Start here if you're new
what it is
Agnico Eagle digs gold out of mines in Canada, Finland, and Mexico, then sells it into a very willing market.
how it gets paid
FY2025 revenues from mining operations were $11,907.9M (~$11.9B) vs. $8,285.8M (~$8.3B) in 2024 (IFRS, company year-end release).
why it's growing
Full-year revenue growth was about 43.7% year over year. Q4 2025 revenues from mining operations were about $3.56B vs. about $2.22B in Q4 2024.
what just happened
Q4 2025 diluted EPS was $3.04 (net income about $1.52B). Adjusted net income in Q4 was about $2.70 per share after specified items — read the reconciliation in the release.
At a glance
B++ balance sheet — above average — nothing keeping you up at night
50/100 earnings predictability — expect surprises
23.4x trailing p/e — priced about right
1.0% dividend yield — cash in your pocket every quarter
16.5% return on capital — solid for a capital-heavy miner
xvary composite: 67/100 — average
What they do
Agnico Eagle digs gold out of mines in Canada, Finland, and Mexico, then sells it into a very willing market.
Over 95% of its gold and silver output comes from politically stable regions. That is jurisdiction risk → government and legal trouble → less chance your mine gets kneecapped at the worst moment. You also get 54.3 million ounces of proved and probable gold reserves, which is inventory in the ground on a very large scale.
How they make money
$11.9B
FY2025 revenues from mining operations · +43.7% vs. FY2024 (~$8.3B)
total revenue
$11.9B
+43.7%
FY2025/FY2024 revenue and margins: Agnico Eagle Q4/FY2025 results (Feb 12, 2026) · prnewswire.com
The products that matter
mines and sells gold
Gold Bullion
~3.45M oz payable gold produced in 2025
FY2025 payable gold production was about 3.45M ounces (vs. about 3.49M in 2024). Essentially all of the revenue base still depends on what those ounces fetch in the market.
the main event
minor byproduct metals
Silver & Other Metals
<5% of total revenue
Less than 5% of revenue comes from this bucket, so if you own AEM, you are still underwriting gold first and almost everything else second.
side revenue
extends mine life
Exploration & Development
54.3M oz in proven reserves
Those 54.3M ounces are future inventory in the ground, which gives you a 15+ year reserve runway before the next major discovery has to show up.
15+ year reserve life
Key numbers
~71.9%
mine-level operating margin
IFRS subtotal: total operating margin from mining operations divided by revenues from mining operations for FY2025 (~$8.57B on ~$11.91B). Corporate costs, amortization, and other lines sit below this subtotal.
16.5%
return on capital
Return on capital → profit from money invested in the business → so what: the mines are productive, not just expensive holes in the ground.
$196M
long-term debt
Long-term debt is just $196 million, or 0% of capital. In mining, that is balance-sheet restraint, not normal behavior.
1.0%
dividend yield
You are not here for income. A 1.0% yield says management would rather keep flexibility than bribe you with a big payout.
Financial health
B++
strength
- balance sheet grade B++ — above average financial health
- risk rank 3 — safer than 50% of stocks
- price stability 50 / 100
- long-term debt $196M (0% of capital)
- net profit margin ~37.5% — FY2025 net margin on revenues from mining operations (IFRS)
- return on equity 18% — $0.18 profit for every $1 investors have put in
B++ — functional but not a standout on the balance sheet.
Total return vs. market
You invested $10,000 in AEM 3 years ago → it's now worth $35,730.
The index would have given you $13,920.
source: institutional data · total return
What just happened
FY2025 filed
Q4 2025 revenues from mining operations were about $3.56B; diluted EPS was $3.04 (adjusted about $2.70 after specified items).
FY2025 revenues from mining operations reached about $11.91B vs. ~$8.29B in 2024. FY2025 net income was about $4.46B (~$8.86 diluted EPS for the full year). Total long-term debt was about $196M at Dec 31, 2025 (company release).
$11.9B
FY2025 revenue
$3.04
Q4 diluted EPS
~3.45M oz
FY2025 gold prod.
the number that mattered
The full-year revenue step-up on higher realized gold prices is the macro engine; execution shows up in production, costs, and reserve replacement.
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agnico-eagle mines’ stock price is having an unprecedented run.
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indeed, it has risen another 12% since our lateseptember review, and has been as high as $185 a share.certainly, this equity isn’t the only gold stock that has skyrocketed, but on a relative basis, it has outperformed the vast majority of them.
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this is thanks to its very strong operating fundamentals.
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over 95% of its gold and silver production emanates from politically stable and high-quality mining regions.
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in addition, operations are highly cost efficient, resulting in very high margins.too, the 2022 merger with kirkland gold gave aem a great deal of additional operating leverage, permitting it to produce much more gold. and finally, of course, gold prices continue to hit all-time highs as investors seek safety in a tumultuous world.
source: Agnico Eagle Q4/FY2025 results (Feb 12, 2026) · prnewswire.com
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What could go wrong
The #1 risk is gold prices giving back the move.
med
gold price reversal
This is the core risk. AEM can run good mines and still take a hit if the underlying metal price rolls over.
Nearly all of the $11.9B revenue base is tied to gold and related metal sales, so there is no large second engine to cushion a weaker tape.
med
production trouble at a major mine
Mining is an operating business first and a spreadsheet second. Grade issues, equipment problems, or permitting delays can hit output fast.
AEM produced 3.49M ounces in 2024. If a core asset stumbles, the stock stops looking like a quality compounder and starts looking like plain gold exposure.
med
cost inflation eats the margin story
Energy, labor, and consumables still matter. A 52.0% operating margin gives you room, not immunity.
If costs rise while gold stalls, that 28.1% net profit margin gets squeezed from both sides and the premium multiple has less to stand on.
You are not buying diversified industrial demand here. You are buying a high-quality miner whose economics still hinge on one commodity.
source: institutional data · regulatory filings · risk analysis
Pay attention to
next catalyst
Q1 2026 earnings
The catch is simple: if gold stops making new highs, AEM still needs production and cost discipline to keep the premium story intact.
key metric
margin hold versus metal price
A 52.0% operating margin is the proof point. If the gold price flattens, you want to see how much of that margin was mine quality and how much was the tape.
operating trend
steady output from core assets
54.3M ounces of proven reserves is a strong backdrop, but reserve life only matters if the company keeps converting the ground into reliable production.
what would change our mind
gold weakens and EPS gives back the jump
If earnings slide back toward the $3.78 level instead of holding closer to $7.20, and a major mine misses at the same time, the quality premium stops looking earned.
Analyst rankings
earnings predictability
50 / 100
Middle of the pack. in human-speak, analysts can model the mines, but they cannot model the gold price with much precision.
balance sheet grade
B++
Above average. In plain English: the balance sheet is cleaner than the business model.
source: institutional data
Institutional activity
institutions have been net buying for 3 consecutive quarters — 487 buyers vs. 358 sellers in 3q2025. total institutional holdings: 0.3B shares. net buying for 3 quarters.
source: institutional data
Price targets
3-5 year target range
$92
$210
$168
current price
$151
target midpoint · 10% from current · 3-5yr high: $205 (+20% · 6% ann'l return)
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