PAN AMERICAN SILVER CORP (PAAS.CA) Fundamental Analysis & Valuation

TSX:PAAS • CA6979001089

Current stock price

77.57 CAD
-1.29 (-1.64%)
Last:

This PAAS.CA fundamental analysis includes valuation metrics, fair value assessment, financial health analysis, profitability trends, growth metrics and dividend sustainability analysis.

8

1. PAAS.CA Profitability Analysis

1.1 Basic Checks

  • PAAS had positive earnings in the past year.
  • In the past year PAAS had a positive cash flow from operations.
  • The reported net income has been mixed in the past 5 years: PAAS reported negative net income in multiple years.
  • In the past 5 years PAAS always reported a positive cash flow from operatings.
PAAS.CA Yearly Net Income VS EBIT VS OCF VS FCFPAAS.CA Yearly Net Income VS EBIT VS OCF VS FCFYearly Net Income VS EBIT VS OCF VS FCF 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 0 500M 1B

1.2 Ratios

  • The Return On Assets of PAAS (10.04%) is better than 92.20% of its industry peers.
  • PAAS has a Return On Equity of 13.98%. This is amongst the best in the industry. PAAS outperforms 91.45% of its industry peers.
  • The Return On Invested Capital of PAAS (6.86%) is better than 91.57% of its industry peers.
  • PAAS had an Average Return On Invested Capital over the past 3 years of 3.63%. This is significantly below the industry average of 13.12%.
  • The last Return On Invested Capital (6.86%) for PAAS is above the 3 year average (3.63%), which is a sign of increasing profitability.
Industry RankSector Rank
ROA 10.04%
ROE 13.98%
ROIC 6.86%
ROA(3y)3.38%
ROA(5y)0.48%
ROE(3y)4.72%
ROE(5y)0.46%
ROIC(3y)3.63%
ROIC(5y)N/A
PAAS.CA Yearly ROA, ROE, ROICPAAS.CA Yearly ROA, ROE, ROICYearly ROA, ROE, ROIC 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 0 5 -5 10 -10 -15

1.3 Margins

  • Looking at the Profit Margin, with a value of 27.02%, PAAS belongs to the top of the industry, outperforming 94.72% of the companies in the same industry.
  • In the last couple of years the Profit Margin of PAAS has grown nicely.
  • PAAS has a better Operating Margin (32.16%) than 93.84% of its industry peers.
  • In the last couple of years the Operating Margin of PAAS has grown nicely.
  • PAAS's Gross Margin of 38.82% is amongst the best of the industry. PAAS outperforms 92.08% of its industry peers.
  • In the last couple of years the Gross Margin of PAAS has grown nicely.
Industry RankSector Rank
OM 32.16%
PM (TTM) 27.02%
GM 38.82%
OM growth 3YN/A
OM growth 5Y9.81%
PM growth 3YN/A
PM growth 5Y15.26%
GM growth 3Y128.94%
GM growth 5Y7.61%
PAAS.CA Yearly Profit, Operating, Gross MarginsPAAS.CA Yearly Profit, Operating, Gross MarginsYearly Profit, Operating, Gross Margins 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 0 20 -20

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6

2. PAAS.CA Health Analysis

2.1 Basic Checks

  • With a Return on Invested Capital (ROIC) below the Cost of Capital (WACC), PAAS is destroying value.
  • The number of shares outstanding for PAAS has been increased compared to 1 year ago.
  • PAAS has more shares outstanding than it did 5 years ago.
  • The debt/assets ratio for PAAS has been reduced compared to a year ago.
PAAS.CA Yearly Shares OutstandingPAAS.CA Yearly Shares OutstandingYearly Shares Outstanding 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 100M 200M 300M 400M
PAAS.CA Yearly Total Debt VS Total AssetsPAAS.CA Yearly Total Debt VS Total AssetsYearly Total Debt VS Total Assets 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2B 4B 6B 8B

