# Pan American Silver Corp. (PAAS) — Stock CV

Pan American Silver Corp. 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.

> 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.

## Identity

- **Ticker**: PAAS
- **Sector**: Basic Materials
- **Industry**: Silver
- **Employees**: 9 348
- **Website**: https://www.panamericansilver.com
- **Market cap**: $19.2B
- **Last price**: $46.27
- **Financial profile**: Strong

## Vitals (FY2025)

- **Revenue**: $3.62B
- **Net income**: $978M
- **Free cash flow**: $1.30B
- **Net cash**: $864M
- **P/E**: 13.6
- **Revenue growth (YoY)**: 28.4%

## Skills (profile scores, 0–100)

| Pillar | Score |
|---|---|
| Valuation | 90 |
| Growth | 95 |
| Profitability | 90 |
| Health | 75 |
| Quality | 87 |
| Moat | 31 |

## Qualifications (beginner checklist) — 9 of 11 passed

- [x] Revenue growing — +28.4% YoY
- [x] Profitable — $978M FY2025
- [x] Profit growing — +24.8% YoY
- [x] Generates cash — $1.30B FY2025
- [x] Debt under control — more cash than debt
- [x] Established company — $19.2B market cap
- [ ] Not printing shares — +98.0% shares over ~5y
- [ ] Proven track record — 3/5 profitable years
- [x] Financially stable — Altman Z 5.1 — safe
- [x] Pays a dividend — yield 1.36%
- [x] Valuation not extreme — P/E 13.6

## Experience (career milestones)

- **FY2025** — Best year on record: $978M net income
- **FY2023** — Became debt-free: cash now exceeds total debt
- **FY2021** — First recorded profitable year: $97.4M net income
- **FY2021** — Revenue already above $1B: $1.63B in first reported year

## 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

## Track record

| Year | Revenue | Net income | Free cash flow |
|---|---|---|---|
| FY2021 | $1.63B | $97.4M | -$243M |
| FY2022 | $1.49B | -$342M | $71.2M |
| FY2023 | $2.32B | -$104M | $401M |
| FY2024 | $2.82B | $112M | $1.02B |
| FY2025 | $3.62B | $978M | $1.30B |

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Source: https://stockcv.com/PAAS — derived from company filings; may be delayed or incomplete. Information, not investment advice.