Pan American Silver Corp. (PAAS) 10-Year Financial Performance & Capital Metrics

PAAS • • Industrial / General

Basic MaterialsSilverSilver-Gold ProducersMulti-Mine Silver-Gold Producers

AboutPan American Silver Corp., together with its subsidiaries, engages in the exploration, mine development, extraction, processing, refining, and reclamation of silver, gold, zinc, lead, and copper mines in Canada, Mexico, Peru, Argentina, and Bolivia. It holds interests in the La Colorada, Dolores, Huaron, Morococha, Shahuindo, La Arena, Timmins West, Bell Creek, Manantial Espejo, San Vicente, Joaquin, Cap-Oeste Sur Este, and Navidad mines. The company was formerly known as Pan American Minerals Corp. and changed its name to Pan American Silver Corp. in April 1995. Pan American Silver Corp. was incorporated in 1979 and is headquartered in Vancouver, Canada.Show more

Revenue $2.82B +21.7%
EBITDA $1.1B +111.1%
Net Income $112M +207.5%
EPS (Diluted) 0.31 +196.9%
Gross Margin 19.46% +51.8%
EBITDA Margin 39.11% +73.4%
Operating Margin 18.83% +1044.5%
Net Margin 3.96% +188.3%
ROE 2.35% +179.0%
ROIC 8.1% +962.0%
Debt/Equity 0.17 +1.4%
Interest Coverage 10.44 +1496.0%

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓Strong Piotroski F-Score: 7/9
✓Momentum leader: RS Rating 92 (top 8%)
✓High quality earnings: Operating CF exceeds net income
✓Strong 5Y sales CAGR of 15.9%
✓Trading near 52-week high

✗Weaknesses

✗Dividend payout exceeds 100% of earnings
✗Shares diluted 11.3% in last year

Price & Volume

Loading chart...

Growth Metrics

Revenue CAGR

10Y14.13%

5Y15.85%

3Y19.96%

TTM21.75%

Profit (Net Income) CAGR

10Y-

5Y0.14%

3Y4.6%

TTM1445.16%

EPS CAGR

10Y-

5Y-10.83%

3Y-12.33%

TTM1373.13%

ROCE

10Y Avg3.3%

5Y Avg3.44%

3Y Avg0.05%

Latest8.1%

Peer Comparison

Multi-Mine Silver-Gold Producers

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
PAASPan American Silver Corp.	23.58B	55.88	180.26	21.71%	19.48%	9.57%	1.7%	0.17
AGFirst Majestic Silver Corp.	9.97B	20.34	-59.82	-2.74%	7.86%	2.54%	0.37%	0.18

Profit & Loss

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Sales/Revenue+	674.69M	774.77M	816.83M	784.5M	1.35B	1.34B	1.63B	1.49B	2.32B	2.82B
Revenue Growth %	-0.1%	0.15%	0.05%	-0.04%	0.72%	-0.01%	0.22%	-0.08%	0.55%	0.22%
Cost of Goods Sold+	706.78M	575.9M	648.07M	683.6M	1.15B	1.08B	1.26B	1.45B	2.02B	2.27B
COGS % of Revenue	1.05%	0.74%	0.79%	0.87%	0.85%	0.81%	0.77%	0.97%	0.87%	0.81%
Gross Profit+	-32.09M	198.88M	168.76M	100.9M	205.63M	258.07M	367.94M	48.4M	296.8M	548.5M
Gross Margin %	-0.05%	0.26%	0.21%	0.13%	0.15%	0.19%	0.23%	0.03%	0.13%	0.19%
Gross Profit Growth %	-4.97%	7.2%	-0.15%	-0.4%	1.04%	0.26%	0.43%	-0.87%	5.13%	0.85%
Operating Expenses+	197.95M	14.41M	-19.57M	58.21M	78.52M	48.09M	47.03M	310.7M	258.7M	17.8M
