Gold & silver miners
Query: US-listed gold and silver miners with market cap above 5 billion dollars, ranked by forward P/E, with 6-month return · data as of 2026-10-16
Precious metals miners screen: 14 gold/silver producers plus royalty names above $5B market cap, ranked by forward P/E ascending, with a 6M-return heatmap, brief profiles and commentary. Cheapest: Harmony (5.1x), Gold Fields (7.0x), Coeur (7.5x), Kinross (7.8x); premium: Royal Gold (18.4x) and Franco-Nevada (25.9x). Canada-domiciled royalty/streaming names (Wheaton, Triple Flag) were excluded as non-US-listed.
14 US-listed gold, silver and royalty/streaming names above $5B market cap, as of October 16, 2026, sorted by forward P/E. South African and West African producers (Harmony, Gold Fields) screen cheapest on forward earnings, while the royalty and streaming group (Royal Gold, Franco-Nevada) commands premium multiples on higher-margin, contract-based revenue. Most names sit well below 52-week highs despite strong 1-year returns, implying a sharp correction from a metal-price peak.
Precious Metals Miners > $5B Market Cap — Ranked by Forward P/E
| Symbol | Security Name | Sector | Industry | Market Cap | Forward P/E | Trailing P/E | 6M Return | 1M Return | 1Y Return | % from 52W High | % above 150D SMA | Revenue Growth (YoY) | Gross Margin | Operating Margin | Profile | Comments |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| HMY | Harmony Gold Mining Company Lim | Materials | Gold | 1.074e+10 | 5.13 | 10.77 | -3.91% | -11.90% | -15.22% | -34.25% | 2.75% | 20.39% | 32.83% | — | South African gold miner; low-cost underground assets | Deepest-value name in the group, but the discount is partly a country-risk premium: South African operations carry deep-level mining, power-cost and rand-translation exposure. Earnings leverage to the gold price is very high given thin safety margins at older shafts; the risk case is a ZAR rally or a wage settlement that squeezes unit costs. |
| GFI | Gold Fields Limited | Materials | Gold | 3.35e+10 | 7 | 9.54 | -23.03% | -13.24% | -9.63% | -38.87% | -4.90% | 15.57% | 55.29% | 17.59% | South African/Australian gold producer; Salares Norte | Salares Norte ramp is the swing factor for volumes while the Australian and South African portfolios do the cash generation. Cost inflation and permitting friction in Chile have historically caused re-guides; the cheap multiple suggests the market is still applying a delivery discount to new mine execution. |
| CDE | Coeur Mining, Inc. | Materials | Gold | 1.59e+10 | 7.51 | 13 | -24.01% | -22.57% | -30.49% | -43.02% | -14.36% | 96.41% | 78.73% | 34.15% | US silver-gold producer; newly enlarged portfolio | The most aggressive growth-by-acquisition story in the mid-cap miner space — recent dealmaking diluted per-share exposure while adding district-scale silver-gold assets. Highest revenue growth in the screen reflects that expansion, so the forward multiple rests on integration and on silver holding its price; leverage to silver is above the peer average. |
| KGC | Kinross Gold Corporation | Materials | Gold | 3.185e+10 | 7.84 | 9.13 | -31.07% | -15.69% | -10.35% | -36.91% | -13.31% | — | 69.11% | — | Canadian gold producer; Americas & Africa mines | Long-standing execution turnaround now visible in margins and free cash flow, with a portfolio tilted to lower-risk jurisdictions (Americas, West Africa). The low forward multiple alongside a well-regarded balance sheet makes it a common value-plus-quality anchor for gold exposure; main risk is grade decline at mature assets. |
| IAG | Iamgold Corporation | Materials | Gold | 9.757e+09 | 7.92 | 9.14 | -6.03% | -10.27% | 26.86% | -26.37% | 2.10% | 74.70% | 42.28% | — | Canadian gold miner; Cote Gold ramp-up | Cote Gold ramp drives operating leverage — the mine is the reason revenue is expanding so quickly, but it also means any commissioning or throughput shortfall hits the multiple hard. Recently among the relative outperformers in the group, with price holding above the 150-day average while peers sit below it. |
