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Canadian silver and gold mining company with operations across Mexico, Peru and other Latin American countries.
Canadian silver and gold mining company with operations across Mexico, Peru and other Latin American countries.
Sells silver and gold in concentrate and doré bars at market prices, so it is a price taker and earnings follow metal prices and mine costs; since buying Yamana Gold's Latin American mines in 2023, gold has mattered as much as silver. This is the Toronto listing of the company that also trades in New York.
In one line: The world's leading primary silver miner, Canada-listed.
Moat: narrow (scale, installed base). World's largest primary silver producer with a diversified, long-life portfolio of Latin American mines.
Headquarters: Vancouver, Canada · Founded: 1994 · Employees: 17,064
Size Pan American Silver (PAAS.TO) is a Canada Materials company (Precious Metals) with a market value of $17.2B, the 52nd largest of 420 Canada companies the cockpit tracks. Shares closed at C$58.19 on 6 Nov 2026.
Performance Over six months the shares fell 26.4%, against -9.9% for the median peer and +5.2% for the Canada market (cap-weighted) — 2nd lowest of 21 in its peer set.
Growth Revenue grew 37.0% over the last twelve months (peer median +32.8%); the operating margin is 39.3% (peer median 46.0%).
Valuation It trades at 9.5× forward earnings against a peer median of 11.9× (7th cheapest of 21).
Price implies For today's price to make sense, revenue must grow about 4% a year for seven years (Req g). Recent delivered growth is +23%, so the hurdle is -19 pp: the price already allows for a slowdown.
Capital Return on invested capital runs 7.4 points above its cost of capital (11.2% WACC).
Next results Next results expected around 24 Feb 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | C$5.96B | C$5.06B | C$3.86B | C$3.13B | C$1.95B |
| Revenue growth | — | +31% | +24% | +61% | — |
| Gross profit | C$2.62B | C$1.90B | C$695M | C$335M | C$19.8M |
| EBITDA | C$3.06B | C$2.36B | C$1.31B | C$801M | C$341M |
| Net income | C$1.91B | C$1.37B | C$153M | -C$140M | -C$445M |
| Free cash flow | C$2.13B | C$1.49B | C$549M | C$96.1M | -C$316M |
| Capital expenditure | C$539M | C$439M | C$443M | C$512M | C$358M |
| Total debt | C$1.19B | C$1.17B | C$1.16B | C$1.06B | C$307M |
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 |
|---|---|---|---|---|---|---|
| Pan American Silver PAAS.TO | $17.2B | -26% | +37% | 39% | 9.5× | 4.4% |
| Coeur Mining CDE | $15.9B | -17% | +117% | 35% | 12.1× | 10.9% |
| 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% |
| Fresnillo FRES.L | $24.9B | -31% | +48% | 59% | 11.8× | -8.2% |
| Endeavour Silver EDR.TO | $2.34B | -20% | +198% | 26% | 10.9× | n/a |
| Hochschild Mining HOC.L | $3.37B | -27% | +37% | 44% | 9.8× | -10.7% |
| Fortuna Mining FVI.TO | $2.87B | -5% | +6% | 49% | 6.4× | -4.6% |
| Compania de Minas Buenaventura SAA Sponsored ADR BVN | $7.25B | -21% | +64% | 45% | 6.5× | -14.1% |
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 | PAAS.TO | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -8.0% | +0.2% | 3rd lowest of 21 |
| 6-month return | -26.4% | -9.9% | 2nd lowest of 21 |
| Distance from 52-week high | -39.0% | -35.3% | 9th lowest of 21 |
| Revenue growth (TTM) | +37.0% | +32.8% | 10th highest of 21 |
| Operating margin | 39.3% | 46.0% | 7th lowest of 21 |
| Forward P/E | 9.5× | 11.9× | 7th cheapest of 21 |
| Growth the price implies (Req g, 7 yrs) | 4.4% | -1.2% | 9th most demanding of 19 |
| Growth delivered (Del g) | +23.0% | +17.7% | 4th highest of 19 |
| Hurdle (Req g minus delivered) | -18.6 pp | -16.2 pp | 8th least demanding of 19 |
| ROIC minus cost of capital | +7.4 pp | +13.0 pp | 7th lowest of 20 |
| EV / EBITDA | 7.5× | 8.6× | 7th cheapest of 17 |
| Net debt / EBITDA | -0.4× | -0.0× | 4th least indebted of 17 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Pan American Silver PAAS.TO | Canada | $17.2B | -26% | +37% | 39% | 9.5× | 4.4% | +23.0% |
| Lundin Gold LUG.TO | Canada | $17.0B | +7% | +36% | 65% | 16.0× | 9.9% | +39.0% |
| Shandong Gold Mining 600547.SS | China | $16.5B | -24% | +12% | 13% | 18.9× | -5.6% | +10.6% |
| Evolution Mining EVN.AX | Australia | $18.3B | -4% | +28% | 42% | 13.4× | 10.8% | +24.4% |
| Coeur Mining CDE | United States | $15.9B | -17% | +117% | 35% | 12.1× | 10.9% | +21.6% |
| Zhongjin Gold 600489.SS | China | $15.1B | -20% | +25% | 13% | 11.4× | -5.9% | +10.5% |
| Endeavour Mining EDV.TO | Canada | $13.7B | -10% | +27% | 47% | 9.3× | -6.5% | +25.4% |
| Equinox Gold EQX.TO | Canada | $13.5B | -17% | +63% | 36% | 9.7× | 21.0% | +17.5% |
| Alamos Gold AGI.TO | Canada | $13.4B | -22% | +41% | 57% | 11.3× | 7.8% | +20.3% |
| Royal Gold RGLD | United States | $22.5B | +11% | +94% | 63% | 20.9× | 10.9% | +15.6% |
| Fresnillo FRES.L | United Kingdom | $24.9B | -31% | +48% | 59% | 11.8× | -8.2% | +12.6% |
| Northern Star Resources NST.AX | Australia | $25.3B | +19% | +19% | 35% | 17.8× | 17.5% | +22.5% |
| Chifeng Jilong Gold Mining 600988.SS | China | $11.6B | -2% | +23% | 43% | 17.4× | -5.7% | +22.6% |
| Kinross Gold K.TO | Canada | $26.4B | -25% | +30% | 51% | 8.5× | -3.9% | +11.8% |
| IAMGOLD IMG.TO | Canada | $10.8B | +6% | +83% | 48% | 9.1× | 1.4% | +19.1% |
| Shanjin International Gold 000975.SZ | China | $10.2B | -6% | -4% | 36% | 15.2× | -5.7% | +16.7% |
| G Mining Ventures GMIN.TO | Canada | $9.98B | -10% | +72% | 66% | 19.4× | n/a | n/a |
| Hecla Mining HL | United States | $9.90B | -21% | +30% | 48% | 18.1× | 8.0% | +15.0% |
| Harmony Gold Mining Co. Ltd. Sponsored ADR HMY | United States | $9.84B | -3% | +50% | 45% | 5.3× | -14.1% | +17.7% |
| Gold Fields Limited Sponsored ADR GFI | United States | $31.5B | -13% | +71% | 53% | 9.2× | -14.1% | +17.7% |
| Eldorado Gold ELD.TO | Canada | $9.37B | +11% | +25% | 45% | 7.7× | n/a | n/a |