Pan American Silver Corp. (PAAS) Financial Ratios
30 years of historical data (1996–2025) · Basic Materials · Silver
EV/EBITDA
↑
14.00
↓-32% vs avg
5yr avg: 20.65
30Y Low4.6·High77.4
P/FCF
↓
22.52
↓-39% vs avg
5yr avg: 36.71
30Y Low9.7·High189.3
P/B Ratio
↑
3.16
↑+74% vs avg
5yr avg: 1.81
30Y Low0.8·High5.9
ROE
↑
17.0%
↓+1308% vs avg
5yr avg: 1.2%
30Y Low-60%·High24%
Debt/EBITDA
↑
0.54
↓-62% vs avg
5yr avg: 1.42
30Y Low0.0·High4.2
Percentile shows where the current value sits in 30-year historical distribution. Sparklines show 5-year trend.
PAAS Valuation Multiples
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
Pan American Silver Corp. trades at 22.1x earnings, 52% below its 5-year average of 46.5x, sitting at the 21st percentile of its historical range. Compared to the Basic Materials sector median P/E of 23.4x, the stock trades at a discount of 5%. On a free-cash-flow basis, the stock trades at 22.5x P/FCF, 39% below the 5-year average of 36.7x.
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $24.4B | $19.8B | $7.3B | $5.3B | $3.4B | $5.3B | $7.3B | $4.8B | $2.2B | $2.4B | $2.3B |
| Enterprise Value | $24.1B | $19.5B | $7.3B | $5.7B | $3.6B | $5.0B | $7.1B | $5.0B | $2.1B | $2.2B | $2.2B |
| P/E Ratio → | 22.15 | 19.85 | 65.23 | — | — | 54.28 | 40.60 | 43.07 | 217.59 | 19.70 | 22.83 |
| P/S Ratio | 6.61 | 5.37 | 2.61 | 2.30 | 2.30 | 3.22 | 5.42 | 3.54 | 2.86 | 2.92 | 2.97 |
| P/B Ratio | 3.16 | 2.83 | 1.56 | 1.12 | 1.56 | 1.99 | 2.79 | 1.93 | 1.48 | 1.57 | 1.64 |
| P/FCF | 22.52 | 18.28 | 18.33 | 74.89 | — | 35.35 | 25.58 | 63.95 | 716.11 | 38.42 | 189.26 |
| P/OCF | 17.39 | 14.11 | 10.15 | 11.84 | 108.17 | 13.40 | 15.70 | 16.93 | 14.46 | 10.63 | 10.70 |
P/E links to full P/E history page with 30-year chart
PAAS EV Ratios
Enterprise-value multiples — capital-structure-neutral measures of total business value
Pan American Silver Corp.'s enterprise value stands at 14.0x EBITDA, 32% below its 5-year average of 20.6x. The Basic Materials sector median is 11.2x, placing the stock at a 25% premium on an enterprise-value basis.
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 5.29 | 2.59 | 2.48 | 2.38 | 3.07 | 5.32 | 3.68 | 2.69 | 2.72 | 2.79 |
| EV / EBITDA | 14.00 | 11.33 | 6.61 | 10.98 | 66.29 | 8.04 | 14.77 | 13.06 | 11.10 | 7.14 | 7.19 |
| EV / EBIT | 20.26 | 16.40 | 15.21 | — | — | 20.16 | 27.27 | 24.93 | 37.06 | 19.12 | 12.11 |
| EV / FCF | — | 18.02 | 18.18 | 80.54 | — | 33.73 | 25.10 | 66.57 | 673.99 | 35.76 | 177.93 |
PAAS Profitability
Margins and return-on-capital ratios measuring operating efficiency
Pan American Silver Corp. earns an operating margin of 32.3%, significantly above the Basic Materials sector average of 10.2%. Operating margins have expanded from 1.6% to 32.3% over the past 3 years, signaling improving operational efficiency. ROE of 17.0% indicates solid capital efficiency. ROIC of 15.7% represents solid returns on invested capital.
