Agnico Eagle Mines LTD is a US-listed company in the gold industry. Its financial year ends in December.
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~$200
Cash-flow model
Base case. Range ~$150–$270 across our lower- and higher-growth cases (8%–18% a year).
Modestly undervalued
The price is inside our value range, 16% below our base value.
Price used: $170.41, November 2, 2026
Agnico Eagle Mines LTD valuation: adjust assumptions and compare models →
What company insiders, investment funds and members of Congress have been doing with the stock, from their own filings.
Revenue for the twelve months was $11.9bn, up 43.7% on a year earlier, faster than the 25.0% growth a quarter earlier. Free-cash-flow margin rose to 36.9% from 11.6% a year earlier. Operating margin widened to 48.3% from 23.0%. Against its peers on growth, profitability, cash generation and balance sheet, it grades B. It passes 5 of our 6 financial-health checks. Our cash-flow model value is $203 a share, against a share price of $165.
Written from the company's filings and our models when each quarter's report arrives. Figures in older notes are as published at the time. Not investment advice.
Agnico Eagle Mines LTD's trailing-twelve-month revenue grew 43.7% year on year, with a free-cash-flow margin of 36.9%. Where it stands out: gross margin of 71.9% ranks 4 of 21 gold companies we cover.
Our discounted-cash-flow model values the business at ~$200 per share in the base case (~$150–$270 across growth scenarios) — model values under stated assumptions, not a price target.
Current signal Free cash flow diverging from earnings: TTM free cash flow grew 105.3% while net income grew 135.4%: a 30pp divergence.
Assembled from SEC-filed figures — the full workings are on this page and in our methodology. Observations, not recommendations.
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Company announcements, filed results and changes that matter to shareholders.
No recent updates are available for AEM from the sources we follow. See filings →
The share price implies about 9.6% a year of cash-flow growth for five years.That is slower than the 30.6% a year revenue growth Agnico Eagle Mines has delivered.
Read with care: free cash flow has swung sharply in the past year (often a one-off tax, legal or working-capital item), so the cash-flow base behind this reading may be unusually low or high.
Our cash-flow model with every input fixed except growth over the next five years, solved for the growth at which the model value equals the share price ($169.03, Nov 3, 2026). Cash-flow growth then fades to 2.5% a year; discount rate 8.5%. Delivered figures are revenue growth from SEC filings. This is a model exercise, not investment advice or a forecast of the share price. All companies
Our value per share comes from a discounted-cash-flow model of Agnico Eagle Mines LTD's free cash flow after stock-based pay ( $3.2B, FY2025 Q4 TTM, with after-tax interest added back): growth for five years as below (the first two years from forecasts, guidance and the company's record), fading to 2.5%, discounted at 8.5%, then cash added and debt and other claims subtracted. These are model values under stated assumptions, not price targets or recommendations.
We value Agnico Eagle Mines LTD as an operating company, with every model that fits that kind of business. Cost of equity 10.8%: the 10-year Treasury yield (4.9%) plus a beta of 1.31 times a 4.5% equity risk premium.
| Model | Value per share | In the combined value? |
|---|---|---|
| Cash-flow model (DCF) Free cash flow to the firm (after stock pay, with after-tax interest added back), grown then faded to 2.5%, discounted at 8.5% as the firm rate, less debt and other claims. | ~$200 ~$150–$270 | Primary model, counts double |
| Growth cash-flow model Revenue for this year and next from analysts' consensus, then growth fading to 2.5%; the operating margin moving to profitable peers'; investment needed per dollar of growth from peers; reduced by a failure probability. For young or fast-growing companies. The starting margin is normalized to between -100% and 60%; net margin is a proxy when operating income is not tagged. Uses analysts' consensus estimates (third-party data), not our forecasts. | ~$130 ~$93–$150 | Included |
| Forward price-to-earnings vs peers Next year's consensus earnings per share times peers' typical (harmonic-mean) forward price-to-earnings. Uses analysts' consensus estimates (third-party data), not our forecasts. | ~$89 ~$79–$130 | Included |
| Residual income Book value plus the present value of returns above the cost of equity, fading over ten years. | ~$51 ~$37–$69 | Included |
| Justified price-to-book Book value times (return on equity - growth) / (cost of equity - growth): steady-state returns. | ~$51 ~$45–$58 | Included |
| Combined value Weighted average of the models that apply: the primary model (cash-flow model (dcf)) counts double. Models more than 5x or less than 0.2x the share price, or more than 3x away from the other models' median, are left out. | ~$120 ~$51–$200 | 5 models |
Different models fail in different ways, so where several apply we average them rather than trust one. Peer-based models compare Agnico Eagle Mines LTD with Gold in our coverage, using third-party market data. Model values are estimates under stated assumptions, updated as new filings arrive; not price targets or investment advice. How each model works.
