Business Description
Agnico Eagle Mines Limited is a senior Canadian gold mining company that engages in the exploration, development, and production of precious metals. The company operates mines in Canada, Australia, Finland, and Mexico, with exploration activities extending to the United States and Colombia. It is distinctive for being the second-largest gold producer in the world and for its policy of no-forward gold sales, providing investors with full exposure to gold prices.
Financial Statements
In thousands, USD
| FY 2025 | FY 2024 | FY 2023 | FY 2022 | |
|---|---|---|---|---|
| Total Revenues | 11,907,851 | 8,285,753 | 6,626,909 | 5,741,162 |
| Cost of Sales | 3,340,684 | 3,086,080 | 2,933,263 | 2,643,321 |
| Gross Profit | 8,567,167 | 5,199,673 | 3,693,646 | 3,097,841 |
| Selling, General & Administrative Expenses | 235,947 | 207,450 | 208,451 | 220,861 |
| Depreciation & Amortization Expenses | 1,645,297 | 1,514,076 | 1,491,771 | 1,094,691 |
| Exploration Expenses | 206,684 | 219,610 | 215,781 | 271,117 |
| Other Operating Expenses | (66,203) | 145,042 | 900,661 | 238,203 |
| Operating Profit | 6,545,442 | 3,113,495 | 876,982 | 1,272,969 |
| Interest Expense | (91,145) | (126,738) | (130,087) | (82,935) |
| Non-Operating Income | 249,614 | (165,202) | 1,612,174 | (74,611) |
| Total Non-Operating Income | 158,469 | (291,940) | 1,482,087 | (157,546) |
| Income Before Provision for Income Taxes | 6,703,911 | 2,821,555 | 2,359,069 | 1,115,423 |
| Provision for Income Taxes | 2,242,450 | 925,974 | 417,762 | 445,174 |
| Consolidated Net Income | 4,461,461 | 1,895,581 | 1,941,307 | 670,249 |
| Net Income Attributable to Common Shareholders | 4,461,461 | 1,895,581 | 1,941,307 | 670,249 |
| Basic EPS | 8.89 | 3.79 | 3.97 | 1.53 |
| Diluted EPS | 8.86 | 3.78 | 3.95 | 1.53 |
| Basic Weighted Average Shares Outstanding | 501,993 | 499,904 | 488,723 | 437,678 |
| Diluted Weighted Average Shares Outstanding | 503,434 | 500,861 | 489,913 | 438,533 |
| Shares Outstanding | 500,047 | 501,730 | 497,299 | 456,465 |
| FY 2025 | FY 2024 | FY 2023 | FY 2022 | |
|---|---|---|---|---|
| Cash and Cash Equivalents | 2,866,053 | 926,431 | 338,648 | 658,625 |
| Total Cash and Cash Equivalents | 2,866,053 | 926,431 | 338,648 | 658,625 |
| Accounts Receivable | — | — | — | 8,579 |
| Total Trade Receivables | — | — | — | 8,579 |
| Inventories | 1,698,830 | 1,510,716 | 1,418,941 | 1,209,075 |
| Other Current Assets | 429,059 | 368,134 | 433,563 | 303,780 |
| Total Current Assets | 4,993,942 | 2,805,281 | 2,191,152 | 2,180,059 |
| Net Property, Plant & Equipment | 22,850,540 | 21,466,499 | 21,221,905 | 18,459,400 |
| Goodwill | 4,157,672 | 4,157,672 | 4,157,672 | 2,044,123 |
| Long-Term Investments | 1,508,252 | 612,889 | 345,257 | 332,742 |
| Other Long-Term Assets | 960,885 | 944,677 | 768,963 | 478,484 |
| Total Assets | 34,471,291 | 29,987,018 | 28,684,949 | 23,494,808 |
| Accounts Payable | 1,033,444 | 817,649 | 750,380 | 672,503 |
| Accrued Expenses | 1,226,347 | 377,960 | 95,448 | 20,683 |
| Current Portion of Long-Term Debt | — | 90,000 | 100,000 | 100,000 |
| Current Portion of Leases | 30,480 | 40,305 | 46,394 | 36,466 |
| Other Current Liabilities | 181,935 | 186,051 | 55,804 | 116,770 |
| Total Current Liabilities | 2,472,206 | 1,511,965 | 1,048,026 | 946,422 |
| Long-Term Debt | 196,271 | 1,052,956 | 1,743,086 | 1,242,070 |
| Leases | 94,719 | 98,921 | 115,154 | 114,876 |
| Other Long-Term Liabilities | 6,965,631 | 6,490,276 | 6,355,768 | 4,950,095 |
| Total Long-Term Liabilities | 7,256,621 | 7,642,153 | 8,214,008 | 6,307,041 |
| Total Liabilities | 9,728,827 | 9,154,118 | 9,262,034 | 7,253,463 |
| Common Stock | 18,699,862 | 18,675,660 | 18,334,869 | 16,251,221 |
| Additional Paid-in Capital | 166,775 | 172,145 | 223,829 | 220,710 |
