Based on key financial metrics such as the price-to-sales ratio, shareholder yield and the price-earnings ratio, the following 6 stocks made the list for top value stocks in the Metals & Mining industry. Those looking for value stocks to add to their portfolio may want to use this list as a starting point for further investment research.
Why Focus on Undervalued Metals & Mining Stocks?
Value investors seek to buy stocks at a discount to their intrinsic value. Long-term returns show that such strategies are advantageous. Value stocks, as a group, tend to outperform growth stocks over extended periods of time. Typically, value investors perform financial analysis of numerous metrics, don’t follow the herd and are long-term investors.
AAII’s A+ Investor Value Grade is derived from a stock’s Value Score. The Value Score is the percentile rank of the average of the percentile ranks of the price-to-sales ratio, price-earnings ratio, enterprise-value-to-EBITDA (EV/EBITDA) ratio, shareholder yield, price-to-book-value ratio and price-to-free-cash-flow ratio. The score is variable, meaning it can consider all six ratios or, should any of the six ratios not be valid, the remaining ratios that are valid. To be assigned a Value Score, stocks must have a valid (non-null) ratio and corresponding ranking for at least two of the six valuation ratios.
What Goes Into AAII’s Value Grade?
Stock evaluation requires access to huge amounts of data as well as the knowledge and time to sift through it all, make sense of financial ratios, read income statements and analyze recent stock movement. AAII created A+ Investor, a robust data suite that condenses data research in an actionable and customizable way suitable for investors of all knowledge levels, to help investors with that task.
AAII’s proprietary stock grades come with A+ Investor. These offer intuitive A–F grades for more than just value. It is possible for a stock to appear cheap based on one valuation metric but appear expensive on another. It is also possible for one valuation ratio to be associated with outperforming stocks during certain periods of time but not others. Some stocks may even have null values for certain metrics like the price-earnings ratio or the price-to-book ratio but not others. An example of this would be a company with losses instead of profits or a negative book value because of heavy borrowing. Negative earnings or book value result in non-meaningful ratios that are left blank or null.
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6 Undervalued Metals & Mining Stocks
Of course, there are countless value stocks that are worth mentioning, but this is a concise list of the top 6 undervalued stocks in the Metals & Mining industry for Thursday, May 21, 2026. Let’s take a closer look at their individual scores to see how they measure up against each other and the Metals & Mining industry median.
| Company | Ticker | Price/Sales | Price/Earnings | EV/EBITDA | Shareholder Yield | Price/Book Value | Price/Free Cash Flow | Value Grade |
| Commercial Metals Company | CMC | 0.95 | 15.9 | 8.0 | 3.4% | 1.79 | 25.3 | B |
| Caledonia Mining Corporation Plc | CMCL | 1.69 | 8.1 | 3.6 | 7.3% | 1.71 | 21.9 | A |
| Fortuna Mining Corp. | FSM | 2.64 | 8.9 | 4.9 | 0.4% | 1.62 | 7.9 | A |
| Kaiser Aluminum Corporation | KALU | 0.74 | 18.4 | 8.2 | 1.0% | 3.12 | na | B |
| Nexa Resources S.A. | NEXA | 0.57 | 8.8 | 5.2 | 0.9% | 1.62 | 29.7 | A |
| Ternium S.A. | TX | 0.56 | 15.3 | 12.5 | 5.8% | 0.72 | na | A |
The Value Grade is assigned based on how each stock’s composite valuation compares to all other stocks.
The process for assigning grades starts with each variable for a given stock. The percentile rankings for all valid ratios that a stock has are calculated. So, for instance, a stock could have a price-to-book ranking in the 43rd percentile, a price-earnings ranking in the 67th percentile, a price-to-sales ranking in the 23rd percentile, etc. Then, those rankings are averaged for each stock. (A minimum of two valid variables are required, though all six will be used if available.)
Once the average of the individual variables is calculated, that average is ranked against all stocks. Put another way, each stock’s composite valuation is compared to all other stocks. These ranks are then sorted into quintiles from the cheapest 20% (a grade of A) to the most expensive 20% (a grade of F).
As always, we recommend that you conduct proper due diligence and research before investing in any security. We also suggest that investors utilize numerous grades, not just value, when it comes to deciding whether a company is a good fit for their allocation needs.
