Tearsheet

Pan American Silver (PAAS)

Market Price (3/30/2026): $51.6 | Market Cap: $21.8 Bil
Sector: Materials | Industry: Gold

Pan American Silver (PAAS)

Market Price (3/30/2026): $51.6
Market Cap: $21.8 Bil
Sector: Materials
Industry: Gold

Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.

0	Attractive yield Total YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 5.3%	Stock price has recently run up significantly 12M Rtn12 month market price return is 102%
1	Attractive cash flow generation CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 37%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 28%	Key risks PAAS key risks include [1] heightened political and regulatory uncertainty within its key Latin American jurisdictions and [2] significant operational safety challenges, Show more.
2	Megatrend and thematic drivers Megatrends include Renewable Energy Transition, and Sustainable Resource Management. Themes include Solar Energy Generation, Resource Efficiency Solutions, Show more.

0	Attractive yield Total YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 5.3%
1	Attractive cash flow generation CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 37%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 28%
2	Megatrend and thematic drivers Megatrends include Renewable Energy Transition, and Sustainable Resource Management. Themes include Solar Energy Generation, Resource Efficiency Solutions, Show more.
3	Stock price has recently run up significantly 12M Rtn12 month market price return is 102%
4	Key risks PAAS key risks include [1] heightened political and regulatory uncertainty within its key Latin American jurisdictions and [2] significant operational safety challenges, Show more.

Valuation, Metrics & Events

	3/30/26	2025	2024	2023	2022
Share Price CYE	$51.60	$51.81	$20.22	$16.33	$16.34
Market Cap CYE ($ Bil)	21.8	21.9	7.3	6.0	3.4
Total Debt ($ Bil)	0.9	0.9	0.8	0.8	0.2
Total Cash ($ Bil)	1.3	1.3	0.9	0.4	0.1
Enterprise Value ($ Bil)	21.3	22.8	8.1	6.8	3.6
Valuation Ratios
P/S TTM	6.0	6.0	2.6	2.6	2.3
P/EBIT TTM	16.9	16.9	15.3	-805.3	-11.6
P/E TTM	22.3	22.4	65.5	-57.5	-10.1
P/FCF TTM	21.4	21.5	18.3	83.7	-14.2
Sector Ratios
P/S TTM (Sector)	1.8	1.5	1.4	1.4	1.1
P/EBIT TTM (Sector)	5.5	5.8	6.6	6.7	5.4
P/E TTM (Sector)	-0.6	-0.7	4.1	7.5	4.8
P/FCF TTM (Sector)	5.0	4.8	6.1	4.8	1.8

	3/30/26	2025	2024
Share Price CYE	$51.60	$51.81	$20.22
Market Cap CYE ($ Bil)	21.8	21.9	7.3
Total Debt ($ Bil)	0.9	0.9	0.8
Total Cash ($ Bil)	1.3	1.3	0.9
Enterprise Value ($ Bil)	21.3	22.8	8.1
Valuation Ratios
P/S TTM	6.0	6.0	2.6
P/EBIT TTM	16.9	16.9	15.3
P/E TTM	22.3	22.4	65.5
P/FCF TTM	21.4	21.5	18.3
Sector Ratios
P/S TTM (Sector)	1.8	1.5	1.4
P/EBIT TTM (Sector)	5.5	5.8	6.6
P/E TTM (Sector)	-0.6	-0.7	4.1
P/FCF TTM (Sector)	5.0	4.8	6.1

	PAAS	S&P 500
REVENUE GROWTH	VERY GOOD
Rev LTM ($ Bil)	3.6
Rev Chg Q	44.7%	7.3%
Rev Chg LTM	28.4%	6.7%
Rev Chg 3Y Avg	35.0%	5.7%
PROFITABILITY	VERY GOOD
Op Inc LTM ($ Bil)	1.1
CFO LTM ($ Bil)	1.3
Net Inc LTM ($ Bil)	1.0
Op Mgn LTM	31.4%	18.6%
CFO/Rev LTM	36.8%	20.7%
Net Inc Mgn	27.0%	12.8%
VALUATION	MODERATE
P/S	6.0	3.1
P/CFO	16.4	14.8
P/FCF	21.4	19.4
P/E	22.3	23.7
STABILITY	VERY GOOD
Debt/Equity	0.04	0.22
Cash/Assets	0.14	0.07

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Metric	Value	Date	Source
Silver Production	21.1 million ounces	12312024	Link
Gold Production	892 thousand ounces	12312024	Link
Silver Segment Cash Costs per ounce	$14.30	12312024	Link
Silver Segment AISC per ounce (excluding NRV inventory adjustments)	$18.98	12312024	Link
2025 Silver Production Forecast	20.00 to 21.00 million ounces	2192025	Link
Proven and Probable Silver Mineral Reserves	576 million ounces	2222019	Link
La Colorada Silver Production (Q4 2024)	1.6 million ounces	12312024	Link
Jacobina Gold Production (2024)	197 thousand ounces	12312024	Link
Consolidated Gold Production (2023)	882.9 thousand ounces	12312023	Link
Consolidated Silver Production (2023)	20.4 million ounces	12312023	Link

Upcoming
5/06/2026	Earnings Release	Rev: $1.0 Bil (E) EPS: $1.13 (E)

Price Chart

Return (1M):

Why The Stock Moved

Qualitative Assessment

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Pan American Silver (PAAS) stock has gained about 15% since 11/30/2025 because of the following key factors:

1. Pan American Silver reported record financial results for Q4 and the full year 2025, significantly exceeding analyst expectations. The company announced record adjusted earnings of $1.11 per share for Q4 2025, beating consensus estimates of $0.90 per share by 23.33%. Additionally, Q4 2025 revenue reached $1.18 billion, surpassing analyst projections of $1.11 billion. This strong performance, released on February 18, 2026, demonstrated robust operational execution and favorable metal prices.

2. The company provided a strong 2026 production outlook, projecting a significant increase in silver output. Pan American Silver guided for attributable silver production of 25 million to 27 million ounces in 2026, representing an approximate 14% increase over the 22.8 million ounces produced in 2025. This positive forecast, announced in January and reiterated in February 2026, is largely driven by the full-year contribution from the Juanicipio mine, which contributed 2.5 million ounces of silver since its acquisition in September 2025.

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Stock Movement Drivers

Fundamental Drivers

The 13.5% change in PAAS stock from 11/30/2025 to 3/29/2026 was primarily driven by a 38.6% change in the company's Net Income Margin (%).

(LTM values as of)	11302025	3292026	Change
Stock Price ($)	45.55	51.70	13.5%
Change Contribution By:
Total Revenues ($ Mil)	3,255	3,619	11.2%
Net Income Margin (%)	19.5%	27.0%	38.6%
P/E Multiple	27.2	22.3	-17.9%
Shares Outstanding (Mil)	379	422	-10.3%
Cumulative Contribution			13.5%

LTM = Last Twelve Months as of date shown

Market Drivers

11/30/2025 to 3/29/2026

	Return	Correlation
PAAS	13.5%
Market (SPY)	-5.3%	36.6%
Sector (XLB)	10.0%	59.5%

Fundamental Drivers

The 53.4% change in PAAS stock from 8/31/2025 to 3/29/2026 was primarily driven by a 61.1% change in the company's Net Income Margin (%).

(LTM values as of)	8312025	3292026	Change
Stock Price ($)	33.70	51.70	53.4%
Change Contribution By:
Total Revenues ($ Mil)	3,116	3,619	16.1%
Net Income Margin (%)	16.8%	27.0%	61.1%
P/E Multiple	23.3	22.3	-4.3%
Shares Outstanding (Mil)	362	422	-14.3%
Cumulative Contribution			53.4%

LTM = Last Twelve Months as of date shown

Market Drivers

8/31/2025 to 3/29/2026

	Return	Correlation
PAAS	53.4%
Market (SPY)	0.6%	35.8%
Sector (XLB)	7.1%	52.6%

Fundamental Drivers

The 121.1% change in PAAS stock from 2/28/2025 to 3/29/2026 was primarily driven by a 580.2% change in the company's Net Income Margin (%).

