Pan American Silver (PAAS)
Market Price (10/5/2026): $45.95 | Market Cap: $19.3 BilSector: Materials | Industry: Gold
Pan American Silver (PAAS)
Market Price (10/5/2026): $45.95Market Cap: $19.3 BilSector: MaterialsIndustry: Gold
Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.
Attractive yieldTotal YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 8.6%, ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is 4.7%, FCF Yield is 6.8% Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 39%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 30% Megatrend and thematic driversMegatrends include Renewable Energy Transition, and Sustainable Resource Management. Themes include Solar Energy Generation, Resource Efficiency Solutions, Show more. | Key risksPAAS key risks include [1] heightened political and regulatory uncertainty within its key Latin American jurisdictions and [2] significant operational safety challenges, Show more. |
| Attractive yieldTotal YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 8.6%, ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is 4.7%, FCF Yield is 6.8% |
| Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 39%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 30% |
| Megatrend and thematic driversMegatrends include Renewable Energy Transition, and Sustainable Resource Management. Themes include Solar Energy Generation, Resource Efficiency Solutions, Show more. |
| Key risksPAAS key risks include [1] heightened political and regulatory uncertainty within its key Latin American jurisdictions and [2] significant operational safety challenges, Show more. |
Qualitative Assessment
AI Analysis | Feedback
Pan American Silver (PAAS) stock has remained largely at the same level since 6/30/2026 because of the following key factors:
1. Mixed Silver Price Environment: Silver prices experienced significant volatility throughout 2026, falling dramatically from a January 2026 peak of over $115 per ounce to trade between $58 and $60 per ounce by late July 2026, representing a decline of approximately 50-51%. This downward pressure was largely attributed to macroeconomic factors, including a stronger U.S. dollar and rising interest rates. However, silver prices showed a modest recovery to around $66.70 per ounce by mid-September 2026. This environment of initial steep decline followed by a partial recovery resulted in Pan American Silver (PAAS) stock demonstrating a modest positive trend of +5.61% to +6.06% during fiscal Q3 2026 (July 1 - September 30, 2026), indicating a period of relative stabilization within the broader year's fluctuations.
2. Mixed Fiscal Q2 2026 Earnings Performance and Conflicting Analyst Revisions: Pan American Silver reported its fiscal Q2 2026 earnings on August 12, 2026, with an Earnings Per Share (EPS) of $0.73, missing analysts' consensus estimates of $0.84 by $0.11. While revenue increased 38.4% year-over-year to $1.12 billion, it also fell short of the consensus estimate of $1.16 billion. This earnings miss likely constrained upward stock movement. Following this, analyst sentiment was mixed; some, like National Bank Financial, raised longer-term EPS forecasts (e.g., FY2027 EPS forecast to $4.31 from $4.15), while Scotiabank simultaneously reduced estimates for fiscal years 2028-2030, suggesting weaker future earnings growth. This conflicting outlook contributed to investor uncertainty, keeping the stock largely contained within its range.
Show more
Pan American Silver (PAAS) stock has remained largely at the same level since 6/30/2026 because of the following key factors:
1. Mixed Silver Price Environment: Silver prices experienced significant volatility throughout 2026, falling dramatically from a January 2026 peak of over $115 per ounce to trade between $58 and $60 per ounce by late July 2026, representing a decline of approximately 50-51%. This downward pressure was largely attributed to macroeconomic factors, including a stronger U.S. dollar and rising interest rates. However, silver prices showed a modest recovery to around $66.70 per ounce by mid-September 2026. This environment of initial steep decline followed by a partial recovery resulted in Pan American Silver (PAAS) stock demonstrating a modest positive trend of +5.61% to +6.06% during fiscal Q3 2026 (July 1 - September 30, 2026), indicating a period of relative stabilization within the broader year's fluctuations.