OpEx % of Revenue	0.29%	0.02%	-0.02%	0.07%	0.06%	0.04%	0.03%	0.21%	0.11%	0.01%
Selling, General & Admin	18.03M	23.66M	21.4M	22.65M	31.75M	36.38M	34.85M	29M	61.4M	69.8M
SG&A % of Revenue	0.03%	0.03%	0.03%	0.03%	0.02%	0.03%	0.02%	0.02%	0.03%	0.02%
Research & Development	0	0	0	0	0	0	0	0	0	0
R&D % of Revenue	-	-	-	-	-	-	-	-	-	-
Other Operating Expenses	179.93M	-9.26M	-40.97M	35.56M	46.77M	11.72M	12.18M	281.7M	197.3M	-52M
Operating Income+	-230.04M	184.47M	188.33M	42.69M	127.1M	209.98M	320.91M	-262.3M	38.1M	530.7M
Operating Margin %	-0.34%	0.24%	0.23%	0.05%	0.09%	0.16%	0.2%	-0.18%	0.02%	0.19%
Operating Income Growth %	0.64%	1.8%	0.02%	-0.77%	1.98%	0.65%	0.53%	-1.82%	1.15%	12.93%
EBITDA+	-79.2M	300.43M	311.22M	189.98M	380.56M	482.42M	623.87M	53.7M	522.3M	1.1B
EBITDA Margin %	-0.12%	0.39%	0.38%	0.24%	0.28%	0.36%	0.38%	0.04%	0.23%	0.39%
EBITDA Growth %	0.84%	4.79%	0.04%	-0.39%	1%	0.27%	0.29%	-0.91%	8.73%	1.11%
D&A (Non-Cash Add-back)	150.84M	115.95M	122.89M	147.29M	253.45M	272.44M	302.96M	316M	484.2M	571.7M
EBIT	-232.12M	178.39M	116.13M	56.93M	199.39M	261.23M	248.65M	-295.7M	-7.4M	479.3M
Net Interest Income+	-4.8M	-5.13M	-1.26M	-331.2K	66.84M	53.88M	-8.65M	-2.16M	-41.96M	-50.84M
Interest Income	0	0	1.22M	1.84M	86.67M	66.35M	0	5.16M	16.29M	0
Interest Expense	4.8M	5.13M	2.48M	2.18M	19.83M	12.47M	8.65M	7.32M	58.25M	50.84M
Other Income/Expense	-5.71M	-8.2M	-5.84M	-9.5M	55.41M	42.03M	-75.92M	-38.7M	-96.9M	-99M
Pretax Income+	-235.75M	176.27M	182.49M	33.19M	182.51M	252.01M	244.99M	-301M	-58.8M	431.7M
Pretax Margin %	-0.35%	0.23%	0.22%	0.04%	0.14%	0.19%	0.15%	-0.2%	-0.03%	0.15%
Income Tax+	-4.2M	74.45M	59.03M	21.15M	71.27M	75.56M	146.43M	39.1M	46.1M	319M
Effective Tax Rate %	0.96%	0.57%	0.66%	0.31%	0.61%	0.71%	0.4%	1.13%	1.76%	0.26%
Net Income+	-226.65M	100.08M	120.99M	10.29M	110.74M	177.88M	97.43M	-340.06M	-103.7M	111.5M
Net Margin %	-0.34%	0.13%	0.15%	0.01%	0.08%	0.13%	0.06%	-0.23%	-0.04%	0.04%
Net Income Growth %	0.58%	1.44%	0.21%	-0.91%	9.76%	0.61%	-0.45%	-4.49%	0.7%	2.08%
Net Income (Continuing)	-231.56M	101.83M	123.45M	12.04M	111.24M	176.46M	98.56M	-340.1M	-104.9M	112.7M
Discontinued Operations	0	0	0	0	0	0	0	0	0	0
Minority Interest	1.39M	2.71M	4.2M	5.14M	4.75M	3.32M	4.45M	6.1M	11.8M	13.1M
EPS (Diluted)+	-1.49	0.66	0.79	0.07	0.55	0.85	0.46	-1.62	-0.32	0.31
EPS Growth %	0.59%	1.44%	0.2%	-0.92%	7.2%	0.55%	-0.46%	-4.52%	0.8%	1.97%
EPS (Basic)	-1.49	0.66	0.79	0.07	0.55	0.85	0.46	-1.62	-0.32	0.31
Diluted Shares Outstanding	151.66M	152.5M	153.35M	153.52M	201.57M	210.29M	210.44M	210.52M	326.54M	363.4M
Basic Shares Outstanding	151.66M	152.12M	153.07M	153.31M	201.4M	210.1M	210.3M	210.52M	326.54M	363.36M
Dividend Payout Ratio	-	0.08%	0.13%	2.07%	0.26%	0.26%	0.73%	-	-	1.3%

