Agnico-Eagle Mines Limited (TSE:AEM)
TSX:AEM
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Agnico Eagle
(TSX:AEM)
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Rating:83Outperform
Price Target:
C$312.00
▲(16.32% Upside)
Action:ReiteratedDate:02/18/26
Score is driven primarily by exceptional financial strength (high margins, strong cash generation, very low leverage) and a positive earnings-call outlook with a well-funded growth pipeline. Technicals also support the rating with a clear uptrend. The main constraint is valuation (P/E ~23.8) alongside near-term cost/capex and execution headwinds discussed on the call.
Positive Factors
Strong cash generation
Agnico Eagle’s 2025 operating cash flow (~$6.9B) and free cash flow (~$4.45B) are durable fundamentals. High cash generation funds multi-year project investment, shareholder returns and debt reduction, enabling self-financing of growth and cushioning the business through gold-price cycles.
Negative Factors
Rising per‑ounce costs
Management flags structurally higher 2026 cash costs driven largely by assumed royalty charges and currency strength, plus inflation and lower grades. Persistent upward pressure on per‑ounce costs reduces margin resilience, increasing the gold price needed to sustain free cash flow and payouts.
Read all positive and negative factors
Positive Factors
Negative Factors
Strong cash generation
Agnico Eagle’s 2025 operating cash flow (~$6.9B) and free cash flow (~$4.45B) are durable fundamentals. High cash generation funds multi-year project investment, shareholder returns and debt reduction, enabling self-financing of growth and cushioning the business through gold-price cycles.
Read all positive factors
Agnico Eagle (AEM) vs. iShares MSCI Canada ETF (EWC)
Market Cap
C$134.39B
Dividend Yield0.91%
Average Volume (3M)1.04M
Price to Earnings (P/E)18.7
Beta (1Y)1.80
Revenue Growth38.72%
EPS Growth250.70%
CountryCA
Employees10,125
SectorBasic Materials
Sector Strength58
IndustryGold
Share Statistics
EPS (TTM)3.67
Shares Outstanding501,029,600
10 Day Avg. Volume1,325,063
30 Day Avg. Volume1,036,871
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$353.72Price Target Upside31.88% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering13
EPS Forecast (FY)19.31
Revenue Forecast (FY)C$23.42B
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:Feb 12, 2026
(Q4-2025)
| % Change Since: |
Next Earnings Date:Apr 30, 2026
Earnings Call Sentiment Positive
The call was strongly positive overall: management reported record financial results, robust free cash flow (~$4.4B), returned record capital to shareholders, materially strengthened the balance sheet (nearly $3B cash, ~$950M debt repaid), and delivered record reserves/resources (reserves +~2.1%, M&I resources +~10%, inferred +~15.5%). Leadership laid out an ambitious and well-funded growth pathway that could raise production by 20%–30% and exceed 4M oz/year by the early 2030s, supported by accelerated investment in high‑quality projects and a large exploration program. The main negatives were higher near‑term costs (Q4 costs above guidance, FY cash/AISC slightly above guidance), a notable $1.3B cash tax outflow, inflationary pressures, some timing adjustments at Detour and elevated multi‑year growth capex needs (~$5–$6B), but these were framed as manageable and partially voluntary accelerations given attractive project returns. On balance, highlights significantly outweigh lowlights.Positive Updates
Record Financial Performance and Free Cash Flow
Agnico Eagle reported record adjusted earnings of approximately $1.4 billion ($2.70/share) in Q4 and record full-year free cash flow of ~$4.4 billion; Q4 free cash flow was over $1.3 billion (~$2.62/share).
Negative Updates
Higher Costs in Q4 and FY2025
Q4 total cash cost was $1,089/oz and AISC $1,517/oz; full-year total cash cost $979/oz and AISC $1,339/oz—both slightly above the top end of guidance, driven primarily by higher royalties, lower Q4 production volumes and Meadowbank cost increases.
Read all updates
Q4-2025 Updates
Positive
Negative
Record Financial Performance and Free Cash Flow
Agnico Eagle reported record adjusted earnings of approximately $1.4 billion ($2.70/share) in Q4 and record full-year free cash flow of ~$4.4 billion; Q4 free cash flow was over $1.3 billion (~$2.62/share).
