Pan American Silver Corp.

TSX:PAAS Stock Report

Market Cap: CA$29.2b

Pan American Silver Management

Management criteria checks 2/4

Pan American Silver's CEO is Michael Steinmann, appointed in Feb 2015, has a tenure of 11.58 years. total yearly compensation is $10.79M, comprised of 10.6% salary and 89.4% bonuses, including company stock and options. directly owns 0.026% of the company’s shares, worth CA$7.53M. The average tenure of the management team and the board of directors is 4.6 years and 5.3 years respectively.

Key information

Michael Steinmann

Chief executive officer

US$10.8m

Total compensation

CEO salary percentage10.55%
CEO tenure11.6yrs
CEO ownership0.03%
Management average tenure4.6yrs
Board average tenure5.3yrs

Recent management updates

Recent updates

Narrative Update • Aug 07

PAAS: Project Execution And Precious Metal Upside Will Drive Future Returns

Analysts have updated their view on Pan American Silver with a lower fair value estimate and a higher CA$95 price target, reflecting revised assumptions for discount rates, revenue growth, profit margins and future P/E multiples in light of recent Street research. Analyst Commentary Recent Street research on Pan American Silver shows a mix of optimism and caution as analysts reset their price targets and model assumptions.
Narrative Update • Jul 24

PAAS: Higher Commodity Assumptions Will Support Stronger Long Term Earnings Power

Analysts have lifted their fair value estimate for Pan American Silver from CA$84.11 to CA$106.45, as updated assumptions for revenue growth, profit margins and a higher future P/E multiple align with recent Street price target shifts, including Scotiabank's move to CA$95 and other recalibrations around commodity price expectations. Analyst Commentary on Pan American Silver Recent Street research around Pan American Silver points to a mix of optimism on long term value and caution around near term commodity headwinds, which helps explain why fair value estimates and price targets span a wide range.
Narrative Update • Jul 10

PAAS: Earnings Momentum And Silver Rebound Potential Will Drive Future Upside

For Pan American Silver, the analyst price target has been reset to CA$97.14 from CA$73.64 as analysts factor in revised commodity price assumptions, a higher discount rate of 7.82% and updated expectations for revenue growth, profit margins and future P/E levels. Analyst Commentary Recent commentary on Pan American Silver points to a more cautious stance on valuation as analysts adjust price targets to reflect updated commodity price assumptions and cost pressures.
Narrative Update • Jun 26

PAAS: Timmins Expansion And La Colorada Plan Will Drive Future Upside Potential

The analyst price target for Pan American Silver has been raised to CA$76.01 from CA$63.05, with analysts citing updated assumptions on discount rates, revenue growth, profit margins, and future P/E expectations to support the higher valuation. Analyst Commentary Alongside the higher price target, recent commentary around Pan American Silver points to a mix of optimism and caution.
Analysis Article • Dec 02

Pan American Silver Corp. (TSE:PAAS) Stock Rockets 31% As Investors Are Less Pessimistic Than Expected

Despite an already strong run, Pan American Silver Corp. ( TSE:PAAS ) shares have been powering on, with a gain of 31...
Analysis Article • Nov 15

Pan American Silver Corp. Just Missed Earnings - But Analysts Have Updated Their Models

Shareholders of Pan American Silver Corp. ( TSE:PAAS ) will be pleased this week, given that the stock price is up 11...

CEO Compensation Analysis

How has Michael Steinmann's remuneration changed compared to Pan American Silver's earnings?
DateTotal CompensationSalaryCompany Earnings
Jun 30 2026n/an/a

US$1b

Mar 31 2026n/an/a

US$1b

Dec 31 2025US$11mUS$1m

US$978m

Sep 30 2025n/an/a

US$635m

Jun 30 2025n/an/a

US$523m

Mar 31 2025n/an/a

US$312m

Dec 31 2024US$8mUS$1m

US$112m

Sep 30 2024n/an/a

-US$64m

Jun 30 2024n/an/a

-US$140m

Mar 31 2024n/an/a

-US$151m

Dec 31 2023US$7mUS$1m

-US$104m

Sep 30 2023n/an/a

-US$208m

Jun 30 2023n/an/a

-US$260m

Mar 31 2023n/an/a

-US$402m

Dec 31 2022US$4mUS$950k

-US$342m

Sep 30 2022n/an/a

-US$155m

Jun 30 2022n/an/a

-US$63m

Mar 31 2022n/an/a

US$182m

Dec 31 2021US$4mUS$969k

US$97m

Sep 30 2021n/an/a

US$252m

Jun 30 2021n/an/a

US$298m

Mar 31 2021n/an/a

US$247m

Dec 31 2020US$4mUS$804k

US$178m

Sep 30 2020n/an/a

US$61m

Jun 30 2020n/an/a

US$33m

Mar 31 2020n/an/a

US$31m

Dec 31 2019US$4mUS$739k

US$111m

Compensation vs Market: Michael's total compensation ($USD10.79M) is above average for companies of similar size in the Canadian market ($USD7.83M).

