PAASNYSEGold and Silver OresFiscal year ends December 31Also trades as PAASF
PAN AMERICAN SILVER CORP
Financials through fiscal 2025, year ended Dec 31, 2025Last filing: 40-F on Feb 18, 2026
$44.43+0.22 (+0.50%)
Close on Oct 19, 2026
- Market cap
- –
- P/E (TTM)
- 17.4
- Dividend yield
- –
Margins
Share of revenue, fiscal years 2015 to 2025
Gross margin
38.8%+11.9 pts over 5 years
Operating margin
34.1%+18.4 pts over 5 years
Growth rates
Compound annual growth to fiscal 2025
| Per year | 1 year | 3 years | 5 years | 10 years | Five-year pace |
|---|---|---|---|---|---|
| Revenue | +28.4% | +34.3% | +22.0% | – | |
| Gross profit | +155.9% | +207.3% | +31.3% | – | |
| Operating income | +132.2% | – | +42.5% | – | |
| EPS, diluted | +725.8% | – | +24.7% | – | |
| Free cash flow | +154.1% | – | +29.1% | – |
Returns and balance sheet
10 fiscal years. Hover a measure to see how it is calculated.
| Measure | FY2016 | FY2020 | FY2025 | Trend |
|---|---|---|---|---|
| Current ratio | 3.33 | 2.37 | 2.69 | |
| Debt to equity | 0.03 | 0.00 | 0.10 | |
| Net debt to EBITDA | -0.48× | -0.35× | -0.29× | |
| Interest coverage | 60.0× | 79.9× | 411.0× | |
| Inventory turnover | – | 2.6× | 3.7× | |
| Capex to revenue | 26.2% | 13.3% | 8.7% | |
| Diluted shares | 153M | 210M | 382M |
Where the cash went
Fiscal 2021 to 2025, five years combined
Pan American Silver generated $2.93B from operations and spent $2.22B on capital expenditure, dividends and share buybacks. 69% of that went back into the business.
Generated
$2.93B
Used
$2.22B
Capital expenditure$1.53B69%Dividends$616.60M28%Share buybacks$70.00M3%
DuPont needs revenue, assets and equity
This company does not report all three for consecutive years.
Piotroski F-Score
Nine tests of profitability, balance sheet and efficiency, fiscal 2025 against fiscal 2024
5of 6 tests passed in fiscal 2025. Some tests lack the figures they need.
- ProfitableNet income above zero–
- Cash generatingOperating cash flow above zero$1.33B
- Return on assets improvedROA up on the prior year– → –
- Earnings backed by cashOperating cash flow above net income$1.33B vs –
- Less leverageLong-term debt to assets fell9.7% → 7.3%
- Better liquidityCurrent ratio rose2.50 → 2.69
- No dilutionShare count did not rise363M → 382M
- Gross margin improvedGross margin up on the prior year19.47% → 38.82%
- More efficientAsset turnover rose0.39 → 0.50