PAN American Silver Corp key statistics and ratios

In fiscal 2025, PAN American Silver Corp had return on equity of 16.8%, an operating margin of 34.1%, debt equal to 10.2% of equity and a current ratio of 2.69. Each ratio below is calculated from the figures on its income statement, balance sheet and cash flow pages.

Financial ratios

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

PAN American Silver Corp: financial ratios, annual
Fiscal year	2016Dec 2016	2017Dec 2017	2018Dec 2018	2019Dec 2019	2020Dec 2020	2021Dec 2021	2022Dec 2022	2023Dec 2023	2024Dec 2024	2025Dec 2025
Gross margin	25.7%	20.7%	12.9%	17.0%	26.9%	22.5%	3.2%	12.8%	19.5%	38.8%
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%
Return on equity	7.3%	8.5%	0.8%	5.6%	7.0%	3.8%	−14.1%	−3.0%	2.4%	16.8%
Return on assets	5.4%	6.3%	0.6%	4.1%	5.1%	2.8%	−10.1%	−2.0%	1.6%	11.6%
Asset turnover	0.41	0.42	0.40	0.50	0.39	0.47	0.44	0.44	0.39	0.43
Current ratio	3.33	3.22	3.64	2.90	2.37	2.58	2.11	2.23	2.50	2.69
Debt to equity	2.6%	0.2%	0.0%	11.2%	0.0%	0.6%	8.8%	14.8%	15.1%	10.2%
Interest cover (operating income ÷ interest)	—	—	—	7.5x	22.8x	87.7x	n/m	0.7x	11.1x	22.4x
Effective tax rate	42.2%	32.4%	63.7%	39.0%	30.0%	59.8%	—	—	73.8%	20.8%
Capital spending as % of revenue	26.2%	17.4%	18.4%	15.2%	13.3%	14.9%	18.4%	16.4%	11.5%	8.7%
Free cash flow ÷ net income	11.9%	66.7%	88.3%	68.5%	160.8%	150.8%	—	—	354.9%	104.0%
Dividends ÷ net income	7.5%	12.4%	176.8%	26.4%	26.2%	72.5%	—	—	128.3%	17.9%
Dividends and buybacks ÷ free cash flow	62.6%	18.6%	200.2%	38.5%	16.3%	48.1%	—	183.1%	42.1%	21.7%

Returns use average equity or assets over the year. Return on equity is left blank when equity is negative or so small that the ratio says nothing (above ±200%); interest cover is left blank above 200 times. Price-based ratios such as P/E are on the valuation page.

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.

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.

Compare with peers

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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.