Detailed financial statements for Pan American Silver Corp. (PAAS): income statement, balance sheet and cash-flow summary. Track margins, debt, liquidity and profitability trends year over year: ten fiscal years free and up to 20 with Premium.
Pan American Silver Corp. is a mining enterprise dedicated to the full spectrum of metal operations, from discovery and site development to extraction, refinement, and environmental reclamation. The company focuses on precious and base metals including silver, gold, zinc, lead, and copper.
Analysis Summary
Pan American Silver Corp. reported revenue of $3.68B in the most recent fiscal year, growing at a 5-year CAGR of 22.4%. Net income reached $995.1M, with a 41.1% 5-year CAGR.
Trailing-twelve-month margins: gross margin 44.6%, operating margin 39.2%, net margin 32.1%. Free cash flow grew at 30.7% CAGR over 5 years.
At $37.98 (closing price, October 30, 2026), PAAS trades at a P/E of 11.47 and an ROE of 19.51%. Market capitalisation stands at $15.7B, placing it among large-cap names.
Balance sheet quality for PAAS: current ratio of 2.7, net cash position of $381.3M. A debt-to-equity below 1.0 typically signals conservative capital structure, while a current ratio above 1.5 indicates comfortable short-term liquidity.
Cash flow quality is strong: free cash flow of $1.08B represents 109% conversion of reported net income. High conversion (above 90%) suggests earnings translate cleanly into cash; lower conversion may indicate working capital tightness or accounting timing differences.
Income Statement (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $774.8M | $816.8M | $784.5M | $1.35B | $1.34B | $1.63B | $1.49B | $2.32B | $2.82B | $3.68B |
| Cost of Revenue | $575.9M | $648.1M | $683.6M | $1.15B | $1.08B | $1.26B | $1.45B | $2.02B | $2.27B | $2.30B |
| Gross Profit | $198.9M | $168.8M | $100.9M | $205.6M | $258.1M | $367.9M | $48.4M | $296.8M | $548.5M | $1.39B |
| Research & Development | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Selling, General & Admin | $23.7M | $21.4M | $22.6M | $31.8M | $36.4M | $34.9M | $29.0M | $61.4M | $69.8M | $118.0M |
| Operating Expenses | $14.4M | -$19.6M | $58.2M | $78.5M | $48.1M | $47.0M | $310.7M | $258.7M | $17.8M | $198.4M |
| Operating Income | $184.5M | $188.3M | $42.7M | $127.1M | $210.0M | $320.9M | -$262.3M | $38.1M | $530.7M | $1.19B |
| EBITDA | $294.3M | $239.0M | $204.2M | $452.8M | $533.7M | $551.6M | $20.3M | $476.8M | $1.05B | $1.85B |
| Interest Expense | $5.1M | $2.5M | $2.2M | $19.8M | $12.5M | $8.7M | $7.3M | $58.2M | $50.8M | $59.0M |
| Pre-tax Income | $176.3M | $182.5M | $33.2M | $182.5M | $252.0M | $245.0M | -$301.0M | -$58.8M | $431.7M | $1.26B |
| Income Tax | $74.4M | $59.0M | $21.1M | $71.3M | $75.6M | $146.4M | $39.1M | $46.1M | $319.0M | $262.5M |
| Net Income | $100.1M | $121.0M | $10.3M | $110.7M | $177.9M | $97.4M | -$340.1M | -$103.7M | $111.5M | $995.1M |
