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Relative valuation derived from Materials sector median benchmarks. Model weights: EV/EBITDA (40%), P/B (35%), P/S (25%). Multiples adjusted for extreme outliers and non-recurring volatility.
Auditing capital efficiency...
Quality Profile Audit
Score: 39.7GRADE D
Composite assessment of profitability, capital efficiency, and financial strength. Top-tier entities demonstrate sustainable cash flow generation.
Return on Equity
Profit generated per dollar of shareholder equity
36.4%
Sector: 3.3%
Dividend Analysis audit
No Dividend
This company does not currently pay a dividend.
Analyst Projections
Analyst Consensus
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Based on our 6-factor quantitative model, AGNICO EAGLE MINES LTD (AEM) receives a "Hold" rating with a composite score of 57.0/100, ranked #936 out of 4446 stocks. Key factor scores: Quality 40/100, Value 63/100, Momentum 83/100. This is quantitative analysis only — not investment advice.
AGNICO EAGLE MINES LTD (AEM) Stock Analysis — April 2026 Rating, Price, and Forecast
Company Overview — What Does AGNICO EAGLE MINES LTD Do?
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. AGNICO EAGLE MINES LTD (AEM) is classified as a large-cap stock in the Materials sector, specifically within the Precious Metals industry. The company is led by CEO Ammar Al-Joundi and employs approximately 11,800 people, headquartered in Toronto, Ontario. With a market capitalization of $105.2B, AEM is one of the prominent companies in the Materials sector.
As of April 2026, AGNICO EAGLE MINES LTD receives a Hold rating with a composite score of 57.0/100 and 3 out of 5 stars from the Blank Capital Research quantitative model.AEM ranks #936 out of 4,446 stocks in our coverage universe. Within the Materials sector, AGNICO EAGLE MINES LTD ranks #56 of 284 stocks, placing it in the top quartile of its Materials peers. The rating is generated by a multi-factor model that weighs quality (30%), momentum (25%), value (15%), investment (10%), stability (10%), and short interest (10%).
AEM Stock Price and 52-Week Range
AGNICO EAGLE MINES LTD (AEM) currently trades at $218.75. The stock gained $2.31 (1.1%) in the most recent trading session. The 52-week high for AEM is $252.78, which means the stock is currently trading -13.5% from its annual peak. The 52-week low is $94.77, putting the stock 130.8% above its annual trough. Recent trading volume was 2.1M shares, reflecting moderate market activity.
Is AEM Overvalued or Undervalued? — Valuation Analysis
AGNICO EAGLE MINES LTD (AEM) carries a value factor score of 63/100 in the Blank Capital model, indicating fair valuation relative to historical norms. The price-to-book ratio stands at 5.04x, versus the sector average of 2.83x. The price-to-sales ratio is 3.17x, compared to 0.74x for the average Materials stock. On an enterprise value basis, AEM trades at 6.06x EV/EBITDA, versus 6.01x for the sector.
Overall, AEM's valuation appears roughly in line with sector benchmarks, suggesting the market is pricing the stock fairly given its current fundamentals and growth trajectory. Neither deep value nor significantly overpriced, the stock occupies a middle ground on valuation.
AGNICO EAGLE MINES LTD (AEM) earns a quality factor score of 40/100, signaling below-average profitability metrics relative to the broader market. The return on equity (ROE) is 36.4%, compared to the Materials sector average of 3.3%, which demonstrates strong shareholder value creation. Return on assets (ROA) comes in at 25.3% versus the sector average of 0.6%.
On a margin basis, AGNICO EAGLE MINES LTD reports gross margins of 60.5%, compared to 29.8% for the sector. The operating margin is 36.0% (sector: 6.0%). Net profit margin stands at 22.9%, versus 3.0% for the average Materials stock. Profitability is below benchmark levels, which may reflect industry headwinds, elevated reinvestment, or structural challenges.
AEM Debt, Balance Sheet, and Financial Health
AGNICO EAGLE MINES LTD has a debt-to-equity ratio of 6.0%, compared to the Materials sector average of 41.0%. The low leverage indicates a conservative balance sheet with significant financial flexibility. Total debt on the balance sheet is $1.24B. Cash and equivalents stand at $926M.
AEM has a beta of 0.37, meaning it is less volatile than the S&P 500, making it a relatively defensive holding. The stability factor score for AGNICO EAGLE MINES LTD is 66/100, reflecting average volatility within the normal range for its sector.
AGNICO EAGLE MINES LTD Revenue and Earnings History — Quarterly Trend
In TTM 2026, AGNICO EAGLE MINES LTD reported revenue of $8.29B. Net income for the quarter was $1.90B. Gross margin was 60.5%. Operating income came in at $2.99B.