(LTM values as of)	2282025	3292026	Change
Stock Price ($)	23.39	51.70	121.1%
Change Contribution By:
Total Revenues ($ Mil)	2,819	3,619	28.4%
Net Income Margin (%)	4.0%	27.0%	580.2%
P/E Multiple	75.8	22.3	-70.5%
Shares Outstanding (Mil)	363	422	-14.1%
Cumulative Contribution			121.1%

LTM = Last Twelve Months as of date shown

Market Drivers

2/28/2025 to 3/29/2026

	Return	Correlation
PAAS	121.1%
Market (SPY)	9.8%	28.9%
Sector (XLB)	12.4%	43.7%

Fundamental Drivers

The 271.8% change in PAAS stock from 2/28/2023 to 3/29/2026 was primarily driven by a 208.1% change in the company's P/S Multiple.

(LTM values as of)	2282023	3292026	Change
Stock Price ($)	13.91	51.70	271.8%
Change Contribution By:
Total Revenues ($ Mil)	1,495	3,619	142.1%
P/S Multiple	2.0	6.0	208.1%
Shares Outstanding (Mil)	211	422	-50.2%
Cumulative Contribution			271.8%

LTM = Last Twelve Months as of date shown

Market Drivers

2/28/2023 to 3/29/2026

	Return	Correlation
PAAS	271.8%
Market (SPY)	69.4%	28.1%
Sector (XLB)	26.8%	40.1%

Return vs. Risk

Price Returns Compared

	2021	2022	2023	2024	2025	2026	Total [1]
Returns
PAAS Return	-27%	-33%	2%	27%	160%	-4%	59%
Peers Return	14%	-5%	3%	17%	170%	6%	273%
S&P 500 Return	27%	-19%	24%	23%	16%	-5%	72%
Monthly Win Rates [3]
PAAS Win Rate	42%	50%	50%	50%	67%	67%
Peers Win Rate	42%	48%	55%	50%	73%	67%
S&P 500 Win Rate	75%	42%	67%	75%	67%	33%
Max Drawdowns [4]
PAAS Max Drawdown	-35%	-44%	-18%	-25%	0%	-10%
Peers Max Drawdown	-22%	-33%	-28%	-24%	-8%	-4%
S&P 500 Max Drawdown	-1%	-25%	-1%	-2%	-15%	-5%

[1] Cumulative total returns since the beginning of 2021
[2] Peers: GOLD, AEM, KGC, AG, HL.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2026 data is for the year up to 3/27/2026 (YTD)

How Low Can It Go

Unique Key	Event	PAAS	S&P 500
2022 Inflation Shock	2022 Inflation Shock
2022 Inflation Shock% Loss	% Loss	-65.7%	-25.4%
2022 Inflation Shock% Gain to Breakeven	% Gain to Breakeven	191.5%	34.1%
2022 Inflation ShockTime to Breakeven	Time to Breakeven	683 days	464 days
2020 Covid Pandemic	2020 Covid Pandemic
2020 Covid Pandemic% Loss	% Loss	-53.6%	-33.9%
2020 Covid Pandemic% Gain to Breakeven	% Gain to Breakeven	115.3%	51.3%
2020 Covid PandemicTime to Breakeven	Time to Breakeven	60 days	148 days
2018 Correction	2018 Correction
2018 Correction% Loss	% Loss	-51.0%	-19.8%
2018 Correction% Gain to Breakeven	% Gain to Breakeven	104.1%	24.7%
2018 CorrectionTime to Breakeven	Time to Breakeven	197 days	120 days
2008 Global Financial Crisis	2008 Global Financial Crisis
2008 Global Financial Crisis% Loss	% Loss	-78.1%	-56.8%
2008 Global Financial Crisis% Gain to Breakeven	% Gain to Breakeven	357.3%	131.3%
2008 Global Financial CrisisTime to Breakeven	Time to Breakeven	869 days	1,480 days

Compare to GOLD, AEM, KGC, AG, HL

In The Past

Pan American Silver's stock fell -65.7% during the 2022 Inflation Shock from a high on 1/7/2021. A -65.7% loss requires a 191.5% gain to breakeven.

Preserve Wealth

Limiting losses and compounding gains is essential to preserving wealth.

Asset Allocation

Actively managed asset allocation strategies protect wealth. Learn more.

About Pan American Silver (PAAS)

Business Description Analogies Products Customers Suppliers Management Key Risks Emerging Threats Market Size Revenue Drivers Capital Allocation

Pan American Silver Corp., together with its subsidiaries, engages in the exploration, mine development, extraction, processing, refining, and reclamation of silver, gold, zinc, lead, and copper mines in Canada, Mexico, Peru, Argentina, and Bolivia. It holds interests in the La Colorada, Dolores, Huaron, Morococha, Shahuindo, La Arena, Timmins West, Bell Creek, Manantial Espejo, San Vicente, Joaquin, Cap-Oeste Sur Este, and Navidad mines. The company was formerly known as Pan American Minerals Corp. and changed its name to Pan American Silver Corp. in April 1995. Pan American Silver Corp. was incorporated in 1979 and is headquartered in Vancouver, Canada.

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Here are 1-3 brief analogies for Pan American Silver (PAAS):

Pan American Silver is like a Barrick Gold or Newmont, but with a primary focus on silver and diversified into other base metals.
Think of Pan American Silver as the ExxonMobil for precious and base metals extraction in the Americas.
It's akin to a smaller, regional BHP or Rio Tinto, specializing in silver, gold, and other base metals.

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Silver: A precious metal extracted and refined for various industrial and investment purposes.
Gold: A valuable precious metal that is mined, processed, and refined.
Zinc: An industrial metal produced through mining and refining operations.
Lead: A base metal extracted and processed for commercial use.
Copper: An industrial metal that Pan American Silver extracts and refines.

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Pan American Silver (PAAS) sells its mined products primarily to other companies, rather than directly to individuals. As a producer of commodity metals (silver, gold, zinc, lead, and copper), Pan American Silver typically sells its output (e.g., concentrates, dore bars, or refined metals) on global markets.

Due to the nature of the commodities market, specific names of major individual customer companies are generally not publicly disclosed by mining companies like Pan American Silver. Their sales are typically made to a diverse group of buyers within the metals supply chain. However, these customers fall into the following categories:

Metal Refiners and Smelters: Companies that take the raw or semi-processed metals and further refine them into pure forms (e.g., bullion, ingots) for various industrial or financial applications.
Industrial Manufacturers: Businesses that use silver, gold, zinc, lead, and copper as raw materials in their production processes across various sectors such as electronics, automotive, construction, jewelry, and coinage.
Commodity Trading Houses and Financial Institutions: Entities that specialize in buying, selling, and trading large quantities of physical metals on a global scale, facilitating their distribution to end-users and investors.

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Michael Steinmann, President and CEO

Michael Steinmann joined Pan American Silver in 2004 and has served as President and CEO since 2016. He has over 30 years of experience in the base and precious metals industry, with extensive experience in mine operations, project development, corporate M&A, and capital market transactions including equity and debt placements. Prior to joining Pan American, he worked at Glencore as a Manager of Geology from 1998 to 2004. Mr. Steinmann was also previously President of the Silver Institute.

Ignacio Couturier, Chief Financial Officer

Ignacio Couturier was appointed Chief Financial Officer of Pan American Silver in 2022, having joined the company in 2002. He previously served as Vice President, Finance. Mr. Couturier brings nearly 25 years of experience in treasury, planning, commercial, and risk management. Before his tenure at Pan American Silver, he worked for Minera Antamina and Rio Algom Ltd.

