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Pan American Silver
(TSX:PAAS)
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Rating:72Outperform
Price Target:
C$82.00
▲(7.74% Upside)
Action:Reiterated
Date:08/17/26
The score is driven primarily by strong financial performance (profitability rebound, low leverage, and solid cash generation). Offsetting this are mixed technical signals (still below longer-term moving averages) and a balanced earnings-call outlook where reaffirmed guidance and strong liquidity are tempered by gold production shortfalls, cost/tax headwinds, and Escobal uncertainty. Valuation is reasonable but not a major standout.
Positive Factors
Revenue and Profitability Expansion
Revenue increased from $2.32B in 2023 to $3.68B in 2025 and $4.33B TTM, while TTM gross and net margins reached 44.6% and 32.1%. This demonstrates strong current earnings capacity and operating leverage, though metals cyclicality remains relevant.
Negative Factors
Earnings Cyclicality
The shift from losses in 2022–2023 to strong profitability in 2025–TTM shows that earnings power can vary materially across the metals cycle. This volatility makes current margins less dependable and can complicate long-term planning, investment pacing, and shareholder returns.
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Positive Factors
Negative Factors
Revenue and Profitability Expansion
Revenue increased from $2.32B in 2023 to $3.68B in 2025 and $4.33B TTM, while TTM gross and net margins reached 44.6% and 32.1%. This demonstrates strong current earnings capacity and operating leverage, though metals cyclicality remains relevant.
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Pan American Silver (PAAS) vs. iShares MSCI Canada ETF (EWC)
Market Cap
C$28.80B
Dividend Yield1.35%
Average Volume (3M)959.42K
Price to Earnings (P/E)15.1
Beta (1Y)2.66
Revenue Growth37.01%
EPS Growth127.34%
CountryCA
Employees9,348
SectorBasic Materials
Sector Strength58
IndustryGold
Share Statistics
EPS (TTM)3.33
Shares Outstanding414,618,000
10 Day Avg. Volume748,468
30 Day Avg. Volume959,422
Financial Highlights & Ratios
PEG Ratio0.03
Price to Book (P/B)2.83
Price to Sales (P/S)5.37
P/FCF Ratio18.28
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
C$91.74Price Target Upside20.53% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering6
EPS Forecast (FY)5.08
Revenue Forecast (FY)C$6.50B
Pan American Silver Business Overview & Revenue Model
Company Description
Pan American Silver Corp., together with its affiliates, oversees the full spectrum of mining activities, from initial exploration and development to the extraction, processing, and refining of silver, gold, zinc, lead, and copper, as well as the ...
How the Company Makes Money
Pan American Silver makes money primarily by producing and selling refined or semi-refined precious metals—mainly silver and gold—from its mining operations. Its core revenue model is volume (ounces produced and sold) multiplied by realized prices...
Pan American Silver Earnings Call Summary
Earnings Call Date:Aug 12, 2026
(Q2-2026)
| % Change Since: |
Next Earnings Date:Nov 10, 2026
Earnings Call Sentiment Positive
The call balanced strong financial performance, robust liquidity, record shareholder returns, and continued progress on key growth projects (La Colorada decline, Timmins advances) with several operational and near-term challenges—chiefly lower-than-expected gold production (Jacobina and El Peñón), higher quarter-specific AISC drivers, elevated tax payments and ongoing consultation uncertainty at Escobal. Management reiterated full-year guidance for most metrics, reaffirmed capital allocation priorities, and emphasized safety and long-term project optimization.Positive Updates
Strong Financial Results and Cash Generation
Attributable free cash flow of $344 million in Q2 and attributable cash flow from operations of $418 million; consolidated revenue of $1.1 billion and attributable revenue of $1.3 billion (attributable ~18% above consolidated); net earnings of $305 million ($0.72/share) and adjusted earnings of $0.73/share.
Negative Updates
Gold Production Misses and Near-Term Downward Revisions
Q2 attributable gold production ~166,000 ounces which was below the quarterly outlook. Full-year gold production now expected at the low end of the 700,000–750,000 ounce range. Q3 gold outlook revised to be approximately 3,000–6,000 ounces below the low end of the original quarterly guidance.
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Q2-2026 Updates
Positive
Negative
Strong Financial Results and Cash Generation
Attributable free cash flow of $344 million in Q2 and attributable cash flow from operations of $418 million; consolidated revenue of $1.1 billion and attributable revenue of $1.3 billion (attributable ~18% above consolidated); net earnings of $305 million ($0.72/share) and adjusted earnings of $0.73/share.