| EPS | $0.66 | $0.79 | $0.07 | $0.55 | $0.85 | $0.46 | $-1.62 | $-0.32 | $0.31 | $2.61 |
| EPS (Diluted) | $0.66 | $0.79 | $0.07 | $0.55 | $0.85 | $0.46 | $-1.62 | $-0.32 | $0.31 | $2.61 |
| Shares Outstanding (Diluted) | 152.5 M | 153.4 M | 153.5 M | 201.6 M | 210.3 M | 210.4 M | 210.5 M | 326.5 M | 363.4 M | 381.6 M |
Income Statement (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|---|---|---|---|
| Revenue | $854.6M | $1.20B | $1.15B | $1.10B |
| Gross Profit | $313.0M | $565.3M | $608.0M | $430.8M |
| Operating Income | $249.7M | $469.0M | $560.0M | $406.4M |
| EBITDA | $383.8M | $708.2M | $778.0M | $532.1M |
| Net Income | $168.6M | $458.4M | $457.0M | $296.3M |
| EPS | $0.44 | $1.09 | $1.08 | $0.70 |
| EPS (Diluted) | $0.44 | $1.09 | $1.08 | $0.70 |
Balance Sheet (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $180.9M | $176.0M | $138.5M | $120.6M | $167.1M | $283.6M | $107.0M | $399.6M | $862.8M | $1.21B |
| Short-term Investments | $36.7M | $51.6M | $74.0M | $117.8M | $111.9M | $51.7M | $35.3M | $41.3M | $24.5M | $103.8M |
| Receivables | $118.8M | $126.7M | $109.2M | $186.0M | $149.8M | $148.4M | $176.6M | $200.9M | $195.8M | $255.5M |
| Inventory | $237.3M | $218.7M | $214.5M | $346.5M | $406.2M | $500.5M | $471.6M | $711.6M | $605.7M | $586.9M |
| Total Current Assets | $612.9M | $595.5M | $548.4M | $788.9M | $856.9M | $1.00B | $804.4M | $1.39B | $1.72B | $2.19B |
| Property, Plant & Equipment | $1.22B | $1.34B | $1.30B | $2.50B | $2.42B | $2.34B | $2.23B | $5.68B | $5.33B | $5.33B |
| Goodwill | $3.1M | $3.1M | $3.1M | $5.0M | $2.8M | $2.8M | $2.8M | 0 | 0 | 0 |
| Intangible Assets | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Assets | $1.90B | $1.99B | $1.94B | $3.46B | $3.43B | $3.52B | $3.25B | $7.21B | $7.20B | $9.72B |
| Accounts Payable | $45.3M | $47.1M | $52.2M | $66.9M | $80.3M | $77.5M | $88.8M | $198.2M | $194.4M | $314.4M |
| Short-term Debt | 0 | $3.0M | 0 | 0 | 0 | 0 | $13.7M | $6.7M | $6.8M | $57.9M |
| Total Current Liabilities | $184.3M | $184.7M | $150.5M | $271.7M | $361.8M | $387.7M | $380.8M | $624.2M | $687.0M | $815.5M |
| Long-term Debt | $36.2M | 0 | 0 | $275.0M | 0 | $11.9M | $180.0M | $697.0M | $702.0M | $792.6M |
| Total Liabilities | $499.1M | $472.3M | $424.1M | $993.8M | $828.0M | $882.6M | $1.05B | $2.44B | $2.49B | $2.74B |
| Retained Earnings | -$931.1M | -$825.5M | -$836.1M | -$754.7M | -$623.0M | -$598.0M | -$1.03B | -$1.27B | -$1.30B | -$512.1M |
| Total Equity | $1.40B | $1.52B | $1.51B | $2.46B | $2.60B | $2.63B | $2.20B | $4.76B | $4.70B | $6.98B |
| Total Debt | $43.3M | $10.6M | $6.7M | $316.2M | $33.6M | $42.5M | $226.8M | $801.6M | $803.3M | $935.3M |
| Net Debt | -$174.3M | -$217.0M | -$205.8M | $77.9M | -$245.5M | -$292.8M | $84.5M | $360.7M | -$84.0M | -$381.3M |