Scott Campbell, Chief Operating Officer

Scott Campbell joined Pan American Silver in 2024. He has over 25 years of experience in the mining industry, encompassing exploration, project development, and mine operations, with a strong focus in Latin America. Prior to Pan American Silver, Mr. Campbell served as Country General Manager for Ecuador at Dundee Precious Metals from 2022 to 2024 and held senior leadership positions at Barrick Gold in Argentina and Peru.

Christopher Lemon, Chief Legal Officer, General Counsel

Christopher Lemon serves as Pan American Silver's Chief Legal Officer and General Counsel.

Brent Bergeron, Senior Vice President, Corporate Affairs and Sustainability

Brent Bergeron joined Pan American Silver in 2019. He is responsible for the development and implementation of the company's corporate affairs and sustainability strategy, which includes government and external relations, environmental stewardship, community relations, social responsibility, and country risk analysis. Prior to Pan American Silver, Mr. Bergeron was a member of the management team at Goldcorp Inc., most recently as Executive Vice President, Corporate Affairs and Sustainability.

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The key risks to Pan American Silver (symbol: PAAS) include the volatility of metal prices, operational challenges inherent to mining, and the geopolitical and regulatory landscape of its operating regions.

Metal Price Volatility: As a precious metals mining company, Pan American Silver's financial performance is highly sensitive to fluctuations in the market prices of silver, gold, zinc, lead, and copper. Significant decreases in these commodity prices could materially and adversely affect its revenues, profitability, and cash flows.
Operational Risks: Pan American Silver faces various operational risks typical of the mining industry. These include challenges in maintaining production levels, controlling operating costs, and successfully executing exploration and development projects. The company has also reported tragic fatalities in its operations, highlighting ongoing health and safety risks within its mines.
Geographic and Political Risks: Pan American Silver operates mines in several countries, including Canada, Mexico, Peru, Argentina, and Bolivia. This international presence exposes the company to various country-specific risks such as political instability, changes in government regulations, taxation policies, and potential disruptions from community relations issues. These factors can impact the continuity and profitability of its mining operations.

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Pan American Silver (symbol: PAAS) operates in the mining of several key metals, each with its own significant global addressable market.

Silver: The global silver market size was valued at USD 87.12 billion in 2024 and is projected to grow to USD 202.07 billion by 2033.
Gold: The global gold market is valued at approximately USD 2.5 trillion, based on a five-year historical analysis.
Zinc: The global zinc market size was valued at USD 27.2 billion in 2024 and is poised to grow to USD 52.14 billion by 2033.
Lead: The global lead market was valued at USD 29.9 billion in 2025 and is projected to reach approximately USD 47.1 billion by 2036.
Copper: The global copper market size was valued at USD 261.93 billion in 2025. It is projected to grow to USD 466.67 billion by 2034.

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Pan American Silver (PAAS) anticipates several key drivers for future revenue growth over the next 2-3 years:

Increased Silver Production: The company projects a significant increase in attributable silver production for 2026, with guidance set between 25.0 and 27.0 million ounces. This represents approximately 14% growth over 2025 output. This increase is expected to be more pronounced in the second half of 2026, with contributions from mines such as Juanicipio, Cerro Moro, El Peñon, La Colorada, and San Vicente.
Full-Year Contribution from Juanicipio Mine: Having acquired the Juanicipio mine in September 2025, Pan American Silver expects a full year's contribution from this asset to its silver production in 2026. The Juanicipio mine has already surpassed initial performance expectations and is a significant factor in the projected rise in silver output.
Advancement of La Colorada Skarn Project: Pan American Silver is progressing with a phased development approach for the La Colorada Skarn project in Mexico. This strategy aims to integrate the mine plans and infrastructure of the existing La Colorada vein mine with the Skarn project, focusing on high-grade, lower-tonnage initial stages. Recent exploration has uncovered new high-grade silver veins, suggesting potential for expanding the resource base and boosting future silver contributions from La Colorada. An updated preliminary economic assessment is slated for release in the second quarter of 2026.
Favorable Metal Prices: The company's record financial performance in 2025 was significantly influenced by strong operating margins, driven by higher realized silver and gold prices. Analysts forecast the potential for silver prices to double in 2026, fueled by persistent supply deficits and surging industrial demand. Pan American Silver's unhedged position allows it to directly benefit from these anticipated increases in commodity prices.
Stable Gold Production: While silver is a primary focus for growth, gold production is anticipated to remain stable, with guidance for 2026 ranging between 700,000 and 750,000 ounces. Gold output is also expected to see an increase in the latter half of 2026, mainly from the Shahuindo, El Peñon, and Minera Florida mines.

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Share Repurchases

Pan American Silver returned approximately $103.5 million to shareholders as share repurchases during the first half of 2025.
The company received approval to repurchase up to 21,090,323 common shares, representing approximately 5% of its issued and outstanding shares, under a normal course issuer bid (NCIB) valid from March 6, 2023, to March 5, 2027.
In fiscal year 2025, 1,650,770 common shares were repurchased for cancellation under the NCIB for a total of $46 million.

Share Issuance

No significant share issuances by Pan American Silver were reported in the available information for the last 3-5 years.

Inbound Investments

No large inbound investments by third-parties into Pan American Silver were reported in the available information for the last 3-5 years.

Outbound Investments

Pan American Silver acquired MAG Silver Corp. in September 2025, a transaction intended to be funded by investing $500 million of its cash reserves.
The acquisition of MAG Silver Corp. increased Pan American Silver's ownership to a 44% stake in the Juanicipio project.

Capital Expenditures

Pan American Silver's consensus capital expenditures peaked in December 2023 at $502.2 million.
In 2025, the company invested $94 million in project capital, primarily focused on advancing projects at the La Colorada mine and Skarn, and at Jacobina.
For 2026, the company plans capital expenditures between $515 million and $550 million, allocating $320 million to $340 million for sustaining capital and $195 million to $210 million for project capital.

Interactive Breakdown

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Better Bets vs. Pan American Silver (PAAS)

INDUSTRY: Gold

Higher Rev Chg 3Y Avg | Lower P/S (Values for PAAS: 35.0% | 6.0x)

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Anglogold Ashanti

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Aris Mining

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TRX Gold

Higher Rev Chg 3Y Avg | Lower P/Op Inc (Values for PAAS: 35.0% | 19.2x)

AU (36.1% | 10.6x)

Anglogold Ashanti

CDE (43.1% | 14.1x)

Coeur Mining

IAG (47.7% | 9.2x)

Iamgold

ORLA (81.9% | 15.9x)

Orla Mining

ARIS (35.9% | 9.7x)

Aris Mining

Higher Rev Chg LTM (Value for PAAS: 28.4%)

AU (70.8%)

Anglogold Ashanti

FNV (63.7%)

Franco-Nevada

AEM (43.7%)

Agnico Eagle Mines

KGC (36.9%)

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B (31.2%)

Barrick Mining

Higher Rev Chg 3Y Avg (Value for PAAS: 35.0%)

ORLA (81.9%)

Orla Mining

IAG (47.7%)

Iamgold

CDE (43.1%)

Coeur Mining

AU (36.1%)

Anglogold Ashanti

ARIS (35.9%)

Aris Mining

Higher Op Mgn LTM (Value for PAAS: 31.4%)

FNV (71.6%)

Franco-Nevada

AEM (53.0%)

Agnico Eagle Mines

NEM (48.6%)

Newmont

B (47.7%)

Barrick Mining

AU (43.2%)

Anglogold Ashanti

Higher CFO/Rev LTM (Value for PAAS: 36.8%)

FNV (81.9%)

Franco-Nevada

AEM (57.2%)

Agnico Eagle Mines

AU (48.4%)

Anglogold Ashanti

NEM (45.6%)

Newmont

B (45.3%)

Barrick Mining

Higher FCF/Rev LTM (Value for PAAS: 28.2%)

KGC (36.4%)

Kinross Gold

AEM (35.8%)

Agnico Eagle Mines

AU (33.7%)

Anglogold Ashanti

NEM (32.2%)

Newmont

CDE (32.2%)

