PAAS
Pan American Silver Corp.
PAAS's fundamentals are strong and it looks cheap: trading at 11x earnings, about a third of its usual 32x. Analysts expect strong earnings growth, though they disagree widely on how much.
PAAS Fundamentals
| Metric | Status |
|---|---|
| Strong | |
| Strong | |
| Strong | |
| Strong |
PAAS's revenue, profitability, cash flow and balance sheet are all currently strong.
PAAS PE Valuation
| Level | PE | Price | Vs current |
|---|---|---|---|
| Forward | 8.7x | $37.72 | — |
| Current | 11x | $37.72 | — |
| Cheap | 18x | $60.68 | +61% |
| Fair | 31x | $103 | +172% |
| Expensive | 101x | $336 | +790% |
Historical ranges are pointers, not guarantees.
PAAS's PE is in its cheap range at 11x. If earnings grow as analysts expect, today's price would be 8.7x next year's earnings.
PAAS Forward outlook
| Metric | Outlook |
|---|---|
| Strongly improving | |
| Strong growth | |
| Growth | |
| Strongly improving | |
| Limited | |
| Low |
Analysts expect earnings and revenue growth for PAAS, with profitability improving. However, they disagree widely on these estimates.
PAAS Earnings Per Share
| Quarter | TTM EPS | YoY |
|---|---|---|
| Forward | $4.33 | +31% |
| Q2 2026 | $3.31 | +130% |
| Q1 2026 | $3.13 | +264% |
| Q4 2025 | $2.51 | +710% |
| Q3 2025 | $1.72 | +$1.86 |
| Q2 2025 | $1.44 | +$1.79 |
| Q1 2025 | $0.86 | +$1.23 |
| Q4 2024 | $0.31 | +$0.52 |
| Q3 2024 | -$0.14 | +$0.74 |
PAAS's earnings per share have climbed steadily: $3.31 over the past year, up 130% from the year before, and higher year over year for 11 quarters in a row.
PAAS Quarterly Revenue
| Quarter | Revenue | YoY |
|---|---|---|
| Q2 2026 | $1.1B | +35% |
| Q1 2026 | $1.2B | +49% |
| Q4 2025 | $1.2B | +47% |
| Q3 2025 | $854.6M | +19% |
| Q2 2025 | $811.9M | +18% |
| Q1 2025 | $773.2M | +29% |
| Q4 2024 | $815.1M | +22% |
| Q3 2024 | $716.1M | +16% |
PAAS's revenue has grown year over year for 13 quarters in a row: $1.1B last quarter, up 35% from the same quarter a year ago.
| Quarter | Margin | YoY |
|---|---|---|
| Q2 2026 | 37% | +7.1 points |
| Q1 2026 | 49% | +19 points |
| Q4 2025 | 39% | +7.9 points |
| Q3 2025 | 29% | +8 points |
| Q2 2025 | 30% | +17 points |
| Q1 2025 | 30% | +24 points |
| Q4 2024 | 31% | +32 points |
| Q3 2024 | 21% | +14 points |
PAAS's operating margin was 37% last quarter, up 7.1 points from the same quarter a year ago.
PAAS Free Cash Flow
| Quarter | Free cash flow | YoY |
|---|---|---|
| Q2 2026 | $403.4M | +73% |
| Q1 2026 | $400M | +275% |
| Q4 2025 | $514.1M | +172% |
| Q3 2025 | $217.6M | +44% |
| Q2 2025 | $233.1M | +169% |
| Q1 2025 | $106.7M | +$132.5M |
| Q4 2024 | $188.7M | +289% |
| Q3 2024 | $151.1M | +2461% |
PAAS generated $1.5B in free cash flow over the past year, up 126% from the year before.
PAAS Total Shares
| Period | Change % | Net change |
|---|---|---|
| Quarterly | -0.4% | -1.6M shares |
| 1 year | +16% | +58.2M shares |
| 3 years | +15% | +55.9M shares |
| 5 years | +100% | +210M shares |
| Available history | +100% | +211M shares |
PAAS has 420M diluted shares, up 16% from a year ago, despite $258M in buybacks over the past year.
| Quarter | Spent |
|---|---|
| Q2 2026 | $217.4M |
| Q1 2026 | $25M |
| Q4 2025 | $15.1M |
| Q3 2025 | — |
| Q2 2025 | $11.1M |
| Q1 2025 | $19.9M |
| Q4 2024 | $190,870 |
| Q3 2024 | $1,304 |
PAAS spent $258M buying back its own shares over the past year, about eight times what it spent the year before.
PAAS Net Leverage
| Quarter | Net Leverage | Status |
|---|---|---|
| Q2 2026 | -0.3x | Net Cash |
| Q1 2026 | -0.3x | Net Cash |
| Q4 2025 | -0.2x | Net Cash |
| Q3 2025 | -0.0x | Net Cash |
| Q2 2025 | -0.2x | Net Cash |
| Q1 2025 | -0.1x | Net Cash |
| Q4 2024 | -0.1x | Net Cash |
| Q3 2024 | 0.5x | Very low |
PAAS has more cash than debt.
PAAS Weekly Momentum
| Metric | Value | Status |
|---|---|---|
| RSI | 38.0 | Neutral |
| Stochastic | 8.7 | Oversold |
PAAS's weekly RSI is 38 (neutral) and its Stochastic is 9 (oversold).
PAAS PE vs Basic Materials Sector
| Metric | PAAS | Sector median | Relative |
|---|---|---|---|
| PE | 11x | 19x | 39% below |
| PE % | 0 | 40 | 40 pts below |
PAAS is trading at 11x earnings, a 39% discount to the Basic Materials sector's median of 19x.
PAAS Weekly Moving Averages
| Moving average | MA price | Relative |
|---|---|---|
| 8 week MA | $42.6 | 12% below |
| 20 week MA | $45.8 | 18% below |
| 50 week MA | $51.1 | 26% below |
| 100 week MA | $40.0 | 5.8% below |
| 200 week MA | $28.8 | 31% above |
PAAS has fallen below most of its moving averages, though it's still 31% above its 200-week average.
PAAS Yearly ROI
| Year | Start price | End price | ROI |
|---|---|---|---|
| 2020 | $23.1 | $33.0 | +43% |
| 2021 | $33.0 | $25.0 | -24% |
| 2022 | $25.0 | $16.8 | -33% |
| 2023 | $16.8 | $16.3 | -2.9% |
| 2024 | $16.3 | $20.6 | +26% |
| 2025 | $20.6 | $55.4 | +169% |
| 2026 YTD | $55.4 | $37.7 | -32% |
PAAS has finished lower in three of the last six years. It's down 32% so far in 2026.