Big Move for PAAS, but Do AU’s Margins and Growth Give It the Edge?
Anglogold Ashanti (AU) offers superior revenue growth across key periods, better profitability, and relatively lower valuation vs Pan American Silver (PAAS), suggesting you may be better off investing in AU
- AU’s quarterly revenue growth was 77.0%, vs. PAAS’s 18.3%.
- In addition, its Last 12 Months revenue growth came in at 54.6%, ahead of PAAS’s 21.1%.
- AU leads on profitability over both periods – LTM margin of 36.5% and 3-year average of 23.0%.
PAAS engages in exploration, development, extraction, processing, refining, and reclamation of silver, gold, zinc, lead, and copper across multiple mines primarily in the Americas. AU operates gold mining and exploration projects across Africa, the Americas, and Australia, with significant interests in Tanzania, Ghana, Brazil, Argentina, Guinea, and Australia. Also explores silver and sulphuric acid.
Valuation & Performance Overview
| PAAS | AU | Preferred | |
|---|---|---|---|
| Valuation | |||
| P/EBIT Ratio | 19.5 | 12.0 | AU |
| Revenue Growth | |||
| Last Quarter | 18.3% | 77.0% | AU |
| Last 12 Months | 21.1% | 54.6% | AU |
| Last 3 Year Average | 24.5% | 26.4% | AU |
| Operating Margins | |||
| Last 12 Months | 21.9% | 36.5% | AU |
| Last 3 Year Average | 9.1% | 23.0% | AU |
| Momentum | |||
| Last 3 Year Return | 136.7% | 279.0% | AU |
Note: For “Last 3 Year Return” metric, preferred stock is one with higher returns unless the returns are too high (>300%) which creates risk of sell off.
See more revenue details: PAAS Revenue Comparison | AU Revenue Comparison
See more margin details: PAAS Operating Income Comparison | AU Operating Income Comparison
But do these numbers tell the full story? Read Buy or Sell PAAS Stock to see if Pan American Silver still has cards to play.
That is one way to look at stocks. Trefis High Quality Portfolio evaluates much more, and is designed to reduce stock-specific risk while giving upside exposure
Historical Market Performance
| 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Total [1] | Avg | Best | |
|---|---|---|---|---|---|---|---|---|---|
| Returns | |||||||||
| PAAS Return | 47% | -27% | -33% | 2% | 27% | 84% | 26% | ||
| AU Return | 2% | -16% | 0% | 1% | 25% | 195% | 191% | <=== | |
| S&P 500 Return | 16% | 27% | -19% | 24% | 23% | 12% | 101% | ||
| Monthly Win Rates [3] | |||||||||
| PAAS Win Rate | 42% | 42% | 50% | 50% | 50% | 57% | 48% | ||
| AU Win Rate | 42% | 42% | 0% | 17% | 67% | 88% | 42% | ||
| S&P 500 Win Rate | 58% | 75% | 42% | 67% | 75% | 62% | 63% | <=== | |
| Max Drawdowns [4] | |||||||||
| PAAS Max Drawdown | -50% | -35% | -44% | -18% | -25% | 0% | -29% | ||
| AU Max Drawdown | -37% | -33% | 0% | -19% | -14% | 0% | -17% | ||
| S&P 500 Max Drawdown | -31% | -1% | -25% | -1% | -2% | -15% | -12% | <=== | |
[1] Cumulative total returns since the beginning of 2020
[2] 2025 data is for the year up to 9/12/2025 (YTD)
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
No matter how good the numbers, stock investment is never a smooth ride. There is a risk you must factor in. Read AU Dip Buyer Analyses and PAAS Dip Buyer Analyses to see how these stocks have fallen and recovered in the past.