Latest Ratios: P/E Ratio 23.0x · EV/EBITDA 12.6x · ROE 19.6%. (1996–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $103.1B | $85.3B | $39.2B | $26.9B | $22.8B | $13.0B | $17.1B | $14.7B | $9.4B | $10.7B | $9.5B |
| Enterprise Value | $100.5B | $82.8B | $39.5B | $28.5B | $23.6B | $14.5B | $18.4B | $16.2B | $10.8B | $11.5B | $10.2B |
| P/E Ratio → | 22.97 | 19.13 | 20.69 | 13.89 | 33.98 | 23.94 | 33.58 | 30.96 | — | 43.98 | 60.00 |
| P/S Ratio | 8.66 | 7.17 | 4.73 | 4.05 | 3.97 | 3.36 | 5.46 | 5.88 | 4.30 | 4.79 | 4.43 |
| P/B Ratio | 4.14 | 3.45 | 1.88 | 1.38 | 1.40 | 2.17 | 3.02 | 2.87 | 2.07 | 2.17 | 2.11 |
| P/FCF | 24.18 | 20.03 | 18.42 | 28.36 | 40.83 | 32.65 | 39.61 | — | — | — | 36.11 |
| P/OCF | 15.12 | 12.52 | 9.89 | 10.33 | 10.87 | 9.67 | 14.38 | 16.65 | 15.56 | 13.99 | 12.18 |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 6.95 | 4.77 | 4.31 | 4.12 | 3.75 | 5.87 | 6.49 | 4.95 | 5.12 | 4.75 |
| EV / EBITDA | 12.61 | 10.39 | 8.48 | 8.96 | 9.31 | 8.09 | 12.68 | 15.99 | 14.52 | 12.38 | 11.91 |
| EV / EBIT | 15.89 | 12.29 | 13.59 | 11.65 | 20.08 | 14.39 | 21.66 | 19.53 | — | 27.45 | 29.60 |
| EV / FCF | — | 19.43 | 18.59 | 30.12 | 42.32 | 36.44 | 42.57 | — | — | — | 38.68 |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 58.1% | 58.1% | 44.5% | 33.2% | 34.9% | 35.1% | 34.5% | 28.1% | 21.8% | 30.1% | 23.1% |
| Operating Margin | 53.1% | 53.1% | 38.0% | 25.6% | 25.1% | 27.3% | 26.2% | 18.7% | 8.8% | 18.7% | 11.2% |
| Net Profit Margin | 37.5% | 37.5% | 22.9% | 29.3% | 11.7% | 14.5% | 16.3% | 19.0% | -14.9% | 10.7% | 7.4% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 19.6% | 19.6% | 9.4% | 10.9% | 6.0% | 9.6% | 9.5% | 9.8% | -6.9% | 5.1% | 3.7% |
| ROA | 13.8% | 13.8% | 6.5% | 7.4% | 4.0% | 5.7% | 5.6% | 5.7% | -4.2% | 3.2% | 2.3% |
| ROIC | 21.9% | 21.9% | 11.2% | 6.7% | 8.8% | 10.9% | 9.1% | 5.6% | 2.5% | 5.8% | 3.5% |
| ROCE | 20.9% | 20.9% | 11.2% | 6.8% | 9.0% | 11.4% | 9.6% | 6.0% | 2.6% | 5.9% | 3.7% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 0.01 | 0.01 | 0.06 | 0.10 | 0.09 | 0.28 | 0.30 | 0.36 | 0.38 | 0.28 | 0.27 |
| Debt / EBITDA | 0.04 | 0.04 | 0.27 | 0.63 | 0.59 | 0.95 | 1.16 | 1.82 | 2.31 | 1.49 | 1.42 |
| Net Debt / Equity | — | -0.10 | 0.02 | 0.09 | 0.05 | 0.25 | 0.23 | 0.30 | 0.31 | 0.15 | 0.15 |
| Net Debt / EBITDA | -0.32 | -0.32 | 0.08 | 0.52 | 0.33 | 0.84 | 0.88 | 1.50 | 1.90 | 0.80 | 0.79 |
| Debt / FCF | — | -0.60 | 0.17 | 1.76 | 1.49 | 3.79 | 2.96 | — | — | — | 2.57 |
| Interest Coverage | 241.57 | 241.57 | 32.87 | 24.76 | 18.29 | 11.91 | 8.82 | 8.16 | -2.10 | 5.48 | 4.90 |
Net cash position: cash ($2.9B) exceeds total debt ($321M)
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 2.02 | 2.02 | 1.86 | 2.09 | 2.30 | 1.71 | 2.42 | 1.42 | 2.97 | 4.38 | 2.90 |
