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Canadian (TSX) Silver Industry Analysis

UpdatedFeb 24, 2026
DataAggregated Company Financials
Companies30
  • 7D14.9%
  • 3M84.0%
  • 1Y296.2%
  • YTDn/a

In the last week, the Silver industry is up 11%, with First Majestic Silver up 25%. This takes the industry's 12 month performance to a gain of 290%. As for the next few years, earnings are expected to grow by 39% per annum.

Industry Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Tue, 24 Feb 2026CA$46.4bCA$4.3bCA$269.4m46.2x172.2x10.7x
Thu, 22 Jan 2026CA$43.2bCA$3.5bCA$82.1m104.4x525.9x12.3x
Sat, 20 Dec 2025CA$33.0bCA$3.5bCA$81.7m76.2x403.7x9.4x
Mon, 17 Nov 2025CA$25.7bCA$3.6bCA$110.8m59.1x231.5x7.2x
Wed, 15 Oct 2025CA$25.5bCA$2.8b-CA$21,061,393.4927.5x-1212.2x9.1x
Fri, 12 Sep 2025CA$20.6bCA$2.8b-CA$21,691,021.3220.8x-950x7.5x
Sun, 10 Aug 2025CA$20.9bCA$2.3b-CA$77,166,263.2822.7x-271.2x9.2x
Tue, 08 Jul 2025CA$18.9bCA$2.2b-CA$81,449,799.4118.1x-231.6x8.4x
Thu, 05 Jun 2025CA$33.2bCA$7.9bCA$581.0m15.8x57.2x4.2x
Sat, 03 May 2025CA$28.0bCA$7.3bCA$259.5m14.1x107.7x3.8x
Mon, 31 Mar 2025CA$30.1bCA$7.6bCA$272.0m14.6x110.7x4x
Wed, 26 Feb 2025CA$27.5bCA$7.5bCA$211.6m37.9x129.9x3.7x
Fri, 24 Jan 2025CA$24.0bCA$7.2b-CA$28,977,262.6320.8x-828.3x3.3x
Sun, 22 Dec 2024CA$22.7bCA$7.2b-CA$28,916,243.9419.2x-784.9x3.1x
Tue, 19 Nov 2024CA$24.6bCA$7.1b-CA$32,494,377.0118.8x-755.6x3.5x
Thu, 17 Oct 2024CA$25.5bCA$6.6b-CA$202,531,948.9423.8x-126.1x3.9x
Sat, 14 Sep 2024CA$22.5bCA$6.5b-CA$201,081,683.0821.3x-112x3.4x
Mon, 12 Aug 2024CA$20.4bCA$6.5b-CA$225,097,791.0717.9x-90.7x3.1x
Wed, 10 Jul 2024CA$22.7bCA$6.3b-CA$229,360,240.3117.1x-98.9x3.6x
Fri, 07 Jun 2024CA$23.1bCA$6.3b-CA$229,802,757.5518.6x-100.5x3.7x
Sun, 05 May 2024CA$20.8bCA$6.0b-CA$328,565,300.1525.9x-63.2x3.5x
Tue, 02 Apr 2024CA$17.4bCA$5.9b-CA$330,698,360.0822.8x-52.6x2.9x
Thu, 29 Feb 2024CA$13.8bCA$5.8b-CA$491,546,815.3428.1x-28.1x2.4x
Sat, 27 Jan 2024CA$15.3bCA$5.4b-CA$886,423,589.0030.7x-17.2x2.8x
Mon, 25 Dec 2023CA$17.9bCA$5.3b-CA$878,265,849.0037x-20.4x3.4x
Wed, 22 Nov 2023CA$16.1bCA$5.5b-CA$887,711,919.0036.5x-18.1x2.9x
Fri, 20 Oct 2023CA$16.6bCA$5.0b-CA$1,013,792,218.0038.7x-16.4x3.3x
Sun, 17 Sep 2023CA$17.6bCA$4.9b-CA$1,003,724,932.0042.3x-17.5x3.6x
Tue, 15 Aug 2023CA$17.1bCA$4.9b-CA$1,097,235,141.0042.1x-15.6x3.5x
Thu, 13 Jul 2023CA$17.7bCA$4.4b-CA$1,364,388,712.0061x-13x4x
Sat, 10 Jun 2023CA$17.4bCA$4.5b-CA$1,377,539,935.0064.6x-12.7x3.9x
Mon, 08 May 2023CA$20.5bCA$4.6b-CA$1,270,921,105.0077.6x-16.1x4.5x
Wed, 05 Apr 2023CA$17.7bCA$4.6b-CA$1,135,385,978.0079x-15.6x3.8x
Fri, 03 Mar 2023CA$14.7bCA$4.7b-CA$919,135,649.0024.1x-16x3.2x
Price to Earnings Ratio