| BVN | Buenaventura Mining Company Inc | Materials | Other Precious Metals & Mining | 8.275e+09 | 8.64 | 7.38 | -12.41% | -12.36% | 22.57% | -30.34% | -7.79% | 40.15% | 31.12% | — | Peruvian gold-silver producer; Yanacocha JV | Peruvian polymetallic exposure (gold, silver, base metals) plus the Yanacocha sulphides JV give it copper optionality most pure gold miners lack. Illiquid relative to peers and politically exposed to Peruvian permitting and community relations; the multiple is roughly at par with larger seniors despite the smaller scale. |
| B | Barrick Mining Corporation | Materials | Gold | 6.775e+10 | 9.27 | 10.55 | -5.33% | -6.57% | 19.71% | -22.95% | 0.23% | 31.22% | 56.27% | 29.16% | Barrick Mining; global gold plus copper | The only large gold miner with meaningful copper co-product revenue, which partially decouples its multiple from the gold price alone. Portfolio rationalization and the Reko Diq copper project are the medium-term value unlocks; relative valuation versus Newmont and Agnico is the core debate. |
| AU | AngloGold Ashanti PLC | Materials | Gold | 4.695e+10 | 9.32 | 12.44 | -13.38% | -9.32% | 29.12% | -27.63% | -0.75% | — | 54.83% | — | AngloGold Ashanti; Africa, Australia, Americas | Improving portfolio quality after divesting higher-cost South African assets, leaving a cleaner Africa/Australia/Americas mix. Exposure to Ghana and Tanzania keeps a sovereign-risk discount in place; buybacks and dividends have made it a cash-return story rather than pure production growth. |
| PAAS | Pan American Silver Corp. | Materials | Gold | 2.065e+10 | 9.39 | 13.08 | -24.64% | -10.90% | 8.82% | -35.65% | -11.60% | 28.38% | 38.82% | — | Canadian primary silver miner; LatAm assets | The largest primary-silver producer by revenue, so its earnings are the most silver-price-sensitive of the senior names — silver's sharper pullback explains much of the group-relative weakness. LatAm jurisdictions (Mexico, Peru, Bolivia) add operating and tax risk; margin expansion from the La Colorada skarn is the structural catalyst. |
| NEM | Newmont Corporation | Materials | Gold | 1.25e+11 | 11.21 | 14.96 | 2.25% | -4.65% | 27.93% | -12.24% | 7.81% | 21.34% | 68.04% | — | World's largest gold miner; diversified portfolio | Scale leader trading at a discount to Agnico Eagle despite comparable free cash flow — the gap reflects portfolio complexity, asset-sale proceeds and past cost overruns. Best relative price action in the group, holding near its highs while the sector corrects, which typically signals the marginal buyer's preference for liquidity and index weight. |
| HL | Hecla Mining Company | Materials | Other Precious Metals & Mining | 1.07e+10 | 14.38 | 18.43 | -21.67% | -19.30% | 8.15% | -51.90% | -12.69% | 53.03% | 43.72% | 36.18% | US primary silver producer; Keno Hill ramp | Highest operating leverage to silver among the majors, with Keno Hill adding a high-grade but still-ramping silver source. Elevated free cash flow yield and the steepest drawdown from highs make it a high-beta silver proxy; operational hiccups at Keno Hill or Greens Creek move the stock more than the metal does. |
| AEM | Agnico Eagle Mines Limited | Materials | Gold | 8.334e+10 | 15.17 | 16.23 | -13.49% | -5.88% | 6.97% | -24.85% | 4.15% | 43.71% | 74.51% | 1.11% | Canadian senior gold producer; low-cost mines | Priced as the quality benchmark — top-tier jurisdictions (Canada, Finland, Australia), consistent grade profile and a strong net-cash balance sheet. That quality is why it carries the highest multiple among the large producers rather than a value discount; the trade-off is limited re-rating room versus cheaper peers. |
