AEM vs KGC: Agnico Eagle Mines Limited and Kinross Gold compared
The short version
From the latest prices and each company's SEC filings. Who's ahead on each measure, not which to buy.
- Agnico Eagle Mines Limited is the larger company, worth $87.0B, about 3.5 times Kinross Gold.
- Agnico Eagle Mines Limited grew revenue faster over the last year (+43.7% vs +37.0%).
- On earnings, Kinross Gold is the cheaper stock (12.2x vs 21.3x).
- Agnico Eagle Mines Limited's price assumes faster free cash flow growth: about 5% a year, against -5% for Kinross Gold (reverse DCF).
Side by side
The stronger figure is shaded where higher (or, for valuation multiples, lower) reads as better. How the implied growth works.
| Measure | AEM | KGC |
|---|---|---|
| Market cap | $87.0B | $24.9B |
| Share price | $189.02 | $23.74 |
| Revenue (last fiscal year) | $11.9B | $7.1B |
| Free cash flow (last fiscal year) | $4.4B | $2.6B |
| Revenue growth, last year | +43.7% | +37.0% |
| Revenue growth per year, last 5 fiscal years | +32.4% | +28.3% |
| Operating margin | — | 46.5% |
| Net margin | 37.5% | 33.9% |
| Return on equity | 104.0% | 27.9% |
| P/E (trailing) | 21.3x | 12.2x |
| Price / free cash flow | 20.4x | 9.69x |
| EV / EBITDA | 9.65x | 6.47x |
| FCF growth the price implies | 4.8% | -4.6% |
| Dividend yield | 0.89% | 0.67% |
| Debt / equity | 0.56x | 0.43x |
| Fundamental grade | A | A |
| Superinvestors holding it | 7 | 5 |
| Insider purchases, last 12 months | 0 | 0 |
Results from SEC filings
Revenue and free cash flow by fiscal year, from each company's 10-K filings.
Agnico Eagle Mines Limited
| Year | Revenue | Free cash flow | Op. margin |
|---|---|---|---|
| 2021 | $3.9B | $448M | 50.2% |
| 2022 | $5.7B | $558M | 48.3% |
| 2023 | $6.6B | $947M | — |
| 2024 | $8.3B | $2.1B | — |
| 2025 | $11.9B | $4.4B | — |
Kinross Gold
| Year | Revenue | Free cash flow | Op. margin |
|---|---|---|---|
| 2021 | $2.6B | $314M | 2.8% |
| 2022 | $3.5B | — | 3.4% |
| 2023 | $4.2B | $507M | 18.9% |
| 2024 | $5.1B | $1.4B | 29.9% |
| 2025 | $7.1B | $2.6B | 46.5% |
Where the revenue comes from
Agnico Eagle Mines Limited · by segments, 2025
Detour Lake$2.4B20%
Canadian Malartic$2.1B17%
Meadowbank$1.7B14%
Meliadine$1.3B11%
LaRonde mine$1.3B11%
Macassa$1.0B9%
Kinross Gold · by segments, 2025
Paracatu$2.1B29%
Tasiast$1.7B24%
Fort Knox$1.4B20%
La Coipa$825M12%
Bald Mountain$604M9%
Round Mountain$490M7%
Compare them in fullFifteen years of statements, quarterly results, DCF and IRR models, and any number of peers side by side.
Open AEM in InvestinglyQuestions
Which is bigger, Agnico Eagle Mines Limited or Kinross Gold?
Agnico Eagle Mines Limited (AEM), at $87.0B against $24.9B.
Is AEM or KGC cheaper?
By trailing P/E, Kinross Gold (12.2x) is cheaper than Agnico Eagle Mines Limited (21.3x). A lower multiple can also mean the market expects less growth.
Which grows faster, AEM or KGC?
Agnico Eagle Mines Limited: revenue grew +43.7% over the last year, against +37.0%.
Prices and ratios as of the last daily update; statements from SEC filings. Information only, not investment advice.