Metals & Mining valuation multiples
Worldwide, the median listed metals and mining company was valued at 10.1x EBITDA and 16.6x normalised earnings at 30 September 2026. By region, the median was 10.5x in the United States, 8.1x in Europe, 7.3x in Japan and 13.2x in Emerging Asia.
Global 908 listed metals and mining companies at 30 September 2026
median
median
median
median
*Excludes companies with negative EBITDA. **Excludes companies with negative normalised earnings. ***Excludes companies with negative operating profit (EBIT). How the figures are built
| EV/EBITDA | P/E | ||||
|---|---|---|---|---|---|
| Region | Companies | Median | Aggregate | Median | Aggregate |
| Global | 534 | 10.1x | 8.9x | 16.6x | 17.8x |
| United States | 31 | 10.5x | 10.6x | 20.5x | 22.5x |
| Europe | 52 | 8.1x | 8.3x | 16.5x | 17.4x |
| Japan | 38 | 7.3x | 9.3x | 12.7x | 17.8x |
| Emerging Asia | 249 | 13.2x | 10.4x | 18.8x | 16.9x |
Companies: those in the EV/EBITDA median. Median: the typical metals and mining company. Aggregate: the industry as a whole, total value over total revenue, earnings or book value, with larger companies weighing more and loss-makers included. In Japan the larger companies trade on higher multiples than the typical one, so the aggregate sits above the median. In Emerging Asia it is the other way round, and the aggregate sits below the median. n/m: not meaningful, or too few companies. How both are calculated
Valuation multiples by sector and region
What listed companies trade on worldwide, by region and sector, in ten pages. It may be shared and quoted with attribution to Siblis Research.
- Market multiples for eight regions: EV/EBITDA, P/E, EV/Sales, P/B
- 13 sectors by region: EV/EBITDA and P/E
- The most and least expensive industries
- Twelve quarters of history
| Multiple | Global | United States | Europe | Japan | Emerging Asia |
|---|---|---|---|---|---|
| EV/EBITDAEnterprise value to EBITDA; share-based pay counted as an expense. The key multiple for metals and mining companies. | 10.1x | 10.5x | 8.1x | 7.3x | 13.2x |
| P/ENormalised earnings: one-off items removed. | 16.6x | 20.5x | 16.5x | 12.7x | 18.8x |
| EV/EBITEnterprise value to operating profit, after depreciation. | 13.8x | 16.9x | 12.3x | 12.5x | 19.0x |
| P/BMarket value to book equity. | 2.3x | 2.6x | 1.7x | 0.8x | 1.9x |
| Ratio | Global | United States | Europe | Japan | Emerging Asia |
|---|---|---|---|---|---|
| EBITDA margin | 12.5% | 12.1% | 17.7% | 8.9% | 8.7% |
| Return on invested capital | 4.6% | 3.9% | 6.8% | 5.1% | 5.4% |
| Net debt to EBITDA | 0.5x | 0.6x | 0.5x | 1.4x | 1.6x |
| Capex to revenue | 6.6% | 7.1% | 7.8% | 4.8% | 4.1% |
Each ratio is the median of the companies that report the figure. Revenue growth compares the last twelve months with the twelve months before.
Global
- BHP Group LtdAustralia
- Southern Copper CorpUS
- Rio Tinto plcUK
- Newmont CorpUS
- Zijin Mining Group Co LtdChina
of 908 companies
United States
- Southern Copper CorpUS
- Newmont CorpUS
- Freeport-Mcmoran IncUS
- Nucor CorpUS
- Steel Dynamics IncUS
of 59 companies
Europe
- Rio Tinto plcUK
- Glencore plcUK
- Anglo American plcUK
- ArcelorMittal SALuxembourg
- Antofagasta plcUK
of 73 companies
Japan
- Nippon Steel CorpJapan
- Sumitomo Metal Mining Co LtdJapan
- Omron CorpJapan
- JFE Holdings IncJapan
- Kobe Steel LtdJapan
of 40 companies
Emerging Asia
- Zijin Mining Group Co LtdChina
- China Molybdenum Co LtdChina
- JSW Steel LtdIndia
- Shandong Hongchuang Aluminum Industry Holding Co LtdChina
- Tata Steel LtdIndia
of 297 companies
Subscribers get the figures of all 908 companies at 30 Sep 2026, and of every company in earlier quarters, delisted ones included, with their key multiples, size band, last reporting date and data flags. Every median and aggregate can be checked company by company, and every company figure traced back to that company's own filings.
