Latest Ratios: P/E Ratio 18.2x · EV/EBITDA 11.5x · ROE 17.0%. (1996–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $20.0B | $19.8B | $7.3B | $5.3B | $3.4B | $5.3B | $7.3B | $4.8B | $2.2B | $2.4B | $2.3B |
| Enterprise Value | $19.7B | $19.5B | $7.3B | $5.7B | $3.6B | $5.0B | $7.1B | $5.0B | $2.1B | $2.2B | $2.2B |
| P/E Ratio → | 18.20 | 19.85 | 65.23 | — | — | 54.28 | 40.60 | 43.07 | 217.59 | 19.70 | 22.83 |
| P/S Ratio | 5.44 | 5.37 | 2.61 | 2.30 | 2.30 | 3.22 | 5.42 | 3.54 | 2.86 | 2.92 | 2.97 |
| P/B Ratio | 2.59 | 2.83 | 1.56 | 1.12 | 1.56 | 1.99 | 2.79 | 1.93 | 1.48 | 1.57 | 1.64 |
| P/FCF | 18.51 | 18.28 | 18.33 | 74.89 | — | 35.35 | 25.58 | 63.95 | 716.11 | 38.42 | 189.26 |
| P/OCF | 14.29 | 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
Enterprise-value multiples — capital-structure-neutral measures of total business value
| 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 | 11.47 | 11.33 | 6.61 | 10.98 | 66.29 | 8.04 | 14.77 | 13.06 | 11.10 | 7.14 | 7.19 |
| EV / EBIT | 16.61 | 14.78 | 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 |
Margins and return-on-capital ratios measuring operating efficiency
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% |
| 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% |
Solvency and debt-coverage ratios — lower is generally safer
| 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 | 22.34 | 22.34 | 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)
Short-term solvency ratios and asset-utilisation metrics
| 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 |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
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 | 1.0% | 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% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 5.5% | 5.0% | 1.5% | — | — | 1.8% | 2.5% | 2.3% | 0.5% | 5.1% | 4.4% |
| FCF Yield | 5.4% | 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 | 1.2% | 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 |
Includes 30+ ratios · 30 years · Updated daily
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Compare growth, multiples, and margins vs sector.
Quick answers to the most common questions about buying PAAS stock.
Pan American Silver Corp.'s current P/E ratio is 18.2x. The historical average is 35.7x. This places it at the 7th percentile of its historical range.
Pan American Silver Corp.'s current EV/EBITDA is 11.5x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 18.1x.
Pan American Silver Corp.'s return on equity (ROE) is 17.0%. The historical average is -3.8%.
Based on historical data, Pan American Silver Corp. is trading at a P/E of 18.2x. This is at the 7th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
Pan American Silver Corp.'s current dividend yield is 0.98% with a payout ratio of 17.9%.
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.
Pan American Silver Corp.'s Debt/EBITDA ratio is 0.5x, indicating low leverage. A ratio below 2x is generally considered financially healthy.
Key Metrics
Top Statement Risk
Escobal restart uncertainty
Margin Expansion Reflects Metal Price Tailwinds
Gross margin surged from 11.8% in 2024Q1 to 52.7% in 2026Q1, per the latest quarterly report, indicating significant operating leverage from higher metal prices, though sustainability may be near a cyclical peak.
The sequential improvement in gross margin from 47.2% in 2025Q4 to 52.7% in 2026Q1, as reported in financial statements, suggests that the company is capturing substantial pricing power in the current commodity upcycle. Operating margin of 48.5% and net margin of 39.6% in 2026Q1 are well above the trailing ten-quarter averages, implying that the earnings power is being amplified by both higher metal prices and the integration of lower-cost gold assets from Yamana. However, investors should monitor whether these margins are sustainable if metal prices retreat, as the cost structure remains sensitive to inflationary pressures in Latin America.
