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Silvercorp Metals
(TSX:SVM)
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Rating:63Neutral
Price Target:
C$12.50
▼(-31.05% Downside)
Action:Downgraded
Date:10/27/26
The score is supported by strong underlying financial resilience (low leverage, solid operating margins and cash generation) and a generally positive earnings update with robust liquidity, but is held back by a very weak technical trend and an expensive earnings valuation (high P/E with a low dividend yield). Near-term operational uncertainty from safety-related production disruptions and cost/tax pressure further temper confidence.
Positive Factors
Conservative Balance Sheet
Very low leverage gives Silvercorp resilience through metal-price cycles and preserves flexibility to fund mine development, exploration, and operating needs. Asset and equity growth further strengthen its financial foundation, reducing dependence on external capital when conditions become less favorable.
Negative Factors
Ying Earnings Concentration
The heavy concentration of mining operating income at Ying makes consolidated performance highly dependent on one operating complex. Any sustained disruption, grade variability, cost pressure, or regulatory issue there could have an outsized effect on company-wide earnings and cash generation.
Read all positive and negative factors
Positive Factors
Negative Factors
Conservative Balance Sheet
Very low leverage gives Silvercorp resilience through metal-price cycles and preserves flexibility to fund mine development, exploration, and operating needs. Asset and equity growth further strengthen its financial foundation, reducing dependence on external capital when conditions become less favorable.
Read all positive factors
Silvercorp Metals (SVM) vs. iShares MSCI Canada ETF (EWC)
Market Cap
C$2.66B
Dividend Yield0.29%
Average Volume (3M)564.56K
Price to Earnings (P/E)65.4
Beta (1Y)2.79
Revenue Growth59.20%
EPS Growth-44.71%
CountryCA
Employees372
SectorBasic Materials
Sector Strength58
IndustrySilver
Share Statistics
EPS (TTM)0.13
Shares Outstanding221,214,650
10 Day Avg. Volume747,475
30 Day Avg. Volume564,557
Financial Highlights & Ratios
PEG Ratio0.35
Price to Book (P/B)1.12
Price to Sales (P/S)2.63
P/FCF Ratio14.96
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
C$20.88Price Target Upside15.14% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering3
EPS Forecast (FY)0.7
Revenue Forecast (FY)C$452.10M
Silvercorp Metals Business Overview & Revenue Model
Company Description
Silvercorp Metals Inc., along with its affiliated companies, operates in the mining sector, focusing on acquiring, exploring, developing, and extracting minerals from properties situated in China and Mexico. The firm's principal activities involve...
How the Company Makes Money
Silvercorp makes money primarily by selling metals produced from its operating mines. Its main revenue stream is the sale of silver, supplemented by revenue from by-product metals (commonly lead and zinc concentrates and, where applicable, gold). ...
Silvercorp Metals Earnings Call Summary
Earnings Call Date:Aug 10, 2026
(Q1-2027)
| % Change Since: |
Next Earnings Date:Nov 05, 2026
Earnings Call Sentiment Positive
The call presented strong financial results driven primarily by a substantial increase in realized silver prices, leading to large revenue and cash-flow gains, improved adjusted earnings and a robust liquidity position. These positives were partly offset by temporary production slowdowns for safety upgrades in China, declines in metal volumes, rising per-ounce costs (cash costs and AISC), higher government taxes, and some weather- and timing-related delays at growth projects. The company nevertheless signaled confidence in its targets, reported active project advancement and maintains significant cash, investments and undrawn credit capacity to fund growth.Positive Updates
Strong Revenue Growth
Revenue increased 70% year-over-year to $139 million in Q1 fiscal 2027, driven largely by higher metal prices (silver) and despite temporary production slowdowns.
Negative Updates
Temporary Production Slowdown and Safety-Related Suspensions
Voluntary suspension of operations at two Chinese sites beginning June 29 to complete safety self-review and implement underground safety system upgrades; operations recommenced at Ying at reduced rates. Company projects Q2 production at ~40%-50% of original plan, creating near-term production uncertainty.
Read all updates
Q1-2027 Updates
Positive
Negative
Strong Revenue Growth
Revenue increased 70% year-over-year to $139 million in Q1 fiscal 2027, driven largely by higher metal prices (silver) and despite temporary production slowdowns.
