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AEM, Agnico Eagle Mines Limited

Gold & Precious Metals capital-intensive

The Company's strategy is to deliver high quality growth while maintaining high performance standards in health and safety, environmental matters and social responsibility; build a strong pipeline of projects to drive future production; and employ the best people and motivate them to reach their potential.

The following table sets out the date of acquisition, the date of commencement of construction, the date of achieving commercial production and the estimated mine life for the Company's operating mines as of the date of this AIF.

Estimated end date for gold production based on the Company's current life of mine plans.

Latest annual: FY2025 40-F

AEM · Agnico Eagle Mines Limited

The business

What it sells, where the money comes from, the kind of company it is.

Revenue · FY2025

$11.9B

+43.7% YoY · 31% 5-yr CAGR

Vital signs · TTM, with 5-yr average

Revenue $11.9B 5-yr avg $7.3B

Gross margin 72% 5-yr avg 60%

Operating margin 23.3% 5-yr avg 45.7%

ROIC 8% 5-yr avg 13%

Owner-earnings margin 55% 5-yr avg 23%

Free cash flow margin 37% 5-yr avg 20%

The business in brief

read the 10-K →

What this business is and what moves its needle, from its own SEC filings.

What moves the needle: Gross margin has run about 54% and operating margin about 48% through the cycle, a wide spread between price and the cost of what it sells — whether that advantage is durable pricing power or a margin that can erode is the question the record is for. Capital spending runs about 24% of sales, so the return earned on what it sinks into that plant weighs as much as the margin. Read this kind of business on the commodity price and the cost position. On its own account, the filing leans hardest on pricing power & competition, set against the numbers in what the filing emphasizes, below.
Is it a good business?: Return on capital has sat near the cost of capital (median 10%). By owner earnings: roughly 14% of revenue reaches owners as cash, consistently. This is price-taker territory, where the balance sheet and the cycle matter more than any multiple; the rest is in the 10-K.

Every line is arithmetic on the company's filings, shown in full in the sections below.

The record

Ten years of arithmetic, read across the cycle.