Coeur Mining

Higher Total Yield (Value for PAAS: 5.3%)

AU (10.0%)

Anglogold Ashanti

B (9.1%)

Barrick Mining

NEM (7.4%)

Newmont

KGC (7.3%)

Kinross Gold

AEM (5.4%)

Agnico Eagle Mines

SECTOR: Materials

Higher Rev Chg 3Y Avg | Lower P/S (Values for PAAS: 35.0% | 6.0x)

AU (36.1% | 4.6x)

Anglogold Ashanti

SW (55.1% | 0.7x)

Smurfit WestRock

CDE (43.1% | 5.3x)

Coeur Mining

IAG (47.7% | 3.6x)

Iamgold

ARIS (35.9% | 3.8x)

Aris Mining

Higher Rev Chg 3Y Avg | Lower P/Op Inc (Values for PAAS: 35.0% | 19.2x)

AU (36.1% | 10.6x)

Anglogold Ashanti

SW (55.1% | 9.4x)

Smurfit WestRock

CDE (43.1% | 14.1x)

Coeur Mining

IAG (47.7% | 9.2x)

Iamgold

ORLA (81.9% | 15.9x)

Orla Mining

Higher Rev Chg LTM (Value for PAAS: 28.4%)

AU (70.8%)

Anglogold Ashanti

FNV (63.7%)

Franco-Nevada

AEM (43.7%)

Agnico Eagle Mines

KGC (36.9%)

Kinross Gold

B (31.2%)

Barrick Mining

Higher Rev Chg 3Y Avg (Value for PAAS: 35.0%)

SW (55.1%)

Smurfit WestRock

IAG (47.7%)

Iamgold

CDE (43.1%)

Coeur Mining

AG (38.1%)

First Majestic Silver

AU (36.1%)

Anglogold Ashanti

Higher Op Mgn LTM (Value for PAAS: 31.4%)

AEM (53.0%)

Agnico Eagle Mines

SCCO (52.2%)

Southern Copper

NEM (48.6%)

Newmont

B (47.7%)

Barrick Mining

AU (43.2%)

Anglogold Ashanti

Higher CFO/Rev LTM (Value for PAAS: 36.8%)

FNV (81.9%)

Franco-Nevada

AEM (57.2%)

Agnico Eagle Mines

AU (48.4%)

Anglogold Ashanti

NEM (45.6%)

Newmont

B (45.3%)

Barrick Mining

Higher FCF/Rev LTM (Value for PAAS: 28.2%)

KGC (36.4%)

Kinross Gold

AEM (35.8%)

Agnico Eagle Mines

AU (33.7%)

Anglogold Ashanti

NEM (32.2%)

Newmont

CDE (32.2%)

Coeur Mining

Higher Total Yield (Value for PAAS: 5.3%)

AU (10.0%)

Anglogold Ashanti

B (9.1%)

Barrick Mining

NEM (7.4%)

Newmont

CRH (5.9%)

CRH

AEM (5.4%)

Agnico Eagle Mines

All Other Sectors

Higher Rev Chg 3Y Avg | Lower P/S (Values for PAAS: 35.0% | 6.0x)

MELI (38.9% | 2.8x)

MercadoLibre

KKR (65.2% | 4.1x)

KKR

APO (66.8% | 2.0x)

Apollo Global Management

COIN (39.3% | 6.0x)

Coinbase Global

LVS (58.8% | 2.7x)

Las Vegas Sands

Higher Rev Chg 3Y Avg | Lower P/Op Inc (Values for PAAS: 35.0% | 19.2x)

MU (45.3% | 14.3x)

Micron Technology

APO (66.8% | 7.8x)

Apollo Global Management

LVS (58.8% | 11.3x)

Las Vegas Sands

IBKR (38.4% | 3.2x)

Interactive Brokers

EXE (37.0% | 9.8x)

Expand Energy

Higher Rev Chg LTM (Value for PAAS: 28.4%)

MU (85.5%)

Micron Technology

NVDA (65.5%)

NVIDIA

PLTR (56.2%)

Palantir Technologies

LLY (44.7%)

Eli Lilly

AMD (34.3%)

Advanced Micro Devices

Higher Rev Chg 3Y Avg (Value for PAAS: 35.0%)

NVDA (101.8%)

NVIDIA

KKR (65.2%)

KKR

MU (45.3%)

Micron Technology

APP (40.7%)

AppLovin

MELI (38.9%)

MercadoLibre

Higher Op Mgn LTM (Value for PAAS: 31.4%)

NVDA (60.4%)

NVIDIA

MSFT (46.7%)

Microsoft

AVGO (41.5%)

Broadcom

AAPL (32.4%)

Apple

GOOGL (32.0%)

Alphabet

Higher CFO/Rev LTM (Value for PAAS: 36.8%)

META (57.6%)

Meta Platforms

MSFT (52.5%)

Microsoft

NVDA (47.6%)

NVIDIA

AVGO (43.5%)

Broadcom

GOOGL (40.9%)

Alphabet

Higher FCF/Rev LTM (Value for PAAS: 28.2%)

V (55.4%)

Visa

MA (50.1%)

Mastercard

NVDA (44.8%)

NVIDIA

AVGO (42.3%)

Broadcom

AAPL (28.3%)

Apple

Higher Total Yield (Value for PAAS: 5.3%)

JPM (7.4%)

JPMorgan Chase

JNJ (6.8%)

Johnson & Johnson

BRK-B (6.6%)

Berkshire Hathaway

XOM (6.4%)

Exxon Mobil

MSFT (5.5%)

Microsoft

Best Bets in Materials

What You Pay

P/EBIT (Value for PAAS: 16.9x)

RGLD (31.7x)

Royal Gold

SCCO (19.2x)

Southern Copper

USLM (22.5x)

United States Lime & Minerals

CF (8.9x)

CF Industries

NEU (9.8x)

NewMarket

NEM (9.6x)

Newmont

EXP (9.8x)

Eagle Materials

SMG (9.3x)

Scotts Miracle Gro

B (7.0x)

Barrick Mining

CBT (6.4x)

Cabot

P/E (Value for PAAS: 22.3x)

RGLD (41.0x)

Royal Gold

SCCO (31.6x)

Southern Copper

USLM (26.4x)

United States Lime & Minerals

CF (14.6x)

CF Industries

NEU (14.0x)

NewMarket

NEM (15.7x)

Newmont

EXP (13.5x)

Eagle Materials

SMG (39.1x)

Scotts Miracle Gro

B (13.0x)

Barrick Mining

CBT (12.6x)

Cabot

What You Get

Rev Chg 3Y Avg (Value for PAAS: 35.0%)

RGLD (20.8%)

Royal Gold

SCCO (10.5%)

Southern Copper

USLM (16.5%)

United States Lime & Minerals

CF (-10.6%)

CF Industries

NEU (-0.4%)

NewMarket

NEM (26.2%)

Newmont

EXP (3.3%)

Eagle Materials

SMG (-4.6%)

Scotts Miracle Gro

B (16.0%)

Barrick Mining

CBT (-5.7%)

Cabot

Rev Chg LTM (Value for PAAS: 28.4%)

RGLD (43.2%)

Royal Gold

SCCO (17.4%)

Southern Copper

USLM (17.3%)

United States Lime & Minerals

CF (19.3%)

CF Industries

NEU (-2.2%)

NewMarket

NEM (21.3%)

Newmont

EXP (1.4%)

Eagle Materials

SMG (-4.5%)

Scotts Miracle Gro

B (31.2%)

Barrick Mining

CBT (-9.6%)

Cabot

Rev Chg Q (Value for PAAS: 44.7%)

RGLD (85.3%)

Royal Gold

SCCO (39.0%)

Southern Copper

USLM (9.8%)

United States Lime & Minerals

CF (22.8%)

CF Industries

NEU (-2.9%)

NewMarket

NEM (20.6%)

Newmont

EXP (-0.4%)

Eagle Materials

SMG (-3.3%)