Commercial Metals Company’s Value Grade
Value Grade:
| Metric | Score | CMC | Industry Median |
| Price/Sales | 31 | 0.95 | 3.08 |
| Price/Earnings | 40 | 15.9 | 17.9 |
| EV/EBITDA | 24 | 8.0 | 8.4 |
| Shareholder Yield | 23 | 3.4% | (9.0%) |
| Price/Book Value | 47 | 1.79 | 3.12 |
| Price/Free Cash Flow | 62 | 25.3 | 25.3 |
Commercial Metals Company manufactures, recycles, and fabricates steel and metal products, and related materials and services in the United States, Poland, China, and internationally. It operates through three segments: North America Steel Group; Europe Steel Group; and Emerging Businesses Group. The company processes and sells ferrous and nonferrous scrap metals to steel mills and foundries, aluminum sheet and ingot manufacturers, brass and bronze ingot makers, copper refineries and mills, secondary lead smelters, specialty steel mills, high temperature alloy manufacturers, and other consumers. It also manufactures and sells finished long steel products, including reinforcing bar, merchant bar, light structural, wire rod, and other special sections, as well as semi-finished billets for rerolling and forging applications. In addition, the company provides fabricated rebar used to reinforce concrete primarily in the construction of commercial and non-commercial buildings, hospitals, convention centers, industrial plants, power plants, highways, bridges, arenas, stadiums, and dams; sells and rents construction-related products and equipment to concrete installers and other businesses; and manufactures and sells strength bars for the truck trailer industry, special bar steels for the energy market, and armor plates for military vehicles. Further, it sells wire meshes, welded steel mesh, wire rod, cold rolled rebar, cold rolled wire rod, assembled rebar cages and other fabricated rebar by-products to fabricators, manufacturers, distributors, and construction companies. The company was founded in 1915 and is headquartered in Irving, Texas.
Stocks with a Value Score from 81 to 100 are considered deep value, those with a score between 61 and 80 are value and so on.
Commercial Metals Company has a Value Score of 69, which is considered to be undervalued.
When you look at Commercial Metals Company’s price-to-sales ratio at 0.95 compared to the industry median at 3.08, this company has a lower price relative to revenue compared to its peers. This could make Commercial Metals Company’s stock more attractive for value investors.
Commercial Metals Company’s price-earnings ratio is 15.90 compared to the industry median at 17.85. This means it has a lower share price relative to earnings compared to its peers. This could make Commercial Metals Company more attractive for value investors.
Now, let’s assess Commercial Metals Company’s EV/EBITDA ratio, also known as enterprise multiple. At 8.0, when compared to the industry median of 8.4, the company may be considered undervalued in relation to its peers. Value investors could use the enterprise multiple to identify stocks that are considered overvalued or undervalued relative to their industry.
Shareholder yield is the sum of a stock’s dividend yield (paid over previous 12 months minus special dividends) and the percentage of net share buybacks over the previous 12 months. Commercial Metals Company’s shareholder yield is higher than its industry median ratio of (9.00%). Value investors may look for an attractive shareholder yield because it can be a powerful tool for identifying if the company has a good management team.
As one of the most common value metrics, the price-to-book ratio evaluates a company’s current market price relative to its book value. Commercial Metals Company’s price-to-book ratio is lower than its industry median ratio of 3.12. This could make Commercial Metals Company more attractive to investors looking for a new addition to their portfolio.
Lastly, let’s take a look at Commercial Metals Company’s price-to-free-cash-flow ratio (P/FCF), which can indicate a company’s market value relative to its operating cash flow. Commercial Metals Company’s price-to-free-cash-flow ratio is higher than its industry median ratio of 25.30. This could make Commercial Metals Company fairly attractive because the higher P/FCF ratio indicates that Commercial Metals Company is undervalued. The P/FCF ratio metric can also be viewed over a long-term time frame to see if the company's cash flow to share price value is generally improving or worsening.