The record, 2016–2025

realized figures from each filing · older years to the left

2016’16	2017’17	2018’18	2019’19	2020’20	2021’21	2022’22	2023’23	2024’24	2025’25	TTMTTMDec 2025
											Income statement
$2.1B	$2.2B	$2.2B	$2.5B	$3.1B	$3.9B	$5.7B	$6.6B	$8.3B	$11.9B	$11.9B	RevenueRevenue
52%	53%	47%	—	55%	54%	54%	56%	63%	72%	72%	Gross marginGross mgn
$1.1B	$1.0B	$504M	$1.5B	$1.6B	$1.9B	$2.8B	$2.5B	$2.9B	$6.8B	$2.8B	Operating incomeOp. inc.
50.5%	46.5%	23.0%	59.7%	51.0%	50.2%	48.3%	37.6%	35.6%	57.1%	23.3%	Operating marginOp. mgn
$159M	$241M	($327M)	$473M	$512M	$562M	$670M	$1.9B	$1.9B	$4.5B	$4.5B	Net incomeNet inc.
41%	29%	—	36%	33%	40%	40%	18%	33%	33%	33%	Effective tax rateTax rate
											Cash flow & returns
$779M	$768M	$606M	$882M	$1.2B	$1.3B	$2.1B	$2.6B	$4.0B	$6.8B	$6.8B	Operating cash flowOp. cash
$613M	$509M	$554M	$546M	$631M	$738M	$1.1B	$1.5B	$1.5B	$1.6B	$307M	DepreciationDeprec.
$7M	$18M	$378M	($138M)	$49M	$45M	$332M	($832M)	$551M	$710M	$2.0B	Working capital & otherWC & other
$516M	$874M	$1.1B	$883M	$759M	$897M	$1.5B	$1.7B	$1.8B	$2.4B	$2.4B	CapexCapex
24.1%	39.0%	49.7%	35.4%	24.2%	23.2%	26.8%	25.0%	21.9%	20.3%	20.3%	Capex / revenueCapex/rev
$263M	$259M	$52M	$336M	$433M	$448M	$1.0B	$947M	$2.1B	$5.2B	$6.5B	Owner earningsOwner earn.
12.3%	11.5%	2.4%	13.5%	13.8%	11.6%	17.5%	14.3%	25.9%	43.4%	54.7%	Owner earnings marginOE mgn
$263M	($107M)	($483M)	($972K)	$433M	$448M	$558M	$947M	$2.1B	$4.4B	$4.4B	Free cash flowFCF
12.3%	−4.8%	−22.1%	−0.0%	13.8%	11.6%	9.7%	14.3%	25.9%	36.9%	36.9%	Free cash flow marginFCF mgn
$71M	$76M	$84M	$105M	$190M	$275M	$608M	$639M	$672M	$728M	$728M	Dividends paidDiv. paid
$16M	$25M	$30M	$25M	$40M	$35M	$110M	$47M	$169M	$683M	—	BuybacksBuybacks
—	—	—	—	—	—	—	10%	9%	20%	8%	ROICROIC
4%	5%	-7%	9%	9%	9%	4%	10%	9%	18%	18%	Return on equityROE
2%	3%	−9%	7%	6%	5%	0%	7%	6%	15%	15%	Retained to equityRetained/eq
											Balance sheet
$548M	$644M	$308M	$328M	$406M	$191M	$659M	$339M	$926M	$2.9B	$2.9B	Cash & investmentsCash+inv
$8M	$12M	$10M	$8M	$12M	$14M	$9M	$8M	$8M	$19M	$19M	ReceivablesReceiv.
$444M	$501M	$494M	$580M	$630M	$879M	$1.2B	$1.4B	$1.5B	$1.7B	$1.7B	InventoryInvent.
$229M	$291M	$311M	$346M	$364M	$415M	$673M	$750M	$823M	$1.0B	$1.0B	Accounts payablePayables
$223M	$222M	$194M	$243M	$279M	$478M	$545M	$677M	$695M	$684M	$684M	Operating working capitalOper. WC
$1.2B	$1.5B	$1.1B	$1.1B	$1.2B	$1.3B	$2.2B	$2.2B	$2.8B	$5.0B	$5.0B	Current assetsCur. assets
$424M	$334M	$361M	$776M	$516M	$762M	$946M	$1.0B	$1.5B	$2.5B	$2.5B	Current liabilitiesCur. liab.
2.9×	4.4×	3.0×	1.4×	2.4×	1.7×	2.3×	2.1×	1.9×	2.0×	2.0×	Current ratioCurr. ratio
$697M	$697M	$408M	$408M	$408M	$408M	$2.0B	$4.2B	$4.2B	$4.2B	$4.2B	GoodwillGoodwill
$7.1B	$7.9B	$7.9B	$8.8B	$9.6B	$10.2B	$23.5B	$28.7B	$30.0B	$34.5B	$34.5B	Total assetsAssets
$1.1B	$1.4B	$1.7B	$1.4B	$1.6B	$1.3B	$1.2B	$1.7B	$1.1B	$196M	$196M	Total debtDebt
$524M	$728M	$1.4B	$1.0B	$1.2B	$1.1B	$583M	$1.4B	$127M	($2.7B)	($2.7B)	Net debt / (cash)Net debt
14.5×	13.2×	5.2×	14.2×	16.8×	21.1×	33.4×	19.1×	23.3×	74.6×	30.4×	Interest coverageInt. cov.
$4.5B	$4.9B	$4.6B	$5.1B	$5.7B	$6.0B	$16.2B	$19.4B	$20.8B	$24.7B	$24.7B	Shareholders’ equityEquity
											Per share
74.2M	76.8M	77.8M	79.0M	80.5M	81.2M	146M	163M	167M	167M	171M	Shares out (diluted)Shares
$28.80	$29.22	$28.18	$31.59	$38.98	$47.63	$39.35	$40.68	$49.72	$71.16	$69.69	Revenue / shareRev/sh
$2.14	$3.14	$-4.20	$5.99	$6.36	$6.92	$4.59	$11.92	$11.38	$26.66	$26.11	EPS (diluted)EPS
$3.54	$3.37	$0.67	$4.25	$5.38	$5.52	$6.87	$5.82	$12.86	$30.91	$38.10	Owner earnings / shareOE/sh
$3.54	$-1.39	$-6.22	$-0.01	$5.38	$5.52	$3.83	$5.82	$12.86	$26.29	$25.74	Free cash flow / shareFCF/sh
$0.96	$0.99	$1.08	$1.33	$2.36	$3.39	$4.17	$3.92	$4.03	$4.35	$4.26	Dividends / shareDiv/sh
$6.95	$11.39	$14.01	$11.18	$9.43	$11.04	$10.54	$10.15	$10.91	$14.45	$14.15	Cap. spending / shareCapex/sh
$60.51	$64.46	$58.52	$64.72	$70.60	$73.86	$111.32	$119.23	$125.02	$147.87	$144.79	Book value / shareBVPS

