PAN American Silver Corp balance sheet

At the end of fiscal 2025, PAN American Silver Corp had total assets of $9.74bn, total liabilities of $2.74bn and shareholders' equity of $7.00bn. It held $1.22bn in cash against $714m of debt: net cash of $501m.

Balance sheet

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

PAN American Silver Corp: balance sheet, annual
Fiscal year	2016Dec 2016	2017Dec 2017	2018Dec 2018	2019Dec 2019	2020Dec 2020	2021Dec 2021	2022Dec 2022	2023Dec 2023	2024Dec 2024	2025Dec 2025
Cash and equivalents	181	176	139	121	167	284	107	400	863	1,215
Receivables	130	110	96	169	128	128	137	138	165	232
Inventory	237	219	214	347	406	500	472	712	606	588
Total current assets	613	595	548	789	857	1,001	804	1,390	1,720	2,196
Goodwill	3	3	5	5	4	5	6	—	—	—
Total assets	1,898	1,993	1,937	3,462	3,434	3,519	3,249	7,213	7,203	9,742
Total current liabilities	184	185	151	272	362	388	381	624	687	817
Short-term debt	0	3	0	—	—	3	14	7	7	5
Long-term debt	36	0	0	275	0	12	180	697	702	709
Total debt	36	3	0	275	0	15	194	704	709	714
Total liabilities	499	472	424	994	828	883	1,047	2,441	2,486	2,741
Shareholders' equity	1,396	1,517	1,508	2,463	2,603	2,632	2,196	4,761	4,704	6,997
Net debt (negative = net cash)	−145	−173	−139	154	−167	−268	87	304	−154	−501

Balances at each fiscal year end (quarter end in the quarterly view). Total debt is short- plus long-term borrowings, including lease debt where the company reports it within debt. Where assets do not equal liabilities plus shareholders' equity, the difference (non-controlling interests, redeemable preferred shares) is shown on its own line.

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Figures from PAN American Silver Corp's SEC filings (10-K and 10-Q), retrieved November 1, 2026. How we read and check them: methodology and data sources. Not investment advice. Back to PAN American Silver Corp.