Read all positive updates
Company Guidance
The company guided to a stable 3.3–3.5 million oz/year production profile over the next three years (2025 actual: 3.45 Moz) and a 2026 midpoint cost outlook of ~$1,070/oz cash costs and ~$1,475/oz AISC (2025: $979 cash cost, $1,339 AISC; excluding higher royalties 2025 cash cost would have been $937), noting 2026 cash costs are only a little over $100/oz higher than 2025 with ~60% of that increase driven by higher royalties (budgeted gold price of $4,500/oz) and a stronger CAD and the remainder reflecting about 4–5% inflation/lower grades; balance-sheet and capital guidance includes ~$2.1B of reported 2026 capex (management said roughly $2.4–2.5B including a potential additional ~$300M if Hope Bay is approved) plus ~ $400M of capitalized exploration, continued accelerated spending at Detour Underground and Upper Beaver through mid‑2027, and potential project-driven production upside of ~1.3–1.5 Moz/year (Detour UG 300–350k, Canadian Malartic fill‑the‑mill 400–500k, Upper Beaver >200k, Hope Bay ~400–425k) supporting a plan to grow production 20–30% over the next decade to north of 4 Moz by the early 2030s; other key metrics: record year‑end reserves 55.4 Moz (+2%), M&I resources ~47.1 Moz (+~10%), inferred ~41.8 Moz (+15.5%), year‑end cash ~$2.9B, 2025 free cash flow ~$4.4B, debt repaid ~ $950M, dividend up 12.5% to $0.45/sh and NCIB buyback capacity to $2B with a return of ~1/3 of FCF in 2025 (targetable to 40%+).Agnico Eagle Financial Statement Overview
Summary
Income Statement
88
Very Positive
Balance Sheet
94
Very Positive
Cash Flow
90
Very Positive
| Breakdown | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 12.12B | 8.29B | 6.63B | 5.74B | 3.82B |
| Gross Profit | 6.79B | 3.69B | 3.72B | 2.00B | 1.33B |
| EBITDA | 8.15B | 4.42B | 4.05B | 2.27B | 1.75B |
| Net Income | 4.54B | 1.90B | 1.94B | 670.25M | 561.95M |
Balance Sheet | |||||
| Total Assets | 34.41B | 29.99B | 28.68B | 23.49B | 10.19B |
| Cash, Cash Equivalents and Short-Term Investments | 2.87B | 933.74M | 348.85M | 658.63M | 191.07M |
| Total Debt | 415.43M | 1.28B | 2.00B | 1.49B | 1.70B |
| Total Liabilities | 9.71B | 9.15B | 9.26B | 7.25B | 4.21B |
| Stockholders Equity | 24.70B | 20.83B | 19.42B | 16.24B | 5.98B |
Cash Flow | |||||
| Free Cash Flow | 4.45B | 2.13B | 953.66M | 558.40M | 398.31M |
| Operating Cash Flow | 6.93B | 3.96B | 2.65B | 2.10B | 1.32B |
| Investing Cash Flow | -2.64B | -2.01B | -2.81B | -710.46M | -1.23B |
| Financing Cash Flow | -2.32B | -1.36B | -163.96M | -914.85M | -297.24M |
Agnico Eagle Technical Analysis
Positive
268.22
Price Trends
290.67
Negative
264.82
Positive
230.05
Positive
Market Momentum
-11.06
Positive
43.17
Neutral
43.49
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For TSE:AEM, the sentiment is Positive. The current price of 268.22 is below the 20-day moving average (MA) of 286.46, below the 50-day MA of 290.67, and above the 200-day MA of 230.05, indicating a neutral trend. The MACD of -11.06 indicates Positive momentum. The RSI at 43.17 is Neutral, neither overbought nor oversold. The STOCH value of 43.49 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive 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 |
|---|---|---|---|---|---|---|---|
83 Outperform | C$134.39B | 18.74 | 19.25% | 0.91% | 38.72% | 250.70% | |
80 Outperform | C$62.51B | 35.28 | 16.25% | 0.72% | 44.76% | ― | |
78 Outperform | C$47.76B | 14.12 | 30.66% | 0.43% | 36.41% | 144.79% | |
78 Outperform | C$78.39B | 23.53 | 18.53% | 0.55% | 54.48% | 68.44% | |
78 Outperform | C$24.76B | 18.00 | 22.48% | 0.25% | 34.64% | 115.75% | |
73 Outperform | C$89.51B | 14.63 | 19.79% | 1.17% | 21.76% | 129.56% | |
61 Neutral | $10.43B | 7.12 | -0.05% | 2.87% | 2.86% | -36.73% |
* Basic Materials Sector Average
TSE:AEM
Agnico Eagle
268.22
113.90
73.81%
TSE:ABX
Barrick Mining
53.43
26.14
95.79%
TSE:FNV
Franco-Nevada
324.25
99.67
44.38%
TSE:K
Kinross Gold
39.81
21.79
120.95%
TSE:WPM
Wheaton Precious Metals
172.65
61.81
55.76%
TSE:AGI
Alamos Gold
58.97
20.64
53.86%
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.