In FY 2024, AGNICO EAGLE MINES LTD reported revenue of $8.29B. Net income for the quarter was $1.90B. Gross margin was 60.5%. Revenue grew 25.0% year-over-year compared to FY 2023. Operating income came in at $2.99B.
In FY 2023, AGNICO EAGLE MINES LTD reported revenue of $6.63B. Net income for the quarter was $1.94B. Gross margin was 53.1%. Revenue grew 15.4% year-over-year compared to FY 2022. Operating income came in at $747M.
In FY 2022, AGNICO EAGLE MINES LTD reported revenue of $5.74B. Net income for the quarter was $670M. Gross margin was 51.8%. Revenue grew 48.4% year-over-year compared to FY 2021. Operating income came in at $1.19B.
Over the past 8 quarters, AGNICO EAGLE MINES LTD has demonstrated a growth trajectory, with revenue expanding from $2.19B to $8.29B. Investors analyzing AEM stock should weigh these quarterly trends alongside the valuation and quality metrics discussed above.
AEM Dividend Yield and Income Analysis
AGNICO EAGLE MINES LTD (AEM) does not currently pay a dividend. This is common among growth-oriented companies in the Precious Metals industry that prefer to reinvest cash flows into business expansion rather than returning capital to shareholders. Income-focused investors looking for Materials dividend stocks may want to explore other Materials stocks or use the stock screener to filter by dividend yield.
AEM Momentum and Technical Analysis Profile
AGNICO EAGLE MINES LTD (AEM) has a momentum factor score of 83/100, indicating strong price momentum with the stock outperforming the majority of the market over recent periods. Stocks with high momentum scores have historically tended to continue their outperformance in the near term. The investment factor score is 47/100, which measures capital allocation efficiency and asset growth patterns. The short interest score of 36/100 signals elevated short interest, which can indicate bearish sentiment among institutional investors.
AEM vs Competitors — Materials Sector Ranking and Peer Comparison
Comparing AEM against the S&P 500 benchmark is also instructive for understanding relative performance. Investors can view the full AEM vs S&P 500 (SPY) comparison to assess how AGNICO EAGLE MINES LTD stacks up against the broader market across all factor dimensions.
AEM Next Earnings Date
No upcoming earnings date has been announced for AGNICO EAGLE MINES LTD (AEM) at this time. Check the earnings calendar for the latest scheduling updates across all stocks in our coverage universe.
Should You Buy AEM? — Investment Thesis Summary
AGNICO EAGLE MINES LTD presents a balanced picture with arguments on both sides. The value score of 63/100 suggests attractive pricing relative to fundamentals. Price momentum is positive at 83/100, suggesting the trend favors buyers. Low volatility (stability score 66/100) reduces downside risk.
In summary, AGNICO EAGLE MINES LTD (AEM) earns a Hold rating with a composite score of 57.0/100 as of April 2026. The rating is derived from the Blank Capital Research methodology, which combines six factor dimensions into a single quantitative ranking. Investors should consider these quantitative signals alongside their own fundamental research, risk tolerance, and investment time horizon before making buy or sell decisions on AEM stock.
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Institutional Research Dossier
AGNICO EAGLE MINES LTD (AEM) Deep Dive Analysis
Published on March 24, 2026
Action RatingHold
Sections
Executive Summary
Agnico Eagle Mines (AEM) receives a Hold rating, driven by a balanced assessment of its strong operational performance and a valuation that appears to be largely in line with its peers. While the company exhibits robust profitability and positive momentum, its capital allocation and growth metrics warrant caution, suggesting limited near-term upside. Investors should closely monitor the company's ability to sustain its impressive margins and effectively deploy capital to enhance shareholder value.
AEM's impressive profitability metrics, particularly its ROE and margins, are noteworthy. However, the Hold rating reflects a neutral outlook, acknowledging both the company's strengths and potential challenges. The current valuation, as indicated by the EV/EBITDA multiple, aligns with the sector average, suggesting that the stock is neither significantly undervalued nor overvalued at this time. AEM's future performance will depend on its ability to maintain operational efficiency and navigate the inherent risks associated with the mining industry.
Business Strategy & Overview
Agnico Eagle Mines Limited operates as a gold mining company with a focus on exploration, development, and production of mineral properties. The company's primary revenue stream is derived from the sale of gold, with additional exploration for silver, zinc, and copper. Geographically, AEM's operations are segmented into Northern Business (primarily Canada and Finland) and Southern Business (Mexico). The company's flagship asset is the LaRonde mine in Quebec, Canada, a significant contributor to its gold reserves and production.