ROIC Inflection Signals Value Creation
ROIC improved from -0.1% in 2023Q4 to 6.3% in 2026Q1, as per the latest financial statements, indicating a sharp turnaround in capital efficiency, though the level remains below the cost of capital.
The ten-quarter trend shows a clear inflection from negative ROIC in 2023Q4 to positive territory starting in 2024Q3, with the most recent quarter reaching 6.3%. This improvement is driven primarily by margin expansion rather than asset turnover, which has remained stable around 0.10-0.13. The ROE of 6.4% in 2026Q1, while still modest, reflects the company's ability to generate returns on a significantly expanded asset base post-Yamana. The question is whether the company can sustain this trajectory as the cyclical peak in metal prices may cap further upside.
Working Capital Efficiency Improves but DIO Remains High
Cash conversion cycle shortened from 109 days in 2023Q4 to 78 days in 2026Q1, per the latest quarterly data, driven by faster receivables collection, though inventory days remain elevated at 102.
The reduction in DSO from 29 days to 19 days over the period indicates improved receivables management, likely due to stronger pricing power and better collection terms. However, DIO has remained stubbornly high, averaging around 100 days, which is typical for mining operations with large stockpiles and heap leach inventories. The slight increase in DPO from 31 to 43 days suggests the company is taking longer to pay suppliers, which may indicate improved bargaining power or simply timing. The overall CCC improvement is a positive sign, but the high inventory days warrant monitoring for potential write-downs if metal prices decline.
Low Leverage Provides Strategic Flexibility
Debt-to-equity stands at 0.11 with interest coverage of 27.7x in 2026Q1, as reported in financial statements, indicating a conservative balance sheet that can withstand commodity downturns.
The company's leverage has remained minimal throughout the period, with D/E never exceeding 0.18, and D/EBITDA improving from 6.87 in 2023Q4 to 1.26 in 2026Q1. This deleveraging is a result of strong EBITDA growth from higher metal prices and the Yamana integration. Interest coverage of 27.7x in 2026Q1 is exceptionally comfortable, suggesting that debt service is not a concern. The low leverage provides the company with ample capacity to fund growth projects like La Colorada Skarn or weather a prolonged price downturn, though the recent acquisition has increased total debt to $845M, which is still modest relative to cash of $1.5B.
Liquidity Cushion Strengthens Amid Expansion
Current ratio improved to 2.84 in 2026Q1 from 2.23 in 2023Q4, per the latest balance sheet, with cash tripling to $1.5B, indicating a robust liquidity position.
The quick ratio of 2.11 in 2026Q1, up from 1.09 in 2023Q4, suggests that the company can cover its short-term obligations without relying on inventory sales, which is crucial in a volatile commodity environment. The substantial cash build, driven by strong operating cash flow, provides a buffer against potential disruptions such as the ongoing Escobal suspension or unexpected cost overruns. However, the high inventory days (102) imply that a portion of the current assets is tied up in stockpiles, which may be less liquid in a downturn. Overall, the liquidity position appears strong, but investors should monitor the allocation of cash toward capital projects and dividends.
Misapplied Metric: Silver-Equivalent Ounces
The most misapplied ratio for PAAS is the silver-equivalent ounce (AgEq) metric, which obscures the company's gold-heavy revenue mix, as per industry analysis, leading to potential mispricing.
Analysts often use AgEq to compare PAAS with pure-play silver miners, but this metric relies on arbitrary price ratios and can distort the true cost structure. Given that gold now contributes a significant portion of revenue following the Yamana acquisition, using AgEq may overstate the company's sensitivity to silver prices and understate its diversification benefits. Instead, investors should evaluate PAAS on a per-metal basis, focusing on gold and silver production separately, and consider a blended valuation approach that reflects its hybrid nature. This adjustment would likely reduce the perceived volatility and potentially justify a higher multiple than pure silver peers, as the market may be underpricing the stability from gold and base metal by-product credits.