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PAN American Silver Corp (PAAS) stock

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NYSE: PAAS NYSE Gold Next results ~November 4, 2026

D Fundamentals grade

PAN American Silver Corp is a US-listed company in the gold industry. Its financial year ends in December.

Stock price today

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Third-party market data · may be delayed

Fair value per share

~$81

Cash-flow model

Base case. Range ~$62–$100 across our lower- and higher-growth cases (15%–25% a year).

Price vs value

Undervalued

The price is below our entire value range; our base value is 107% above it.

Price used: $38.92, November 2, 2026

PAN American Silver Corp valuation: adjust assumptions and compare models →

Who’s trading

What company insiders, investment funds and members of Congress have been doing with the stock, from their own filings.

Value diary

Our note on each quarter PAN American Silver files

Where PAN American Silver stands after its latest Filing

Revenue for the twelve months was $3.62bn, up 28.4% on a year earlier, faster than the 21.7% growth a quarter earlier. That puts it 23 of 24 for growth among the gold companies we cover. Free-cash-flow margin rose to 28.2% from 9.1% a year earlier. Operating margin widened to 34.1% from 19.7%. The diluted share count is up 5.0% on a year earlier, which dilutes existing holders. Against its peers on growth, profitability, cash generation and balance sheet, it grades D. It passes 6 of our 7 financial-health checks. Our cash-flow model value is $80.51 a share, against a share price of $37.98.

Written from the company's filings and our models when each quarter's report arrives. Figures in older notes are as published at the time. Not investment advice.

The Fundamentalytics view

Next results ~November 4, 2026 (estimated)

PAN American Silver Corp's trailing-twelve-month revenue grew 28.4% year on year, with a free-cash-flow margin of 28.2%. Where it lags: revenue growth of 28.4% ranks 23 of 24 gold companies we cover.

Our discounted-cash-flow model values the business at ~$81 per share in the base case (~$62–$100 across growth scenarios) — model values under stated assumptions, not a price target.

Current signal Free cash flow diverging from earnings: TTM free cash flow grew 154.1% while net income grew 767.3%: a 613pp divergence.

Assembled from SEC-filed figures — the full workings are on this page and in our methodology. Observations, not recommendations.

Highlights

How we pick these

Strengths

  • Priced below our value. The share price of $38.92 is 107% below our value per share of $81.
  • Fast growth. Revenue grew 28.4% over the last 12 months, against a median of 55.1% for gold companies we cover.
  • Growth speeding up. The growth rate is 6.7 points higher than a quarter earlier.
  • High operating margin. 34.1% of revenue is left as operating profit, against a median of 41.2% for gold companies we cover.
  • Margins widening. Operating margin is up 15.2 points on a year ago.

Things to watch

  • Share dilution. Diluted shares rose 5.0% in a year.
  • Below peers: revenue growth. Revenue growth of 28.4% ranks 23 of 24 gold companies we cover (median 55.1%).
  • Below peers: gross margin. Gross margin of 38.8% ranks 19 of 21 gold companies we cover (median 53.5%).
  • Missing expectations. Earnings per share fell short of the consensus estimate in 2 of the last four quarters.
  • Estimates being cut. Analysts' consensus for next year's earnings per share has fallen 6.3% over 90 days.

Latest results

Earnings per share
$0.73 against an average estimate of $0.87: missed by 16.5%
Next report
November 4, 2026; average EPS estimate $0.66

PAN American Silver's figures from its SEC filings and results release; estimates are the analysts' average. Not a recommendation.

Price chart

  • 1 day+2.5%
  • 1 week-3.5%

Closing prices to 2026-11-02. Price change only, dividends excluded.

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Third-party market data · may be delayed

At a glance

Trailing twelve months, from SEC filings

Profitability

Revenue (TTM)
$3.6B
Operating margin
34.1%
Net margin
27.1%
EPS (TTM, diluted)
$2.57

Growth

Revenue growth
+28.4%
Change in growth rate
+6.7 pts
Share count change
+5.0%

Cash

Free cash flow (TTM)
$1B
FCF margin
28.2%

News & updates

Updated November 2, 2026

Company announcements, filed results and changes that matter to shareholders.