The diluted share count moved ×1.8 into 2022 — shares issued, not a split the totals corroborate — and the per-share figures carry the counts as filed.

Share counts before TTM are restated ×1/3 for a stock split, so per-share figures sit on one basis.

Per-share growththe realized rate an owner's share compounded

	9-yr	5-yr
Revenue / share	+10.6%/yr	+12.8%/yr
Owner earnings / share	+27.2%/yr	+41.9%/yr
EPS	+32.4%/yr	+33.2%/yr
Dividends / share	+18.3%/yr	+13.0%/yr
Capital spending / share	+8.5%/yr	+8.9%/yr
Book value / share	+10.4%/yr	+15.9%/yr

The record, charted

FY2016–2025

Each measure over its full record; the current point and the worst year marked.

Share count

502Mpeak FY2025

ROIC

20%low FY2024

Gross margin

72%low FY2018

Owner earnings vs. net income

Owner earningsNet income

The accountant's number, and the cash an owner can take; the gap is the tell.

$5.2Bowner earningsvs.$4.5Bnet incomelow FY2018

Where the cash went

ReinvestBuybacksDividendsAcquisitionsRetained

Each year's operating cash, by what management did with it: the mix, and how it drifts.

FY2016FY2025

Owner-earnings bridge

FY2021–FY2025cash-flow statement, SEC EDGAR →

Net income is the accountant's number; owner earnings is the cash an owner could take out. The walk between them, off the cash-flow statement, and whether the gap is widening or holding.

In fiscal 2025 the business earned $5.2B of owner earnings, the operating cash left after the $1.6B it takes just to hold its position. It put $773M more into growth; free cash flow, after that spending, was $4.4B.

Reported net income$4.5B

Owner earnings$5.2B · 43% of revenue

	FY2025	FY2024	FY2023	FY2022	FY2021
Reported net income	$4.5B	$1.9B	$1.9B	$670M	$562M
Depreciation & amortizationnon-cash charge added back	+$1.6B	+$1.5B	+$1.5B	+$1.1B	+$738M
Working capital & othertiming of cash in and out, other non-cash items	+$710M	+$551M	−$832M	+$332M	+$45M
Cash from operations	$6.8B	$4.0B	$2.6B	$2.1B	$1.3B
Maintenance capital expenditurethe spending needed just to hold position and volume	−$1.6B	−$1.8B	−$1.7B	−$1.1B	−$897M
Owner earnings	$5.2B	$2.1B	$947M	$1.0B	$448M
Growth capital expenditurediscretionary; spent to get bigger, not to stand still	−$773M	—	—	−$444M	—
Free cash flow	$4.4B	$2.1B	$947M	$558M	$448M
Owner-earnings marginowner earnings ÷ revenue	43%	26%	14%	17%	12%

Owner earnings is the cash an owner could pull out without starving the business: operating cash less the maintenance capital it must spend to hold its position (here about $1.6B, roughly its depreciation, the rate its assets wear out). The other $773M of its capital spending is growth it chose, not upkeep it owed; charged only with the maintenance it must do, the business earns well more than the year's free cash flow shows.

