Agnico Eagle (AEM) vs Newmont (NEM): Weighing Two Gold Mining Leaders
Key Takeaways
- AEM is a Canadian gold producer focused on lower-risk jurisdictions, trading at a premium valuation relative to the gold-mining industry.
- NEM is the world's largest gold miner, offering a larger, more diversified portfolio with copper byproducts and a more attractive "value" profile on earnings metrics.
- Both stocks remain tightly linked to gold prices, which have pulled back from record highs and driven recent share-price weakness across the sector.
- NEM has outperformed AEM on a trailing one-year basis, while AEM carries a stronger balance sheet and lower all-in sustaining cost (AISC) profile.
- For more detail on the latest developments and intraday moves, explore AEM Major News and AEM Today's Price Move, as well as NEM Major News and NEM Today's Price Move.
Introduction
Investors evaluating the gold-mining sector often weigh AEM (Agnico Eagle Mines Limited) against NEM (Newmont Corporation), two of the industry's largest and most closely followed producers. While both generate the bulk of their revenue from gold and respond to similar macroeconomic forces, they differ meaningfully in scale, geographic footprint, cost structure, and valuation. This comparison is particularly relevant for those seeking exposure to precious metals but deciding between a higher-quality, lower-cost operator in safer mining jurisdictions and a larger, more diversified global producer trading at a comparatively cheaper multiple. I also checked this using Tickeron’s AI Screener to see how the stocks compare to others in the industry.
A Closer Look at Agnico Eagle Mines (AEM)
Agnico Eagle Mines Limited is a Canadian gold producer with operations concentrated in lower-risk jurisdictions, including Canada, Finland, and Australia, alongside a Mexican asset. The company sold roughly 3.4 million ounces of gold in 2025 and holds around 15 years of reserves. Its cornerstone assets — Detour Lake, Canadian Malartic, Meadowbank, and Meliadine — are all located in Canada and account for a majority of output.
In recent weeks, AEM shares have pulled back after a strong multi-year run, with momentum cooling as gold prices retreated from their early-year record highs. The stock has faced some downward pressure on earnings estimates and a recent analyst downgrade tied to valuation limits and operational risks at its Canadian Malartic and Odyssey projects. That said, the company's fundamentals remain solid: it generated record quarterly free cash flow of approximately $1.3 billion earlier this year and held a net cash position of roughly $2.9 billion, supported by a Fitch Ratings upgrade to A- in recent months.
A Closer Look at Newmont (NEM)
Newmont Corporation is the world's largest gold miner by production, with operations spanning the Americas, Africa, Australia, and Papua New Guinea. Its portfolio includes 11 mines and interests in two joint ventures, and the company also produces meaningful amounts of copper, silver, zinc, and lead — byproducts that provide some diversification beyond gold, representing roughly 15% of forecast midcycle revenue from 2030.
In its most recent quarter, NEM posted record adjusted earnings, with adjusted earnings per share (EPS) rising roughly 29% year over year and revenue climbing about 15%, driven by higher realized gold prices that offset lower production volumes. Despite the earnings beat, the stock declined alongside the broader sector as gold slid back toward $4,000 an ounce. Over the past year, NEM shares have gained around 28%, outperforming its industry group, and the company has reduced its share count by roughly 10% since early 2024 through buybacks. From what I see, checking the AI Daily Buy/Sell Signals offered additional context on recent momentum shifts.
Head-to-Head Comparison
The clearest contrast between these two miners is one of scale versus focus. NEM is substantially larger, with a more geographically diverse but operationally complex portfolio, while AEM emphasizes concentration in politically stable, mining-friendly regions. That focus translates into a cost advantage: AEM guides to AISC of roughly $1,400 to $1,550 per ounce, well below NEM's recent co-product AISC of about $1,963 per ounce.
On valuation, the roles reverse. AEM trades at a premium, with a forward price-to-earnings multiple roughly 21% above the gold-mining industry average, reflecting its quality and safety premium. NEM screens as the cheaper, more "value"-oriented name, trading around 11 to 12 times forward earnings versus a five-year average near 16 times. Growth drivers differ as well: AEM is advancing an internal pipeline including Odyssey, Detour Lake, Hope Bay, and Upper Beaver, while NEM is progressing the Red Chris block cave project and leaning on copper recovery at Cadia. Both carry significant sensitivity to gold prices, which have been the dominant driver of recent sentiment shifts across the sector. One thing that stands out is how these differences play out in varying market conditions.
AI Perspective on the Two Stocks
Based on observable factors, Tickeron's AI would likely favor AEM on stability and trend consistency, given its lower cost structure, stronger balance sheet, and concentration in safer jurisdictions — qualities that tend to support more resilient performance during gold-price pullbacks. However, on relative value and momentum, NEM presents a more compelling case, trading at a discount to its historical multiple with stronger recent one-year returns and improving cost guidance. The probable AI tilt would therefore depend on the objective: a momentum- and valuation-oriented model may favor NEM, while a stability- and quality-weighted model may lean toward AEM, with gold-price direction remaining the decisive swing factor for both. I’m watching this closely as gold prices continue to fluctuate.