No recent updates are available for PAAS from the sources we follow. See filings →

Refreshed hourly when new source data is available. Summaries are checked against company releases and SEC filings. Company announcement headlines are labelled when a checked summary is unavailable.

Valuation

PAN American Silver Corp valuation models and calculator

What the price is pricing in

The share price implies about 6.4% a year of cash-flow growth for five years.That is slower than the 22.0% a year revenue growth PAN American Silver has delivered.

Read with care: free cash flow has swung sharply in the past year (often a one-off tax, legal or working-capital item), so the cash-flow base behind this reading may be unusually low or high.

  • Priced in6.4%
  • Last 12 months28.4%
  • 3 years a year34.3%
  • 5 years a year22.0%

Our cash-flow model with every input fixed except growth over the next five years, solved for the growth at which the model value equals the share price ($38.69, Nov 3, 2026). Cash-flow growth then fades to 2.5% a year; discount rate 8.5%. Delivered figures are revenue growth from SEC filings. This is a model exercise, not investment advice or a forecast of the share price. All companies

Fundamentalytics rating

model v1.6 · 2026-11-03
Buy12-month view
12-month price target
~$81
Price used
$38.69close November 3, 2026
Implied change
▲ +108%
Uncertainty
Medium

How we got here: a discounted-cash-flow model of PAN American Silver Corp's free cash flow after stock-based pay with after-tax interest added back ($667M, FY2025 Q4 TTM), growing 20% a year for five years and fading to 2.5%, discounted at 8.5%. Lower and higher growth cases span ~$62–~$100 ; that spread sets a 25% margin before we rate Buy or Sell.

Produced by Fundamentalytics' automated valuation model on November 3, 2026, using delayed market prices. Rating meanings, methodology and conflicts: recommendations disclosure and research disclaimer. General research, not personal advice — it does not consider your circumstances. Prices can fall as well as rise.

Our value per share comes from a discounted-cash-flow model of PAN American Silver Corp's free cash flow after stock-based pay ( $667M, FY2025 Q4 TTM, with after-tax interest added back): growth for five years as below (the first two years from forecasts, guidance and the company's record), fading to 2.5%, discounted at 8.5%, then cash added and debt and other claims subtracted. These are model values under stated assumptions, not price targets or recommendations.

Valuation models

We value PAN American Silver Corp as an operating company, with every model that fits that kind of business. Cost of equity 10.8%: the 10-year Treasury yield (4.9%) plus a beta of 1.31 times a 4.5% equity risk premium.

Value per share by model
Model Value per share In the combined value?
Cash-flow model (DCF) Free cash flow to the firm (after stock pay, with after-tax interest added back), grown then faded to 2.5%, discounted at 8.5% as the firm rate, less debt and other claims. ~$81 ~$62–$100 Primary model, counts double
Growth cash-flow model Revenue for this year and next from analysts' consensus, then growth fading to 2.5%; the operating margin moving to profitable peers'; investment needed per dollar of growth from peers; reduced by a failure probability. For young or fast-growing companies. The starting margin is normalized to between -100% and 60%; net margin is a proxy when operating income is not tagged. Uses analysts' consensus estimates (third-party data), not our forecasts. ~$48 ~$33–$60 Included
Forward price-to-earnings vs peers Next year's consensus earnings per share times peers' typical (harmonic-mean) forward price-to-earnings. Uses analysts' consensus estimates (third-party data), not our forecasts. ~$33 ~$29–$62 Included
Residual income Book value plus the present value of returns above the cost of equity, fading over ten years. ~$6.1 ~$3.8–$8.9 Left out: out of range vs price (0.16x)
Justified price-to-book Book value times (return on equity - growth) / (cost of equity - growth): steady-state returns. ~$1.6 ~$1.5–$1.8 Left out: out of range vs price (0.04x)
Combined value Weighted average of the models that apply: the primary model (cash-flow model (dcf)) counts double. Models more than 5x or less than 0.2x the share price, or more than 3x away from the other models' median, are left out. ~$60 ~$33–$81 3 models

Different models fail in different ways, so where several apply we average them rather than trust one. Peer-based models compare PAN American Silver Corp with Gold in our coverage, using third-party market data. Model values are estimates under stated assumptions, updated as new filings arrive; not price targets or investment advice. How each model works.