Read all positive updates
Company Guidance
The company reaffirmed its full‑year 2026 operating outlook, including silver production of 25–27 million ounces and gold production guidance of 700,000–750,000 ounces (now expected toward the low end of that range), and reiterated its full‑year ranges for silver‑segment and gold‑segment all‑in sustaining costs and sustaining capital; Q2 metrics included attributable silver production of 6.5M oz (at the high end of quarterly guidance), attributable gold of ~166,000 oz (below outlook), Q2 silver AISC of $17.80/oz and gold AISC of $1,984/oz, and H1 AISC below the low end of guidance for silver and in line for gold. Management revised Q3 gold to be approximately 3,000–6,000 oz below the prior quarterly guidance range (178,500–192,000 oz), and called out ~10,000‑oz shortfalls versus the low ends of prior annual guidance at both Jacobina (181,000–191,000 oz) and El Peñón (104,000–111,000 oz) while reaffirming El Peñón silver of 3.65–3.95M oz. Financial and capital guidance updates included attributable free cash flow of $344M in Q2, a raised 2026 income‑taxes‑paid guidance of $585–635M, project capital guidance maintained at $240–255M, and ending liquidity of ~$3.2B (including $1.8B cash and short‑term investments), with continued commitment to share returns (Q2 buybacks/dividends of $300M and a Q2 dividend of $0.184/share).Pan American Silver Financial Statement Overview
Summary
Income Statement
86
Very Positive
Balance Sheet
84
Very Positive
Cash Flow
71
Positive
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 4.33B | 3.68B | 2.82B | 2.32B | 1.49B | 1.63B |
| Gross Profit | 2.06B | 1.39B | 548.50M | 214.60M | 48.36M | 367.94M |
| EBITDA | 2.33B | 1.72B | 1.05B | 476.80M | 22.07M | 554.87M |
| Net Income | 1.39B | 995.12M | 111.50M | -103.70M | -340.06M | 97.43M |
Balance Sheet | ||||||
| Total Assets | 10.16B | 9.72B | 7.20B | 7.21B | 3.25B | 3.52B |
| Cash, Cash Equivalents and Short-Term Investments | 1.71B | 1.32B | 887.30M | 440.90M | 142.34M | 335.27M |
| Total Debt | 841.00M | 852.00M | 803.30M | 801.60M | 226.84M | 45.86M |
| Total Liabilities | 2.80B | 2.74B | 2.49B | 2.44B | 1.05B | 882.58M |
| Stockholders Equity | 7.36B | 6.98B | 4.70B | 4.76B | 2.20B | 2.63B |
Cash Flow | ||||||
| Free Cash Flow | 1.35B | 1.08B | 400.80M | 71.20M | -242.78M | 148.63M |
| Operating Cash Flow | 1.74B | 1.40B | 724.10M | 450.20M | 31.91M | 392.11M |
| Investing Cash Flow | -661.21M | -763.13M | -32.60M | 397.90M | -255.40M | -186.66M |
| Financing Cash Flow | -601.23M | -282.87M | -225.20M | -551.80M | 52.97M | -85.91M |
Pan American Silver Technical Analysis
Positive
76.11
Price Trends
66.81
Positive
69.18
Positive
72.56
Negative
Market Momentum
0.04
Positive
50.03
Neutral
25.28
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For TSE:PAAS, the sentiment is Positive. The current price of 76.11 is above the 20-day moving average (MA) of 71.33, above the 50-day MA of 66.81, and above the 200-day MA of 72.56, indicating a neutral trend. The MACD of 0.04 indicates Positive momentum. The RSI at 50.03 is Neutral, neither overbought nor oversold. The STOCH value of 25.28 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for TSE:PAAS.
Pan American Silver Peers Comparison
UnderperformOutperform
Sector (61)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
81 Outperform | C$4.95B | 9.64 | 22.20% | ― | 6.47% | 126.03% | |
77 Outperform | C$5.81B | 36.90 | 25.26% | ― | 264.86% | ― | |
73 Outperform | C$13.43B | 28.55 | 12.27% | 0.22% | 96.21% | ― | |
72 Outperform | C$28.80B | 15.10 | 19.51% | 1.35% | 37.01% | 127.34% | |
71 Outperform | C$3.76B | 90.66 | 3.54% | 0.21% | 59.20% | -44.71% | |
71 Outperform | C$9.99B | 25.35 | 43.47% | ― | 683.86% | ― | |
61 Neutral | $10.43B | 7.12 | -0.05% | 2.87% | 2.86% | -36.73% |
* Basic Materials Sector Average
TSE:PAAS
Pan American Silver
70.00
20.42
41.18%
TSE:AG
First Majestic Silver
28.19
13.55
92.50%
TSE:FVI
Fortuna Mining Corp
16.70
5.45
48.44%
TSE:SVM
Silvercorp Metals
16.68
9.26
124.83%
TSE:AYA
Aya Gold & Silver
40.27
24.38
153.43%
TSE:DSV
Discovery Silver
12.25
7.56
161.19%
Pan American Silver Corporate Events
Business Operations and StrategyStock BuybackDividendsFinancial Disclosures
Pan American Silver Posts Strong Q2, Boosts Shareholder Returns and Liquidity
Positive
Aug 12, 2026
Pan American Silver reported second-quarter 2026 revenue of $1.1 billion and attributable revenue of $1.3 billion, with net earnings of $305 million and adjusted earnings of $308 million, supported by 6.5 million ounces of silver and 166 thousand ...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.