Agnico Eagle Mines dividend
Agnico Eagle Mines pays US$0.45 per share quarterly, or $1.80 per share annually, and its free cash flow per share was US$8.67 in 2025. Agnico Eagle Mines’ cash covered dividends, funded buybacks and left a surplus after dividends and buybacks.
How much does Agnico Eagle Mines pay per share over time?
The dividend starts at $1.80 per share after the quarterly rate reached $0.45. The base case holds $1.80 before rising to $2.00. The bear case cuts it to $1.60 and then $1.20. The bull case raises it to $2.00 and then $2.40. Stability is supported by the four-year $1.60 history, but construction competes with shareholder returns.
In the early years, Agnico paid out more than its internally generated free cash flow while absorbing major acquisitions and debt. By 2025, the pattern had changed: the company had repaid debt, built net cash and left a much larger surplus after dividends and buybacks. It also raised the quarterly dividend to US$0.45 per share and authorized up to US$2 billion for buybacks. Authorization is capacity, not money already spent.
| 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|
| Free cash flow per share | 8.67 | 4.18 | 1.84 | 1.20 | 1.73 |
| − Dividends paid, per share | 1.45 | 1.34 | 1.30 | 1.39 | 1.12 |
| − Share buybacks, per share | 1.36 | 0.34 | 0.10 | 0.25 | 0.14 |
| = FCF not paid out, per share | 5.86 | 2.50 | 0.44 | 0.46 |
Does Agnico Eagle Mines cover its dividend with cash?
Reserves held up better. Reserve ounces per 1,000 shares rose from roughly 105 in 2021 to 110 in 2025. Cash improved more sharply: free cash flow per diluted share rose from about US$1.73 to US$8.67. Dividends plus buybacks per diluted share increased from about US$1.27 to US$2.80. Higher gold prices and later acquisitions contributed, so these results cannot be credited to Kirkland alone.
| 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|
| Free cash flow | 4,362,870 | 2,095,624 | 899,844 | 524,698 | 423,290 |
| − Dividends paid | 728,077 | 671,655 | 638,642 | 608,307 | 275,158 |
| − Share buybacks | 682,890 | 169,357 | 47,003 | 109,955 | 34,606 |
| = Free cash flow not paid out | 2,951,903 | 1,254,612 | 214,199 | 113,526 | |
| Paid out, % of free cash flow | 32.3% | 40.1% | 76.2% | 136.9% | 73.2% |
What could change Agnico Eagle Mines’ dividend?
| October 2027 | October 2028 | October 2029 | |
|---|---|---|---|
| EBITDA | 9,600 (5,888 / 11,798) | 8,762 (4,670 / 12,500) | 8,520 (4,995 / 13,410) |
| Dividends per share | 1.80 (1.80 / 1.80) | 1.80 (1.60 / 2.00) | 2.00 (1.20 / 2.40) |
| Net debt | -4,654 (-3,689 / -4,877) | -5,420 (-3,037 / -7,380) | -6,139 (-3,147 / -10,493) |
What is Agnico Eagle Mines’ dividend yield against its share price?
Production edged down in 2025 while realized price rose sharply, widening the realized-price-to-AISC margin to US$2,115 per ounce. Agnico's free cash flow per share rose from US$1.73 in 2021 to US$8.67 in 2025, while net cash replaced net debt. The valuation carries a 4.6% free cash flow yield and a 1.0% dividend yield, but the weighted case shows a negative return through October 2029.
The probability-weighted price is CAD 229.28 in October 2027, implying a 14% negative return including dividends. It falls to CAD 215.99 in October 2028, then recovers to CAD 227.75 in October 2029. The 2029 range is unusually wide: CAD 96.32 in the bear case to CAD 466.06 in the bull case, versus today’s CAD 269.83.