Pan American Silver Corp.

NYSE:PAAS Stock Report

Market Cap: US$20.2b

Pan American Silver Past Earnings Performance

Past criteria checks 5/6

Pan American Silver has been growing earnings at an average annual rate of 41.2%, while the Metals and Mining industry saw earnings declining at 9.4% annually. Revenues have been growing at an average rate of 21.3% per year. Pan American Silver's return on equity is 17.2%, and it has net margins of 31.7%.

Key information

41.17%

Earnings growth rate

25.94%

EPS growth rate

Metals and Mining Industry Growth26.40%
Revenue growth rate21.32%
Return on equity17.23%
Net Margin31.65%
Last Earnings Update31 Mar 2026

Recent past performance updates

Recent updates

Seeking Alpha • Jun 27

Recent Selloff Could Provide Appealing Entry Point For Pan American Silver

Summary Pan American Silver is rated a buy, benefiting from surging silver prices, robust Q1 earnings, and a sector-low forward P/E near 10. PAAS achieved a dramatic reduction in all-in sustaining costs (AISC), reporting $6.63/oz in Q1 2026 versus $13.88/oz a year prior. The MAG Silver acquisition and underground mine portfolio have driven higher production and lower costs, positioning PAAS as a low-cost, diversified precious metals producer. PAAS targets a 35-40% free cash flow return to shareholders via dividends and $700M in buybacks, with further AISC guidance reductions likely after Q2. Read the full article on Seeking Alpha
Seeking Alpha • Apr 28

Pan American Silver: Flying High, But Stuck In A Holding Pattern - With Escobal In View

Summary Pan American Silver (PAAS) is rated "Hold" due to expected declines in both silver and gold production in 2025, despite recent price surges. PAAS's gold production has increased since acquiring Yamana Gold's assets, but 2025 production is projected to be 10% - 17% lower than last year. Silver production is also expected to decline, with La Colorada and Huaron being the only operations with a positive outlook for 2025. PAAS's current valuation is higher than its peers, making it less attractive for long-term investment, but it offers short-term trading opportunities. Read the full article on Seeking Alpha
Seeking Alpha • Apr 07

Pan American Silver: Another Record Year On Deck

Summary Pan American had a decent 2024, reporting significant growth in free cash flow and a return to a net cash position, offset by a slight miss on its guidance midpoint. While the company had a solid 2024, it faces a production cliff in 2028 if it can't extend mine lives at a few of its assets and/or bring Escobal online. On a positive note, Pan American stands out as a company focused on per-share growth, unlike most of its silver peers & trades at a reasonable valuation. In this update, we'll dig into the Q4 and FY2024 results, recent developments, and whether the stock is offering an adequate margin of safety at current levels. Read the full article on Seeking Alpha
Seeking Alpha • Jan 22

Secular Silver Shortfall Could Keep Prices Higher For Longer For Pan American Silver

Summary Pan American Silver is a top silver producer, benefiting from the Yamana acquisition, asset divestitures, and strong metal markets, making it a solid buy. Management focuses on aggressive deleveraging, maintaining a $0.40 annual dividend, and authorized share repurchases, appealing to income investors seeking silver exposure with gold stability. La Colorada mine improvements and La Colorada Skarn project potential significantly boost silver production, while Jacobina mine enhances gold output, supporting long-term growth. Strong financials with record cash position, zero net debt, and potential variable dividend in 2025, driven by high silver and gold prices and industrial demand. Read the full article on Seeking Alpha
Seeking Alpha • Dec 16

Pan American Silver: One Of The Better Options For Silver Exposure

Summary Pan American Q3-24 production was below expectations, impacted by lower grades at Cerro Moro. Fortunately, higher metal prices boosted financial results, achieving record revenue of $716.1 million and significant cash flow generation. Unfortunately, while 2024 has been strong financially, the company has tough comps on deck in 2025 with significantly lower gold production in 2025. In this update we'll dig into the Q3-24 results, recent developments, and whether the stock is offering enough margin of safety for new investment at current levels. Read the full article on Seeking Alpha
Seeking Alpha • Nov 12

Pan American Silver: Production Growth Visibility Amid Upside In Precious Metals

Summary Initiating coverage on Pan American Silver with a "Buy" rating and a 24-month investment horizon due to attractive valuation and potential growth from higher precious metal prices. Strong fundamentals with a $1.22 billion liquidity buffer, healthy free cash flow, and significant production growth catalysts like Escobal and La Colorada Skarn support the bullish outlook. Risks include potential delays in Escobal mining resumption, but overall financial health and favorable precious metal price trends mitigate concerns, supporting a positive investment thesis. Read the full article on Seeking Alpha
Seeking Alpha • Sep 30

Pan American Silver: Positioned For Growth Amid Higher Gold, Silver Prices

Summary Pan American Silver is one of the largest silver miners in the world and its shares have appreciated over 30% YTD. Despite Q2 production challenges, revenue increased by 7.3% due to higher metal prices, setting up a strong second half of 2024. The company's diversified portfolio and solid balance sheet, combined with potential catalysts like the Escobal mine reopening, support a positive outlook. Trading below its net asset value and only slightly above peers' EV/EBITDA multiple, Pan American Silver shares have significant upside potential, earning a buy rating. Read the full article on Seeking Alpha
Seeking Alpha • Sep 20