What moves the value

  • Revenue growth 5 points lower ▼ −24%
  • Revenue growth 5 points higher ▲ +30%
  • Free-cash-flow margin 1 point lower ▼ −3%
  • Last year's free-cash-flow margin change, if it persists ▲ +89%
  • Discount rate 1 point higher ▼ −16%
Value per share under different assumptions
Discount rate ↓ / growth → −5% growth0% growth5% growth10% growth15% growth20% growth
7% $27$36$48$63$84$110
8.5% $21$27$36$47$62$81
10% $17$22$29$37$49$63

Moat

Not assessed: fewer than five years of comparable figures in the filings. AI disruption exposure for this industry: Low.

A rules-based reading of reported figures, not a forecast and not investment advice. How the score is built: methodology.

Forecasts and guidance

Next results: November 4, 2026, after the close. Analysts expect revenue of $1.1bn and EPS of $0.66 (range $0.59 to $0.69) for the quarter.

Analysts' consensus

Fiscal yearEPSGrowthRevenueGrowth
Current $3.35 +32% $4.5bn +24%
Next $4.28 +28% $4.9bn +10%

Next year's EPS estimate has moved −6.3% in 90 days, across 9 analysts.

How the EPS forecast has moved

The consensus EPS forecast for the current fiscal year is −10.9% on 90 days ago. In the last 30 days, 3 analysts raised PAN American Silver Corp's forecast and 3 cut it.

Consensus EPS forecast PAN American Silver Corp, last 90 days
$3.00 $3.50 $4.00 $4.50 $5.00 90 days ago 60 days ago 30 days ago 7 days ago Now Current fiscal year, 90 days ago: $3.76 Current fiscal year, 60 days ago: $3.69 Current fiscal year, 30 days ago: $3.63 Current fiscal year, 7 days ago: $3.37 Current fiscal year, Now: $3.35 $3.35 Next fiscal year, 90 days ago: $4.57 Next fiscal year, 60 days ago: $4.71 Next fiscal year, 30 days ago: $4.62 Next fiscal year, 7 days ago: $4.32 Next fiscal year, Now: $4.28 $4.28

Average of analysts' published estimates (third-party data).

View chart data
Period Current fiscal yearNext fiscal year
90 days ago $3.76$4.57
60 days ago $3.69$4.71
30 days ago $3.63$4.62
7 days ago $3.37$4.32
Now $3.35$4.28

Earnings against estimates

Quarter toEstimateActualSurprise
Jun 2026 $0.87 $0.73 −16.5%
Mar 2026 $1.06 $1.09 +2.6%
Dec 2025 $0.89 $1.11 +24.5%
Sept 2025 $0.49 $0.48 −2.4%

Adjusted EPS as companies report it, against the average analyst estimate.

Analyst recommendations

8 analysts, Nov 2026
Buy675%
Hold225%
Sell00%

Monthly trend

  1. Nov 20262428
  2. Oct 20263429
  3. Sep 20263429

Counts of recommendations published by analysts covering PAN American Silver Corp, by month. Source: Aggregated broker recommendations (third-party data). Aggregated counts only: we do not reproduce any firm's recommendation or price target, and these are not Fundamentalytics ratings.

Positioning

Short interest
—
of tradable shares
Days to cover
2.04
at average volume
Short interest, 1 month
−5%
to October 15, 2026
Held by institutions
63%
of shares
Held by insiders
0.1%
of shares
Employees
9,348
full time

Consensus figures average analysts' published estimates (third-party data); guidance is the company's own. Neither is our forecast. Short interest is reported twice a month and lags. Market data may be delayed.

This section is general information, not investment advice or a personal recommendation, and it does not take account of your objectives or circumstances. Forecasts and guidance are estimates, not promises: companies miss their own guidance and analysts' figures are often revised. Prices can fall as well as rise, and you can lose money. See our disclaimer.

Share-price performance

Market data may be delayed

Recent prices are available. Older price history and the statistics that need it are being loaded in the background.

Price behaviour

52-week range
Not enough history
From 52-week high
—
vs 50-day average
—
vs 200-day average
—
Volatility (1 year)
—
Beta vs S&P 500
—

Volatility is the annualised standard deviation of daily returns. Beta 1.5 means the shares typically moved 1.5% for each 1% move in the S&P 500 over the past year. Prices to November 2, 2026.

