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Pan American Silver USD

Update

Re-runs extraction for each period with period-end year from max(2023, current year − 2) through the current year, oldest first (up to three reporting years). This can take a long time.

Sector: Silver mining

Geography: Mexico, Peru, Canada, Argentina

COMM_PAAS

Price chart

48.14 USDDay 3.46%

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
48.14 USD · 3.46%
Market cap
18.4 bn USD

Growth

Δ revenue y/y
28.4%
Δ EBITDA y/y
57.0%

Multiples

P/E (LTM)
18.7x
3y avg: 44.2x
P/B (FY)
2.6x
EV/EBITDA (LTM)
10.4x
3y avg: 9.1x

Cash return

Dividend yield
0.7%
FCF yield (LTM)
3.4%

Value creation

to fair market cap at the current EV/EBITDA
Upside (potential)

Liquidity

Daily turnover (listing)
288.4 mln USD

Shares: yahoo_fundamentals_timeseries/PAAS

🔍 Sanity check — subtotal consistency (Level-1 + Level-2) OK: 0 / Warn: 3 / Err: 0 / Autofix applied: 0
Port of PHP subtotal-total + sign-flip detection logic
PeriodIssues
2023-12-31 FYWarn 1
2024-12-31 FYWarn 1
2025-12-31 FYWarn 1
All checks pass · Has warnings (review) · Has errors (needs fix) · ✓* Autofix applied (see evidence)

Financial dynamics

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
2025-12-31FY 2025 (12M)PARTIAL3619.0
y/y 28.4%
1233.0
y/y 132.2%
497.0
y/y -13.0%
1730.0
y/y 57.0%
980.0
y/y 767.3%
1333.0-706.09742.0
y/y 35.2%
6997.0
y/y 48.7%
16.8%-368.0
2024-12-31FY 2024 (12M)PARTIAL2819.0
y/y 21.7%
531.0
y/y 1293.7%
571.0
y/y 17.9%
1102.0
y/y 111.0%
113.0
y/y
724.0-33.07203.0
y/y -0.1%
4704.0
y/y -1.2%
2.4%-66.0
2023-12-31FY 2023 (12M)PARTIAL2316.1
y/y
38.1
y/y
484.2
y/y
522.3
y/y
-104.9
y/y
450.27213.1
y/y
4760.7
y/y
394.9
Data quality — review suggested

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
20220.36
−7.9%
978.0
20210.391 061

EI1 ___NASDAQ_press_comm (NASDAQ / SEC filings)

Cash flow

Net debt / cash ($ mln)

-400-20002004002023 FY2024 FY2025 FY

Key-commodity price — Silver

Current 64spot vs LTM +22%

Commodity-player potential

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

Upside: -74.5%

Main driver: Silver +22% vs LTM; revenue ×1.14 vs costs ×1.04; EBITDA 647→526; at 10.0× EV/EBITDA → -74%.

Product prices — moves vs the LTM average

CommodityShareSpotLTM3-yrvs LTM, $3y vs LTM
Silver (rev)+55%64.4152.9840.06+22%-24%
Gold (rev)+45%4 104.523 939.803 102.99+4%-21%

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

1 · Reported baseline (LTM)
LTM revenue1 704
LTM EBITDA647
LTM cash costs (revenue − EBITDA)1 057
2 · Revenue projection
Revenue multiplier — spot×1.138 (+14%)
= Spot revenue1 938
Revenue multiplier — 3y price×0.770 (-23%)
= 3-year-price revenue1 313
3 · Costs projection
Cost multiplier — spot×1.040 (+4%)
= Spot cash costs1 099
Cost multiplier — 3y price×1.040 (+4%)
= 3-year-price cash costs1 099
4 · EBITDA projection (revenue − costs)
= Spot EBITDA839
= 3-year-price EBITDA213
Conservative EBITDA = min(spot, avg)526
5 · Valuation → target market cap
Historical EV/projected-EBITDA (3-yr average)10.0x
Target EV = EV/EBITDA × conservative EBITDA5 282
Net debt0
Target market cap = EV − net debt4 298
Current market cap16 850

Upside = target market cap ÷ current − 1 = -74.5%

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
2019 Q2283207+36.7%7735+118.3%
2019 Q3352258+36.3%10764+67.9%
2019 Q4404296+36.3%10281+26.7%
2020 Q1358351+2.1%102106-4.0%
2020 Q2250377-33.7%39119-67.2%
2020 Q3300458-34.5%140198-29.3%
2020 Q4430400+7.6%193161+19.5%
2021 Q1368384-4.2%148163-9.1%
2021 Q2382362+5.5%156150+4.1%
2021 Q3460355+29.6%186139+34.0%
2021 Q4422388+8.6%135143-5.8%
2022 Q1440404+8.8%170146+16.2%

EV/EBITDA — LTM vs projected

Projected EV/EBITDA 15.9x · target 3-yr avg 10.0x · LTM avg 9.1x

EV/EBITDA (LTM)EV/EBITDA (projected)target avg (projected, 3y)

Dividends

Paid (completed)

DatePer shareDetailsStatusSource
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)
2021-08-200.1 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)