Pan American Silver: Better Outlook For H2, But Almost Everything Is Already Priced In

Summary Pan American Silver is rated as a hold due to limited further price increases in silver and rising all-in sustaining costs. PAAS's AISC increased by nearly 20% in Q2. Silver production fell by 8.82% in Q2, but management's 2024 production targets are still achievable, potentially improving AISC and profit margins. Expected Q3 revenue is $774.64 million, translating to $0.32 per share; current valuation implies a P/E of almost 16, making it fairly priced. Read the full article on Seeking Alpha
Seeking Alpha • Aug 14

Pan American Silver: A Stronger H2 On Deck

Summary Pan American Silver Corp. had a mediocre quarter in Q2 with solid performances from Huaron, San Vicente, El Penon and Jacobina overshadowed by softness at La Colorada/Cerro Moro. The result was a significant spike in AISC in Q2 2024 to ~$19/oz, but record gold prices still allowed for significant free cash flow generation in Q2. Meanwhile, although Q2 2024 certainly had its challenges, H2 2024 is shaping up to be much stronger with a weaker MXN/USD, higher gold/silver prices and higher production. In this update, we'll dig into the Q3 2024 results, recent developments, and where the stock's updated low-risk buy zone lies. Read the full article on Seeking Alpha
Seeking Alpha • Aug 07

Pan American Silver: Solid Production Trends, But Shares Near Fair Value

Summary Silver and gold had strong starts to 2024, but price action has turned mixed as global volatility ticks up across financial markets. Pan American Silver reported solid Q1 results in May, and all eyes are now on the Q2 report after a healthy mid-year update in June. I see the stock as near its intrinsic value while PAAS' technical chart sends mixed signals. The options market prices in a 5% earnings related move heading into the Wednesday night Q2 report. Read the full article on Seeking Alpha
Seeking Alpha • May 28

Pan American Silver: Significant Margin Expansion On Deck In Q2

Summary Pan American Silver had a decent Q1 despite it being the weakest quarter of the year, with silver production set to progressively improve throughout the year. Meanwhile, although silver segment margins dipped year-over-year, this did not factor in the recent silver price rise, with AISC margins set to soar in Q2 & improve further in Q3/Q4. In this update, we'll dig into the Q1 results, recent developments, and what makes Pan American one of the more attractive ways to get silver exposure. Read the full article on Seeking Alpha

Revenue & Expenses Breakdown

How Pan American Silver makes and spends money. Based on latest reported earnings, on an LTM basis.

Earnings and Revenue History

NYSE:PAAS Revenue, expenses and earnings (USD Millions)
DateRevenueEarningsG+A ExpensesR&D Expenses
31 Mar 264,0001,2661480
31 Dec 253,6199781320
30 Sep 253,255635960
30 Jun 253,116523800
31 Mar 252,991312840
31 Dec 242,819112800
30 Sep 242,673-64950
30 Jun 242,574-140930
31 Mar 242,527-151900
31 Dec 232,316-104760
30 Sep 232,022-208650
30 Jun 231,745-260560
31 Mar 231,445-402450
31 Dec 221,495-342470
30 Sep 221,541-155480
30 Jun 221,663-63500
31 Mar 221,705182490
31 Dec 211,63397460
30 Sep 211,641252450
30 Jun 211,481298460
31 Mar 211,348247450
31 Dec 201,339178430
30 Sep 201,31361440
30 Jun 201,36533420
31 Mar 201,45531430
31 Dec 191,351111420
30 Sep 191,120-5380
30 Jun 19955-52360
31 Mar 19831-34330
31 Dec 1878410340
30 Sep 18837123340
30 Jun 18840150360
31 Mar 18825149390
31 Dec 17817121390
30 Sep 1778194390
30 Jun 17824119370
31 Mar 17815118370
31 Dec 16775100350
30 Sep 16747-55350
30 Jun 16673-164300
31 Mar 16655-206280
31 Dec 15675-227300
30 Sep 15675-620290

Quality Earnings: PAAS has high quality earnings.

Growing Profit Margin: PAAS's current net profit margins (31.7%) are higher than last year (10.4%).

Free Cash Flow vs Earnings Analysis

Past Earnings Growth Analysis

Earnings Trend: PAAS's earnings have grown significantly by 41.2% per year over the past 5 years.

Accelerating Growth: PAAS's earnings growth over the past year (305.9%) exceeds its 5-year average (41.2% per year).

Earnings vs Industry: PAAS earnings growth over the past year (305.9%) exceeded the Metals and Mining industry 82.4%.

Return on Equity

High ROE: PAAS's Return on Equity (17.2%) is considered low.

Return on Assets

Return on Capital Employed

Discover strong past performing companies

7D

1Y

7D

1Y

7D

1Y

Company Analysis and Financial Data Status

DataLast Updated (UTC time)
Company Analysis2026/07/05 04:17
End of Day Share Price 2026/07/02 00:00
Earnings2026/03/31
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

Details of the analysis model used to generate this report is available on our Github page, we also have guides on how to use our reports and tutorials on Youtube.

Learn about the world class team 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 23 analysts. 8 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