Options strategies

All options ideas

How PAN American Silver Corp’s listed options are priced, and three ways to use them that follow from our valuation. Quotes are delayed, read November 2, 2026. Check the live chain at your broker before trading.

Implied vs realised volatility

Not enough history

There is not enough price history to measure realised volatility.

  • Puts and calls are priced at about the same implied volatility.
  • Why: not enough price history to measure realised volatility.

Our rule for “rich”: implied at least 1.2× 60-day realised (beyond measurement noise), above 1-year realised (not just a calm spell), and in the top 20% of our coverage that day. Never with results inside the option’s life. These are our conventions, built on research showing option prices usually imply more movement than follows, most when the gap is wide. How we judge this.

Cash-secured put

Not offered: fundamentals grade D (needs B+ or better).

We suggest selling a put only on well-rated companies, at a strike where the price you would pay if assigned (strike less premium) is at or below our fair value.

Covered call

Not offered: no liquid call at or above our price target — the model says the upside is worth more than any listed strike.

For holders: sell a call at a strike at or above our fair value, so the shares are only sold at a price the model calls full value.

Collar

Not offered: the shares trade below our fair value: a collar caps upside the model expects.

For holders of a stock trading at or above our fair value: buy a put for a floor and sell a call to pay for it.

General research, not personal advice. Options can lose you more than you expect and are not suitable for everyone: put sellers can be made to buy shares that keep falling, call sellers give up gains above the strike, and results or news can move prices sharply. Chances shown are approximations from each option’s delta. Spreads, fees and early assignment are not modelled.

PAN American Silver Corp in five measures

Fundamentals grade D
Growth Profitability Cash Balance sheet Value

Growth, profitability, cash generation and balance sheet are percentiles against the companies we cover in the same industry, from SEC filings (100 = best). Value compares the share price with our modelled value range (50 = at our base value; higher = cheaper). A description of reported data and our model — not a quality score or advice.

Fundamentals

Revenue (TTM) PAN American Silver Corp
$0 $1B $2B $3B $4B FY16 Q4 FY18 Q4 FY20 Q4 FY22 Q4 FY25 Q4 Revenue (TTM), FY16 Q4: $774.8M Revenue (TTM), FY17 Q4: $816.8M Revenue (TTM), FY18 Q4: $784.5M Revenue (TTM), FY19 Q4: $1.4B Revenue (TTM), FY20 Q4: $1.3B Revenue (TTM), FY21 Q4: $1.6B Revenue (TTM), FY22 Q4: $1.5B Revenue (TTM), FY23 Q4: $2.3B Revenue (TTM), FY24 Q4: $2.8B Revenue (TTM), FY25 Q4: $3.6B $3.6B

Source: SEC EDGAR filings. Retrieved November 1, 2026.

View chart data
Period Revenue (TTM)
FY16 Q4 $774.8M
FY17 Q4 $816.8M
FY18 Q4 $784.5M
FY19 Q4 $1.4B
FY20 Q4 $1.3B
FY21 Q4 $1.6B
FY22 Q4 $1.5B
FY23 Q4 $2.3B
FY24 Q4 $2.8B
FY25 Q4 $3.6B
Revenue growth, TTM YoY PAN American Silver Corp
-50% 0% 50% 100% FY17 Q4 FY19 Q4 FY21 Q4 FY23 Q4 FY25 Q4 Revenue growth, TTM YoY, FY17 Q4: 5.4% Revenue growth, TTM YoY, FY18 Q4: -4.0% Revenue growth, TTM YoY, FY19 Q4: 72.2% Revenue growth, TTM YoY, FY20 Q4: -0.9% Revenue growth, TTM YoY, FY21 Q4: 22.0% Revenue growth, TTM YoY, FY22 Q4: -8.5% Revenue growth, TTM YoY, FY23 Q4: 55.0% Revenue growth, TTM YoY, FY24 Q4: 21.7% Revenue growth, TTM YoY, FY25 Q4: 28.4% 28.4%

Source: SEC EDGAR filings. Retrieved November 1, 2026.