Balance Sheet

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Total Current Assets+	552.16M	612.85M	595.47M	548.37M	788.92M	856.92M	1B	804.4M	1.39B	1.72B
Cash & Short-Term Investments	226.64M	217.61M	227.54M	212.51M	238.34M	279.06M	335.27M	142.3M	440.9M	887.3M
Cash Only	133.96M	180.88M	175.95M	138.51M	120.56M	167.11M	283.55M	107M	399.6M	862.8M
Short-Term Investments	92.68M	36.73M	51.59M	74M	117.78M	111.95M	51.72M	35.3M	41.3M	24.5M
Accounts Receivable	114.41M	118.81M	126.74M	109.2M	185.96M	149.81M	148.43M	176.6M	200.9M	195.8M
Days Sales Outstanding	61.9	55.97	56.63	50.81	50.25	40.84	33.18	43.13	31.66	25.35
Inventory	204.36M	237.33M	218.72M	214.47M	346.51M	406.19M	500.46M	471.6M	711.6M	605.7M
Days Inventory Outstanding	105.54	150.42	123.18	114.51	110.45	137.18	144.42	119.02	128.63	97.38
Other Current Assets	0	10.34M	9.04M	640K	1.27M	7.81M	4M	2.9M	6.9M	0
Total Non-Current Assets+	1.16B	1.29B	1.4B	1.39B	2.67B	2.58B	2.52B	2.44B	5.82B	5.48B
Property, Plant & Equipment	1.15B	1.22B	1.34B	1.3B	2.5B	2.42B	2.34B	2.23B	5.68B	5.33B
Fixed Asset Turnover	0.59x	0.63x	0.61x	0.60x	0.54x	0.55x	0.70x	0.67x	0.41x	0.53x
Goodwill	3.06M	3.06M	3.06M	3.06M	4.99M	2.77M	2.77M	2.77M	0	0
Intangible Assets	0	0	0	0	0	0	0	0	0	0
Long-Term Investments	1.45M	49.73M	55.02M	70.57M	84.32M	71.56M	78.66M	121.2M	0	0
Other Non-Current Assets	9.41M	8.04M	426K	2.23M	42.11M	29.76M	35.48M	37.83M	67.6M	112.8M
Total Assets+	1.72B	1.9B	1.99B	1.94B	3.46B	3.43B	3.52B	3.25B	7.21B	7.2B
Asset Turnover	0.39x	0.41x	0.41x	0.40x	0.39x	0.39x	0.46x	0.46x	0.32x	0.39x
Asset Growth %	-0.15%	0.11%	0.05%	-0.03%	0.79%	-0.01%	0.02%	-0.08%	1.22%	-0%
Total Current Liabilities+	159.94M	184.29M	184.71M	150.53M	271.67M	361.76M	387.68M	380.8M	624.2M	687M
Accounts Payable	53.57M	45.34M	47.14M	52.2M	66.92M	80.28M	77.46M	88.8M	198.2M	194.4M
Days Payables Outstanding	27.67	28.74	26.55	27.87	21.33	27.11	22.35	22.41	35.83	31.25
Short-Term Debt	19.58M	0	3M	0	0	0	0	13.7M	6.7M	6.8M
Deferred Revenue (Current)	0	0	0	0	0	0	0	0	0	0
Other Current Liabilities	12.53M	12M	11.24M	6.91M	8.37M	12.43M	11.79M	19.7M	41.7M	48.1M
Current Ratio	3.45x	3.33x	3.22x	3.64x	2.90x	2.37x	2.58x	2.11x	2.23x	2.50x
Quick Ratio	2.17x	2.04x	2.04x	2.22x	1.63x	1.25x	1.29x	0.87x	1.09x	1.62x
Cash Conversion Cycle	139.77	177.65	153.27	137.45	139.36	150.91	155.25	139.73	124.46	91.48
Total Non-Current Liabilities+	256.48M	314.85M	287.57M	273.6M	722.17M	466.28M	494.9M	666.1M	1.82B	1.8B
Long-Term Debt	36.2M	36.2M	0	0	275M	0	11.9M	180M	697M	702M
Capital Lease Obligations	1.76M	3.54M	1.82M	1.32M	27.01M	20.74M	19.9M	19.5M	52.2M	53.9M
Deferred Tax Liabilities	142.13M	170.86M	171.23M	148.82M	176.81M	175.31M	184.78M	140.3M	541.6M	521.7M
Other Non-Current Liabilities	76.39M	92.69M	102.5M	110.17M	230.81M	256.96M	265.8M	312.4M	512.5M	508.2M
Total Liabilities	416.42M	499.14M	472.28M	424.13M	993.84M	828.04M	882.58M	1.05B	2.44B	2.49B
Total Debt+	59.77M	43.3M	10.56M	6.68M	316.21M	33.56M	42.46M	226.8M	801.6M	803.3M
Net Debt	-74.19M	-137.58M	-165.39M	-131.83M	195.64M	-133.55M	-241.09M	119.8M	402M	-59.5M
Debt / Equity	0.05x	0.03x	0.01x	0.00x	0.13x	0.01x	0.02x	0.10x	0.17x	0.17x
Debt / EBITDA	-	0.14x	0.03x	0.04x	0.83x	0.07x	0.07x	4.22x	1.53x	0.73x
Net Debt / EBITDA	-	-0.46x	-0.53x	-0.69x	0.51x	-0.28x	-0.39x	2.23x	0.77x	-0.05x
Interest Coverage	-47.91x	35.99x	76.03x	19.62x	6.41x	16.84x	37.09x	-35.83x	0.65x	10.44x
Total Equity+	1.3B	1.4B	1.52B	1.51B	2.47B	2.61B	2.64B	2.2B	4.77B	4.72B
Equity Growth %	-0.17%	0.08%	0.09%	-0.01%	0.63%	0.06%	0.01%	-0.16%	1.17%	-0.01%
Book Value per Share	8.56	9.17	9.92	9.86	12.24	12.39	12.53	10.46	14.62	12.98
Total Shareholders' Equity	1.3B	1.4B	1.52B	1.51B	2.46B	2.6B	2.63B	2.2B	4.76B	4.7B
Common Stock	2.3B	2.3B	2.32B	2.32B	3.12B	3.13B	3.14B	3.14B	5.97B	5.94B
Retained Earnings	-1.02B	-931.06M	-825.47M	-836.07M	-754.69M	-623.03M	-598.03M	-1.03B	-1.27B	-1.3B
Treasury Stock	0	0	0	0	0	0	0	0	0	0
Accumulated OCI	-458K	434K	1.6M	208K	0	0	0	-3M	-30.3M	-30.9M
Minority Interest	1.39M	2.71M	4.2M	5.14M	4.75M	3.32M	4.45M	6.1M	11.8M	13.1M

