# Agnico Eagle Mines (AEM.TO)

Canonical: https://gigainvestors.com/s/AEM.TO

Analysis as of: 2026-10-16T07:33:42.850Z. Financial observations: FY1996–FY2026.

Listing currency: CAD. Reporting currency: USD.

## Verdict

Not a wonderful business

Quality tests for Buy: not passed (profit record: pass; earnings resilience is evidence only). Published buy qualification: no.

Share price: CAD 266.18 per share; close as of 2026-10-15.

Estimated value: low CAD 133.01 per share, central CAD 186.18 per share, high CAD 217.14 per share. Buy at or below the central value CAD 186.18 per share. Valuation as of 2026-10-16T07:33:42.850Z; scenarios are not confidence intervals.

Expected annual return: 7.9% at the stated quote. About 7.9% a year at today's price (required return 10.0%). required return 10.0% a year (10% floor; CA 10-year bond 3.8% + 4 points).

## Checklist

### understandable: fail

- 1 revenue decline in the last 10 years (informational)

- operating margin variation exceeds 0.35

- Financial history: 10 years

- Years with declining revenue: 1

- Years with a net loss: 1

- Operating margin variation: 0.49×

Chart: Operating margin; fiscal year observations.

- FY2017: 0.19×

- FY2018: 0.10×

- FY2019: 0.19×

- FY2020: 0.25×

- FY2021: 0.26×

- FY2022: 0.23×

- FY2023: 0.49×

- FY2024: 0.38×

- FY2025: 0.53×

- LTM to Jun 2026: 0.59×

### moat: fail

- ROIC median below threshold

- ROIC worst years below threshold (more than 1 bad year allowed)

- ROIC, median of available years: 7.0%

- ROIC, second-lowest year: 3.3%

- Typical minus recent gross margin: -21.4 pp

- Typical gross margin (annual median): 34.6%

- Recent gross margin (lower of latest and 3-year median): 56.1%

- Years with nonpositive capital: 0

- Capital spending / revenue: 24.9%

- ROIC including acquisitions, ten-year median: 6.9%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2016: 3.3%

- FY2017: 6.2%

- FY2018: 3.1%

- FY2019: 5.2%

- FY2020: 7.9%

- FY2021: 9.3%

- FY2022: 5.7%

- FY2023: 15.8%

- FY2024: 12.4%

- FY2025: 23.8%

### economics: pass

- Owner earnings / net income, 5-yr: 0.99×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: $9.5B

- Net income, five-year total: $9.6B

- Return on incremental invested capital: 96.3%

- Working capital / revenue, annual change: -0.4 pp

- Working capital / revenue, change between three-year averages: -3.4 pp

- Working capital / revenue, final three-year average: 16.4%

Chart: Annual owner cash / profit; fiscal year observations.

- FY2021: 0.95×

- FY2022: 0.95×

- FY2023: 0.98×

- FY2024: 0.99×

- FY2025: 0.99×

### management: fail

- Historical market-dollar context (not the management verdict): 2016 to 2025 (9 years)

- buybacks leaned toward cheaper years (informational)

- ROIC first 3 years vs last 3 years: 3.3% vs 15.8%

- Per-share earnings: 0.70 to 3.91 (three-year endpoint medians)

- five-year and ten-year diluted share growth both above threshold

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 10-year annual growth: 8.7%

- Ordinary dilution, 5-year annual growth: 15.5%

- Market cap gain: $73B

- Cumulative retained earnings: $6.2B

- Diluted shares, 10-year annual growth: 8.7%

- Diluted shares, 5-year annual growth: 15.5%

- $1 test, starting fiscal year: FY2016

- $1 test, ending fiscal year: FY2025

- Per-share value growth: 24.0%

- Per-share value change: $3.21

- Per-share value, starting three-year median: $0.70

- Per-share value, ending three-year median: $3.91

- Buybacks concentrated in cheaper years (correlation): 0.16

- Average buyback yield: 0.3%

- Buyback history: 10 years

- Debt-funded buybacks: No

- Acquisition spending: $3.7B

- Cumulative net income, 10 years: $11B

- ROIC, first three-year median: 3.3%

- ROIC, last three-year median: 15.8%

Chart: Earnings per share; fiscal year observations.

- FY2016: $0.70

- FY2017: $1.04

- FY2018: -$1.40

- FY2019: $1.96

- FY2020: $2.10

- FY2021: $2.29

- FY2022: $1.47

- FY2023: $3.91

- FY2024: $3.78

- FY2025: $9.06

### accounting: pass

- Sloan accruals: -6.9%

- Receivables to sales index (DSRI): 0.74×

- Restructuring years, last five: 0

- Stock compensation / operating cash flow: 1.4%

- Earnings backed by cash: Yes

- Operating cash / earnings: 1.53×

- Accounting red flags: 0

- Goodwill and intangibles / equity: 0.17×

Chart: Sloan accruals; fiscal year observations.