Read all positive updates
Company Guidance
Management said it is premature to change annual guidance despite temporary safety‑related shutdowns and that they remain “comfortable” with the near‑term target of achieving roughly 40–50% of plan for the quarter as production ramps back, with a formal review once visibility improves; Q1 production was ~1.5M oz silver and the company noted RMB movements and safety upgrades as the key short‑term impacts. Cost metrics at Ying remained below annual guidance: production costs averaged $87/ton (guidance $88–$90/ton) and all‑in sustaining costs were $130/ton (guidance $155–$160/ton), equivalent to a cash cost of $2.45/oz and AISC of $13.94/oz (with government taxes up ~60–68%); Q1 financials included revenue of $139M (up 70% YoY), net income $59.4M ($0.27/share), adjusted net income $53.9M ($0.24/share), operating cash flow before working capital $70.4M (up 82%), cash flow from operations nearly $62M and free cash flow $29M. They reiterated strong liquidity and funding optionality — $387M cash, $304M market value of investments, and ~USD 220M of undrawn RMB term loans — while continuing planned project spend (Q1 capex: China $22M, El Domo $12M, Chaarat $2.6M; Tulkubash total planned investment $166M with $42M in FY2027) and growth projects such as a 3,000 tpd Mill #3 targeted for commissioning in Q1 FY2028.Silvercorp Metals Financial Statement Overview
Summary
Income Statement
74
Positive
Balance Sheet
86
Very Positive
Cash Flow
68
Positive
| Breakdown | TTM | Mar 2025 | Mar 2024 | Mar 2023 | Mar 2022 | Mar 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 488.55M | 434.22M | 298.89M | 215.19M | 208.13M | 217.92M |
| Gross Profit | 296.58M | 249.52M | 123.55M | 125.81M | 115.92M | 128.47M |
| EBITDA | 226.40M | 267.32M | 142.76M | 99.14M | 64.80M | 95.21M |
| Net Income | 29.91M | -9.86M | 58.19M | 36.31M | 20.61M | 30.63M |
Balance Sheet | ||||||
| Total Assets | 1.54B | 1.47B | 1.14B | 702.82M | 676.80M | 723.54M |
| Cash, Cash Equivalents and Short-Term Investments | 386.48M | 422.63M | 369.06M | 184.89M | 203.32M | 212.93M |
| Total Debt | 118.25M | 118.48M | 111.98M | 1.31M | 583.00K | 1.26M |
| Total Liabilities | 356.09M | 358.81M | 305.55M | 105.81M | 96.97M | 103.42M |
| Stockholders Equity | 985.19M | 941.67M | 702.73M | 507.25M | 489.05M | 512.40M |
Cash Flow | ||||||
| Free Cash Flow | 162.52M | 172.24M | 52.60M | 28.10M | 30.69M | 40.17M |
| Operating Cash Flow | 317.14M | 300.34M | 138.63M | 91.57M | 85.64M | 107.38M |
| Investing Cash Flow | -288.93M | -227.29M | -44.67M | -65.71M | -26.52M | -106.63M |
| Financing Cash Flow | -28.08M | -24.12M | 115.12M | -16.80M | -17.98M | -7.43M |
Silvercorp Metals Technical Analysis
Negative
18.13
Price Trends
15.61
Negative
15.14
Negative
15.67
Negative
Market Momentum
-1.04
Positive
31.27
Neutral
15.73
Positive
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For TSE:SVM, the sentiment is Negative. The current price of 18.13 is above the 20-day moving average (MA) of 13.70, above the 50-day MA of 15.61, and above the 200-day MA of 15.67, indicating a bearish trend. The MACD of -1.04 indicates Positive momentum. The RSI at 31.27 is Neutral, neither overbought nor oversold. The STOCH value of 15.73 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for TSE:SVM.
Silvercorp Metals Peers Comparison
UnderperformOutperform
Sector (61)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
77 Outperform | C$5.09B | 32.36 | 25.26% | ― | 264.86% | ― | |
71 Outperform | C$3.98B | 7.78 | 22.20% | ― | 6.47% | 126.03% | |
71 Outperform | C$745.04M | 4.47 | 43.72% | ― | 62.75% | 181.92% | |
70 Outperform | C$977.37M | 16.30 | 21.53% | ― | 38.31% | -37.20% | |
63 Neutral | C$2.66B | 65.38 | 3.54% | 0.29% | 59.20% | -44.71% | |
61 Neutral | $10.43B | 7.12 | -0.05% | 2.87% | 2.86% | -36.73% |
* Basic Materials Sector Average
TSE:SVM
Silvercorp Metals
11.58
2.46
26.92%
TSE:FVI
Fortuna Mining Corp
13.09
1.53
13.24%
TSE:AYA
Aya Gold & Silver
34.15
18.75
121.75%
TSE:SCZ
Santacruz Silver Mining
10.09
1.65
19.55%
TSE:APM
Andean Precious Metals
4.89
-1.64
-25.11%
Silvercorp Metals Corporate Events
Business Operations and StrategyFinancial DisclosuresRegulatory Filings and Compliance
Silvercorp Output Drops on Safety Works as Higher Metal Prices Cushion Revenue
Negative
Oct 19, 2026
Silvercorp reported that Q2 Fiscal 2027 output at the Ying Mining District fell sharply, with silver, gold, silver-equivalent, lead and zinc production down roughly 34–51 percent year-on-year, in line with previously flagged safety-related d...
Business Operations and StrategyExecutive/Board ChangesRegulatory Filings and ComplianceShareholder Meetings
Silvercorp Shareholders Approve Governance Changes and Director Slate at 2026 Meeting
Positive
Oct 2, 2026
Silvercorp Metals reported that shareholders approved all matters at its 2026 annual general and special meeting, including the election of all director nominees and the reappointment of Deloitte LLP as auditor. Shareholder participation reached 5...
Business Operations and StrategyDelistings and Listing ChangesRegulatory Filings and ComplianceShareholder Meetings
Silvercorp Tightens Governance and Delays Shareholder Meeting Ahead of Potential Hong Kong Listing
Positive
Sep 23, 2026
Silvercorp Metals has postponed its annual general and special meeting from September 25 to October 2, 2026, and extended the proxy voting deadline to September 30, after its board approved changes to a special resolution on amendments to the comp...
Business Operations and StrategyFinancial DisclosuresRegulatory Filings and Compliance
Silvercorp Profit Surges on Strong Silver Prices Despite Higher Costs
Positive
Aug 10, 2026
Silvercorp Metals reported strong financial results for the quarter ended June 30, 2026, with revenue rising 70% to $138.7 million, driven largely by a 135% jump in realized silver prices. The company produced about 1.5 million ounces of silver an...
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.