AEM's strategic positioning involves a focus on high-quality, long-life assets in politically stable jurisdictions. This approach aims to mitigate geopolitical risks and ensure consistent production. The company invests in exploration activities to replenish and expand its mineral reserves, ensuring long-term sustainability. AEM also emphasizes operational efficiency and cost control to maintain profitability in fluctuating gold price environments. The company's growth strategy includes both organic expansion of existing mines and strategic acquisitions of promising projects.
The precious metals industry is characterized by cyclical price fluctuations, driven by macroeconomic factors such as inflation, interest rates, and geopolitical uncertainty. Gold is often considered a safe-haven asset, and its price tends to rise during periods of economic instability. AEM competes with other major gold mining companies, including Newmont Corporation and Barrick Gold Corporation. The competitive landscape is influenced by factors such as production costs, reserve size, and geographic diversification.
AEM's product pipeline consists of various exploration and development projects aimed at increasing its gold production capacity. These projects are subject to regulatory approvals, environmental assessments, and financing considerations. The company's ability to successfully develop and bring these projects into production is crucial for its long-term growth prospects. AEM's strategic focus on responsible mining practices and community engagement is also essential for maintaining its social license to operate and mitigating environmental risks.
Execution Benchmarks audit
Gross Margin
Core pricing power
60.5%
Sector: 29.8%
+103% VS SCTR
Economic Moat Analysis
Agnico Eagle's economic moat can be classified as Narrow. While the company possesses certain advantages, they are not strong enough to create a wide and sustainable competitive edge. The primary source of AEM's moat stems from its high-quality assets and operational expertise.
AEM's mines, particularly LaRonde, are characterized by relatively low production costs and long mine lives. This cost advantage allows the company to remain profitable even during periods of lower gold prices. Furthermore, AEM's experienced management team and technical expertise contribute to efficient operations and effective resource management. However, these advantages are not insurmountable, and competitors can replicate them over time.
The gold mining industry is inherently competitive, with numerous players vying for resources and market share. While AEM has established a strong presence in certain regions, it does not possess significant network effects or switching costs that would deter customers from choosing alternative suppliers. The company's intangible assets, such as its brand reputation and intellectual property, are not particularly strong compared to other industries. Therefore, AEM's competitive advantage is primarily based on its operational efficiency and asset quality.
Efficient scale is not a significant factor in the gold mining industry, as the market is large and fragmented. AEM's size and scale provide some advantages in terms of procurement and financing, but these are not sufficient to create a wide moat. The company's ability to maintain its narrow moat will depend on its continued focus on cost control, resource management, and strategic investments in high-quality assets. Failure to do so could erode its competitive advantage and negatively impact its long-term profitability.
The company's focus on politically stable jurisdictions also contributes to its narrow moat. Operating in countries with well-established legal and regulatory frameworks reduces the risk of expropriation and political instability, providing a more predictable operating environment compared to companies operating in higher-risk regions. This stability allows AEM to make long-term investments and develop its assets with greater confidence.
Financial Health & Profitability
Agnico Eagle's financial health presents a mixed picture. The company demonstrates strong profitability metrics, but its historical cash flow generation has been volatile. The TTM revenue stands at $8.29 billion, a significant increase from $6.63 billion in FY2023 and $5.74 billion in FY2022, indicating robust revenue growth. Net income also shows a positive trend, with $1.90 billion in the TTM period compared to $1.94 billion in FY2023 and $670.25 million in FY2022.
However, the free cash flow (FCF) history is concerning. While the TTM FCF is $2.17 billion, FY2023 saw a negative FCF of $-3.38 billion, and FY2022 had an even more substantial negative FCF of $-8.89 billion. This volatility suggests significant capital expenditures or acquisitions impacting cash flow. The gross margin has consistently remained above 50%, with the TTM at 60.5%, indicating efficient cost management. The operating margin has also improved significantly, from 11.3% in FY2023 to 36.0% in the TTM period, reflecting enhanced operational efficiency.
AEM's ROE of 36.4% significantly outperforms the sector average of 2.7%, highlighting the company's superior profitability. The debt-to-equity ratio of 6.00 is substantially lower than the sector average of 40.00, indicating a conservative capital structure. The company's cash balance of $926.43 million provides a buffer against short-term liquidity risks, while its total debt of $1.24 billion appears manageable given its strong profitability.
Compared to its historical performance, AEM has demonstrated significant improvement in revenue and profitability in recent years. However, the volatile FCF history warrants close monitoring. The company's ability to sustain its impressive margins and generate consistent positive cash flow will be crucial for its long-term financial health. The significant increase in revenue from FY2021 ($3.87B) to the TTM period ($8.29B) is noteworthy, suggesting successful expansion and operational improvements. The company's strong balance sheet and low leverage provide a solid foundation for future growth.
