Pan American Silver Corp.

Silver

$46.27

+2.12%

Market cap $19.2B

Pan American Silver Corp is a mining company principally engaged in the operation and development of, and exploration for, silver and gold-producing properties and assets. The company's principal products are silver and gold, although it also produces and sells zinc, lead, and copper.

It is a $19.2B materials company. Revenue grew 28.4% over the last year, it keeps 27¢ of every dollar of sales as profit, and it holds more cash than debt. It trades at 13.6× earnings.

$46.27

+2.12%

Market cap $19.2B

Website: panamericansilver.com
Employees: 9 348
Sector: Basic Materials

Share price · 3 years

$14.31 → $46.27+223.3%

price only — dividends excluded

Key facts · FY2025

Revenue: total sales; $3.62B
Profit: keeps 27¢ of every $1 sold; $978M
Free cash flow: cash left after running the business; $1.30B
Net cash: more cash than debt; $864M
P/E: years of profit in the price; 13.6
EPS: earnings per share, FY2025; $2.34
Dividend: pays out 18% of profit · 20% of FCF; 1.36%
Shares: up 98% since 2021 — dilution; 417.1M
Volatility: beta vs the market — under 1 swings less; 3.71

Revenue, last 5 years

52-week range

Low $33.20$46.27High $68.70

Today's price is 37% of the way from the year's low to its high.

Valuation vs own history

P/E

19.6×

95%

P/S

5.3×

18%

EV/EBITDA

15.9×

83%

P/B

2.6×

16%

FCF yield

6.8%

70%

Share of the last ~5 years that was pricier than today (in line with its own history). Based on the daily valuation record.

Standing in Basic Materials

Size$19.2Btop 52%
Revenue growth+34%top 6%
Net margin32%top 18%
Return on equity19%top 32%
P/E13.6×top 35%
Dividend yield1.36%top 60%

Ranked against 51 Basic Materials companies with a full CV — for P/E, lower ranks higher.

Skills

Six independent scores, 0–100, built from reported numbers and valuation history. Click a row to see how it was scored.

Strong valuation, growth, profitability, health and quality; Moat lags behind.

Valuation90

P/E vs own history5th pct · 25/25
FCF yield6.8% · 20/25
P/S4.3x · 20/25
EV/EBITDA7.5x · 25/25

Growth95

Revenue CAGR22.0% · 25/25
Net income CAGR78.0% · 25/25
EPS CAGR ~5Y50.1% · 25/25
Fwd implied growth29.7% · 20/25

Profitability90

ROIC15.1% · 20/25
ROE19.5% · 20/25
Net margin27.0% · 25/25
Operating margin44.1% · 25/25

Health75

Altman Z5.07 · 25/25
Current ratio2.94 · 25/25
Interest coverage-0.5x · 0/25
Net cash / debtNet cash · 25/25

Quality87

Piotroski F9/9 · 25/25
Beneish M-2.69 · 25/25
FCF conversion133% · 25/25
Margin stabilityσ 13.9% · 12/25

Moat31

ROIC >12% years1/5 yrs · 0/25
Median gross margin38.8% · 13/25
FCF-positive years4/5 yrs · 18/25
Worst-year net marginworst -22.9% · 0/25

How the scores work →

Experience

The company's career so far — founding, the IPO, landmark products and acquisitions, plus revenue milestones and insider buying.

FY2025Financial
Best year on record
$978M net income
FY2023Financial
Became debt-free
cash now exceeds total debt
FY2021Financial
First recorded profitable year
$97.4M net income
FY2021Financial
Revenue already above $1B
$1.63B in first reported year

Achievements

Verifiable track record, straight from the reported numbers.

$10 000 invested in 2021 would be worth ~$19 556 today — price return only

$3.6B revenue in FY2025

Revenue up 28.4% year over year

Positive free cash flow 4 years in a row

9 348 employees

ROIC of 15.1%

Strengths & watch-outs

What a bull and a bear would each point to. Both lists come from the reported numbers, not opinions.

Strengths

High gross margin (45.1%)
Strongly profitable — 27.0% net margin
Revenue growing 28.4% year over year
Strong cash conversion — FCF is 35.8% of revenue
Net cash position after subtracting debt from cash

Watch-outs

Thin interest coverage (-0.5×)
Loss-making in 2 of the recent years

Qualifications

The basics a company should meet before you research it further. Each check uses the reported numbers.

