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Agnico Eagle
(TSX:AEM)
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Rating:78Outperform
Price Target:
C$280.00
â–¼(-9.67% Downside)
Action:Reiterated
Date:10/30/26
The score is driven primarily by very strong financial performance (high margins, very low leverage, and strong cash generation) and a constructive earnings-call outlook (reaffirmed guidance, higher shareholder returns, and a sizable long-term growth pipeline). These positives are partly offset by weak current technical momentum (below key moving averages with negative MACD) and only moderate support from dividends, despite a reasonable P/E.
Positive Factors
Strong profitability
Exceptional margins and sharply higher revenue indicate substantial earnings power across the operating base. If maintained, this profitability should support mine investment, shareholder returns, and resilience against cost pressure while reinforcing Agnico Eagle’s financial capacity over the next several quarters.
Negative Factors
Free cash flow momentum weakened
Lower free cash flow while earnings increased suggests that reinvestment, working-capital movements, or higher cash costs are absorbing more operating cash. Persistent divergence could reduce flexibility for growth spending and shareholder returns, even though overall cash generation remains strong.
Read all positive and negative factors
Positive Factors
Negative Factors
Strong profitability
Exceptional margins and sharply higher revenue indicate substantial earnings power across the operating base. If maintained, this profitability should support mine investment, shareholder returns, and resilience against cost pressure while reinforcing Agnico Eagle’s financial capacity over the next several quarters.
Read all positive factors
Agnico Eagle (AEM) vs. iShares MSCI Canada ETF (EWC)
Market Cap
C$125.10B
Dividend Yield0.99%
Average Volume (3M)759.44K
Price to Earnings (P/E)14.5
Beta (1Y)2.13
Revenue Growth41.38%
EPS Growth77.84%
CountryCA
Employees10,125
SectorBasic Materials
Sector Strength58
IndustryGold
Share Statistics
EPS (TTM)12.29
Shares Outstanding509,477,080
10 Day Avg. Volume611,299
30 Day Avg. Volume759,442
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$315.61Price Target Upside1.82% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering11
EPS Forecast (FY)16.22
Revenue Forecast (FY)C$21.50B
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 mainly by producing and selling gold from its mining operations. Its primary revenue stream is the sale of gold (typically in the form of doré bars or refined bullion) to third-party customers at prevailing market-based pr...
Agnico Eagle Earnings Call Summary
Earnings Call Date:Oct 28, 2026
(Q3-2026)
| % Change Since: |
Next Earnings Date:Feb 18, 2027
Earnings Call Sentiment Positive
The call was strongly positive, with solid production, strong cash flow and earnings, disciplined cost control relative to a difficult operating environment, a strengthened balance sheet, increased shareholder returns, and substantial progress across the growth and exploration pipeline. The main negatives were higher diesel, tariff, and consumable costs, Meadowbank grade and throughput issues, labor availability and housing challenges, and the lack of concrete near-term production replacement for Barnat ounces. Management nevertheless reaffirmed its full-year production and cost guidance and emphasized continued execution across its projects.Positive Updates
Solid Third-Quarter Production and Guidance Execution
Gold production was 814,000 ounces, in line with the quarterly forecast and at the midpoint of adjusted production guidance. Year-to-date production was approximately 2.5 million ounces, positioning the company to achieve the lower end of its full-year production guidance.
Negative Updates
Quarterly Cash Costs Slightly Above Guidance
Third-quarter cash costs of $1,133 per ounce were 1% above the top end of quarterly cost guidance. Management still expects full-year costs to finish within the upper end of the guidance range.
Read all updates
Q3-2026 Updates
Positive
Negative
Solid Third-Quarter Production and Guidance Execution
Gold production was 814,000 ounces, in line with the quarterly forecast and at the midpoint of adjusted production guidance. Year-to-date production was approximately 2.5 million ounces, positioning the company to achieve the lower end of its full-year production guidance.