Caledonia Mining Corporation Plc’s Value Grade
Value Grade:
| Metric | Score | CMCL | Industry Median |
| Price/Sales | 44 | 1.69 | 3.08 |
| Price/Earnings | 10 | 8.1 | 17.9 |
| EV/EBITDA | 7 | 3.6 | 8.4 |
| Shareholder Yield | 9 | 7.3% | (9.0%) |
| Price/Book Value | 45 | 1.71 | 3.12 |
| Price/Free Cash Flow | 57 | 21.9 | 25.3 |
Caledonia Mining Corporation Plc primarily operates a gold mine in Jersey. It also engages in the exploration and development of mineral properties for precious metals. The company was formerly known as Caledonia Mining Corporation and changed its name to Caledonia Mining Corporation Plc in March 2016. The company was incorporated in 1992 and is headquartered in Saint Helier, Jersey.
Stocks with a Value Score from 81 to 100 are considered deep value, those with a score between 61 and 80 are value and so on.
Caledonia Mining Corporation Plc has a Value Score of 85, which is considered to be undervalued.
Caledonia Mining Corporation Plc’s price-earnings ratio is 8.1 compared to the industry median at 17.9. This means that it has a lower price relative to its earnings compared to its peers. This makes Caledonia Mining Corporation Plc more attractive for value investors.
Caledonia Mining Corporation Plc’s price-to-book ratio is higher than its peers. This could make Caledonia Mining Corporation Plc less attractive for value investors when compared to the industry median at 3.12.
You can read more about Caledonia Mining Corporation Plc’s key financial metrics like shareholder yield, price-to-free-cash-flow and EV/EBITDA ratio, or learn more about its Momentum and Growth Grades, by subscribing to A+ Investor.
Fortuna Mining Corp.’s Value Grade
Value Grade:
| Metric | Score | FSM | Industry Median |
| Price/Sales | 57 | 2.64 | 3.08 |
| Price/Earnings | 13 | 8.9 | 17.9 |
| EV/EBITDA | 10 | 4.9 | 8.4 |
| Shareholder Yield | 40 | 0.4% | (9.0%) |
| Price/Book Value | 43 | 1.62 | 3.12 |
| Price/Free Cash Flow | 18 | 7.9 | 25.3 |
Fortuna Mining Corp. engages in the precious and base metal mining and related activities in Argentina, Côte d’Ivoire, Mexico, Peru, and Senegal. The company operates through Mansfield, Sango, and Bateas segments. It operates the Lindero gold mine and the Séguéla gold mine, as well as the Caylloma silver, lead, and zinc mine. The company was formerly known as Fortuna Silver Mines Inc. and changed its name to Fortuna Mining Corp. in June 2024. Fortuna Mining Corp. was incorporated in 1990 and is based in Vancouver, Canada.
Stocks with a Value Score from 81 to 100 are considered deep value, those with a score between 61 and 80 are value and so on.
Fortuna Mining Corp. has a Value Score of 83, which is considered to be undervalued.
Fortuna Mining Corp.’s price-earnings ratio is 8.9 compared to the industry median at 17.9. This means that it has a lower price relative to its earnings compared to its peers. This makes Fortuna Mining Corp. more attractive for value investors.
Fortuna Mining Corp.’s price-to-book ratio is higher than its peers. This could make Fortuna Mining Corp. less attractive for value investors when compared to the industry median at 3.12.
You can read more about Fortuna Mining Corp.’s key financial metrics like shareholder yield, price-to-free-cash-flow and EV/EBITDA ratio, or learn more about its Momentum and Growth Grades, by subscribing to A+ Investor.
