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Canadian (TSX) Silver Industry Analysis

UpdatedMar 25, 2026
DataAggregated Company Financials
Companies30
  • 7D-9.3%
  • 3M-0.09%
  • 1Y146.0%
  • YTDn/a

Over the last 7 days, the Silver industry has dropped 9.3%, driven by First Majestic Silver declining 7.0%. Meanwhile, Honey Badger Silver actually outperformed within the industry, gaining 22% in the last week. Over the past 12 months, the industry was up 146%. Looking forward, earnings are forecast to grow by 39% annually.

Industry Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Wed, 25 Mar 2026CA$33.6bCA$4.5bCA$230.5m35x145.6x7.4x
Fri, 20 Feb 2026CA$41.1bCA$3.6bCA$39.5m97.3x1039.8x11.5x
Sun, 18 Jan 2026CA$41.2bCA$3.5bCA$83.0m99.1x496.1x11.6x
Tue, 16 Dec 2025CA$32.6bCA$3.5bCA$81.5m75x400x9.3x
Thu, 13 Nov 2025CA$25.4bCA$3.2b-CA$4,321,561.9659.8x-5878.9x8x
Sat, 11 Oct 2025CA$26.1bCA$2.8b-CA$21,129,694.6926.7x-1233x9.4x
Mon, 08 Sep 2025CA$23.5bCA$2.8bCA$121.6m22.3x193.3x8.5x
Wed, 06 Aug 2025CA$19.1bCA$2.3b-CA$84,034,024.6621.6x-227.6x8.5x
Fri, 04 Jul 2025CA$18.8bCA$2.2b-CA$81,528,982.1317.4x-230.6x8.4x
Sun, 01 Jun 2025CA$30.3bCA$7.9bCA$582.3m14.7x52.1x3.8x
Tue, 29 Apr 2025CA$29.5bCA$7.3bCA$259.7m14.7x113.7x4x
Thu, 27 Mar 2025CA$30.7bCA$7.6bCA$316.2m17.9x97x4.1x
Sat, 22 Feb 2025CA$25.8bCA$7.5bCA$209.9m38.5x122.7x3.5x
Mon, 20 Jan 2025CA$24.0bCA$7.3b-CA$28,651,086.7221x-838.2x3.3x
Wed, 18 Dec 2024CA$24.2bCA$7.2b-CA$29,493,754.9820.5x-818.8x3.4x
Fri, 15 Nov 2024CA$24.3bCA$7.0b-CA$38,927,397.0518.3x-623.4x3.4x
Sun, 13 Oct 2024CA$25.6bCA$6.6b-CA$202,635,539.3623.8x-126.3x3.9x
Tue, 10 Sep 2024CA$19.9bCA$6.5b-CA$201,349,350.2017.5x-98.6x3x
Thu, 08 Aug 2024CA$21.1bCA$6.3b-CA$286,868,702.9915.4x-73.4x3.3x
Sat, 06 Jul 2024CA$22.1bCA$6.3b-CA$229,353,379.5817.4x-96.2x3.5x
Mon, 03 Jun 2024CA$24.7bCA$6.3b-CA$231,234,467.5319.5x-106.9x3.9x
Wed, 01 May 2024CA$20.9bCA$6.0b-CA$331,596,406.7526x-63x3.5x
Fri, 29 Mar 2024CA$16.9bCA$5.9b-CA$337,875,921.1722.3x-50.1x2.9x
Sun, 25 Feb 2024CA$14.1bCA$5.8b-CA$489,530,705.7429.7x-28.8x2.4x
Tue, 23 Jan 2024CA$15.1bCA$5.4b-CA$888,021,393.0031.7x-17x2.8x
Thu, 21 Dec 2023CA$17.8bCA$5.3b-CA$883,148,275.0035.7x-20.1x3.3x
Sat, 18 Nov 2023CA$16.2bCA$5.5b-CA$887,415,118.0036.5x-18.3x3x
Mon, 16 Oct 2023CA$16.1bCA$5.0b-CA$1,010,725,317.0038.3x-16x3.2x
Wed, 13 Sep 2023CA$16.7bCA$4.9b-CA$1,005,500,226.0038.6x-16.6x3.4x
Fri, 11 Aug 2023CA$17.0bCA$4.9b-CA$1,088,854,725.0037.3x-15.6x3.5x
Sun, 09 Jul 2023CA$16.1bCA$4.5b-CA$1,372,058,656.0056x-11.7x3.6x
Tue, 06 Jun 2023CA$17.8bCA$4.5b-CA$1,385,380,525.0067.1x-12.9x3.9x
Thu, 04 May 2023CA$20.6bCA$4.7b-CA$1,150,602,071.0077.4x-17.9x4.4x
Sat, 01 Apr 2023CA$17.0bCA$4.6b-CA$1,139,569,032.0073.7x-14.9x3.7x
Price to Earnings Ratio