- FY2016: -8.7%

- FY2017: -6.7%

- FY2018: -11.9%

- FY2019: -4.6%

- FY2020: -7.1%

- FY2021: -7.4%

- FY2022: -6.1%

- FY2023: -2.5%

- FY2024: -6.9%

- FY2025: -6.9%

## Holders

- [Matthew McLennan](https://gigainvestors.com/FE): tracked 13F investor; follow the investor page for holding quarter and amounts.

- [Ron Muhlenkamp](https://gigainvestors.com/MUHL): tracked 13F investor; follow the investor page for holding quarter and amounts.

- [Arnold Van Den Berg](https://gigainvestors.com/VAN): tracked 13F investor; follow the investor page for holding quarter and amounts.

## Price story

Down 22% since Feb 2026 · "AEM's Higher Unit Costs Warrant Caution: Can It Protect Margins?" (finance.yahoo.com, Aug 2025) · sales +19.2%

Story as of 2026-10-16T09:59:57.403Z; price observation 2026-10-15.

Price needs cash profits to grow 11.2% a year for ten years

- 2025-07-31: Agnico Eagle Mines (AEM) Reports Strong Earnings Growth Despite Slight Decline in Gold Production ([finance.yahoo.com](https://finance.yahoo.com/news/agnico-eagle-mines-aem-reports-173510349.html))

- 2025-08-04: Agnico Eagle's Q2 Earnings Beat Estimates on Higher Gold Prices ([finance.yahoo.com](https://finance.yahoo.com/news/agnico-eagles-q2-earnings-beat-123300441.html))

- 2026-02-13: AEM's Q4 Earnings Surpass on Higher Realized Gold Prices ([finance.yahoo.com](https://finance.yahoo.com/news/aems-q4-earnings-surpass-higher-133800866.html))

- 2026-07-09: Agnico Eagle Mines (NYSE:AEM) Faces A Valuation Test After Barnat Mining Halt ([finance.yahoo.com](https://finance.yahoo.com/markets/stocks/articles/agnico-eagle-mines-nyse-aem-211319810.html))

### Sales · FY2025–2026

sales +19.2%; source https://www.sec.gov/Archives/edgar/data/2809/000110465926032153/aem-20251231x40f.htm; observed 2026-03-19.

- FY2017: $2.2B 

- FY2018: $2.2B 

- FY2019: $2.5B 

- FY2020: $3.1B 

- FY2021: $3.8B 

- FY2022: $5.7B 

- FY2023: $6.6B 

- FY2024: $8.3B 

- FY2025: $12B 

- FY2026: $14B 

### Gross margin · FY2025

gross margin 56.1%; source https://www.sec.gov/Archives/edgar/data/2809/000110465926032153/aem-20251231x40f.htm; observed 2026-03-19.

- FY2016: 23.1% 

- FY2017: 30.1% 

- FY2018: 21.8% 

- FY2019: 28.1% 

- FY2020: 34.5% 

- FY2021: 34.8% 

- FY2022: 34.9% 

- FY2023: 56.2% 

- FY2024: 44.5% 

- FY2025: 56.1% 

## Owner memo

Memo as of 2026-10-16T08:06:05.509Z.

### How it makes money

Operates in gold; annual sales are USD 12.1 billion.

- Source: https://www.sec.gov/Archives/edgar/data/2809/000110465926032153/aem-20251231x40f.htm (filed 2026-03-19); FY2025: revenue 12116304286; grossProfit 6793832555; margin = grossProfit / revenue.

### Why customers stay

Margins ranged from 44.5% to 56.2% during 2023–25; it earns 7% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-19); FY2023: grossProfit / revenue = 56.2%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-19); FY2024: grossProfit / revenue = 44.5%.

- Source: https://www.sec.gov/Archives/edgar/data/2809/000110465926032153/aem-20251231x40f.htm (filed 2026-03-19); FY2025: grossProfit / revenue = 56.1%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-19); 10-year return on capital observations [[2016,0.03324056456096909],[2017,0.061867676770413556],[2018,0.03062851258638016],[2019,0.051500472065591996],[2020,0.07904519765422298],[2021,0.09294840452771548],[2022,0.057422786934201546],[2023,0.15811400306502615],[2024,0.12428891028306951],[2025,0.23806638297203078]]; median 0.07045643721231827. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Spends 18.4% of cash earnings on expansion; earns 96.3% on new investment.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-19); FY2016: growth capex 0; upkeep 516050000; owner earnings 252345762. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-19); FY2017: growth capex 265657127.7937361; upkeep 608495872.2062639; owner earnings 167848251.7937361. Growth capex / owner earnings = 1.582722041813069.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-19); FY2019: growth capex 318064134; upkeep 564599866; owner earnings 449800400. Growth capex / owner earnings = 0.7071228349285594.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-19); FY2020: growth capex 91215047; upkeep 668126953; owner earnings 487552000. Growth capex / owner earnings = 0.1870878326824626.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-19); FY2021: growth capex 179553456; upkeep 738130544; owner earnings 535658400. Growth capex / owner earnings = 0.33520141941207304.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-19); FY2022: growth capex 443546000; upkeep 1094691000; owner earnings 639980600. Growth capex / owner earnings = 0.6930616334307633.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-19); FY2023: growth capex 142976805; upkeep 1552637769; owner earnings 1908997400. Growth capex / owner earnings = 0.0748962806340124.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-19); FY2024: growth capex 320169000; upkeep 1514076000; owner earnings 1867735800. Growth capex / owner earnings = 0.17142092580760085.

