Pan American Silver Corp. (PAAS) Financials

EPS

Hollow marker is the consensus estimate; filled is the reported figure, colored by beat or miss.

Revenue

Outlined bar is the consensus estimate; solid is reported.

Results

Periods without a consensus estimate or a reported figure show a dash.

Period	EPS estimate	EPS actual	EPS surprise %	Revenue estimate	Revenue actual	Revenue surprise %
Q2 26	$0.87	$0.73	-16.1%	—	$1.1B	—
Q1 26	$1.06	$1.09	+2.8%	—	$1.2B	—
Q4 25	$0.89	$1.11	+24.7%	—	$1.2B	—
Q3 25	$0.49	$0.48	-2.0%	—	$854.6M	—
Q2 25	$0.4	$0.43	+7.5%	—	$811.9M	—
Q1 25	$0.21	$0.42	+100.0%	—	$773.2M	—
Q4 24	$0.36	$0.35	-2.8%	—	$815.1M	—
Q3 24	$0.2	$0.32	+60.0%	—	$716.1M	—
Q2 24	$0.15	$0.11	-26.7%	—	$686.3M	—
Q1 24	-$0.06	$0.01	+116.7%	—	$601.4M	—
Q4 23	$0.08	-$0.04	-150.0%	—	$669.6M	—
Q3 23	$0.08	$0.01	-87.5%	—	$616.3M	—
Q2 23	$0.08	$0.04	-50.0%	—	$639.9M	—
Q1 23	$0.02	$0.1	+400.0%	—	$390.3M	—
Q4 22	$0.04	-$0.02	-150.0%	—	$375.5M	—
Q3 22	$0.38	-$0.01	-102.6%	—	$338.9M	—

EPS

Reported per-share earnings by fiscal year; the line turns dotted where reported figures end and the analyst consensus begins, with the shaded band marking the low–high range.

Revenue

Reported revenue by fiscal year; the line turns dotted where reported figures end and the analyst consensus begins, with the shaded band marking the low–high range.

Results

Periods without a consensus estimate or a reported figure show a dash.

Period	EPS estimate	EPS actual	EPS surprise %	Revenue estimate	Revenue actual	Revenue surprise %
FY25	—	$2.56	—	—	$3.6B	—
FY24	—	$0.31	—	—	$2.8B	—
FY23	—	-$0.32	—	—	$2.3B	—
FY22	—	-$1.62	—	—	$1.5B

Total revenue

Reported revenue per period; the line is the change from the same period a year earlier, on its own left axis.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Revenue	$774.8M	$816.8M	$784.5M	$1.4B	$1.3B	$1.6B	$1.5B	$2.3B	$2.8B	$3.6B
YoY change	+14.8%	+5.43%	-3.96%	+72.2%	-0.88%	+22%	-8.46%	+55%	+21.7%	+28.4%

Revenue and profits

Revenue, gross profit, operating income, and net income per period.

Condensed income statement

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Revenue	774.8M	816.8M	784.5M	1.4B	1.3B	1.6B	1.5B	2.3B	2.8B	3.6B
Cost of revenue	575.9M	648.1M	683.6M	1.1B	1.1B	1.3B	1.5B	2.1B	2.3B	2.2B
Gross profit	198.9M	168.8M	100.9M	205.6M	258.1M	336.2M	3.3M	214.6M	548.5M	1.4B
Gross margin	25.7%	20.7%	12.9%	15.2%	19.3%	20.6%	0.22%	9.27%	19.5%	38.8%
Research & development	—	—	—	—	—	—	—	—	—	—
Selling, general & administrative	23.7M	21.4M	22.6M	31.8M	36.4M	34.9M	29M	61.4M	69.8M	116M
Operating expenses	37.8M	52.6M	44M	58.3M	72.9M	54.5M	69.6M	147.5M	165.9M	237M
Operating income	161.1M	116.1M	56.9M	147.4M	185.2M	281.7M	-66.3M	67.1M	350.3M	1.1B
Operating margin	20.8%	14.2%	7.26%	10.9%	13.8%	17.3%	-4.44%	2.9%	12.4%	31.4%
Non-operating income, net	20.4M	67.6M	-22.1M	54.5M	78.7M	-28M	-227M	-68.7M	134.8M	158M
Pretax income	176.3M	182.5M	33.2M	182.5M	252M	245M	-301M	-58.8M	431.7M	1.2B
Income tax	74.4M	59M	21.1M	71.3M	75.6M	146.4M	39.1M	46.1M	319M	258M
Net income	101.8M	123.5M	12M	111.2M	176.5M	98.6M	-340.1M	-104.9M	112.7M	980M
Net margin	13.1%	15.1%	1.53%	8.24%	13.2%	6.04%	-22.8%	-4.53%	4%	27.1%
EBITDA	281.9M	173.5M	240M	413.5M	465.5M	583.9M	292.3M	545.1M	1.1B	1.7B
EPS	0.66	0.79	0.07	0.55	0.85	0.46	-1.62	-0.32	0.31	2.56
Diluted EPS	0.66	0.79	0.07	0.55	0.84	0.46	-1.62	-0.32	0.31	2.56

Revenue and profits

Revenue, gross profit, operating income, and net income per period.

