Agnico-Eagle Mines Limited (TSE:AEM)
NYSE:AEM
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Agnico Eagle
(NYSE:AEM)
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Rating:79Outperform
Price Target:
C$286.00
â–¼(-5.08% Downside)
Action:Reiterated
Date:05/02/26
High score driven primarily by very strong financial fundamentals (elite balance sheet, strong margins, solid cash generation) and a positive earnings update with reaffirmed guidance and shareholder-return focus. The main offset is weak near-term technical momentum (below key moving averages with negative MACD), while valuation is reasonable but not especially cheap.
Positive Factors
Balance Sheet Strength
Extremely low leverage and materially improved ROE provide durable financial flexibility. Minimal interest burden and a large equity base let management fund capex, M&A, and shareholder returns through cycles without stressing liquidity—key for a capital‑intensive miner.
Negative Factors
Workplace Safety & Reputational Risk
Recent fatalities create significant human, regulatory and reputational risk. Mandatory safety stand‑downs and remediation consume management attention, can raise operating costs, invite scrutiny or fines, and may slow project schedules—lasting impacts on operations.
Read all positive and negative factors
Positive Factors
Negative Factors
Balance Sheet Strength
Extremely low leverage and materially improved ROE provide durable financial flexibility. Minimal interest burden and a large equity base let management fund capex, M&A, and shareholder returns through cycles without stressing liquidity—key for a capital‑intensive miner.
Read all positive factors
Agnico Eagle (AEM) vs. iShares MSCI Canada ETF (EWC)
Market Cap
C$124.16B
Dividend Yield0.91%
Average Volume (3M)774.04K
Price to Earnings (P/E)15.0
Beta (1Y)1.89
Revenue Growth50.46%
EPS Growth123.62%
CountryCA
Employees10,125
SectorBasic Materials
Sector Strength58
IndustryGold
Share Statistics
EPS (TTM)10.69
Shares Outstanding500,989,470
10 Day Avg. Volume756,454
30 Day Avg. Volume774,037
Financial Highlights & Ratios
PEG Ratio0.14
Price to Book (P/B)3.45
Price to Sales (P/S)7.02
P/FCF Ratio19.11
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
C$379.64Price Target Upside26.00% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering9
EPS Forecast (FY)19.09
Revenue Forecast (FY)C$23.47B
Agnico Eagle Business Overview & Revenue Model
Company Description
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...
How the Company Makes Money
Agnico Eagle makes money primarily by producing and selling gold from its mining operations. Revenue is recognized largely from (1) sales of refined gold (or gold doré that is subsequently refined) produced at its mines, with realized revenue dete...
Agnico Eagle Earnings Call Summary
Earnings Call Date:Apr 30, 2026
(Q1-2026)
| % Change Since: |
Next Earnings Date:Jul 29, 2026
Earnings Call Sentiment Positive
The call conveyed a strongly positive operational and financial performance: record-adjusted net income, robust free cash flow, a strengthened balance sheet (net cash ~ $2.9B), meaningful returns to shareholders, continued cost guidance adherence, and clear progress on multiple growth projects and exploration programs (including a strategic Finnish consolidation). Material negatives (two recent fatalities, localized operational issues such as Macassa paste plant commissioning, regulatory timing at San Nicolás, and sizable cash tax outflows) were acknowledged and management outlined remediation and disciplined capital allocation actions. On balance, the positive financial results, project momentum and balance sheet strength outweigh the challenges.Positive Updates
Record Financial Results
Adjusted net income of approximately $1.7 billion ($3.41 per share) and adjusted EBITDA just over $3.0 billion in Q1; generated ~$730 million of free cash flow in the quarter despite paying ~50% of expected 2026 cash taxes (totaling $1.8 billion).
Negative Updates
Workplace Fatalities
Two fatalities over the past five months; investigations are ongoing and management has mandated company-wide safety stand‑downs and reinforced major-hazard controls — a material human and reputational issue.
Read all updates
Q1-2026 Updates
Positive
Negative
Record Financial Results
Adjusted net income of approximately $1.7 billion ($3.41 per share) and adjusted EBITDA just over $3.0 billion in Q1; generated ~$730 million of free cash flow in the quarter despite paying ~50% of expected 2026 cash taxes (totaling $1.8 billion).
