Pan American Silver Corp.
- Open
- 49.95
- Day high
- 52.05
- Day low
- 49.72
- Prev close
- 51.92
- Volume
- 1.3M
- Mkt cap
- $21.1B
- P/E (TTM)
- 15.4
- EPS (TTM)
- $3.31
- P/B
- 2.9
- P/S
- 4.9
- Yield
- 1.34%
- Per share
- $0.68
Pan American Silver Corp. (PAAS) is a Basic Materials company listed on NYSE. The stock is up 51% over the past year. Drillr has 1 published research article covering PAAS.
Pan American Silver Corp. (PAAS) financials & analyst ratings
Fundamentals (TTM)
Analyst consensus · 3 analysts
Source: exchange market data + company filings. Figures are trailing-twelve-month or as most recently reported. For informational purposes only — not investment advice.
PAAS earnings date, history & EPS estimates
| Report date | EPS est | EPS actual | Surprise | Revenue | Rev. surprise |
|---|---|---|---|---|---|
| Aug 13, 2026 | $0.84 | $0.73 | -13.1% | $1.1B | -2.5% |
| May 6, 2026 | $1.06 | $1.09 | +2.8% | $1.1B | -5.9% |
| Feb 18, 2026 | $0.90 | $1.11 | +23.3% | $1.2B | +7.6% |
| Nov 12, 2025 | $0.49 | $0.48 | -2.0% | $855M | -26.3% |
| Aug 6, 2025 | $0.40 | $0.43 | +7.5% | $812M | -5.7% |
| Feb 19, 2025 | $0.37 | $0.35 | -5.4% | $815M | +4.1% |
| Feb 21, 2024 | $0.08 | $-0.04 | -150.0% | $670M | +0.6% |
| Feb 22, 2023 | $-0.01 | $-0.02 | -150.0% | $375M | -3.6% |
| Nov 9, 2022 | $-0.06 | $-0.01 | +83.3% | $339M | +0.9% |
| Aug 10, 2022 | $0.14 | $-0.03 | -121.4% | $340M | -18.8% |
| Feb 23, 2022 | $0.25 | $0.19 | -24.0% | $422M | -11.3% |
| Aug 10, 2021 | $0.33 | $0.22 | -33.3% | $382M | -12.8% |
Pan American Silver Corp. company profile
Overview
Pan American Silver Corp. (NASDAQ:PAAS) is a Canadian precious metals mining company incorporated in 1979 and headquartered in Vancouver, Canada. Originally known as Pan American Minerals Corp., the company changed its name in April 1995 and went public that same year. Pan American Silver has grown to become one of the world's largest primary silver producers, operating mines across Latin America including Canada, Mexico, Peru, Argentina, Bolivia, and Guatemala. The company significantly expanded its operations in 2023 through the acquisition of Yamana Gold's Latin American assets, transforming it into a more diversified precious metals producer with substantial gold production capabilities alongside its traditional silver focus.
Business
Pan American Silver operates in the precious metals mining industry, specifically focusing on the exploration, development, extraction, processing, and refining of silver and gold, along with base metals including zinc, lead, and copper as byproducts. The company's business revolves around operating hard-rock mines that extract ore from underground deposits, which is then processed through various metallurgical techniques to produce refined metals sold in global commodity markets. The company operates two primary business segments based on metal production: 1. Silver Segment (approximately 35-40% of revenue): This segment includes mines primarily focused on silver production, with key operations at La Colorada in Mexico, Huaron and Morococha in Peru, and San Vicente in Bolivia. La Colorada is the company's flagship silver operation, producing around 5-6 million ounces annually. The silver segment also benefits from byproduct credits from zinc, lead, and copper production. 2. Gold Segment (approximately 60-65% of revenue): Following the Yamana acquisition, gold has become the larger revenue contributor. Major gold operations include Jacobina in Brazil, La Arena in Peru (recently sold), Timmins West in Canada, and several other mines across the portfolio. The Jacobina mine in Brazil is a significant gold producer with annual production exceeding 200,000 ounces. The company also holds the suspended Escobal mine in Guatemala, which was historically one of the world's largest silver mines before being placed on care and maintenance in 2017 due to legal challenges. Pan American continues working toward restarting this operation through ongoing consultation processes with local communities and government authorities. Mining operations involve extracting ore from underground workings, crushing and grinding the material, then using flotation, leaching, or other metallurgical processes to separate and concentrate the valuable metals. The final products are doré bars (unrefined gold and silver alloy), concentrates, or refined metals sold to smelters, refineries, and metal traders globally.