- Source: https://www.sec.gov/Archives/edgar/data/2809/000110465926032153/aem-20251231x40f.htm (filed 2026-03-19); FY2025: growth capex 830468973; upkeep 1645297000; owner earnings 4514521455. Growth capex / owner earnings = 0.183955039593449.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-19); Incremental return on capital 0.9631188822154548, from the economics test's unchanged annual inputs.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-19); Dividend observations: [[2016,71375000],[2017,76075000],[2018,83961000],[2019,107858576],[2020,200305535],[2021,272736888],[2022,584204245],[2023,638642000],[2024,671655000],[2025,740822376]]. Zero only counted when supported by a complete cash-flow statement.

- Source: https://www.sec.gov/Archives/edgar/data/2809/000110465926032153/aem-20251231x40f.htm (filed 2026-03-19); FY2025: cash repurchases 694844353 USD.

### Are managers owners

Insiders own 0.1% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); AEM.TO SharesStats.PercentInsiders = 0.065 percentage points; cache date 2026-10-16.

### What the price says

The price assumes cash profits grow 11.2% yearly over ten years; actual growth was 26.7%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-19); Ten-year compound average after fade. Initial solved rate 0.14834780648127477. Price 266.18; FX 1.4190435646374344; discount 0.1; same standard ten-year fade to terminal 0.03. FY2015 owner earnings/share 0.8434367585661474 → FY2025 9.010896766092443. Closing-price date 2026-10-15.

