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Canadian (TSX) Silver Industry Analysis

UpdatedJul 21, 2026
DataAggregated Company Financials
Companies32
  • 7D-3.6%
  • 3M-15.2%
  • 1Y74.0%
  • YTDn/a

Over the last 7 days, the Silver industry has dropped 3.6%, driven by First Majestic Silver declining 3.9%. In the past year, the industry has gained 74%. As for the next few years, earnings are expected to grow by 24% per annum.

Industry Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Tue, 21 Jul 2026CA$33.9bCA$6.2bCA$820.1m22.9x41.4x5.5x
Thu, 18 Jun 2026CA$39.5bCA$6.2bCA$887.0m26.1x44.5x6.4x
Sat, 16 May 2026CA$43.8bCA$5.9bCA$849.2m25.6x51.6x7.4x
Mon, 13 Apr 2026CA$38.8bCA$4.7bCA$346.4m39.4x112x8.2x
Wed, 11 Mar 2026CA$44.0bCA$4.5bCA$227.9m46.3x192.9x9.8x
Fri, 06 Feb 2026CA$41.5bCA$3.5bCA$79.7m84.2x520x11.9x
Sun, 04 Jan 2026CA$33.0bCA$3.5bCA$81.1m73x407.5x9.5x
Tue, 02 Dec 2025CA$31.3bCA$3.6bCA$84.7m69.7x369.6x8.8x
Thu, 30 Oct 2025CA$24.4bCA$2.8b-CA$21,217,323.3225.5x-1150.7x8.8x
Sat, 27 Sep 2025CA$23.4bCA$2.8b-CA$21,236,323.1824.4x-1100.9x8.4x
Mon, 25 Aug 2025CA$21.7bCA$2.7bCA$121.3m21.1x178.9x7.9x
Wed, 23 Jul 2025CA$20.2bCA$2.2b-CA$81,845,837.9817.8x-246.8x9x
Fri, 20 Jun 2025CA$36.3bCA$7.9bCA$581.2m16x62.5x4.6x
Sun, 18 May 2025CA$27.9bCA$8.0bCA$609.6m10.9x45.8x3.5x
Tue, 15 Apr 2025CA$29.1bCA$7.3bCA$261.5m15.6x111.2x4x
Thu, 13 Mar 2025CA$28.6bCA$7.6bCA$368.6m17.3x77.7x3.8x
Sat, 08 Feb 2025CA$26.9bCA$7.2b-CA$27,800,622.1521.9x-966.7x3.8x
Mon, 06 Jan 2025CA$23.4bCA$7.2b-CA$28,705,994.4019.5x-816.9x3.2x
Wed, 04 Dec 2024CA$23.9bCA$7.1b-CA$37,219,508.1317.4x-641.8x3.4x
Fri, 01 Nov 2024CA$29.2bCA$6.7b-CA$202,964,639.9725.8x-144x4.4x
Sun, 29 Sep 2024CA$24.2bCA$6.5b-CA$200,410,162.7422.6x-120.8x3.7x
Tue, 27 Aug 2024CA$22.8bCA$6.5b-CA$201,079,303.6420.1x-113.5x3.5x
Thu, 25 Jul 2024CA$24.3bCA$6.4b-CA$231,416,173.1018.2x-105.2x3.8x
Sat, 22 Jun 2024CA$22.8bCA$6.3b-CA$230,109,203.5917.1x-99x3.6x
Mon, 20 May 2024CA$24.9bCA$6.2b-CA$235,399,669.2822.6x-105.8x4x
Wed, 17 Apr 2024CA$21.6bCA$6.0b-CA$333,494,361.5224.9x-64.9x3.6x
Fri, 15 Mar 2024CA$16.2bCA$5.9b-CA$414,644,041.0055.6x-39x2.8x
Sun, 11 Feb 2024CA$14.2bCA$5.4b-CA$688,287,157.7829.5x-20.6x2.7x
Tue, 09 Jan 2024CA$16.8bCA$5.3b-CA$882,498,470.0033.7x-19x3.1x
Thu, 07 Dec 2023CA$17.4bCA$5.4b-CA$885,799,740.0036.3x-19.7x3.2x
Sat, 04 Nov 2023CA$16.2bCA$4.9b-CA$1,016,387,709.0036.8x-15.9x3.3x
Mon, 02 Oct 2023CA$15.6bCA$4.9b-CA$1,006,701,674.0037.4x-15.5x3.2x
Wed, 30 Aug 2023CA$18.0bCA$4.9b-CA$1,082,991,199.0043.1x-16.6x3.7x
Fri, 28 Jul 2023CA$18.3bCA$4.4b-CA$1,366,520,468.0064.9x-13.4x4.1x
Price to Earnings Ratio

