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Canadian (TSX) Silver Industry Analysis

UpdatedApr 22, 2026
DataAggregated Company Financials
Companies31
  • 7D-6.6%
  • 3M-10.2%
  • 1Y202.4%
  • YTDn/a

Over the last 7 days, the Silver industry has risen 4.5%, driven by gains from Silver Crown Royalties of 33%. During this same period, the First Majestic Silver underperformed, falling 7.4%. This takes the industry's 12 month performance to a gain of 205%. Looking forward, earnings are forecast to grow by 31% annually.

Industry Valuation and Performance

Has the Canadian Silver Industry valuation changed over the past few years?

DateMarket CapRevenueEarningsPEAbsolute PEPS
Wed, 22 Apr 2026CA$41.2bCA$4.7bCA$332.4m40.9x123.8x8.8x
Fri, 20 Mar 2026CA$35.5bCA$4.5bCA$229.9m33.5x154.6x7.9x
Sun, 15 Feb 2026CA$41.7bCA$3.5bCA$39.0m99x1069.9x11.8x
Tue, 13 Jan 2026CA$38.9bCA$3.5bCA$82.6m85.1x470.5x11x
Thu, 11 Dec 2025CA$31.3bCA$3.5bCA$74.7m72.4x419.8x9x
Sat, 08 Nov 2025CA$22.8bCA$3.0bCA$52.9m25.4x430.5x7.6x
Mon, 06 Oct 2025CA$25.0bCA$2.8b-CA$21,208,642.3628.1x-1177.4x9x
Wed, 03 Sep 2025CA$23.0bCA$2.7bCA$120.0m22.6x191.5x8.4x
Fri, 01 Aug 2025CA$19.0bCA$2.3b-CA$83,956,987.0516.3x-225.9x8.3x
Sun, 29 Jun 2025CA$34.5bCA$7.9bCA$581.3m15.3x59.4x4.4x
Tue, 27 May 2025CA$29.7bCA$7.9bCA$598.1m11.9x49.7x3.8x
Thu, 24 Apr 2025CA$29.6bCA$7.3bCA$261.8m14.5x113.1x4x
Sat, 22 Mar 2025CA$31.3bCA$7.6bCA$314.8m17.9x99.4x4.1x
Mon, 17 Feb 2025CA$26.2bCA$7.2b-CA$6,439,375.8522.7x-4072.4x3.7x
Wed, 15 Jan 2025CA$23.9bCA$7.2b-CA$28,947,698.5920.3x-824.5x3.3x
Fri, 13 Dec 2024CA$25.8bCA$7.1b-CA$29,731,872.2321.2x-868.9x3.6x
Sun, 10 Nov 2024CA$25.8bCA$6.9b-CA$70,098,782.3721.6x-367.6x3.7x
Tue, 08 Oct 2024CA$24.6bCA$6.6b-CA$201,384,276.1523.1x-122.3x3.8x
Thu, 05 Sep 2024CA$20.5bCA$6.5b-CA$200,898,573.3717.9x-102x3.1x
Sat, 03 Aug 2024CA$23.3bCA$6.4b-CA$288,669,653.1816.1x-80.6x3.7x
Mon, 01 Jul 2024CA$21.5bCA$6.3b-CA$229,934,254.9216.4x-93.7x3.4x
Wed, 29 May 2024CA$25.0bCA$6.3b-CA$229,572,067.9820.5x-109.1x4x
Fri, 26 Apr 2024CA$21.6bCA$6.0b-CA$331,668,641.9627.4x-65.1x3.6x
Sun, 24 Mar 2024CA$16.2bCA$5.9b-CA$394,095,199.9051.4x-41.1x2.7x
Tue, 20 Feb 2024CA$14.3bCA$5.4b-CA$689,260,576.0029.9x-20.8x2.7x
Thu, 18 Jan 2024CA$15.3bCA$5.4b-CA$889,539,491.0031.1x-17.2x2.8x
Sat, 16 Dec 2023CA$17.6bCA$5.3b-CA$876,368,179.0036.9x-20.1x3.3x
Mon, 13 Nov 2023CA$14.7bCA$5.5b-CA$895,034,786.0033.3x-16.4x2.7x
Wed, 11 Oct 2023CA$15.5bCA$4.9b-CA$1,006,547,527.0037.7x-15.4x3.1x
Fri, 08 Sep 2023CA$16.5bCA$5.0b-CA$1,012,234,651.0037.8x-16.3x3.3x
Sun, 06 Aug 2023CA$17.3bCA$4.5b-CA$1,289,461,454.0059.8x-13.4x3.9x
Tue, 04 Jul 2023CA$16.3bCA$4.4b-CA$1,369,438,575.0058.2x-11.9x3.7x
Thu, 01 Jun 2023CA$17.3bCA$4.6b-CA$1,393,936,820.0063.5x-12.4x3.8x
Sat, 29 Apr 2023CA$20.3bCA$4.6b-CA$1,147,282,353.0075.8x-17.7x4.4x
Price to Earnings Ratio