2.2 Solvency

  • PAAS has an Altman-Z score of 6.09. This indicates that PAAS is financially healthy and has little risk of bankruptcy at the moment.
  • PAAS has a Altman-Z score (6.09) which is in line with its industry peers.
  • PAAS has a debt to FCF ratio of 0.84. This is a very positive value and a sign of high solvency as it would only need 0.84 years to pay back of all of its debts.
  • The Debt to FCF ratio of PAAS (0.84) is better than 93.71% of its industry peers.
  • A Debt/Equity ratio of 0.11 indicates that PAAS is not too dependend on debt financing.
  • PAAS's Debt to Equity ratio of 0.11 is on the low side compared to the rest of the industry. PAAS is outperformed by 64.91% of its industry peers.
  • Although PAAS's pure debt/equity ratio does not look good, it has limited outstanding debt compared to the Free Cash Flow. We will not put too much weight on the debt/equity number as it may be because of low equity, which could be a consequence of a share buyback program for instance. This needs to be investigated.
Industry RankSector Rank
Debt/Equity 0.11
Debt/FCF 0.84
Altman-Z 6.09
ROIC/WACC0.57
WACC11.97%
PAAS.CA Yearly LT Debt VS Equity VS FCFPAAS.CA Yearly LT Debt VS Equity VS FCFYearly LT Debt VS Equity VS FCF 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 0 2B 4B 6B

2.3 Liquidity

  • PAAS has a Current Ratio of 2.69. This indicates that PAAS is financially healthy and has no problem in meeting its short term obligations.
  • The Current ratio of PAAS (2.69) is comparable to the rest of the industry.
  • PAAS has a Quick Ratio of 1.97. This is a normal value and indicates that PAAS is financially healthy and should not expect problems in meeting its short term obligations.
  • PAAS has a Quick ratio (1.97) which is comparable to the rest of the industry.
Industry RankSector Rank
Current Ratio 2.69
Quick Ratio 1.97
PAAS.CA Yearly Current Assets VS Current LiabilitesPAAS.CA Yearly Current Assets VS Current LiabilitesYearly Current Assets VS Current Liabilites 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 500M 1B 1.5B 2B

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WACCDebt/EquityHow to determine the health of a companyAltman-Z scoreShow peers with great health

6

3. PAAS.CA Growth Analysis

3.1 Past

  • The Earnings Per Share has grown by an impressive 208.86% over the past year.
  • Measured over the past years, PAAS shows a quite strong growth in Earnings Per Share. The EPS has been growing by 16.24% on average per year.
  • PAAS shows a strong growth in Revenue. In the last year, the Revenue has grown by 28.38%.
  • The Revenue has been growing by 22.00% on average over the past years. This is a very strong growth!
EPS 1Y (TTM)208.86%
EPS 3Y200.41%
EPS 5Y16.24%
EPS Q2Q%217.14%
Revenue 1Y (TTM)28.38%
Revenue growth 3Y34.28%
Revenue growth 5Y22%
Sales Q2Q%44.64%

3.2 Future

  • The Earnings Per Share is expected to decrease by -18.89% on average over the next years. This is quite bad
  • The Revenue is expected to grow by 7.53% on average over the next years.
EPS Next Y76.2%
EPS Next 2Y40.12%
EPS Next 3Y18.63%
EPS Next 5Y-18.89%
Revenue Next Year36.89%
Revenue Next 2Y14.07%
Revenue Next 3Y7.53%
Revenue Next 5YN/A

3.3 Evolution

  • When comparing the EPS growth rate of the last years to the growth rate of the upcoming years, we see that the growth is decreasing.
  • The Revenue growth rate is decreasing: in the next years the growth will be less than in the last years.
PAAS.CA Yearly Revenue VS EstimatesPAAS.CA Yearly Revenue VS EstimatesYearly Revenue VS Estimates 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 1B 2B 3B 4B
PAAS.CA Yearly EPS VS EstimatesPAAS.CA Yearly EPS VS EstimatesYearly EPS VS Estimates 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 0 1 2 3 4

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8

4. PAAS.CA Valuation Analysis

4.1 Price/Earnings Ratio

  • With a Price/Earnings ratio of 23.16, PAAS is valued on the expensive side.
  • Based on the Price/Earnings ratio, PAAS is valued cheaper than 90.69% of the companies in the same industry.
  • PAAS's Price/Earnings ratio indicates a similar valuation than the S&P500 average which is at 27.53.
  • With a Price/Forward Earnings ratio of 13.14, PAAS is valued correctly.
  • Based on the Price/Forward Earnings ratio, PAAS is valued cheaper than 91.70% of the companies in the same industry.
  • The average S&P500 Price/Forward Earnings ratio is at 37.95. PAAS is valued rather cheaply when compared to this.
Industry RankSector Rank
PE 23.16
Fwd PE 13.14
PAAS.CA Price Earnings VS Forward Price EarningsPAAS.CA Price Earnings VS Forward Price Earnings ChartPrice Earnings - Forward Price Earnings PE FPE 20 40 60