Margins
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 37.7% | 37.7% | 19.5% | 12.8% | 3.2% | 22.5% | 19.3% | 15.2% | 12.9% | 20.7% | 25.7% |
| Operating Margin | 32.3% | 32.3% | 18.8% | 1.6% | -17.5% | 19.7% | 15.7% | 9.4% | 5.4% | 23.1% | 23.8% |
| Net Profit Margin | 27.0% | 27.0% | 4.0% | -4.5% | -22.8% | 6.0% | 13.3% | 8.2% | 1.3% | 14.8% | 12.9% |
Return on Capital
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 17.0% | 17.0% | 2.4% | -3.0% | -14.1% | 3.7% | 7.0% | 5.6% | 0.7% | 8.3% | 7.4% |
| ROA | 11.8% | 11.8% | 1.5% | -2.0% | -10.1% | 2.8% | 5.2% | 4.1% | 0.5% | 6.2% | 5.5% |
| ROIC | 15.7% | 15.7% | 8.1% | 0.8% | -8.3% | 9.9% | 6.1% | 4.7% | 2.3% | 10.8% | 11.1% |
| ROCE | 15.4% | 15.4% | 8.1% | 0.8% | -8.7% | 10.3% | 6.7% | 5.1% | 2.4% | 10.7% | 11.3% |
PAAS Leverage & Debt
Solvency and debt-coverage ratios — lower is generally safer
Pan American Silver Corp. carries a Debt/EBITDA ratio of 0.5x, which is very conservative (80% below the sector average of 2.7x). The company holds a net cash position — cash of $1.2B exceeds total debt of $935M, providing substantial financial flexibility for buybacks, acquisitions, or weathering downturns. Interest coverage of 20.1x signals virtually no risk of debt distress — earnings comfortably cover interest obligations.
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 0.13 | 0.13 | 0.17 | 0.17 | 0.10 | 0.02 | 0.01 | 0.13 | 0.00 | 0.01 | 0.03 |
| Debt / EBITDA | 0.54 | 0.54 | 0.73 | 1.53 | 4.22 | 0.07 | 0.07 | 0.83 | 0.04 | 0.03 | 0.14 |
| Net Debt / Equity | — | -0.04 | -0.01 | 0.08 | 0.05 | -0.09 | -0.05 | 0.08 | -0.09 | -0.11 | -0.10 |
| Net Debt / EBITDA | -0.16 | -0.16 | -0.05 | 0.77 | 2.23 | -0.39 | -0.28 | 0.51 | -0.69 | -0.53 | -0.46 |
| Debt / FCF | — | -0.26 | -0.15 | 5.65 | — | -1.62 | -0.47 | 2.62 | -42.12 | -2.66 | -11.33 |
| Interest Coverage | 20.14 | 20.14 | 9.43 | -0.13 | -40.40 | 28.74 | 20.95 | 10.06 | 26.16 | 46.88 | 34.80 |
Net cash position: cash ($1.2B) exceeds total debt ($935M)
PAAS Liquidity & Efficiency
Short-term solvency ratios and asset-utilisation metrics
Pan American Silver Corp.'s current ratio of 2.69x is well above the 1.0 safety threshold, indicating strong short-term liquidity with ample room to cover current liabilities. The quick ratio of 1.97x is notably lower than the current ratio, indicating a significant portion of current assets is tied up in inventory. The current ratio has improved from 2.23x to 2.69x over the past 3 years.
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 2.69 | 2.69 | 2.50 | 2.23 | 2.11 | 2.58 | 2.37 | 2.90 | 3.64 | 3.22 | 3.33 |
| Quick Ratio | 1.97 | 1.97 | 1.62 | 1.09 | 0.87 | 1.29 | 1.25 | 1.63 | 2.22 | 2.04 | 2.04 |
| Cash Ratio | 1.61 | 1.61 | 1.29 | 0.71 | 0.37 | 0.86 | 0.77 | 0.88 | 1.41 | 1.23 | 1.18 |
| Asset Turnover | — | 0.38 | 0.39 | 0.32 | 0.46 | 0.46 | 0.39 | 0.39 | 0.40 | 0.41 | 0.41 |
| Inventory Turnover | 3.91 | 3.91 | 3.75 | 2.84 | 3.07 | 2.53 | 2.66 | 3.30 | 3.19 | 2.96 | 2.43 |
| Days Sales Outstanding | — | 25.33 | 25.35 | 31.66 | 43.13 | 33.18 | 40.84 | 50.25 | 50.81 | 56.63 | 55.97 |
PAAS Shareholder Yields
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Pan American Silver Corp. returns 1.0% to shareholders annually — split between a 0.8% dividend yield and 0.2% buyback yield. The payout ratio of 17.9% is conservative, leaving significant room for dividend growth or reinvestment. The earnings yield of 4.5% (inverse of P/E) provides a useful comparison to bond yields when assessing the stock's relative attractiveness to fixed income.
