Latest Ratios: P/E Ratio 15.9x · EV/EBITDA 9.1x · 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 | $97.0B | $85.3B | $39.2B | $26.9B | $22.8B | $13.0B | $17.1B | $14.7B | $9.4B | $10.7B | $9.5B |
| Enterprise Value | $94.5B | $82.8B | $39.5B | $28.5B | $23.6B | $14.5B | $18.4B | $16.2B | $10.8B | $11.5B | $10.2B |
| P/E Ratio → | 15.91 | 19.13 | 20.69 | 13.89 | 33.98 | 23.94 | 33.58 | 30.96 | — | 43.98 | 60.00 |
| P/S Ratio | 6.51 | 7.17 | 4.73 | 4.05 | 3.97 | 3.36 | 5.46 | 5.88 | 4.30 | 4.79 | 4.43 |
| P/B Ratio | 3.90 | 3.45 | 1.88 | 1.38 | 1.40 | 2.17 | 3.02 | 2.87 | 2.07 | 2.17 | 2.11 |
| P/FCF | 23.64 | 20.03 | 18.42 | 28.36 | 40.83 | 32.65 | 39.61 | — | — | — | 36.11 |
| P/OCF | 14.23 | 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 | 9.05 | 10.39 | 8.48 | 8.96 | 9.31 | 8.09 | 12.68 | 15.99 | 14.52 | 12.38 | 11.91 |
| EV / EBIT | 14.93 | 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 | 0.8% | 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 | 6.3% | 5.2% | 4.8% | 7.2% | 2.9% | 4.2% | 3.0% | 3.2% | — | 2.3% | 1.7% |
| FCF Yield | 4.2% | 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 | 1.5% | 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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10-year return with dividends reinvested.
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Quick answers to the most common questions about buying AEM stock.
Agnico Eagle Mines Limited's current P/E ratio is 15.9x. The historical average is 42.6x. This places it at the 6th percentile of its historical range.
Agnico Eagle Mines Limited's current EV/EBITDA is 9.1x. 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 15.9x. This is at the 6th 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 0.75% 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 cycle reversal
Discount Multiples Imply Cyclical Skepticism
Based on the supplied multiples, AEM trades at a trailing P/E of 21.34 and forward P/E of 16.35, below the peer median, a discount that may reflect market doubt about how durable current gold pricing is.
The gap between trailing (21.34) and forward (16.35) P/E implies consensus expects earnings to rise further, yet the PEG of 0.64 is the lowest in the peer set, suggesting the market is pricing little growth persistence. EV/EBITDA of 11.69 sits above NEM and KGC but well below WPM, which carries a royalty-model premium. Investors should weigh whether this discount is an opportunity or a fair reflection of peak-cycle earnings risk.
Margins Peaked and Are Compressing
According to the reported quarterly figures, AEM's gross margin widened from 44.6% to a peak of 66.4% before easing to 57.9%, with net margin falling from 41.4% to 37.8% over the latest two quarters.
The compression from peak margins indicates that current earnings partly reflect a favorable pricing environment rather than purely structural cost gains. Operating margin of 55.6% in Q3 2026 remains far above the 39.0% seen in mid-2024, so the earnings base is still elevated. Analysts should treat trailing net margin as an upper-bound estimate of normalized earning power until price sensitivity is better understood.
ROIC Recovery Losing Momentum Recently
Based on EDBL-style reported figures, ROIC climbed from 2.9% to 8.4% by Q1 2026 before retreating to 5.7%, still below the 17.4% to 35.9% range reported by peers.
The recovery was driven primarily by margin expansion rather than capital efficiency, since asset turnover remained low at roughly 0.09 to 0.12. ROE of 4.6% and ROA of 3.5% are modest in absolute terms, reflecting the heavy asset base of mining property. Compounding will depend on sustaining margins that have already retraced from their peak.
Leverage Near Negligible Levels
As reported in financial statements, AEM's debt-to-equity ratio fell from 0.10 to 0.01 and debt-to-EBITDA to 0.14, while interest coverage rose to 132.5x, indicating minimal financial risk.
Interest coverage improving from 21.6x to 132.5x reflects both debt reduction and higher operating earnings, and the near-zero leverage removes refinancing pressure. Relative to peers, AEM carries less debt than NEM (0.17) and KGC (0.09), giving it greater flexibility to fund expansion. The main analytical question is whether the company will redeploy this capacity into acquisitions or shareholder returns, as the balance sheet alone does not indicate intent.
Working Capital Metric Distorted by Timing
Based on reported figures, the cash conversion cycle swung from 82 days to 28 days, but the Q1 2026 spike to 65 days suggests the metric is sensitive to period-end timing rather than a stable efficiency trend.
Days payable outstanding near 107 to 122 days is unusually high and may reflect supplier terms that flatter the cash conversion cycle, warranting further investigation. Asset turnover of roughly 0.09 is structurally low for a producer with heavy capital intensity, so it should not be read as inefficiency. Investors should prioritize free cash flow margin and ROIC over the cash conversion cycle when assessing this business.