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Pan American Silver Corp.TSX:PAAS Stock Report

Market Cap CA$35.5b
Share Price
CA$84.42
n/a
1Y136.0%
7D-4.0%
Portfolio Value
​
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Pan American Silver Corp.

TSX:PAAS Stock Report

Market Cap: CA$35.5b

Pan American Silver (PAAS) Stock Overview

Engages in the exploration, mine development, extraction, processing, refining, and reclamation of mines in Chile, Peru, Brazil, Mexico, Canada, Argentina, Bolivia, and Guatemala. More details

PAAS fundamental analysis
Snowflake Score
Valuation2/6
Future Growth2/6
Past Performance5/6
Financial Health5/6
Dividends3/6

Rewards

Trading at 4.7% below our estimate of its fair value

Earnings are forecast to grow 13.35% per year

Earnings grew by 773.2% over the past year

Risk Analysis

Shareholders have been diluted in the past year

Significant insider selling over the past 3 months


PAAS Community Fair Values

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See what 122 others think this stock is worth. Follow their fair value or set your own to get alerts.

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Pan American Silver

Sustained Silver at ~US$100/oz Drives Explosive Leverage and Re-Rating for PAAS

Pan American Silver (PAAS) stands to benefit enormously from a structural shift in the silver market, where I expect the price to stabilize long-term around US$100 per ounce (or higher), driven by persistent supply deficits (Silver Institute forecasts ongoing shortfalls through 2027+), surging industrial demand (solar PV, EVs, electronics, and AI-related applications consuming ever-larger volumes), and renewed monetary/investment interest amid inflation/geopolitical risks. Unlike conservative analyst models that often embed long-term silver assumptions of US$25–35/oz (leading to muted cash flow projections and lower fair values), my base case assumes silver averages ~US$100 over the forecast period.
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CA$138.67
FV
39.1% undervalued intrinsic discount
25.85%
Revenue growth p.a.
442
users have viewed this narrative
3users have liked this narrative
0users have commented on this narrative
19users have followed this narrative
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Pan American Silver

Integration Of Juanicipio And La Colorada Skarn Will Shape A Resilient Long Term Outlook

Catalysts About Pan American Silver Pan American Silver is a precious metals producer with a portfolio of silver and gold mines and development projects across the Americas. What are the underlying business or industry changes driving this perspective?
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CA$73.64
FV
14.6% overvalued intrinsic discount
19.86%
Revenue growth p.a.
133
users have viewed this narrative
0users have liked this narrative
0users have commented on this narrative
7users have followed this narrative
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Pan American Silver

If silver reaches $100 per oz and gold reaches $3,000 per oz

Overview of Pan American Silver Current Position: Revenue Sources: 65% from gold, 20% from silver, and the rest from base metals. Resources: Approximately 1 billion oz of silver and 26 million oz of gold.
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CA$331
FV
74.5% undervalued intrinsic discount
1.2k
users have viewed this narrative
4users have liked this narrative
0users have commented on this narrative
37users have followed this narrative
PAAS logo
Pan American Silver

La Colorada Skarn And Juanicipio Integration Will Transform Long Term Silver Margin Profile

Catalysts About Pan American Silver Pan American Silver is a leading precious metals producer focused on large scale silver and gold mines across the Americas. What are the underlying business or industry changes driving this perspective?
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CA$84.11
FV
0.4% overvalued intrinsic discount
19.12%
Revenue growth p.a.
161
users have viewed this narrative
0users have liked this narrative
0users have commented on this narrative
7users have followed this narrative
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Upside Gold

An Undervalued 3.3Moz Gold Project in Canada

Key takeaways Upside Gold is developing the Kena Gold Project, near the town of Nelson in the Kootenays region of southern British Columbia. Kena hosts a historical gold resource of 3.33 million ounces (561,000 ounces Indicated and 2.77 million ounces Inferred) across a 10,200-hectare land package.Read more

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3.2k
users have viewed this narrative
13users have liked this narrative
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71users have followed this narrative
CA$5.07
76.5% undervalued intrinsic discount
stuart_roberts's Fair Value
Profit Margin
11.75%
Future PE
21.54x
Price in 2031
CA$5.88

Pan American Silver Corp. Competitors

Price History & Performance

Summary of share price highs, lows and changes for Pan American Silver
Historical stock prices
Current Share PriceCA$84.42
52 Week HighCA$95.39
52 Week LowCA$29.31
Beta1.44
1 Month Change15.30%
3 Month Change36.91%
1 Year Change136.01%
3 Year Change306.45%
5 Year Change115.19%
Change since IPO3,116.00%

Recent News & Updates

Sustained Silver at ~US$100/oz Drives Explosive Leverage and Re-Rating for PAAS

Pan American Silver (PAAS) stands to benefit enormously from a structural shift in the silver market, where I expect the price to stabilize long-term around US$100 per ounce (or higher), driven by persistent supply deficits (Silver Institute forecasts ongoing shortfalls through 2027+), surging industrial demand (solar PV, EVs, electronics, and AI-related applications consuming ever-larger volumes), and renewed monetary/investment interest amid inflation/geopolitical risks. Unlike conservative analyst models that often embed long-term silver assumptions of US$25–35/oz (leading to muted cash flow projections and lower fair values), my base case assumes silver averages ~US$100 over the forecast period.

Recent updates

Sustained Silver at ~US$100/oz Drives Explosive Leverage and Re-Rating for PAAS

Pan American Silver (PAAS) stands to benefit enormously from a structural shift in the silver market, where I expect the price to stabilize long-term around US$100 per ounce (or higher), driven by persistent supply deficits (Silver Institute forecasts ongoing shortfalls through 2027+), surging industrial demand (solar PV, EVs, electronics, and AI-related applications consuming ever-larger volumes), and renewed monetary/investment interest amid inflation/geopolitical risks. Unlike conservative analyst models that often embed long-term silver assumptions of US$25–35/oz (leading to muted cash flow projections and lower fair values), my base case assumes silver averages ~US$100 over the forecast period.