9 of 11 checks passed

Revenue growing — the company sells more than a year ago+28.4% YoY
Profitable — makes more than it spends$978M FY2025
Profit growing — earnings are higher than last year+24.8% YoY
Generates cash — cash left after running and investing$1.30B FY2025
Debt under control — could handle its obligationsmore cash than debt
Established company — not a micro-cap — lower blow-up risk$19.2B market cap
Not printing shares — share count not ballooning — you keep your slice+98.0% shares over ~5y
Proven track record — years of profitability behind it3/5 profitable years
Financially stable — balance sheet not near distressAltman Z 5.1 — safe
Pays a dividend — returns cash to shareholdersyield 1.36%
Valuation not extreme — price not wildly above earningsP/E 13.6

Peer comparisonPan American Silver Corp. vs 6 largest basic materials peers — cap, P/E, growth and margin side by sideOpen ▾

Company	Market cap	P/E	Revenue growth	Net margin	Profile
PAAS this company	$19.2B	13.6	+28.4%	27.0%	Strong
LIN Linde plc Ordinary Share	$223.2B	30.8	+6.6%	20.4%	Solid
SCCO Southern Copper Corporation	$176.8B	31.2	+32.8%	35.9%	Strong
NEM Newmont Corporation	$124.2B	14.4	+25.2%	33.4%	Strong
FCX Freeport-McMoran Inc.	$105.8B	35.9	+0.2%	11.4%	Strong
AEM Agnico Eagle Mines Ltd.	$95.8B	15.9	+43.7%	37.5%	Strong
B Barrick Mining Corporation	$67.5B	10.1	+9.2%	31.6%	Strong

Head-to-head: PAAS vs LIN · PAAS vs SCCO · PAAS vs NEM

References

What covering analysts publish about the company — information only, not a recommendation.

Strong buy 2Buy 7Hold 2

Appendix · Financial records

The full statements behind this CV, FY2021–FY2025. For readers who want to check the numbers.

Profit & lossRevenue $3.62B · net income $978M (FY2025)Open ▾

Profit & loss

Revenue and profit over the company's career — the income statement, visualised.

How FY2025 revenue flows to profit

RevenueNet income

Revenue (FY2025)

$3.62B

YoY 28.4%

Net income (FY2025)

$978M

Margin 27.0%

Gross margin

45.1%

Operating margin

44.1%

P/E ratio

13.6

Dividend yield

1.36%

Income statement — full detail

Figures in USD billions · EPS in USD

	2021	2022	2023	2024	2025
Revenue	1.6	1.5	2.3	2.8	3.6
Gross profit	0.6	0.3	0.7	1.1	1.9
Operating income (EBIT)	0.3	-0.1	0.1	0.4	1.1
Net income	0.1	-0.3	-0.1	0.1	1.0
EPS (diluted)	0.46	-0.94	-0.29	0.27	2.34

Cash flowFree cash flow $1.30B · operating cash flow $1.69B (FY2025)Open ▾

Cash flow statement

Cash generated by the business and what is left after investment — year by year.

Operating cash flowFree cash flow

Free cash flow (FY2025)

$1.30B

Margin 35.8%

Operating cash flow (FY2025)

$1.69B

FY basis

FCF margin

35.8%

Cash flow statement — full detail

Figures in USD billions

	2021	2022	2023	2024	2025
Operating cash flow	0.0	0.5	0.7	1.3	1.7
Capital expenditure	-0.3	-0.4	-0.3	-0.3	-0.4
Free cash flow	-0.2	0.1	0.4	1.0	1.3
FCF margin	-14.9%	4.8%	17.3%	36.1%	35.8%

Balance sheetAssets $10.2B · net cash $864M (FY2025)Open ▾

Balance sheet

How the balance sheet is built — what it owns versus how it is financed.

How $10.2B of assets is financed

28%

72%

Liabilities $2.80B — borrowed moneyEquity $7.36B — owners' stake

Cash vs debt

Total debt $841M − cash $1.71B = net cash $864M

Cash on hand covers all debt.

Altman Z-Score

5.07

Safe zone

Debt repayment

Not needed

Cash already covers all debt

Interest coverage

-0.5x

EBIT ÷ interest expense

ROE

19.5%

Profit per $1 of equity

Balance sheet — full detail

Figures in USD billions

	2021	2022	2023	2024	2025
Cash & equivalents	0.1	0.4	0.9	1.3	1.7
Total assets	3.2	7.2	7.2	9.7	10.2
Total liabilities	1.0	2.4	2.5	2.7	2.8
Total debt	0.2	0.8	0.8	0.9	0.8
Equity	2.2	4.8	4.7	7.0	7.4
Net debt	0.1	0.4	-0.1	-0.4	-0.9

Want the live picture — intraday moves, valuation history and full analysis?

Deeper analysis of PAAS on PreMarketPrice

Figures are derived from company filings (quarterly values normalised from as-filed year-to-date data where applicable) and may be delayed, restated or incomplete. This page is information, not investment advice. Latest price $46.27 · market cap $19.2B.