Latest Ratios: P/E Ratio 17.0x · 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 | $75.2B | $85.3B | $39.2B | $26.9B | $22.8B | $13.0B | $17.1B | $14.7B | $9.4B | $10.7B | $9.5B |
| Enterprise Value | $72.6B | $82.8B | $39.5B | $28.5B | $23.6B | $14.5B | $18.4B | $16.2B | $10.8B | $11.5B | $10.2B |
| P/E Ratio → | 16.97 | 19.13 | 20.69 | 13.89 | 33.98 | 23.94 | 33.58 | 30.96 | — | 43.98 | 60.00 |
| P/S Ratio | 6.31 | 7.17 | 4.73 | 4.05 | 3.97 | 3.36 | 5.46 | 5.88 | 4.30 | 4.79 | 4.43 |
| P/B Ratio | 3.06 | 3.45 | 1.88 | 1.38 | 1.40 | 2.17 | 3.02 | 2.87 | 2.07 | 2.17 | 2.11 |
| P/FCF | 17.64 | 20.03 | 18.42 | 28.36 | 40.83 | 32.65 | 39.61 | — | — | — | 36.11 |
| P/OCF | 11.03 | 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 | 9.11 | 10.39 | 8.48 | 8.96 | 9.31 | 8.09 | 12.68 | 15.99 | 14.52 | 12.38 | 11.91 |
| EV / EBIT | 11.48 | 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 | 1.0% | 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 | 5.9% | 5.2% | 4.8% | 7.2% | 2.9% | 4.2% | 3.0% | 3.2% | — | 2.3% | 1.7% |
| FCF Yield | 5.7% | 5.0% | 5.4% | 3.5% | 2.4% | 3.1% | 2.5% | — | — | — | 2.8% |
| Buyback Yield | 0.9% | 0.8% | 0.4% | 0.2% | 0.5% | 0.3% | 0.0% | 0.0% | 0.3% | 0.2% | 0.2% |
| Total Shareholder Yield | 1.9% | 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 |
Deep mining cost escalation
According to current market data, AEM trades at a forward P/E of 11.74, which, when compared to the broader gold sector, suggests investors are pricing in a premium for the company's low-risk Canadian asset base and its superior balance sheet stability relative to more leveraged global peers.
The current P/E multiple appears to imply a growth expectation that is well-supported by the recent integration of Kirkland Lake and Yamana assets. However, investors should monitor whether this valuation premium remains sustainable if organic production growth fails to outpace the recent inorganic step-change.
Based on reported financial figures, AEM's ROIC has trended upward from 1.5% in 2023Q4 to 8.4% in 2026Q1, indicating that the company is successfully beginning to generate better returns on its expanded capital base following the recent large-scale strategic acquisitions in the Abitibi region.
The steady improvement in ROIC suggests that management is effectively integrating acquired assets and realizing operational synergies. This trend warrants further investigation to determine if the company can maintain this trajectory as it transitions toward more capital-intensive, lower-grade open-pit mining methods.
As reported in recent quarterly filings, AEM's cash conversion cycle has fluctuated between 50 and 80 days over the last ten quarters, reflecting the inherent complexities of managing inventory and receivables across a diverse portfolio of deep-mining and open-pit operations in multiple jurisdictions.
The variability in the CCC suggests that working capital management is highly sensitive to production timing and inventory stockpiling strategies. Investors should monitor whether these fluctuations represent temporary operational noise or a structural shift in the efficiency of the company's supply chain and metal sales process.
Based on the provided balance sheet data, AEM has achieved a near-zero debt-to-equity ratio of 0.01% as of 2026Q1, a significant improvement from 0.10% in 2024Q2, which effectively insulates the company from interest rate volatility and provides a distinct competitive advantage over more leveraged industry peers.
This fortress-like balance sheet position provides management with substantial optionality for future capital allocation, including potential further consolidation or increased shareholder returns. The lack of debt service burden is a critical differentiator that allows the company to focus on long-term operational stability rather than liquidity management.
The All-In Sustaining Cost (AISC) is the most commonly misapplied ratio for AEM, as it often obscures the true cost of production by relying on by-product credits from silver, zinc, and copper to artificially lower the reported cost of gold extraction for investors.
Analysts should instead focus on cash costs per ounce and total capital intensity to gain a clearer view of operational efficiency. Relying solely on AISC may lead to an underestimation of the cost pressures associated with the company's transition to deeper, more energy-intensive mining environments.
Includes 30+ ratios · 30 years · Updated daily
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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 17.0x. 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 17.0x. 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 0.96% 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.