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Canadian (TSX) Silver Industry Analysis

UpdatedDec 24, 2025
DataAggregated Company Financials
Companies30
  • 7D3.7%
  • 3M47.8%
  • 1Y233.3%
  • YTDn/a

In the last week, the Silver industry is up 3.7%, with First Majestic Silver up 4.3%. This takes the industry's 12 month performance to a gain of 233%. Looking forward, earnings are forecast to grow by 58% annually.

Industry Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Thu, 25 Dec 2025CA$35.1bCA$3.5bCA$80.7m75.5x434.8x10.1x
Sat, 22 Nov 2025CA$23.3bCA$3.6bCA$106.7m54.8x218.5x6.5x
Mon, 20 Oct 2025CA$27.0bCA$2.8b-CA$21,110,367.2527.9x-1280.4x9.7x
Wed, 17 Sep 2025CA$22.5bCA$2.7b-CA$21,826,149.5820.7x-1032.5x8.2x
Fri, 15 Aug 2025CA$21.2bCA$2.7bCA$98.9m20.6x214.8x7.8x
Sun, 13 Jul 2025CA$20.7bCA$2.2b-CA$81,432,918.2919.2x-254.6x9.2x
Tue, 10 Jun 2025CA$35.8bCA$7.9bCA$580.5m16.4x61.7x4.5x
Thu, 08 May 2025CA$29.9bCA$7.4bCA$277.4m14.7x107.6x4.1x
Sat, 05 Apr 2025CA$28.0bCA$7.5bCA$269.9m12.8x103.6x3.7x
Mon, 03 Mar 2025CA$26.8bCA$7.6bCA$224.2m37.4x119.3x3.5x
Wed, 29 Jan 2025CA$23.6bCA$7.2b-CA$28,664,716.8220.3x-824.8x3.3x
Fri, 27 Dec 2024CA$22.9bCA$7.2b-CA$28,771,150.3219.3x-796.6x3.2x
Sun, 24 Nov 2024CA$25.1bCA$7.0b-CA$32,846,604.3417.4x-764.3x3.6x
Tue, 22 Oct 2024CA$27.9bCA$6.7b-CA$203,308,877.0825.8x-137.4x4.2x
Thu, 19 Sep 2024CA$23.2bCA$6.6b-CA$201,334,298.3120.6x-115.5x3.5x
Sat, 17 Aug 2024CA$21.8bCA$6.6b-CA$198,798,371.5419x-109.9x3.3x
Mon, 15 Jul 2024CA$25.2bCA$6.3b-CA$229,376,248.6818.3x-109.7x4x
Wed, 12 Jun 2024CA$22.5bCA$6.3b-CA$230,759,829.7117.3x-97.7x3.6x
Fri, 10 May 2024CA$21.5bCA$6.3b-CA$245,117,469.5520.5x-87.7x3.4x
Sun, 07 Apr 2024CA$21.0bCA$5.9b-CA$329,420,410.2225.6x-63.7x3.5x
Tue, 05 Mar 2024CA$15.1bCA$5.8b-CA$491,148,527.1232.6x-30.7x2.6x
Thu, 01 Feb 2024CA$14.9bCA$5.4b-CA$886,040,180.0029.4x-16.8x2.8x
Sat, 30 Dec 2023CA$17.6bCA$5.3b-CA$877,860,833.0035.8x-20.1x3.3x
Mon, 27 Nov 2023CA$16.6bCA$5.4b-CA$885,191,828.0038.3x-18.7x3.1x
Wed, 25 Oct 2023CA$16.4bCA$5.0b-CA$1,012,625,500.0037.7x-16.2x3.3x
Fri, 22 Sep 2023CA$16.4bCA$4.9b-CA$1,001,535,049.0038.6x-16.3x3.3x
Sun, 20 Aug 2023CA$16.6bCA$4.9b-CA$1,085,275,270.0040.4x-15.3x3.4x
Tue, 18 Jul 2023CA$17.9bCA$4.4b-CA$1,364,919,583.0059.6x-13.1x4x
Thu, 15 Jun 2023CA$16.9bCA$4.5b-CA$1,376,544,417.0064.6x-12.3x3.8x
Sat, 13 May 2023CA$18.8bCA$4.6b-CA$1,368,771,381.0061.2x-13.7x4.1x
Mon, 10 Apr 2023CA$21.7bCA$4.6b-CA$1,146,217,991.0079.6x-18.9x4.7x
Wed, 08 Mar 2023CA$14.3bCA$4.8b-CA$914,802,541.0032.9x-15.7x3x
Fri, 03 Feb 2023CA$16.6bCA$4.7b-CA$645,064,437.0043.3x-25.8x3.5x
Sun, 01 Jan 2023CA$16.5bCA$4.8b-CA$650,644,239.0043.3x-25.4x3.4x
Price to Earnings Ratio

