Research · Sep 3, 2026
[AEM] Agnico Eagle Thesis 2026: Gold Price Tailwind Amplifies Production Growth
Agnico Eagle FY25 (Dec 31, 2025) at $11.91B revenue (+44%). Gold production 3.45M oz; cash costs $979/oz; AISC $1,339/oz. Operating income $6.33B (+101%); Net income $4.46B (+135%); Diluted EPS $8.86 (+135%). FCF $4.26B (+100%). Capex $2.56B; Dividends $728M; Buybacks $683M. Total debt $321M (-$1B); Net cash +$2.2B. Reserves record 55.4M oz (+2%); resources 47.1M oz (+10%); inferred 41.8M oz (+15.5%). 20-30% production growth pipeline next decade: Detour underground (300-350K oz/yr), Malartic fill-the-mill (400-500K oz/yr), Upper Beaver (>200K oz/yr), Hope Bay (400-425K oz/yr). 2026 cost guide +$100/oz (>50% royalties+CAD; ex-FX +4-5%). 3 covered analysts: 3 Hold; consensus $249.67, range $210-$304. Feb-Apr 2026: 3 PT cuts (CIBC, UBS, JPM).