2. Mixed Fiscal Q2 2026 Earnings Performance and Conflicting Analyst Revisions: Pan American Silver reported its fiscal Q2 2026 earnings on August 12, 2026, with an Earnings Per Share (EPS) of $0.73, missing analysts' consensus estimates of $0.84 by $0.11. While revenue increased 38.4% year-over-year to $1.12 billion, it also fell short of the consensus estimate of $1.16 billion. This earnings miss likely constrained upward stock movement. Following this, analyst sentiment was mixed; some, like National Bank Financial, raised longer-term EPS forecasts (e.g., FY2027 EPS forecast to $4.31 from $4.15), while Scotiabank simultaneously reduced estimates for fiscal years 2028-2030, suggesting weaker future earnings growth. This conflicting outlook contributed to investor uncertainty, keeping the stock largely contained within its range.
3. Expanded Mineral Reserves Offset by Overvaluation Concerns: On September 16, 2026, Pan American Silver announced its updated mineral reserves and resources as of June 30, 2026, indicating an increase to 511.1 million ounces of silver and 6.3 million ounces of gold in proven and probable reserves. This expansion of its core assets could be seen as a long-term positive. However, as of September 28, 2026, the stock was considered "Significantly Overvalued" by GuruFocus, trading at $45.77, which was 33.8% above its estimated intrinsic value of $34.22. This significant overvaluation likely tempered any positive investor reaction to the reserve update, preventing a substantial upward movement in the stock price.
Show less
Stock Movement Drivers
Fundamental Drivers
The 2.0% change in PAAS stock from 6/30/2026 to 10/4/2026 was primarily driven by a 7.8% change in the company's Total Revenues ($ Mil).| (LTM values as of) | 6302026 | 10042026 | Change |
|---|---|---|---|
| Stock Price ($) | 44.63 | 45.51 | 2.0% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 4,000 | 4,312 | 7.8% |
| Net Income Margin (%) | 31.7% | 32.0% | 1.2% |
| P/E Multiple | 14.9 | 13.8 | -6.9% |
| Shares Outstanding (Mil) | 422 | 420 | 0.4% |
| Cumulative Contribution | 2.0% |
Market Drivers
6/30/2026 to 10/4/2026| Return | Correlation | |
|---|---|---|
| PAAS | 2.0% | |
| Market (SPY) | 3.1% | 33.5% |
| Sector (XLB) | -3.9% | 47.2% |
Fundamental Drivers
The -16.1% change in PAAS stock from 3/31/2026 to 10/4/2026 was primarily driven by a -40.9% change in the company's P/E Multiple.| (LTM values as of) | 3312026 | 10042026 | Change |
|---|---|---|---|
| Stock Price ($) | 54.26 | 45.51 | -16.1% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 3,619 | 4,312 | 19.1% |
| Net Income Margin (%) | 27.0% | 32.0% | 18.5% |
| P/E Multiple | 23.4 | 13.8 | -40.9% |
| Shares Outstanding (Mil) | 422 | 420 | 0.5% |
| Cumulative Contribution | -16.1% |
Market Drivers
3/31/2026 to 10/4/2026| Return | Correlation | |
|---|---|---|
| PAAS | -16.1% | |
| Market (SPY) | 18.6% | 50.7% |
| Sector (XLB) | -1.9% | 53.6% |
Fundamental Drivers
The 19.1% change in PAAS stock from 9/30/2025 to 10/4/2026 was primarily driven by a 90.9% change in the company's Net Income Margin (%).| (LTM values as of) | 9302025 | 10042026 | Change |
