Agnico Eagle Mines Limited (AEM) 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

+18.6%

$202.93

vs $171.16 price

Levered DCF

$282.56

After debt service

Piotroski score

6 / 9

Average

Altman Z-score

7.03

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	19.07×	20.64×	13.82×	33.98×	23.83×	33.26×	30.81×	-28.86×
P/B	3.44×	1.88×	1.38×	1.4×	2.16×	3×	2.86×	2.07×
P/S	7.15×	4.72×	4.05×	3.96×	3.35×	5.43×	5.85×	4.3×
EV / EBITDA	9.85×	8.92×	7.22×	10.39×	8.28×	12.36×	11.72×	28.85×
Gross margin	58.1%	44.5%	33.2%	34.9%	35.1%	34.5%	28.1%	21.8%
Operating margin	53.1%	38.0%	25.6%	25.1%	27.3%	26.2%	18.7%	8.8%
Net margin	37.5%	22.9%	29.3%	11.7%	14.5%	16.3%	19.0%	-14.9%
Current ratio	2.02×	1.86×	2.09×	2.3×	1.71×	2.42×	1.42×	2.97×
Debt / equity	0.01×	0.06×	0.1×	0.09×	0.28×	0.3×	0.36×	0.38×
Interest coverage	226.89×	35.6×	17.12×	22.43×	12.47×	8.52×	4.59×	2.27×
Dividend yield	0.9%	1.7%	2.4%	2.7%	2.1%	1.1%	0.7%	0.9%
Payout ratio	16.3%	35.4%	32.9%	90.8%	49.0%	37.2%	22.3%	-25.7%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	18.0%	9.1%	10.0%	4.1%	9.4%	9.0%	9.3%	-7.2%
Return on invested capital	13.1%	7.4%	5.0%	3.8%	6.6%	6.0%	3.6%	2.6%
Return on assets	12.9%	6.3%	6.8%	2.9%	5.5%	5.3%	5.4%	-4.2%
Free cash flow yield	5.0%	5.4%	3.5%	2.5%	3.1%	2.5%	-0.0%	-5.1%
Earnings yield	5.2%	4.8%	7.2%	2.9%	4.3%	3.0%	3.2%	-3.5%
Enterprise value	$82.6B	$39.5B	$28.5B	$23.6B	$14.5B	$18.3B	$16.1B	$10.8B
Net debt / EBITDA	-0.3×	0.08×	0.42×	0.37×	0.86×	0.87×	1.1×	3.78×
Cash conversion cycle (days)	105	105	101	102	110	92	99	91