-13.4x


Total Market Cap: CA$18.3bTotal Earnings: -CA$1,366,520,468.00Total Revenue: CA$4.4bTotal Market Cap vs Earnings and Revenue0%0%0%
Canadian Silver Industry Price to Earnings3Y Average -127x202420252026
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 41.4x which is higher than its 3-year average PE of -127x.
  • The industry is trading close to its 3-year average PS ratio of 5.3x.
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 grown 12% per year.
  • This means that more sales are being generated by the industry overall, and subsequently profits are increasing too.

Industry Comparison

How does Canadian Silver compare with similar industries?

CA Market-0.75%
Materials-3.16%
Metals and Mining-3.43%
Silver-3.63%
Copper1.44%
Aluminum0%0
Gold-3.62%
Precious Metals and Minerals-3.86%
Diversified Metals and Mining-5.27%
Steel-6.56%
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
VZLA Vizsla SilverCA$4.423.5%
+CA$75.5m		-2.2%PB2.6x
NUAG New Pacific MetalsCA$5.864.8%
+CA$50.0m		147.3%PB4.8x
MSV Minco SilverCA$0.8232.3%
+CA$12.3m		164.5%PE6.9x
BPAG BP SilverCA$0.886.0%
+CA$3.3m		n/aPB5.3x
HAMR Silver Hammer MiningCA$0.0833.3%
+CA$2.8m		23.1%PB0.9x

Latest News

SLVR
CA$0.72
Silver Tiger Metals
7D
-7.7%
1Y
10.8%
SVM
CA$12.53
Silvercorp Metals
7D
-4.5%
1Y
98.3%
SVRS
CA$0.39
Silver Storm Mining
7D
-10.5%
1Y
140.6%
Narrative Update • Jul 19

Valuation Update (July 2026)

FCF Multiple Model at US$150/oz and US$200/oz Silver This is a simplified free cash flow valuation model. Because Silver Storm does not have a current PEA, PFS, FS, or published AISC guidance for La Parrilla, this model uses historical production and historical cash cost data as a rough proxy.
NUAG
CA$5.86
New Pacific Metals
7D
4.8%
1Y
147.3%
DSV
CA$7.72
Discovery Mining
7D
-4.8%
1Y
136.1%
MSV
CA$0.82
Minco Silver
7D
32.3%
1Y
164.5%
AYA
CA$26.00
Aya Gold & Silver
7D
-3.9%
1Y
89.2%
Narrative Update • Jul 15

AYA: Record Production And Boumadine Progress Will Drive Future Repricing

Analysts have adjusted their fair value estimate for Aya Gold & Silver to roughly CA$40.79 from about CA$39.22, citing updated assumptions around discount rates, expected revenue growth, profit margins and future P/E levels. What’s in the News for Aya Gold & Silver Aya Gold & Silver reported record consolidated Q2 2026 production of 1.68 million silver equivalent ounces, with the Zgounder Silver Mine contributing 1.49 million ounces and achieving a silver recovery rate of 91.2% (source: company Q2 2026 production update).
AG
CA$22.31
First Majestic Silver
7D
-3.9%
1Y
87.3%
Narrative Update • Jul 14

AG: Expanded Mines And Higher Grades Will Support Future Upside

Analysts have reduced their fair value estimate for First Majestic Silver to CA$42.00 from CA$45.00, citing updated assessments of revenue growth, profit margins and the stock's future P/E multiple. What’s in the News for First Majestic Silver First Majestic Silver’s share price has rallied alongside higher silver prices, while a Mexican Supreme Court ruling upholding a US$155 million tax liability for a subsidiary has introduced a material financial risk.
EDR
CA$10.55
Endeavour Silver
7D
-4.9%
1Y
40.1%
VZLA
CA$4.42
Vizsla Silver
7D
3.5%
1Y
-2.2%
BPAG
CA$0.88
BP Silver
7D
6.0%
1Y
n/a
Narrative Update • Jul 08

“valer un Potosí” GOOGLE IT. Now you’re should be kinda locked in. Educate yourself, Read the rest.

I was right. Hope some of you listen and took a chance when I published this back in December.
GGD
CA$2.97
GoGold Resources
7D
-2.6%
1Y
35.0%
HAMR
CA$0.08
Silver Hammer Mining
7D
33.3%
1Y
23.1%