Cash Flow

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Cash from Operations+	88.69M	214.8M	224.56M	154.98M	282.03M	462.31M	392.11M	31.8M	450.2M	724.1M
Operating CF Margin %	0.13%	0.28%	0.27%	0.2%	0.21%	0.35%	0.24%	0.02%	0.19%	0.26%
Operating CF Growth %	-0.29%	1.42%	0.05%	-0.31%	0.82%	0.64%	-0.15%	-0.92%	13.16%	0.61%
Net Income	-231.56M	101.83M	123.45M	12.04M	111.24M	176.46M	98.56M	-340.1M	-104.9M	112.7M
Depreciation & Amortization	150.84M	115.95M	122.89M	147.29M	253.45M	272.44M	302.96M	316M	484.2M	571.7M
Stock-Based Compensation	2.57M	3.83M	3.08M	2.96M	4.45M	3.02M	5.13M	3.9M	5.5M	400K
Deferred Taxes	-4.2M	74.45M	59.03M	21.15M	71.27M	75.56M	146.43M	39.1M	46.1M	319M
Other Non-Cash Items	151.19M	-75.7M	-95.6M	-24.2M	-130.44M	-162.15M	-89.9M	54.9M	-33.9M	-151.9M
Working Capital Changes	19.84M	-5.54M	11.71M	-4.26M	-27.94M	96.98M	-71.07M	-42M	53.2M	-127.8M
Change in Receivables	27.51M	-29.13M	9.85M	6.26M	1.54M	54.84M	-2.87M	-12.6M	45.9M	-61.1M
Change in Inventory	23.41M	19.53M	10.9M	-12.13M	22.75M	-14.62M	-82.89M	-49.9M	38.5M	-67.8M
Change in Payables	0	0	0	0	0	0	0	0	0	0
Cash from Investing+	-52.39M	-139.9M	-177.82M	-159.17M	-402.17M	-83.92M	-186.66M	-255.4M	397.9M	-32.6M
Capital Expenditures	-146.74M	-202.66M	-162.45M	-151.85M	-207.35M	-178.56M	-243.48M	-274.7M	-379M	-323.3M
CapEx % of Revenue	0.22%	0.26%	0.2%	0.19%	0.15%	0.13%	0.15%	0.18%	0.16%	0.11%
Acquisitions	-	-	-	-	-	-	-	-	-	-
Investments	-	-	-	-	-	-	-	-	-	-
Other Investing	536K	10.86M	1.67M	15.78M	10.27M	22.47M	45.8M	8.7M	3.8M	3.8M
Cash from Financing+	-47.84M	-28.22M	-51.5M	-33.13M	103.25M	-329.59M	-85.91M	53M	-551.8M	-225.2M
Debt Issued (Net)	-	-	-	-	-	-	-	-	-	-
Equity Issued (Net)	-	-	-	-	-	-	-	-	-	-
Dividends Paid	-41.7M	-7.61M	-15.31M	-21.28M	-29.33M	-46.22M	-71.5M	-94.7M	-130.4M	-145.4M
Share Repurchases	-	-	-	-	-	-	-	-	-	-
Other Financing	-545K	-428K	-1.05M	-2.02M	-4.03M	0	-933K	-300K	11.1M	100K
Net Change in Cash	-	-	-	-	-	-	-	-	-	-
Free Cash Flow+	-58.04M	12.14M	62.11M	3.13M	74.68M	283.76M	148.63M	-242.9M	71.2M	400.8M
FCF Margin %	-0.09%	0.02%	0.08%	0%	0.06%	0.21%	0.09%	-0.16%	0.03%	0.14%
FCF Growth %	-6.66%	1.21%	4.11%	-0.95%	22.86%	2.8%	-0.48%	-2.63%	1.29%	4.63%
FCF per Share	-0.38	0.08	0.41	0.02	0.37	1.35	0.71	-1.15	0.22	1.10
FCF Conversion (FCF/Net Income)	-0.39x	2.15x	1.86x	15.06x	2.55x	2.60x	4.02x	-0.09x	-4.34x	6.49x
Interest Paid	0	0	0	0	0	0	0	0	0	0
Taxes Paid	0	0	0	0	0	0	0	0	0	0

Key Ratios

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Return on Equity (ROE)	-15.8%	7.42%	8.29%	0.68%	5.56%	7.01%	3.72%	-14.06%	-2.97%	2.35%
Return on Invested Capital (ROIC)	-12.74%	11.13%	10.79%	2.34%	4.71%	6.13%	9.89%	-8.34%	0.76%	8.1%
Gross Margin	-4.76%	25.67%	20.66%	12.86%	15.22%	19.28%	22.53%	3.24%	12.81%	19.46%
Net Margin	-33.59%	12.92%	14.81%	1.31%	8.2%	13.29%	5.97%	-22.75%	-4.48%	3.96%
Debt / Equity	0.05x	0.03x	0.01x	0.00x	0.13x	0.01x	0.02x	0.10x	0.17x	0.17x
Interest Coverage	-47.91x	35.99x	76.03x	19.62x	6.41x	16.84x	37.09x	-35.83x	0.65x	10.44x
FCF Conversion	-0.39x	2.15x	1.86x	15.06x	2.55x	2.60x	4.02x	-0.09x	-4.34x	6.49x
Revenue Growth	-10.27%	14.83%	5.43%	-3.96%	72.18%	-0.88%	21.96%	-8.46%	54.95%	21.71%

Revenue by Segment

	2017	2018	2019	2020	2023	2024
Refined Silver and Gold	345.76M	348.72M	894.2M	1.05B	1.95B	2.37B
Refined Silver and Gold Growth	-	0.86%	156.43%	17.15%	86.56%	21.22%
Lead Concentrate	161.98M	150.83M	183.34M	132.82M	163.5M	201.8M
Lead Concentrate Growth	-	-6.88%	21.55%	-27.55%	23.10%	23.43%
Zinc Concentrate	140.31M	155.41M	134.99M	65.03M	83.2M	101.3M
Zinc Concentrate Growth	-	10.76%	-13.14%	-51.82%	27.94%	21.75%
Silver Concentrate	54.21M	42.94M	59.36M	43.27M	60.4M	75M
Silver Concentrate Growth	-	-20.80%	38.25%	-27.10%	39.58%	24.17%
Copper Concentrate	114.56M	86.6M	78.86M	50.08M	54.6M	71.7M
Copper Concentrate Growth	-	-24.41%	-8.93%	-36.50%	9.02%	31.32%

Frequently Asked Questions

Valuation & Price

Pan American Silver Corp. (PAAS) has a price-to-earnings (P/E) ratio of 180.3x. This suggests investors expect higher future growth.

Growth & Financials

Pan American Silver Corp. (PAAS) reported $3.25B in revenue for fiscal year 2024. This represents a 281% increase from $855.3M in 2011.

Pan American Silver Corp. (PAAS) grew revenue by 21.7% over the past year. This is strong growth.

Yes, Pan American Silver Corp. (PAAS) is profitable, generating $634.1M in net income for fiscal year 2024 (4.0% net margin).

Dividend & Returns

Yes, Pan American Silver Corp. (PAAS) pays a dividend with a yield of 0.72%. This makes it attractive for income-focused investors.

