PAAS

MKT CAP:$24B

Pan American Silver Corp.

Market Cap

$24B

Basic Materials·Silver·🇨🇦 Canada·NYSE

Materials·Silver·🇨🇦·NYSE

Stock Price

$60.12+$9.08 (+17.79%)

Apr 17, 2026

Company Details

Pan American Silver Corp., together with its subsidiaries, engages in the exploration, mine development, extraction, processing, refining, and reclamation of silver, gold, zinc, lead, and copper mines in Canada, Mexico, Peru, Argentina, and...

CEO

Michael Steinmann

IPO Date

Jun 12, 1995

Website

www.panamericansilver.com

Key Metrics TTM

Revenue

$3.6B

+29.8% YoY

Net Income

$985M

EPS (Diluted)

$2.51

Free Cash Flow

$1.1B

Revenue / Share

$8.62

Gross Margin

38.6%

Operating Margin

32.7%

Net Margin

27.1%

FCF Margin

29.5%

P/S

6.5x

P/E

24.0x

Earnings Reports

Q1 2026

May 6, 2026

PENDING

FY 2025

Feb 18, 2026

$3.7BEPS $2.61

Q4 2025

Feb 18, 2026

$1.2B+46.9%EPS $1.09

Q3 2025

Sep 30, 2025

$855M+19.3%EPS $0.44

Q2 2025

Jun 29, 2025

$812MEPS $0.52

Revenue & Profitability

Quarter	Revenue	Gross Profit	Operating Income
Q3 19	$352M	$57M	$39M
Q4 20	$430M	$130M	$133M
Q2 21	$382M	$95M	$94M
Q3 21	$460M	$91M	$101M
Q1 22	$440M	$57M	$91M
Q2 22	$341M	-$44M	-$154M
Q3 22	$339M	-$35M	-$51M
Q4 22	$375M	$25M	-$148M
Q4 23	$670M	$87M	-$5M
Q1 24	$601M	$71M	$35M
Q3 24	$716M	$176M	$152M
Q4 24	$815M	$185M	$255M
Q1 25	$773M	$251M	$228M
Q2 25	$812M	$273M	$244M
Q3 25	$855M	$313M	$250M
Q4 25	$1.2B	$565M	$469M

Valuation

Quarter	P/S	P/E
Q3 19	—	—
Q4 20	—	—
Q2 21	17.6x	110.4x
Q3 21	14.5x	79.2x
Q1 22	13.8x	70.1x
Q2 22	14.5x	—
Q3 22	14.9x	—
Q4 22	15.8x	—
Q4 23	13.7x	—
Q1 24	11.9x	—
Q3 24	10.0x	—
Q4 24	8.4x	286.5x
Q1 25	8.1x	78.0x
Q2 25	7.6x	45.1x
Q3 25	7.2x	37.2x
Q4 25	6.5x	24.0x

Operating Cash Flow

Quarter	Operating CF	Free CF
Q3 19	$82M	$32M
Q4 20	$171M	$117M
Q2 21	$87M	$24M
Q3 21	$157M	$95M
Q1 22	$69M	$7M
Q2 22	$21M	-$51M
Q3 22	$54M	-$15M
Q4 22	-$112M	-$184M
Q4 23	$167M	$49M
Q1 24	$61M	-$26M
Q3 24	$226M	$151M
Q4 24	$274M	$189M
Q1 25	$175M	$107M
Q2 25	$293M	$233M
Q3 25	$309M	$218M
Q4 25	$610M	$514M

Capital Expenditures

Quarter	CapEx
Q3 19	$50M
Q4 20	$54M
Q2 21	$63M
Q3 21	$62M
Q1 22	$62M
Q2 22	$72M
Q3 22	$69M
Q4 22	$72M
Q4 23	$119M
Q1 24	$87M
Q3 24	$75M
Q4 24	$85M
Q1 25	$68M
Q2 25	$60M
Q3 25	$91M
Q4 25	$96M