|---|---|---|---|
| Stock Price ($) | 38.22 | 45.51 | 19.1% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 3,116 | 4,312 | 38.4% |
| Net Income Margin (%) | 16.8% | 32.0% | 90.9% |
| P/E Multiple | 26.5 | 13.8 | -47.7% |
| Shares Outstanding (Mil) | 362 | 420 | -13.9% |
| Cumulative Contribution | 19.1% |
Market Drivers
9/30/2025 to 10/4/2026| Return | Correlation | |
|---|---|---|
| PAAS | 19.1% | |
| Market (SPY) | 16.5% | 41.8% |
| Sector (XLB) | 10.5% | 54.1% |
Fundamental Drivers
The 232.0% change in PAAS stock from 9/30/2023 to 10/4/2026 was primarily driven by a 147.2% change in the company's Total Revenues ($ Mil).| (LTM values as of) | 9302023 | 10042026 | Change |
|---|---|---|---|
| Stock Price ($) | 13.71 | 45.51 | 232.0% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 1,744 | 4,312 | 147.2% |
| P/S Multiple | 2.9 | 4.4 | 54.9% |
| Shares Outstanding (Mil) | 364 | 420 | -13.3% |
| Cumulative Contribution | 232.0% |
Market Drivers
9/30/2023 to 10/4/2026| Return | Correlation | |
|---|---|---|
| PAAS | 232.0% | |
| Market (SPY) | 86.2% | 32.2% |
| Sector (XLB) | 31.2% | 45.4% |
Price Returns Compared
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| PAAS Return | -27% | -33% | 2% | 27% | 160% | -10% | 49% |
| Peers Return | 14% | -5% | 3% | 17% | 170% | 5% | 268% |
| S&P 500 Return | 27% | -19% | 24% | 23% | 16% | 12% | 104% |
Monthly Win Rates [3] | |||||||
| PAAS Win Rate | 42% | 50% | 50% | 50% | 67% | 44% | |
| Peers Win Rate | 42% | 48% | 55% | 50% | 73% | 38% | |
| S&P 500 Win Rate | 75% | 42% | 67% | 75% | 67% | 44% | |
Max Drawdowns [4] | |||||||
| PAAS Max Drawdown | -42% | -54% | -32% | -25% | -21% | -39% | |
| Peers Max Drawdown | -41% | -48% | -39% | -33% | -25% | -47% | |
| S&P 500 Max Drawdown | -5% | -25% | -10% | -8% | -19% | -9% | |
[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 10/2/2026 (YTD)
How Low Can It Go
| Event | PAAS | S&P 500 |
|---|---|---|
| 2025 US Tariff Shock | ||
| % Loss | -11.3% | -18.8% |
| % Gain to Breakeven | 12.7% | 23.1% |
| Time to Breakeven | 5 days | 79 days |
| 2024 Yen Carry Trade Unwind | ||
| % Loss | -18.0% | -7.8% |
| % Gain to Breakeven | 22.0% | 8.5% |
| Time to Breakeven | 71 days | 18 days |
| Summer-Fall 2023 Five Percent Yield Shock | ||
| % Loss | -18.8% | -9.5% |
| % Gain to Breakeven | 23.1% | 10.5% |
| Time to Breakeven | 18 days | 24 days |
| 2023 SVB Regional Banking Crisis | ||
| % Loss | -12.7% | -6.7% |
| % Gain to Breakeven | 14.6% | 7.1% |
| Time to Breakeven | 12 days | 31 days |
| 2022 Inflation Shock & Fed Tightening | ||
| % Loss | -39.4% | -24.5% |
| % Gain to Breakeven | 65.0% | 32.4% |
| Time to Breakeven | 679 days | 427 days |
| 2020 COVID-19 Crash | ||
| % Loss | -52.1% | -33.7% |
| % Gain to Breakeven | 108.8% | 50.9% |
| Time to Breakeven | 59 days | 140 days |
In The Past
Pan American Silver's stock fell -11.3% during the 2025 US Tariff Shock. Such a loss loss requires a 12.7% 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.