Pan American Silver Corp. (PAAS) has a return on equity (ROE) of 2.4%. This is below average, suggesting room for improvement.

Pan American Silver Corp. (PAAS) generated $746.1M in free cash flow for fiscal year 2024. Positive FCF indicates the company can fund dividends, buybacks, or reinvestment.

US Stock Screener

...

Pan American Silver Corp. (PAAS) 10-Year Financial Performance & Capital Metrics

PAAS • • Industrial / General

Basic MaterialsSilverSilver-Gold ProducersMulti-Mine Silver-Gold Producers

Revenue $2.82B +21.7%
EBITDA $1.1B +111.1%
Net Income $112M +207.5%
EPS (Diluted) 0.31 +196.9%
Gross Margin 19.46% +51.8%
EBITDA Margin 39.11% +73.4%
Operating Margin 18.83% +1044.5%
Net Margin 3.96% +188.3%
ROE 2.35% +179.0%
ROIC 8.1% +962.0%
Debt/Equity 0.17 +1.4%
Interest Coverage 10.44 +1496.0%

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓Strong Piotroski F-Score: 7/9
✓Momentum leader: RS Rating 92 (top 8%)
✓High quality earnings: Operating CF exceeds net income
✓Strong 5Y sales CAGR of 15.9%
✓Trading near 52-week high

✗Weaknesses

✗Dividend payout exceeds 100% of earnings
✗Shares diluted 11.3% in last year

Price & Volume

Loading chart...

Growth Metrics

Revenue CAGR

10Y14.13%

5Y15.85%

3Y19.96%

TTM21.75%

Profit (Net Income) CAGR

10Y-

5Y0.14%

3Y4.6%

TTM1445.16%

EPS CAGR

10Y-

5Y-10.83%

3Y-12.33%

TTM1373.13%

ROCE

10Y Avg3.3%

5Y Avg3.44%

3Y Avg0.05%

Latest8.1%

Peer Comparison

Multi-Mine Silver-Gold Producers

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
PAASPan American Silver Corp.	23.58B	55.88	180.26	21.71%	19.48%	9.57%	1.7%	0.17
AGFirst Majestic Silver Corp.	9.97B	20.34	-59.82	-2.74%	7.86%	2.54%	0.37%	0.18

Profit & Loss

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Sales/Revenue+	674.69M	774.77M	816.83M	784.5M	1.35B	1.34B	1.63B	1.49B	2.32B	2.82B
Revenue Growth %	-0.1%	0.15%	0.05%	-0.04%	0.72%	-0.01%	0.22%	-0.08%	0.55%	0.22%
Cost of Goods Sold+	706.78M	575.9M	648.07M	683.6M	1.15B	1.08B	1.26B	1.45B	2.02B	2.27B
COGS % of Revenue	1.05%	0.74%	0.79%	0.87%	0.85%	0.81%	0.77%	0.97%	0.87%	0.81%
Gross Profit+	-32.09M	198.88M	168.76M	100.9M	205.63M	258.07M	367.94M	48.4M	296.8M	548.5M
Gross Margin %	-0.05%	0.26%	0.21%	0.13%	0.15%	0.19%	0.23%	0.03%	0.13%	0.19%
Gross Profit Growth %	-4.97%	7.2%	-0.15%	-0.4%	1.04%	0.26%	0.43%	-0.87%	5.13%	0.85%
Operating Expenses+	197.95M	14.41M	-19.57M	58.21M	78.52M	48.09M	47.03M	310.7M	258.7M	17.8M
OpEx % of Revenue	0.29%	0.02%	-0.02%	0.07%	0.06%	0.04%	0.03%	0.21%	0.11%	0.01%
Selling, General & Admin	18.03M	23.66M	21.4M	22.65M	31.75M	36.38M	34.85M	29M	61.4M	69.8M