CapEx

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q3 21	+165.5%	+58.2%
Q1 22	+24.9%	+11.5%
Q2 22	-20.9%	+66.4%
Q3 22	-11.3%	+35.2%
Q4 22	-18.4%	+45.7%
Q4 23	+52.2%	+93.0%
Q1 24	+76.6%	+14.6%
Q3 24	+111.3%	+44.7%
Q4 24	+117.1%	+7.1%
Q1 25	+15.5%	-19.2%
Q2 25	+35.0%	+0.2%
Q3 25	+19.3%	+7.2%
Q4 25	+46.9%	+30.0%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q3 19	$1M	0.3%
Q4 20	-$212.0K	-0.0%
Q2 21	$1M	0.3%
Q3 21	$895.0K	0.2%
Q1 22	$1M	0.3%
Q2 22	$1M	0.4%
Q3 22	$1M	0.4%
Q4 22	$19.0K	0.0%
Q4 23	$2M	0.3%
Q1 24	$2M	0.3%
Q3 24	$2M	0.2%
Q4 24	-$4M	-0.5%
Q1 25	$1M	0.1%
Q2 25	$200.0K	0.0%
Q3 25	$600.0K	0.1%
Q4 25	$0	0.0%

OpEx Breakdown

Quarter	G&A	SG&A
Q3 19	$8M	—
Q4 20	$11M	—
Q2 21	$9M	—
Q3 21	$9M	—
Q1 22	$11M	—
Q2 22	$8M	—
Q3 22	$7M	—
Q4 22	$3M	—
Q4 23	$19M	—
Q1 24	$22M	—
Q3 24	$17M	—
Q4 24	$6M	—
Q1 25	$25M	—
Q2 25	$22M	—
Q3 25	$31M	—
Q4 25	—	$39M

War Chest

Quarter	Cash	Short-term Investments	Total
Q1 22	$272M	$54M	$326M
Q2 22	$195M	$46M	$241M
Q3 22	$153M	$34M	$187M
Q4 22	$107M	$35M	$142M
Q1 23	$411M	$102M	$513M
Q2 23	$363M	$42M	$404M
Q3 23	$348M	$39M	$386M
Q4 23	$400M	$41M	$441M
Q1 24	$301M	$30M	$331M
Q2 24	$337M	$31M	$369M
Q3 24	$439M	$31M	$470M
Q4 24	$863M	$25M	$887M
Q1 25	$900M	$23M	$923M
Q2 25	$1.1B	$28M	$1.1B
Q3 25	$870M	$41M	$911M
Q4 25	$1.2B	$104M	$1.3B

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change	YoY Change
Q3 19	210M	+36.6%	—
Q4 20	211M	+0.7%	—
Q2 21	210M	-0.4%	—
Q3 21	210M	-0.0%	+37.1%
Q1 22	211M	+0.1%	+0.4%
Q2 22	211M	-0.0%	-0.4%
Q3 22	211M	+0.0%	+0.0%
Q4 22	211M	+0.0%	+0.1%
Q4 23	345M	+64.1%	+64.1%
Q1 24	364M	+5.5%	+73.1%
Q3 24	363M	-0.4%	+72.5%
Q4 24	363M	0.0%	+72.4%
Q1 25	363M	-0.2%	+4.9%
Q2 25	362M	-0.1%	-0.6%
Q3 25	379M	+4.6%	+4.4%
Q4 25	422M	+11.4%	+16.3%

Shares Outstanding

Revenue Per Employee

Period	Revenue/Employee	Employees
Q3 19	$176M	2
Q4 20	$215M	2
Q2 21	$191M	2
Q3 21	$230M	2
Q1 22	$220M	2
Q2 22	$170M	2
Q3 22	$169M	2
Q4 22	$188M	2
Q4 23	$335M	2
Q1 24	$301M	2
Q3 24	$358M	2
Q4 24	$408M	2
Q1 25	$387M	2
Q2 25	$406M	2
Q3 25	$427M	2
Q4 25	$599M	2

Revenue / Employee