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Pan American Silver (PAAS) USD

At a glance: strengths & risks
✓Revenue growing (+28%)✓Profit growing (+767%)✓Margins improving (39%→48%)✓Net cash balance sheet

Sector: Silver mining

Geography: Mexico, Peru, Canada, Argentina

COMM_PAAS

Price chart

44.19 USDDay -2.43%

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
44.19 USD · -2.43%
Market cap
16.9 bn USD

Growth

Δ revenue y/y
49.3%
Δ EBITDA y/y
102.1%

Multiples

P/E (LTM)
13.3x
3y avg: 44.2x
P/B (FY)
2.4x
P/E (ann.)
9.2x
EV/EBITDA (LTM)
8.1x
3y avg: 9.1x
EV/EBITDA (ann.)
6.0x

Cash return

Dividend yield
0.8%
FCF yield (LTM)
4.9%

Value creation

to target market cap (spot commodity model)
Upside (potential)
-48.9%
↓ details

Liquidity

Daily turnover (listing)
106.2 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
2026-03-31Q1 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%-779.0Link
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%-368.0Link
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%-157.2Link
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%-369.3Link
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%-189.9Link
2024-12-31Q4 2024 (3M)PARTIAL815.2
y/y 21.7%
170.8
y/y 5793.3%
188.0
y/y —
358.8
y/y 12060.0%
108.1
y/y 259.4%
274.0-85.17203.0
y/y -0.1%
4704.0
y/y -1.2%
2.4%-66.0Link
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%—Link
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%—Link
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%—Link
2023-12-31Q4 2023 (3M)PARTIAL669.6
y/y —
-3.0
y/y —
—
y/y —
-3.0
y/y —
-67.8
y/y —
167.3-118.87213.1
y/y —
4760.7
y/y —
-2.2%394.9Link
2023-09-30Q3 2023 (3M)OK616.3
y/y —
50.8
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%—Link
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 —
——Link

Revenue & EBITDA

RevenueEBITDA

Quarterly values ($ mln)

-25002505007501 0001 2502023 q42024 q12024 q22024 q32024 q42025 q12025 q22025 q32025 q42026 q1

Year-over-year change

0%50%100%2023 q42024 q12024 q22024 q32024 q42025 q12025 q22025 q32025 q42026 q1

Cash flow

FCF ($ mln)

-20002004002023 q42024 q12024 q22024 q32024 q42025 q12025 q22025 q32025 q42026 q1

Net debt / cash ($ mln)

-1 000-750-500-25002505002023 q42024 q12024 q22024 q32024 q42025 q12025 q22025 q32025 q42026 q1

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)

Key-commodity price — Silver

Current 58spot vs LTM -8%

Commodity-player potential

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

Upside: -48.9% ▼ -1.5 pp 1d

Main driver: Silver -8% vs LTM; revenue ×0.93 vs costs ×1.04; EBITDA 2 223→1 423; at 5.5× EV/EBITDA → -49%.

Product prices — moves vs the LTM average

CommodityShareSpotLTM3-yrvs LTM, $3y vs LTM
Silver (rev)+55%57.6462.8341.56-8%-34%
Gold (rev)+45%4 050.274 246.023 189.61-5%-25%

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

1 · Reported baseline (LTM)
LTM revenue4 000
LTM EBITDA2 223
LTM cash costs (revenue − EBITDA)1 777
2 · Revenue projection
Revenue multiplier — spot×0.934 (-7%)
= Spot revenue3 735
Revenue multiplier — 3y price×0.702 (-30%)
= 3-year-price revenue2 807
3 · Costs projection
Cost multiplier — spot×1.040 (+4%)
= Spot cash costs1 848
Cost multiplier — 3y price×1.040 (+4%)
= 3-year-price cash costs1 848
4 · EBITDA projection (revenue − costs)
= Spot EBITDA1 887
= 3-year-price EBITDA959
Conservative EBITDA = min(spot, avg)1 423
5 · Valuation → target market cap
Historical EV/projected-EBITDA (75th pct)5.5x
Target EV = EV/EBITDA × conservative EBITDA7 841
Net debt-779
Target market cap = EV − net debt8 620
Current market cap16 858

Upside = target market cap ÷ current − 1 = -48.9%

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%353359-1.6%
2025 Q2812880-7.8%369424-13.1%
2025 Q3855965-11.5%384516-25.6%
2025 Q41 1791 212-2.7%692753-8.1%
2026 Q11 1541 594-27.6%7781 127-31.0%

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 1.9x · target 75th pct (3y) 5.5x · LTM avg 6.3x

EV/EBITDA (LTM)EV/EBITDA (projected)target 75th pct (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)

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

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.

Frequently asked questions

What is Pan American Silver (PAAS)'s P/E ratio?
Pan American Silver (PAAS) trades at a P/E of 13.3x (price to trailing 12-month earnings).
What is Pan American Silver (PAAS)'s EV/EBITDA?
Pan American Silver (PAAS) trades at 8.1x EV/EBITDA.
What is Pan American Silver (PAAS)'s P/B ratio?
Pan American Silver (PAAS) trades at a P/B of 2.4x.
What is Pan American Silver (PAAS)'s dividend yield?
Pan American Silver (PAAS)'s trailing 12-month dividend yield is 0.8%.
What is Pan American Silver (PAAS)'s return on equity (ROE)?
Pan American Silver (PAAS)'s ROE is 25.5%.
What is Pan American Silver (PAAS)'s market capitalization?
Pan American Silver (PAAS)'s market cap is 16.9 bn USD.