| Discount rate ↓ / growth → | −5% growth | 0% growth | 5% growth | 10% growth | 15% growth | 20% growth |
|---|---|---|---|---|---|---|
| 7% | $98 | $131 | $174 | $232 | $307 | $404 |
| 8.5% | $76 | $100 | $131 | $173 | $226 | $295 |
| 10% | $63 | $81 | $106 | $137 | $178 | $230 |
Not assessed: fewer than five years of comparable figures in the filings. AI disruption exposure for this industry: Low.
| Fiscal year | EPS | Growth | Revenue | Growth |
|---|---|---|---|---|
| Current | $11.61 | +40% | $15.0bn | +26% |
| Next | $11.68 | +1% | $15.3bn | +2% |
Next year's EPS estimate has moved −7.1% in 90 days, across 17 analysts.
The consensus EPS forecast for the current fiscal year is −4.2% on 90 days ago. In the last 30 days, 3 analysts raised Agnico Eagle Mines LTD's forecast and 3 cut it.
Average of analysts' published estimates (third-party data).
| Period | Current fiscal year | Next fiscal year |
|---|---|---|
| 90 days ago | $12.13 | $12.58 |
| 60 days ago | $12.14 | $12.49 |
| 30 days ago | $12.07 | $12.43 |
| 7 days ago | $11.60 | $11.74 |
| Now | $11.61 | $11.68 |
| Quarter to | Estimate | Actual | Surprise |
|---|---|---|---|
| Sept 2026 | $2.56 | $2.61 | +2.0% |
| Jun 2026 | $2.91 | $3.05 | +4.8% |
| Mar 2026 | $3.21 | $3.40 | +5.9% |
| Dec 2025 | $2.65 | $2.70 | +1.9% |
Adjusted EPS as companies report it, against the average analyst estimate.
How Agnico Eagle Mines LTD’s listed options are priced, and three ways to use them that follow from our valuation. Quotes are delayed, read November 2, 2026. Check the live chain at your broker before trading.
There is not enough price history to measure realised volatility.
Our rule for “rich”: implied at least 1.2× 60-day realised (beyond measurement noise), above 1-year realised (not just a calm spell), and in the top 20% of our coverage that day. Never with results inside the option’s life. These are our conventions, built on research showing option prices usually imply more movement than follows, most when the gap is wide. How we judge this.
Not offered: fundamentals grade B (needs B+ or better).
We suggest selling a put only on well-rated companies, at a strike where the price you would pay if assigned (strike less premium) is at or below our fair value.
Own 100 shares, sell the $200 call expiring December 18, 2026 (46 days) for $2.25 a share — $225 per contract.
Previous session · Bid $2.25, ask $2.55, quoted Mon 2 Nov, 17:13 New York time with AEM at $169.59. Option prices move with the shares: check the live chain at your broker before trading.
Not offered: the shares trade below our fair value: a collar caps upside the model expects.
For holders of a stock trading at or above our fair value: buy a put for a floor and sell a call to pay for it.
General research, not personal advice. Options can lose you more than you expect and are not suitable for everyone: put sellers can be made to buy shares that keep falling, call sellers give up gains above the strike, and results or news can move prices sharply. Chances shown are approximations from each option’s delta. Spreads, fees and early assignment are not modelled.
Source: SEC EDGAR filings. Retrieved November 2, 2026.
| Period | Revenue (TTM) |
|---|---|
| FY16 Q4 | $2.1B |
| FY17 Q4 | $2.2B |
| FY18 Q4 | $2.2B |
| FY19 Q4 | $2.5B |
| FY20 Q4 | $3.1B |
| FY21 Q4 | $3.9B |
| FY22 Q4 | $5.7B |
| FY23 Q4 | $6.6B |
| FY24 Q4 | $8.3B |
| FY25 Q4 | $11.9B |
Source: SEC EDGAR filings. Retrieved November 2, 2026.
| Period | Revenue growth, TTM YoY |
|---|---|
| FY17 Q4 | 4.9% |
| FY18 Q4 | -2.3% |
| FY19 Q4 | 13.9% |
| FY20 Q4 | 25.8% |
| FY21 Q4 | 23.3% |
| FY22 Q4 | 48.4% |
| FY23 Q4 | 15.4% |
| FY24 Q4 | 25.0% |
| FY25 Q4 | 43.7% |
Source: SEC EDGAR filings. Retrieved November 2, 2026.
| Period | Operating margin (TTM) |
|---|---|
| FY16 Q4 | 50.5% |
| FY17 Q4 | 46.5% |
| FY18 Q4 | 23.0% |
| FY19 Q4 | 59.7% |
| FY20 Q4 | 51.0% |
| FY21 Q4 | 50.2% |
| FY22 Q4 | 48.3% |
Source: SEC EDGAR filings. Retrieved November 2, 2026.
