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Canadian (TSX) Silver Industry Analysis

UpdatedFeb 23, 2026
DataAggregated Company Financials
Companies30
  • 7D11.0%
  • 3M82.1%
  • 1Y289.5%
  • YTDn/a

The Silver industry is up 11% in the last week, with First Majestic Silver up 21%. This takes the industry's 12 month performance to a gain of 290%. 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
Mon, 23 Feb 2026CA$46.4bCA$4.3bCA$269.0m46x172.5x10.7x
Wed, 21 Jan 2026CA$42.5bCA$3.5bCA$82.1m106.8x517.6x12.1x
Fri, 19 Dec 2025CA$33.9bCA$3.5bCA$81.5m76.2x416.3x9.7x
Sun, 16 Nov 2025CA$25.7bCA$3.6bCA$110.8m59.1x231.5x7.2x
Tue, 14 Oct 2025CA$25.5bCA$2.8b-CA$21,128,300.6026.7x-1208.2x9.2x
Thu, 11 Sep 2025CA$20.1bCA$2.8b-CA$21,638,444.1420.1x-928.4x7.3x
Sat, 09 Aug 2025CA$21.1bCA$2.3b-CA$71,921,980.5221.2x-292.9x9.3x
Mon, 07 Jul 2025CA$18.9bCA$2.2b-CA$81,504,359.9417.4x-231.4x8.4x
Wed, 04 Jun 2025CA$32.5bCA$7.9bCA$582.8m15.6x55.8x4.1x
Fri, 02 May 2025CA$29.4bCA$7.3bCA$260.3m14.2x113.1x4x
Sun, 30 Mar 2025CA$30.1bCA$7.6bCA$272.0m14.6x110.7x4x
Tue, 25 Feb 2025CA$27.2bCA$7.5bCA$210.6m38.7x129.1x3.6x
Thu, 23 Jan 2025CA$24.1bCA$7.2b-CA$28,941,669.2020.9x-831.1x3.3x
Sat, 21 Dec 2024CA$22.7bCA$7.2b-CA$29,224,197.9419.2x-775.8x3.1x
Mon, 18 Nov 2024CA$24.4bCA$7.1b-CA$32,494,377.0117.9x-749.5x3.5x
Wed, 16 Oct 2024CA$25.8bCA$6.6b-CA$202,845,446.2624x-127x3.9x
Fri, 13 Sep 2024CA$21.0bCA$6.5b-CA$200,960,827.5919.7x-104.3x3.2x
Sun, 11 Aug 2024CA$20.4bCA$6.5b-CA$225,097,791.0717.9x-90.7x3.1x
Tue, 09 Jul 2024CA$23.2bCA$6.3b-CA$229,445,999.4617.5x-101x3.7x
Thu, 06 Jun 2024CA$23.0bCA$6.3b-CA$230,022,300.9818.3x-100.1x3.7x
Sat, 04 May 2024CA$20.9bCA$6.0b-CA$328,565,300.1525.9x-63.6x3.5x
Mon, 01 Apr 2024CA$17.4bCA$5.9b-CA$330,179,043.2122.3x-52.7x2.9x
Wed, 28 Feb 2024CA$13.9bCA$5.8b-CA$490,288,236.3928.9x-28.3x2.4x
Fri, 26 Jan 2024CA$15.2bCA$5.4b-CA$887,669,785.0031x-17.1x2.8x
Sun, 24 Dec 2023CA$17.9bCA$5.3b-CA$878,265,849.0037x-20.4x3.4x
Tue, 21 Nov 2023CA$16.1bCA$5.5b-CA$887,438,148.0036.5x-18.1x2.9x
Thu, 19 Oct 2023CA$16.6bCA$5.0b-CA$1,013,531,768.0038.9x-16.3x3.3x
Sat, 16 Sep 2023CA$16.7bCA$4.9b-CA$1,003,230,615.0040.7x-16.6x3.4x
Mon, 14 Aug 2023CA$17.3bCA$4.9b-CA$1,096,325,779.0043.1x-15.8x3.5x
Wed, 12 Jul 2023CA$16.6bCA$4.4b-CA$1,368,764,744.0057x-12.1x3.7x
Fri, 09 Jun 2023CA$17.7bCA$4.5b-CA$1,378,163,239.0065.6x-12.9x4x
Sun, 07 May 2023CA$20.5bCA$4.6b-CA$1,270,921,105.0077.6x-16.1x4.5x
Tue, 04 Apr 2023CA$17.1bCA$4.6b-CA$1,133,609,441.0074.3x-15.1x3.7x
Thu, 02 Mar 2023CA$14.8bCA$4.7b-CA$919,264,392.0023.9x-16.1x3.2x
Price to Earnings Ratio

-16.1x


Total Market Cap: CA$14.8bTotal Earnings: -CA$919,264,392.00Total Revenue: CA$4.7bTotal Market Cap vs Earnings and Revenue0%0%0%
Canadian Silver Industry Price to Earnings3Y Average -142x202420252026
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 2.6% 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 Market1.50%
Materials2.61%
Metals and Mining2.80%
Silver11.01%
Precious Metals and Minerals6.87%
Copper4.14%
Gold2.88%
Steel2.36%
Aluminum0%0
Diversified Metals and Mining-0.63%
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$37.7020.5%
+CA$3.2b		376.6%PE82.4x
EDR Endeavour SilverCA$17.6410.2%
+CA$479.5m		223.7%PS11.2x
SVM Silvercorp MetalsCA$16.027.0%
+CA$231.9m		212.9%PS7.1x
AYA Aya Gold & SilverCA$24.846.2%
+CA$205.9m		104.6%PE1051.1x
GGD GoGold ResourcesCA$3.5511.6%
+CA$160.4m		135.1%PE36.5x

Latest News

AG
CA$37.70
First Majestic Silver
7D
20.5%
1Y
376.6%
NUAG
CA$5.62
New Pacific Metals
7D
12.9%
1Y
262.6%
DSV
CA$9.99
Discovery Silver
7D
-1.9%
1Y
570.5%
EDR
CA$17.64
Endeavour Silver
7D
10.2%
1Y
223.7%

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$3.55
GoGold Resources
7D
11.6%
1Y
135.1%

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$9.74
Andean Precious Metals
7D
7.9%
1Y
567.1%

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$24.84
Aya Gold & Silver
7D
6.2%
1Y
104.6%

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$16.02
Silvercorp Metals
7D
7.0%
1Y
212.9%
HAMR
CA$0.095
Silver Hammer Mining
7D
-9.5%
1Y
-13.6%
PSIL
CA$1.53
Pacifica Silver
7D
-1.9%
1Y
118.6%
SVRS
CA$0.75
Silver Storm Mining
7D
19.0%
1Y
400.0%
MSV
CA$0.45
Minco Silver
7D
-3.3%
1Y
102.3%
MMN
CA$0.015
Monarca Minerals
7D
-25.0%
1Y
50.0%