PAN American Silver vs Wheaton Precious Metals
PAN American Silver is the larger business, with $3.62bn of revenue in fiscal 2025 against $2.31bn for Wheaton Precious Metals (1.6 times as much). Wheaton Precious Metals grew faster (80.2% against 28.4%). Wheaton Precious Metals kept more of each dollar of sales as profit: a net margin of 63.6% against 27.1%. Wheaton Precious Metals carries less debt relative to equity (0.0% against 10.2%).
| Latest fiscal year | PAN American SilverPAAS, 2025 | Wheaton Precious MetalsWPM, 2025 |
|---|---|---|
| Revenue | $3.62bn | $2.31bn |
| Revenue growth | 28.4% | 80.2% |
| Net income | $980m | $1.47bn |
| Operating margin | 34.1% | 68.3% |
| Net margin | 27.1% | 63.6% |
| Return on equity | 16.8% | 18.5% |
| Free cash flow | $1.02bn | — |
| Cash | $1.22bn | $1.15bn |
| Total debt | $714m | $0 |
| Debt to equity | 10.2% | 0.0% |
| Dividend per share | — | — |
| Dividend yield | 1.2% | 0.6% |
| Share buybacks | $46.0m | — |
| Employees | — | — |
| Market value | $14.56bn | $53.30bn |
| Price vs our value range | Below our value range | Within our value range |
| Moat score | — | — |
| Insider trades, 12 months | 0 buys, 0 sales | 0 buys, 0 sales |