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Canadian (TSX) Silver Industry Analysis

UpdatedMar 19, 2026
DataAggregated Company Financials
Companies30
  • 7D-18.7%
  • 3M6.1%
  • 1Y140.9%
  • YTDn/a

Over the last 7 days, the Silver industry has dropped 19%, driven by First Majestic Silver declining 20%. Over the past 12 months, the industry was up 141%. As for the next few years, earnings are expected to grow by 35% per annum.

Industry Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Thu, 19 Mar 2026CA$38.5bCA$4.5bCA$229.6m35x167.7x8.5x
Sat, 14 Feb 2026CA$39.6bCA$3.5bCA$40.1m99x987.9x11.2x
Mon, 12 Jan 2026CA$36.8bCA$3.5bCA$82.9m80.5x443.9x10.4x
Wed, 10 Dec 2025CA$31.3bCA$3.5bCA$75.2m71.9x416.4x8.9x
Fri, 07 Nov 2025CA$22.7bCA$3.0bCA$53.5m24.9x423.3x7.5x
Sun, 05 Oct 2025CA$25.0bCA$2.8b-CA$21,208,642.3628.1x-1177.4x9x
Tue, 02 Sep 2025CA$23.0bCA$2.7bCA$119.5m22x192.4x8.4x
Thu, 31 Jul 2025CA$19.8bCA$2.3b-CA$83,823,566.2416.4x-236.4x8.7x
Sat, 28 Jun 2025CA$35.9bCA$7.9bCA$581.3m15.3x61.8x4.5x
Mon, 26 May 2025CA$29.7bCA$7.9bCA$597.6m11.3x49.7x3.8x
Wed, 23 Apr 2025CA$30.9bCA$7.3bCA$260.4m14.7x118.7x4.2x
Fri, 21 Mar 2025CA$31.5bCA$7.6bCA$314.1m18.3x100.3x4.2x
Sun, 16 Feb 2025CA$26.2bCA$7.2b-CA$6,439,375.8522.7x-4072.4x3.7x
Tue, 14 Jan 2025CA$23.7bCA$7.2b-CA$28,836,779.5519x-823x3.3x
Thu, 12 Dec 2024CA$25.6bCA$7.1b-CA$37,004,784.7317.5x-690.5x3.6x
Sat, 09 Nov 2024CA$26.6bCA$6.9b-CA$75,304,957.3723x-353.8x3.8x
Mon, 07 Oct 2024CA$24.6bCA$6.5b-CA$200,916,301.8922.7x-122.6x3.8x
Wed, 04 Sep 2024CA$21.6bCA$6.5b-CA$201,235,287.2418x-107.2x3.3x
Fri, 02 Aug 2024CA$24.5bCA$6.4b-CA$231,323,464.1717.1x-106x3.8x
Sun, 30 Jun 2024CA$21.0bCA$6.3b-CA$229,934,254.9216.4x-91.3x3.3x
Tue, 28 May 2024CA$24.2bCA$6.3b-CA$229,608,236.7320.3x-105.3x3.9x
Thu, 25 Apr 2024CA$21.1bCA$6.0b-CA$335,597,720.6525.6x-62.9x3.5x
Sat, 23 Mar 2024CA$16.2bCA$5.9b-CA$394,095,199.9051.4x-41.1x2.7x
Mon, 19 Feb 2024CA$14.3bCA$5.4b-CA$689,096,648.5529.9x-20.8x2.7x
Wed, 17 Jan 2024CA$16.7bCA$5.4b-CA$888,871,885.0032.3x-18.8x3.1x
Fri, 15 Dec 2023CA$17.6bCA$5.4b-CA$877,572,958.0037.6x-20x3.3x
Sun, 12 Nov 2023CA$14.7bCA$5.5b-CA$895,034,786.0033.3x-16.4x2.7x
Tue, 10 Oct 2023CA$15.3bCA$5.0b-CA$1,011,033,602.0037.1x-15.1x3.1x
Thu, 07 Sep 2023CA$16.7bCA$5.0b-CA$1,009,752,428.0038.4x-16.5x3.4x
Sat, 05 Aug 2023CA$17.3bCA$4.5b-CA$1,289,461,454.0059.8x-13.4x3.9x
Mon, 03 Jul 2023CA$16.3bCA$4.4b-CA$1,369,455,528.0058.2x-11.9x3.7x
Wed, 31 May 2023CA$17.3bCA$4.6b-CA$1,396,012,256.0061.4x-12.4x3.8x
Fri, 28 Apr 2023CA$20.3bCA$4.7b-CA$1,150,936,980.0075.9x-17.6x4.3x
Sun, 26 Mar 2023CA$16.3bCA$4.7b-CA$1,149,818,406.0047x-14.1x3.5x
Price to Earnings Ratio

-14.1x


Total Market Cap: CA$16.3bTotal Earnings: -CA$1,149,818,406.00Total Revenue: CA$4.7bTotal Market Cap vs Earnings and Revenue0%0%0%
Canadian Silver Industry Price to Earnings3Y Average -137.4x202420252026
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 168x which is higher than its 3-year average PE of -137x.
  • The 3-year average PS ratio of 4.9x is lower than the industry's current PS ratio of 8.5x.
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 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-2.57%
Materials-11.39%
Metals and Mining-12.30%
Silver-18.69%
Aluminum0%0
Steel-6.74%
Copper-10.55%
Diversified Metals and Mining-11.54%
Gold-12.23%
Precious Metals and Minerals-16.39%
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$14.984.8%
+CA$3.2m		129.1%PS64.2x

Latest News

NUAG
CA$4.92
New Pacific Metals
7D
-18.4%
1Y
160.3%
DSV
CA$7.63
Discovery Silver
7D
-19.9%
1Y
274.0%
AYA
CA$17.95
Aya Gold & Silver
7D
-22.7%
1Y
35.4%

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$2.42
GoGold Resources
7D
-24.6%
1Y
31.5%
APM
CA$6.25
Andean Precious Metals
7D
-25.6%
1Y
269.8%
EDR
CA$11.94
Endeavour Silver
7D
-18.8%
1Y
72.0%
AG
CA$26.01
First Majestic Silver
7D
-22.6%
1Y
157.8%

AG: Higher-Margin Production And Exploration Success Will Drive Stronger Outlook

Analysts have raised their price target on First Majestic Silver to CA$52 from CA$36, citing updated assumptions around fair value, discount rate, revenue growth, profit margin, and future P/E expectations. What's in the News Reported fourth quarter 2025 production of 7,845,686 silver equivalent ounces, 4,165,334 ounces of silver, 41,417 ounces of gold, 14,238,927 pounds of zinc, 8,108,949 pounds of lead, and 235,886 pounds of copper, with full year 2025 output of 31,060,764 silver equivalent ounces, 15,435,506 ounces of silver, 41,417 ounces of gold, 56,690,291 pounds of zinc, 32,264,292 pounds of lead, and 920,509 pounds of copper (Announcement of Operating Results).
SCRI
CA$14.98
Silver Crown Royalties
7D
4.8%
1Y
129.1%
SVM
CA$13.03
Silvercorp Metals
7D
-17.1%
1Y
119.7%

SVM: Tulkubash Development And Resource Base Will Support Future Upside

Analysts have nudged their blended CA$ price target for Silvercorp Metals slightly higher, to roughly CA$21.46 from about CA$21.08. This reflects recent mixed revisions in Street research that balance more cautious growth assumptions with improved margin and P/E expectations.