| Event | PAAS | S&P 500 |
|---|---|---|
| 2022 Inflation Shock & Fed Tightening | ||
| % Loss | -39.4% | -24.5% |
| % Gain to Breakeven | 65.0% | 32.4% |
| Time to Breakeven | 679 days | 427 days |
| 2020 COVID-19 Crash | ||
| % Loss | -52.1% | -33.7% |
| % Gain to Breakeven | 108.8% | 50.9% |
| Time to Breakeven | 59 days | 140 days |
| 2016-2017 Trump Reflation Bond Selloff | ||
| % Loss | -22.7% | -3.7% |
| % Gain to Breakeven | 29.3% | 3.9% |
| Time to Breakeven | 26 days | 6 days |
| 2015-2016 China Devaluation / Global Growth Scare | ||
| % Loss | -20.0% | -12.2% |
| % Gain to Breakeven | 25.0% | 13.9% |
| Time to Breakeven | 13 days | 62 days |
| 2014-2016 Oil Price Collapse | ||
| % Loss | -59.0% | -6.8% |
| % Gain to Breakeven | 144.2% | 7.3% |
| Time to Breakeven | 91 days | 15 days |
| 2013 Taper Tantrum | ||
| % Loss | -22.5% | -0.2% |
| % Gain to Breakeven | 29.0% | 0.2% |
| Time to Breakeven | 98 days | 1 days |
| 2011 US Debt Ceiling Crisis & European Contagion | ||
| % Loss | -25.1% | -17.9% |
| % Gain to Breakeven | 33.5% | 21.8% |
| Time to Breakeven | 3160 days | 123 days |
| 2008-2009 Global Financial Crisis | ||
| % Loss | -73.7% | -53.4% |
| % Gain to Breakeven | 280.8% | 114.4% |
| Time to Breakeven | 718 days | 1085 days |
| Summer 2007 Credit Crunch | ||
| % Loss | -26.7% | -8.6% |
| % Gain to Breakeven | 36.4% | 9.5% |
| Time to Breakeven | 53 days | 47 days |
In The Past
Pan American Silver's stock fell -11.3% during the 2025 US Tariff Shock. Such a loss loss requires a 12.7% 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)
Pan American Silver Corp. (PAAS) is a comprehensive mining company engaged in the entire process of metal production. Its operations span from the initial exploration and development of mines to the extraction, processing, and refining of various metals, concluding with reclamation efforts.
Despite its name, PAAS is a diversified producer of both precious and base metals. Its primary products include silver, gold, zinc, lead, and copper. The company's mining assets are strategically located across the Americas, with significant operations in Canada, Mexico, Peru, Argentina, and Bolivia.
Pan American Silver holds interests in numerous key mines such as La Colorada, Dolores, Huaron, Morococha, Shahuindo, La Arena, Timmins West, Bell Creek, Manantial Espejo, San Vicente, Joaquin, Cap-Oeste Sur Este, and Navidad. The refined metals produced from these mines are supplied to global commodity markets and industrial buyers.
AI Analysis | Feedback
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.
AI Analysis | Feedback
- 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.
AI Analysis | Feedback
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.
AI Analysis | Feedback
AI Analysis | Feedback
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.
AI Analysis | Feedback
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.
AI Analysis | Feedback
AI Analysis | Feedback
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.
AI Analysis | Feedback
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.
AI Analysis | Feedback
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.
Peer Outperformance in Gold
| Ticker | Name | Rev Growth 3Y Avg | P/E | 1Y | 3Y | 5Y | 5Y Gap |
|---|---|---|---|---|---|---|---|
| PAAS | Pan American Silver | 35.7% | 13.8x | 18.0% | 247.6% | 118.4% | — |
| OGC | OceanaGold | 38.0% | 7.0x | 23.1% | 410.8% | 435.9% | +317pp |
| AEM | Agnico Eagle Mines | 34.4% | 15.7x | 9.4% | 335.6% | 291.7% | +173pp |