-14.9x


Total Market Cap: CA$17.0bTotal Earnings: -CA$1,139,569,032.00Total Revenue: CA$4.6bTotal Market Cap vs Earnings and Revenue0%0%0%
Canadian Silver Industry Price to Earnings3Y Average -136.5x202420252026
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 146x which is higher than its 3-year average PE of -137x.
  • The 3-year average PS ratio of 5.0x is lower than the industry's current PS ratio of 7.4x.
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-2.66%
Materials-9.00%
Metals and Mining-9.73%
Silver-9.31%
Aluminum0%0
Steel-0.65%
Copper-7.29%
Diversified Metals and Mining-7.91%
Precious Metals and Minerals-10.27%
Gold-10.51%
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
TUF Honey Badger SilverCA$0.2222.2%
+CA$5.2m		83.3%PB14.5x
SBMI Silver Bullet MinesCA$0.242.1%
+CA$738.6k		26.3%PB25.3x
KS Klondike SilverCA$0.258.7%
+CA$537.8k		-16.7%PB0.5x

Latest News

NUAG
CA$5.05
New Pacific Metals
7D
-10.6%
1Y
176.0%
AG
CA$27.64
First Majestic Silver
7D
-7.0%
1Y
180.9%
EDR
CA$12.35
Endeavour Silver
7D
-11.8%
1Y
89.7%

EDR: 2026 Production Ramp Up Is Expected To Unlock Further Upside

Analysts have kept their CA$23.10 price target for Endeavour Silver unchanged, citing only very small adjustments to inputs such as the discount rate, long term revenue growth, profit margin assumptions and future P/E. Taken together, these factors support a steady view of fair value at this stage.
APM
CA$6.35
Andean Precious Metals
7D
-15.6%
1Y
284.8%

APM: Refined Assumptions And Production Outlook Will Support Future Upside

Analysts have trimmed their price target on Andean Precious Metals to CA$14 from CA$15, reflecting updated assumptions on discount rates, growth and future P/E levels. Analyst Commentary Bullish analysts view the revised CA$14 target as still supportive of upside potential, suggesting that the shares may offer value if the company delivers on its operational plans and meets market expectations embedded in current P/E assumptions.
TUF
CA$0.22
Honey Badger Silver
7D
22.2%
1Y
83.3%
SVM
CA$13.41
Silvercorp Metals
7D
-9.6%
1Y
130.8%

SVM: Ecuador Cost Revisions And El Domo Timeline Will Drive Upside

Analysts now see Silvercorp Metals' fair value holding around CA$18.94 per share, with recent CA$0.50, CA$1.00, CA$4.50 and CA$5.00 target changes reflecting refreshed views on growth, margins and future P/E assumptions across the latest research updates. Analyst Commentary Street research around Silvercorp Metals has recently included both higher and lower price targets, along with at least one downgrade, which signals that not every analyst is comfortable with the current risk and reward trade off.
DSV
CA$8.09
Discovery Silver
7D
-9.6%
1Y
298.5%
AYA
CA$18.32
Aya Gold & Silver
7D
-12.8%
1Y
41.9%

AYA: Higher Silver Output Will Support Re Rating Of Undervalued Shares

Aya Gold & Silver’s updated analyst price target has moved higher by CA$0.72, with analysts pointing to adjustments in fair value, discount rate assumptions, revenue growth expectations, profit margin estimates, and future P/E inputs, reflected across recent target increases from CA$4 to CA$10 at several major Canadian banks. Analyst Commentary Recent Street research shows a series of higher price targets for Aya Gold & Silver, with individual moves of C$4, C$5, C$7.50, C$8, and C$10 across several large Canadian institutions.
GGD
CA$2.49
GoGold Resources
7D
-11.7%
1Y
39.1%
SBMI
CA$0.24
Silver Bullet Mines
7D
2.1%
1Y
26.3%
KS
CA$0.25
Klondike Silver
7D
8.7%
1Y
-16.7%