AEM
Agnico Eagle Mines Limited
AEM's fundamentals are strong and it looks cheap: trading at 15x earnings, below its usual 25x. Analysts expect earnings to hold roughly steady, though they disagree widely on how much.
AEM Fundamentals
| Metric | Status |
|---|---|
| Healthy | |
| Strong | |
| Strong | |
| Strong |
AEM's revenue, profitability, cash flow and balance sheet are all currently healthy.
AEM PE Valuation
| Level | PE | Price | Vs current |
|---|---|---|---|
| Current | 15x | $178 | — |
| Forward | 16x | $178 | — |
| Cheap | 19x | $227 | +27% |
| Fair | 25x | $308 | +73% |
| Expensive | 34x | $413 | +131% |
Historical ranges are pointers, not guarantees.
AEM's PE is in its cheap range at 15x. On analysts' estimates for next year's earnings, today's price would be 16x.
AEM Forward outlook
| Metric | Outlook |
|---|---|
| Deteriorating | |
| Stable | |
| Stable | |
| Stable | |
| Limited | |
| Low |
Analysts expect AEM's earnings, revenue and profitability to hold roughly steady. However, they disagree widely on these estimates.
AEM Earnings Per Share
| Quarter | TTM EPS | YoY |
|---|---|---|
| Forward | $11.35 | -6.5% |
| Q3 2026 | $12.14 | +77% |
| Q2 2026 | $11.62 | +98% |
| Q2 2025 | $5.88 | +382% |
| Q2 2024 | $1.22 | -76% |
| Q1 2024 | $0.93 | -82% |
| Q4 2023 | $4.09 | +166% |
| Q3 2023 | $5.31 | +254% |
| Q2 2023 | $5.11 | +178% |
AEM earned $12.14 per share over the past year, up 77% from the year before.
AEM Quarterly Revenue
| Quarter | Revenue | YoY |
|---|---|---|
| Q3 2026 | $3.5B | +15% |
| Q2 2026 | $3.7B | +32% |
| Q1 2026 | $4.1B | +66% |
| Q4 2025 | $3.6B | +60% |
| Q3 2025 | $3.1B | +42% |
| Q2 2025 | $2.8B | +36% |
| Q1 2025 | $2.5B | +35% |
| Q4 2024 | $2.2B | +27% |
AEM's revenue has grown year over year every quarter since late 2020: $3.5B last quarter, up 15% from the same quarter a year ago.
| Quarter | Margin | YoY |
|---|---|---|
| Q3 2026 | 56% | +1.8 points |
| Q2 2026 | 60% | +6.4 points |
| Q1 2026 | 62% | +15 points |
| Q4 2025 | 56% | +15 points |
| Q3 2025 | 54% | +14 points |
| Q2 2025 | 54% | +15 points |
| Q1 2025 | 47% | +16 points |
| Q4 2024 | 41% | +17 points |
AEM's operating margin was 56% last quarter, up 1.8 points from the same quarter a year ago.
AEM Free Cash Flow
| Quarter | Free cash flow | YoY |
|---|---|---|
| Q3 2026 | $780.5M | -34% |
| Q2 2026 | $1.3B | -3.2% |
| Q1 2026 | $726.8M | +23% |
| Q4 2025 | $1.3B | +131% |
| Q3 2025 | $1.2B | +91% |
| Q2 2025 | $1.3B | +141% |
| Q1 2025 | $590.3M | +51% |
| Q4 2024 | $564.7M | +87% |
AEM generated $4.1B in free cash flow over the past year, up 12% from the year before.
AEM Total Shares
| Period | Change % | Net change |
|---|---|---|
| Quarterly | +0.9% | +4.3M shares |
| 1 year | +0.7% | +3.7M shares |
| 3 years | +2.2% | +10.8M shares |
| 5 years | +107% | +262M shares |
| Available history | +111% | +266M shares |
AEM has 507M diluted shares, up 0.7% from a year ago, despite $1.2B in buybacks over the past year.
| Quarter | Spent |
|---|---|
| Q3 2026 | $246.2M |
| Q2 2026 | $388.7M |
| Q1 2026 | $167.8M |
| Q4 2025 | $373M |
| Q3 2025 | $149.2M |
| Q2 2025 | $102.3M |
| Q1 2025 | $60.1M |
| Q4 2024 | $63.2M |
AEM spent $1.2B buying back its own shares over the past year, about three times what it spent the year before.
AEM Net Leverage
| Quarter | Net Leverage | Status |
|---|---|---|
| Q3 2026 | -0.3x | Net Cash |
| Q2 2026 | -0.3x | Net Cash |
| Q1 2026 | -0.3x | Net Cash |
| Q4 2025 | -0.3x | Net Cash |
| Q3 2025 | -0.3x | Net Cash |
| Q2 2025 | -0.1x | Net Cash |
| Q2 2024 | 0.4x | Very low |
| Q1 2024 | 0.6x | Very low |
AEM has more cash than debt.
AEM Weekly Momentum
| Metric | Value | Status |
|---|---|---|
| RSI | 48.5 | Neutral |
| Stochastic | 38.8 | Neutral |
AEM's weekly RSI is 48 (neutral) and its Stochastic is 39 (neutral).
AEM PE vs Basic Materials Sector
| Metric | AEM | Sector median | Relative |
|---|---|---|---|
| PE | 15x | 19x | 21% below |
| PE % | 2 | 40 | 38 pts below |
AEM is trading at 15x earnings, a 21% discount to the Basic Materials sector's median of 19x.
AEM Weekly Moving Averages
| Moving average | MA price | Relative |
|---|---|---|
| 8 week MA | $183.3 | 2.6% below |
| 20 week MA | $179.3 | 0.5% below |
| 50 week MA | $187.1 | 4.6% below |
| 100 week MA | $155.4 | 15% above |
| 200 week MA | $107.7 | 66% above |
AEM has pulled back, but its long-term trend is still up: it's below its 8-, 20- and 50-week averages, but 66% above its 200-week average.
AEM Yearly ROI
| Year | Start price | End price | ROI |
|---|---|---|---|
| 2020 | $61.3 | $71.5 | +17% |
| 2021 | $71.5 | $51.6 | -28% |
| 2022 | $51.6 | $52.6 | +2% |
| 2023 | $52.6 | $54.9 | +4.2% |
| 2024 | $54.9 | $78.7 | +43% |
| 2025 | $78.7 | $183.2 | +133% |
| 2026 YTD | $183.2 | $178.4 | -2.6% |
AEM has finished higher in five of the last six years. It's down 2.6% so far in 2026.