| Quick Ratio | 1.33 | 1.33 | 0.86 | 0.74 | 1.03 | 0.56 | 1.20 | 0.67 | 1.60 | 2.88 | 1.86 |
| Cash Ratio | 1.16 | 1.16 | 0.62 | 0.33 | 0.71 | 0.25 | 0.79 | 0.43 | 1.06 | 2.30 | 1.51 |
| Asset Turnover | — | 0.35 | 0.28 | 0.23 | 0.24 | 0.38 | 0.33 | 0.28 | 0.28 | 0.29 | 0.30 |
| Inventory Turnover | 2.93 | 2.93 | 3.05 | 3.12 | 3.09 | 2.86 | 3.26 | 3.09 | 3.47 | 3.13 | 3.71 |
| Days Sales Outstanding | — | 6.34 | 8.35 | 10.18 | 9.14 | 9.68 | 9.68 | 13.09 | 20.18 | 17.77 | 1.40 |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | 0.7% | 0.9% | 1.7% | 2.4% | 2.7% | 2.1% | 1.1% | 0.7% | 0.9% | 0.7% | 0.8% |
| Payout Ratio | 16.3% | 16.3% | 35.4% | 32.9% | 90.8% | 49.0% | 37.2% | 22.3% | — | 31.6% | 44.9% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 4.4% | 5.2% | 4.8% | 7.2% | 2.9% | 4.2% | 3.0% | 3.2% | — | 2.3% | 1.7% |
| FCF Yield | 4.1% | 5.0% | 5.4% | 3.5% | 2.4% | 3.1% | 2.5% | — | — | — | 2.8% |
| Buyback Yield | 0.7% | 0.8% | 0.4% | 0.2% | 0.5% | 0.3% | 0.0% | 0.0% | 0.3% | 0.2% | 0.2% |
| Total Shareholder Yield | 1.4% | 1.7% | 2.1% | 2.6% | 3.2% | 2.4% | 1.1% | 0.7% | 1.2% | 0.9% | 0.9% |
| Shares Outstanding | — | $503M | $501M | $490M | $439M | $245M | $243M | $238M | $233M | $232M | $226M |
Includes 30+ ratios · 30 years · Updated daily
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Compare growth, multiples, and margins vs sector.
Quick answers to the most common questions about buying AEM stock.
Agnico Eagle Mines Limited's current P/E ratio is 23.0x. The historical average is 42.6x. This places it at the 17th percentile of its historical range.
Agnico Eagle Mines Limited's current EV/EBITDA is 12.6x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 22.5x.
Agnico Eagle Mines Limited's return on equity (ROE) is 19.6%. The historical average is 0.6%.
Based on historical data, Agnico Eagle Mines Limited is trading at a P/E of 23.0x. This is at the 17th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
Agnico Eagle Mines Limited's current dividend yield is 0.71% with a payout ratio of 16.3%.
Agnico Eagle Mines Limited has 58.1% gross margin and 53.1% operating margin. Operating margin above 20% indicates strong pricing power and cost efficiency.
Agnico Eagle Mines Limited's Debt/EBITDA ratio is 0.0x, indicating low leverage. A ratio below 2x is generally considered financially healthy.
Key Metrics
Top Statement Risk
Gold price volatility exposure
Margin Expansion Reflects Gold Leverage
Gross margin expanded from 37.7% in 2024Q1 to 62.2% in 2026Q2, a 24.5-point surge, according to quarterly financials, underscoring AEM's operational leverage to rising gold prices.