Exploring Tickeron AI Trading Bots
I often turn to Tickeron’s AI Trading Bots when analyzing sector rotations like this one. The platform hosts a wide range of automated strategies with transparent performance records, helping me match approaches to my own risk parameters and time horizons. Reviewing the trade history on the site gives useful perspective on how different algorithms are handling current volatility in gold miners.
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Contributor
Financial analyst and market blogger with expertise in equity research, fundamental analysis, and macroeconomic trends. I regularly publish coverage on individual stocks, ETFs, and sector developments — combining rigorous financial analysis with clear, engaging writing for a broad investment audience.
AEM in upward trend: price expected to rise as it breaks its lower Bollinger Band on October 22, 2026
AEM may jump back above the lower band and head toward the middle band. Traders may consider buying the stock or exploring call options. In 29 of 37 cases where AEM's price broke its lower Bollinger Band, its price rose further in the following month. The odds of a continued upward trend are 78%.
Technical Analysis (Indicators)
Bullish Trend Analysis
Following a +7.07% 3-day Advance, the price is estimated to grow further. Considering data from situations where AEM advanced for three days, in 252 of 325 cases, the price rose further within the following month. The odds of a continued upward trend are 78%.
Bearish Trend Analysis
The Stochastic Oscillator may be shifting from an upward trend to a downward trend. In 44 of 67 cases where AEM's Stochastic Oscillator exited the overbought zone, the price fell further within the following month. The odds of a continued downward trend are 66%.
The Momentum Indicator moved below the 0 level on October 22, 2026. You may want to consider selling the stock, shorting the stock, or exploring put options on AEM as a result. In 48 of 74 cases where the Momentum Indicator fell below 0, the stock fell further within the subsequent month. The odds of a continued downward trend are 65%.
The Moving Average Convergence Divergence Histogram (MACD) for AEM turned negative on October 22, 2026. This could be a sign that the stock is set to turn lower in the coming weeks. Traders may want to sell the stock or buy put options. Tickeron's A.I.dvisor looked at 55 similar instances when the indicator turned negative. In 36 of the 55 cases the stock turned lower in the days that followed. This puts the odds of success at 65%.
AEM moved below its 50-day moving average on September 30, 2026 date and that indicates a change from an upward trend to a downward trend.
The 10-day moving average for AEM crossed bearishly below the 50-day moving average on October 06, 2026. This indicates that the trend has shifted lower and could be considered a sell signal. In 9 of 17 past instances when the 10-day crossed below the 50-day, the stock continued to move higher over the following month. The odds of a continued downward trend are 53%.
Following a 3-day decline, the stock is projected to fall further. Considering past instances where AEM declined for three days, the price rose further in 50 of 62 cases within the following month. The odds of a continued downward trend are 70%.
The Aroon Indicator for AEM entered a downward trend on October 23, 2026. This could indicate a strong downward move is ahead for the stock. Traders may want to consider selling the stock or buying put options.
Fundamental Analysis (Ratings)
The Tickeron Profit vs. Risk Rating rating for this company is 41 (best 1 - 100 worst), indicating well-balanced risk and returns. The average Profit vs. Risk Rating rating for the industry is 65, placing this stock slightly better than average.
The Tickeron SMR rating for this company is 43 (best 1 - 100 worst), indicating strong sales and a profitable business model. SMR (Sales, Margin, Return on Equity) rating is based on comparative analysis of weighted Sales, Income Margin and Return on Equity values compared against S&P 500 index constituents. The weighted SMR value is a proprietary formula developed by Tickeron and represents an overall profitability measure for a stock.
The Tickeron Price Growth Rating for this company is 56 (best 1 - 100 worst), indicating steady price growth. AEM’s price grows at a higher rate over the last 12 months as compared to S&P 500 index constituents.
The Tickeron PE Growth Rating for this company is 88 (best 1 - 100 worst), pointing to worse than average earnings growth. The PE Growth rating is based on a comparative analysis of stock PE ratio increase over the last 12 months compared against S&P 500 index constituents.
The Tickeron Valuation Rating of 100 (best 1 - 100 worst) indicates that the company is significantly overvalued in the industry. This rating compares market capitalization estimated by our proprietary formula with the current market capitalization. This rating is based on the following metrics, as compared to industry averages: P/B Ratio (3.079) is normal, around the industry mean (1.829). P/E Ratio (14.841) is within average values for comparable stocks, (-15.568). AEM's Projected Growth (PEG Ratio) (30.116) is very high in comparison to the industry average of (2.614). Dividend Yield (0.010) settles around the average of (0.359) among similar stocks. P/S Ratio (6.766) is also within normal values, averaging (7.321).
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General Information
a company which explores and mines for gold and silver
Industry PreciousMetals