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Agnico Eagle
(NYSE:AEM)
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Rating:82Outperform
Price Target:
C$294.00
â–²(43.55% Upside)
Action:Reiterated
Date:07/31/26
The score is driven primarily by outstanding financial performance (very high margins, strong cash generation, and extremely low leverage) and a constructive earnings update highlighted by record free cash flow and a net-cash balance sheet despite operational headwinds. The main offset is weak longer-term technical positioning (below 50/100/200-day averages), while valuation appears reasonable (P/E ~13.5) but with a low dividend yield.
Positive Factors
Profitability and scale
The substantial increase in revenue and very high gross, EBIT and net margins indicate strong operating economics and scale. This gives Agnico Eagle greater resilience to cost inflation and supports sustained cash generation when gold prices remain supportive.
Negative Factors
Barnat production disruption
The Barnat event removes a meaningful amount of planned production and raises sequencing uncertainty at Canadian Malartic. Even with operational offsets, lower ounces can reduce fixed-cost absorption and pressure unit costs through 2028.
Read all positive and negative factors
Positive Factors
Negative Factors
Profitability and scale
The substantial increase in revenue and very high gross, EBIT and net margins indicate strong operating economics and scale. This gives Agnico Eagle greater resilience to cost inflation and supports sustained cash generation when gold prices remain supportive.
Read all positive factors
Agnico Eagle (AEM) vs. iShares MSCI Canada ETF (EWC)
Market Cap
C$131.88B
Dividend Yield0.54%
Average Volume (3M)1.09M
Price to Earnings (P/E)16.2
Beta (1Y)2.14
Revenue Growth48.77%
EPS Growth96.65%
CountryCA
Employees10,125
SectorBasic Materials
Sector Strength58
IndustryGold
Share Statistics
EPS (TTM)11.67
Shares Outstanding509,477,080
10 Day Avg. Volume863,498
30 Day Avg. Volume1,087,944
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$310.60Price Target Upside51.65% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering11
EPS Forecast (FY)16.87
Revenue Forecast (FY)C$21.72B
Agnico Eagle Business Overview & Revenue Model
Company Description
Agnico Eagle Mines Limited, a mining company headquartered in Toronto, Canada, since its incorporation in 1953, specializes in the discovery, development, and extraction of mineral resources. The firm conducts operations across Canada, Mexico, and...
How the Company Makes Money
Agnico Eagle makes money primarily by producing and selling gold from its operating mines. Revenue is generated when gold doré or refined gold produced from mined ore is sold at prevailing market prices, with the company’s earnings largely influen...
Agnico Eagle Earnings Call Summary
Earnings Call Date:Jul 29, 2026
(Q2-2026)
| % Change Since: |
Next Earnings Date:Oct 28, 2026
Earnings Call Sentiment Positive
The call presents a strongly positive operational and financial story — record free cash flow, robust earnings, low costs, active reinvestment and a deep exploration pipeline (including the sanctioned Hope Bay project and Finland consolidation). Operational and safety challenges (Barnat pit rock movement with ~370k ounces rendered inaccessible, recent fatalities, some ramp/plant schedule pressures, and labour/diesel cost exposure) are meaningful but framed as manageable and being actively addressed. On balance, the company emphasized historic resilience, disciplined capital allocation (heavy reinvestment plus record shareholder returns), and confidence in delivering long-term production growth per share.Positive Updates
Record financial performance
Q2 record free cash flow of over $1.3 billion; adjusted net income of approximately $1.5 billion (~$3.07 per share); adjusted EBITDA of ~ $2.7 billion. First-half operating cash flow of ~ $3.5 billion and net cash position of ~ $3.3 billion (company cited cash on hand of ~$3.5 billion earlier).
Negative Updates
Barnat pit rock movement and lost ounces
July 1 rock movement at Barnat pit moved ~1 million tons of material. Company disclosed ~370,000 ounces will be inaccessible (approx. 60k, 80k, 230k in 2026, 2027 and 2028 respectively). Management expects to remain within 2026 guidance (3.3–3.5 Moz) but toward the lower end.
Read all updates
Q2-2026 Updates
Positive
Negative
Record financial performance
Q2 record free cash flow of over $1.3 billion; adjusted net income of approximately $1.5 billion (~$3.07 per share); adjusted EBITDA of ~ $2.7 billion. First-half operating cash flow of ~ $3.5 billion and net cash position of ~ $3.3 billion (company cited cash on hand of ~$3.5 billion earlier).