Condensed income statement

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Revenue	616.3M	669.6M	601.4M	686.3M	716.1M	815.1M	773.2M	811.9M	854.6M	1.2B	1.2B	1.1B
Cost of revenue	573.8M	591.6M	530.4M	569.4M	540.4M	630.2M	522.4M	538.6M	541.6M	611.4M	546M	667M
Gross profit	42.5M	78M	71M	116.9M	175.7M	184.9M	250.8M	273.3M	313M	567.9M	608M	457M
Gross margin	6.9%	11.6%	11.8%	17%	24.5%	22.7%	32.4%	33.7%	36.6%	48.2%	52.7%	40.7%
Research & development	—	—	—	—	—	—	—	—	—	—	—	—
Selling, general & administrative	15M	18.5M	22.4M	23.7M	17.4M	6.3M	24.5M	21.6M	31.4M	38.5M	39M	18M
Operating expenses	28.4M	69.1M	36.4M	30.9M	28.3M	70.2M	36.9M	37.3M	55.5M	107.3M	41M	22M
Operating income	14.1M	8.9M	25.9M	77.2M	140M	107.3M	206.2M	228.2M	250.3M	453.3M	560M	427M
Operating margin	2.29%	1.33%	4.31%	11.2%	19.6%	13.2%	26.7%	28.1%	29.3%	38.4%	48.5%	38%
Non-operating income, net	12M	-18.4M	-9.8M	7.3M	3.3M	133.9M	20.7M	20.9M	13.4M	103.2M	105M	79M
Pretax income	8.3M	-25.8M	3.6M	71.7M	130.4M	226M	213.9M	234.4M	249.1M	540.6M	641M	484M
Income tax	28.9M	25.5M	34.4M	93.1M	73.3M	118.2M	44.6M	44.8M	79.9M	88.7M	185M	179M
Net income	-20.6M	-51.3M	-30.8M	-21.4M	57.1M	107.8M	169.3M	189.6M	169.2M	451.9M	456M	305M
Net margin	-3.34%	-7.66%	-5.12%	-3.12%	7.97%	13.2%	21.9%	23.4%	19.8%	38.3%	39.5%	27.1%
EBITDA	150.5M	127.1M	149.3M	204.6M	269.2M	430.5M	324.3M	347.8M	386.7M	650M	761M	622M
EPS	-0.05	—	-0.08	-0.06	0.16	—	0.47	0.52	0.45	1.07	1.08	0.72
Diluted EPS	-0.05	—	-0.08	-0.06	0.16	—	0.47	0.52	0.44	1.07	1.08	0.72

P/E

Annual history by fiscal year; click a table row below to chart a different metric.

Current values are trailing twelve months where available, otherwise the latest fiscal year; unreported figures show a dash.

Key stats

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Market cap	2.3B	2.4B	2.2B	—	7.3B	5.3B	3.4B	—	—	19.8B	19B
Enterprise value	2.1B	2.2B	2B	—	7B	5B	3.5B	—	—	19.3B	19.2B
Shares outstanding	152.1M	153.1M	153.3M	201.4M	210.1M	210.3M	210.5M	326.5M	363.4M	381.5M	381.5M

Valuation

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
P/E	22.5	19.3	185.9	—	41.1	53.3	—	—	—	20.2	13.6
P/S	2.96	2.92	2.85	—	5.42	3.22	2.3	—	—	5.46	4.43
P/B	1.64	1.57	1.48	—	2.78	1.99	1.56	—	—	2.82	2.64
EV/EBITDA	7.51	12.5	8.47	—	15	8.5	12.1	—	—	11.3	9.03
EV/Sales	2.73	2.65	2.59	—	5.23	3.04	2.36	—	—	5.33	4.45
Earnings yield	4.44%	5.18%	0.54%	—	2.43%	1.88%	—	—	—	4.96%	7.34%
FCF yield	0.53%	2.61%	0.14%	—	3.91%	2.83%	-7.06%	—	—	5.16%	6.95%
PEG	—	—	—	—	—	—	—	—	—	—	0.35

