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

TSX:PAAS • CA6979001089

Current stock price

77.7 CAD
+0.44 (+0.57%)
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.
  • 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

  • PAAS has a Return On Assets of 10.04%. This is amongst the best in the industry. PAAS outperforms 91.95% of its industry peers.
  • PAAS's Return On Equity of 13.98% is amongst the best of the industry. PAAS outperforms 91.45% of its industry peers.
  • PAAS has a Return On Invested Capital of 6.86%. This is amongst the best in the industry. PAAS outperforms 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 12.79%.
  • The 3 year average ROIC (3.63%) for PAAS is below the current ROIC(6.86%), indicating increased profibility in the last year.
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

  • PAAS's Profit Margin of 27.02% is amongst the best of the industry. PAAS outperforms 94.72% of its industry peers.
  • PAAS's Profit Margin has improved in the last couple of years.
  • PAAS has a Operating Margin of 32.16%. This is amongst the best in the industry. PAAS outperforms 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.
  • 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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ROAROEROICOperating and Profit MarginShow most profitable peers

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.
  • Compared to 1 year ago, PAAS has more shares outstanding
  • The number of shares outstanding for PAAS has been increased compared to 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

  • An Altman-Z score of 6.03 indicates that PAAS is not in any danger for bankruptcy at the moment.
  • PAAS has a Altman-Z score (6.03) which is comparable to the rest of the industry.
  • 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.
  • With an excellent Debt to FCF ratio value of 0.84, PAAS belongs to the best of the industry, outperforming 93.71% of the companies in the same industry.
  • A Debt/Equity ratio of 0.11 indicates that PAAS is not too dependend on debt financing.
  • Looking at the Debt to Equity ratio, with a value of 0.11, PAAS is doing worse than 64.40% of the companies in the same industry.
  • 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 6.03
ROIC/WACC0.57
WACC11.99%
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.
  • PAAS has a Current ratio (2.69) which is in line with its industry peers.
  • 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.
  • Looking at the Quick ratio, with a value of 1.97, PAAS is in line with its industry, outperforming 51.70% of the companies in the same 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.
  • The Earnings Per Share has been growing by 16.24% on average over the past years. This is quite good.
  • Looking at the last year, PAAS shows a very strong growth in Revenue. 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
  • PAAS is expected to show a small growth in Revenue. In the coming years, the Revenue will grow by 3.46% yearly.
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

  • 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

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7

4. PAAS.CA Valuation Analysis

4.1 Price/Earnings Ratio

  • The Price/Earnings ratio is 22.92, which indicates a rather expensive current valuation of PAAS.
  • Based on the Price/Earnings ratio, PAAS is valued cheaply inside the industry as 90.44% of the companies are valued more expensively.
  • Compared to an average S&P500 Price/Earnings ratio of 25.60, PAAS is valued at the same level.
  • A Price/Forward Earnings ratio of 15.05 indicates a correct valuation of PAAS.
  • PAAS's Price/Forward Earnings ratio is rather cheap when compared to the industry. PAAS is cheaper than 90.31% of the companies in the same industry.
  • The average S&P500 Price/Forward Earnings ratio is at 22.84. PAAS is valued slightly cheaper when compared to this.
Industry RankSector Rank
PE 22.92
Fwd PE 15.05
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

  • Based on the Enterprise Value to EBITDA ratio, PAAS is valued cheaper than 92.33% of the companies in the same industry.
  • Based on the Price/Free Cash Flow ratio, PAAS is valued cheaply inside the industry as 94.59% of the companies are valued more expensively.
Industry RankSector Rank
P/FCF 23.12
EV/EBITDA 13.85
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)0.44
PEG (5Y)1.41
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 0.80%, which is pretty low.
  • Compared to an average industry Dividend Yield of 0.89, PAAS pays a better dividend. On top of this PAAS pays more dividend than 96.35% of the companies listed in the same industry.
  • With a Dividend Yield of 0.80, PAAS pays less dividend than the S&P500 average, which is at 1.90.
Industry RankSector Rank
Dividend Yield 0.8%

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

  • 17.89% of the earnings are spent on dividend by PAAS. This is a low number and 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 (4/2/2026, 7:00:00 PM)

77.7

+0.44 (+0.57%)

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 Cap32.77B
Revenue(TTM)3.62B
Net Income(TTM)978.00M
Analysts80
Price Target67.74 (-12.82%)
Short Float %N/A
Short RatioN/A
Dividend
Industry RankSector Rank
Dividend Yield 0.8%
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 22.92
Fwd PE 15.05
P/S 6.51
P/FCF 23.12
P/OCF 17.68
P/B 3.37
P/tB 3.37
EV/EBITDA 13.85
EPS(TTM)3.39
EY4.36%
EPS(NY)5.16
Fwd EY6.65%
FCF(TTM)3.36
FCFY4.32%
OCF(TTM)4.4
OCFY5.66%
SpS11.93
BVpS23.07
TBVpS23.07
PEG (NY)0.44
PEG (5Y)1.41
Graham Number41.95
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 6.03
F-Score8
WACC11.99%
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 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.


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

ChartMill assigns a valuation rating of 7 / 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%.