Valuation Assessment
Agnico Eagle's valuation presents a mixed picture. The company's P/E ratio is not available, but the sector average is 26.1x. The EV/EBITDA multiple for AEM is 5.2x, which is in line with the sector average of 5.2x. This suggests that the company is fairly valued relative to its peers based on this metric. However, a more comprehensive valuation analysis requires considering other factors such as growth prospects, risk profile, and historical performance.
Given the company's strong revenue growth and improved profitability, a premium valuation might be justified. However, the volatile FCF history and the inherent risks associated with the mining industry warrant caution. The company's high ROE of 36.4% compared to the sector average of 2.7% suggests that AEM is generating superior returns on equity, which could support a higher valuation. However, this needs to be balanced against the potential for fluctuations in gold prices and production costs.
The company's momentum score of 81/100 indicates positive market sentiment, which could drive the stock price higher in the short term. However, this momentum needs to be supported by strong fundamentals and consistent execution. The investment score of 46/100 suggests that the market has some concerns about the company's capital allocation and growth prospects. This could limit the potential for significant valuation expansion.
Overall, AEM's valuation appears to be fair based on its EV/EBITDA multiple. However, investors should carefully consider the company's growth prospects, risk profile, and historical performance before making an investment decision. The volatile FCF history and the inherent risks associated with the mining industry warrant caution. A more detailed valuation analysis, including discounted cash flow (DCF) analysis and sensitivity analysis, would be necessary to determine the intrinsic value of the stock. The current valuation does not appear to offer a significant margin of safety, suggesting that the stock is neither significantly undervalued nor overvalued.
Risk & Uncertainty
Agnico Eagle faces several risks inherent to the mining industry and specific to its operations. Fluctuations in gold prices represent a significant risk, as AEM's revenue and profitability are directly tied to the market price of gold. A decline in gold prices could significantly impact the company's financial performance. Geopolitical risks also pose a threat, as AEM operates in various countries, each with its own political and regulatory environment. Changes in regulations, tax policies, or political instability could disrupt operations and increase costs.
Operational risks are also a concern. Mining operations are inherently complex and subject to unforeseen events such as equipment failures, accidents, and natural disasters. These events could disrupt production, increase costs, and negatively impact the company's financial performance. Environmental risks are also significant. Mining activities can have a substantial impact on the environment, and AEM is subject to strict environmental regulations. Failure to comply with these regulations could result in fines, penalties, and reputational damage.
Reserve depletion is another risk. AEM's long-term sustainability depends on its ability to replenish its mineral reserves through exploration and development. Failure to discover new reserves or successfully develop existing projects could lead to a decline in production and profitability. Competition from other gold mining companies also poses a threat. AEM competes with numerous players for resources, market share, and financing. Increased competition could put pressure on prices and margins.
The company's negative free cash flow in recent years is a concern, indicating potential challenges in generating sufficient cash to fund its operations and investments. This could lead to increased debt levels or a need to raise capital, which could dilute shareholder value. The short interest score of 20/100 suggests that there is some skepticism about the company's prospects among investors, which could put downward pressure on the stock price.
Bulls Say / Bears Say
The Bull Case
BULL VIEWAgnico Eagle's strong operational performance and high-quality assets position it to outperform its peers in a rising gold price environment.
BULL VIEWThe company's conservative balance sheet and low debt levels provide financial flexibility to pursue strategic acquisitions and growth opportunities.
BULL VIEWAgnico Eagle's commitment to responsible mining practices and community engagement enhances its social license to operate and reduces environmental risks.
The Bear Case
BEAR VIEWAgnico Eagle's volatile free cash flow history raises concerns about its ability to fund its operations and investments without increasing debt or diluting shareholders.
BEAR VIEWThe company's reliance on gold prices exposes it to significant downside risk if gold prices decline due to macroeconomic factors or increased supply.
BEAR VIEWAgnico Eagle's growth prospects are limited by the inherent risks and challenges associated with exploration and development of new mining projects.
About the Author
Marques Blank
Founder & Chief Investment Officer, Blank Capital
Marques brings 15 years of institutional finance and investing experience, having overseen financial planning for a $1.6B defense business unit. He developed the proprietary 6-factor quantitative model used to score AEM and 4,400+ other equities.
AGNICO EAGLE MINES LTD exhibits a 90% valuation premium relative to institutional benchmarks. This represents a potential valuation overextension based on current multiples.
Return on Assets
Efficiency of asset utilization
25.3%
Sector: 0.6%
Gross Margin
Pricing power and cost efficiency
60.5%
Sector: 29.8%
Operating Margin
Core business profitability
36.0%
Sector: 6.0%
Net Margin
Bottom-line profitability
22.9%
Sector: 3.0%
Factor Methodology
The Quality factor evaluates the persistence and magnitude of cash flows. Companies with scores >70 exhibit superior competitive moats and financial resilience through economic cycles.