Scotts Miracle Gro

B (64.5%)

Barrick Mining

CBT (-11.1%)

Cabot

FCF/Rev 3Y Avg (Value for PAAS: 15.2%)

RGLD (27.8%)

Royal Gold

SCCO (27.0%)

Southern Copper

USLM (26.4%)

United States Lime & Minerals

CF (23.5%)

CF Industries

NEU (18.1%)

NewMarket

NEM (16.3%)

Newmont

EXP (15.1%)

Eagle Materials

SMG (13.2%)

Scotts Miracle Gro

B (12.9%)

Barrick Mining

CBT (10.7%)

Cabot

[1] Choosing top 10 best bets from each sector quarterly is an alpha producing strategy vs sector benchmark
[2] Historical annualized return of 11%, alpha of 1.8%, and sharpe of 0.46

Latest Trefis Analyses

	Title	Date
0	DASHBOARDS
1	Is Agnico Eagle Mines a Better Buy Than Pan American Silver?	03/16/2026
2	PAAS Stock Surges 17% With A 5-day Winning Spree On Record Earnings	02/25/2026
3	PAAS Stock Surges 17% With A 5-day Winning Spree On Record Q4 Earnings	02/25/2026
4	Pan American Silver Stock Jump Looks Great, But How Secure Is That Gain?	10/17/2025
5	PAAS Dip Buy Analysis	07/10/2025
6	Pan American Silver (PAAS) Valuation Ratios Comparison	05/15/2025
7	Pan American Silver Total Shareholder Return (TSR): 27.4% in 2024 and -2.4% 3-yr compounded annual returns (below peer average)	03/07/2025
8	Pan American Silver Stock Jumps 33% In A Month, Should You Buy The Stock?	02/28/2025
9	Pan American Silver (PAAS) Operating Cash Flow Comparison	02/17/2025
10	Pan American Silver (PAAS) Net Income Comparison	02/16/2025
11	ARTICLES
12	Agnico Eagle Mines or Pan American Silver: Which Stock Has More Upside?	03/16/2026
13	Mid Cap Stocks Trading At 52-Week High	02/27/2026
14	Agnico Eagle Mines vs Pan American Silver: Which Is the Stronger Buy Today?	01/27/2026
15	Pan American Silver vs Anglogold Ashanti: Which Stock Could Rally?	12/05/2025
16	PAAS’s One-Month Rally Offers a Chance to Reevaluate AU	09/27/2025

	Title
0	DASHBOARDS
1	Is Agnico Eagle Mines a Better Buy Than Pan American Silver?
2	PAAS Stock Surges 17% With A 5-day Winning Spree On Record Earnings
3	PAAS Stock Surges 17% With A 5-day Winning Spree On Record Q4 Earnings
4	Pan American Silver Stock Jump Looks Great, But How Secure Is That Gain?
5	PAAS Dip Buy Analysis
6	Pan American Silver (PAAS) Valuation Ratios Comparison
7	Pan American Silver Total Shareholder Return (TSR): 27.4% in 2024 and -2.4% 3-yr compounded annual returns (below peer average)
8	Pan American Silver Stock Jumps 33% In A Month, Should You Buy The Stock?
9	Pan American Silver (PAAS) Operating Cash Flow Comparison
10	Pan American Silver (PAAS) Net Income Comparison
11	ARTICLES
12	Agnico Eagle Mines or Pan American Silver: Which Stock Has More Upside?
13	Mid Cap Stocks Trading At 52-Week High
14	Agnico Eagle Mines vs Pan American Silver: Which Is the Stronger Buy Today?
15	Pan American Silver vs Anglogold Ashanti: Which Stock Could Rally?
16	PAAS’s One-Month Rally Offers a Chance to Reevaluate AU

Trade Ideas

Select ideas related to PAAS.

Unique Key	Date	Ticker	Company	Category	Trade Strategy	6M Fwd Rtn	12M Fwd Rtn	12M Max DD
IP_1312026_Insider_Buying_45D_2Buy_200K	01312026	IP	International Paper	Insider	Insider Buys 45DStrong Insider Buying Companies with multiple insider buys in the last 45 days	9.1%	9.1%	0.0%
B_1302026_Quality_Momentum_RoomToRun_10%	01302026	B	Barrick Mining	Quality	Q \| Momentum \| UpsideQuality Stocks with Momentum and Upside Buying quality stocks with strong momentum but still having room to run	11.7%	11.7%	-4.0%
AMR_12312025_Insider_Buying_45D_2Buy_200K	12312025	AMR	Alpha Metallurgical Resources	Insider	Insider Buys 45DStrong Insider Buying Companies with multiple insider buys in the last 45 days	-18.6%	-18.6%	-18.6%
EMN_12262025_Dip_Buyer_ValueBuy	12262025	EMN	Eastman Chemical	Dip Buy	DB \| P/E OPMDip Buy with Low PE and High Margin Buying dips for companies with tame PE and meaningfully high operating margin	18.9%	18.9%	0.0%
AMCR_12122025_Insider_Buying_GTE_1Mil_EBITp+DE_V2	12122025	AMCR	Amcor	Insider	Insider Buys \| Low D/EStrong Insider Buying Companies with strong insider buying in the last 1 month, positive operating income and reasonable debt / market cap	19.2%	19.2%	-0.5%

Recent Active Movers

Top Gainers

Ticker	Company	Mkt Cap (B)	1D Rtn	YTD Rtn
AGX	Argan	7.8	37.9%	81.1%
TBN	Tamboran Resources	0.9	25.6%	59.4%
U	Unity Software	8.3	13.5%	-56.0%
ADMA	ADMA Biologics	2.2	11.6%	-49.3%
METC	Ramaco Resources	1.0	11.4%	-13.6%
MEOH	Methanex	5.0	9.7%	64.8%
PTON	Peloton Interactive	1.9	8.8%	-28.1%
OXM	Oxford Industries	0.5	8.7%	3.0%
REX	REX American Resources	1.6	8.3%	47.7%
SGML	Sigma Lithium	1.2	7.8%	-20.7%

Top Losers

Ticker	Company	Mkt Cap (B)	1D Rtn	YTD Rtn
BUR	Burford Capital	0.9	-47.1%	-53.6%
RCKT	Rocket Pharmaceuticals	0.4	-19.6%	7.4%
ZBIO	Zenas BioPharma	0.8	-17.8%	-49.8%
BKSY	BlackSky Technology	0.8	-17.2%	24.2%
PSNL	Personalis	0.6	-13.4%	-20.4%
SLS	SELLAS Life Sciences	0.5	-11.8%	15.8%
ANAB	AnaptysBio	1.6	-11.7%	18.4%
FLY	Firefly Aerospace	2.2	-11.6%	6.0%
INBX	Inhibrx Biosciences	0.9	-11.2%	-26.1%
YOU	Clear Secure	4.6	-11.2%	36.3%

Top Gainers

Ticker	Company	Mkt Cap (B)	1W Rtn	YTD Rtn
BCPC	Balchem	5.4	610.4%	8.9%
KOD	Kodiak Sciences	2.0	66.3%	32.3%
OLPX	Olaplex	1.3	51.9%	50.7%
CAR	Avis Budget	5.2	48.6%	15.7%
TBN	Tamboran Resources	0.9	36.0%	59.4%
ELVN	Enliven Therapeutics	2.4	33.8%	152.1%
TROX	Tronox	1.4	30.1%	120.3%
BORR	Borr Drilling	1.8	28.7%	50.1%
BRZE	Braze	2.5	25.5%	-32.9%
INDI	Indie Semiconductor	0.6	24.6%	-9.6%