| Accumulated Other Comprehensive Income | 411,921 | (41,147) | (98,955) | (29,006) |
| Retained Earnings | 5,463,906 | 2,026,242 | 963,172 | (201,580) |
| Total Common Shareholders' Equity | 24,742,464 | 20,832,900 | 19,422,915 | 16,241,345 |
| Total Shareholders' Equity | 24,742,464 | 20,832,900 | 19,422,915 | 16,241,345 |
| Total Liabilities and Shareholders' Equity | 34,471,291 | 29,987,018 | 28,684,949 | 23,494,808 |
| FY 2025 | FY 2024 | FY 2023 | FY 2022 | |
|---|---|---|---|---|
| Net Income | 4,461,461 | 1,895,581 | 1,941,307 | 670,249 |
| Depreciation & Amortization | 1,645,297 | 1,514,076 | 1,491,771 | 1,094,691 |
| Share-Based Compensation Expense | 97,545 | 77,404 | 71,553 | 48,570 |
| Other Adjustments | (191,487) | 393,807 | (756,673) | 302,358 |
| Changes in Trade Receivables | — | — | — | 12,110 |
| Changes in Inventories | (160,744) | (208,300) | (169,168) | (46,236) |
| Changes in Accounts Payable | 122,639 | 36,726 | 2,778 | 59,460 |
| Changes in Accrued Expenses | — | (8,895) | (2,925) | 1,200 |
| Changes in Income Taxes Payable | 886,371 | 259,327 | 103,850 | (35,010) |
| Changes in Other Operating Activities | (43,969) | 1,166 | (80,931) | (10,756) |
| Cash from Operating Activities | 6,817,113 | 3,960,892 | 2,601,562 | 2,096,636 |
| Capital Expenditure | (2,433,172) | (1,834,245) | (1,665,079) | (1,538,237) |
| Purchases of Investments | (447,494) | (183,021) | (104,738) | (47,364) |
| Proceeds from Sale of Investments | 402,720 | — | — | — |
| Payments for Business Acquisitions | (121,960) | — | (1,000,617) | — |
| Other Investing Activities | 1,611 | 10,152 | 9,651 | 875,143 |
| Cash from Investing Activities | (2,598,295) | (2,007,114) | (2,760,783) | (710,458) |
| Issuance of Long-Term Debt | — | 600,000 | 1,898,958 | 100,000 |
| Repayments of Long-Term Debt | (986,043) | (1,347,319) | (1,447,589) | (358,701) |
| Net Issuance / (Repayments) of Long-Term Debt | (986,043) | (747,319) | 451,369 | (258,701) |
| Issuance of Common Shares | 118,112 | 235,544 | 70,318 | 62,110 |
| Repurchases of Common Shares | (682,890) | (169,357) | (47,003) | (109,955) |
| Net Issuance / (Repurchases) of Common Shares | (564,778) | 66,187 | 23,315 | (47,845) |
| Common Share Dividends Paid | (728,077) | (671,655) | (638,642) | (608,307) |
| Other Financing Activities | (8,245) | (3,544) | — | — |
| Cash from Financing Activities | (2,287,143) | (1,356,331) | (163,958) | (914,853) |
| Effect of Exchange Rate Changes on Cash and Cash Equivalents | 7,947 | (9,664) | 3,202 | 1,514 |
| Increase / (Decrease) in Cash, Cash Equivalents and Restricted Cash | 1,939,622 | 587,783 | (319,977) | 472,839 |
Key Metrics & Ratios
| Metric | Value |
|---|---|
| Market Cap | $84.77B |
| P/E | 19.13x |
| P/S | 7.12x |
| EV/EBITDA | 10.04x |
| Return on Equity | 19.6% |
| Return on Invested Capital | 15.2% |
| Current Ratio | 2.02x |
| Dividend Yield | 0.9% |
| Free Cash Flow Margin | 36.8% |
Margins
Gross margin
71.9%
Operating margin
55.0%
Net margin
37.5%
Quarterly Trend
| Quarter | Revenue | YoY growth | Operating margin | Operating income |
|---|---|---|---|---|
| Q2 2026 | $3.80B | +35.0% | 60.1% | $2.29B |
| Q1 2026 | $4.10B | +66.1% | 62.7% | $2.57B |
| Q4 2025 | $3.56B | +60.3% | 63.9% | $2.28B |
| Q3 2025 | $3.06B | +41.9% | 52.7% | $1.61B |
| Q2 2025 | $2.82B | — | 53.5% | $1.51B |
| Q1 2025 | $2.47B | — | 46.5% | $1.15B |
| Q4 2024 | $2.22B | — | 41.7% | $928M |
| Q3 2024 | $2.16B | — | 39.6% | $855M |
More on Agnico Eagle Mines Limited
Figures compiled from public company filings.
See how Top Bucket AI works for your firm
Request DemoTop Bucket AI Research
Stay ahead of private markets
Research and market intelligence for private-markets professionals.
✓
You're subscribed.
Thanks for signing up.