## Monthly share-price history (CAD per share)

- 2016-10: CAD 68.12 per share

- 2016-11: CAD 55.20 per share

- 2016-12: CAD 56.45 per share

- 2017-01: CAD 62.07 per share

- 2017-02: CAD 55.85 per share

- 2017-03: CAD 56.42 per share

- 2017-04: CAD 65.25 per share

- 2017-05: CAD 65.29 per share

- 2017-06: CAD 58.48 per share

- 2017-07: CAD 58.21 per share

- 2017-08: CAD 64.01 per share

- 2017-09: CAD 56.39 per share

- 2017-10: CAD 57.60 per share

- 2017-11: CAD 56.55 per share

- 2017-12: CAD 58.04 per share

- 2018-01: CAD 58.19 per share

- 2018-02: CAD 48.89 per share

- 2018-03: CAD 54.20 per share

- 2018-04: CAD 54.03 per share

- 2018-05: CAD 58.19 per share

- 2018-06: CAD 60.27 per share

- 2018-07: CAD 54.50 per share

- 2018-08: CAD 44.98 per share

- 2018-09: CAD 44.12 per share

- 2018-10: CAD 46.50 per share

- 2018-11: CAD 46.73 per share

- 2018-12: CAD 55.10 per share

- 2019-01: CAD 57.15 per share

- 2019-02: CAD 55.97 per share

- 2019-03: CAD 58.10 per share

- 2019-04: CAD 55.48 per share

- 2019-05: CAD 58.95 per share

- 2019-06: CAD 67.14 per share

- 2019-07: CAD 68.95 per share

- 2019-08: CAD 83.24 per share

- 2019-09: CAD 71.00 per share

- 2019-10: CAD 80.95 per share

- 2019-11: CAD 78.92 per share

- 2019-12: CAD 79.98 per share

- 2020-01: CAD 81.80 per share

- 2020-02: CAD 63.69 per share

- 2020-03: CAD 56.18 per share

- 2020-04: CAD 81.33 per share

- 2020-05: CAD 88.09 per share

- 2020-06: CAD 86.93 per share

- 2020-07: CAD 106.37 per share

- 2020-08: CAD 107.54 per share

- 2020-09: CAD 106.09 per share

- 2020-10: CAD 105.47 per share

- 2020-11: CAD 85.11 per share

- 2020-12: CAD 89.59 per share

- 2021-01: CAD 89.27 per share

- 2021-02: CAD 71.04 per share

- 2021-03: CAD 72.65 per share

- 2021-04: CAD 76.82 per share

- 2021-05: CAD 85.51 per share

- 2021-06: CAD 74.96 per share

- 2021-07: CAD 80.71 per share

- 2021-08: CAD 72.60 per share

- 2021-09: CAD 65.71 per share

- 2021-10: CAD 65.69 per share

- 2021-11: CAD 63.68 per share

- 2021-12: CAD 67.19 per share

- 2022-01: CAD 60.71 per share

- 2022-02: CAD 64.03 per share

- 2022-03: CAD 76.50 per share

- 2022-04: CAD 74.78 per share

- 2022-05: CAD 67.04 per share

- 2022-06: CAD 58.92 per share

- 2022-07: CAD 55.06 per share

- 2022-08: CAD 54.16 per share

- 2022-09: CAD 58.36 per share

- 2022-10: CAD 59.93 per share

- 2022-11: CAD 67.75 per share

- 2022-12: CAD 70.36 per share

- 2023-01: CAD 75.14 per share

- 2023-02: CAD 62.82 per share

- 2023-03: CAD 68.90 per share

- 2023-04: CAD 76.86 per share

- 2023-05: CAD 69.08 per share

- 2023-06: CAD 66.15 per share

- 2023-07: CAD 69.13 per share

- 2023-08: CAD 65.61 per share

- 2023-09: CAD 61.72 per share

- 2023-10: CAD 65.04 per share

- 2023-11: CAD 72.85 per share

- 2023-12: CAD 72.65 per share

- 2024-01: CAD 66.08 per share

- 2024-02: CAD 65.09 per share

- 2024-03: CAD 80.77 per share

- 2024-04: CAD 87.18 per share

- 2024-05: CAD 92.95 per share

- 2024-06: CAD 89.48 per share

- 2024-07: CAD 106.53 per share

- 2024-08: CAD 109.80 per share

- 2024-09: CAD 108.95 per share

- 2024-10: CAD 120.18 per share

- 2024-11: CAD 118.06 per share

- 2024-12: CAD 112.46 per share

- 2025-01: CAD 135.08 per share

- 2025-02: CAD 139.37 per share

- 2025-03: CAD 155.91 per share

- 2025-04: CAD 162.03 per share

- 2025-05: CAD 161.77 per share

- 2025-06: CAD 162.24 per share

- 2025-07: CAD 172.01 per share

- 2025-08: CAD 198.01 per share

- 2025-09: CAD 234.40 per share

- 2025-10: CAD 225.58 per share

- 2025-11: CAD 243.79 per share

- 2025-12: CAD 232.76 per share

- 2026-01: CAD 258.84 per share

- 2026-02: CAD 342.63 per share

- 2026-03: CAD 282.37 per share

- 2026-04: CAD 255.43 per share

- 2026-05: CAD 253.48 per share

- 2026-06: CAD 220.36 per share

- 2026-07: CAD 203.52 per share

- 2026-08: CAD 281.23 per share

- 2026-09: CAD 260.60 per share

- 2026-10: CAD 264.04 per share

## Annual estimated value (CAD per share)

- FY2016: low CAD 17.20 per share, central CAD 19.06 per share, high CAD 21.53 per share

- FY2017: low CAD 16.89 per share, central CAD 20.49 per share, high CAD 23.21 per share

- FY2018: low CAD 14.79 per share, central CAD 19.16 per share, high CAD 22.08 per share

- FY2019: low CAD 20.36 per share, central CAD 27.81 per share, high CAD 32.28 per share

- FY2020: low CAD 25.78 per share, central CAD 29.36 per share, high CAD 33.80 per share

- FY2021: low CAD 37.88 per share, central CAD 47.42 per share, high CAD 55.25 per share

- FY2022: low CAD 29.02 per share, central CAD 32.79 per share, high CAD 37.80 per share

- FY2023: low CAD 35.41 per share, central CAD 43.62 per share, high CAD 50.78 per share

- FY2024: low CAD 48.30 per share, central CAD 63.32 per share, high CAD 73.75 per share

- FY2025: low CAD 112.61 per share, central CAD 157.68 per share, high CAD 183.92 per share

Historical values use today's bond yield for every fiscal year

Historical values use today's FX rate into trading currency for every fiscal year

Historical values use current restated fundamentals and current commodity classification; they are not point-in-time estimates

Prior published observations retained from 2026-10-15T06:39:29.464Z where newer inputs omit a numeric field or fiscal period.

## Sources

[Original 40-F filing](https://www.sec.gov/Archives/edgar/data/2809/000110465926032153/aem-20251231x40f.htm); period 2025-12-31, filed 2026-03-19.

Estimates depend on assumptions and are not guarantees or investment advice. Underlying data remains subject to its source licenses; public reading does not grant bulk redistribution rights.