The 24.5 percentage point gross margin expansion over nine quarters is not merely cost discipline; it reflects a gold price environment that has outpaced cost inflation. Operating margin similarly climbed from 31.5% to 60.0%, indicating that AEM's cost structure is relatively fixed, allowing incremental revenue to flow through to operating income. Net margin at 42.1% in 2026Q2 is among the highest in the peer group, but investors should recognize that this is cyclical, not structural, as margins are highly sensitive to gold price movements.
ROIC Nearly Triples on Gold Rally
ROIC improved from 2.1% in 2024Q1 to 6.8% in 2026Q2, a 4.7-point increase, as per reported figures, driven by margin expansion rather than asset turnover, which remained flat.
The ROIC improvement is almost entirely margin-driven, as asset turnover has stayed around 0.10, reflecting the capital-intensive nature of mining. This suggests that AEM's return on capital is highly cyclical, tied to gold prices, and may not be sustainable if prices correct. The gap between ROIC (6.8%) and ROE (5.7%) in 2026Q2 indicates that leverage is minimal, so returns are generated from operations, not financial engineering. Investors should monitor whether AEM can maintain these returns through the cycle or if they will revert to mid-single digits.
Working Capital Efficiency Improves
Cash conversion cycle shortened from 79 days in 2024Q1 to 32 days in 2026Q2, as reported in quarterly data, driven by a 33-day reduction in days inventory outstanding, signaling better inventory management.
The CCC improvement is notable, with DIO falling from 110 to 104 days, while DPO increased from 40 to 77 days, indicating AEM is stretching supplier payments. However, the most significant driver is the reduction in DSO from 9 to 5 days, reflecting efficient gold sales collection. This efficiency gain is partly a function of higher gold prices, which reduce the relative size of inventory, but it also suggests operational discipline. The negative working capital swing in 2026Q1 (-$885.5M) highlights timing volatility, so the CCC trend should be viewed with caution.
Leverage Nearly Eliminated
Debt-to-equity fell from 0.10 in 2024Q1 to 0.01 in 2026Q2, with interest coverage soaring to 142x, according to balance sheet data, indicating a fortress-like capital structure.
AEM's debt reduction from $2.0B to $320M over nine quarters is remarkable, and the interest coverage of 142x in 2026Q2 suggests debt service is trivial. This deleveraging was funded by robust cash flow from the gold rally, not asset sales, which is a positive signal. However, the low leverage also means AEM is not optimizing its capital structure for tax shields or shareholder returns; the 0.8% dividend yield is modest, and the company may be under-leveraged. Investors should watch if AEM uses its balance sheet capacity for acquisitions or increased buybacks.
Liquidity Buffer Strengthens
Current ratio improved from 1.51 in 2024Q2 to 2.86 in 2026Q2, with cash tripling to $3.5B, as per quarterly filings, providing a substantial cushion against operational shocks.
The current ratio of 2.86 is well above the 1.5-2.0 range typical for miners, and the quick ratio of 2.02 indicates that even without inventory, AEM can cover current liabilities. This liquidity is partly a result of the gold price surge, which has inflated cash balances, but it also reflects conservative financial management. Under a severe gold price downturn, cash flow would compress, but the current liquidity buffer provides a multi-quarter cushion. The risk is that AEM may deploy this cash into high-cost acquisitions, which could erode returns.
Misapplied Metric: P/E on Cyclical Earnings
The trailing P/E of 20.37 is misleading for AEM because earnings are at cyclical highs; forward P/E of 14.85 better reflects normalized earnings, but EV/EBITDA of 11.14 is more appropriate.
AEM's P/E is distorted by the gold price cycle; trailing earnings include windfall profits that may not persist. The forward P/E of 14.85 assumes some normalization, but even that may be optimistic if gold prices correct. EV/EBITDA of 11.14 is a more stable metric, as it is less affected by depreciation and non-cash items, but it still embeds current gold prices. Investors should use a mid-cycle gold price scenario to estimate normalized earnings and apply a sector-average multiple, rather than relying on trailing P/E, which overstates value in a cyclical upturn.