PAAS

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Pan American Silver Corp.

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Key Metrics

Previous Close: $50.30
52-Week Range: $31.16 – $69.99
Market Cap: $21.53B
P/E (TTM): 15.36
EPS (TTM): 3.38
Dividend Yield: 1.46%

Advanced Metrics

Price/Book: 2.98
PEG Ratio: 7.02
Return on Equity: 22.41%
Return on Assets: 11.77%
Gross Margin: 55.87%
Operating Margin: 37.81%
Profit Margin: 32.03%
Current Ratio: 2.94
Debt/Equity: 0.11
Total Debt: $841.00M
Free Cash Flow: $1.32B
Revenue Growth: 38.40%
Earnings Growth: 38.50%
Enterprise Value: $20.12B

PAAS Income statement, annual periods, in USD
USD	FY2022	FY2023	FY2024	FY2025
Revenue	$1.49B	$2.32B	$2.82B	$3.62B
Cost of Revenue	$1.45B	$2.02B	$2.27B	$2.21B
Gross Profit	$48.40M	$296.80M	$549.00M	$1.41B
Selling, General & Admin	$29.00M	$61.40M	$70.00M	$116.00M
Operating Expenses	$114.70M	$214.10M	$199.00M	$267.00M
Operating Income	-$66.30M	$82.70M	$350.00M	$1.14B
EBITDA	$20.30M	$476.80M	$1.05B	$1.79B
Pretax Income	-$301.00M	-$58.80M	$432.00M	$1.24B
Income Tax	$39.10M	$46.10M	$319.00M	$258.00M
Net Income	-$341.70M	-$103.70M	$112.00M	$978.00M
Diluted EPS	-1.62	-0.32	0.31	2.56
Diluted Shares	210.52M	326.54M	363.40M	381.58M

PAAS Balance Sheet statement, annual periods, in USD
USD	FY2022	FY2023	FY2024	FY2025
Cash & Equivalents	$107.00M	$399.60M	$863.00M	$1.22B
Receivables	$176.60M	$200.90M	$195.00M	$256.00M
Inventory	$471.60M	$711.60M	$606.00M	$588.00M
Current Assets	$804.40M	$1.39B	$1.72B	$2.20B
Total Assets	$3.25B	$7.21B	$7.20B	$9.74B
Current Liabilities	$380.80M	$624.20M	$687.00M	$817.00M
Long-Term Debt	$180.00M	$697.00M	$702.00M	$709.00M
Total Debt	$226.80M	$801.60M	$804.00M	$852.00M
Total Liabilities	$1.05B	$2.44B	$2.49B	$2.74B
Retained Earnings	-$1.03B	-$1.27B	-$1.30B	-$513.00M
Shareholders' Equity	$2.20B	$4.76B	$4.70B	$7.00B
Working Capital	$423.60M	$765.80M	$1.03B	$1.38B
Net Debt	$86.70M	$304.10M	—	—

PAAS Cash Flow statement, annual periods, in USD
USD	FY2022	FY2023	FY2024	FY2025
Operating Cash Flow	$31.80M	$450.20M	$724.00M	$1.33B
Capital Expenditure	-$274.70M	-$379.00M	-$323.00M	-$314.00M
Free Cash Flow	-$242.90M	$71.20M	$401.00M	$1.02B
Depreciation & Amortisation	$316.00M	$484.20M	$571.00M	$497.00M
Stock-Based Compensation	$3.90M	$5.50M	$0.00	$2.00M
Investing Cash Flow	-$255.40M	$397.90M	-$33.00M	-$706.00M
Financing Cash Flow	$53.00M	-$551.80M	-$225.00M	-$278.00M
Dividends Paid	-$94.70M	-$130.40M	-$145.00M	-$175.00M
Share Repurchases	—	$0.00	-$24.00M	-$46.00M
Net Change in Cash	-$170.60M	$296.30M	$466.00M	$349.00M

PAAS Income statement, quarterly periods, in USD
USD	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Revenue	$773.00M	$811.90M	$854.60M	$1.18B	$1.15B
Cost of Revenue	$522.00M	$538.60M	$541.60M	$611.40M	$546.00M
Gross Profit	$251.00M	$273.30M	$313.00M	$567.90M	$608.00M
Selling, General & Admin	$25.00M	$21.60M	$31.40M	$38.50M	$39.00M
Operating Expenses	$37.00M	$45.10M	$62.70M	$114.60M	$48.00M
Operating Income	$214.00M	$228.20M	$250.30M	$453.30M	$560.00M
EBITDA	$353.00M	$368.70M	$383.80M	$692.50M	$778.00M
Pretax Income	$214.00M	$234.40M	$249.10M	$540.60M	$641.00M
Income Tax	$45.00M	$44.80M	$79.90M	$88.70M	$185.00M
Net Income	$169.00M	$189.20M	$168.60M	$451.50M	$457.00M
Diluted EPS	0.47	0.52	0.44	1.07	1.08
Diluted Shares	362.52M	362.12M	378.91M	422.15M	421.93M

PAAS Balance Sheet statement, quarterly periods, in USD
USD	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Cash & Equivalents	$900.10M	$1.08B	$870.20M	$1.22B	$1.50B
Receivables	$201.30M	$185.20M	$237.50M	$256.00M	$236.00M
Inventory	$594.60M	$603.40M	$587.20M	$588.00M	$650.00M
Current Assets	$1.76B	$1.95B	$1.77B	$2.20B	$2.54B
Total Assets	$7.21B	$7.36B	$9.15B	$9.74B	$10.13B
Current Liabilities	$600.90M	$637.90M	$766.40M	$817.00M	$896.00M
Long-Term Debt	$703.40M	$704.80M	$707.00M	$709.00M	$712.00M
Total Debt	$804.40M	$820.70M	$857.00M	$852.00M	$845.00M
Total Liabilities	$2.38B	$2.39B	$2.52B	$2.74B	$2.78B
Retained Earnings	-$1.17B	-$1.02B	-$898.70M	-$513.00M	-$149.00M
Shareholders' Equity	$4.82B	$4.96B	$6.62B	$7.00B	$7.35B
Working Capital	$1.16B	$1.31B	$1.01B	$1.38B	$1.65B

PAAS Cash Flow statement, quarterly periods, in USD
USD	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Operating Cash Flow	$177.00M	$293.40M	$308.70M	$556.10M	$505.00M
Capital Expenditure	-$68.00M	-$60.30M	-$91.10M	-$94.50M	-$105.00M
Free Cash Flow	$109.00M	$233.10M	$217.60M	$461.60M	$400.00M
Depreciation & Amortisation	$119.00M	$122.40M	$120.50M	$134.70M	$113.00M
Stock-Based Compensation	$1.00M	$200.00K	$600.00K	$200.00K	$0.00
Investing Cash Flow	-$61.00M	-$52.70M	-$462.00M	-$123.40M	-$95.00M
Financing Cash Flow	-$79.00M	-$61.30M	-$57.10M	-$89.70M	-$130.00M
Dividends Paid	-$36.00M	-$36.20M	-$43.40M	-$59.20M	-$76.00M
Share Repurchases	-$20.00M	-$11.10M	$0.00	-$14.90M	-$25.00M
Net Change in Cash	$37.00M	$179.40M	-$210.40M	$343.00M	$280.00M

Market Snapshot

About

Pan American Silver is one of the largest primary silver producers in the world, with mining operations across Mexico, Peru, Canada, Argentina, and Bolivia. The company also produces significant amounts of gold, zinc, lead, and copper as by-products. It focuses on low-cost, long-life mines in mining-friendly jurisdictions.