Agnico Eagle Mines Ltd
Is there value inside this enterprise that the company is not currently capturing?
Filings through Dec 31, 2025 · Market data as of Sep 16, 2026
WE MODEL THE ENTERPRISE.™
01Executive summary
Agnico Eagle Mines Ltd enters the engine with $11.9B of trailing revenue, $8.3B of GAAP-derived EBITDA and a — enterprise value. Token Clear detected 3 value pathways from the company's own filings, led by Treasury Optimization, Margin Recovery Program and Infrastructure Capital Formation.
- Capital intensity is 20.3% of revenue ($2.4B TTM).
- Revenue grew 43.7% in the latest fiscal year.
- Latest machine-readable financials end 2025-12-31. Interim results filed on non-XBRL forms (e.g. 6-K) are not ingested — treat current-quarter figures as DATA REQUIRED.
02Current enterprise state
| Fact | Value | Class | Period | Source |
|---|---|---|---|---|
| Revenue (TTM) | $11.9B | REPORTED | Dec 31, 2025 | 40-F · filed 2026-03-19 |
| Revenue growth (latest FY) | 43.7% | CALCULATED | Dec 31, 2025 | FY 2025-12-31 revenue ÷ FY 2024-12-31 revenue − 1 |
| EBITDA (TTM, pre-tax proxy) | $8.3B | CALCULATED | Dec 31, 2025 | Pre-tax income + interest expense + D&A |
| EBITDA margin (TTM) | 70.1% | CALCULATED | Dec 31, 2025 | EBITDA ÷ revenue |
| EBITDA margin FY2024 | — | DATA REQUIRED | Dec 31, 2024 | (Operating income + D&A) ÷ revenue, prior fiscal year |
| Net income (TTM) | $4.5B | REPORTED | Dec 31, 2025 | 40-F · filed 2026-03-19 |
| Operating cash flow (TTM) | $6.8B | REPORTED | Dec 31, 2025 | 40-F · filed 2026-03-19 |
| Capital expenditures (TTM) | $2.4B | REPORTED | Dec 31, 2025 | 40-F · filed 2026-03-19 |
| Free cash flow (TTM) | $4.4B | CALCULATED | Dec 31, 2025 | Operating cash flow − capex |
| Cash & short-term investments | $2.9B | REPORTED | Dec 31, 2025 | 40-F · filed 2026-03-19 |
| Total debt | — | DATA REQUIRED | — | — |
| Shareholders' equity | $24.7B | REPORTED | Dec 31, 2025 | 40-F · filed 2026-03-19 |
| Shares outstanding | 500.0M | REPORTED | Dec 31, 2025 | 40-F · filed 2026-03-19 |
| Share price | $195.57 | REPORTED | Sep 16, 2026 | Yahoo Finance · NYSE |
| Market capitalization | $97.8B | CALCULATED | Sep 16, 2026 | Share price × shares outstanding |
| Enterprise value | — | DATA REQUIRED | Sep 16, 2026 | Market cap + total debt − cash & short-term investments |
| EV / EBITDA | — | DATA REQUIRED | Sep 16, 2026 | Enterprise value ÷ EBITDA (TTM) |
03Evidence quality
04Value pathways
Ranked by deterministic Token Clear score. Each pathway lists the evidence that triggered it, the assumptions that size it, and what stands in its way.
Agnico Eagle Mines Ltd holds $2.9B of cash and short-term investments against an operating reserve of $1.2B (10% of TTM revenue). A tiered treasury policy on the $1.7B above reserve can raise yield without reducing liquidity coverage.
EBITDA margin of 70.1% trails the live peer median of 73.2%. Closing part of the 3.0% gap on $11.9B of revenue is a direct EBITDA lever.
Agnico Eagle Mines Ltd is investing $2.4B a year in capital expenditure (20.3% of revenue). Funding a portion through asset-backed or contracted-cash-flow structures, rather than the corporate balance sheet, is modeled to lower the cost of capital on the build-out.
05Financial scenarios
Earnings methodology: counted pathways add $98.9M–$248.5M of pre-tax earnings, or — of equity value at today's — P/E after 21% tax.
Scenario columns apply the low, midpoint and high end of every counted pathway range. The peer column isolates a market re-rating and is shown for sensitivity only.
06Multiple Intelligence™
| Driver | Agnico Eagle Mines Ltd | Peer median | Read |
|---|---|---|---|
| Revenue growth | 43.7% | 37.2% | ahead |
| EBITDA margin | 70.1% | 73.2% | behind |
| FCF conversion | 52.7% | 72.0% | behind |
| Return on invested capital | — | 9.6% | data required |
| Net leverage | — | 0.0× | data required |
| Capex intensity | 20.3% | 5.7% | behind |
| Stock comp / revenue | 0.8% | 0.6% | in line |
Peer set (0 valid of 4): NEM 7.7× · B (excluded: Multiple not computable) · RGLD 16.8× · FNV (excluded: Multiple not computable).
07The 1% Thesis™ — validated bottom-up
08Recommended sequence & 90-day proof of value
- • Treasury Optimization
- • Margin Recovery Program
- • Infrastructure Capital Formation
| Days 1–15 | Validate | Confirm reported facts, peer set and every ASSUMPTION with Agnico Eagle Mines Ltd finance leadership; close DATA REQUIRED gaps from primary filings. |
| Days 16–45 | Design | Detailed design for NOW pathways: Treasury Optimization. Counsel review of regulatory blockers. |
| Days 46–75 | Approve & activate | Human approval gate per pathway; activate approved pathways with defined owners and baselines. |
| Days 76–90 | Measure | Baseline vs. target vs. actual on the first measurable metrics; decide on NEXT pathways and a platform engagement. |
09Risks & dependencies
No pathway-specific blockers were raised.
10Methodology & disclosures
Evidence classes. REPORTED taken from SEC XBRL filings or delayed market data · CALCULATED deterministic derivation with formula · BENCHMARK live peer comparable · ASSUMPTION explicit, challengeable input · SCENARIO output of stated assumptions.
Calculations. Trailing-twelve-month figures are fiscal year + current year-to-date − prior year-to-date. EBITDA is operating income plus depreciation and amortization (GAAP-derived, excluding non-GAAP adjustments). Enterprise value is market capitalization plus total debt less cash and short-term investments, excluding leases, minority interest and preferred equity. Non-USD filers are converted at spot. Recurring pathway economics are valued at today's multiple; overlapping pathways are counted once and contingent pathways are excluded.
Governance. AI does not perform or override valuation arithmetic. Scoring configuration is confidential and server-side. No pathway proceeds without human approval.
Disclosure. This study provides enterprise-value intelligence, scenario modeling and strategic analysis. Illustrative scenarios are not forecasts, guarantees, investment recommendations or assurances of market valuation. Market prices and valuation multiples are determined by investors and market conditions. Certain strategies require legal, tax, accounting, regulatory and other professional review before implementation.