SG&A % of Revenue	0.03%	0.03%	0.03%	0.03%	0.02%	0.03%	0.02%	0.02%	0.03%	0.02%
Research & Development	0	0	0	0	0	0	0	0	0	0
R&D % of Revenue	-	-	-	-	-	-	-	-	-	-
Other Operating Expenses	179.93M	-9.26M	-40.97M	35.56M	46.77M	11.72M	12.18M	281.7M	197.3M	-52M
Operating Income+	-230.04M	184.47M	188.33M	42.69M	127.1M	209.98M	320.91M	-262.3M	38.1M	530.7M
Operating Margin %	-0.34%	0.24%	0.23%	0.05%	0.09%	0.16%	0.2%	-0.18%	0.02%	0.19%
Operating Income Growth %	0.64%	1.8%	0.02%	-0.77%	1.98%	0.65%	0.53%	-1.82%	1.15%	12.93%
EBITDA+	-79.2M	300.43M	311.22M	189.98M	380.56M	482.42M	623.87M	53.7M	522.3M	1.1B
EBITDA Margin %	-0.12%	0.39%	0.38%	0.24%	0.28%	0.36%	0.38%	0.04%	0.23%	0.39%
EBITDA Growth %	0.84%	4.79%	0.04%	-0.39%	1%	0.27%	0.29%	-0.91%	8.73%	1.11%
D&A (Non-Cash Add-back)	150.84M	115.95M	122.89M	147.29M	253.45M	272.44M	302.96M	316M	484.2M	571.7M
EBIT	-232.12M	178.39M	116.13M	56.93M	199.39M	261.23M	248.65M	-295.7M	-7.4M	479.3M
Net Interest Income+	-4.8M	-5.13M	-1.26M	-331.2K	66.84M	53.88M	-8.65M	-2.16M	-41.96M	-50.84M
Interest Income	0	0	1.22M	1.84M	86.67M	66.35M	0	5.16M	16.29M	0
Interest Expense	4.8M	5.13M	2.48M	2.18M	19.83M	12.47M	8.65M	7.32M	58.25M	50.84M
Other Income/Expense	-5.71M	-8.2M	-5.84M	-9.5M	55.41M	42.03M	-75.92M	-38.7M	-96.9M	-99M
Pretax Income+	-235.75M	176.27M	182.49M	33.19M	182.51M	252.01M	244.99M	-301M	-58.8M	431.7M
Pretax Margin %	-0.35%	0.23%	0.22%	0.04%	0.14%	0.19%	0.15%	-0.2%	-0.03%	0.15%
Income Tax+	-4.2M	74.45M	59.03M	21.15M	71.27M	75.56M	146.43M	39.1M	46.1M	319M
Effective Tax Rate %	0.96%	0.57%	0.66%	0.31%	0.61%	0.71%	0.4%	1.13%	1.76%	0.26%
Net Income+	-226.65M	100.08M	120.99M	10.29M	110.74M	177.88M	97.43M	-340.06M	-103.7M	111.5M
Net Margin %	-0.34%	0.13%	0.15%	0.01%	0.08%	0.13%	0.06%	-0.23%	-0.04%	0.04%
Net Income Growth %	0.58%	1.44%	0.21%	-0.91%	9.76%	0.61%	-0.45%	-4.49%	0.7%	2.08%
Net Income (Continuing)	-231.56M	101.83M	123.45M	12.04M	111.24M	176.46M	98.56M	-340.1M	-104.9M	112.7M
Discontinued Operations	0	0	0	0	0	0	0	0	0	0
Minority Interest	1.39M	2.71M	4.2M	5.14M	4.75M	3.32M	4.45M	6.1M	11.8M	13.1M
EPS (Diluted)+	-1.49	0.66	0.79	0.07	0.55	0.85	0.46	-1.62	-0.32	0.31
EPS Growth %	0.59%	1.44%	0.2%	-0.92%	7.2%	0.55%	-0.46%	-4.52%	0.8%	1.97%
EPS (Basic)	-1.49	0.66	0.79	0.07	0.55	0.85	0.46	-1.62	-0.32	0.31
Diluted Shares Outstanding	151.66M	152.5M	153.35M	153.52M	201.57M	210.29M	210.44M	210.52M	326.54M	363.4M
Basic Shares Outstanding	151.66M	152.12M	153.07M	153.31M	201.4M	210.1M	210.3M	210.52M	326.54M	363.36M
Dividend Payout Ratio	-	0.08%	0.13%	2.07%	0.26%	0.26%	0.73%	-	-	1.3%

