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

TSX:PAAS • CA6979001089

Current stock price

71.77 CAD
+2.89 (+4.2%)
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

  • In the past year PAAS was profitable.
  • PAAS had a positive operating cash flow in the past year.
  • In multiple years PAAS reported negative net income over the last 5 years.
  • Each year in the past 5 years PAAS had a positive operating cash flow.
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 91.92% of its industry peers.
  • PAAS has a Return On Equity of 13.98%. This is amongst the best in the industry. PAAS outperforms 91.54% of its industry peers.
  • With an excellent Return On Invested Capital value of 6.86%, PAAS belongs to the best of the industry, outperforming 91.92% of the companies in the same industry.
  • The Average Return On Invested Capital over the past 3 years for PAAS is significantly below the industry average of 12.79%.
  • 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

  • The Profit Margin of PAAS (27.02%) is better than 94.65% of its industry peers.
  • In the last couple of years the Profit Margin of PAAS has grown nicely.
  • The Operating Margin of PAAS (32.16%) is better than 94.03% of its industry peers.
  • PAAS's Operating Margin has improved in the last couple of years.
  • PAAS has a better Gross Margin (38.82%) than 92.29% of its industry peers.
  • PAAS's Gross Margin has improved in the last couple of years.
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

  • The Return on Invested Capital (ROIC) is below the Cost of Capital (WACC), so PAAS is destroying value.
  • PAAS has more shares outstanding than it did 1 year ago.
  • PAAS has more shares outstanding than it did 5 years ago.
  • Compared to 1 year ago, PAAS has an improved debt to assets ratio.
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 5.65. This indicates that PAAS is financially healthy and has little risk of bankruptcy at the moment.
  • PAAS has a Altman-Z score (5.65) which is comparable to the rest of the industry.
  • The Debt to FCF ratio of PAAS is 0.84, which is an excellent value as it means it would take PAAS, only 0.84 years of fcf income to pay off all of its debts.
  • PAAS has a Debt to FCF ratio of 0.84. This is amongst the best in the industry. PAAS outperforms 93.66% 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 63.93% of its industry peers.
  • Even though the debt/equity ratio score it not favorable for PAAS, it has very limited outstanding debt, so we won't put too much weight on the DE evaluation.
Industry RankSector Rank
Debt/Equity 0.11
Debt/FCF 0.84
Altman-Z 5.65
ROIC/WACC0.61
WACC11.23%
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

  • A Current Ratio of 2.69 indicates that PAAS has no problem at all paying its short term obligations.
  • PAAS's Current ratio of 2.69 is in line compared to the rest of the industry. PAAS outperforms 58.08% of its industry peers.
  • A Quick Ratio of 1.97 indicates that PAAS should not have too much problems paying its short term obligations.
  • PAAS's Quick ratio of 1.97 is in line compared to the rest of the industry. PAAS outperforms 52.36% of its industry peers.
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

  • PAAS shows a strong growth in Earnings Per Share. In the last year, the EPS has been growing by 208.86%, which is quite impressive.
  • The Earnings Per Share has been growing by 16.24% on average over the past years. This is quite good.
  • PAAS shows a strong growth in Revenue. In the last year, the Revenue has grown by 28.38%.
  • PAAS shows a strong growth in Revenue. Measured over the last years, the Revenue has been growing by 22.00% yearly.
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 3.46% on average over the next years.
EPS Next Y52.16%
EPS Next 2Y20.92%
EPS Next 3Y8.44%
EPS Next 5Y-18.89%
Revenue Next Year36.73%
Revenue Next 2Y11.33%
Revenue Next 3Y3.46%
Revenue Next 5YN/A

3.3 Evolution

  • The EPS growth rate is decreasing: in the next years the growth will be less than in the last years.
  • 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

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7

4. PAAS.CA Valuation Analysis

4.1 Price/Earnings Ratio

  • PAAS is valuated rather expensively with a Price/Earnings ratio of 21.23.
  • PAAS's Price/Earnings ratio is rather cheap when compared to the industry. PAAS is cheaper than 90.80% of the companies in the same industry.
  • PAAS is valuated at similar levels of the S&P average when we compare the Price/Earnings ratio to 24.89, which is the current average of the S&P500 Index.
  • PAAS is valuated correctly with a Price/Forward Earnings ratio of 13.94.
  • 90.30% of the companies in the same industry are more expensive than PAAS, based on the Price/Forward Earnings ratio.
  • PAAS's Price/Forward Earnings ratio indicates a valuation a bit cheaper than the S&P500 average which is at 22.19.
Industry RankSector Rank
PE 21.23
Fwd PE 13.94
PAAS.CA Price Earnings VS Forward Price EarningsPAAS.CA Price Earnings VS Forward Price Earnings ChartPrice Earnings - Forward Price Earnings PE FPE 10 20 30 40 50

