AEM vs KGC: How Agnico Eagle Mines and Kinross Gold Corporation Compare (2026)
Last updated July 2026
Short answer
AEM is the larger of the two ($70.34B market cap): the incumbent the market prices for continued execution (11.08x forward earnings, beta 0.60). KGC is the smaller challenger ($27.42B), cheaper on forward earnings (7.68x): more room to run, but more to prove. The real question is which set of drivers you believe, and whether owning one (or both) leaves you over-concentrated.
AEM vs KGC: the tie-breaker metrics
Same yardstick, side by side (as of July 2026). Valuation lined up like this is most meaningful for two names in the same corner of the market, which these are. Figures are approximate; verify before investing.
| Metric | AEM | KGC | What it tells you |
|---|---|---|---|
| Market cap | $70.34B | $27.42B | Size. The larger name is the incumbent; the smaller has more room to grow and more to prove. |
| Forward P/E | 11.08 | 7.68 | Valuation on next year's expected earnings, the same yardstick for both. Lower is cheaper for that growth; higher means the market is paying up. |
| Trailing P/E | 13.24 | 9.77 | Valuation on the last 12 months. A big drop from trailing to forward means the market expects earnings to jump, so more growth is already in the price. |
| Beta | 0.60 | 1.41 | Volatility vs the market. Above 1 swings harder than the index; below 1 is steadier. Higher beta means bigger drawdowns to hold through. |
| Price vs 52-week range | 14% of range | 32% of range | Where today's price sits between the 52-week low and high. Near the high is momentum with less margin of safety; near the low is out of favor or a discount, depending on why. |
| Price / book | 2.68 | 3.01 | How much you pay over book value. Very high can signal an asset-light, high-return business or a rich price. |
Reading it: KGC is the cheaper of the two on forward earnings, but cheaper is not the same as better. Pair the valuation with growth (how far the forward P/E sits below the trailing P/E) and risk (beta) before you decide.
Before you buy: how AEM and KGC affect your concentration
The metrics above tell you which is the marginally better business. The bigger risk for most people is not picking the slightly worse stock, it is over-concentrating. AEM and KGC share themes, so owning both, or adding either to what you already hold, can quietly push a large share of your portfolio into one bet.
This is the part a generic comparison page cannot answer, because it depends on what you own. Connect your brokerage and Walnut shows your real, combined AEM and KGC exposure, flags overlap with your existing positions, and tells you if adding one would tip you past a concentration you are comfortable with, read-only by default, with your login staying at your broker. Walnut is not an investment adviser.
What does Agnico Eagle Mines (AEM) do?
Agnico Eagle Mines is a senior gold producer and, by market value, one of the three largest gold miners in the world alongside Newmont and Barrick. It mines and sells gold from a portfolio of operations concentrated in low-risk jurisdictions: Canada is the core, complemented by mines in Australia, Finland, and Mexico. Because it sells a globally priced commodity, Agnico is largely a price-taker: its revenue moves with the gold price, while a large share of its mining costs are relatively fixed. That combination gives it operating leverage, meaning profits can rise faster than the gold price in a strong market and fall faster in a weak one.
What does Kinross Gold Corporation (KGC) do?
Kinross Gold Corporation is a senior gold mining company headquartered in Toronto, with producing mines and development projects spread across the Americas and West Africa. It reports through operating segments tied to its mines: Tasiast (Mauritania), Paracatu (Brazil), La Coipa (Chile), and the US assets Fort Knox, Round Mountain, and Bald Mountain, plus corporate. Because Kinross sells gold (and some silver) into global markets at prices it does not set, it is fundamentally a price-taker: its revenue and margins are driven mostly by the gold price and by its own mining, processing, and sustaining costs rather than by demand for any branded product.
AEM vs KGC: how do they differ?
Both fit overlapping themes, but they are not interchangeable. The useful comparison is which set of drivers and risks you want exposure to.
- AEM drivers: Leverage to a strong gold price; Low-cost operations in stable jurisdictions.
- KGC drivers: Leverage to a record gold price; Record free cash flow and shareholder returns.
Which fits which kind of investor
A faster-growing, richer-valued name usually swings harder, so it suits a longer horizon and a higher tolerance for volatility; a steadier, more cash-generative business suits a more conservative or income-minded investor. The honest test is which set of risks you could hold through a drawdown: The dominant risk is the gold price itself. For KGC, the dominant risk is gold-price cyclicality: with revenue tied to bullion, a sustained fall in the gold price would compress Kinross's earnings and free cash flow quickly, since costs are relatively fixed.
AEM or KGC: which should you pick?
Growth-minded investors who believe the theme has years to run tend to accept the richer multiple for more upside; value-minded investors lean toward the cheaper forward earnings and steadier profile. Pick AEM if you believe its drivers more; KGC if you believe its. Many investors hold both, but since they share themes, that is a concentrated bet, not diversification. Decide deliberately and check overlap. For the full detail, see the AEM and KGC guides.
