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Pan American Silver (PAAS) USD

Pan American Silver Corp. explores, develops, and mines for silver, gold, zinc, lead, and copper deposits across multiple countries in the Americas, with operations divided into silver and gold segments.

At a glance: strengths & risks
✓Revenue growing (+38% y/y, Q2 2026)✓Profit growing (+61% y/y, Q2 2026)✓Margins improving (43%→49%, Q2 2026)✓Net cash balance sheet

Sector: Silver mining

Geography: Mexico, Peru, Canada, Argentina

COMM_PAAS

Price chart

50.34 USDDay -0.61%

Key metrics

Net debt (table and EV/EBITDA): |short-term borrowings| + |long-term borrowings| + |other financial liabilities| when extracted + |non-controlling interest| when extracted − |cash and equivalents|; amounts in millions of the reporting currency.

Market

Price
50.34 USD · -0.61%
Market cap
19.2 bn USD

Growth

Δ revenue y/y
38.4%
Δ EBITDA y/y
56.0%

Multiples

P/E (LTM)
13.9x
3y avg: 44.2x
P/B (FY)
2.7x
P/E (ann.)
15.8x
EV/EBITDA (LTM)
8.4x
3y avg: 9.1x
EV/EBITDA (ann.)
8.4x

Cash return

Dividend yield
1.1%
FCF yield (LTM)
2.5%

Value creation

to target market cap (spot commodity model)
Upside (potential)
-35.4%
↓ details

Liquidity

Daily turnover (listing)
124.6 mln USD

Shares: yahoo_fundamentals_timeseries/PAAS

Financial results

Monetary columns are in M USD, one decimal; scale (K/M/B/T) keeps values readable. For the period (default) shows P&L and cash flow for that row’s reporting window: quarterly amounts when the feed uses quarter-duration facts (typical US 10-Q revenue and income), quarterly cash flows after stripping YTD where only cumulative tags exist, and an implied Q4 on 31 Dec FY rows (P&L: FY minus Q1–Q3; operating / investing cash flow: FY 12m minus 9M YTD to 30 Sep when sourced from SEC builder evidence) so they match 10-Q scale. Some issuers still use cumulative YTD minus the prior row in the same calendar year. As reported shows values stored on each row (e.g. full-year on FY). Balance sheet is always as reported. Source JSON may use millions etc.; conversion uses amounts_unit per row.