| CGAU | Centerra Gold | 32.3% | 6.7x | 90.8% | 398.5% | 234.1% | +116pp |
| NEM | Newmont | 32.1% | 14.3x | 34.3% | 236.8% | 146.3% | +28pp |
| Industry | Names | 1Y med | 3Y med | 5Y med | Top 3 by 5Y |
|---|---|---|---|---|---|
| Copper | 7 | 68.4% | 126.6% | 186.0% | TGB 357% · SCCO 351% · HBM 341% |
| Steel | 13 | 22.0% | 34.9% | 161.9% | NWPX 333% · STLD 321% · FRD 257% |
| Silver | 6 | 48.9% | 350.3% | 153.1% | AYA 284% · HL 228% · SVM 190% |
| Gold ← | 35 | 9.4% | 202.9% | 150.5% | IAG 712% · CNL 538% · OGC 436% |
| Aluminum | 3 | 22.6% | 152.1% | 60.0% | CENX 144% · KALU 60% · AA -10% |
| Construction Materials | 7 | -28.6% | 17.5% | 47.6% | USLM 378% · CRH 89% · VMC 49% |
| Diversified Metals & Mining | 23 | -47.7% | -8.5% | 9.1% | ATLX 172043% · USAR 45504% · FMST 578% |
| Metal, Glass & Plastic Containers | 11 | -12.7% | 0.7% | -2.7% | KRT 282% · MYE 81% · GEF 43% |
| Paper & Plastic Packaging Products & Materials | 7 | 7.4% | 4.4% | -8.9% | PKG 87% · CCK 10% · SON -3% |
| Specialty Chemicals | 41 | 11.2% | 4.7% | -18.1% | ODC 481% · NEU 193% · CMT 100% |
| Diversified Chemicals | 4 | -4.1% | -24.3% | -31.0% | CBT 66% · ASH -15% · CC -47% |
| Precious Metals & Minerals | 8 | 1.9% | 183.1% | -31.8% | ASM 589% · PPTA 313% · MTA 32% |
| Commodity Chemicals | 12 | -2.0% | -16.8% | -34.8% | HWKN 273% · KOP 49% · MEOH 22% |
| Fertilizers & Agricultural Chemicals | 10 | -42.5% | -53.6% | -65.2% | CF 111% · NTR 21% · IPI -1% |
| Paper Products | 4 | -35.9% | -53.6% | -73.1% | SLVM 44% · CLW -50% · ITP -96% |
Latest Trefis Analyses
Research & Analysis
Invest in Strategies
Wealth Management
Peer Comparisons
| Peers to compare with: |
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 33.15 |
| Mkt Cap | 19.3 |
| Rev LTM | 4,312 |
| Op Inc LTM | 1,691 |
| FCF LTM | 1,300 |
| FCF 3Y Avg | 700 |
| CFO LTM | 1,690 |
| CFO 3Y Avg | 1,056 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | 50.3% |
| Rev Chg 3Y Avg | 34.4% |
| Rev Chg Q | 38.4% |
| QoQ Delta Rev Chg LTM | 7.7% |
| Op Inc Chg LTM | 143.3% |
| Op Inc Chg 3Y Avg | 209.8% |
| Op Mgn LTM | 47.2% |
| Op Mgn 3Y Avg | 26.2% |
| QoQ Delta Op Mgn LTM | 1.8% |
| CFO/Rev LTM | 50.1% |
| CFO/Rev 3Y Avg | 31.9% |
| FCF/Rev LTM | 31.3% |
| FCF/Rev 3Y Avg | 18.9% |
Segment Financials
Revenue by Segment| $ Mil | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Gold Segment | 2,545 | 2,148 | 1,705 | 990 | 1,031 |
| Silver Segment | 1,231 | 666 | 611 | 505 | 601 |
| Proportionate share of non-controlling interests | 7 | 5 | |||
| Other segment | 0 | 0 | 0 | 0 | |
| The Company's attributable 44 % share of Juanicipio operating results | -164 | ||||
| Total | 3,619 | 2,819 | 2,316 | 1,495 | 1,633 |
| $ Mil | 2022 | 2021 | 2020 | 2019 | 2004 |
|---|---|---|---|---|---|
| Silver Segment | 47 | 128 | 81 | 75 | |
| Gold Segment | 4 | 241 | 281 | 156 | |
| Other segment | -2 | -2 | -2 | -1 | |
| Exploration and project development | -7 | -12 | |||
| Foreign exchange losses/Gain | -5 | -5 | |||
| Gains on commodity and foreign currency contracts | 4 | 3 | |||
| General and administrative | -36 | -32 | |||
| Mine care and maintenance | -102 | -24 | |||
| Mineral properties, plant and equipment (losses) gains | 8 | 4 | |||
| Other income (expense) | -21 | -5 | |||
| Share of income from associate and dilution gain | 11 | 15 | |||
| Impairment charges | -40 | ||||
| Transaction and integration costs | -8 | ||||
| Exploration & Development | 17 | ||||
| Mining | 20 | ||||
| Total | 48 | 368 | 210 | 127 | 37 |