View chart data
Period Revenue growth, TTM YoY
FY17 Q4 5.4%
FY18 Q4 -4.0%
FY19 Q4 72.2%
FY20 Q4 -0.9%
FY21 Q4 22.0%
FY22 Q4 -8.5%
FY23 Q4 55.0%
FY24 Q4 21.7%
FY25 Q4 28.4%
Operating margin (TTM) PAN American Silver Corp
-20% 0% 20% 40% FY16 Q4 FY18 Q4 FY20 Q4 FY22 Q4 FY25 Q4 Operating margin (TTM), FY16 Q4: 23.8% Operating margin (TTM), FY17 Q4: 23.1% Operating margin (TTM), FY18 Q4: 5.4% Operating margin (TTM), FY19 Q4: 9.4% Operating margin (TTM), FY20 Q4: 15.7% Operating margin (TTM), FY21 Q4: 19.7% Operating margin (TTM), FY22 Q4: -17.5% Operating margin (TTM), FY23 Q4: 1.6% Operating margin (TTM), FY24 Q4: 18.8% Operating margin (TTM), FY25 Q4: 34.1% 34.1%

Source: SEC EDGAR filings. Retrieved November 1, 2026.

View chart data
Period Operating margin (TTM)
FY16 Q4 23.8%
FY17 Q4 23.1%
FY18 Q4 5.4%
FY19 Q4 9.4%
FY20 Q4 15.7%
FY21 Q4 19.7%
FY22 Q4 -17.5%
FY23 Q4 1.6%
FY24 Q4 18.8%
FY25 Q4 34.1%
FCF margin (TTM) PAN American Silver Corp
-20% 0% 20% 40% FY16 Q4 FY18 Q4 FY20 Q4 FY22 Q4 FY25 Q4 FCF margin (TTM), FY16 Q4: 1.6% FCF margin (TTM), FY17 Q4: 10.1% FCF margin (TTM), FY18 Q4: 1.4% FCF margin (TTM), FY19 Q4: 5.6% FCF margin (TTM), FY20 Q4: 21.2% FCF margin (TTM), FY21 Q4: 9.1% FCF margin (TTM), FY22 Q4: -16.3% FCF margin (TTM), FY23 Q4: 3.1% FCF margin (TTM), FY24 Q4: 14.2% FCF margin (TTM), FY25 Q4: 28.2% 28.2%

Source: SEC EDGAR filings. Retrieved November 1, 2026.

View chart data
Period FCF margin (TTM)
FY16 Q4 1.6%
FY17 Q4 10.1%
FY18 Q4 1.4%
FY19 Q4 5.6%
FY20 Q4 21.2%
FY21 Q4 9.1%
FY22 Q4 -16.3%
FY23 Q4 3.1%
FY24 Q4 14.2%
FY25 Q4 28.2%

Data: SEC EDGAR XBRL company facts (as filed in 10-K/10-Q); forms 40-F. Generated November 3, 2026. Definitions in our methodology.

Where the money goes

FY2025, from the 10-K

Each dollar PAN American Silver took in during FY2025, followed through to profit: what it cost to make, what went on running the business, and what was left after tax.

  1. Revenue $3.6B
  2. Cost of revenue $2.2B · 61.2%
  3. Gross profit $1.4B · 38.8%
  4. Other operating costs $172M · 4.8%
  5. Operating income $1.2B · 34.1%
  6. Income tax $258M · 7.1%
  7. Net income $980M · 27.1%

Shares of revenue. Source: PAN American Silver's 10-K for FY2025, as filed with the SEC. "Other" lines are what the reported lines leave unexplained.