Profitability

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Gross margin	25.7%	20.7%	12.9%	15.2%	19.3%	20.6%	0.22%	9.27%	19.5%	38.8%	40.7%
Operating margin	20.8%	14.2%	7.26%	10.9%	13.8%	17.3%	-4.44%	2.9%	12.4%	31.4%	37.8%
Net margin	13.1%	15.1%	1.53%	8.24%	13.2%	6.04%	-22.8%	-4.53%	4%	27.1%	32%
ROE	7.28%	8.12%	0.8%	4.51%	6.77%	3.74%	-15.4%	-2.2%	2.39%	14%	22.4%
ROA	5.36%	6.19%	0.62%	3.21%	5.14%	2.8%	-10.5%	-1.45%	1.56%	10.1%	11.8%
ROIC	7.6%	6.02%	1.58%	3.53%	5.49%	4.83%	-2.9%	1.31%	1.97%	13.8%	18.8%
Return on tangible assets	5.38%	6.21%	0.62%	3.22%	5.15%	2.81%	-10.5%	-1.45%	1.56%	10.1%	13.6%

Financial health

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Current ratio	3.33	3.22	3.64	2.9	2.37	2.58	2.11	2.23	2.5	2.69	2.94
Quick ratio	2.04	2.04	2.22	1.63	1.25	1.29	0.87	1.09	1.62	1.97	2.23
Debt / equity	0.03	0.01	0	0.13	0.01	0.02	0.1	0.17	0.17	0.12	0.11
Debt / assets	0.02	0.01	0	0.09	0.01	0.01	0.07	0.11	0.11	0.09	0.08
Net debt / EBITDA	-0.62	-1.25	-0.86	0.19	-0.53	-0.5	0.29	0.66	-0.08	-0.27	-0.36
Interest coverage	84.3	—	—	11.8	28.3	67.9	-55.8	-0.14	10.1	23.5	25.7
Effective tax rate	42.2%	32.4%	63.7%	39%	30%	59.8%	0%	0%	73.9%	20.8%	27.8%

Per share

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Revenue per share	5.09	5.34	5.12	6.71	6.37	7.76	7.1	7.09	7.76	9.49	10.5
EPS (basic)	0.66	0.79	0.07	0.55	0.85	0.46	-1.62	-0.32	0.31	2.56	2.56
EPS (diluted)	0.66	0.79	0.07	0.55	0.84	0.46	-1.62	-0.32	0.31	2.56	3.38
Book value per share	9.2	9.94	9.87	12.3	12.4	12.5	10.5	14.6	13	18.4	17.4
FCF per share	0.08	0.41	0.02	0.37	1.35	0.71	-1.15	0.22	1.1	2.67	3.16
Cash per share	1.43	1.49	1.39	1.18	1.33	1.59	0.68	1.35	2.44	3.46	4.09
Capex per share	1.22	1.05	0.89	0.98	0.74	0.94	1.26	1.15	0.88	—	—

Capital allocation

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Capex / revenue	24.1%	19.7%	17.3%	14.6%	11.7%	12.1%	17.8%	16.2%	11.3%	—	—
Capex / operating cash flow	76.3%	47.6%	66.7%	40.5%	27.5%	41%	372%	67.7%	32.9%	—	—
Payout ratio	7.47%	12.4%	176.8%	26.4%	26.2%	72.5%	-27.8%	-124.3%	129%	17.9%	18.3%
Dividend yield	0.33%	0.64%	0.95%	—	0.64%	1.36%	2.75%	—	—	0.89%	1.61%

Yield

1.61%

trailing twelve months

Frequency

Quarterly

Last dividend

$0.184

ex-dividend Aug 24, 2026

Payout ratio

18%

of earnings

Dividend growth

0 years

consecutive annual raises

Dividend per share

Split-adjusted payout per share by ex-dividend date.

Recent payouts

Ex-dividend	Amount
Aug 24, 2026	$0.184
May 19, 2026	$0.18
Mar 2, 2026	$0.18

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Revenue	$616.3M	$669.6M	$601.4M	$686.3M	$716.1M	$815.1M	$773.2M	$811.9M	$854.6M	$1.2B	$1.2B	$1.1B
YoY change	+81.9%	+78.3%	+54.1%	+7.25%	+16.2%	+21.7%	+28.6%	+18.3%	+19.3%	+44.7%	+49.2%	+38.4%

Assets vs. liabilities & equity

What the company owns (left stack) against what it owes plus shareholders' equity (right stack). The two stacks should match — that's the balance.