-25.4x


Total Market Cap: CA$16.5bTotal Earnings: -CA$650,644,239.00Total Revenue: CA$4.8bTotal Market Cap vs Earnings and Revenue0%0%0%
Canadian Silver Industry Price to Earnings3Y Average -176.2x202320242025
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 435x which is higher than its 3-year average PE of -177x.
  • The 3-year average PS ratio of 4.3x is lower than the industry's current PS ratio of 10.1x.
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 10% 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 Market2.23%
Materials6.55%
Metals and Mining6.93%
Silver3.72%
Precious Metals and Minerals12.07%
Diversified Metals and Mining9.37%
Copper7.60%
Gold6.46%
Steel3.33%
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$23.534.3%
+CA$471.5m		192.3%PE123.7x
EDR Endeavour SilverCA$13.363.6%
+CA$135.3m		152.1%PS8.5x
SVRS Silver Storm MiningCA$0.5120.0%
+CA$62.9m		500.0%PB7.4x
APGO Apollo SilverCA$5.6612.7%
+CA$36.0m		439.0%PB34.5x
AGMR Silver Mountain ResourcesCA$3.6816.8%
+CA$30.0m		346.1%PB5.1x

Latest News

APGO
CA$5.66
Apollo Silver
7D
12.7%
1Y
439.0%
SVM
CA$11.75
Silvercorp Metals
7D
-2.0%
1Y
169.5%
EDR
CA$13.36
Endeavour Silver
7D
3.6%
1Y
152.1%

EDR: Terronera Commercial Production Will Drive Stronger Long Term Upside Potential

Analysts have raised their price target on Endeavour Silver from $14.75 to $15.88 per share, reflecting modestly lower revenue growth expectations, offset by a higher assumed future P E multiple and a slightly reduced discount rate. What's in the News Endeavour Silver achieved commercial production at its Terronera mine in Jalisco, Mexico as of October 1, 2025, following a ramp up that consistently exceeded 90% of the 2,000 tonnes per day nameplate capacity and projected metal recoveries (company announcement).
AG
CA$23.53
First Majestic Silver
7D
4.3%
1Y
192.3%
AYA
CA$19.82
Aya Gold & Silver
7D
-0.1%
1Y
78.7%
DSV
CA$8.78
Discovery Silver
7D
-4.4%
1Y
1,119.4%
APM
CA$10.10
Andean Precious Metals
7D
1.6%
1Y
642.6%

APM: Ore Supply Shift And Drilling Progress Will Support Balanced Future Prospects

Analysts have modestly raised their price target on Andean Precious Metals from approximately $9.92 to $10.39 per share, citing a higher expected future price to earnings multiple that more than offsets slightly softer assumptions for revenue growth and profit margins. What's in the News Completion of a five day arbitration hearing in Vancouver over an unpaid USD 1,000,000 additional consideration tied to prior silver price thresholds, with a final award expected before the end of 2025 (Silver Elephant arbitration) Phase 3 drilling at the Golden Queen mine progresses, with 20 core holes completed at the Hilltop area and all intersecting projected veins, supporting potential mine life extension and pit expansions (Golden Queen exploration update) Approval of an additional 3,800 metres of core drilling at Golden Queen, bringing total Phase 3 drilling to 8,100 metres to further define and expand current mining zones along strike (Golden Queen exploration update) Advancement of San Bartolome’s transition to a mineral purchase model, including implementation of a long term oxide ore supply agreement with COMIBOL and active community negotiations to secure permits and social licenses (San Bartolome and COMIBOL strategy) Exploration campaigns launched across multiple Bolivian projects, including Ánimas, Turqui, Santa Isabel, Tacobamba and Trapiche, targeting roughly 5,500 metres of shallow drilling and delineation of about 800,000 tonnes of new oxide material (Bolivia exploration programs) Valuation Changes Fair Value: increased modestly from CA$9.92 to CA$10.39 per share, reflecting a slightly higher intrinsic valuation.
EXN
CA$0.54
Excellon Resources
7D
16.1%
1Y
468.4%

Is Excellon Resources (CVE:EXN) Using Too Much Debt?

Dec 12
Is Excellon Resources (CVE:EXN) Using Too Much Debt?
RSMX
CA$0.15
Regency Silver
7D
-16.7%
1Y
-6.3%
IPT
CA$0.41
IMPACT Silver
7D
20.6%
1Y
100.0%

IMPACT Silver Corp. (CVE:IPT) Surges 40% Yet Its Low P/S Is No Reason For Excitement

Dec 03
IMPACT Silver Corp. (CVE:IPT) Surges 40% Yet Its Low P/S Is No Reason For Excitement
AGMR
CA$3.68
Silver Mountain Resources
7D
16.8%
1Y
346.1%
SVRS
CA$0.51
Silver Storm Mining
7D
20.0%
1Y
500.0%
BPAG
CA$0.54
BP Silver
7D
-6.9%
1Y
n/a
SVE
CA$0.57
Silver One Resources
7D
-1.7%
1Y
216.7%
PSIL
CA$1.67
Pacifica Silver
7D
-11.2%
1Y
271.1%