| $ Mil | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Gold Segment | 4,888 | 4,648 | 5,259 | 1,768 | 2,078 |
| Silver Segment | 3,522 | 1,352 | 1,156 | 1,022 | 989 |
| Other segment | 1,332 | 1,203 | 798 | 459 | 452 |
| Total | 9,742 | 7,203 | 7,213 | 3,248 | 3,519 |
Price Behavior
| Market Price | $45.51 | |
| Market Cap ($ Bil) | 19.1 | |
| First Trading Date | 06/12/1995 | |
| Distance from 52W High | -33.1% | |
| 50 Days | 200 Days | |
| DMA Price | $48.81 | $52.49 |
| DMA Trend | up | up |
| Distance from DMA | -6.8% | -13.3% |
| 3M | 1YR | |
| Volatility | 51.0% | 59.2% |
| Downside Capture | 175.93 | 219.16 |
| Upside Capture | 139.41 | 202.01 |
| Correlation (SPY) | 33.2% | 41.8% |
| 1M | 2M | 3M | 6M | 1Y | 3Y | |
|---|---|---|---|---|---|---|
| Beta | 2.07 | 1.52 | 1.57 | 2.17 | 1.90 | 1.08 |
| Up Beta | -2.75 | -0.47 | 0.69 | 1.49 | 1.76 | 0.71 |
| Down Beta | 8.17 | 5.46 | 3.22 | 3.56 | 1.49 | 1.32 |
| Up Capture | 133% | 183% | 153% | 167% | 346% | 242% |
| Bmk +ve Days | 6 | 16 | 27 | 66 | 132 | 424 |
| Stock +ve Days | 8 | 22 | 31 | 59 | 131 | 388 |
| Down Capture | 321% | 149% | 147% | 220% | 155% | 103% |
| Bmk -ve Days | 16 | 26 | 37 | 60 | 120 | 328 |
| Stock -ve Days | 14 | 20 | 33 | 67 | 121 | 359 |
[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 | 17.5% | 58.9% | 0.49 | - |
| Sector ETF (XLB) | 11.7% | 17.9% | 0.46 | 54.4% |
| Equity (SPY) | 16.2% | 13.0% | 0.88 | 41.8% |
| Gold (GLD) | 6.8% | 29.6% | 0.22 | 78.1% |
| Commodities (DBC) | 44.9% | 20.8% | 1.67 | 10.4% |
| Real Estate (VNQ) | 1.5% | 13.6% | -0.15 | 14.6% |
| Bitcoin (BTCUSD) | -28.9% | 44.3% | -0.64 | 34.0% |
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 | 16.5% | 48.8% | 0.48 | - |
| Sector ETF (XLB) | 5.8% | 19.1% | 0.19 | 43.6% |
| Equity (SPY) | 13.1% | 17.2% | 0.58 | 32.5% |
| Gold (GLD) | 18.4% | 18.9% | 0.79 | 68.7% |
| Commodities (DBC) | 10.3% | 19.6% | 0.41 | 26.7% |
| Real Estate (VNQ) | 0.7% | 18.8% | -0.07 | 29.5% |
| Bitcoin (BTCUSD) | 14.6% | 52.2% | 0.45 | 21.6% |
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 | 11.1% | 49.6% | 0.40 | - |
| Sector ETF (XLB) | 9.6% | 20.7% | 0.41 | 34.0% |
| Equity (SPY) | 15.3% | 17.9% | 0.72 | 25.9% |
| Gold (GLD) | 11.5% | 16.4% | 0.57 | 66.8% |
| Commodities (DBC) | 8.2% | 18.1% | 0.37 | 26.4% |
| Real Estate (VNQ) | 4.2% | 20.7% | 0.16 | 24.2% |
| Bitcoin (BTCUSD) | 64.1% | 66.2% | 1.04 | 15.3% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Returns Analyses
Earnings Returns History
Updated 6/2/2026| 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 | |||
| 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 |
|---|---|---|
| 03/31/2026 | 05/06/2026 | 6-K |
| 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 |
| Report Date | Filing Date | Filing |
|---|---|---|
| 03/31/2026 | 05/06/2026 | 6-K |
| 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 |
| 12/31/2021 | 02/24/2022 | 40-F |
| 09/30/2021 | 11/10/2021 | 6-K |
| 06/30/2021 | 08/11/2021 | 6-K |
| 03/31/2021 | 05/12/2021 | 6-K |
| 12/31/2020 | 02/18/2021 | 40-F |
| 09/30/2020 | 11/05/2020 | 6-K |
| 06/30/2020 | 08/06/2020 | 6-K |
| 03/31/2020 | 05/07/2020 | 6-K |
| 12/31/2019 | 03/12/2020 | 40-F |
| 09/30/2019 | 11/07/2019 | 6-K |
| 06/30/2019 | 08/08/2019 | 6-K |
Investor Activity (13F)
Updated Oct 5, 2026Active managers (13F portfolio over $250M, at least 3 holdings) with a position over $5M that is either over 10% of their portfolio or held in a concentrated book of 50 or fewer total positions. Index/ETF, sovereign, bank, community-bank and charitable/donor-advised filers are excluded.
