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Operates the Zgounder high-grade silver mine in Morocco and explores nearby silver deposits.
Operates the Zgounder high-grade silver mine in Morocco and explores nearby silver deposits.
Sells its silver to refiners and traders at market prices, with Zgounder the only producing mine, so output, ore grade and the silver price decide earnings. Exploration at nearby Moroccan sites, including Boumadine, is the main source of future growth.
Moat: narrow (installed base, regulatory licence). One of few high-grade primary silver producers with an established Moroccan mining licence.
Headquarters: Montreal, Canada (mine in Morocco) · Employees: 810
Size Aya Gold & Silver (AYA.TO) is a Canada Materials company (Precious Metals) with a market value of $3.68B, the 143rd largest of 420 Canada companies the cockpit tracks. Shares closed at C$35.78 on 6 Nov 2026.
Performance Over six months the shares gained 40.4%, against -4.1% for the median peer and +5.2% for the Canada market (cap-weighted) — highest of 21 in its peer set.
Growth Revenue grew 264.9% over the last twelve months (peer median +43.2%); the operating margin is 53.0% (peer median 42.3%).
Valuation It trades at 19.2× forward earnings against a peer median of 9.8× (most expensive of 18).
Price implies For today's price to make sense, revenue must grow about 18% a year for seven years (Req g). Recent delivered growth is +72%, so the hurdle is -54 pp: the price already allows for a slowdown.
Capital Return on invested capital runs 19.8 points above its cost of capital (11.7% WACC).
Next results Next results expected around 12 Nov 2026 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | C$475M | C$282M | C$53.6M | C$57.8M | C$49.8M |
| Revenue growth | — | +427% | -7% | +16% | — |
| Gross profit | C$291M | C$116M | C$7.20M | C$21.2M | C$13.4M |
| EBITDA | C$288M | C$108M | -C$10.6M | C$13.4M | C$10.7M |
| Net income | C$156M | C$63.7M | -C$29.6M | C$7.43M | C$606,163 |
| Free cash flow | C$201M | C$52.8M | -C$98.3M | -C$104M | -C$31.1M |
| Capital expenditure | C$117M | C$106M | C$127M | C$162M | C$56.4M |
| Total debt | C$123M | C$156M | C$146M | C$80.1M | C$388,871 |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| Aya Gold & Silver AYA.TO | $3.68B | +40% | +265% | 53% | 19.2× | 17.9% |
| Lundin Gold LUG.TO | $17.0B | +7% | +36% | 65% | 16.0× | 9.9% |
| Fortuna Mining FVI.TO | $2.87B | -5% | +6% | 49% | 6.4× | -4.6% |
| Endeavour Silver EDR.TO | $2.34B | -20% | +198% | 26% | 10.9× | n/a |
| First Majestic Silver AG.TO | $7.52B | -27% | +96% | 44% | 18.1× | 9.2% |
| Hecla Mining HL | $9.90B | -21% | +30% | 48% | 18.1× | 8.0% |
| Coeur Mining CDE | $15.9B | -17% | +117% | 35% | 12.1× | 10.9% |
| Silvercorp Metals SVM.TO | $1.99B | -31% | +59% | 56% | 12.9× | 4.7% |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | AYA.TO | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -4.1% | -1.5% | 9th lowest of 21 |
| 6-month return | +40.4% | -4.1% | highest of 21 |
| Distance from 52-week high | -17.0% | -28.6% | 3rd highest of 21 |
| Revenue growth (TTM) | +264.9% | +43.2% | highest of 17 |
| Operating margin | 53.0% | 42.3% | 5th highest of 17 |
| Forward P/E | 19.2× | 9.8× | most expensive of 18 |
| Growth the price implies (Req g, 7 yrs) | 17.9% | -0.1% | most demanding of 16 |
| Growth delivered (Del g) | +72.4% | +25.7% | highest of 16 |
| Hurdle (Req g minus delivered) | -54.5 pp | -24.7 pp | 2nd least demanding of 16 |
| ROIC minus cost of capital | +19.8 pp | +14.3 pp | 8th highest of 20 |
| EV / EBITDA | 17.5× | 5.3× | most expensive of 15 |
| Net debt / EBITDA | -0.5× | -0.5× | 6th most indebted of 15 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Aya Gold & Silver AYA.TO | Canada | $3.68B | +40% | +265% | 53% | 19.2× | 17.9% | +72.4% |
| Westgold Resources WGX.AX | Australia | $3.64B | -2% | +79% | 32% | 8.8× | -7.6% | +33.7% |
| Pan African Resources PAF.L | United Kingdom | $3.79B | -25% | +106% | 54% | 7.2× | -6.7% | +25.7% |
| Regis Resources RRL.AX | Australia | $3.49B | -3% | +43% | 43% | 8.5× | -9.5% | +23.5% |
| Skeena Resources SKE.TO | Canada | $3.90B | +6% | n/a | n/a | n/a | n/a | n/a |
| Hochschild Mining HOC.L | United Kingdom | $3.37B | -27% | +37% | 44% | 9.8× | -10.7% | +14.1% |
| Western Region Gold 601069.SS | China | $3.29B | -26% | +118% | n/a | 11.2× | 11.7% | +19.5% |
| Aris Mining ARIS.TO | Canada | $3.24B | -15% | +94% | 46% | 5.5× | 2.1% | +19.8% |
| Allied Gold AAUC.TO | Canada | $3.24B | -19% | +54% | 32% | 3.9× | n/a | n/a |
| Vault Minerals VAU.AX | Australia | $4.19B | +21% | +35% | 33% | 13.0× | -0.1% | +59.0% |
| Centerra Gold CG.TO | Canada | $4.25B | +27% | +44% | 27% | 12.4× | 6.5% | +13.9% |
| Predictive Discovery PDI.AX | Australia | $3.08B | -13% | n/a | -28% | n/a | n/a | n/a |
| Capricorn Metals CMM.AX | Australia | $4.42B | -1% | +45% | 58% | 17.6× | 12.7% | +33.9% |
| Emerald Resources NL EMR.AX | Australia | $3.04B | +6% | +40% | 61% | 15.2× | 1.5% | +26.4% |
| Lingbao Gold 3330.HK | Hong Kong | $2.94B | -28% | -10% | 22% | 8.0× | -5.6% | +17.8% |
| Wesdome Gold Mines WDO.TO | Canada | $2.92B | +6% | +49% | 57% | 7.8× | -10.7% | +33.5% |
| Fortuna Mining FVI.TO | Canada | $2.87B | -5% | +6% | 49% | 6.4× | -4.6% | +29.0% |
| Seabridge Gold SEA.TO | Canada | $2.87B | -8% | n/a | n/a | n/a | n/a | n/a |
| Hunan Gold 002155.SZ | China | $4.72B | -33% | +1% | 4% | 15.3× | 11.1% | +27.4% |
| Ramelius Resources RMS.AX | Australia | $4.78B | +3% | -14% | 42% | 19.0× | 13.7% | +10.3% |
| Montage Gold MAU.TO | Canada | $4.79B | +17% | n/a | n/a | 18.4× | n/a | n/a |