Non-Energy Materials

Other Mining

14 investable US stocks · data to Saturday, October 24, 2026

Acquirer's Multiple percentile today60th percentile

Dearer than in 58% of quarters since 1999Its usual range since 1999 is the 41st to 70th percentile (the middle 80% of quarters), with a median of the 59th. Lower is cheaper: the 10th percentile is cheaper than 90% of the investable US market; the 50th is the middle.

Is it cheap because returns are depressed?

The industry is in its usual range on the multiple, and returns on assets are depressed (lower than in 75% of quarters). Free cash flow yield is low (lower than in 75% of quarters). A low multiple can be warranted when returns on assets are low, and a high one when they are high, so the multiple reads best next to returns and free cash flow, each against the industry's own history.

Over- or under-earning?

Over-earning

Return on assets ranks at the 81st percentile of investable US stocks, against a median of the 60th and a low of the 8th since 2004. That is well above its usual level, so it may be over-earning, and today's multiple is likely too low on a normalized basis. If earnings normalize, the multiple would likely stay about where it is: from the 60th percentile today (dearer than 60% of investable US stocks), around the 62nd, judging by where it sat in past quarters when returns were at their usual level. If returns fell to their low, it would be around the 76th (dearer than 76% of investable US stocks).

Percentile	Today	Returns normal	Returns at low
Return on assets (higher is better)	81st	60th (median)	8th (low)
Acquirer's Multiple (lower is cheaper)	60th	62nd	76th

Other Mining's return on assets as a percentile, quarterly since 2004. The shaded band is its usual range; the dashed line its median.

Percentiles among investable US stocks. Return on assets is operating income over total assets, trailing 12 months. The last two columns show where it sat in past quarters when returns were within 7.5 points of their median (3 quarters) and of their low (2). The past, not a forecast.

Against its own history

Each chart is the industry's median stock as a percentile of all investable US stocks, quarterly since 1999. For the Acquirer's Multiple and debt to equity, lower is better. The shaded band is its usual range (the middle 80% of quarters); the dashed line is its long-run median; the dot is today. Green shading marks the better end of each scale and red the worse, and today's dot takes the colour of where it sits.

Acquirer's MultipleUsual rangePercentile of enterprise value ÷ operating income: lower is cheaper. Dearer than in 58% of quarters since 1999.

Free cash flow yieldLower than usualPercentile of free cash flow yield: higher is a bigger yield. Lower than in 75% of quarters since 1999.

Shareholder yieldLower than usualDividends plus buybacks, as a percentile: higher is a bigger yield. Lower than in 75% of quarters since 1999.

Dividend yieldLower than usualPercentile of dividend yield: higher is a bigger yield. Lower than in 83% of quarters since 1999.

Return on assets, 5-yrWeaker than usualPercentile of five-year return on assets: higher is better. Lower than in 75% of quarters since 1999.

Debt to equityUsual rangePercentile of debt to equity: lower is less debt. More indebted than in 50% of quarters since 1999.

Company sizeSmaller than usualPercentile of market cap: higher is larger. Smaller than in 75% of quarters since 1999.

Other Mining stocks in the screens today

In today's screens, cheapest first. ● marks one of a screen's 30 tracked picks.

Stock	Screen	Acquirer's Multiple	FCF yield	Shareholder yield

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Other Non-Energy Materials industries

Metal Ore Mining cheaper than 95%Construction Materials cheaper than 70%Commodity Chemicals dearer than 54%Containers and Packaging dearer than 55%Metal Products dearer than 69%Other Materials dearer than 73%Specialty and Performance Chemicals dearer than 90%

Quarterly since 1999 from point-in-time data. Each quarter, every investable US stock (price above $3, market cap above $75M, average daily trading above $850,000, no OTC, ADRs or MLPs) is placed in a percentile (0-100) against all the others on each metric. An industry's value is the median percentile of its stocks. Industries follow FactSet's RBICS classification. Percentiles describe the past; they are not investment advice or a forecast.