Kaiser Aluminum Corporation’s Value Grade
Value Grade:
| Metric | Score | KALU | Industry Median |
| Price/Sales | 26 | 0.74 | 3.08 |
| Price/Earnings | 48 | 18.4 | 17.9 |
| EV/EBITDA | 25 | 8.2 | 8.4 |
| Shareholder Yield | 36 | 1.0% | (9.0%) |
| Price/Book Value | 66 | 3.12 | 3.12 |
| Price/Free Cash Flow | na | na | 25.3 |
Kaiser Aluminum Corporation, together with its subsidiaries, manufactures and sells semi-fabricated specialty aluminum mill products. It offers flat-rolled plate, sheet, and coil; extruded rod, bar, hollows, and shapes; drawn rod, bar, pipe, tube, and wire; and cast aluminum products. The company also offers aero/HS products, such as heat-treated plates and sheets, hard alloy extruded shapes, cold finish rods and bars, and seamless drawn tubes and billets used for end uses in the global aerospace, space, and defense industries, as well as packaging products, including bare and coated 3000 and 5000-series alloy aluminum coils used in beverage and food packaging industry. In addition, the company provides general engineering products comprising 6000-series aluminum alloy plate, sheet, rod, bar, tube, wire, and standard extruded shapes used in various applications, including the production of armor for military vehicles, ordnances, semiconductor manufacturing cells, electronic devices, power transmission bus pipe and bar, after-market motor sport parts, tooling plates, machinery and equipment parts, bolts, screws, and rivets. Further, it offers automotive extrusions consisting of 6000-series extruded aluminum products for structural components, crash management systems, anti-lock braking systems, and drawn tubes for drive shafts, as well as offers fabrication services, such as sawing and cutting to length. The company sells its products directly to aerospace and automotive manufacturers, tier one aerospace and automotive suppliers, beverage and food packaging manufacturers, and metal service centers through sales personnel located in the United States, Canada, and Western Europe. Kaiser Aluminum Corporation was founded in 1946 and is headquartered in Franklin, Tennessee.
Stocks with a Value Score from 81 to 100 are considered deep value, those with a score between 61 and 80 are value and so on.
Kaiser Aluminum Corporation has a Value Score of 64, which is considered to be undervalued.
Kaiser Aluminum Corporation’s price-earnings ratio is 18.4 compared to the industry median at 17.9. This means that it has a higher price relative to its earnings compared to its peers. This makes Kaiser Aluminum Corporation less attractive for value investors.
Kaiser Aluminum Corporation’s price-to-book ratio is lower than its peers. This could make Kaiser Aluminum Corporation fairly attractive for value investors when compared to the industry median at 3.12.
You can read more about Kaiser Aluminum Corporation’s key financial metrics like shareholder yield, price-to-free-cash-flow and EV/EBITDA ratio, or learn more about its Momentum and Growth Grades, by subscribing to A+ Investor.
Nexa Resources S.A.’s Value Grade
Value Grade:
| Metric | Score | NEXA | Industry Median |
| Price/Sales | 21 | 0.57 | 3.08 |
| Price/Earnings | 12 | 8.8 | 17.9 |
| EV/EBITDA | 11 | 5.2 | 8.4 |
| Shareholder Yield | 37 | 0.9% | (9.0%) |
| Price/Book Value | 43 | 1.62 | 3.12 |
| Price/Free Cash Flow | 67 | 29.7 | 25.3 |
Nexa Resources S.A., together with its subsidiaries, engages in the zinc mining and smelting business worldwide. The company operates in two segments, Mining and Smelting. It produces metallic zinc, zamac, gold, sulfuric acid and zinc oxide, as well as by-products, such as sulfuric acid, silver concentrate, copper cement, copper sulfate, lead concentrate, lead-silver concentrate, and other metallurgical by-products. The Company owns and operates three polymetallic mines in Peru and two polymetallic mines in Brazil. The company owns and operates three polymetallic mines in Peru and two polymetallic mines in Brazil; zinc smelter in Peru and two zinc smelters in Brazil. The company was formerly known as VM Holding S.A. and changed its name to Nexa Resources S.A. in September 2017. The company was founded in 1956 and is based in Luxembourg, Luxembourg. Nexa Resources S.A. is a subsidiary of Votorantim S.A.
Stocks with a Value Score from 81 to 100 are considered deep value, those with a score between 61 and 80 are value and so on.
Nexa Resources S.A. has a Value Score of 81, which is considered to be undervalued.
Nexa Resources S.A.’s price-earnings ratio is 8.8 compared to the industry median at 17.9. This means that it has a lower price relative to its earnings compared to its peers. This makes Nexa Resources S.A. more attractive for value investors.
Nexa Resources S.A.’s price-to-book ratio is higher than its peers. This could make Nexa Resources S.A. less attractive for value investors when compared to the industry median at 3.12.
You can read more about Nexa Resources S.A.’s key financial metrics like shareholder yield, price-to-free-cash-flow and EV/EBITDA ratio, or learn more about its Momentum and Growth Grades, by subscribing to A+ Investor.