-16x


Total Market Cap: CA$14.7bTotal Earnings: -CA$919,135,649.00Total Revenue: CA$4.7bTotal Market Cap vs Earnings and Revenue0%0%0%
Canadian Silver Industry Price to Earnings3Y Average -141.9x202420252026
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 172x which is higher than its 3-year average PE of -142x.
  • The 3-year average PS ratio of 4.8x is lower than the industry's current PS ratio of 10.7x.
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 declined 2.5% per year.
  • This means that less sales are being generated overall, but since the cost of doing business is lower, profits have been increasing.

Industry Comparison

How does Canadian Silver compare with similar industries?

CA Market1.52%
Materials5.38%
Metals and Mining5.83%
Silver14.92%
Precious Metals and Minerals8.15%
Gold6.56%
Copper6.48%
Steel1.29%
Diversified Metals and Mining0.11%
Aluminum0%0
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
AG First Majestic SilverCA$39.2025.3%
+CA$4.0b		385.7%PE85.5x
EDR Endeavour SilverCA$17.7811.1%
+CA$520.7m		225.6%PS11.3x
SVM Silvercorp MetalsCA$16.9513.2%
+CA$437.3m		220.4%PS7.5x
NUAG New Pacific MetalsCA$6.9639.8%
+CA$364.6m		337.7%PB5.8x
AYA Aya Gold & SilverCA$25.599.4%
+CA$313.1m		108.2%PE1081.4x

Latest News

HAMR
CA$0.10
Silver Hammer Mining
7D
-4.8%
1Y
-13.0%
AG
CA$39.20
First Majestic Silver
7D
25.3%
1Y
385.7%
NUAG
CA$6.96
New Pacific Metals
7D
39.8%
1Y
337.7%
DSV
CA$10.47
Discovery Silver
7D
2.8%
1Y
607.4%
EDR
CA$17.78
Endeavour Silver
7D
11.1%
1Y
225.6%

EDR: New 2026 Production Guidance Will Support Bullish Outlook

Analysts have nudged their fair value estimate for Endeavour Silver to CA$23.30 from CA$23.00, reflecting updated assumptions for the discount rate, revenue growth, profit margin, and a lower future P/E multiple. What's in the News Issued new consolidated 2026 production guidance, with silver output from Terronera, Guanaceví, and Kolpa projected between 8.3 million oz and 8.9 million oz, and gold output from Terronera and Guanaceví expected between 46,000 oz and 48,000 oz (Key Developments).
GGD
CA$3.34
GoGold Resources
7D
5.0%
1Y
112.7%

We Think That There Are Issues Underlying GoGold Resources' (TSE:GGD) Earnings

Feb 19
We Think That There Are Issues Underlying GoGold Resources' (TSE:GGD) Earnings
APM
CA$10.14
Andean Precious Metals
7D
12.3%
1Y
541.8%

APM: Equity Offering And Higher P E Multiple Will Support Upside

Analysts have raised their fair value estimate for Andean Precious Metals to CA$12.85 from CA$11.66, citing updated assumptions related to discount rates, profit margins and future P/E expectations. What's in the News Andean Precious Metals completed a follow on equity offering of common shares totaling CA$83.1075 million, with 7,915,000 shares priced at CA$10.50 each under Regulation S and Rule 144A (Key Developments).
AYA
CA$25.59
Aya Gold & Silver
7D
9.4%
1Y
108.2%

AYA: Higher Silver Output And Exploration Success Will Support Undervalued Shares

Aya Gold & Silver's analyst fair value estimate has moved from CA$23.65 to CA$32.93, supported by a series of recent price target increases from firms such as Stifel, CIBC, BMO Capital, Scotiabank, and Raymond James that cite updated assumptions around growth, profitability, and valuation multiples. Analyst Commentary Bullish Takeaways Bullish analysts are lifting their price targets in sizeable C$4 to C$10 increments, which signals greater conviction in the company’s ability to support a higher fair value over time.
SVM
CA$16.95
Silvercorp Metals
7D
13.2%
1Y
220.4%
PSIL
CA$1.51
Pacifica Silver
7D
-3.2%
1Y
115.7%
MMN
CA$0.015
Monarca Minerals
7D
-25.0%
1Y
50.0%