| AG | First Majestic Silver Corp. | Materials | Silver | 8.888e+09 | 15.71 | 22.83 | -25.51% | -18.01% | 7.68% | -50.08% | -15.89% | 124.25% | 63.31% | — | Canadian primary silver miner; Jerritt Canyon | The purest silver beta here and the most volatile fundamentally: earnings swing with silver, and Mexican tax/permitting treatment plus the Jerritt Canyon restart are idiosyncratic risks. Extremely rapid revenue growth flatters the forward multiple, so treat the estimate as more fragile than the large-cap miners'. |
| RGLD | Royal Gold, Inc. | Materials | Gold | 2.017e+10 | 18.43 | 26.36 | -10.82% | -5.14% | 18.70% | -21.77% | 3.20% | 43.24% | 69.32% | 61.93% | US precious-metals royalty & streaming company | US-domiciled royalty model — contract-based revenue with no mine operating cost inflation, hence the very high operating margin. Premium multiple reflects that resilience; the offset for a gold-price bull case is that royalties capture less of the upside once production is contracted. |
| FNV | Franco-Nevada Corporation | Materials | Gold | 4.229e+10 | 25.9 | 31.9 | -6.80% | -8.58% | 17.01% | -13.21% | 3.46% | 10.62% | 92.09% | — | Gold-focused royalty & streaming company | The premium holding in the sector and a de facto gold-price proxy: multi-decade, inflation-protected royalty agreements with no capex obligations, so it acts as the defensive way to own gold. The cost of that defensiveness is the highest multiple in the screen and less torque if metal prices re-accelerate. |
Gold & Silver Miners — 6M Return Heatmap
[heatmap: Gold & Silver Miners — 6M Return Heatmap]
Takeaway
What this screen says
The precious-metals complex is in a mid-cycle pullback rather than a breakdown. Almost every name carries a double-digit one-year gain yet sits well below its 52-week high, and the 150-day average has flipped from support to overhead for roughly half the group. Gold is barely positive over twelve months while holding large multi-year gains, and silver has corrected sharply — so the earnings base has flattened even as equity prices discounted further metal strength.
How the ranking splits
- Cheap producers (forward P/E under 10): Harmony, Gold Fields, Coeur, Kinross, IAMGOLD, Buenaventura, Barrick, AngloGold, Pan American. This bucket includes the South African deep-level miners on sovereign and cost-inflation discounts, plus mid-tiers whose multiples ride on a specific mine ramp. Earnings here are levered to the gold price with high operating leverage, so a modest metal recovery translates into outsized multiple compression.
- Premium royalty and streaming: Royal Gold and Franco-Nevada, and (before their Canada-listing exclusion) Wheaton and Triple Flag. These are structurally higher-margin businesses with no mine-level cost inflation, which is precisely why the market pays up — the tradeoff is comparatively less upside torque.
- Quality at a fair price: Agnico Eagle and Newmont form the large-cap anchor. Agnico's jurisdictional quality and Newmont's scale/liquidity mean they tend to lead on the way up but rally less violently off a washout.
Risks worth naming
- Cost inflation and grade decline are the persistent enemy of the cheap bucket — deep South African shafts and aging LatAm assets carry structural unit-cost creep.
- Jurisdiction: South African, Peruvian and Mexican exposure explains much of the valuation gap to Canadian/Australian peers; those discounts persist for a reason.
- Silver beta: the silver-weighted names are the highest-torque positions on both sides of the trade, and silver's correction has already proved how fast that works in reverse.
With the broad market withdrawing bids from anything speculative and paying instead for cash returned today, miners with visible free cash flow — Kinross, Barrick, AngloGold, Newmont — fit the current regime better than the highest-multiple or most-levered names.
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Educational research tool — not investment advice. A screen is a starting point, not a recommendation.