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Canadian (TSX) Silver Industry Analysis

UpdatedMar 28, 2026
DataAggregated Company Financials
Companies30
  • 7D11.7%
  • 3M2.0%
  • 1Y162.6%
  • YTDn/a

The Silver industry is up 1.1% in the last week, with First Majestic Silver up 14%. This means that the industry has gained 136% over the past year. 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
Sat, 28 Mar 2026CA$33.7bCA$4.7bCA$290.6m34.9x116.1x7.2x
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
Price to Earnings Ratio

-15.1x


Total Market Cap: CA$17.1bTotal Earnings: -CA$1,133,609,441.00Total Revenue: CA$4.6bTotal Market Cap vs Earnings and Revenue0%0%0%
Canadian Silver Industry Price to Earnings3Y Average -136.1x202420252026
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 125x which is higher than its 3-year average PE of -136x.
  • The 3-year average PS ratio of 5.0x is lower than the industry's current PS ratio of 7.8x.
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 Market2.21%
Materials6.88%
Metals and Mining7.36%
Silver11.73%
Gold7.67%
Copper7.27%
Precious Metals and Minerals6.86%
Diversified Metals and Mining5.58%
Aluminum0%0
Steel-8.22%
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$28.6914.5%
+CA$1.8b		197.0%PE61.8x
DSV Discovery SilverCA$8.1910.4%
+CA$624.1m		295.7%PE44.8x
SVM Silvercorp MetalsCA$14.2213.6%
+CA$375.4m		155.8%PS6.2x
EDR Endeavour SilverCA$12.359.4%
+CA$313.5m		100.2%PS5.6x
NUAG New Pacific MetalsCA$5.3716.5%
+CA$139.9m		219.6%PB4.4x

Latest News

APM
CA$6.36
Andean Precious Metals
7D
12.6%
1Y
287.8%
IPT
CA$0.23
IMPACT Silver
7D
-2.1%
1Y
15.0%

A case for for IMPACT Silver Corp (TSXV:IPT) to reach USD $4.52 (CAD $6.16) in 2026 (23 bagger in 1 year) and USD $5.76 (CAD $7.89) by 2030

Impact Silver has temporarily suspended underground mining operations at its Plomosas Mine (in Chihuahua State, Mexico) and placed it on care and maintenance. This was announced on March 20, 2026.
NUAG
CA$5.37
New Pacific Metals
7D
16.5%
1Y
219.6%
AG
CA$28.69
First Majestic Silver
7D
14.5%
1Y
197.0%
EDR
CA$12.35
Endeavour Silver
7D
9.4%
1Y
100.2%

EDR: 2026 Production Ramp Up Is Expected To Unlock Further Upside

Analysts have kept their CA$23.10 price target for Endeavour Silver unchanged, citing only very small adjustments to inputs such as the discount rate, long term revenue growth, profit margin assumptions and future P/E. Taken together, these factors support a steady view of fair value at this stage.
PSIL
CA$1.07
Pacifica Silver
7D
-2.7%
1Y
n/a
SVM
CA$14.22
Silvercorp Metals
7D
13.6%
1Y
155.8%

SVM: Ecuador Cost Revisions And El Domo Timeline Will Drive Upside

Analysts now see Silvercorp Metals' fair value holding around CA$18.94 per share, with recent CA$0.50, CA$1.00, CA$4.50 and CA$5.00 target changes reflecting refreshed views on growth, margins and future P/E assumptions across the latest research updates. Analyst Commentary Street research around Silvercorp Metals has recently included both higher and lower price targets, along with at least one downgrade, which signals that not every analyst is comfortable with the current risk and reward trade off.
DSV
CA$8.19
Discovery Silver
7D
10.4%
1Y
295.7%
AYA
CA$18.25
Aya Gold & Silver
7D
5.4%
1Y
69.0%

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$2.47
GoGold Resources
7D
6.9%
1Y
40.3%
SNAG
CA$0.24
Silver North Resources
7D
-5.8%
1Y
113.0%
SCRI
CA$12.65
Silver Crown Royalties
7D
-1.9%
1Y
101.4%