Maintenance capex is estimated as depreciation where a growing business invests above it; free cash flow is the figure the scorecard's free-cash margin reads.

III

Quality & stewardship

Returns, the balance sheet, capital allocation, and pay.

Owner’s Scorecard

FY2025 40-F · source on SEC EDGAR →

Will it survive?

Can it pay its interest? 30.4×

Comfortable

Operating income $2.8B ÷ interest expense $91M

What this means
Operating profit covers interest with the kind of margin Graham wanted for a defensive holding. Necessary, not sufficient, it says solvent, not cheap.
How heavy is the debt, net of cash? +$2.7B

Net cash

Cash $2.9B + ST investments $5M − debt $196M

What this means
Cash and short-term investments exceed every dollar of debt by $2.7B, on net the company owes nothing, and can act from strength when others can't. Net debt is the leverage figure that matters: the cash is already set against the debt. Strategic or illiquid investments aren't counted here.
How long is cash tied up? 73d

Long (60+ days)

DSO 1 + DIO 186 − DPO 113 days

What this means
Days cash is tied up between paying suppliers and collecting from customers. Lower is better; a long cycle means growth itself eats cash.

Is it a good business?

Return on invested capital 10%

Solid through the cycle

3-yr median, range 9%–20%; 8% latest = NOPAT $1.8B ÷ invested capital $22.1B

Industry peers: median 4%

What this means
The rate the business earns on the money tied up in it, Buffett's north star, because over time a stock tracks the ROIC beneath it. Above ~15% sustained hints at a moat; a return below the cost of capital (~8%) erodes value as a business grows rather than building it — the test Buffett weighs most. The headline is the median of the last 3 years (it ran 8% most recently), so one peak or trough year doesn't set the verdict. Asset-light businesses (R&D expensed, little capital) read artificially high, pair this with Owner Earnings.
Owner-earnings margin 13%

Solid through the cycle

10-yr median margin, range 2%–43%; latest $6.5B = operating cash $6.8B − maintenance capex $307M

Industry peers: median 9%

What this means
What an owner could take out without starving the business: operating cash less the maintenance capital it must spend to hold its position — Buffett's owner earnings. That's 55% of revenue this year, a 13% median across 10 years. It chose to put $2.1B more into growth, so free cash flow this year was $4.4B — the gap is investment, not weakness.
Are earnings backed by cash? 1.53×

Cash-backed

Cash from ops $6.8B ÷ net income $4.5B

What this means
How much of reported profit showed up as operating cash. Above 1× is reassuring; well below suggests earnings lean on accruals. One year is noisy, growth and working-capital swings distort it, and this is operating cash, not free cash. Watch the multi-year trend.

How is the cash used?

Where do the earnings go? 22%

Reinvests most of it

Dividends + buybacks $1.4B ÷ Owner Earnings $6.5B

What this means
Of $6.5B Owner Earnings, $1.4B (22%) went back to shareholders, $728M dividends, $683M buybacks. Returning most of it is the mark of a mature business with little left to reinvest at a high return; reinvesting most could mean a long runway, or empire-building. The split doesn't say which; the return earned on it (see ROIC) does.
Investing or harvesting? 7.88×

Expanding

Capex $2.4B ÷ depreciation $307M

What this means
Descriptive, not a grade. Above ~1× means investing faster than assets wear out (growth, or, sustained for years, today's earnings carrying less depreciation than tomorrow's will). Below means spending less than it's wearing out (efficiency, or a melting asset base). The ratio won't tell you which; the filings will.