Balance Sheet

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Total Current Assets+	552.16M	612.85M	595.47M	548.37M	788.92M	856.92M	1B	804.4M	1.39B	1.72B
Cash & Short-Term Investments	226.64M	217.61M	227.54M	212.51M	238.34M	279.06M	335.27M	142.3M	440.9M	887.3M
Cash Only	133.96M	180.88M	175.95M	138.51M	120.56M	167.11M	283.55M	107M	399.6M	862.8M
Short-Term Investments	92.68M	36.73M	51.59M	74M	117.78M	111.95M	51.72M	35.3M	41.3M	24.5M
Accounts Receivable	114.41M	118.81M	126.74M	109.2M	185.96M	149.81M	148.43M	176.6M	200.9M	195.8M
Days Sales Outstanding	61.9	55.97	56.63	50.81	50.25	40.84	33.18	43.13	31.66	25.35
Inventory	204.36M	237.33M	218.72M	214.47M	346.51M	406.19M	500.46M	471.6M	711.6M	605.7M
Days Inventory Outstanding	105.54	150.42	123.18	114.51	110.45	137.18	144.42	119.02	128.63	97.38
Other Current Assets	0	10.34M	9.04M	640K	1.27M	7.81M	4M	2.9M	6.9M	0
Total Non-Current Assets+	1.16B	1.29B	1.4B	1.39B	2.67B	2.58B	2.52B	2.44B	5.82B	5.48B
Property, Plant & Equipment	1.15B	1.22B	1.34B	1.3B	2.5B	2.42B	2.34B	2.23B	5.68B	5.33B
Fixed Asset Turnover	0.59x	0.63x	0.61x	0.60x	0.54x	0.55x	0.70x	0.67x	0.41x	0.53x
Goodwill	3.06M	3.06M	3.06M	3.06M	4.99M	2.77M	2.77M	2.77M	0	0
Intangible Assets	0	0	0	0	0	0	0	0	0	0
Long-Term Investments	1.45M	49.73M	55.02M	70.57M	84.32M	71.56M	78.66M	121.2M	0	0
Other Non-Current Assets	9.41M	8.04M	426K	2.23M	42.11M	29.76M	35.48M	37.83M	67.6M	112.8M
Total Assets+	1.72B	1.9B	1.99B	1.94B	3.46B	3.43B	3.52B	3.25B	7.21B	7.2B
Asset Turnover	0.39x	0.41x	0.41x	0.40x	0.39x	0.39x	0.46x	0.46x	0.32x	0.39x
Asset Growth %	-0.15%	0.11%	0.05%	-0.03%	0.79%	-0.01%	0.02%	-0.08%	1.22%	-0%
Total Current Liabilities+	159.94M	184.29M	184.71M	150.53M	271.67M	361.76M	387.68M	380.8M	624.2M	687M
Accounts Payable	53.57M	45.34M	47.14M	52.2M	66.92M	80.28M	77.46M	88.8M	198.2M	194.4M
Days Payables Outstanding	27.67	28.74	26.55	27.87	21.33	27.11	22.35	22.41	35.83	31.25
Short-Term Debt	19.58M	0	3M	0	0	0	0	13.7M	6.7M	6.8M
Deferred Revenue (Current)	0	0	0	0	0	0	0	0	0	0
Other Current Liabilities	12.53M	12M	11.24M	6.91M	8.37M	12.43M	11.79M	19.7M	41.7M	48.1M
Current Ratio	3.45x	3.33x	3.22x	3.64x	2.90x	2.37x	2.58x	2.11x	2.23x	2.50x
Quick Ratio	2.17x	2.04x	2.04x	2.22x	1.63x	1.25x	1.29x	0.87x	1.09x	1.62x
Cash Conversion Cycle	139.77	177.65	153.27	137.45	139.36	150.91	155.25	139.73	124.46	91.48
Total Non-Current Liabilities+	256.48M	314.85M	287.57M	273.6M	722.17M	466.28M	494.9M	666.1M	1.82B	1.8B
Long-Term Debt	36.2M	36.2M	0	0	275M	0	11.9M	180M	697M	702M
Capital Lease Obligations	1.76M	3.54M	1.82M	1.32M	27.01M	20.74M	19.9M	19.5M	52.2M	53.9M
Deferred Tax Liabilities	142.13M	170.86M	171.23M	148.82M	176.81M	175.31M	184.78M	140.3M	541.6M	521.7M
Other Non-Current Liabilities	76.39M	92.69M	102.5M	110.17M	230.81M	256.96M	265.8M	312.4M	512.5M	508.2M
Total Liabilities	416.42M	499.14M	472.28M	424.13M	993.84M	828.04M	882.58M	1.05B	2.44B	2.49B
Total Debt+	59.77M	43.3M	10.56M	6.68M	316.21M	33.56M	42.46M	226.8M	801.6M	803.3M
Net Debt	-74.19M	-137.58M	-165.39M	-131.83M	195.64M	-133.55M	-241.09M	119.8M	402M	-59.5M
Debt / Equity	0.05x	0.03x	0.01x	0.00x	0.13x	0.01x	0.02x	0.10x	0.17x	0.17x
Debt / EBITDA	-	0.14x	0.03x	0.04x	0.83x	0.07x	0.07x	4.22x	1.53x	0.73x
Net Debt / EBITDA	-	-0.46x	-0.53x	-0.69x	0.51x	-0.28x	-0.39x	2.23x	0.77x	-0.05x
Interest Coverage	-47.91x	35.99x	76.03x	19.62x	6.41x	16.84x	37.09x	-35.83x	0.65x	10.44x
Total Equity+	1.3B	1.4B	1.52B	1.51B	2.47B	2.61B	2.64B	2.2B	4.77B	4.72B
Equity Growth %	-0.17%	0.08%	0.09%	-0.01%	0.63%	0.06%	0.01%	-0.16%	1.17%	-0.01%
Book Value per Share	8.56	9.17	9.92	9.86	12.24	12.39	12.53	10.46	14.62	12.98
Total Shareholders' Equity	1.3B	1.4B	1.52B	1.51B	2.46B	2.6B	2.63B	2.2B	4.76B	4.7B
Common Stock	2.3B	2.3B	2.32B	2.32B	3.12B	3.13B	3.14B	3.14B	5.97B	5.94B
Retained Earnings	-1.02B	-931.06M	-825.47M	-836.07M	-754.69M	-623.03M	-598.03M	-1.03B	-1.27B	-1.3B
Treasury Stock	0	0	0	0	0	0	0	0	0	0
Accumulated OCI	-458K	434K	1.6M	208K	0	0	0	-3M	-30.3M	-30.9M
Minority Interest	1.39M	2.71M	4.2M	5.14M	4.75M	3.32M	4.45M	6.1M	11.8M	13.1M