4.2 Price Multiples

  • 92.66% of the companies in the same industry are more expensive than PAAS, based on the Enterprise Value to EBITDA ratio.
  • Compared to the rest of the industry, the Price/Free Cash Flow ratio of PAAS indicates a rather cheap valuation: PAAS is cheaper than 94.65% of the companies listed in the same industry.
Industry RankSector Rank
P/FCF 21.42
EV/EBITDA 12.8
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

  • The 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.
PEG (NY)0.41
PEG (5Y)1.31
EPS Next 2Y20.92%
EPS Next 3Y8.44%

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5

5. PAAS.CA Dividend Analysis

5.1 Amount

  • PAAS has a yearly dividend return of 0.84%, which is pretty low.
  • Compared to an average industry Dividend Yield of 0.48, PAAS pays a better dividend. On top of this PAAS pays more dividend than 96.52% of the companies listed in the same industry.
  • Compared to an average S&P500 Dividend Yield of 1.89, PAAS's dividend is way lower than the S&P500 average.
Industry RankSector Rank
Dividend Yield 0.84%

5.2 History

  • On average, the dividend of PAAS grows each year by 15.17%, which is quite nice.
  • PAAS has paid a dividend for at least 10 years, which is a reliable track record.
  • PAAS has decreased its dividend recently.
Dividend Growth(5Y)15.17%
Div Incr Years1
Div Non Decr Years1
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 2Y20.92%
EPS Next 3Y8.44%
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 (3/27/2026, 7:00:00 PM)

71.77

+2.89 (+4.2%)

Chartmill FA Rating
GICS SectorMaterials
GICS IndustryGroupMaterials
GICS IndustryMetals & Mining
Earnings (Last)02-18
Earnings (Next)05-05
Inst Owners64.99%
Inst Owner ChangeN/A
Ins Owners0.05%
Ins Owner ChangeN/A
Market Cap30.27B
Revenue(TTM)3.62B
Net Income(TTM)978.00M
Analysts80
Price Target67.74 (-5.62%)
Short Float %N/A
Short RatioN/A
Dividend
Industry RankSector Rank
Dividend Yield 0.84%
Yearly Dividend0.62
Dividend Growth(5Y)15.17%
DP17.89%
Div Incr Years1
Div Non Decr Years1
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)0%
PT rev (3m)22.06%
EPS NQ rev (1m)0%
EPS NQ rev (3m)10.26%
EPS NY rev (1m)12.25%
EPS NY rev (3m)7.53%
Revenue NQ rev (1m)0%
Revenue NQ rev (3m)N/A
Revenue NY rev (1m)9.22%
Revenue NY rev (3m)13.27%
Valuation
Industry RankSector Rank
PE 21.23
Fwd PE 13.94
P/S 6.03
P/FCF 21.42
P/OCF 16.37
P/B 3.12
P/tB 3.12
EV/EBITDA 12.8
EPS(TTM)3.38
EY4.71%
EPS(NY)5.15
Fwd EY7.18%
FCF(TTM)3.35
FCFY4.67%
OCF(TTM)4.38
OCFY6.11%
SpS11.9
BVpS23.01
TBVpS23.01
PEG (NY)0.41
PEG (5Y)1.31
Graham Number41.83
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 5.65
F-Score8
WACC11.23%
ROIC/WACC0.61
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 Y52.16%
EPS Next 2Y20.92%
EPS Next 3Y8.44%
EPS Next 5Y-18.89%
Revenue 1Y (TTM)28.38%
Revenue growth 3Y34.28%
Revenue growth 5Y22%
Sales Q2Q%44.64%
Revenue Next Year36.73%
Revenue Next 2Y11.33%
Revenue Next 3Y3.46%
Revenue Next 5YN/A
EBIT growth 1Y213.24%
EBIT growth 3YN/A
EBIT growth 5Y33.97%
EBIT Next Year125.45%
EBIT Next 3Y24.93%
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.


What is the valuation status for PAAS stock?

ChartMill assigns a valuation rating of 7 / 10 to PAN AMERICAN SILVER CORP (PAAS.CA). This can be considered as Undervalued.


How profitable is PAN AMERICAN SILVER CORP (PAAS.CA) stock?

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


What is the valuation of PAN AMERICAN SILVER CORP based on its PE and PB ratios?

The Price/Earnings (PE) ratio for PAN AMERICAN SILVER CORP (PAAS.CA) is 21.23 and the Price/Book (PB) ratio is 3.12.


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%.