DatePeriodStatusRevenueM USDOperating profitM USDD&AM USDEBITDAM USDNet profitM USDOperating CFM USDCapex + M&AM USDAssetsM USDEquityM USDROE (annualized)Net debtM USDSource
2026-06-30Q2 2026 (3M)OK1124.0
y/y 38.4%
427.0
y/y 87.1%
120.0
y/y -2.0%
547.0
y/y 56.0%
304.0
y/y 60.7%
320.0-99.010157.0
y/y 38.0%
7358.0
y/y 48.4%
16.5%-849.0Yahoo Finance
2026-03-31Q1 2026 (3M)OK1154.0
y/y 49.3%
560.0
y/y 161.7%
113.0
y/y -5.0%
673.0
y/y 102.1%
457.0
y/y 170.4%
505.0-105.010132.0
y/y 40.6%
7354.0
y/y 52.7%
25.5%-779.0Yahoo Finance
2025-12-31Q4 2025 (3M)PARTIAL1179.3
y/y 44.7%
453.3
y/y 165.4%
134.7
y/y -28.4%
588.0
y/y 63.9%
451.5
y/y 317.7%
556.1-94.09742.0
y/y 35.2%
6997.0
y/y 48.7%
14.4%-368.0Yahoo Finance
2025-09-30Q3 2025 (3M)OK854.6
y/y 19.3%
250.3
y/y 64.8%
120.5
y/y -7.5%
370.8
y/y 31.4%
168.6
y/y 195.3%
308.7-91.19147.4
y/y 27.9%
6616.9
y/y 42.5%
3.9%-157.2Yahoo Finance
2025-06-30Q2 2025 (3M)OK811.9
y/y 18.3%
228.2
y/y 155.3%
122.4
y/y -4.7%
350.6
y/y 61.0%
189.2
y/y —
293.4-60.37360.4
y/y 4.5%
4959.4
y/y 7.3%
15.5%-369.3Yahoo Finance
2025-03-31Q1 2025 (3M)OK773.0
y/y 28.5%
214.0
y/y 514.9%
119.0
y/y -4.3%
333.0
y/y 109.2%
169.0
y/y —
177.0-68.07205.6
y/y 1.8%
4816.5
y/y 2.9%
14.2%-189.9Yahoo Finance
2024-12-31Q4 2024 (3M)PARTIAL815.2
y/y 21.7%
170.8
y/y 5793.3%
188.0
y/y 31.4%
358.8
y/y 156.1%
108.1
y/y 259.4%
274.0-85.17203.0
y/y -0.1%
4704.0
y/y -1.2%
2.4%-66.0Yahoo Finance
2024-09-30Q3 2024 (3M)OK716.1
y/y 16.2%
151.9
y/y 244.4%
130.2
y/y -5.2%
282.1
y/y 55.5%
57.1
y/y —
226.2-75.17152.0
y/y -5.1%
4644.9
y/y -5.3%
1.6%≈ 394.9stockanalysis.com
2024-06-30Q2 2024 (3M)OK686.3
y/y 7.3%
89.4
y/y —
128.4
y/y -1.8%
217.8
y/y 75.6%
-21.4
y/y —
162.7-75.97043.9
y/y -21.4%
4623.4
y/y -14.5%
-1.8%≈ 394.9stockanalysis.com
2024-03-31Q1 2024 (3M)OK601.4
y/y —
34.8
y/y —
124.4
y/y —
159.2
y/y —
-30.8
y/y —
61.1-86.97080.0
y/y —
4681.0
y/y —
-2.6%≈ 394.9stockanalysis.com
2023-12-31Q4 2023 (3M)PARTIAL669.6
y/y —
-3.0
y/y —
143.1
y/y —
140.1
y/y —
-67.8
y/y —
167.3-118.87213.1
y/y —
4760.7
y/y —
-2.2%394.9Yahoo Finance
2023-09-30Q3 2023 (3M)OK616.3
y/y —
44.1
y/y —
137.3
y/y —
181.4
y/y —
-22.7
y/y —
114.6-108.77534.0
y/y —
4907.1
y/y —
-0.6%—stockanalysis.com
2023-06-30Q2 2023 (3M)OK639.9
y/y —
-6.7
y/y —
130.7
y/y —
124.0
y/y —
-33.0
y/y —
117.0-113.08962.2
y/y —
5409.1
y/y —
——stockanalysis.com

Net debt structure (leases included, IFRS 16) 2026-06-30

Short-term debt (incl. ST leases)3
Long-term debt (incl. LT leases)714
− Cash & equivalents1 566
Net debt-849

Net debt / LTM EBITDA: -0.4x

Revenue & EBITDA

RevenueEBITDA

Quarterly values ($ mln)

02505007501 0001 2502024 q12024 q22024 q32024 q42025 q12025 q22025 q32025 q42026 q12026 q2

Year-over-year change

0%50%100%150%2024 q12024 q22024 q32024 q42025 q12025 q22025 q32025 q42026 q12026 q2

Cash flow

FCF ($ mln)

-20002004002024 q12024 q22024 q32024 q42025 q12025 q22025 q32025 q42026 q12026 q2

Net debt / cash ($ mln)

-1 000-750-500-25002505002024 q12024 q22024 q32024 q42025 q12025 q22025 q32025 q42026 q12026 q2