Financial statements

US$ millions unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

Fiscal year 2016 Dec 2016 2017 Dec 2017 2018 Dec 2018 2019 Dec 2019 2020 Dec 2020 2021 Dec 2021 2022 Dec 2022 2023 Dec 2023 2024 Dec 2024 2025 Dec 2025
Income
Revenue 775 817 784 1,351 1,339 1,633 1,495 2,316 2,819 3,619
Gross profit 199 169 101 229 360 368 48 297 549 1,405
EBITDA 300 311 190 381 464 624 54 522 1,102 1,730
Operating income 184 188 43 127 210 321 −262 38 531 1,233
Net income 102 123 12 111 176 99 −340 −105 113 980
Diluted EPS $0.66 $0.79 $0.07 $0.55 $0.85 $0.46 −$1.62 −$0.32 $0.31 $2.56
Growth (year on year)
Revenue — +5.4% −4.0% +72.2% −0.9% +22.0% −8.5% +55.0% +21.7% +28.4%
EBITDA — +3.6% −39.0% +100.3% +22.0% +34.3% −91.4% +872.6% +111.0% +57.0%
Operating income — +2.1% −77.3% +197.7% +65.2% +52.8% −181.7% — — +132.2%
Net income — +21.2% −90.2% — +58.6% −44.1% −445.1% — — +767.3%
Diluted EPS — +19.7% −91.1% — +54.5% −45.9% −452.2% — — +725.8%
Margins
Gross margin 25.7% 20.7% 12.9% 17.0% 26.9% 22.5% 3.2% 12.8% 19.5% 38.8%
EBITDA margin 38.8% 38.1% 24.2% 28.2% 34.7% 38.2% 3.6% 22.6% 39.1% 47.8%
Operating margin 23.8% 23.1% 5.4% 9.4% 15.7% 19.7% −17.5% 1.6% 18.8% 34.1%
Net margin 13.1% 15.1% 1.5% 8.2% 13.2% 6.0% −22.8% −4.5% 4.0% 27.1%
Free-cash-flow margin 1.6% 10.1% 1.4% 5.6% 21.2% 9.1% −16.3% 3.1% 14.2% 28.2%
Cash flow
Cash from operations 215 225 155 282 462 392 32 450 724 1,333
Capital spending 203 142 144 206 179 243 275 379 323 314
Free cash flow 12 82 11 76 284 149 −243 71 401 1,019
Balance sheet
Cash 181 176 139 121 167 284 107 400 863 1,215
Total debt 36 3 0 275 0 15 194 704 709 714
Net debt (negative = net cash) −145 −173 −139 154 −167 −268 87 304 −154 −501
Diluted shares 153m 153m 154m 202m 210m 210m 211m 327m 363m 382m
Returned to shareholders
Dividends 8 15 21 29 46 72 95 130 145 175
Buybacks — — — — — — — 0 24 46
Total returned 8 15 21 29 46 72 95 130 169 221

Source: SEC EDGAR XBRL company facts (US and foreign periodic filings); column headings link to the filing. EBITDA is operating income plus depreciation and amortisation. Free cash flow is cash from operations minus capital spending. Growth is left blank when last year's figure was a loss or under 2% of revenue. Share counts and EPS are restated for stock splits. A dash means the company didn't report the figure.

Financial health

6 of 7 checks passed · December 31, 2025
What it owns · $9.7bn
Short-term assets $2.2bnLonger-term assets $7.5bn
What it owes, and who funded it · $9.7bn
Short-term liabilities $817mLonger-term liabilities $1.9bnShareholders' equity $7.0bn
  • Short-term assets cover short-term liabilities $2.2bn of assets due within a year against $817m of liabilities due within a year.
  • Short-term assets cover long-term liabilities $2.2bn short-term assets against $1.9bn of longer-dated liabilities.
  • More cash than debt $1.2bn of cash against $714m of debt.
  • Debt below 40% of shareholders' equity Debt is 10% of equity.
  • Debt burden no higher than five years ago Debt to equity moved from 0% to 10% over five years.
  • A year's operating cash flow covers at least 20% of debt $1.3bn of operating cash flow against $714m of debt.
  • Operating profit covers interest at least five times over Operating income of $1.2bn against $55m of interest.

From PAN American Silver Corp's latest balance sheet as filed. Checks are fixed, documented rules (methodology), counted only where the company reports the figures — a dot means the filing doesn't break the item out. Descriptions of reported data, not advice.

