Agnico Eagle Mines Limited

AEM

Gold · Basic Materials

Also trades as: 0R2J.L · AEM.TO

Price

$216.06

+4.02 (+1.90%)

Market Cap

$109.41B

Winston Score

Winston is happy

A high-quality business with solid fundamentals.

Data as of Aug 23, 2026 · filings through Jun 30, 2026

How the score breaks down

Quality

Exceptional

Growth

Exceptional

Cash Flow

Exceptional

Stability

Exceptional

Valuation

Strong

Dividends

Mixed

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Share count rising — dilution

+105.7% over 4y

The company has issued more shares over this period, which dilutes each existing shareholder’s stake.

Diluted shares outstanding: 244.7M (2021) → 503.4M (2025)

Winston Score History

The full picture

Agnico Eagle Mines is a company that digs gold out of the ground and sells it. It operates gold mines across Canada, Australia, Finland, and Mexico, making it one of the largest gold mining companies in the world. Gold is sold mainly to banks, refiners, and jewelry makers.

The company makes money by selling the gold it produces, with revenue tied directly to the global price of gold. Agnico Eagle is known for operating in politically stable countries, which reduces the risk of government interference — a real problem for some competitors. Its high gross margin of around 62% suggests it can pull gold out of the ground at a relatively low cost compared to what it sells for. The main risk is that gold prices can fall sharply, which would hurt revenue even if the company keeps producing the same amount of metal.

Growth Profile

For growth stock investors

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

+31.6% YoY

YoY Growth Rate

Strong revenue growth

EPS Growth

+46.0% YoY

YoY Growth Rate

Strong earnings growth

R&D Spend

$0/ year

0.0% of revenue

Below sector average (3%)

Research and development spending

Insider Activity

0.1%ownership

→ Flat

Insider ownership roughly steady over the past year

Cash Position

Cash flow positive

$4.8B cash & investments

Quarterly Free Cash Flow

↑ Burn rate improving

Company generates more cash than it spends — no dilution risk from fundraising

Strong grower

Agnico Eagle Mines Limited is growing revenue at 32% year-over-year. The Winston Score penalises unprofitable companies, but revenue at this pace tells a different story — this is a company still in "build mode."

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Score breakdown

Every number that matters to educated investors.

Each metric is explained in plain language so you know exactly what you're looking at. Start your free trial now.

Quality

Profit per sale

Gross Margin

62.2%

Premium pricing power — 62.2% gross margin

Profit after running costs

Operating Margin

60.0%

Excellent — 60.0% operating margin

Return on the money invested

ROCE

29.2%

Exceptional — 29.2% return on capital

ROIC above 25%. Every dollar invested in the business earns more than 25 cents back per year.

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Growth

Sales growth

Sales YoY

+49.3%

Fast-growing sales (+49.3% YoY)

Profit growth

EPS YoY

+97.3%

Earnings growing fast (+97.3% YoY)

Earnings growing 25%+ a year. The compounder zone.

How steady the profit is

EPS Consistency

8/8 quarters

Every recent quarter grew earnings vs last year

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Cash Flow

Profit that turns into cash

Cash Conversion

126%

Turns 126% of profit into real cash

Spare cash per sale

FCF Margin

31.2%

Converts sales into free cash efficiently (31.2%)

Free cash flow margin above 20%. Out of every $100 in sales, more than $20 is real cash they keep.

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Stability

What it owes vs what it owns

Debt / Equity

0.01

Conservative — low debt load (0.01)

Covers its interest

Interest Cover

115.85x

Comfortably covers interest (115.9x)

Interest coverage above 8. Profits cover interest many times over.

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Valuation

Price vs profit

P/E Ratio (TTM)

18.6x

Fair value — P/E 18.6

P/E in the normal range. Price is roughly $15 for every $1 of yearly profit.

Cheaper or dearer next year

P/E vs Forward

+7.0

GROWING

Earnings expected to grow meaningfully — cheaper on forward P/E (18.6 → 11.5)

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Dividends

Dividend

Dividend Yield

1.18%

Small dividend — 1.18% yield

Modest yield. The bulk of any return needs to come from price appreciation.

Dividend record

Dividend Growth

+6.3%

Dividend growing modestly (6.3% YoY)

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