Metals & mining

22 companies · $224B combined revenue · $52.2B operating profit

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The typical US-listed metals & mining company grew revenue 11.5% and earnings 40.4% in its latest year, at a 16.6% operating margin, and 5 of 22 earn a return on capital above 15%. Figures from each company's latest annual filing with the SEC, refreshed daily.

11.5%Median revenue growth
40.4%Median earnings growth
3.1%Median revenue growth, 3 yrs
11.3%Median earnings growth, 3 yrs
16.6%Median operating margin
8.9%Median ROCE
Fastest revenue growthEro Copper ERO67.1%Fastest earnings growthHudbay Minerals HBM732%Highest ROCEMueller Industries MLI28.9%Biggest margin gainDenison Mines DNN+1101.5 pts

Growth engines: the 4 Cylinders

All four working: 25% of companies

A company's earnings per share can grow in only four ways: more sales, profits growing faster than sales (operating leverage), wider margins, and less debt. Each bar is the share of companies where that engine worked in their latest year.

  • Sales growth · Revenue up 10% or more76%
  • Operating leverage · Operating income growing faster than a growing revenue79%
  • Margin expansion · Operating margin up 1 point or more67%
  • Debt reduction · Debt down 5% or more, or net cash47%

Combined revenue · 19 companies reporting in US dollars

Revenue
$0$100B$200B$300BFY21FY22FY23FY24FY25

Combined operating margin

Operating margin
0%10%20%30%40%FY21FY22FY23FY24FY25

All 22 companies

Median–11.5%40.4%16.6%8.9%0.46x
BHPBHP$58.8B14.6%▲16.9%▼40.6%▲22.7%▲0.46x
RIORIO Tinto$57.6B7.4%▼-11.4%▼25.9%▲13.2%▲0.35x▲
GLWCorning$15.6B19.1%▲215%▲14.6%▼9%▲0.71x▼
HWMHowmet Aerospace$8.3B11.1%▼30.6%▼24.8%▲21.7%▲0.57x▼
VALEVale$38.4B0.9%▼-66.8%▼15.4%▼8.3%▼–
CCJCamecoCAD 3.5B11%▼243%▲17.8%▲6.7%▼0.14x▲
RGLDRoyal Gold$1.0B43.2%▲40.4%61.9%▲6.8%▼0.13x▲
MLIMueller Industries$4.2B10.9%▼26.5%▼22.9%▲28.9%▲0.00x▲
HBMHudbay Minerals$2.2B9.4%▼732%▲41.5%▲18.3%▲0.31x▲
BVNBuenaventura Mining$1.7B50%▲99.4%▲36.6%▲11.6%▲–
CLFCleveland-Cliffs$18.6B-3%▼–-8.5%▼-9.4%▼1.19x▼
MPMP Materials Corp. / DE$224M10.1%▼–-66.6%▼-4.2%▼0.50x▼
SSRMSSR Mining$1.6B62.4%▲–28.8%▲8.4%▼0.08x▲
TFPMTriple Flag Precious Metals$389M44.5%▲–56.8%▲10.6%▲0.00x▲
BDCBelden$2.7B10.3%▼19.7%▼11.6%▼11.1%▲1.02x▼
USARUSA Rare Earth$2M––-3622%▼-9.1%▼–
UECUranium Energy$37M-44.3%▼–-357%▼-9%▼–
EROEro Copper$786M67.1%▲–34.4%▲16.3%▲0.65x▼
CSTMConstellium$8.4B15.2%▲388%▲6%▼14.3%▲2.04x▼
ALMAlmonty IndustriesCAD 33M12.8%▲–-111%▼-7%▼0.45x▲
KALUKaiser Aluminum$3.4B11.5%71.2%▲5.6%▼8.8%▼1.28x▼
DNNDenison MinesCAD 5M22.2%▲–-1248%▼-5.8%▼–

▲ better than the median, ▼ worse. n/a: the ratio doesn't apply to that kind of business (e.g. a bank's operating margin). Sort by any column. Figures from each company's latest 10-K (or 20-F/40-F).