Dividends, buybacks and capital spending

FY2025 Q4 TTM
Buybacks (TTM)
$46M
Dividends (TTM)
$175M
Returned to shareholders
22%
of free cash flow
Buybacks, last 3 fiscal years
$70M
Diluted share count
+5.0%
year over year
Total shareholder yield
1.5%
dividends 1.2% + buybacks 0.3% of market value
Dividend payout ratio
18%
of net income paid out
Days sales outstanding
23 days
receivables vs revenue

Competitors: side by side with peers

Closest by revenue in gold
Last 12 months unless stated PAAS CDE IAG WPM HMY SSRM Median
Revenue, last 12 months $3.6bn $3.2bn $2.9bn $2.3bn $5.9bn $1.9bn $1.8bn
Revenue growth, last 12 months 28.4% 117.3% 74.7% 80.2% 44.4% 48.4% 53.7%
Revenue growth, 3-year average — 61.2% — — — 21.1% 35.2%
Revenue growth, latest quarter — 125.9% — — — 9.5% 14.5%
Gross margin 38.8% 27.2% 42.3% 72.2% 44.9% 50.9% 51.2%
Operating margin 34.1% 33.8% 38.3% 68.3% 41.2% 40.2% 41.2%
Operating margin, 3-year average 25.6% 18.5% 26.5% 46.6% 5.6% 5.6% 26.0%
Net margin 27.1% 26.8% 25.7% 63.6% 29.6% 12.3% 30.0%
Cash from operations / revenue 36.8% 46.2% 40.1% 82.3% 33.9% 30.9% 45.3%
Free-cash-flow margin 28.2% 36.5% 29.8% 82.2% 15.9% 18.2% 27.1%
Free-cash-flow margin, 3-year average 15.8% 9.0% 3.8% — 4.7% 12.8% 13.8%
Stock pay / revenue — 0.9% 0.3% 1.1% 0.8% 3.1% 0.8%
Change in share count 5.0% 53.8% 6.6% 0.1% 0.8% 2.8% 2.9%

Median of all 24 companies we cover in gold. Shaded: best of the six on that line (lowest for stock pay and share-count growth). 3-year figures average the last three 12-month periods; 3-year growth is compound annual. Source: SEC filings.

Peer comparison

24 gold companies
Measure Company Peer median Rank
Revenue growth Growth 28.4% 55.1% 23 of 24
Change in growth rate Growth +6.7pp +20.4pp 17 of 23
Gross margin Profitability 38.8% 53.5% 19 of 21
Operating margin Profitability 34.1% 41.2% 15 of 18
Net margin Profitability 27.1% 30.4% 16 of 24
Free-cash-flow margin Cash generation 28.2% 28.2% 11 of 22
Long-term debt as % of assets Balance sheet 7.3% 7.3% 10 of 18
Change in share count Balance sheet 5.0% 3.0% 14 of 24
Days sales outstanding Balance sheet 23 days 16 days 14 of 17

Rank 1 = best in the group (for spending, debt and dilution, lower ranks first).

Who owns it

Funds buying and selling
Reported value
$9.8B
Institutions reporting
584
Shares held vs prior quarter
▲ 0.1%
Positions opened / closed
58 / 94

Top buyers and sellers, Q2 2026: 262 institutions bought and 291 sold ; the biggest buyer was First Eagle Investment Management, LLC (+2.4M shares) and the biggest seller Arrowstreet Capital, Limited Partnership (−3.4M). See which funds bought and sold →

Largest reported holders, June 30, 2026
Manager Value Shares Share of 13F value Shares QoQ
Van Eck Associates Corp $854M 19.1M 8.7% ▼ 11.4%
Mirae Asset Global Etfs Holdings Ltd. $698M 15.6M 7.1% ▲ 1.5%
Vanguard Capital Management LLC $517M 11.5M 5.3% ▲ 0.7%
Blackrock, Inc. $376M 8.4M 3.8% ▼ 4.5%
Capital International Investors $279M 6.2M 2.8% ▲ 9.5%
Norges Bank $250M 5.6M 2.5% —
Geode Capital Management, LLC $230M 4.9M 2.3% ▲ 11.9%
First Eagle Investment Management, LLC $217M 4.8M 2.2% ▲ 100.0%
Morgan Stanley $215M 4.8M 2.2% ▲ 55.6%
Bank Of Montreal $188M 4.2M 1.9% ▲ 56.2%
Millennium Management LLC $171M 3.8M 1.7% ▲ 6.0%
Vanguard Fiduciary Trust Co $164M 3.7M 1.7% ▲ 0.3%

From Form 13F filings with the SEC ( quarterly data sets), as reported by each manager for June 30, 2026 and filed up to 45 days later. 13F reports cover long US-listed positions of managers above $100M only, so this is not PAN American Silver Corp's complete shareholder register. Values are as reported by the filers .