Profit and cash

Profit is cash-backed
In a typical year of 2021–2025 operating cash flow came to 3.98x of reported net profit; after capex, 1.51x. Loss years (2022, 2023) are left out of the ratio.
year20212022202320242025
cash flow / profit3.98x——6.41x1.36x
accruals, % of assets-8.3%-11.5%-7.7%-8.5%-3.6%
Last twelve months (to 2026-06-30): 1.22x of profit came back as operating cash flow.
net debt / EBITDA -0.2x · EBIT covers interest 22.4x · capex 0.7x of depreciation
Read from the reported annual statements: cash flow / profit is the median of the yearly operating cash flow over net profit for the years shown; accruals are (profit − operating cash flow) / assets, the classic gap between what was booked and what was collected. A gap can be growth in working capital, capitalised costs, revaluations or profit from associates — the panel points at it, the statements explain it. Not investment advice.

Research & reviews

Our earnings breakdowns and investment notes on this issuer.

All research →

Production & Reserves

Physical operating metrics — supplementary, not part of the financial statements

Silver

Annual production
0.36 mln gold oz eq.
2022

Production, mln gold oz eq.

0.3920210.362022

Production

YearProduction, mln gold oz eq.per day, mln gold oz eq.
20220.36
−7.9%		0.00
20210.390.00

EI1 ___NASDAQ_press_comm (NASDAQ / SEC filings)

Key-commodity price — Silver

Current 64spot vs LTM +2%

Commodity-player potential

Target market cap from conservative EBITDA and the historical EV/EBITDA

Upside: -35.4% ▲ +1.3 pp 1d

Main driver: Silver +3% vs LTM; revenue ×1.03 vs costs ×1.04; EBITDA 2 192→1 598; at 8.1× EV/EBITDA → -35%.

Product prices — moves vs the LTM average

CommodityShareSpotLTM3-yrvs LTM, $3y vs LTM
Silver (rev)+55%64.3862.3043.47+3%-30%
Gold (rev)+45%4 348.514 242.243 303.43+3%-22%

How it is calculated — revenue → costs → EBITDA → target market cap

1 · Reported baseline (LTM)
LTM revenue4 312
LTM EBITDA2 192
LTM cash costs (revenue − EBITDA)2 120
2 · Revenue projection
Revenue multiplier — spot×1.030 (+3%)
= Spot revenue4 440
Revenue multiplier — 3y price×0.734 (-27%)
= 3-year-price revenue3 166
3 · Costs projection
Cost multiplier — spot×1.040 (+4%)
= Spot cash costs2 205
Cost multiplier — 3y price×1.040 (+4%)
= 3-year-price cash costs2 205
4 · EBITDA projection (revenue − costs)
= Spot EBITDA2 235
= 3-year-price EBITDA961
Conservative EBITDA = min(spot, avg)1 598
5 · Valuation → target market cap
Historical EV/projected-EBITDA (75th pct)8.1x
Target EV = EV/EBITDA × conservative EBITDA12 878
Net debt-849
Target market cap = EV − net debt13 727
Current market cap21 236

Upside = target market cap ÷ current − 1 = -35.4%

Spot model vs reported — what the spot model projected (trailing-LTM base brought to the period × the period's commodity-price move) against the actual report, per reported period (quarter, half-year or full year — per the filer's calendar); amounts in USD mln. green = reported above projection, pink = below.

PeriodAct. revModel revΔ revAct. EBITDAModel EBITDAΔ EBITDA
2024 Q2686755-9.1%218262-17.0%
2024 Q3716767-6.7%282287-1.6%
2024 Q4815801+1.8%359321+11.9%
2025 Q1773820-5.8%333359-7.2%
2025 Q2812880-7.8%351419-16.4%
2025 Q3855965-11.5%384506-24.2%
2025 Q41 1791 212-2.7%588743-20.9%
2026 Q11 1541 594-27.6%6731 090-38.3%
2026 Q21 1241 287-12.7%547773-29.3%

Revenue growth & acceleration

Growth accelerating ▲
Last-year revenue growth +28% vs +22% the year before — a +6.7 pp move. 3-year CAGR +34%.
revenue growth by year: 2023 +55% · 2024 +22% · 2025 +28%
The growth-acceleration signal behind the GARP+acceleration strategy — it favours companies whose revenue growth is speeding up and flags those slowing down (the second derivative of growth).