Revenue model
Pan American Silver generates revenue primarily through product sales of refined precious metals and concentrates to global commodity markets. The company sells its production at prevailing spot prices for gold and silver, with some production sold under streaming agreements or forward contracts. Revenue streams include: 1. Primary metal sales - silver doré, gold doré, and refined metals sold at market prices; 2. Byproduct credits - zinc, lead, and copper concentrates that reduce the net cost of primary metal production; 3. Streaming royalties - ongoing royalty payments from divested assets. The company's customers are primarily metal traders, refineries, smelters, and end-users in jewelry, electronics, and industrial applications. Pan American typically sells production shortly after it's produced, meaning revenue closely tracks production volumes and commodity prices. Key margin drivers include: Commodity price fluctuations have the most significant impact, as higher gold and silver prices directly increase revenue while costs remain relatively fixed. Production costs are influenced by labor rates, energy costs, consumables like cyanide and grinding media, and foreign exchange rates since most operations are in Latin America while costs are often denominated in local currencies. Byproduct metal prices (zinc, lead, copper) provide important cost offsets - higher byproduct prices reduce net cash costs per ounce of primary metals. Operational factors affecting margins include ore grades (higher grades reduce processing costs per ounce), mining productivity, equipment availability, and regulatory compliance costs. The company faces inflationary pressures on labor, energy, and supplies, while benefiting from operational improvements and economies of scale from the expanded asset base following the Yamana acquisition.
Competitive moat
Pan American Silver operates in the commodity mining sector, which typically offers limited sustainable competitive advantages due to the standardized nature of precious metals products. However, the company possesses several moderate competitive strengths that provide some defensive characteristics. The company's primary moat comes from its high-quality, long-life mining assets in politically stable jurisdictions within Latin America. Operations like La Colorada and Jacobina have multi-decade reserve lives and established infrastructure that would be expensive and time-consuming for competitors to replicate. The company has built strong relationships with local governments and communities over decades of operation, providing some regulatory and social license advantages. Geographic diversification across multiple countries reduces single-jurisdiction political risk, while the company's technical expertise in complex underground mining operations, particularly in high-altitude environments, creates some operational barriers to entry. The recent Yamana acquisition has provided greater scale and financial flexibility compared to smaller mining companies. However, the moat is relatively weak as precious metals are commoditized products with transparent global pricing. The company faces substantial competition from other established miners, potential new mine development by competitors, and substitute investment vehicles like precious metals ETFs. Regulatory changes, environmental restrictions, community opposition, or resource depletion could significantly impact operations. The Escobal mine suspension demonstrates how quickly valuable assets can become stranded due to social or political challenges. The industry's capital-intensive nature and long development timelines provide some barriers to new entrants, but established mining companies can potentially develop competing assets. Overall, Pan American's competitive position is moderately defensible but not strongly moated.
Risks & safety
Overall Assessment: Pan American Silver maintains a solid financial position with adequate liquidity and manageable debt levels, though commodity price volatility creates inherent earnings unpredictability. Liquidity and Solvency: - Strong cash position of $863 million as of Q4 2024 - Total available liquidity of approximately $1.7 billion including credit facilities - Current ratio of 2.5x indicates strong short-term liquidity - Net cash position with $887 million cash versus $800 million total debt - Positive free cash flow generation of $445 million in 2024 Valuation Metrics: - P/E ratio of 17.1x (Q4 2024) appears reasonable for a mining company - EV/EBITDA of 4.3x suggests potentially attractive valuation - Price-to-book ratio of 1.56x indicates trading near book value - Graham number calculations suggest potential undervaluation Other Considerations: - Commodity price sensitivity creates earnings volatility risk - Strong operational cash flow generation provides financial flexibility - Debt-to-equity ratio of 17% indicates conservative capital structure - Geographic diversification reduces single-country political risk - Ongoing capital expenditure requirements for mine maintenance and development
Recent development
Over the past few years, Pan American Silver has undergone significant strategic transformation through the acquisition of Yamana Gold's Latin American assets in 2023, which doubled the company's size and shifted the portfolio toward greater gold production. This transformational deal added major operations including Jacobina in Brazil and expanded the company's geographic footprint while targeting $40-60 million in annual synergies. The company has pursued active portfolio optimization, divesting non-core assets including the sale of La Arena gold mine, Morococha mine, and MARA project while retaining royalty interests. This rationalization strategy focuses resources on the highest-quality, longest-life assets while maintaining exposure to divested properties through ongoing royalty streams. Major capital projects have been completed or advanced, including the critical ventilation infrastructure upgrade at La Colorada mine, which increased daily throughput by 25% and significantly improved working conditions. The company completed the Huaron dry stack tailings facility and Bell Creek paste plant, while advancing engineering studies for the large-scale La Colorada Skarn project that could produce 17+ million ounces of silver annually. Operational improvements have been implemented across the portfolio, with particular focus on optimizing the newly acquired Jacobina operation and integrating Yamana assets. The company has maintained strong exploration programs with an $80 million annual budget focused on brownfield expansion and resource replacement. The Escobal mine restart remains a key strategic priority, with ongoing ILO 169 consultation processes in Guatemala. While no definitive timeline exists, successful restart of this world-class silver asset would significantly enhance the company's silver production profile and overall value proposition.
PAAS company profile · for informational purposes only — not investment advice.
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