-17.7x


Total Market Cap: CA$20.3bTotal Earnings: -CA$1,147,282,353.00Total Revenue: CA$4.6bTotal Market Cap vs Earnings and Revenue0%0%0%
Canadian Silver Industry Price to Earnings3Y Average -133.1x202420252026
Current Industry PE
  • Investors are optimistic on the Canadian Silver industry, and appear confident in long term growth rates.
  • The industry is trading at a PE ratio of 126x which is higher than its 3-year average PE of -133x.
  • The 3-year average PS ratio of 5.1x is lower than the industry's current PS ratio of 8.9x.
Past Earnings Growth
  • Total earnings for the Silver industry have gone up over the last three years, and the industry is now profitable.
  • Revenues have remained mostly flat. This means that the industry has become more efficient since profits are increasing while sales have been flat.

Industry Comparison

How does Canadian Silver compare with similar industries?

CA Market-1.08%
Materials-5.95%
Metals and Mining-6.33%
Silver-6.60%
Aluminum0%0
Precious Metals and Minerals-3.40%
Diversified Metals and Mining-3.59%
Steel-5.94%
Copper-6.70%
Gold-6.94%
Industry PEThere are no additional sub-industries under this industry.
Forecasted GrowthThere are no additional sub-industries under this industry.

Top Stock Gainers and Losers

Which companies have driven the market over the last 7 days?

CompanyLast Price7D1YValuation
SCRI Silver Crown RoyaltiesCA$23.7534.2%
+CA$38.2m		265.4%PS103.3x
TUF Honey Badger SilverCA$0.3311.9%
+CA$4.6m		230.0%PB22.1x
KUYA Kuya SilverCA$0.882.3%
+CA$3.9m		188.5%PS269.1x
BPAG BP SilverCA$1.001.0%
+CA$1.3m		n/aPB28.1x
SBMI Silver Bullet MinesCA$0.232.3%
+CA$739.6k		32.4%PB23.7x

Latest News

KUYA
CA$0.88
Kuya Silver
7D
2.3%
1Y
188.5%
APM
CA$6.71
Andean Precious Metals
7D
-11.2%
1Y
270.7%
EDR
CA$12.81
Endeavour Silver
7D
-6.8%
1Y
162.5%

EDR: Higher Future P E Assumptions Will Support Upside Potential

Analysts have updated their view on Endeavour Silver with a new CA$23.10 price target, grounded in refreshed assumptions around the discount rate, expected revenue growth, profit margins, and future P/E levels. What's in the News Reported consolidated production results for the first quarter of 2026, with silver production of 1,875,375 ounces and gold production of 11,740 ounces, alongside lead production of 4,939 tonnes, zinc production of 2,842 tonnes, and copper production of 66 tonnes (Key Developments).
SVM
CA$16.28
Silvercorp Metals
7D
-4.6%
1Y
225.0%
BPAG
CA$1.00
BP Silver
7D
1.0%
1Y
n/a
AYA
CA$23.52
Aya Gold & Silver
7D
-6.9%
1Y
130.4%

AYA: Boumadine And Zgounder Progress Will Support Re Rating Of Undervalued Shares

The analyst price target for Aya Gold & Silver has been raised to CA$33.86 from CA$33.64, with the change supported by several firms updating their models around future P/E assumptions and revised views on revenue growth and profit margins. Analyst Commentary Recent research updates show a cluster of higher price targets for Aya Gold & Silver, with several firms adjusting their models within a short time frame.
SCRI
CA$23.75
Silver Crown Royalties
7D
34.2%
1Y
265.4%
TUF
CA$0.33
Honey Badger Silver
7D
11.9%
1Y
230.0%
AG
CA$27.46
First Majestic Silver
7D
-7.4%
1Y
226.1%

AG: Jerritt Canyon Restart And Buybacks Will Support A Stronger Outlook

Analysts have raised their price target on First Majestic Silver from CA$21 to CA$40. This reflects updated views on its fair value, discount rate, revenue growth, profit margin, and future P/E assumptions.
DSV
CA$9.73
Discovery Silver
7D
-6.9%
1Y
265.8%
GGD
CA$2.70
GoGold Resources
7D
-5.3%
1Y
60.7%
SBMI
CA$0.23
Silver Bullet Mines
7D
2.3%
1Y
32.4%
SLVR
CA$0.83
Silver Tiger Metals
7D
-7.8%
1Y
181.4%