4.2 Price Multiples

  • 93.08% of the companies in the same industry are more expensive than PAAS, based on the Enterprise Value to EBITDA ratio.
  • Based on the Price/Free Cash Flow ratio, PAAS is valued cheaper than 95.47% of the companies in the same industry.
Industry RankSector Rank
P/FCF 23.39
EV/EBITDA 14.01
PAAS.CA Per share dataPAAS.CA EPS, Sales, OCF, FCF, BookValue per sharePer Share Data Per Share 5 10 15 20

4.3 Compensation for Growth

  • PAAS's low PEG Ratio(NY), which compensates the Price/Earnings for growth, indicates a rather cheap valuation of the company.
  • PAAS has an outstanding profitability rating, which may justify a higher PE ratio.
  • A more expensive valuation may be justified as PAAS's earnings are expected to grow with 18.63% in the coming years.
PEG (NY)0.3
PEG (5Y)1.43
EPS Next 2Y40.12%
EPS Next 3Y18.63%

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5

5. PAAS.CA Dividend Analysis

5.1 Amount

  • With a yearly dividend of 0.73%, PAAS is not a good candidate for dividend investing.
  • PAAS's Dividend Yield is rather good when compared to the industry average which is at 0.90. PAAS pays more dividend than 96.23% of the companies in the same industry.
  • Compared to an average S&P500 Dividend Yield of 1.82, PAAS's dividend is way lower than the S&P500 average.
Industry RankSector Rank
Dividend Yield 0.73%

5.2 History

  • On average, the dividend of PAAS grows each year by 15.17%, which is quite nice.
  • PAAS has been paying a dividend for at least 10 years, so it has a reliable track record.
Dividend Growth(5Y)15.17%
Div Incr Years0
Div Non Decr Years0
PAAS.CA Yearly Dividends per sharePAAS.CA Yearly Dividends per shareYearly Dividends per share 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 0.1 0.2 0.3 0.4 0.5

5.3 Sustainability

  • PAAS pays out 17.89% of its income as dividend. This is a sustainable payout ratio.
DP17.89%
EPS Next 2Y40.12%
EPS Next 3Y18.63%
PAAS.CA Yearly Income VS Free CF VS DividendPAAS.CA Yearly Income VS Free CF VS DividendYearly Income VS Free CF VS Dividend 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 0 200M -200M 400M 600M 800M 1B
PAAS.CA Dividend Payout.PAAS.CA Dividend Payout, showing the Payout Ratio.PAAS.CA Dividend Payout.PayoutRetained Earnings

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PAAS.CA Fundamentals: All Metrics, Ratios and Statistics

PAN AMERICAN SILVER CORP

TSX:PAAS (4/16/2026, 7:00:00 PM)

77.57

-1.29 (-1.64%)