| Sub-industry | Covers | EV/EBITDA | P/E |
|---|---|---|---|
| Steel | Steel producers, iron ore, metallurgical inputs | See plans | See plans |
| Base Metals & Diversified Mining | Aluminum, copper, zinc, lithium and diversified miners | See plans | See plans |
| Precious Metals | Gold, silver, platinum-group metals, incl. royalty / streaming | See plans | See plans |
Global medians, 30 Sep 2026
Global median EV/EBITDA, 12 quarters
Metals & Mining in the full data
Many companies with no production yet
32% of the 866 metals and mining companies in the statistics have negative EBITDA, so the EV/EBITDA median rests on the 534 with a meaningful multiple. The largest countries by number of companies are Canada (230), China (186) and Australia (146); Canada and Australia list many exploration and development companies that are not yet producing.
A re-rating
The global median EV/EBITDA rose from 8.4x in Q4 2023 to 10.1x, and the aggregate from 7.0x to 8.9x. Europe rose most, from 4.7x to 8.1x.
By region
Emerging Asia has the highest median, 13.2x, and Japan the lowest, 7.3x, where the median company also trades below book value, at 0.8x. For a producing mine, EV/EBITDA is the usual measure; for a developer or explorer, the valuation rests on its resources and the multiples do not apply.
What EV/EBITDA multiple do metals and mining companies trade at?
The median listed metals and mining company traded at 10.1x EBITDA (EV/EBITDA) at 30 September 2026, across 534 companies above USD 100m; the aggregate was 8.9x. United States 10.5x, Europe 8.1x, Japan 7.3x, Emerging Asia 13.2x.
What is the median P/E of metals and mining companies?
16.6x at 30 September 2026, across 452 companies; the aggregate was 17.8x.
Should a valuation use the median or the aggregate?
The median, with the 25th and 75th percentiles of a peer group close to the target in sub-industry and size. The aggregate describes the industry as an investor holding all of it would see it, and it is pulled towards the largest companies.
Do these figures include private metals and mining companies?
No. They cover listed companies with a market value above USD 100m. Data for US companies of USD 25–100m is available to subscribers as a separate universe.
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Companies with a market value above USD 100m whose main business is mining and processing metals and minerals, including steel and aluminium producers and exploration companies, listed on the largest stock markets in every region. Delisted companies are included for the dates they were listed, so past figures carry no survivorship bias.
Financial statements come from official filing databases where they exist, such as SEC EDGAR in the United States and EDINET in Japan, and otherwise from the companies' own published reports.
908 metals and mining companies at 30 September 2026. The number changes every quarter as companies list, delist or change industry. Companies with accounts more than about nine months old, and holding companies whose results are mainly revaluations of their investments, are left out.
The typical company: each counts once, from at least five values. A company with negative EBITDA, operating profit or normalised earnings is left out of the median of that multiple, as are multiples above 50x for EV/Sales or 100x for earnings multiples. So each median has its own number of companies.
The industry as a whole: total value over total revenue or earnings in US dollars, each company weighted by its free float, loss-makers included. Where one company is more than half the industry's value, the aggregate mostly describes that company; use the median.
Each figure uses only the financial statements public on the valuation date, over the last twelve months. Later restatements never change it.
Market value plus debt, preferred equity and minority interests, less cash. Lease liabilities are included on the IFRS 16 basis.
Restructuring, deal and litigation costs are added back; share-based pay stays an expense. Adjusted EBITDA adds share-based pay back as well.
Net earnings with one-off items removed, such as impairments, restructuring costs and disposal gains. The P/E uses these, never reported earnings.
Cite this page
Siblis Research (2026). Metals & Mining Valuation Multiples [Data set]. Valuation date 30 September 2026. siblisresearch.com/valuation-multiples-by-industry/metals-mining/
Charts on this page may be reproduced with attribution to Siblis Research and a link to this page.
@misc{siblis_metals_mining_multiples,
title = {Metals & Mining Valuation Multiples},
author = {{Siblis Research}},
year = {2026},
note = {Valuation date 30 September 2026},
url = {https://siblisresearch.com/valuation-multiples-by-industry/metals-mining/}
}