Graham’s defensive tests · 5 of 6 met

Graham’s numerical criteria for the defensive investor (The Intelligent Investor, ch. 14), run on the filings. A floor of safety, not a buy signal; many fine modern businesses fail his strictest liquidity rules by design.

Adequate size Pass

Revenue ≥ $2B · $11.9B

What this means
Big enough to weather a storm. Graham's 1972 floor was ~$100M of sales (≈ $700M today); we use a $2B revenue line as a conservative modern stand-in.
Strong liquidity Pass

Current ratio ≥ 2× · 2.02×

What this means
Current assets at least twice current liabilities, near-term bills covered without touching the business. Strict by design: many cash-rich modern firms run leaner and miss it, holding their cushion in longer-dated securities.
Conservative debt Pass

Debt ≤ working capital · $196M vs $2.5B WC

What this means
Graham's rule that borrowings not exceed net current assets. Capital-heavy and buyback-heavy firms routinely fail it, read it next to interest coverage, not alone.
Earnings stability Near

A profit every year (10-yr record) · 1 loss year

What this means
Graham wanted earnings in each of the past ten years, the stability a defensive owner leans on.
Dividend record Pass

Uninterrupted dividends · paid every year (10)

What this means
An unbroken dividend was Graham's mark of durability. He wanted twenty years; the filings show about ten, and a single suspension breaks the streak. Non-payers, many fine modern compounders, fall outside his defensive net by design.
Earnings growth Pass

Earnings +33% over the record · +11280%

What this means
At least a third more earnings than a decade ago, averaging three years at each end. Net income (not per-share), so stock splits don't distort it, buybacks and dilution show up in the share-count line instead.
Moderate price —

P/E ≤ 15 and P/E × P/B ≤ 22.5 · decided by the price

What this means
Graham's valuation gate, the wall he kept between a sound business and a sound investment. Three-year average earnings are $5.53/share (latest year $8.92), the averaged base the calculator's gate runs on, and book value is $49.48/share. Enter a price in “What the price implies” just below for the P/E, P/B, and whether it clears. But this is the rule Buffett outgrew: there's no hard P/E law, and a wonderful business can deserve a far richer multiple if the thesis holds, treat it as the bargain-hunter's floor, not a verdict on the price.

Durability & moat, 2016–2025

Whether the record’s returns held, and what the capital reinvested earned.

Profitable years 9 of 10

What this means
Lost money in 1 year(s), look at what happened there before trusting the average.
Return on capital ≥ 15% 4 of 10 yrs

What this means
A moat shows up as a high return on invested capital that holds year after year, not one good vintage.
Operating margin 40% → 43% (3-yr avg ends)

In the filing’s words The margin widened even though the filing names price competition — the gain came from volume or cost, not pricing power. Read where.

What this means
Through the cycle the operating margin widened — about 40% early to 43% lately, median 48% — pricing power intact or improving.
Reinvestment, incremental ROIC 14%

What this means
Reinvested capital came back at only a modest incremental return — near the cost of capital, where extra growth adds little per dollar. The record shows whether it is a soft stretch or a thinning moat.
Owner earnings growth +34%/yr

What this means
Owner earnings grew about 34% a year over the record.
Worst year 2018 · 23.0% op. margin

What this means
Stayed profitable even in its hardest year, the resilience that survives recessions.
Dividend record rising

What this means
Paid and raised the dividend across the record, the continuity Graham prized.

Does AI threaten the moat?

Low contestability

The moat is physical, regulated or balance-sheet-funded, the kind AI cuts costs within but does not contest.

AI is unlikely to contest a moat that is physical, regulated or balance-sheet-funded; here it reads more as a cost tool than a threat.

Read from the filing's own risk factors, paired with the industry's structure under its SIC code; the durability is read above, the price below.