Read all positive updates
Company Guidance
Management reiterated 2026 production guidance with the year weighted roughly 48%/52% H1/H2 after a solid Q1 (~825,000 oz, ~24% of midpoint and slightly above plan), and reaffirmed full‑year cost guidance of total cash costs $1,020–$1,120/oz and AISC $1,400–$1,550/oz (Q1: TCC $1,093/oz; AISC $1,483/oz). Guidance assumptions include diesel at $0.78/L and direct Nunavut diesel consumption of ~108 L/oz (≈7% of operating costs) with a 10% diesel price move ≈ $6/oz TCC impact. Q1 financials: adjusted net income ≈ $1.7B ($3.41/sh), adjusted EBITDA just over $3B, free cash flow ≈ $730M; the quarter included a $1.3B 2025 tax catch‑up (roughly 50% of expected 2026 cash taxes of ~$1.8B paid), ~$375M returned to shareholders (including $150M of buybacks), nearly $400M invested in growth projects, and cash/net cash about $3.1B/$2.9B. The company raised its NCIB to $2B, targets returning ~40% of annual free cash flow to shareholders, and is advancing five value‑driver projects intended to support 20–30% production growth over the next decade (e.g., Detour and Malartic to ~1.0 Moz/yr; a potential 500 koz/yr Finnish platform).Agnico Eagle Financial Statement Overview
Summary
Income Statement
92
Very Positive
Balance Sheet
96
Very Positive
Cash Flow
90
Very Positive
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 13.56B | 12.12B | 8.29B | 6.63B | 5.74B | 3.82B |
| Gross Profit | 8.26B | 6.79B | 3.69B | 3.72B | 2.00B | 1.33B |
| EBITDA | 9.54B | 8.15B | 4.42B | 4.05B | 2.27B | 1.75B |
| Net Income | 5.35B | 4.54B | 1.90B | 1.94B | 670.25M | 561.95M |
Balance Sheet | ||||||
| Total Assets | 35.16B | 34.41B | 29.99B | 28.68B | 23.49B | 10.19B |
| Cash, Cash Equivalents and Short-Term Investments | 3.12B | 2.87B | 933.74M | 348.85M | 658.63M | 191.07M |
| Total Debt | 319.22M | 415.43M | 1.28B | 2.00B | 1.49B | 1.70B |
| Total Liabilities | 8.88B | 9.71B | 9.15B | 9.26B | 7.25B | 4.21B |
| Stockholders Equity | 26.28B | 24.70B | 20.83B | 19.42B | 16.24B | 5.98B |
Cash Flow | ||||||
| Free Cash Flow | 4.52B | 4.45B | 2.13B | 953.66M | 558.40M | 398.31M |
| Operating Cash Flow | 7.13B | 6.93B | 3.96B | 2.65B | 2.10B | 1.32B |
| Investing Cash Flow | -2.72B | -2.64B | -2.01B | -2.81B | -710.46M | -1.23B |
| Financing Cash Flow | -2.43B | -2.32B | -1.36B | -163.96M | -914.85M | -297.24M |
Agnico Eagle Technical Analysis
Negative
301.31
Price Trends
276.37
Negative
279.49
Negative
248.90
Negative
Market Momentum
-5.97
Negative
37.18
Neutral
56.72
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For TSE:AEM, the sentiment is Negative. The current price of 301.31 is above the 20-day moving average (MA) of 263.56, above the 50-day MA of 276.37, and above the 200-day MA of 248.90, indicating a bearish trend. The MACD of -5.97 indicates Negative momentum. The RSI at 37.18 is Neutral, neither overbought nor oversold. The STOCH value of 56.72 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for TSE:AEM.
Agnico Eagle Peers Comparison
UnderperformOutperform
Sector (61)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
84 Outperform | C$93.52B | 10.86 | 23.48% | 1.17% | 42.43% | 170.59% | |
79 Outperform | C$124.16B | 14.97 | 21.97% | 0.91% | 50.46% | 123.62% | |
76 Outperform | C$59.77B | 25.90 | 18.67% | 0.72% | 70.06% | 119.01% | |
72 Outperform | C$81.46B | 26.03 | 21.33% | 0.55% | 86.33% | 186.98% | |
72 Outperform | C$23.23B | 24.81 | 25.24% | 0.25% | 46.83% | 306.46% | |
71 Outperform | C$46.74B | 10.88 | 34.46% | 0.43% | 41.92% | 138.48% | |
61 Neutral | $10.43B | 7.12 | -0.05% | 2.87% | 2.86% | -36.73% |
* Basic Materials Sector Average
TSE:AEM
Agnico Eagle
238.35
83.20
53.63%
TSE:ABX
Barrick Mining
54.28
28.89
113.75%
TSE:FNV
Franco-Nevada
306.26
79.16
34.85%
TSE:K
Kinross Gold
37.74
17.86
89.87%
TSE:WPM
Wheaton Precious Metals
170.82
56.17
48.99%
TSE:AGI
Alamos Gold
53.01
17.57
49.59%
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.