AEM vs KGC: the full fundamentals
AEM. Figures are approximate and tied to the asOf date; verify live numbers before acting. Agnico's recent record results reflect an exceptionally high gold price, so a low or reasonable-looking earnings multiple can be misleading if it rests on peak-cycle margins that may not persist if bullion falls. The premium the market often assigns Agnico versus peers is a bet on both continued strong gold prices and the company's operational quality, so the stock can be sensitive to disappointment on either front.
KGC. These figures are approximate, tied to the asOf date, and change with the gold price; verify live numbers before acting. For a gold miner, valuation multiples matter less than where bullion sits in the cycle, because a low multiple can reflect peak-cycle earnings that may not repeat if gold falls. Treat any bullish view as partly a bet on the commodity, not just on the company.
Headline figures (approximate, Jul 2026): AEM shows business model Senior gold producer; revenue is a price-taker on the gold market with largely fixed mining costs, creating operating leverage, q1 2026 production About 825,000 payable ounces of gold; all-in sustaining costs around $1,483 per ounce, q1 2026 profitability Record net income of roughly $1.7 billion on a realized gold price near $4,861 per ounce, up sharply year over year, 2026 guidance Reaffirmed gold production of 3.3 to 3.5 million ounces for the full year; KGC shows revenue (ttm) Multi-billion-dollar revenue base; benefiting from historically high gold prices in 2026, production (2026 guidance) ~2.0 million gold equivalent ounces for full-year 2026, cost profile Production cost of sales ~$1,360/oz and all-in sustaining cost ~$1,730/oz (+/- 5%), free cash flow Record free cash flow for four consecutive quarters (roughly $840 million in Q1 2026).
The bottom line: AEM vs KGC
AEM and KGC are related but distinct: same themes, different businesses and risks. Neither wins in the abstract; the right pick is whichever thesis you actually believe, sized so you are not over-concentrated in one theme. Walnut can show your combined AEM and KGC exposure against your real portfolio. It is not an investment adviser.
Investing in Agnico Eagle Mines with AI
Connect the broker you already use and ask Walnut's AI how AEM fits what you actually hold: whether you own it already through a fund, what it would do to your concentration, and how it has tracked the S&P 500. Read-only by default, and you approve anything before it reaches your broker.
FAQ
What is the difference between AEM and KGC?
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Agnico Eagle Mines is a senior gold producer and, by market value, one of the three largest gold miners in the world alongside Newmont and Barrick. Kinross Gold Corporation is a senior gold mining company headquartered in Toronto, with producing mines and development projects spread across the Americas and West Africa. They show up together because they share investment themes, but they are different businesses, so the better fit depends on which thesis you are expressing.
Is AEM or KGC the better stock?
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Neither is universally better. AEM is the larger incumbent; KGC is the smaller challenger and looks cheaper on forward earnings. Walnut is informational, not investment advice. Compare what each does, the tie-breaker metrics above, and the risks, then decide which fits your thesis and what you already own.
Which is cheaper, AEM or KGC?
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On forward P/E (as of July 2026), AEM trades at 11.08x and KGC at 7.68x, so KGC is the cheaper of the two on next year's expected earnings. A lower multiple is not automatically the better buy: a richer valuation can be justified by faster growth, and a lower one can reflect real risk. Weigh the multiple against how fast each business is compounding.
Should you own both AEM and KGC?
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Because they share themes, owning both concentrates you in that theme. That can be intentional (a focused bet) or accidental (less diversification than it looks). Walnut can show your combined exposure across both, and whether adding either over-concentrates you, before you buy.
What are the risks of AEM vs KGC?
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AEM: The dominant risk is the gold price itself. Agnico is fundamentally a commodity producer, so a sustained decline in bullion would compress margins and earnings quickly, and the same operating leverage that magnifies profits on the way up magnifies losses on the way down. Because the shares often carry a premium valuation built on strong gold prices and operational quality, they can fall hard if either the metal or the operating story disappoints. Cost inflation is a structural risk: energy, labor, and consumables can push all-in sustaining costs higher and erode margins even when gold is firm. Mining is also operationally hazardous, exposed to grade variability, permitting delays, and reserve-replacement challenges, since every ounce mined must eventually be replaced through exploration or acquisition. Finally, while Agnico's jurisdictions are relatively stable, it still faces regulatory, environmental, and local-community risks that can delay or raise the cost of new projects. KGC: The dominant risk is gold-price cyclicality: with revenue tied to bullion, a sustained fall in the gold price would compress Kinross's earnings and free cash flow quickly, since costs are relatively fixed. Operating and geopolitical risk is elevated because key assets sit in varied jurisdictions, including Tasiast in Mauritania, exposing the company to political, currency, tax, and security factors outside its control. Rising all-in sustaining costs from inflation in labor, energy, and consumables can erode margins even when gold is strong. Development and permitting risk applies to Great Bear, where timelines depend on regulatory approvals and could slip, and Manh Choh has faced scrutiny over trucking routes. Mining also carries operational hazards, reserve-depletion risk, and environmental and community obligations that can raise costs or delay production.
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Walnut is informational, not investment advice. This page is descriptive and not a recommendation to buy or sell AEM or KGC; figures are approximate and dated (as of July 2026). Verify current data before investing.