All figures as filed; the source filing is linked above.

Current Position

as of fiscal year-end, Dec 31, 2025

Can the business pay what it owes this year, off the freshest balance sheet: the quality of the assets, the debt actually coming due, and what a low ratio means here.

Current assets$5.0B

Cash & short-term investments$2.9B
Receivables$19M
Inventory$1.7B
Other current assets$405M

Current liabilities$2.5B

Accounts payable$1.0B
Other current liabilities$1.4B

Current ratio2.02×all current assets ÷ what's due · Graham looked for 2×

Quick ratio1.33×stricter: inventory excluded

Cash ratio1.16×strictest: cash alone against what's due

Working capital$2.5Bthe cushion left after near-term bills

Deeper floors

Tangible book value$20.6Bequity stripped of goodwill & intangibles

Net current asset value($4.7B)Graham's net-net: current assets less all liabilities

Debt incl. operating leases$321M$125M of it operating leases

From the company's latest filing.

How the cash was used, 2016–2025

Over the record, the business generated $21.0B of operating cash; how management split it reads as a reinvestor, most operating cash is plowed back into the business.

Reinvested$12.4B · 59%
Dividends$3.4B · 16%
Buybacks$1.2B · 6%
Retained (debt / cash)$4.0B · 19%

Returned to owners$4.6B
42% of the owner earnings the business produced over the span, $3.4B as dividends and $1.2B as buybacks.
Average price paid for buybacks—
Buybacks ran $1.2B over the span, but the filings don't tag the share count needed to deduce the average price paid.
Net change in share count130.2%
The diluted count rose from 74M to 171M: issuance (stock pay, deals) outran any buybacks, so owners were diluted on net.
Dividend record$4.35/sh
Paid in 10 of the years on record, the per-share dividend growing about 18% a year. It was never cut over the span.
Return on what it retained43%
Of the earnings it kept rather than paid out ($6.0B over the span), annual owner earnings (first three years vs last three) grew $2.6B, so each retained $1 added about 0.43 of yearly owner earnings. Buffett's test, run on owner earnings instead of market value.

Buybacks are gross of stock issued to staff; the share-count line above is the net of that, the figure that decides whether owners gained. The average price paid blends a year of purchases (and any accelerated repurchase), so it is close, not exact. The record of where the cash went and on what terms.

Inverting the record

Invert: instead of why Agnico Eagle Mines Limited is a good business, the question is what would make owning it a mistake, and whether those marks are in the record. Disconfirming tests across 2016–2025.

1 of the 5 tests turned up something to look into; the other 4 came back clean.

Look hereDid the share count rise anyway?130.2%
Diluted shares grew 130.2% over 2016–2025, even as the company spent $1.2B on buybacks. The repurchases were outrun by issuance — to staff, in a raise, or in a deal — and the filing says which; owners' slice still shrank. Read the buyback line beside this one, not on its own.

And these came back clean

Is it less profitable than it was?
Did debt outgrow the business?
Did reported profit become cash?
Did receivables and inventory outpace sales?

Each test is read from the filings and is noisy alone; a flag can mark a cyclical trough or a year of heavy investment as easily as a problem. The filing says which.

What an owner would ask, FY2025

read the 10-K →

Which reported numbers are a judgment call?
Management names Revenue recognition, Income taxes, Acquisitions as critical estimates
each rests partly on management's judgment; the filing's note sets out the assumptionsverify →

The questions the record and the charts do not answer on their own; each carries the figure and the place to look.

Peers, Gold & Precious Metals

The same industry, side by side on owner economics. Each figure is a through-cycle median, so a peak or trough year can’t distort it; the group median at the foot is the line to read each against.