Top Losers

Ticker	Company	Mkt Cap (B)	1W Rtn	YTD Rtn
PIPR	Piper Sandler Cos	1.2	-75.2%	-12.4%
BUR	Burford Capital	0.9	-46.2%	-53.6%
WVE	WAVE Life Sciences	1.1	-45.9%	-62.6%
TASK	TaskUs	0.6	-37.8%	-15.9%
MAZE	Maze Therapeutics	1.4	-36.7%	-26.7%
ADMA	ADMA Biologics	2.2	-35.4%	-49.3%
CRCL	Circle Internet	21.5	-25.7%	18.1%
PLAY	Dave & Buster's Entertainment	0.3	-23.5%	-39.5%
EL	Estee Lauder Companies	24.3	-21.8%	-35.6%
NTSK	Netskope	1.9	-18.9%	-55.9%

Top Gainers

Ticker	Company	Mkt Cap (B)	1M Rtn	YTD Rtn
SOC	Sable Offshore	1.8	133.2%	104.5%
DAWN	Day One Biopharmaceuticals	2.2	101.0%	129.7%
VG	Venture Global	42.7	85.4%	157.4%
AAOI	Applied Optoelectronics	6.2	82.9%	181.7%
TNGX	Tango Therapeutics	2.1	68.9%	117.4%
AXTI	AXT	2.7	63.3%	270.8%
BW	Babcock & Wilcox Enterprises	1.5	61.7%	134.4%
PARR	Par Pacific	3.3	61.6%	86.9%
LWLG	Lightwave Logic	0.9	61.5%	123.3%
SM	SM Energy	3.8	56.2%	76.5%

Top Losers

Ticker	Company	Mkt Cap (B)	1M Rtn	YTD Rtn
WVE	WAVE Life Sciences	1.1	-58.6%	-62.6%
BUR	Burford Capital	0.9	-51.4%	-53.6%
OLMA	Olema Pharmaceuticals	1.2	-44.0%	-45.3%
WING	Wingstop	4.3	-43.1%	-35.2%
FRMI	Fermi	3.7	-43.0%	-22.8%
PAR	PAR Technology	0.5	-43.0%	-64.7%
SES	SES AI	0.3	-42.6%	-45.1%
USAS	Americas Gold And Silver	1.5	-41.9%	7.6%
ITRG	Integra Resources	0.4	-41.0%	-36.2%
VITL	Vital Farms	0.6	-40.6%	-58.9%

Peer Comparisons

Peers to compare with:

Financials

	PAAS	GOLD	AEM	KGC	AG	HL	Median
Name	Pan Amer.	Gold.com	Agnico E.	Kinross .	First Ma.	Hecla Mi.
Mkt Price	51.70	39.42	193.40	28.74	20.68	17.93	34.08
Mkt Cap	21.8	1.0	96.9	34.7	10.2	12.0	16.9
Rev LTM	3,619	15,679	11,908	7,051	1,265	1,423	5,335
Op Inc LTM	1,138	54	6,306	3,228	350	537	837
FCF LTM	1,019	310	4,262	2,566	310	310	665
FCF 3Y Avg	497	116	2,108	1,481	86	55	307
CFO LTM	1,333	323	6,817	3,760	526	563	948
CFO 3Y Avg	836	128	4,460	2,604	245	285	561

Growth & Margins

	PAAS	GOLD	AEM	KGC	AG	HL	Median
Name	Pan Amer.	Gold.com	Agnico E.	Kinross .	First Ma.	Hecla Mi.
Rev Chg LTM	28.4%	48.0%	43.7%	36.9%	124.5%	53.0%	45.9%
Rev Chg 3Y Avg	35.0%	26.1%	28.1%	27.0%	38.1%	27.4%	27.7%
Rev Chg Q	44.7%	136.2%	60.3%	42.9%	169.8%	79.5%	69.9%
QoQ Delta Rev Chg LTM	11.2%	31.3%	12.7%	9.4%	30.3%	16.2%	14.4%
Op Mgn LTM	31.4%	0.3%	53.0%	45.8%	27.7%	37.7%	34.6%
Op Mgn 3Y Avg	15.8%	0.8%	38.8%	31.0%	6.3%	20.5%	18.2%
QoQ Delta Op Mgn LTM	7.1%	-0.0%	3.6%	5.3%	10.6%	7.2%	6.2%
CFO/Rev LTM	36.8%	2.1%	57.2%	53.3%	41.6%	39.5%	40.6%
CFO/Rev 3Y Avg	27.3%	0.9%	48.1%	46.2%	26.1%	24.5%	26.7%
FCF/Rev LTM	28.2%	2.0%	35.8%	36.4%	24.5%	21.8%	26.3%
FCF/Rev 3Y Avg	15.2%	0.8%	20.2%	25.0%	5.1%	0.5%	10.1%

Valuation

	PAAS	GOLD	AEM	KGC	AG	HL	Median
Name	Pan Amer.	Gold.com	Agnico E.	Kinross .	First Ma.	Hecla Mi.
Mkt Cap	21.8	1.0	96.9	34.7	10.2	12.0	16.9
P/S	6.0	0.1	8.1	4.9	8.0	8.4	7.0
P/EBIT	16.9	13.4	14.4	10.6	24.8	23.0	15.6
P/E	22.3	78.4	21.7	14.5	58.7	37.3	29.8
P/CFO	16.4	3.0	14.2	9.2	19.3	21.3	15.3
Total Yield	5.3%	2.3%	5.4%	7.3%	1.8%	2.7%	4.0%
Dividend Yield	0.8%	1.0%	0.8%	0.4%	0.1%	0.0%	0.6%
FCF Yield 3Y Avg	3.8%	14.7%	3.4%	8.8%	0.3%	-0.8%	3.6%
D/E	0.0	0.8	0.0	0.0	0.0	0.0	0.0
Net D/E	-0.0	0.7	-0.0	-0.0	-0.1	-0.0	-0.0

Returns

	PAAS	GOLD	AEM	KGC	AG	HL	Median
Name	Pan Amer.	Gold.com	Agnico E.	Kinross .	First Ma.	Hecla Mi.
1M Rtn	-24.7%	-31.4%	-23.1%	-22.2%	-35.4%	-28.0%	-26.4%
3M Rtn	-6.4%	14.4%	5.8%	-3.1%	18.7%	-11.2%	1.3%
6M Rtn	35.6%	49.6%	18.8%	19.5%	70.5%	53.7%	42.6%
12M Rtn	102.3%	53.4%	82.0%	131.5%	206.5%	216.8%	116.9%
3Y Rtn	198.9%	25.8%	300.4%	531.2%	189.4%	186.3%	194.2%
1M Excs Rtn	-15.6%	-22.3%	-13.7%	-13.9%	-25.7%	-19.1%	-17.4%
3M Excs Rtn	4.4%	21.8%	15.0%	6.4%	28.3%	-1.4%	10.7%
6M Excs Rtn	45.0%	58.2%	25.0%	25.5%	80.9%	59.2%	51.6%
12M Excs Rtn	92.2%	35.6%	75.0%	125.5%	193.7%	200.3%	108.9%
3Y Excs Rtn	152.6%	-19.1%	247.7%	553.8%	172.6%	157.1%	164.9%

