Pan American Silver Corp.

Pan American Silver Corp.

PAAS.TO
Pan American Silver Corp.CA flagToronto Stock Exchange
74.60
CAD
-1.78
- -
31.43BMarket Cap
Pan American Silver Corp.
PAAS.TO
(Toronto Stock Exchange)

Recent

price

74.60

P/E

ratio

- -

div

yld

- -

ROIC.AI

2010
2011
2012
2013
2014
2015
2016
2017
2018
2019
2020
2021
2022
2023
2024
2025
TTM
FRC
6.04
8.04
6.59
5.44
4.96
4.45
5.09
5.34
5.12
6.71
6.37
7.76
7.1
7.09
7.76
9.49
10.1
Revenue per Share
0.13
3.31
0.56
-2.94
-3.6
-1.49
0.66
0.79
0.07
0.55
0.85
0.46
-1.62
-0.32
0.31
2.56
3.2
Basic EPS, GAAP
1.54
2.26
0.24
-0.26
-0.05
-0.38
0.08
0.41
0.02
0.37
1.35
0.71
-1.15
0.22
1.1
2.67
3.31
Free Cash Flow per Basic Share
0.08
0.1
0.18
0.5
0.5
0.27
0.05
0.1
0.14
0.15
0.22
0.34
0.45
0.4
0.4
0.46
0.54
Dividend per Share
0.47
14.87
19.08
14.27
10.17
8.41
9.03
9.75
9.69
11.76
11.94
12.07
10
14.38
12.77
18.18
18.4
Book Value per Share
12.62
15.05
17.88
14.4
10.34
8.54
9.18
9.92
9.85
12.23
12.39
12.52
10.44
14.62
12.98
18.35
18.56
Tangible Book Value per Share
107
106
141
152
152
152
152
153
153
201
210
210
211
327
363
381
396
Basic Weighted Avg Shares
647
855
929
825
752
675
775
817
784
1,351
1,339
1,633
1,495
2,316
2,819
3,619
4,000
Sales/Revenue/Turnover
30.12
43.84
26.79
12.58
-3.67
-10.38
20.79
14.22
7.26
10.91
13.83
17.25
-4.44
3.57
12.42
31.45
37.3
Operating Margin (%)
83
83
104
136
148
151
116
123
147
253
272
303
316
484
571
497
491
Depreciation Expense
14
352
78
-446
-546
-227
100
121
10
111
178
97
-342
-104
112
978
1,266
Net Income, GAAP
85.17
24.85
54.95
- -
- -
- -
42.23
32.35
63.72
39.05
29.98
59.77
- -
- -
73.84
20.84
23.93
Effective Tax Rate (%)
2.12
41.21
8.42
-54.08
-72.56
-33.59
12.92
14.81
1.31
8.2
13.29
5.97
-22.86
-4.48
3.97
27.02
31.66
Profit Margin (%)
430
566
764
689
523
392
429
411
398
517
495
613
424
766
1,033
1,379
1,649
Working Capital
5
11
66
40
4
38
40
2
1
302
21
32
200
749
756
794
790
LT Debt
1,350
1,602
2,718
2,189
1,570
1,299
1,399
1,521
1,513
2,468
2,606
2,636
2,202
4,772
4,717
7,001
7,355
Total Equity
2.08
18.17
4.92
- -
- -
- -
6.54
5.18
1.33
4.09
4.66
4.12
- -
- -
1.62
13.16
16
Return on Invested Capital (%)
13.36
42.15
3.58
- -
- -
- -
7.23
8.1
0.57
5.76
7.1
3.81
- -
- -
2.25
15.39
19.22
Return on Capital (%)
19.87
43.18
3.66
-18.39
-29.47
-16.1
7.56
8.44
0.69
5.75
7.29
3.86
-14.72
-3.05
2.4
16.9
21.03
Return on Common Equity (%)

