Agnico Eagle vs. Barrick: Which Gold Miner Shines Brighter Amid Price Pullback?

Industry
โดย Zacks Investment Research·Read original
Summary · why it matters

Agnico Eagle and Barrick Mining are compared as gold prices retreat from record highs above $5,600 per ounce in January to below $4,000 recently, though bullion remains up around 20% year over year. Agnico Eagle reported first-quarter operating cash flow of roughly $1.3 billion, up 29% year over year, and free cash flow of about $732 million, a 23% increase, while its all-in sustaining costs rose 26% to $1,483 per ounce. Barrick generated operating cash flow of roughly $2.6 billion in the first quarter, up 111% year over year, with attributable free cash flow surging 195% to around $1.2 billion, but its all-in sustaining costs reached $1,708 per ounce, an 8% sequential increase. Agnico Eagle trades at a forward earnings multiple of 11.54, a premium to the industry average of 9.48, while Barrick trades at 9 times forward earnings, below both the industry and Agnico Eagle. Agnico Eagle's return on equity of 21.1% exceeds Barrick's 14.8%, and its long-term debt-to-capitalization of about 1.1% is far lower than Barrick's 11.3%, indicating lower financial risk. Consensus estimates project Agnico Eagle's 2026 earnings per share to grow 59.4% and Barrick's to grow 56.2%, with both stocks carrying a Zacks Rank of 3, or Hold, but Agnico Eagle's higher growth projections and superior return on equity suggest it may be the more favorable option.

Impact on stocks 2

Critical Materials & Supply Chain± Mixed · 2 stocks
Agnico Eagle Mines Limited
AEM
▲ PositiveCapitalrelevance

Agnico Eagle reported strong Q1 cash flows and has superior financial metrics (ROE, low debt) and higher EPS growth projections, making it the more favorable option.

Barrick Mining Corporation
B
▼ NegativeCapitalrelevance

Barrick's all-in sustaining costs rose sequentially, its ROE is lower, and it trades at a discount, but the article suggests Agnico Eagle is more favorable.

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