FDIC Bank Data

Bank Capital

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Bank Deposits

null

Bank Assets

null

Bank Loans

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FDA Approved Drugs Data

Expand for Morenull

Financials

Annual
Quarterly

$ Mil \| FY: 12/31	LTM	2025	2024	2023	2022	2021	2020
Period End	12/31/2025	12/31/2025	12/31/2024	12/31/2023	12/31/2022	12/31/2021	12/31/2020
Filing Date	2/18/2026	2/18/2026	2/19/2025	3/26/2024	2/22/2023	2/24/2022	2/18/2021
Key Financials
Total Revenue	3,619	3,619	2,819	2,316	1,495	1,633	1,339
EBITDA	1,790	1,790	1,051	477	20	552	534
Operating Income	1,138	1,138	350	83	-66	282	185
Net Income	978	978	112	-104	-342	97	178
EPS	2.51	2.56	0.31	-0.32	-1.62	0.46	0.85
Growth Rates
Total Revenue Growth	28.4%	28.4%	21.7%	55.0%	-8.5%	22.0%	-0.9%
EBITDA Growth	70.3%	70.3%	120.4%	2248.8%	-96.3%	3.4%	17.8%
Operating Income Growth	225.1%	225.1%	323.2%	224.7%	-123.5%	52.1%	25.7%
Net Income Growth	773.2%	773.2%	208.0%	69.7%	-450.7%	-45.2%	60.6%
Margins
EBITDA Margin	49.5%	49.5%	37.3%	20.6%	1.4%	33.8%	39.9%
Operating Income Margin	31.4%	31.4%	12.4%	3.6%	-4.4%	17.3%	13.8%
Net Income Margin	27.0%	27.0%	4.0%	-4.5%	-22.9%	6.0%	13.3%
Cash & Debt
Total Cash	1,319	1,319	887	441	142	335	279
Total Debt	852	852	804	802	227	46	34
Net Debt / (Cash)	-467	-467	-83	361	84	-289	-245
Cash Flows
Net Cash from Operations	1,333	1,333	724	450	32	392	462
Free Cash from Operations	1,019	1,019	401	71	-243	149	284
Returns to Shareholders
Dividends	175	175	145	130	95	72	46
Share Repurchases	46	46	24	-0	-0	-0	-0

$ Mil \| FY: 12/31	2025Q4	2025Q3	2025Q2	2025Q1	2024Q4	2024Q3	2024Q2	2024Q1	2023Q4	2023Q3	2023Q2	2023Q1
Period End	12/31/2025	9/30/2025	6/30/2025	3/31/2025	12/31/2024	9/30/2024	6/30/2024	3/31/2024	12/31/2023	9/30/2023	6/30/2023	3/31/2023
Filing Date	2/18/2026	11/12/2025	8/6/2025	5/7/2025	2/19/2025	11/6/2024	8/7/2024	5/9/2024	3/26/2024	11/7/2023	8/9/2023	5/10/2023
Key Financials Quarterly
Total Revenue	1,179	855	812	773	815	716	686	601	670	616	640	390
Ebitda	692	384	369	345	427	272	212	140	108	162	105	101
Operating Income	453	250	228	206	107	140	77	26	3	14	30	37
Net Income	452	169	189	169	108	57	-22	-31	-68	-20	-32	16
EPS	1.07	0.45	0.52	0.47	0.30	0.16	-0.06	-0.08	-0.21	-0.05	-0.09	0.08
Key Financials TTM
Total Revenue TTM	3,619	3,255	3,116	2,991	2,819	2,673	2,574	2,527	2,316	2,022	1,744	1,445
Ebitda TTM	1,790	1,524	1,413	1,256	1,051	732	622	515	477	297	144	-52
Operating Income TTM	1,138	792	681	530	350	246	120	72	83	75	16	-71
Net Income TTM	978	635	523	312	112	-64	-140	-151	-104	-208	-260	-402
Growth Rates Quarterly
Total Revenue Growth	44.7%	19.3%	18.3%	28.6%	21.7%	16.2%	7.3%	54.1%	78.4%	81.9%	87.9%	-11.3%
EBITDA Growth	62.2%	40.8%	74.0%	147.1%	294.3%	67.7%	102.0%	38.1%	250.8%	1558.2%	214.8%	-41.8%
Operating Income Growth	323.6%	78.8%	195.6%	699.2%	3863.0%	892.9%	160.8%	-29.7%	150.9%	131.0%	152.4%	-10.0%
Net Income Growth	317.7%	197.4%	963.9%	646.0%	259.0%	387.8%	32.4%	-288.4%	60.6%	72.4%	81.4%	-78.6%
Margins Quarterly
EBITDA Margin	58.7%	44.9%	45.4%	44.6%	52.4%	38.1%	30.9%	23.2%	16.2%	26.4%	16.4%	25.9%
Operating Income Margin	38.4%	29.3%	28.1%	26.7%	13.1%	19.6%	11.2%	4.3%	0.4%	2.3%	4.6%	9.4%
Net Income Margin	38.3%	19.7%	23.3%	21.8%	13.3%	7.9%	-3.2%	-5.1%	-10.2%	-3.2%	-5.1%	4.2%
Cash & Debt
Total Cash	1,319	911	1,109	923	887	470	369	331	441	386	404	513
Total Debt	852	857	821	804	804	815	810	807	802	809	1,135	1,187
Net Debt / (Cash)	-467	-54	-288	-119	-83	345	441	475	361	423	731	674
Cash Flows Quarterly
FCF from Operations	556	309	293	175	274	226	163	61	167	115	117	51
Cash Flows TTM
FCF from Operations TTM	1,333	1,051	968	838	724	617	506	460	450	171	110	14
Returns to Shareholders Quarterly
Dividends	59	43	36	36	36	36	36	36	36	36	36	21
Share Repurchases	15	-0	11	20	-0	-0	3	22	-0	-0	-0	-0
Return on Invested Capital (ROIC) Quarterly
ROIC	21.5%	9.1%	13.0%	11.1%	3.5%	3.9%	4.8%	1.6%	0.2%	0.9%	1.3%	1.4%
Return on Invested Capital (ROIC) TTM
ROIC TTM	12.8%	7.3%	7.8%	4.4%	1.5%	3.9%	1.9%	1.1%	1.3%	1.2%	0.2%	-1.1%

Segment Financials

Assets by Segment

$ Mil	2025	2024	2023	2022	2021
Gold Segment	4,648	5,259	1,768	2,078	2,033
Silver Segment	1,351	1,156	1,022	989	913
Other segment	1,203	798	459	452	488
Total	7,203	7,213	3,248	3,519	3,434

Price Behavior

Price Behavior

Market Price	$51.70
Market Cap ($ Bil)	21.8
First Trading Date	06/12/1995
Distance from 52W High	-24.7%
	50 Days	200 Days
DMA Price	$58.39	$42.42
DMA Trend	up	up
Distance from DMA	-11.4%	21.9%
	3M	1YR
Volatility	69.4%	57.6%
Downside Capture	1.56	0.46
Upside Capture	312.18	128.07
Correlation (SPY)	38.9%	28.4%

PAAS Betas & Captures as of 2/28/2026

	1M	2M	3M	6M	1Y	3Y
Beta	2.78	1.56	1.46	1.44	0.74	0.85
Up Beta	1.46	0.61	1.31	1.83	0.61	0.55
Down Beta	4.11	0.34	0.94	0.08	0.98	1.10
Up Capture	370%	433%	371%	423%	144%	152%
Bmk +ve Days	9	20	31	70	142	431
Stock +ve Days	14	26	37	75	143	394
Down Capture	213%	118%	52%	114%	28%	89%
Bmk -ve Days	12	21	30	54	109	320
Stock -ve Days	7	15	24	49	106	348

[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively

Based On 1-Year Data

	Annualized Return	Annualized Volatility	Sharpe Ratio	Correlation with PAAS
PAAS	104.3%	57.3%	1.46	-
Sector ETF (XLB)	14.6%	20.9%	0.55	43.2%
Equity (SPY)	14.5%	18.9%	0.59	28.3%
Gold (GLD)	50.2%	27.7%	1.46	69.2%
Commodities (DBC)	17.8%	17.6%	0.85	41.8%
Real Estate (VNQ)	0.4%	16.4%	-0.15	22.0%
Bitcoin (BTCUSD)	-23.7%	44.2%	-0.49	24.4%

Smart multi-asset allocation framework can stack odds in your favor. Learn How

Based On 5-Year Data

	Annualized Return	Annualized Volatility	Sharpe Ratio	Correlation with PAAS
PAAS	11.6%	47.6%	0.40	-
Sector ETF (XLB)	6.7%	18.9%	0.25	42.0%
Equity (SPY)	11.8%	17.0%	0.54	31.1%
Gold (GLD)	20.7%	17.7%	0.96	66.5%
Commodities (DBC)	11.6%	18.9%	0.50	35.6%
Real Estate (VNQ)	3.0%	18.8%	0.07	30.3%
Bitcoin (BTCUSD)	4.0%	56.6%	0.29	18.0%