Chartmill FA Rating
GICS SectorMaterials
GICS IndustryGroupMaterials
GICS IndustryMetals & Mining
Earnings (Last)02-18
Earnings (Next)05-05
Inst Owners64.97%
Inst Owner ChangeN/A
Ins Owners0.05%
Ins Owner ChangeN/A
Market Cap32.73B
Revenue(TTM)3.62B
Net Income(TTM)978.00M
Analysts80
Price Target68.76 (-11.36%)
Short Float %N/A
Short RatioN/A
Dividend
Industry RankSector Rank
Dividend Yield 0.73%
Yearly Dividend0.62
Dividend Growth(5Y)15.17%
DP17.89%
Div Incr Years0
Div Non Decr Years0
Ex-Date03-02
Surprises & Revisions
EPS beat(2)2
Avg EPS beat(2)17.04%
Min EPS beat(2)6.95%
Max EPS beat(2)27.13%
EPS beat(4)4
Avg EPS beat(4)46.89%
Min EPS beat(4)6.95%
Max EPS beat(4)128.76%
EPS beat(8)6
Avg EPS beat(8)42.64%
EPS beat(12)7
Avg EPS beat(12)25.55%
EPS beat(16)8
Avg EPS beat(16)4.37%
Revenue beat(2)1
Avg Revenue beat(2)4.19%
Min Revenue beat(2)-3.7%
Max Revenue beat(2)12.07%
Revenue beat(4)3
Avg Revenue beat(4)8.49%
Min Revenue beat(4)-3.7%
Max Revenue beat(4)13.63%
Revenue beat(8)3
Avg Revenue beat(8)0.84%
Revenue beat(12)4
Avg Revenue beat(12)-0.05%
Revenue beat(16)4
Avg Revenue beat(16)-2.24%
PT rev (1m)1.51%
PT rev (3m)23.89%
EPS NQ rev (1m)-12.24%
EPS NQ rev (3m)10.26%
EPS NY rev (1m)15.8%
EPS NY rev (3m)24.52%
Revenue NQ rev (1m)0%
Revenue NQ rev (3m)N/A
Revenue NY rev (1m)0.12%
Revenue NY rev (3m)13.4%
Valuation
Industry RankSector Rank
PE 23.16
Fwd PE 13.14
P/S 6.59
P/FCF 23.39
P/OCF 17.88
P/B 3.41
P/tB 3.41
EV/EBITDA 14.01
EPS(TTM)3.35
EY4.32%
EPS(NY)5.9
Fwd EY7.61%
FCF(TTM)3.32
FCFY4.27%
OCF(TTM)4.34
OCFY5.59%
SpS11.78
BVpS22.77
TBVpS22.77
PEG (NY)0.3
PEG (5Y)1.43
Graham Number41.4261 (-46.6%)
Profitability
Industry RankSector Rank
ROA 10.04%
ROE 13.98%
ROCE 13.04%
ROIC 6.86%
ROICexc 8.05%
ROICexgc 8.05%
OM 32.16%
PM (TTM) 27.02%
GM 38.82%
FCFM 28.16%
ROA(3y)3.38%
ROA(5y)0.48%
ROE(3y)4.72%
ROE(5y)0.46%
ROIC(3y)3.63%
ROIC(5y)N/A
ROICexc(3y)4.21%
ROICexc(5y)N/A
ROICexgc(3y)4.21%
ROICexgc(5y)N/A
ROCE(3y)6.89%
ROCE(5y)N/A
ROICexgc growth 3YN/A
ROICexgc growth 5Y8.26%
ROICexc growth 3YN/A
ROICexc growth 5Y8.3%
OM growth 3YN/A
OM growth 5Y9.81%
PM growth 3YN/A
PM growth 5Y15.26%
GM growth 3Y128.94%
GM growth 5Y7.61%
F-Score8
Asset Turnover0.37
Health
Industry RankSector Rank
Debt/Equity 0.11
Debt/FCF 0.84
Debt/EBITDA 0.48
Cap/Depr 63.18%
Cap/Sales 8.68%
Interest Coverage 30.62
Cash Conversion 80.27%
Profit Quality 104.19%
Current Ratio 2.69
Quick Ratio 1.97
Altman-Z 6.09
F-Score8
WACC11.97%
ROIC/WACC0.57
Cap/Depr(3y)66%
Cap/Depr(5y)73.06%
Cap/Sales(3y)12.17%
Cap/Sales(5y)13.96%
Profit Quality(3y)N/A
Profit Quality(5y)N/A
High Growth Momentum
Growth
EPS 1Y (TTM)208.86%
EPS 3Y200.41%
EPS 5Y16.24%
EPS Q2Q%217.14%
EPS Next Y76.2%
EPS Next 2Y40.12%
EPS Next 3Y18.63%
EPS Next 5Y-18.89%
Revenue 1Y (TTM)28.38%
Revenue growth 3Y34.28%
Revenue growth 5Y22%
Sales Q2Q%44.64%
Revenue Next Year36.89%
Revenue Next 2Y14.07%
Revenue Next 3Y7.53%
Revenue Next 5YN/A
EBIT growth 1Y213.24%
EBIT growth 3YN/A
EBIT growth 5Y33.97%
EBIT Next Year130.2%
EBIT Next 3Y32.1%
EBIT Next 5Y8.25%
FCF growth 1Y154.24%
FCF growth 3YN/A
FCF growth 5Y29.14%
OCF growth 1Y84.09%
OCF growth 3Y246.98%
OCF growth 5Y23.59%

PAN AMERICAN SILVER CORP / PAAS.CA Fundamental Analysis FAQ

What is the ChartMill fundamental rating of PAN AMERICAN SILVER CORP (PAAS.CA) stock?

ChartMill assigns a fundamental rating of 7 / 10 to PAAS.CA.


Can you provide the valuation status for PAN AMERICAN SILVER CORP?

ChartMill assigns a valuation rating of 8 / 10 to PAN AMERICAN SILVER CORP (PAAS.CA). This can be considered as Undervalued.


Can you provide the profitability details for PAN AMERICAN SILVER CORP?

PAN AMERICAN SILVER CORP (PAAS.CA) has a profitability rating of 8 / 10.


What is the financial health of PAN AMERICAN SILVER CORP (PAAS.CA) stock?

The financial health rating of PAN AMERICAN SILVER CORP (PAAS.CA) is 6 / 10.


Can you provide the dividend sustainability for PAAS stock?

The dividend rating of PAN AMERICAN SILVER CORP (PAAS.CA) is 5 / 10 and the dividend payout ratio is 17.89%.