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Canadian (TSX) Silver Industry Analysis

UpdatedMar 15, 2026
DataAggregated Company Financials
Companies30
  • 7D-10.3%
  • 3M16.6%
  • 1Y179.5%
  • YTDn/a

Over the last 7 days, the Silver industry has dropped 10%, driven by First Majestic Silver declining 12%. On the other hand Silver One Resources is actually up 6.5%. In the past year, the industry has gained 179%. As for the next few years, earnings are expected to grow by 34% per annum.

Industry Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Sun, 15 Mar 2026CA$39.4bCA$4.5bCA$229.7m40.1x171.4x8.7x
Tue, 10 Feb 2026CA$40.3bCA$3.5bCA$78.3m94.5x513.9x11.7x
Thu, 08 Jan 2026CA$36.5bCA$3.5bCA$82.3m78.8x443.2x10.4x
Sat, 06 Dec 2025CA$30.7bCA$3.5bCA$75.0m69.4x409.4x8.8x
Mon, 03 Nov 2025CA$25.4bCA$2.8b-CA$22,256,032.4826.1x-1142.5x9.1x
Wed, 01 Oct 2025CA$25.2bCA$2.8b-CA$21,271,538.4225.4x-1186.8x9.1x
Fri, 29 Aug 2025CA$22.1bCA$2.7bCA$118.5m21.3x186.3x8.1x
Sun, 27 Jul 2025CA$20.3bCA$2.2b-CA$83,947,423.3117.6x-241.6x9x
Tue, 24 Jun 2025CA$35.8bCA$7.9bCA$582.9m15.4x61.5x4.5x
Thu, 22 May 2025CA$29.3bCA$8.0bCA$603.6m11.9x48.6x3.7x
Sat, 19 Apr 2025CA$31.1bCA$7.3bCA$260.9m15.2x119.2x4.2x
Mon, 17 Mar 2025CA$30.4bCA$7.6bCA$367.6m17.9x82.6x4x
Wed, 12 Feb 2025CA$27.0bCA$7.2b-CA$27,780,761.0222.5x-971.2x3.8x
Fri, 10 Jan 2025CA$23.7bCA$7.2b-CA$28,865,750.9420.1x-819.6x3.3x
Sun, 08 Dec 2024CA$24.7bCA$7.1b-CA$37,033,459.8116.6x-666x3.5x
Tue, 05 Nov 2024CA$26.9bCA$6.7b-CA$202,772,906.8323.9x-132.6x4x
Thu, 03 Oct 2024CA$23.4bCA$6.5b-CA$200,179,356.0221.8x-117x3.6x
Sat, 31 Aug 2024CA$22.0bCA$6.5b-CA$201,473,038.0019.4x-109x3.4x
Mon, 29 Jul 2024CA$23.2bCA$6.4b-CA$230,980,360.3618.1x-100.6x3.7x
Wed, 26 Jun 2024CA$21.9bCA$6.3b-CA$229,620,948.1416.5x-95.4x3.5x
Fri, 24 May 2024CA$24.2bCA$6.3b-CA$237,825,955.0122x-101.8x3.8x
Sun, 21 Apr 2024CA$21.7bCA$6.0b-CA$336,110,322.5026.3x-64.4x3.6x
Tue, 19 Mar 2024CA$16.2bCA$5.9b-CA$414,823,444.8854.8x-39.1x2.8x
Thu, 15 Feb 2024CA$13.5bCA$5.4b-CA$691,591,004.1028.8x-19.6x2.5x
Sat, 13 Jan 2024CA$16.8bCA$5.4b-CA$884,879,601.0034.2x-18.9x3.1x
Mon, 11 Dec 2023CA$17.0bCA$5.4b-CA$885,588,684.0036.6x-19.2x3.1x
Wed, 08 Nov 2023CA$15.9bCA$5.0b-CA$1,021,546,957.0034.4x-15.6x3.2x
Fri, 06 Oct 2023CA$15.1bCA$5.0b-CA$1,013,467,988.0036.2x-14.9x3x
Sun, 03 Sep 2023CA$17.5bCA$4.9b-CA$1,012,792,088.0040.4x-17.3x3.5x
Tue, 01 Aug 2023CA$18.4bCA$4.4b-CA$1,364,853,186.0063.2x-13.4x4.1x
Thu, 29 Jun 2023CA$15.8bCA$4.5b-CA$1,369,477,269.0056.5x-11.5x3.5x
Sat, 27 May 2023CA$17.3bCA$4.6b-CA$1,398,426,848.0061.1x-12.4x3.8x
Mon, 24 Apr 2023CA$20.1bCA$4.6b-CA$1,145,806,816.0074.7x-17.5x4.3x
Wed, 22 Mar 2023CA$15.2bCA$4.7b-CA$1,148,105,131.0045.4x-13.3x3.2x
Price to Earnings Ratio

-13.3x


Total Market Cap: CA$15.2bTotal Earnings: -CA$1,148,105,131.00Total Revenue: CA$4.7bTotal Market Cap vs Earnings and Revenue0%0%0%
Canadian Silver Industry Price to Earnings3Y Average -138.1x202420252026
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 184x which is higher than its 3-year average PE of -138x.
  • The 3-year average PS ratio of 4.9x is lower than the industry's current PS ratio of 9.3x.
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-1.70%
Materials-4.80%
Metals and Mining-5.80%
Silver-10.28%
Aluminum0%0
Copper-2.01%
Diversified Metals and Mining-4.14%
Gold-6.25%
Steel-7.89%
Precious Metals and Minerals-9.79%
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
SVE Silver One ResourcesCA$0.666.5%
+CA$14.1m		131.6%PB5.2x
SBMI Silver Bullet MinesCA$0.2613.3%
+CA$4.4m		41.7%PB26.8x
HAMR Silver Hammer MiningCA$0.105.3%
+CA$698.6k		17.6%PB1.5x

Latest News

AG
CA$30.96
First Majestic Silver
7D
-11.7%
1Y
223.5%

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).
AYA
CA$21.84
Aya Gold & Silver
7D
-8.8%
1Y
80.9%
EDR
CA$13.69
Endeavour Silver
7D
-10.1%
1Y
102.5%
DSV
CA$9.03
Discovery Silver
7D
-10.3%
1Y
338.3%
APM
CA$7.80
Andean Precious Metals
7D
-9.4%
1Y
358.8%

APM: Reset Expectations And Higher Margins Will Support Future Upside

Analysts have trimmed their price target on Andean Precious Metals to CA$14 from CA$15, reflecting updated views on growth, margins, and the stock's future P/E multiple. Analyst Commentary Recent research reflects a modest reset in expectations, with the price target moving to CA$14 from CA$15 while the positive rating on the shares remains in place.
NUAG
CA$5.67
New Pacific Metals
7D
-9.6%
1Y
213.3%
SVM
CA$14.85
Silvercorp Metals
7D
-7.6%
1Y
152.6%

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.
SVE
CA$0.66
Silver One Resources
7D
6.5%
1Y
131.6%
GGD
CA$2.96
GoGold Resources
7D
-9.8%
1Y
53.4%
HAMR
CA$0.10
Silver Hammer Mining
7D
5.3%
1Y
17.6%
SBMI
CA$0.26
Silver Bullet Mines
7D
13.3%
1Y
41.7%