Agnico Eagle Mines Limited

AEM

Gold · Basic Materials

Price

$136.97

-0.32 (-0.23%)

Market Cap

$68.49B

Winston Score

Winston is happy

A high-quality business with solid fundamentals.

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)

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.

Winston Score History

Growth Profile

For growth stock investors

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

+64.9% YoY

YoY Growth Rate

Revenue accelerating

EPS Growth

+198.0% YoY

YoY Growth Rate

EPS growth accelerating

R&D Spend

$0/ year

0.0% of revenue

Below sector average (3%)

Research and development spending

Insider Activity

0.1%ownership

→ Flat

Insiders holding steady — not selling despite ability to

Cash Position

Cash flow positive

$2.9B cash & investments

Quarterly Free Cash Flow

↑ Burn rate improving

Company generates more cash than it spends — no dilution risk from fundraising

Revenue accelerating

Agnico Eagle Mines Limited grew revenue 65% year-over-year and the growth rate is speeding up. That's the kind of momentum growth investors look for — the question is whether margins can follow.

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

Gross Margin

61.7%

Premium pricing power — 61.7% gross margin

Operating Margin

55.9%

Excellent — 55.9% operating margin

ROCE

8.0%

Weak — 8.0% return on capital

ROIC between 5% and 15%. They earn 5 to 15 cents back per year on every dollar invested.

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Growth

Sales YoY

+44.2%

Fast-growing sales (44.2% YoY)

EPS YoY

+135.2%

Earnings growing fast (135.2% YoY)

Earnings growing 25%+ a year. The compounder zone.

EPS Consistency

8/8 quarters

Every recent quarter grew earnings vs last year

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Cash Flow

Cash Conversion

154%

Turns 154% of profit into real cash

FCF Margin

37.1%

Converts sales into free cash efficiently (37.1%)

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

Debt / Equity

0.01

Conservative — low debt load (0.01)

Interest Cover

68.64x

Comfortably covers interest (68.6x)

Interest coverage above 8. Profits cover interest many times over.

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Valuation

P/E Ratio (TTM)

15.4x

Fair value — P/E 15.4

P/E in the normal range. Price is roughly $15 for every $1 of yearly profit.

P/E vs Forward

+3.6

GROWING

Earnings expected to grow meaningfully — cheaper on forward P/E (15.4 → 11.8)

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Dividends

Dividend Yield

1.11%

Small dividend — 1.11% yield

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

Dividend Growth

+6.3%

Dividend growing modestly (6.3% YoY)

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