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

TSX:PAAS • CA6979001089

Current stock price

68.88 CAD
-2.28 (-3.2%)
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.
  • 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 91.92% of its industry peers.
  • PAAS has a better Return On Equity (13.98%) than 91.54% of its industry peers.
  • PAAS has a Return On Invested Capital of 6.86%. This is amongst the best in the industry. PAAS outperforms 91.92% of its industry peers.
  • The Average Return On Invested Capital over the past 3 years for PAAS is significantly below the industry average of 12.70%.
  • 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's Gross Margin of 38.82% is amongst the best of the industry. PAAS outperforms 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.
  • 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.
  • 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 5.47. This indicates that PAAS is financially healthy and has little risk of bankruptcy at the moment.
  • With a Altman-Z score value of 5.47, PAAS perfoms like the industry average, outperforming 56.72% of the companies in the same 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.
  • Looking at the Debt to FCF ratio, with a value of 0.84, PAAS belongs to the top of the industry, outperforming 93.66% of the companies in the same industry.
  • PAAS has a Debt/Equity ratio of 0.11. This is a healthy value indicating a solid balance between debt and equity.
  • 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 5.47
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

  • 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 comparable to the rest of the industry.
  • A Quick Ratio of 1.97 indicates that PAAS should not have too much problems paying its short term obligations.
  • With a Quick ratio value of 1.97, PAAS perfoms like the industry average, outperforming 52.36% 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

  • Based on estimates for the next years, PAAS will show a very negative growth in Earnings Per Share. The EPS will decrease by -18.89% on average per year.
  • 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.
  • When comparing the Revenue growth rate of the last years to the growth rate of the upcoming years, we see that the growth is decreasing.
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

  • Based on the Price/Earnings ratio of 20.38, the valuation of PAAS can be described as rather expensive.
  • Compared to the rest of the industry, the Price/Earnings ratio of PAAS indicates a rather cheap valuation: PAAS is cheaper than 90.80% of the companies listed in the same industry.
  • The average S&P500 Price/Earnings ratio is at 25.23. PAAS is around the same levels.
  • The Price/Forward Earnings ratio is 13.41, which indicates a correct valuation of PAAS.
  • Based on the Price/Forward Earnings ratio, PAAS is valued cheaper than 90.30% of the companies in the same industry.
  • When comparing the Price/Forward Earnings ratio of PAAS to the average of the S&P500 Index (22.51), we can say PAAS is valued slightly cheaper.
Industry RankSector Rank
PE 20.38
Fwd PE 13.41
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 cheaply inside the industry as 92.66% of the companies are valued more expensively.
  • Based on the Price/Free Cash Flow ratio, PAAS is valued cheaper than 94.65% of the companies in the same industry.
Industry RankSector Rank
P/FCF 20.61
EV/EBITDA 12.3
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.
  • The excellent profitability rating of PAAS may justify a higher PE ratio.
PEG (NY)0.39
PEG (5Y)1.26
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 0.87%, which is pretty low.
  • Compared to an average industry Dividend Yield of 0.49, PAAS pays a better dividend. On top of this PAAS pays more dividend than 96.52% of the companies listed in the same industry.
  • With a Dividend Yield of 0.87, PAAS pays less dividend than the S&P500 average, which is at 1.90.
Industry RankSector Rank
Dividend Yield 0.87%

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 (3/26/2026, 7:00:00 PM)

68.88

-2.28 (-3.2%)

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 Cap29.05B
Revenue(TTM)3.62B
Net Income(TTM)978.00M
Analysts80
Price Target67.74 (-1.66%)
Short Float %N/A
Short RatioN/A
Dividend
Industry RankSector Rank
Dividend Yield 0.87%
Yearly Dividend0.61
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)15.18%
PT rev (3m)27.1%
EPS NQ rev (1m)23.44%
EPS NQ rev (3m)10.26%
EPS NY rev (1m)12.25%
EPS NY rev (3m)7.53%
Revenue NQ rev (1m)N/A
Revenue NQ rev (3m)N/A
Revenue NY rev (1m)9.22%
Revenue NY rev (3m)13.27%
Valuation
Industry RankSector Rank
PE 20.38
Fwd PE 13.41
P/S 5.8
P/FCF 20.61
P/OCF 15.75
P/B 3
P/tB 3
EV/EBITDA 12.3
EPS(TTM)3.38
EY4.91%
EPS(NY)5.14
Fwd EY7.46%
FCF(TTM)3.34
FCFY4.85%
OCF(TTM)4.37
OCFY6.35%
SpS11.87
BVpS22.95
TBVpS22.95
PEG (NY)0.39
PEG (5Y)1.26
Graham Number41.78
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 5.47
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 20.38 and the Price/Book (PB) ratio is 3.


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%.