Dividends
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | 0.8% | 0.9% | 2.0% | 2.4% | 2.8% | 1.4% | 0.6% | 0.6% | 0.9% | 0.6% | 0.3% |
| Payout Ratio | 17.9% | 17.9% | 130.4% | — | — | 73.4% | 26.0% | 26.5% | 206.8% | 12.7% | 7.6% |
Total Shareholder Return Metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 4.5% | 5.0% | 1.5% | — | — | 1.8% | 2.5% | 2.3% | 0.5% | 5.1% | 4.4% |
| FCF Yield | 4.4% | 5.5% | 5.5% | 1.3% | — | 2.8% | 3.9% | 1.6% | 0.1% | 2.6% | 0.5% |
| Buyback Yield | 0.2% | 0.2% | 0.3% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| Total Shareholder Yield | 1.0% | 1.1% | 2.3% | 2.4% | 2.8% | 1.4% | 0.6% | 0.6% | 0.9% | 0.6% | 0.3% |
| Shares Outstanding | — | $382M | $363M | $327M | $211M | $210M | $210M | $202M | $154M | $153M | $153M |
Peer Comparison
Compare PAAS with 10 similar companies in its peer group
| Company | Market Cap | P/E | EV/EBITDA | P/FCF | Gross Margin | Op Margin | ROE | ROIC | Debt/EBITDA |
|---|---|---|---|---|---|---|---|---|---|
 PAASYou | $24B | 22.1 | 14.0 | 22.5 | 37.7% | 32.3% | 17.0% | 15.7% | 0.5 |
 AG | $11B | 61.1 | 15.8 | 30.0 | 34.8% | 27.8% | 7.4% | 13.1% | 0.5 |
 HL | $12B | 36.9 | 17.3 | 39.1 | 41.1% | 37.5% | 13.9% | 15.3% | 0.4 |
 CDE | $12B | 20.1 | 11.2 | 17.5 | 39.3% | 36.3% | 26.4% | 23.5% | 0.4 |
 EXK | $3B | -78.1 | 76.0 | — | 19.3% | 3.8% | -7.2% | 1.5% | 3.0 |
 NEM | $126B | 17.7 | 9.0 | 17.2 | 49.8% | 46.9% | 22.1% | 24.9% | 0.0 |
 AEM | $94B | 21.2 | 11.5 | 22.1 | 58.1% | 53.1% | 19.6% | 21.9% | 0.0 |
 WPM | $60B | 40.0 | 30.3 | 104.1 | 72.2% | 68.8% | 18.8% | 17.4% | 0.0 |
 KGC | $36B | 15.3 | 8.3 | 14.2 | 47.5% | 43.2% | 31.0% | 29.9% | 0.2 |
 AU | $51B | 19.3 | 9.1 | 16.3 | 46.5% | 45.1% | 28.6% | 35.9% | 0.4 |
 FSM | $3B | 11.6 | 5.1 | 10.8 | 48.7% | 38.5% | 18.9% | 19.3% | 0.5 |
| Basic Materials Median | — | 23.4 | 11.2 | 28.0 | 31.6% | 10.2% | 1.0% | 4.4% | 2.7 |
Peer selection based on competitive and market overlap. Compare multiple stocks →
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Start ComparisonPAAS — Frequently Asked Questions
Quick answers to the most common questions about buying PAAS stock.
What is Pan American Silver Corp.'s P/E ratio?
Pan American Silver Corp.'s current P/E ratio is 22.1x. The historical average is 35.7x. This places it at the 21th percentile of its historical range.
What is Pan American Silver Corp.'s EV/EBITDA?
Pan American Silver Corp.'s current EV/EBITDA is 14.0x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 18.1x.
What is Pan American Silver Corp.'s ROE?
Pan American Silver Corp.'s return on equity (ROE) is 17.0%. The historical average is -3.8%.
Is PAAS stock overvalued?
Based on historical data, Pan American Silver Corp. is trading at a P/E of 22.1x. This is at the 21th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
What is Pan American Silver Corp.'s dividend yield?
Pan American Silver Corp.'s current dividend yield is 0.81% with a payout ratio of 17.9%.
What are Pan American Silver Corp.'s profit margins?
Pan American Silver Corp. has 37.7% gross margin and 32.3% operating margin. Operating margin above 20% indicates strong pricing power and cost efficiency.
How much debt does Pan American Silver Corp. have?
Pan American Silver Corp.'s Debt/EBITDA ratio is 0.5x, indicating low leverage. A ratio below 2x is generally considered financially healthy.