# PAN AMERICAN SILVER CORP (PAAS.TO) fundamentals

Data as of 2026-09-08. TSX, Canada. Sector: Basic Materials / Metals & Mining. Price C$71.04, market value C$29.5 billion.

## Valuation
- **P/E (trailing): 15.2×** (5-yr avg 60.5×, 3-yr avg 59.4×). PAN AMERICAN SILVER CORP trades at 15.2× trailing earnings, well below its own five-year average of 60.5×: cheap by its own standards. The Basic Materials median in the September 2026 study was 19.0×. Forward P/E is 10.9×, lower than trailing, so analysts expect earnings to grow.
- **PEG: 0.01**. A PEG of 0.01 means the P/E is low relative to expected earnings growth: the market is not paying much for that growth.
- **Price / sales: 4.9×**. Each dollar of revenue is priced at 4.9×.
- **Price / book: 2.9×**. The shares trade at 2.9× book value; book value is a meaningful part of the valuation.
- **EV / EBITDA: 8.7×**. Enterprise value is 8.7× operating earnings before depreciation, the multiple that ignores how the company is financed.
- **Free-cash-flow yield: 6.3%** (5-yr avg 1.2%). Free cash flow equals 6.3% of the market value, above its five-year average of 1.2%, so the shares are cheaper on cash than they have usually been. Above 5% is generally attractive.
- **Earnings yield: 6.6%**. The inverse of the P/E: 6.6% of the price is earned each year.

## Profitability
- **Gross margin: 44.9%**. PAN AMERICAN SILVER CORP keeps 44.9% of revenue after the direct cost of what it sells.
- **Operating margin: 39.4%**. 39.4% of revenue is left after running the business, an exceptional level.
- **Net margin: 27.0%**. 27.0% of each dollar of sales reaches the bottom line.
- **Return on equity: 14.2%**. 14.2% on shareholders' equity is solid.
- **Return on invested capital: 18.9%**. Return on all capital, debt included, is 18.9%: comfortably above what that capital costs.
- **Return on assets: 14.3%**. Each dollar of assets produces 14.3% of profit.

## Growth
- **Revenue growth (1 yr): 30.6%** (3-yr 35.1%/yr, 5-yr 22.4%/yr). Revenue grew 30.6% over the last year, against 22.4% a year compounded over five years: growth is accelerating.
- **EPS growth (1 yr): 741.9%** (5-yr 25.2%/yr). Earnings per share rose 741.9%, faster than revenue, so margins expanded or the share count shrank.

## Financial health
- **Debt to equity: 0.12**. Debt is 0.12 times equity: a conservative balance sheet.
- **Net debt / EBITDA: net cash**. PAN AMERICAN SILVER CORP holds more cash than debt.
- **Interest coverage: 22.3×**. Operating profit covers interest 22.3× over, a safe margin.
- **Current ratio: 2.69** (quick 1.97). Current assets cover the next year's liabilities 2.69 times.
- **Altman Z-score: 8.42**. A Z-score of 8.42 places the company in the safe zone for bankruptcy risk.
- **Piotroski F-score: 7/9**. 7 of 9 fundamental checks pass: strong and improving financials.

## Dividends
- **Dividend yield: 1.43%** (C$1.02 per share, trailing). PAN AMERICAN SILVER CORP yields 1.43%, a modest yield more typical of a growth-oriented payer.
- **Payout ratio: 18%** (19% of free cash flow). 18% of earnings goes out as dividends, leaving room to keep raising it.
- **Consecutive years of increases: 2**. 2 straight years of increases.
- **Dividend growth (5 yr): 17.0%/yr** (1-yr 17.6%). The dividend has compounded at 17.0% a year over five years, doubling roughly every 4 years at that pace.
- **Shareholder yield: 2.7%**. Dividends plus net buybacks return 2.7% of the market value a year.

## Analyst view
- **Analyst consensus: buy** (3 analysts). 3 analysts cover PAN AMERICAN SILVER CORP; the consensus is buy, with an average price target of C$92.17 (+30% from the current price). Analyst opinion is shown for context; it is not part of the Fundamental Score.

## Price and momentum
- **Total return (1 yr): 54.4%** (YTD 0.4%, 3-mo 7.2%). The shares are up 54.4% over twelve months including dividends.
- **From 52-week high: -25.5%** (52.4% above the low). Trading 26% below its 52-week high.
- **200-day average: below**. The price sits below its 200-day moving average, the usual definition of a downtrend.
- **RSI (14-day): 52**. An RSI of 52 is neutral.
- **Beta (1 yr): 2.97** (volatility 57%). Beta of 2.97 against the S&P/TSX Composite: the shares move much more than the market.

Live score and charts: https://foliofundamentals.com/analyzer?s=PAAS.TO · Page: https://foliofundamentals.com/stocks/paas.to

Not investment advice.