| Period | FCF margin (TTM) |
|---|---|
| FY16 Q4 | 12.3% |
| FY17 Q4 | -4.8% |
| FY18 Q4 | -22.1% |
| FY19 Q4 | -0.0% |
| FY20 Q4 | 13.8% |
| FY21 Q4 | 11.6% |
| FY22 Q4 | 9.7% |
| FY23 Q4 | 14.3% |
| FY24 Q4 | 25.9% |
| FY25 Q4 | 36.9% |
| Fiscal year | 2016 Dec 2016 | 2017 Dec 2017 | 2018 Dec 2018 | 2019 Dec 2019 | 2020 Dec 2020 | 2021 Dec 2021 | 2022 Dec 2022 | 2023 Dec 2023 | 2024 Dec 2024 | 2025 Dec 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Income | ||||||||||
| Revenue | 2.1 | 2.2 | 2.2 | 2.5 | 3.1 | 3.9 | 5.7 | 6.6 | 8.3 | 11.9 |
| Gross profit | 1.1 | 1.2 | 1.0 | 1.2 | 1.7 | 2.1 | 3.1 | 3.7 | 5.2 | 8.6 |
| Operating income | 1.1 | 1.0 | 0.5 | 1.5 | 1.6 | 1.9 | 2.8 | — | — | — |
| Net income | 0.2 | 0.2 | −0.3 | 0.5 | 0.5 | 0.6 | 0.7 | 1.9 | 1.9 | 4.5 |
| Diluted EPS | $0.70 | $1.04 | −$1.40 | $1.99 | $2.10 | $2.30 | $1.53 | $3.95 | $3.78 | $8.86 |
| Growth (year on year) | ||||||||||
| Revenue | — | +4.9% | −2.3% | +13.9% | +25.8% | +23.3% | +48.4% | +15.4% | +25.0% | +43.7% |
| Operating income | — | −3.4% | −51.7% | +195.6% | +7.5% | +21.5% | +42.6% | — | — | — |
| Net income | — | +51.6% | −235.7% | — | +8.1% | +9.8% | +19.3% | +189.6% | −2.4% | +135.4% |
| Diluted EPS | — | +48.6% | −234.6% | — | +5.5% | +9.5% | −33.5% | +158.2% | −4.3% | +134.4% |
| Margins | ||||||||||
| Gross margin | 51.7% | 52.8% | 47.0% | 50.0% | 54.6% | 54.2% | 54.0% | 55.7% | 62.8% | 71.9% |
| Operating margin | 50.5% | 46.5% | 23.0% | 59.7% | 51.0% | 50.2% | 48.3% | — | — | — |
| Net margin | 7.4% | 10.7% | −14.9% | 19.0% | 16.3% | 14.5% | 11.7% | 29.3% | 22.9% | 37.5% |
| Free-cash-flow margin | 12.3% | −4.8% | −22.1% | −0.0% | 13.8% | 11.6% | 9.7% | 14.3% | 25.9% | 36.9% |
| Cash flow | ||||||||||
| Cash from operations | 0.8 | 0.8 | 0.6 | 0.9 | 1.2 | 1.3 | 2.1 | 2.6 | 4.0 | 6.8 |
| Capital spending | 0.5 | 0.9 | 1.1 | 0.9 | 0.8 | 0.9 | 1.5 | 1.7 | 1.8 | 2.4 |
| Free cash flow | 0.3 | −0.1 | −0.5 | −0.0 | 0.4 | 0.4 | 0.6 | 0.9 | 2.1 | 4.4 |
| Stock-based pay | 0.0 | 0.0 | 0.1 | 0.1 | 0.1 | 0.1 | 0.0 | 0.1 | 0.1 | 0.1 |
| Free cash flow after stock pay | 0.2 | −0.2 | −0.5 | −0.1 | 0.4 | 0.4 | 0.5 | 0.9 | 2.1 | 4.3 |
| Balance sheet | ||||||||||
| Cash | 0.5 | 0.6 | 0.3 | 0.3 | 0.4 | 0.2 | 0.7 | 0.3 | 0.9 | 2.9 |
| Total debt | 1.2 | 1.4 | 1.7 | 1.7 | 1.6 | 1.6 | 1.3 | 1.8 | 1.1 | 0.2 |
| Net debt (negative = net cash) | 0.7 | 0.7 | 1.4 | 1.4 | 1.2 | 1.4 | 0.7 | 1.5 | 0.2 | −2.7 |
| Diluted shares | 226m | 232m | 233m | 238m | 243m | 245m | 439m | 490m | 501m | 503m |
| Returned to shareholders | ||||||||||
| Dividends | 0.1 | 0.1 | 0.1 | 0.1 | 0.2 | 0.3 | 0.6 | 0.6 | 0.7 | 0.7 |
| Buybacks | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.1 | 0.0 | 0.2 | 0.7 |
| Total returned | 0.1 | 0.1 | 0.1 | 0.1 | 0.2 | 0.3 | 0.7 | 0.7 | 0.8 | 1.4 |
| Last 12 months unless stated | AEM | AU | GFI | B | HMY | NEM | Median |
|---|---|---|---|---|---|---|---|
| Revenue, last 12 months | $11.9bn | $9.9bn | $8.8bn | $17.0bn | $5.9bn | $26.6bn | $1.8bn |
| Revenue growth, last 12 months | 43.7% | 70.8% | 68.2% | 31.2% | 44.4% | 23.7% | 53.7% |