Pan American Silver Corp. (TSE:PAAS) Stock Rockets 31% As Investors Are Less Pessimistic Than Expected

Dec 02
Pan American Silver Corp. (TSE:PAAS) Stock Rockets 31% As Investors Are Less Pessimistic Than Expected

Pan American Silver Corp. Just Missed Earnings - But Analysts Have Updated Their Models

Nov 15
Pan American Silver Corp. Just Missed Earnings - But Analysts Have Updated Their Models

Optimistic Investors Push Pan American Silver Corp. (TSE:PAAS) Shares Up 26% But Growth Is Lacking

Sep 04
Optimistic Investors Push Pan American Silver Corp. (TSE:PAAS) Shares Up 26% But Growth Is Lacking

Pan American Silver Corp.'s (TSE:PAAS) Business Is Yet to Catch Up With Its Share Price

Apr 15
Pan American Silver Corp.'s (TSE:PAAS) Business Is Yet to Catch Up With Its Share Price

Shareholder Returns

PAASCA Metals and MiningCA Market
7D-4.0%-4.2%-0.9%
1Y136.0%133.7%36.0%

Return vs Industry: PAAS exceeded the Canadian Metals and Mining industry which returned 133.7% over the past year.

Return vs Market: PAAS exceeded the Canadian Market which returned 36% over the past year.

Price Volatility

Is PAAS's price volatile compared to industry and market?
PAAS volatility
PAAS Average Weekly Movement9.2%
Metals and Mining Industry Average Movement13.0%
Market Average Movement10.6%
10% most volatile stocks in CA Market19.7%
10% least volatile stocks in CA Market3.6%

Stable Share Price: PAAS has not had significant price volatility in the past 3 months compared to the Canadian market.

Volatility Over Time: PAAS's weekly volatility (9%) has been stable over the past year.

About the Company

FoundedEmployeesCEOWebsite
19799,348Michael Steinmannwww.panamericansilver.com

Pan American Silver Corp. engages in the exploration, mine development, extraction, processing, refining, and reclamation of mines in Chile, Peru, Brazil, Mexico, Canada, Argentina, Bolivia, and Guatemala. The Silver segment includes the La Colorada, Juanicipio, Cerro Moro, Huaron, and San Vicente mines. The Gold segment comprises the Jacobina, El Peñon, Timmins, Shahuindo, Minera Florida, and Dolores mines.

Pan American Silver Corp. Fundamentals Summary

How do Pan American Silver's earnings and revenue compare to its market cap?
PAAS fundamental statistics
Market capCA$35.52b
Earnings (TTM)CA$1.33b
Revenue (TTM)CA$4.94b
26.7x
P/E Ratio
7.2x
P/S Ratio

Is PAAS overvalued?

See Fair Value and valuation analysis

Earnings & Revenue

Key profitability statistics from the latest earnings report (TTM)
PAAS income statement (TTM)
RevenueUS$3.62b
Cost of RevenueUS$1.74b
Gross ProfitUS$1.88b
Other ExpensesUS$899.00m
EarningsUS$978.00m

Last Reported Earnings

Dec 31, 2025

Next Earnings Date

n/a

Earnings per share (EPS)2.32
Gross Margin51.87%
Net Profit Margin27.02%
Debt/Equity Ratio10.5%

How did PAAS perform over the long term?

See historical performance and comparison

Dividends

1.2%
Current Dividend Yield
18%
Payout Ratio

Does PAAS pay a reliable dividends?

See PAAS dividend history and benchmarks
When do you need to buy PAAS by to receive an upcoming dividend?
Pan American Silver dividend dates
Ex Dividend DateMar 02 2026
Dividend Pay DateMar 13 2026
Days until Ex dividend3 days
Days until Dividend pay date8 days

Does PAAS pay a reliable dividends?

See PAAS dividend history and benchmarks

Company Analysis and Financial Data Status

DataLast Updated (UTC time)
Company Analysis2026/03/04 08:59
End of Day Share Price 2026/03/04 00:00
Earnings2025/12/31
Annual Earnings2025/12/31

Data Sources

The data used in our company analysis is from S&P Global Market Intelligence LLC. The following data is used in our analysis model to generate this report. Data is normalised which can introduce a delay from the source being available.

PackageDataTimeframeExample US Source *
Company Financials10 years
  • Income statement
  • Cash flow statement
  • Balance sheet
Analyst Consensus Estimates+3 years
  • Forecast financials
  • Analyst price targets
Market Prices30 years
  • Stock prices
  • Dividends, Splits and Actions
Ownership10 years
  • Top shareholders
  • Insider trading
Management10 years
  • Leadership team
  • Board of directors
Key Developments10 years
  • Company announcements

* Example for US securities, for non-US equivalent regulatory forms and sources are used.

Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more.

Analysis Model and Snowflake

Details of the analysis model used to generate this report is available on our Github page, we also have guides on how to use our reports and tutorials on Youtube.

Learn about the world class team who designed and built the Simply Wall St analysis model.

Industry and Sector Metrics

Our industry and section metrics are calculated every 6 hours by Simply Wall St, details of our process are available on Github.

Analyst Sources

Pan American Silver Corp. is covered by 21 analysts. 4 of those analysts submitted the estimates of revenue or earnings used as inputs to our report. Analysts submissions are updated throughout the day.

AnalystInstitution
Kevin O'HalloranBMO Capital Markets Equity Research
Matthew MurphyBMO Capital Markets Equity Research
Lawson WinderBofA Global Research