Read all positive updates
Company Guidance
Management reaffirmed 2026 production guidance of 3.3–3.5 million ounces (now expected toward the lower end after the Barnat pit movement) while reporting Q2 production of 856,000 oz; Q2 total cash costs were $10.54/oz and all‑in sustaining costs $1,460/oz. The company generated record free cash flow of over $1.3 billion in Q2 and approximately $3.5 billion of operating cash flow in H1, added >$350 million of cash to reach about $3.5 billion on hand (net cash ≈ $3.3 billion), and returned $625 million to shareholders in Q2 (including $400 million of buybacks), having returned ~48% of FCF in H1 versus a ~40% target. Capital allocation included >$800 million of capex and capitalized exploration in Q2, nearly $600 million of cash deployed in the Finland consolidation (≈15% of H1 cash flow), and continued investment in five value‑driver projects to support 20–30% production growth over the next decade (Hope Bay targeted at 400–450k oz/year); management also reiterated milestones such as Malartic production shaft commissioning targeted in Q2 2027 and operational ramp metrics like Meliadine’s Q2 record >7,000 tpd, all while maintaining a strengthened balance sheet (Fitch upgrade to A‑).Agnico Eagle Financial Statement Overview
Summary
Income Statement
92
Very Positive
Balance Sheet
95
Very Positive
Cash Flow
86
Very Positive
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 14.45B | 12.12B | 8.29B | 6.63B | 5.74B | 3.82B |
| Gross Profit | 8.92B | 6.79B | 3.69B | 3.72B | 2.00B | 1.33B |
| EBITDA | 10.15B | 8.15B | 4.42B | 4.05B | 2.27B | 1.75B |
| Net Income | 5.84B | 4.54B | 1.90B | 1.94B | 670.25M | 561.95M |
Balance Sheet | ||||||
| Total Assets | 37.73B | 34.41B | 29.99B | 28.68B | 23.49B | 10.19B |
| Cash, Cash Equivalents and Short-Term Investments | 3.47B | 2.87B | 933.74M | 348.85M | 658.63M | 191.07M |
| Total Debt | 319.83M | 321.47M | 1.28B | 2.00B | 1.49B | 1.70B |
| Total Liabilities | 9.18B | 9.71B | 9.15B | 9.26B | 7.25B | 4.21B |
| Stockholders Equity | 28.56B | 24.70B | 20.83B | 19.42B | 16.24B | 5.98B |
Cash Flow | ||||||
| Free Cash Flow | 4.51B | 4.45B | 2.13B | 953.66M | 558.40M | 398.31M |
| Operating Cash Flow | 7.37B | 6.93B | 3.96B | 2.65B | 2.10B | 1.32B |
| Investing Cash Flow | -3.27B | -2.64B | -2.01B | -2.81B | -710.46M | -1.23B |
| Financing Cash Flow | -2.20B | -2.32B | -1.36B | -163.96M | -914.85M | -297.24M |
Agnico Eagle Technical Analysis
Positive
204.81
Price Trends
221.80
Positive
244.22
Positive
253.62
Positive
Market Momentum
12.08
Negative
71.47
Negative
90.05
Negative
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 204.81 is below the 20-day moving average (MA) of 224.85, below the 50-day MA of 221.80, and below the 200-day MA of 253.62, indicating a bullish trend. The MACD of 12.08 indicates Negative momentum. The RSI at 71.47 is Negative, neither overbought nor oversold. The STOCH value of 90.05 is Negative, 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 |
|---|---|---|---|---|---|---|---|
82 Outperform | C$131.88B | 16.22 | 22.64% | 0.68% | 48.77% | 96.65% | |
81 Outperform | C$44.95B | 10.58 | 35.75% | 0.72% | 38.09% | 110.34% | |
80 Outperform | C$62.73B | 31.31 | 19.08% | 0.75% | 71.54% | 85.90% | |
79 Outperform | C$95.13B | 10.99 | 24.45% | 2.41% | 48.57% | 142.08% | |
75 Outperform | C$84.59B | 30.22 | 22.96% | 0.64% | 88.63% | 156.74% | |
72 Outperform | C$19.40B | 12.32 | 26.09% | 0.43% | 46.49% | 237.61% | |
61 Neutral | $10.43B | 7.12 | -0.05% | 2.87% | 2.86% | -36.73% |
* Basic Materials Sector Average
TSE:AEM
Agnico Eagle
261.67
79.00
43.24%
TSE:ABX
Barrick Mining
58.97
26.22
80.04%
TSE:FNV
Franco-Nevada
330.77
89.60
37.15%
TSE:K
Kinross Gold
38.46
11.83
44.41%
TSE:WPM
Wheaton Precious Metals
189.48
61.34
47.87%
TSE:AGI
Alamos Gold
47.18
11.21
31.15%
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.