EV/EBITDA — LTM vs projected

Projected EV/EBITDA 6.6x · target 75th pct (3y) 8.1x · LTM avg 11.6x

EV/EBITDA (LTM)EV/EBITDA (projected)target 75th pct (projected, 3y)

Dividends

Paid (completed)

DatePer shareDetailsStatusSource
2026-08-240.184 USDEx-dividend: 0.184 USD per sharePaidYahoo Finance (ex-div)
2026-05-190.18 USDEx-dividend: 0.18 USD per sharePaidYahoo Finance (ex-div)
2026-03-020.18 USDEx-dividend: 0.18 USD per sharePaidYahoo Finance (ex-div)
2025-05-200.1 USDEx-dividend: 0.1 USD per sharePaidYahoo Finance (ex-div)
2025-03-030.1 USDEx-dividend: 0.1 USD per sharePaidYahoo Finance (ex-div)
2024-11-180.1 USDEx-dividend: 0.1 USD per sharePaidYahoo Finance (ex-div)
2024-08-190.1 USDEx-dividend: 0.1 USD per sharePaidYahoo Finance (ex-div)
2024-05-170.1 USDEx-dividend: 0.1 USD per sharePaidYahoo Finance (ex-div)
2024-03-010.1 USDEx-dividend: 0.1 USD per sharePaidYahoo Finance (ex-div)
2023-11-170.1 USDEx-dividend: 0.1 USD per sharePaidYahoo Finance (ex-div)
2023-08-180.1 USDEx-dividend: 0.1 USD per sharePaidYahoo Finance (ex-div)
2023-04-130.1 USDEx-dividend: 0.1 USD per sharePaidYahoo Finance (ex-div)
2023-03-030.1 USDEx-dividend: 0.1 USD per sharePaidYahoo Finance (ex-div)
2022-11-180.1 USDEx-dividend: 0.1 USD per sharePaidYahoo Finance (ex-div)
2022-08-190.11 USDEx-dividend: 0.11 USD per sharePaidYahoo Finance (ex-div)
2022-05-200.12 USDEx-dividend: 0.12 USD per sharePaidYahoo Finance (ex-div)
2022-03-040.12 USDEx-dividend: 0.12 USD per sharePaidYahoo Finance (ex-div)
2021-11-190.1 USDEx-dividend: 0.1 USD per sharePaidYahoo Finance (ex-div)

KASE: status follows wording in the news headline (paid vs intends to pay). Yahoo: amounts are cash dividends per share on ex-dividend dates (UTC calendar date). stockscope.uz (UZ): amounts are per share in UZS by publication date (not necessarily ex-div).

Reporting forms detected in loaded periods: ✓ ✓ ✓ (Balance sheet / Profit or loss (P&L) / Cash flows)

Financial results, valuation multiples (P/E, P/B, EV/EBITDA), profitability and dividend yield of Pan American Silver (PAAS) — from primary filings.

Frequently asked questions

What is Pan American Silver (PAAS)'s P/E ratio?
Pan American Silver (PAAS) trades at a P/E of 13.9x (price to trailing 12-month earnings).
What is Pan American Silver (PAAS)'s EV/EBITDA?
Pan American Silver (PAAS) trades at 8.4x EV/EBITDA.
What is Pan American Silver (PAAS)'s P/B ratio?
Pan American Silver (PAAS) trades at a P/B of 2.7x.
What is Pan American Silver (PAAS)'s dividend yield?
Pan American Silver (PAAS)'s trailing 12-month dividend yield is 1.1%.
What is Pan American Silver (PAAS)'s return on equity (ROE)?
Pan American Silver (PAAS)'s ROE is 16.5%.
What is Pan American Silver (PAAS)'s market capitalization?
Pan American Silver (PAAS)'s market cap is 19.2 bn USD.

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