Compensation vs Earnings: Michael's compensation has increased by more than 20% in the past year.

CEO

Michael Steinmann (60 yo)

11.6yrs
Tenure
US$10,788,750
Compensation

Mr. Michael Steinmann, Ph D., P.Geo., has been the President of Pan American Silver Corp. since February 18, 2015 and its Chief Executive Officer since January 1, 2016. Mr. Steinmann is Independent Directo...

Leadership Team

NamePositionTenureCompensationOwnership
Michael Steinmann
President11.6yrsUS$10.79m0.026%
CA$ 7.5m
Ignacio Couturier
Chief Financial Officer4.5yrsUS$2.28m0.0032%
CA$ 948.8k
Scott Campbell
Chief Operating Officerless than a yearUS$2.43m0.00030%
CA$ 87.6k
Christopher Lemon
Chief Legal Officer & General Counsel9.1yrsUS$2.46m0.0024%
CA$ 709.4k
Siren Fisekci
Vice President of Investor Relations & Corporate Communicationsno datano data0.0019%
CA$ 551.8k
Ibtissam Drier
Senior Vice President of Business Development & Human Resourcesless than a yearno data0.0030%
CA$ 881.7k
Christopher Emerson
Senior Vice President of Exploration & Geology3.4yrsno data0.0028%
CA$ 805.8k
Brent G. Bergeron
Senior Vice President of Corporate Affairs & Sustainability7yrsno data0.00016%
CA$ 46.7k
Delaney Fisher
Senior VP4.7yrsno data0.0053%
CA$ 1.5m
Al Mainville
Country Manager of Canadano datano datano data
Eric Lachapelle
Director of Operations of Canadano datano datano data
4.6yrs
Average Tenure

Experienced Management: PAAS's management team is considered experienced (4.6 years average tenure).

Board Members

NamePositionTenureCompensationOwnership
Michael Steinmann
President10.7yrsUS$10.79m0.026%
CA$ 7.5m
Charles Jeannes
Independent Director7.6yrsUS$228.99k0.0041%
CA$ 1.2m
John Begeman
Independent Director3.3yrsUS$224.10k0.00040%
CA$ 116.8k
Neil de Gelder
Independent Director14.2yrsUS$230.10k0.0096%
CA$ 2.8m
Ross Beaty
Chairman Emeritus5.3yrsUS$167.19kno data
Pablo Marcet
Independent Director1.1yrsUS$150.00kno data
Chantal Gosselin
Independent Director3.3yrsUS$211.01k0.0019%
CA$ 563.5k
Ignacio Jose Romero
Independent Non-Executive Directorless than a yearno datano data
Jennifer Maki
Independent Director5.3yrsUS$229.49k0.00071%
CA$ 207.3k
Gillian Winckler
Independent Chairman10.3yrsUS$308.09k0.0038%
CA$ 1.1m
Kimberly Keating
Independent Director3.3yrsUS$207.10k0.00029%
CA$ 84.7k
5.3yrs
Average Tenure
63yo
Average Age

Experienced Board: PAAS's board of directors are considered experienced (5.3 years average tenure).

Company Analysis and Financial Data Status

DataLast Updated (UTC time)
Company Analysis2026/09/21 21:28
End of Day Share Price 2026/09/21 00:00
Earnings2026/06/30
Annual Earnings2025/12/31

Data Sources

The data used in our company analysis is from S&P Global Market Intelligence LLC. The following data is used in our analysis model to generate this report. Data is normalised which can introduce a delay from the source being available.

PackageDataTimeframeExample US Source *
Company Financials10 years
  • Income statement
  • Cash flow statement
  • Balance sheet
Analyst Consensus Estimates+3 years
  • Forecast financials
  • Analyst price targets
Market Prices30 years
  • Stock prices
  • Dividends, Splits and Actions
Ownership10 years
  • Top shareholders
  • Insider trading
Management10 years
  • Leadership team
  • Board of directors
Key Developments10 years
  • Company announcements

* Example for US securities, for non-US equivalent regulatory forms and sources are used.

Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more.

Analysis Model and Snowflake

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Learn about the who designed and built the Simply Wall St analysis model.

Industry and Sector Metrics

Our industry and section metrics are calculated every 6 hours by Simply Wall St, details of our process are available on Github.

Analyst Sources

Pan American Silver Corp. is covered by 24 analysts. 6 of those analysts submitted the estimates of revenue or earnings used as inputs to our report. Analysts submissions are updated throughout the day.

AnalystInstitution
Matthew MurphyBMO Capital Markets Equity Research
Kevin O'HalloranBMO Capital Markets Equity Research
Lawson WinderBofA Global Research