    03/31/202604/30/20266-K
    12/31/202503/26/202640-F
    09/30/202510/30/20256-K
    06/30/202507/31/20256-K
    03/31/202505/01/20256-K
    12/31/202403/31/202540-F
    09/30/202411/07/20246-K
    06/30/202408/01/20246-K
    03/31/202404/25/20246-K
    12/31/202303/26/202440-F
    09/30/202310/26/20236-K
    06/30/202307/27/20236-K
    03/31/202304/28/20236-K
    12/31/202203/29/202340-F
     Collapse to Preview
    Report DateFiling DateFiling
    09/30/202610/29/20266-K
    06/30/202607/30/20266-K
    03/31/202604/30/20266-K
    12/31/202503/26/202640-F
    09/30/202510/30/20256-K
    06/30/202507/31/20256-K
    03/31/202505/01/20256-K
    12/31/202403/31/202540-F
    09/30/202411/07/20246-K
    06/30/202408/01/20246-K
    03/31/202404/25/20246-K
    12/31/202303/26/202440-F
    09/30/202310/26/20236-K
    06/30/202307/27/20236-K
    03/31/202304/28/20236-K
    12/31/202203/29/202340-F
    09/30/202210/27/20226-K
    06/30/202207/28/20226-K
    03/31/202204/28/20226-K
    12/31/202103/30/202240-F
    09/30/202110/29/20216-K
    06/30/202107/29/20216-K
    03/31/202104/30/20216-K
    12/31/202003/30/202140-F
    09/30/202010/30/20206-K
    06/30/202007/30/20206-K
    03/31/202004/30/20206-K
    12/31/201903/27/202040-F

    Investor Activity (13F)

    Updated Nov 9, 2026
    13F holdings as of Mar 31, 2026 (Q1 2026)

    Active 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 ManagerValue% of PortfolioTotal PositionsQoQFiling
    Verbena Value LP$41.0 Mil6.7%26ADD +44.7%13F
    Hatch Cove Capital, LLC$16.8 Mil6.4%19Hold13F
    Merk Investments LLC$20.0 Mil5.4%11Hold13F
    Mudita Advisors LLP$20.0 Mil4.1%28ADD +42.2%13F
    Scheer, Rowlett & Associates Investment Management Ltd.$33.7 Mil2.4%33ADD +73.2%13F
    Goehring & Rozencwajg Associates, LLC$30.5 Mil1.6%43TRIM -12.0%13F
    Active ManagerValue% of PortfolioTotal PositionsQoQFiling
    Scheer, Rowlett & Associates Investment Management Ltd.$33.7 Mil2.4%33ADD +73.2%13F
    Verbena Value LP$41.0 Mil6.7%26ADD +44.7%13F
    Mudita Advisors LLP$20.0 Mil4.1%28ADD +42.2%13F
    Active ManagerValue% of PortfolioTotal PositionsQoQFiling
    Goehring & Rozencwajg Associates, LLC$30.5 Mil1.6%43TRIM -12.0%13F
    Active ManagerValue% of PortfolioTotal PositionsQoQFiling
    Verbena Value LP$41.0 Mil6.7%26ADD +44.7%13F
    Scheer, Rowlett & Associates Investment Management Ltd.$33.7 Mil2.4%33ADD +73.2%13F
    Goehring & Rozencwajg Associates, LLC$30.5 Mil1.6%43TRIM -12.0%13F
    Merk Investments LLC$20.0 Mil5.4%11Hold13F
    Mudita Advisors LLP$20.0 Mil4.1%28ADD +42.2%13F
    Hatch Cove Capital, LLC$16.8 Mil6.4%19Hold13F

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