| Working Capital | $428.6M | $410.8M | $397.8M | $517.2M | $495.2M | $613.5M | $423.6M | $765.8M | $1.03B | $1.38B |
Balance Sheet (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|---|---|---|---|
| Cash & Equivalents | $870.2M | $1.21B | $1.50B | $1.56B |
| Total Assets | $9.15B | $9.72B | $10.13B | $10.14B |
| Total Liabilities | $2.52B | $2.74B | $2.78B | $2.79B |
| Total Equity | $6.62B | $6.98B | $7.35B | $7.35B |
| Total Debt | $857.0M | $935.3M | $845.0M | $840.0M |
Cash Flow (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Net Income | $101.8M | $123.5M | $12.0M | $111.2M | $176.5M | $98.6M | -$340.1M | -$104.9M | $112.7M | $995.1M |
| Depreciation & Amortization | $116.0M | $122.9M | $147.3M | $253.5M | $272.4M | $303.0M | $316.0M | $484.2M | $571.7M | $532.2M |
| Stock-based Compensation | $3.8M | $3.1M | $3.0M | $4.4M | $3.0M | $5.1M | $3.9M | $5.5M | $400,000 | 0 |
| Change in Working Capital | -$5.5M | $11.7M | -$4.3M | -$27.9M | $97.0M | -$71.1M | -$42.0M | $53.2M | -$127.8M | -$29.5M |
| Operating Cash Flow | $214.8M | $224.6M | $155.0M | $282.0M | $462.3M | $392.1M | $31.8M | $450.2M | $724.1M | $1.40B |
| Capital Expenditure | -$202.7M | -$162.5M | -$151.8M | -$207.4M | -$178.6M | -$243.5M | -$274.7M | -$379.0M | -$323.3M | -$319.5M |
| Acquisitions | 0 | -$2.5M | 0 | -$247.5M | 0 | 0 | 0 | $614.5M | $290.4M | -$401.9M |
| Stock Repurchased | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -$23.1M | -$46.8M |
| Dividends Paid | -$7.6M | -$15.3M | -$21.3M | -$29.3M | -$46.2M | -$71.5M | -$94.7M | -$130.4M | -$145.4M | -$178.1M |
| Free Cash Flow | $12.1M | $62.1M | $3.1M | $74.7M | $283.8M | $148.6M | -$242.9M | $71.2M | $400.8M | $1.08B |
Cash Flow (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|---|---|---|---|
| Operating Cash Flow | $308.7M | $610.0M | $505.0M | $499.9M |
| Capital Expenditure | -$91.1M | -$96.0M | -$105.0M | -$96.5M |
| Free Cash Flow | $217.6M | $514.1M | $400.0M | $403.4M |
| Dividends Paid | -$43.4M | -$60.2M | -$76.0M | -$74.1M |
| Stock-based Compensation | $600,000 | 0 | 0 | 0 |
Growth & Margins (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue Growth (YoY) | +5.4% | -4.0% | +72.2% | -0.9% | +22.0% | -8.5% | +55.0% | +21.7% | +30.6% | |
| Net Income Growth (YoY) | +20.9% | -91.5% | +975.8% | +60.6% | -45.2% | -449.0% | +69.5% | +207.5% | +792.5% | |
| EPS Growth (YoY) | +19.7% | -91.5% | +719.7% | +54.5% | -45.9% | -452.2% | +80.2% | +196.9% | +741.9% | |
| Shares Change (YoY) | +0.6% | +0.1% | +31.3% | +4.3% | +0.1% | +0.0% | +55.1% | +11.3% | +5.0% | |
| FCF Growth (YoY) | +411.5% | -95.0% | +2,285.8% | +280.0% | -47.6% | -263.4% | +129.3% | +462.9% | +169.9% | |
| Gross Margin | 25.7% | 20.7% | 12.9% | 15.2% | 19.3% | 22.5% | 3.2% | 12.8% | 19.5% | 37.7% |
| Operating Margin | 23.8% | 23.1% | 5.4% | 9.4% | 15.7% | 19.7% | -17.5% | 1.6% | 18.8% | 32.3% |
