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Agnico Eagle Mines Limited

AEM
75
Gold · Basic Materials
Also trades as: 0R2J.L GBP 2.46 (-6.17%) · AEM.TO CAD 246.72 (-6.24%)
Price
$176.15
-11.21 (-5.98%)
Market Cap
$89.20B
Winston Score
75
Winston is happy
A high-quality business with solid fundamentals.
Data as of Oct 22, 2026 · filings through Jun 30, 2026

§How the score breaks down

Quality
Exceptional
28/30
Growth
Exceptional
20/20
Cash Flow
Exceptional
10/10
Stability
Exceptional
10/10
Valuation
Mixed
4/10
Ownership
Weak
1/15
Dividends
Mixed
2/5

75 of 100 counted points = Winston Score 75.

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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

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.

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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)
15.1x
Fair value — P/E 15.1

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
-0.1
SLOWING
Earnings expected to fall — forward P/E higher than today

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Dividends

Dividend
Dividend Yield
0.97%
Small dividend — 0.97% yield

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

Dividend record
Dividend Growth
+9.4%
Dividend growing modestly (9.4% YoY)
Payout Ratio
13%
no trend
Pays out a modest share of profit and keeps the rest to reinvest. Room to keep paying through a weak year.

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