| Active Manager | Value | % of Portfolio | Total Positions | QoQ | Filing |
|---|---|---|---|---|---|
| Vienna Powszechne Towarzystwo Emerytalne S.A. Vienna Insurance Group | $15.6 Mil | 6.0% | 28 | Hold | 13F |
| North of South Capital LLP | $62.9 Mil | 5.6% | 29 | TRIM -46.4% | 13F |
| Hatch Cove Capital, LLC | $13.4 Mil | 5.1% | 19 | TRIM -31.5% | 13F |
| Fearnley Asset Management AS | $5.2 Mil | 1.7% | 19 | ADD +1552.7% | 13F |
| Evergreen Quality Fund GP, Ltd. | $71.7 Mil | 1.6% | 40 | TRIM -19.0% | 13F |
| Electrum Group LLC | $5.0 Mil | 0.5% | 8 | TRIM -57.4% | 13F |
| Active Manager | Value | % of Portfolio | Total Positions | QoQ | As Of | Filing |
|---|---|---|---|---|---|---|
| Wealth High Governance Capital Ltda | $12.6 Mil | 2.4% | 46 | Exited | Dec 31, 2025 | 13F |
| Goehring & Rozencwajg Associates, LLC | $9.1 Mil | 0.9% | 43 | Exited | Dec 31, 2025 | 13F |
| Electrum Group LLC | $5.0 Mil | 0.5% | 8 | TRIM -57.4% | Mar 31, 2026 | 13F |
| North of South Capital LLP | $62.9 Mil | 5.6% | 29 | TRIM -46.4% | Mar 31, 2026 | 13F |
| Hatch Cove Capital, LLC | $13.4 Mil | 5.1% | 19 | TRIM -31.5% | Mar 31, 2026 | 13F |
| Evergreen Quality Fund GP, Ltd. | $71.7 Mil | 1.6% | 40 | TRIM -19.0% | Mar 31, 2026 | 13F |
| Active Manager | Value | % of Portfolio | Total Positions | QoQ | Filing |
|---|---|---|---|---|---|
| Evergreen Quality Fund GP, Ltd. | $71.7 Mil | 1.6% | 40 | TRIM -19.0% | 13F |
| North of South Capital LLP | $62.9 Mil | 5.6% | 29 | TRIM -46.4% | 13F |
| Vienna Powszechne Towarzystwo Emerytalne S.A. Vienna Insurance Group | $15.6 Mil | 6.0% | 28 | Hold | 13F |
| Hatch Cove Capital, LLC | $13.4 Mil | 5.1% | 19 | TRIM -31.5% | 13F |
| Fearnley Asset Management AS | $5.2 Mil | 1.7% | 19 | ADD +1552.7% | 13F |
| Electrum Group LLC | $5.0 Mil | 0.5% | 8 | TRIM -57.4% | 13F |
Industry Resources
| Materials Resources |
| Chemical & Engineering News (C&EN) |
| Mining.com |
| Plastics News |
| Gold Resources |
| Kitco News |
| World Gold Council |
| Mining Journal |
External Quote Links
| Y Finance | Barrons |
| TradingView | Morningstar |
| SeekingAlpha | ValueLine |
| Motley Fool | Robinhood |
| CNBC | Etrade |
| MarketWatch | Unusual Whales |
| YCharts | Perplexity Finance |
| FinViz |
Prefer one of these to Trefis? Tell us why.