Agnico Eagle Mines Limited (AEM.TO) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

+98.6%

CA$473.49

vs CA$238.41 price

Levered DCF

CA$658.86

After debt service

Piotroski score

7 / 9

Strong

Altman Z-score

7.05

Safe zone

Rating

A+

Overall 4 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
P/E	18.75×	20.62×	13.8×	35.31×	23.2×	31.53×	30.17×	-28.84×
P/B	3.45×	1.88×	1.38×	1.4×	2.16×	2.99×	2.85×	2.07×
P/S	7.02×	4.71×	4.04×	3.96×	3.39×	5.41×	5.84×	4.3×
EV / EBITDA	10.21×	8.91×	7.01×	10.37×	8.28×	11.89×	11.47×	27.58×
Gross margin	56.1%	44.5%	56.2%	34.9%	34.8%	34.5%	28.1%	21.8%
Operating margin	53.1%	38.0%	49.1%	23.1%	26.5%	24.8%	19.5%	9.7%
Net margin	37.5%	22.9%	29.3%	11.7%	14.7%	16.3%	19.0%	-14.9%
Current ratio	2.02×	1.86×	2.09×	2.3×	1.71×	2.42×	1.54×	2.97×
Debt / equity	0.01×	0.06×	0.1×	0.09×	0.28×	0.3×	0.36×	0.38×
Interest coverage	141.68×	36.42×	32.85×	16.01×	11×	8.17×	4.62×	2.2×
Dividend yield	0.9%	1.7%	2.4%	2.6%	2.1%	1.2%	0.7%	0.9%
Payout ratio	16.3%	35.4%	32.9%	87.2%	48.5%	39.2%	22.8%	-25.7%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	18.4%	9.1%	10.0%	4.1%	9.4%	9.0%	9.3%	-7.2%
Return on invested capital	13.4%	7.4%	9.6%	3.5%	6.3%	5.7%	3.7%	2.8%
Return on assets	13.2%	6.3%	6.8%	2.9%	5.5%	5.3%	5.4%	-4.2%
Free cash flow yield	5.2%	5.4%	3.6%	2.5%	3.1%	2.5%	-0.0%	-5.1%
Earnings yield	5.3%	4.9%	7.3%	3.0%	4.3%	3.0%	3.2%	-3.5%
Enterprise value	CA$82.5B	CA$39.4B	CA$28.4B	CA$23.6B	CA$14.5B	CA$18.3B	CA$16.1B	CA$10.8B
Net debt / EBITDA	-0.31×	0.08×	0.41×	0.37×	0.86×	0.84×	1.08×	3.62×
Cash conversion cycle (days)	99	105	149	102	102	86	87	98