| EBITDA Margin | 38.0% | 29.3% | 26.0% | 33.5% | 39.9% | 33.8% | 1.4% | 20.6% | 37.3% | 50.3% |
| Net Margin | 12.9% | 14.8% | 1.3% | 8.2% | 13.3% | 6.0% | -22.8% | -4.5% | 4.0% | 27.0% |
| FCF Margin | 1.6% | 7.6% | 0.4% | 5.5% | 21.2% | 9.1% | -16.3% | 3.1% | 14.2% | 29.4% |
| Effective Tax Rate | 42.2% | 32.4% | 63.7% | 39.0% | 30.0% | 59.8% | -13.0% | -78.4% | 73.9% | 20.8% |
Per-Share Data (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| FCF Per Share | $0.08 | $0.41 | $0.02 | $0.37 | $1.35 | $0.71 | $-1.15 | $0.22 | $1.10 | $2.83 |
| Dividends Per Share | $0.05 | $0.10 | $0.14 | $0.15 | $0.22 | $0.34 | $0.45 | $0.40 | $0.40 | $0.47 |
| Shares Outstanding (Basic) | 152.1 M | 153.1 M | 153.3 M | 201.4 M | 210.1 M | 210.3 M | 210.5 M | 326.5 M | 363.4 M | 381.5 M |
What to look at in Basic Materials
Miners, chemicals, steel. 100% commodity-driven. Analysing them with pure P/E is a mistake — look at cost position and dividend sustainability.
- FCF yield — In commodities FCF is gold — EPS is very misleading
- Gross margin — 5y consistent gross margin = moat signal
- Net debt / EBITDA (trough) — Use EBITDA from the worst year of the cycle, not the current one
- Dividend coverage — Dividend covered by FCF in an average year, not at peak
- Capex / D&A — >1x = maintain/grow reserves. <0.7x = decapitalising
- Altman Z-Score — Bankruptcy model (NYU 1968) — combines liquidity, leverage and profitability. Key in cyclicals
- P/B across cycles — Commodities: 0.8-1.2x at troughs, 2x+ at peaks. <2x still reasonable zone
Profitability
| Return on Equity | 19.51% |
| Return on Invested Capital | 13.11% |
| Return on Assets | 13.61% |
| Gross Margin | 44.57% |
| Operating Margin | 39.18% |
| Net Margin | 32.09% |
Financial Health
| Debt / Equity | 0.11 |
| Current Ratio | 2.94 |
| Piotroski F-Score | 8 |
| Altman Z-Score | 5.21 |
Key Ratios (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| P/E | 22.83 | 19.70 | 217.59 | 43.07 | 40.60 | 54.28 | -10.09 | -51.03 | 65.23 | 19.85 |
| P/B | 1.64 | 1.57 | 1.48 | 1.94 | 2.79 | 2.00 | 1.57 | 1.12 | 1.56 | 2.83 |
| P/S | 2.96 | 2.92 | 2.85 | 3.53 | 5.42 | 3.22 | 2.30 | 2.30 | 2.61 | 5.37 |
| Gross Margin | 25.7% | 20.7% | 12.9% | 15.2% | 19.3% | 22.5% | 3.2% | 12.8% | 19.5% | 37.7% |
| Operating Margin | 23.8% | 23.1% | 5.4% | 9.4% | 15.7% | 19.7% | -17.5% | 1.6% | 18.8% | 32.3% |
| Net Margin | 12.9% | 14.8% | 1.3% | 8.2% | 13.3% | 6.0% | -22.8% | -4.5% | 4.0% | 27.0% |
Related companies: AG · HL · CDE · FSM · EXK
Explore sector: Basic Materials · Gold
More sections of PAAS: Overview · Valuation · Statistics · Estimates · Technical · Ownership · News · Events
Discover more: Weekly Radar: the S&P 500 through the Buffett and Lynch methods · Companies that pass the Buffett method today · Companies that pass the Lynch method today · Stocks that pass Graham's defensive investor test today · Investment Academy — learn to analyze stocks