Cash Flow

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Cash from Operations+	88.69M	214.8M	224.56M	154.98M	282.03M	462.31M	392.11M	31.8M	450.2M	724.1M
Operating CF Margin %	0.13%	0.28%	0.27%	0.2%	0.21%	0.35%	0.24%	0.02%	0.19%	0.26%
Operating CF Growth %	-0.29%	1.42%	0.05%	-0.31%	0.82%	0.64%	-0.15%	-0.92%	13.16%	0.61%
Net Income	-231.56M	101.83M	123.45M	12.04M	111.24M	176.46M	98.56M	-340.1M	-104.9M	112.7M
Depreciation & Amortization	150.84M	115.95M	122.89M	147.29M	253.45M	272.44M	302.96M	316M	484.2M	571.7M
Stock-Based Compensation	2.57M	3.83M	3.08M	2.96M	4.45M	3.02M	5.13M	3.9M	5.5M	400K
Deferred Taxes	-4.2M	74.45M	59.03M	21.15M	71.27M	75.56M	146.43M	39.1M	46.1M	319M
Other Non-Cash Items	151.19M	-75.7M	-95.6M	-24.2M	-130.44M	-162.15M	-89.9M	54.9M	-33.9M	-151.9M
Working Capital Changes	19.84M	-5.54M	11.71M	-4.26M	-27.94M	96.98M	-71.07M	-42M	53.2M	-127.8M
Change in Receivables	27.51M	-29.13M	9.85M	6.26M	1.54M	54.84M	-2.87M	-12.6M	45.9M	-61.1M
Change in Inventory	23.41M	19.53M	10.9M	-12.13M	22.75M	-14.62M	-82.89M	-49.9M	38.5M	-67.8M
Change in Payables	0	0	0	0	0	0	0	0	0	0
Cash from Investing+	-52.39M	-139.9M	-177.82M	-159.17M	-402.17M	-83.92M	-186.66M	-255.4M	397.9M	-32.6M
Capital Expenditures	-146.74M	-202.66M	-162.45M	-151.85M	-207.35M	-178.56M	-243.48M	-274.7M	-379M	-323.3M
CapEx % of Revenue	0.22%	0.26%	0.2%	0.19%	0.15%	0.13%	0.15%	0.18%	0.16%	0.11%
Acquisitions	-	-	-	-	-	-	-	-	-	-
Investments	-	-	-	-	-	-	-	-	-	-
Other Investing	536K	10.86M	1.67M	15.78M	10.27M	22.47M	45.8M	8.7M	3.8M	3.8M
Cash from Financing+	-47.84M	-28.22M	-51.5M	-33.13M	103.25M	-329.59M	-85.91M	53M	-551.8M	-225.2M
Debt Issued (Net)	-	-	-	-	-	-	-	-	-	-
Equity Issued (Net)	-	-	-	-	-	-	-	-	-	-
Dividends Paid	-41.7M	-7.61M	-15.31M	-21.28M	-29.33M	-46.22M	-71.5M	-94.7M	-130.4M	-145.4M
Share Repurchases	-	-	-	-	-	-	-	-	-	-
Other Financing	-545K	-428K	-1.05M	-2.02M	-4.03M	0	-933K	-300K	11.1M	100K
Net Change in Cash	-	-	-	-	-	-	-	-	-	-
Free Cash Flow+	-58.04M	12.14M	62.11M	3.13M	74.68M	283.76M	148.63M	-242.9M	71.2M	400.8M
FCF Margin %	-0.09%	0.02%	0.08%	0%	0.06%	0.21%	0.09%	-0.16%	0.03%	0.14%
FCF Growth %	-6.66%	1.21%	4.11%	-0.95%	22.86%	2.8%	-0.48%	-2.63%	1.29%	4.63%
FCF per Share	-0.38	0.08	0.41	0.02	0.37	1.35	0.71	-1.15	0.22	1.10
FCF Conversion (FCF/Net Income)	-0.39x	2.15x	1.86x	15.06x	2.55x	2.60x	4.02x	-0.09x	-4.34x	6.49x
Interest Paid	0	0	0	0	0	0	0	0	0	0
Taxes Paid	0	0	0	0	0	0	0	0	0	0

Key Ratios

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Return on Equity (ROE)	-15.8%	7.42%	8.29%	0.68%	5.56%	7.01%	3.72%	-14.06%	-2.97%	2.35%
Return on Invested Capital (ROIC)	-12.74%	11.13%	10.79%	2.34%	4.71%	6.13%	9.89%	-8.34%	0.76%	8.1%
Gross Margin	-4.76%	25.67%	20.66%	12.86%	15.22%	19.28%	22.53%	3.24%	12.81%	19.46%
Net Margin	-33.59%	12.92%	14.81%	1.31%	8.2%	13.29%	5.97%	-22.75%	-4.48%	3.96%
Debt / Equity	0.05x	0.03x	0.01x	0.00x	0.13x	0.01x	0.02x	0.10x	0.17x	0.17x
Interest Coverage	-47.91x	35.99x	76.03x	19.62x	6.41x	16.84x	37.09x	-35.83x	0.65x	10.44x
FCF Conversion	-0.39x	2.15x	1.86x	15.06x	2.55x	2.60x	4.02x	-0.09x	-4.34x	6.49x
Revenue Growth	-10.27%	14.83%	5.43%	-3.96%	72.18%	-0.88%	21.96%	-8.46%	54.95%	21.71%

Revenue by Segment

	2017	2018	2019	2020	2023	2024
Refined Silver and Gold	345.76M	348.72M	894.2M	1.05B	1.95B	2.37B
Refined Silver and Gold Growth	-	0.86%	156.43%	17.15%	86.56%	21.22%
Lead Concentrate	161.98M	150.83M	183.34M	132.82M	163.5M	201.8M
Lead Concentrate Growth	-	-6.88%	21.55%	-27.55%	23.10%	23.43%
Zinc Concentrate	140.31M	155.41M	134.99M	65.03M	83.2M	101.3M
Zinc Concentrate Growth	-	10.76%	-13.14%	-51.82%	27.94%	21.75%
Silver Concentrate	54.21M	42.94M	59.36M	43.27M	60.4M	75M
Silver Concentrate Growth	-	-20.80%	38.25%	-27.10%	39.58%	24.17%
Copper Concentrate	114.56M	86.6M	78.86M	50.08M	54.6M	71.7M
Copper Concentrate Growth	-	-24.41%	-8.93%	-36.50%	9.02%	31.32%

Frequently Asked Questions

Valuation & Price

Pan American Silver Corp. (PAAS) has a price-to-earnings (P/E) ratio of 180.3x. This suggests investors expect higher future growth.

Growth & Financials

Pan American Silver Corp. (PAAS) reported $3.25B in revenue for fiscal year 2024. This represents a 281% increase from $855.3M in 2011.

Pan American Silver Corp. (PAAS) grew revenue by 21.7% over the past year. This is strong growth.

Yes, Pan American Silver Corp. (PAAS) is profitable, generating $634.1M in net income for fiscal year 2024 (4.0% net margin).

Dividend & Returns

Yes, Pan American Silver Corp. (PAAS) pays a dividend with a yield of 0.72%. This makes it attractive for income-focused investors.

Pan American Silver Corp. (PAAS) has a return on equity (ROE) of 2.4%. This is below average, suggesting room for improvement.

Pan American Silver Corp. (PAAS) generated $746.1M in free cash flow for fiscal year 2024. Positive FCF indicates the company can fund dividends, buybacks, or reinvestment.