Capital Structure

FRC

in mil. unless spec.
Sep'25
Dec'25
Mar'26
ST Debt
60
58
55
LT Borrowings
707
709
712
LT Finance Leases
- -
- -
78
Preferred Equity and Hybrid Capital
- -
- -
- -
Shares Outstanding
422
422
421
Market Capitalization
14,240
19,760
21,675

Working Capital

FRC

in mil. unless spec.
Sep'25
Dec'25
Mar'26
Total Current Assets
1,773
2,196
2,545
Cash, Cash Equivalents & STI
911
1,319
1,614
Accounts Receivable, Net
207
232
212
Inventories
587
588
650
Total Current Liabilities
766
817
896
Payables & Accruals
640
713
788
ST Debt
60
58
55
Deferred Revenue
- -
- -
- -

Growth Rates

FRC

in mil. unless spec.

(avg. rate of change)

10 years
5 years
1 year
Total Equity
23.33%
29.74%
48.42%
Free Cash Flow
293.83%
35.39%
154.11%
Net Income, GAAP
82.12%
-0.08%
773.21%
Sales/Revenue/Turnover
20.61%
23.71%
28.38%
Total Cash Common Dividend
31.07%
31.34%
20.69%

Quarterly Revenue

FRC

in mil. unless spec.

Year

Q1
Q2
Q3
Q4
FY
2024
601
686
716
815
2,819
2025
773
812
855
1,179
3,619
2026
1,154
- -
- -
- -
- -

Quarterly Earnings Per Share

FRC

in mil. unless spec.

Year

Q1
Q2
Q3
Q4
FY
2024
-0.08
-0.06
0.16
- -
0.31
2025
0.47
0.52
0.45
1.07
2.56
2026
1.08
- -
- -
- -
- -

Quarterly Dividends Per Share

FRC

in mil. unless spec.

Year

Q1
Q2
Q3
Q4
FY
2024
0.1
0.1
0.1
- -
0.4
2025
0.1
0.1
0.11
0.14
0.46
2026
0.18
- -
- -
- -
- -
Business
Pan American Silver Corp engages in the exploration, mine development, extraction, processing, refining, and reclamation of precious metals primarily silver and gold, along with significant production of zinc, lead, and copper. The company operates a diversified portfolio of mines including La Colorada and Dolores in Mexico; Huaron, Morococha, and Shahuindo in Peru; San Vicente in Bolivia; Manantial Espejo in Argentina; and Timmins West and Bell Creek in Canada, with additional mines and projects in development across the Americas. Founded in 1994 and headquartered in Canada, Pan American Silver serves industrial and commercial markets for precious and base metals, supporting sectors such as electronics, solar power, and jewelry manufacturing. The company's core products include silver, gold, zinc, lead, and copper, with silver as the principal focus, producing over 21 million ounces annually and maintaining large proven and probable reserves exceeding 450 million ounces of silver as of mid-2025. Key assets comprise high-grade silver and gold mines, as well as exploration projects to expand its resource base. Recent major developments include the completion of Pan American Silver's acquisition of MAG Silver Corporation in 2025, which added a 44% joint venture interest in the high-grade Juanicipio silver mine in Zacatecas, Mexico, operated by Fresnillo plc, alongside 100% ownership of the Larder exploration project and a 100% earn-in interest in the Deer Trail exploration project. This strategic acquisition significantly enhances Pan American’s silver production capacity, reserve base, cash flow, and exploration pipeline. The company also completed operational upgrades and infrastructure improvements across key mines including La Colorada and Jacobina in 2024, resulting in record production levels and financial performance. Pan American entered 2025 with cash and short-term investments totaling approximately $887 million, positioning it strongly for continued growth and strategic initiatives. Pan American Silver operates across several countries in the Americas including Mexico, Peru, Bolivia, Argentina, Canada, and others, maintaining a reputation for sustainability, operational excellence, and prudent financial management. It remains a leading precious metals producer with a focus on silver and gold, supported by an expanding portfolio through both organic growth and strategic acquisitions.