Read all positive updates
Company Guidance
Agnico Eagle said it remains on track to deliver its full year 2026 production and cost guidance, albeit at the lower end and the upper end of production and costs, respectively, with year-to-date production of approximately 2.5 million ounces; it expects production growth of 20%-30% over the next decade and to above 4 million ounces per year, starting in the early to mid-2030s, while four projects are forecast to contribute an additional 1.3 million to 1.5 million ounces per year by the mid-2030s. The company expects project returns of approximately 25%-50% at current spot prices, now expects to return more than 50% of free cash flow to shareholders for the full year 2026, and said 50% is a reasonable threshold looking ahead to 2027, subject to the gold price and the needs of the business. Malartic remains on target for first production via the shaft in Q2 2027; the Detour bulk sample is expected to be completed by the first half of 2027, potentially enabling underground production as early as 2028, with a project outlook expected in 2027; and cost inflation guidance was not finalized, although $50-$60 an ounce of diesel impact was expected in Q4, as much as $80 an ounce for full year 2026, about a 7% increase, potentially year-over-year, and 5% or 6% was described as a reasonable assumption.Agnico Eagle Financial Statement Overview
Summary
Income Statement
92
Very Positive
Balance Sheet
97
Very Positive
Cash Flow
84
Very Positive
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 15.04B | 12.12B | 8.29B | 6.63B | 5.74B | 3.82B |
| Gross Profit | 9.30B | 6.79B | 3.69B | 3.72B | 2.00B | 1.33B |
| EBITDA | 10.62B | 8.08B | 4.42B | 4.05B | 2.27B | 1.75B |
| Net Income | 6.17B | 4.54B | 1.90B | 1.94B | 670.25M | 561.95M |
Balance Sheet | ||||||
| Total Assets | 38.88B | 34.41B | 29.99B | 28.68B | 23.49B | 10.19B |
| Cash, Cash Equivalents and Short-Term Investments | 3.61B | 2.87B | 933.74M | 348.85M | 658.63M | 191.07M |
| Total Debt | 325.98M | 321.47M | 1.28B | 2.00B | 1.49B | 1.70B |
| Total Liabilities | 9.45B | 9.71B | 9.15B | 9.26B | 7.25B | 4.21B |
| Stockholders Equity | 29.43B | 24.70B | 20.83B | 19.42B | 16.24B | 5.98B |
Cash Flow | ||||||
| Free Cash Flow | 4.14B | 4.45B | 2.13B | 953.66M | 558.40M | 398.31M |
| Operating Cash Flow | 7.34B | 6.93B | 3.96B | 2.65B | 2.10B | 1.32B |
| Investing Cash Flow | -4.15B | -2.64B | -2.01B | -2.81B | -710.46M | -1.23B |
| Financing Cash Flow | -1.93B | -2.32B | -1.36B | -163.96M | -914.85M | -297.24M |
Agnico Eagle Technical Analysis
Negative
309.98
Price Trends
271.71
Negative
246.82
Negative
262.18
Negative
Market Momentum
-4.91
Positive
40.92
Neutral
42.41
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 309.98 is above the 20-day moving average (MA) of 258.24, above the 50-day MA of 271.71, and above the 200-day MA of 262.18, indicating a bearish trend. The MACD of -4.91 indicates Positive momentum. The RSI at 40.92 is Neutral, neither overbought nor oversold. The STOCH value of 42.41 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 |
|---|---|---|---|---|---|---|---|
80 Outperform | C$62.41B | 30.23 | 19.08% | 0.73% | 71.54% | 85.90% | |
79 Outperform | C$89.06B | 10.00 | 24.57% | 2.40% | 48.57% | 142.08% | |
78 Outperform | C$125.10B | 14.46 | 22.39% | 0.99% | 41.38% | 77.84% | |
75 Outperform | C$78.23B | 27.27 | 22.96% | 0.61% | 88.63% | 156.74% | |
72 Outperform | C$35.78B | 8.24 | 33.78% | 0.71% | 30.01% | 83.51% | |
69 Neutral | C$16.85B | 11.53 | 22.49% | 0.50% | 40.54% | 98.14% | |
61 Neutral | $10.43B | 7.12 | -0.05% | 2.87% | 2.86% | -36.73% |
* Basic Materials Sector Average
TSE:AEM
Agnico Eagle
245.54
19.99
8.86%
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TSE:AGI
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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.