Condensed balance sheet

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Cash & short-term investments	217.6M	227.5M	212.5M	238.3M	279.1M	335.3M	142.3M	440.9M	887.3M	1.3B
Receivables	45M	109.7M	96.1M	168.8M	127.8M	128.2M	136.6M	138M	165.2M	232M
Inventory	237.3M	218.7M	214.5M	346.5M	406.2M	500.5M	471.6M	711.6M	605.7M	588M
Total current assets	612.9M	595.5M	548.4M	788.9M	856.9M	1B	804.4M	1.4B	1.7B	2.2B
Property, plant & equipment	-605.6M	-523.1M	-529.9M	-1.2B	-1.5B	-2B	-2.4B	-1.9B	-2B	-2.3B
Goodwill & intangibles	6.1M	6.1M	6.1M	10M	5.5M	5.5M	5.5M	—	—	—
Total assets	1.9B	2B	1.9B	3.5B	3.4B	3.5B	3.2B	7.2B	7.2B	9.7B
Accounts payable	45.3M	47.1M	52.2M	66.9M	80.3M	77.5M	88.8M	198.2M	194.4M	187M
Short-term debt	3.6M	8.7M	5.4M	14.2M	12.8M	14.1M	27.3M	52.4M	47.4M	58M
Total current liabilities	184.3M	184.7M	150.5M	271.7M	361.8M	387.7M	380.8M	624.2M	687M	817M
Long-term debt	39.7M	1.8M	1.3M	302M	20.7M	31.8M	199.5M	749.2M	755.9M	794M
Total liabilities	499.1M	472.3M	424.1M	993.8M	828M	882.6M	1B	2.4B	2.5B	2.7B
Shareholders' equity	1.4B	1.5B	1.5B	2.5B	2.6B	2.6B	2.2B	4.8B	4.7B	7B
Total debt	43.3M	10.6M	6.7M	316.2M	33.6M	45.9M	226.8M	801.6M	803.3M	852M
Net debt	-137.6M	-165.4M	-131.8M	195.6M	-133.5M	-237.7M	119.8M	402M	-59.5M	-363M

Assets vs. liabilities & equity

What the company owns (left stack) against what it owes plus shareholders' equity (right stack). The two stacks should match — that's the balance.

Condensed balance sheet

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Cash & short-term investments	386M	440.9M	331.4M	368.6M	469.9M	887.3M	923M	1.1B	910.8M	1.3B	1.6B	1.7B
Receivables	150M	138M	149.5M	149.5M	150.5M	165.2M	171.8M	160.6M	206.7M	232M	212M	222M
Inventory	701.4M	711.6M	744.9M	743.6M	810.2M	605.7M	594.6M	603.4M	587.2M	588M	650M	644M
Total current assets	1.5B	1.4B	1.3B	1.3B	1.5B	1.7B	1.8B	1.9B	1.8B	2.2B	2.5B	2.7B
Property, plant & equipment	-3.9B	-1.9B	-4.1B	-4.2B	-4.4B	-2B	-4.3B	-4.4B	-4.4B	-2.3B	-2.3B	-2.4B
Goodwill & intangibles	5.6M	—	—	—	—	—	—	—	—	—	—	—
Total assets	7.5B	7.2B	7.1B	7B	7.2B	7.2B	7.2B	7.4B	9.1B	9.7B	10.1B	10.2B
Accounts payable	191.4M	198.2M	186.2M	193.6M	174.3M	194.4M	165.2M	176.6M	188.7M	187M	203M	199M
Short-term debt	54.4M	52.4M	50.2M	51.2M	52.9M	47.4M	47.2M	52M	59.6M	58M	55M	53M
Total current liabilities	644.4M	624.2M	626M	653.2M	733.1M	687M	600.9M	637.9M	766.4M	817M	896M	906M
Long-term debt	754.7M	749.2M	756.4M	758.3M	762.3M	755.9M	757.2M	768.7M	797.4M	794M	790M	788M
Total liabilities	2.6B	2.4B	2.4B	2.4B	2.5B	2.5B	2.4B	2.4B	2.5B	2.7B	2.8B	2.8B
Shareholders' equity	4.9B	4.8B	4.7B	4.6B	4.6B	4.7B	4.8B	5B	6.6B	7B	7.4B	7.4B
Total debt	809.1M	801.6M	806.6M	809.5M	815.2M	803.3M	804.4M	820.7M	857M	852M	845M	841M
Net debt	461.6M	402M	505.5M	472.3M	376.2M	-59.5M	-95.7M	-260.2M	-13.2M	-363M	-650M	-725M

Cash generation and uses

Cash from operations, what's left after capex, and what went back to shareholders. Bars below the line are cash going out.