Insider trading activity

Full insider history and chart
Insider purchases History → $0 0 trades by 0 insiders, last 12 months Insider sales History → $0 0 trades by 0 insiders
Net ▲ $0 net buying

No open-market insider trades reported in the last 12 months.

From insiders' Form 4 filings with the SEC. Excludes awards, option exercises and shares withheld for tax. "Pre-set plan" means the filing marks the trade as made under a Rule 10b5-1 plan. See every insider trade since five years ago, on a price chart.

Trades by members of Congress

All 3 trades and filings

In the last 12 months, 1 member of Congress disclosed 0 purchases and 1 sale of PAN American Silver Corp shares.

  • Gilbert Ray Cisneros, Jr.(D-CA 31):Sale (full), $50,001 - $100,000, traded January 27, 2026, filed February 13, 2026
  • Mick Mulvaney(SC):Sale (full), $1,001 - $15,000, traded June 29, 2016, filed July 3, 2016
  • Mick Mulvaney(SC):Sale (full), $1,001 - $15,000, traded February 4, 2015, filed February 4, 2015

Value ranges as filed; reports can arrive up to 45 days after a trade.

Earnings dates and SEC filings

Results announcements

Recent SEC filings

Data status

When each part of this page on PAN American Silver Corp was last updated.

DataLast updatedSource
Share priceExchange closing prices
News and updatesCompany releases and SEC 8-K filings
Analyst estimatesAggregated analyst estimates
Valuation and scoresOur models, from the filed figures

How we build and check these figures: methodology and data sources.

PAN American Silver Corp in brief

What does PAN American Silver Corp do?
PAN American Silver Corp is a US-listed company in the gold industry. Its financial year ends in December.
What is PAN American Silver Corp's stock ticker?
PAN American Silver Corp trades under the ticker PAAS on NYSE. This page brings together its financial statements, valuation models, ownership and recent company updates.
What is PAN American Silver Corp's revenue, and how fast is it growing?
Over its most recent trailing twelve months, PAN American Silver Corp reported revenue of $3.6B, 28.4% higher than a year earlier, according to its SEC filings.
What is PAN American Silver Corp's free cash flow?
PAN American Silver Corp's free-cash-flow margin is 28.2% of revenue over the trailing twelve months, ranking 11 of the 22 gold companies we cover.
What is PAN American Silver Corp's fair value (intrinsic value) per share?
Our discounted-cash-flow model of PAN American Silver Corp's free cash flow after stock-based pay gives ~$81 per share in the base case, and ~$62–$100 across growth scenarios. These are model values under stated assumptions — not a price target or a recommendation.
Who are PAN American Silver Corp's largest institutional shareholders?
By value reported in 13F filings for June 30, 2026, the largest reported holders are Van Eck Associates Corp, Mirae Asset Global Etfs Holdings Ltd. and Vanguard Capital Management LLC. 13F reports cover long US-listed positions of managers above $100M, filed up to 45 days after quarter end.
Is PAN American Silver Corp buying back stock, and does it pay a dividend?
PAN American Silver Corp spent $46M on share repurchases over the trailing twelve months, and its diluted share count still rose 5.0% over the year.
Does PAN American Silver Corp pay a dividend?
Yes: PAN American Silver Corp paid $175M in dividends over the trailing twelve months, a dividend yield of 1.18% and a payout ratio of 17.9%.
How much debt does PAN American Silver Corp have?
PAN American Silver Corp's debt-to-equity ratio is 10.2%, from its latest balance sheet (0.0% five years earlier). The financial health section below sets out its other solvency checks.
Who are PAN American Silver Corp's competitors?
In our Gold peer group, the companies closest to PAN American Silver Corp are Coeur Mining, Inc., Iamgold Corp, Wheaton Precious Metals Corp., Harmony Gold Mining Co LTD and SSR Mining Inc. The side-by-side comparison below sets their revenue, margins and growth against PAN American Silver Corp's.
When is PAN American Silver Corp's next earnings date?
Around November 4, 2026, estimated from the spacing of its past results announcements (8-K filings). That is an estimate, not a confirmed date — PAN American Silver Corp announces its own schedule.