Ternium S.A.’s Value Grade
Value Grade:
| Metric | Score | TX | Industry Median |
| Price/Sales | 21 | 0.56 | 3.08 |
| Price/Earnings | 38 | 15.3 | 17.9 |
| EV/EBITDA | 50 | 12.5 | 8.4 |
| Shareholder Yield | 12 | 5.8% | (9.0%) |
| Price/Book Value | 14 | 0.72 | 3.12 |
| Price/Free Cash Flow | na | na | 25.3 |
Ternium S.A., together with its subsidiaries, manufactures and distributes steel products in Mexico, Southern Region, Brazil, and internationally. The company operates through two segments, Steel and Mining. The Steel segment offers slabs, heavy plates, hot and cold rolled products, coated products, stamped steel parts for the automotive industry, roll-formed and tubular products, billets, bars, and other products, including sales of energy. Its Mining segment sells iron ore and pellets. It also provides medical and social; scrap; and engineering and other services. In addition, the company engages in the exploration, exploitation, and pelletizing of iron ore. Ternium S.A. was founded in 1961 and is based in Luxembourg, Luxembourg. Ternium S.A. is a subsidiary of Techint Holdings S.à r.l.
Stocks with a Value Score from 81 to 100 are considered deep value, those with a score between 61 and 80 are value and so on.
Ternium S.A. has a Value Score of 88, which is considered to be undervalued.
Ternium S.A.’s price-earnings ratio is 15.3 compared to the industry median at 17.9. This means that it has a lower price relative to its earnings compared to its peers. This makes Ternium S.A. more attractive for value investors.
Ternium S.A.’s price-to-book ratio is higher than its peers. This could make Ternium S.A. less attractive for value investors when compared to the industry median at 3.12.
You can read more about Ternium S.A.’s key financial metrics like shareholder yield, price-to-free-cash-flow and EV/EBITDA ratio, or learn more about its Momentum and Growth Grades, by subscribing to A+ Investor.
Other Metals & Mining Stock Grades
Value is just one of the five Stock Grades included in our A+ Investor service. AAII members can see the top-graded stocks—those with grades of A or B for value, growth, momentum, earnings estimate revisions and quality—on the A+ Stock Grades Screener.
Also, if you want full access to all of AAII’s premium services, you can subscribe to one convenient bundled plan called AAII Platinum where you can try out A+ Investor, AAII Dividend Investing, the Stock Superstars Report, Growth Investing and VMQ Stocks. With the other premium services, you can dive deep into additional metrics, portfolios, commentary and information about Metals & Mining stocks as well as other industrys.
Choosing Which of the 6 Best Metals & Mining Stocks Is Right for You
Choosing which value stocks to invest in will ultimately depend on your individual goals and allocation; however, comparing similar value stocks in the same industry can help you analyze which might be better investments for you in the long run. So, let’s take a look at the Value Grade for all of our stocks.
- Commercial Metals Company stock has a Value Grade of B.
- Caledonia Mining Corporation Plc stock has a Value Grade of A.
- Fortuna Mining Corp. stock has a Value Grade of A.
- Kaiser Aluminum Corporation stock has a Value Grade of B.
- Nexa Resources S.A. stock has a Value Grade of A.
- Ternium S.A. stock has a Value Grade of A.
Now that you have a bit more background about each of the 6 undervalued stocks in the Metals & Mining industry as well as their overall grades, it’s time for you to conduct additional research to see if these could fit your portfolio needs based on your goals and risk tolerance. AAII can help you figure out both and identify which investments align with what works best for you.
We do so through a program of education that teaches you to invest for yourself and become an effective manager of your own wealth—no more relying on others for your financial independence. You can rely on AAII for timeless articles on financial planning and stock-picking, unbiased research and actionable analysis that makes you a better investor.
A+ Investor adds to that qualitative teaching by giving you a powerful data suite that helps you whittle down investment decisions to find stocks, exchange-traded funds (ETFs) or mutual funds that meet your needs.
Additional Resources About Metals & Mining Stocks
Want to learn more about Metals & Mining stocks to see if they could be the right investment for you? Check out some additional resources and articles to help you on your financial journey.
- 6 Undervalued Metals & Mining Stocks for Wednesday, May 20
- Is BHP Group Limited (BHP) Overvalued?
- Is Rio Tinto Group (RIO) Overvalued?
- Is Southern Copper Corporation (SCCO) Overvalued?
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