Company	Revenue	Gross margin	Op. margin	ROIC	Owner earn. margin
FCXFreeport-McMoRan Inc.	$25.2B	29%	25.5%	15%	13%
NEMNewmont Corporation	$22.7B	—	12.0%	4%	19%
CLFCleveland-Cliffs	$18.6B	14%	8.4%	16%	9%
SCCOSouthern Copper Corporation	$13.4B	52%	41.5%	18%	24%
AEMAgnico Eagle Mines Limited	$11.9B	54%	49.3%	10%	14%
CDECoeur Mining Inc.	$2.1B	79%	4.3%	2%	2%
MUXMcEwen Inc.	$198M	77%	-43.0%	-9%	-7%
IAUXi-80 Gold Corp.	$95M	—	-177.0%	-15%	-157%
Group median	—	53%	10.2%	7%	11%

The price

What a price has to assume.

What the price implies

reverse-DCF

Enter the home-market price, not the US ADR quote. Agnico Eagle Mines Limited reports in USD, and every figure here (owner earnings, book value, the share count) is on that ordinary-share basis. Enter the price on the same basis: the local-exchange quote per ordinary share. A US ADR price in dollars bundles the ADR-to-ordinary ratio, so it will not reconcile with these figures and would throw the multiple off.

Type today's close and see the owner-earnings growth you'd have to believe to justify it, beside what Agnico Eagle Mines Limited has delivered.

Agnico Eagle Mines Limited’s latest year runs above its own through-cycle margin — the reported figure may flatter a peak. So the tool opens on the through-cycle base, Graham’s averaging cutting both ways; clear the toggle below to read the latest year exactly as reported.

Today’s price $

Through the cycle, Agnico Eagle Mines Limited earns about $1.6B on its 13.6% median owner-earnings margin. This year’s 54.7% margin runs above that; the reported figure may flatter a peak you'd be paying on. Normalize, below, values the price on that through-cycle figure rather than the latest year. It comes pre-checked here for that reason, the same rule that already normalizes a trough; clear it to price the year as filed.

Base Normalize · through-cycle ($1.6B) Net of stock comp Steady-state · maintenance capex ($6.5B)

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The assumptions Required return 9% Years of high growth 10 Terminal growth 2.5%

9.0% = the 4.55% 10-year Treasury (Jul 15, 2026) + 4.45 points of equity premium. The rate you require is yours to set.

Enter a price above to run it.

Implied by the price—

Owner-earnings growth · ’21→’25+50%/yr

Owner-earnings growth · ’16→’25+51%/yr

Owner-earnings yield—

P/E (3-yr earnings ’23–’25)—

P/B—

Graham’s price gate—

Graham capped the multiple at 15×; Buffett and Munger let that rule go: a wonderful business can deserve 50× if the thesis holds. The gate marks the bargain-hunter's floor.

Against a high-grade bond: Graham’s yardstick bond yield%

Prefilled with the 10-year Treasury (4.55%, as of Jul 15, 2026). Edit it for today’s exact figure, or a AAA corporate yield.

Graham measured a stock against the bond you could own instead, the heart of his margin of safety. Enter a price above to weigh the owner-earnings yield against this bond.

Free cash flow $4.4B on 500M shares outstanding, per the 40-F cover, as of 2025-12-31; net cash $2.7B. The base opens on the through-cycle figure (the latest year sits above the record’s own median, and Graham’s averaging cuts both ways); clear Normalize to use the year as filed. Net of stock comp treats option pay as the expense it is. Capex ($2.4B) runs well above depreciation ($307M), so this is a build-out; Steady-state swaps total capex for maintenance (≈ depreciation), lifting the base to about $6.5B, the cash it would throw off if it stopped expanding. The dials set the multiple a growth belief justifies; the price, and every dollar on this page, is yours.

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Cite: Owner Scorecard, "Agnico Eagle Mines Limited (AEM), the owner's record," https://ownerscorecard.com/c/AEM, data as of 2026-07-09.

Manual order: ← ADUR its page in the Manual AER →

Industry order: ← AAUC the Gold & Precious Metals chapter AG →