Smart multi-asset allocation framework can stack odds in your favor. Learn How

Based On 10-Year Data

	Annualized Return	Annualized Volatility	Sharpe Ratio	Correlation with PAAS
PAAS	18.6%	49.7%	0.54	-
Sector ETF (XLB)	10.1%	20.6%	0.44	33.2%
Equity (SPY)	14.0%	17.9%	0.67	24.7%
Gold (GLD)	13.3%	15.8%	0.70	65.7%
Commodities (DBC)	8.2%	17.6%	0.39	30.8%
Real Estate (VNQ)	4.7%	20.7%	0.19	24.5%
Bitcoin (BTCUSD)	66.4%	66.8%	1.06	14.2%

Smart multi-asset allocation framework can stack odds in your favor. Learn How

Short Interest

Short Interest: As Of Date	3132026
Short Interest: Shares Quantity	4.9 Mil
Short Interest: % Change Since 2282026	-39.8%
Average Daily Volume	7.4 Mil
Days-to-Cover Short Interest	1
Basic Shares Quantity	422.5 Mil
Short % of Basic Shares	1.2%

Returns Analyses

	Title
0	Pan American Silver Stock Jump Looks Great, But How Secure Is That Gain?

Earnings Returns History

Expand for More

	Forward Returns
Earnings Date	1D Returns	5D Returns	21D Returns
SUMMARY STATS
# Positive	0	0	0
# Negative	0	0	0
Median Positive
Median Negative
Max Positive
Max Negative

SEC Filings

Expand for More

Report Date	Filing Date	Filing
12/31/2025	02/18/2026	40-F
09/30/2025	11/12/2025	6-K
06/30/2025	08/06/2025	6-K
03/31/2025	05/07/2025	6-K
12/31/2024	02/19/2025	40-F
09/30/2024	11/06/2024	6-K
06/30/2024	08/07/2024	6-K
03/31/2024	05/09/2024	6-K
12/31/2023	03/26/2024	40-F
09/30/2023	11/07/2023	6-K
06/30/2023	08/09/2023	6-K
03/31/2023	05/10/2023	6-K
12/31/2022	02/22/2023	40-F
09/30/2022	11/10/2022	6-K
06/30/2022	08/11/2022	6-K
03/31/2022	05/11/2022	6-K

Recent Forward Guidance [BETA]

Latest: null Earnings Reported N/A/N/A/N/A | Prior: null Earnings Reported N/A/N/A/N/A

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Insider Activity

Expand for Morenull

PAAS Trade Sentinel

Stock Conviction

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CONVICTION RATIONALE

null

STOCK ARCHETYPE

null

INVESTMENT THESIS

null

Mechanism: null

Supporting Evidence:

PRIMARY RISK

null

Mechanism: null

Supporting Evidence:

Key KPI Watchlist

KPI	Threshold	Rationale

Core Investment Debate

BULL VIEW

CORE TENSION

PREVAILING SENTIMENT

BEAR VIEW

Next 6 months: Risks and Catalysts

Timeline	Event & Metric To Watch

Key Events in Last 6 Months

Date	Event	Stock Impact

Risk Management

Position Sizing

null

Diversification Alternatives

How Is The Market Pricing PAAS?

What will confirm the thesis

What will damage the thesis

Noise: Real but irrelevant to thesis

Repricing Catalyst

What PAAS Makes & Who Pays

TTM figures based on

PAAS Evolution: Price Return by Era

① Structure

② Volume / Momentum

③ Catalyst

Combined Score

0 / 12

1 Price Structure & Trend · ▾

2 Momentum ▾

3 Relative Strength vs. SPY ▾

4 Institutional Footprint & Volume ▾

5 Volatility ▾

6 Key Price Levels Range · Vol ▾

7 Earnings Reaction History ▾

8 How the Verdict Is Derived Three Pillars ▾

Pillar	Score
① Structure	0
② Vol / Mom	0
③ Catalyst	0

ℹ Bull Pillars: 0 · Bear Pillars: 0 · Combined Score: 0 →

External Quote Links

0	Y Finance	Barrons
1	TradingView	Morningstar
2	SeekingAlpha	ValueLine
3	Motley Fool	Robinhood
4	CNBC	Etrade
5	MarketWatch	Unusual Whales
6	YCharts	Perplexity Finance
7	FinViz

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Pan American Silver (PAAS)

Market Price (3/30/2026): $51.6 | Market Cap: $21.8 BilSector: Materials | Industry: Gold

Pan American Silver (PAAS)

Market Price (3/30/2026): $51.6Market Cap: $21.8 BilSector: MaterialsIndustry: Gold

Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.

Valuation, Metrics & Events

Price Chart

Why The Stock Moved

Qualitative Assessment

Stock Movement Drivers

Fundamental Drivers

Market Drivers

Fundamental Drivers

Market Drivers

Fundamental Drivers

Market Drivers

Fundamental Drivers

Market Drivers

Return vs. Risk

Price Returns Compared

How Low Can It Go

In The Past

Preserve Wealth

Asset Allocation

About Pan American Silver (PAAS)

Interactive Breakdown

Better Bets vs. Pan American Silver (PAAS)

INDUSTRY: Gold

Higher Rev Chg 3Y Avg | Lower P/S (Values for PAAS: 35.0% | 6.0x)

Higher Rev Chg 3Y Avg | Lower P/Op Inc (Values for PAAS: 35.0% | 19.2x)

Higher Rev Chg LTM (Value for PAAS: 28.4%)

Higher Rev Chg 3Y Avg (Value for PAAS: 35.0%)

Higher Op Mgn LTM (Value for PAAS: 31.4%)

Higher CFO/Rev LTM (Value for PAAS: 36.8%)

Higher FCF/Rev LTM (Value for PAAS: 28.2%)

Higher Total Yield (Value for PAAS: 5.3%)

SECTOR: Materials

Higher Rev Chg 3Y Avg | Lower P/S (Values for PAAS: 35.0% | 6.0x)

Higher Rev Chg 3Y Avg | Lower P/Op Inc (Values for PAAS: 35.0% | 19.2x)

Higher Rev Chg LTM (Value for PAAS: 28.4%)

Higher Rev Chg 3Y Avg (Value for PAAS: 35.0%)

Higher Op Mgn LTM (Value for PAAS: 31.4%)

Higher CFO/Rev LTM (Value for PAAS: 36.8%)

Higher FCF/Rev LTM (Value for PAAS: 28.2%)

Higher Total Yield (Value for PAAS: 5.3%)

All Other Sectors

Higher Rev Chg 3Y Avg | Lower P/S (Values for PAAS: 35.0% | 6.0x)

Higher Rev Chg 3Y Avg | Lower P/Op Inc (Values for PAAS: 35.0% | 19.2x)

Higher Rev Chg LTM (Value for PAAS: 28.4%)

Higher Rev Chg 3Y Avg (Value for PAAS: 35.0%)

Higher Op Mgn LTM (Value for PAAS: 31.4%)

Higher CFO/Rev LTM (Value for PAAS: 36.8%)

Higher FCF/Rev LTM (Value for PAAS: 28.2%)

Higher Total Yield (Value for PAAS: 5.3%)

Best Bets in Materials

P/EBIT (Value for PAAS: 16.9x)

P/E (Value for PAAS: 22.3x)

Rev Chg 3Y Avg (Value for PAAS: 35.0%)

Rev Chg LTM (Value for PAAS: 28.4%)

Rev Chg Q (Value for PAAS: 44.7%)

FCF/Rev 3Y Avg (Value for PAAS: 15.2%)

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Market Price (3/30/2026): $51.6 | Market Cap: $21.8 Bil
Sector: Materials | Industry: Gold

Market Price (3/30/2026): $51.6
Market Cap: $21.8 Bil
Sector: Materials
Industry: Gold