Condensed cash flow statement

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Net income	101.8M	123.5M	12M	111.2M	176.5M	98.6M	-340.1M	-104.9M	112.7M	980M
Depreciation & amortization	116M	122.9M	147.3M	253.5M	272.4M	303M	316M	484.2M	571.7M	497M
Stock-based compensation	3.8M	3.1M	3M	4.4M	3M	5.1M	3.9M	5.5M	400K	2M
Change in working capital	-15.6M	12.2M	-14.2M	19.7M	37.8M	-90.2M	-65.2M	69.5M	-131.7M	-82M
Operating cash flow	244.1M	337.8M	204.1M	486.5M	566.6M	482.7M	71.5M	554.2M	971.6M	1.3B
Capital expenditure	-186.3M	-160.8M	-136.1M	-197.1M	-156.1M	-197.7M	-266M	-375.2M	-319.5M	—
Investing cash flow	-139.9M	-177.8M	-159.2M	-402.2M	-99.5M	-186.7M	-255.4M	397.9M	-32.6M	-441M
Dividends paid	-7.6M	-15.3M	-21.3M	-29.3M	-46.2M	-71.5M	-94.7M	-130.4M	-145.4M	-175M
Share repurchases	—	—	—	—	—	—	—	—	-24.3M	-46M
Financing cash flow	-47.8M	-51.5M	-36.1M	438.3M	-604.6M	-85.9M	53M	-551.8M	-225.2M	-278M
Net change in cash	56.5M	108.5M	8.8M	522.6M	-137.5M	210.2M	-130.9M	400.3M	713.8M	614M
Free cash flow	12.1M	62.1M	3.1M	74.7M	283.8M	148.6M	-242.9M	71.2M	400.8M	1B

Cash generation and uses

Cash from operations, what's left after capex, and what went back to shareholders. Bars below the line are cash going out.

Condensed cash flow statement

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Net income	-20.6M	-51.3M	-30.8M	-21.4M	57.1M	107.8M	169.3M	189.6M	169.2M	451.9M	456M	305M
Depreciation & amortization	137.3M	121.3M	124.4M	128.4M	130.2M	188.7M	119.4M	122.4M	120.5M	134.7M	113M	120M
Stock-based compensation	1.2M	1.8M	1.6M	1.6M	1.6M	-4.4M	1M	200K	600K	200K	0	1M
Change in working capital	-14.4M	23.2M	-49.8M	-21.4M	-28.9M	-28.8M	-12.3M	-7.2M	-49.8M	-12.7M	-40M	-19M
Operating cash flow	151.6M	141.7M	113.7M	226.7M	245M	389M	337M	293.4M	308.7M	556.1M	505M	320M
Capital expenditure	-106.3M	-117.9M	-86.4M	-75.1M	-74.7M	-83.3M	-68.1M	—	—	—	—	—
Investing cash flow	193.7M	-70.6M	-86.5M	-72.7M	-75.2M	201.8M	-68.1M	3.3M	-410.9M	-2.6M	0	-33M
Dividends paid	-36.5M	-36.4M	-36.5M	-36.3M	-36.3M	-36.3M	-36.2M	-36.2M	-43.4M	-59.2M	-76M	-76M
Share repurchases	0	—	-21.5M	-2.8M	0	0	-20M	-11.1M	0	-14.9M	-25M	-224M
Financing cash flow	-336.4M	-45.5M	-72.7M	-53.2M	-49.6M	-49.7M	-69.9M	-61.3M	-57.1M	-89.7M	-120M	-313M
Net change in cash	8.9M	25.6M	-45.5M	100.8M	120.2M	541.1M	199M	235.4M	-159.3M	463.8M	385M	-26M
Free cash flow	5.9M	48.5M	-25.8M	86.8M	151.1M	188.7M	106.7M	—	—	—	—	221M

Pan American Silver Corp. Financials

EPS

Revenue

Results

EPS

Revenue

Results

Total revenue

Total revenue

Revenue and profits

Condensed income statement

Revenue and profits

Condensed income statement

P/E

Key stats

Valuation

Profitability

Financial health

Per share

Capital allocation

Dividend per share

Recent payouts

Assets vs. liabilities & equity

Condensed balance sheet

Assets vs. liabilities & equity

Condensed balance sheet

Cash generation and uses

Condensed cash flow statement

Cash generation and uses

Condensed cash flow statement