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Canadian (TSX) Silver Industry Analysis

UpdatedFeb 20, 2026
DataAggregated Company Financials
Companies30
  • 7D8.3%
  • 3M79.8%
  • 1Y243.8%
  • YTDn/a

In the last week, the Silver industry is up 8.3%, with First Majestic Silver up 16%. In the last 12 months, the industry was up 244%. Looking forward, earnings are forecast to grow by 51% annually.

Industry Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
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
Mon, 27 Feb 2023CA$14.0bCA$4.7b-CA$919,664,415.0022.9x-15.3x3x
Price to Earnings Ratio

-15.3x


Total Market Cap: CA$14.0bTotal Earnings: -CA$919,664,415.00Total Revenue: CA$4.7bTotal Market Cap vs Earnings and Revenue0%0%0%
Canadian Silver Industry Price to Earnings3Y Average -143.4x202420252026
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 1kx which is higher than its 3-year average PE of -143x.
  • The 3-year average PS ratio of 4.8x is lower than the industry's current PS ratio of 11.5x.
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 8.7% 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 Market2.64%
Materials4.79%
Metals and Mining5.05%
Silver8.26%
Gold7.04%
Precious Metals and Minerals4.22%
Steel0.63%
Aluminum0%0
Diversified Metals and Mining-0.18%
Copper-1.33%
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$33.9615.5%
+CA$2.2b		315.2%PE178.3x
EDR Endeavour SilverCA$16.6211.2%
+CA$491.3m		181.2%PS10.6x
SVM Silvercorp MetalsCA$15.149.4%
+CA$287.1m		186.7%PS6.7x
AYA Aya Gold & SilverCA$23.176.0%
+CA$188.7m		84.5%PE979.6x
GGD GoGold ResourcesCA$3.3612.4%
+CA$160.4m		108.7%PE34.5x

Latest News

DSV
CA$9.75
Discovery Silver
7D
-1.7%
1Y
509.4%
GGD
CA$3.36
GoGold Resources
7D
12.4%
1Y
108.7%

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$9.26
Andean Precious Metals
7D
7.4%
1Y
493.6%

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).
SLVR
CA$0.92
Silver Tiger Metals
7D
0%
1Y
148.6%
AYA
CA$23.17
Aya Gold & Silver
7D
6.0%
1Y
84.5%

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.
AG
CA$33.96
First Majestic Silver
7D
15.5%
1Y
315.2%

AG: Future Production Outlook And New Discoveries Will Drive Bullish Repricing

Analysts have lifted their price target on First Majestic Silver from about CA$12.50 to CA$35.00, citing updated assumptions for higher revenue growth, wider profit margins, and a lower future P/E multiple as the key drivers of the change. What's in the News Issued new consolidated production guidance for 2026, with expected silver output of 13.0 million to 14.4 million ounces, gold of 116,000 to 129,000 ounces, lead of 34 million to 38 million pounds, zinc of 52 million to 58 million pounds, and copper of 1.1 million to 1.3 million pounds (Key Developments).
APGO
CA$4.32
Apollo Silver
7D
-4.4%
1Y
208.6%
SVM
CA$15.14
Silvercorp Metals
7D
9.4%
1Y
186.7%
EDR
CA$16.62
Endeavour Silver
7D
11.2%
1Y
181.2%

EDR: New Mine Ramp Up And Higher Margins Will Drive Bullish Outlook

Analysts have raised their price target on Endeavour Silver to $23.00 from $18.46, citing updated assumptions for the discount rate, revenue growth, profit margin and future P/E that they believe better reflect the company’s current risk and earnings profile. What's in the News Endeavour Silver issued consolidated production guidance for 2026, 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).
EXN
CA$0.53
Excellon Resources
7D
-7.0%
1Y
202.9%
SVE
CA$0.61
Silver One Resources
7D
-3.2%
1Y
149.0%
NUAG
CA$5.11
New Pacific Metals
7D
6.7%
1Y
207.8%
PSIL
CA$1.51
Pacifica Silver
7D
-4.4%
1Y
115.7%
IPT
CA$0.35
IMPACT Silver
7D
-4.1%
1Y
86.8%

IMPACT Silver Corp.'s (CVE:IPT) Shares Bounce 53% But Its Business Still Trails The Industry

Jan 17
IMPACT Silver Corp.'s (CVE:IPT) Shares Bounce 53% But Its Business Still Trails The Industry
DEF
CA$0.30
Defiance Silver
7D
-1.6%
1Y
5.2%
SVRS
CA$0.62
Silver Storm Mining
7D
-4.6%
1Y
300.0%