| Gross margin | 71.9% | 49.2% | 57.9% | 51.3% | 44.9% | 23.7% | 51.2% |
| Operating margin | 48.3% | — | — | — | 41.2% | — | 41.2% |
| Net margin | 37.5% | 32.1% | 40.8% | 29.4% | 29.6% | 34.7% | 30.0% |
| Cash from operations / revenue | 57.2% | 48.4% | 43.1% | 45.3% | 33.9% | 49.2% | 45.3% |
| Free-cash-flow margin | 36.9% | 23.4% | 27.1% | 22.8% | 15.9% | 37.9% | 27.1% |
| Free-cash-flow margin, 3-year average | 14.6% | — | 8.9% | 15.7% | 4.7% | 24.1% | 13.8% |
| Stock pay / revenue | 0.8% | — | 0.3% | 1.6% | 0.8% | 0.4% | 0.8% |
| Change in share count | 0.5% | 18.1% | 0.2% | −2.5% | 0.8% | −3.9% | 2.9% |
| Measure | Company | Peer median | Rank |
|---|---|---|---|
| Revenue growth Growth | 43.7% | 55.1% | 18 of 24 |
| Change in growth rate Growth | +18.7pp | +20.4pp | 13 of 23 |
| Gross margin Profitability | 71.9% | 53.5% | 4 of 21 |
| Net margin Profitability | 37.5% | 30.4% | 9 of 24 |
| Free-cash-flow margin Cash generation | 36.9% | 28.2% | 6 of 22 |
| Stock pay as % of revenue Cash generation | 0.8% | 0.9% | 8 of 18 |
| Long-term debt as % of assets Balance sheet | 0.6% | 7.3% | 5 of 18 |
| Change in share count Balance sheet | 0.5% | 3.0% | 9 of 24 |
Rank 1 = best in the group (for spending, debt and dilution, lower ranks first).
| Manager | Value | Shares | Share of 13F value | Shares QoQ |
|---|---|---|---|---|
| Van Eck Associates Corp | $3.1B | 20.0M | 6.2% | ▼ 5.7% |
| Capital World Investors | $3.1B | 19.7M | 6.1% | ▼ 8.8% |
| Royal Bank Of Canada | $2.4B | 15.5M | 4.8% | ▲ 3.0% |
| Vanguard Capital Management LLC | $2.2B | 14.2M | 4.4% | ▲ 3.3% |
| FMR LLC | $2.2B | 13.9M | 4.3% | ▼ 29.1% |
| Mackenzie Financial Corp | $2B | 8.9M | 3.9% | ▲ 0.9% |
| Massachusetts Financial Services Co | $1.9B | 11.9M | 3.8% | ▲ 0.5% |
| Bank Of Montreal | $1.8B | 11.6M | 3.6% | ▲ 11.8% |
| First Eagle Investment Management, LLC | $1.6B | 10.4M | 3.2% | ▲ 100.0% |
| Deutsche Bank Ag\ | $1.4B | 8.8M | 2.7% | ▲ 0.6% |
| Norges Bank | $1.3B | 8.4M | 2.6% | — |
| Fil Ltd | $1.2B | 7.7M | 2.4% | ▼ 39.3% |
From Form 13F filings with the SEC ( quarterly data sets), as reported by each manager for June 30, 2026 and filed up to 45 days later. 13F reports cover long US-listed positions of managers above $100M only, so this is not Agnico Eagle Mines LTD's complete shareholder register. Values are as reported by the filers ; 1 inconsistently scaled filing rows were excluded.
From insiders' Form 4 filings with the SEC. Excludes awards, option exercises and shares withheld for tax. "Pre-set plan" means the filing marks the trade as made under a Rule 10b5-1 plan. See every insider trade since five years ago, on a price chart.
No trades in Agnico Eagle Mines LTD disclosed in the last 12 months; 2 earlier trades on record.
| Data | Last updated | Source |
|---|---|---|
| Share price | Exchange closing prices | |
| News and updates | Company releases and SEC 8-K filings | |
| Analyst estimates | Aggregated analyst estimates | |
| Valuation and scores | Our models, from the filed figures |
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