Last 48 quarters of trend data · Basic Materials · Silver
Quarterly valuation ratios — annualised for comparability. YoY Δ shows same-quarter-prior-year change.
Pan American Silver Corp.'s quarterly P/E stands at 12.6x, down 9.9% year-over-year. EV/EBITDA has expanded 24.8% YoY to 8.3x, reflecting rising market expectations or slowing EBITDA growth.
| Metric | TTM | Q1 '26 | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 | Q3 '23 | Q2 '23 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| P/E Ratio → | 18.77 | 12.65 | 11.88 | 22.01 | 13.65 | 14.04 | 16.85 | 32.61 | — | — | — | — | — |
| — | -9.9% | -29.5% | -32.5% | — | — | — | — | — | — | — | — | — | |
| P/S Ratio | 5.61 | 4.99 | 4.57 | 4.29 | 3.17 | 3.03 | 2.25 | 2.65 | 2.63 | 2.28 | 2.11 | 2.14 | 2.08 |
| — | +64.9% | +102.8% | +62.3% | +20.5% | +32.5% | +6.9% | +23.6% | +26.6% | -7.0% | -8.1% | -13.2% | -31.7% | |
| P/B Ratio | 2.68 | 3.13 | 3.13 | 2.22 | 2.07 | 1.94 | 1.56 | 1.63 | 1.56 | 1.17 | 1.18 | 1.08 | 0.98 |
| — | +61.7% | +101.1% | +35.8% | +32.5% | +65.1% | +31.7% | +51.7% | +58.9% | +68.2% | -24.4% | -24.0% | -41.2% | |
| P/FCF | 19.09 | 14.41 | 10.64 | 16.86 | 11.03 | 21.94 | 9.73 | 12.54 | 20.78 | — | 29.08 | 223.60 | 330.34 |
| — | -34.3% | +9.4% | +34.5% | -46.9% | — | -66.6% | -94.4% | -93.7% | — | — | — | — | |
| EV / EBITDA | 11.84 | 8.32 | 8.82 | 9.90 | 6.84 | 6.67 | 4.11 | 7.05 | 8.82 | 9.43 | 12.95 | 7.91 | 12.27 |
| — | +24.8% | +114.7% | +40.5% | -22.5% | -29.3% | -68.3% | -10.9% | -28.1% | -17.7% | — | -74.0% | — | |
| EV / EBIT | 17.14 | 8.42 | 11.51 | 13.92 | 10.17 | 10.27 | 7.64 | 13.97 | 23.02 | 98.72 | — | 56.93 | — |
| — | -18.0% | +50.7% | -0.4% | -55.8% | -89.6% | — | -75.5% | — | +139.8% | — | — | — |
Quarterly margins and returns. Watch for margin compression across consecutive quarters.
Pan American Silver Corp.'s operating margin was 48.5% in Q1 2026, up 9.4 pp QoQ and up 19.0 pp YoY. This marks the 3rd consecutive quarter of margin expansion, signaling a sustained improvement in operating efficiency. The trailing four-quarter average of 36.7% lags the current quarter, suggesting the recent improvement is above-trend. Gross margin expanded 62.4% YoY, indicating pricing power or improving input costs.
| Metric | TTM | Q1 '26 | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 | Q3 '23 | Q2 '23 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 37.7% | 52.7% | 47.2% | 36.6% | 33.7% | 32.4% | 22.7% | 24.5% | 17.0% | 11.8% | 13.0% | 6.9% | 9.5% |
| — | +62.4% | +108.1% | +49.3% | +97.6% | +174.8% | +74.4% | +255.8% | +78.4% | -16.5% | +98.8% | +167.7% | +174.1% | |
| Operating Margin | 32.3% | 48.5% | 39.2% | 29.2% | 30.0% | 29.5% | 31.2% | 21.2% | 13.0% | 5.8% | -0.7% | 7.2% | -1.0% |
| — | +64.4% | +25.4% | +37.7% | +130.6% | +410.0% | +4646.6% | +196.4% | +1344.2% | -17.9% | +98.3% | +147.5% | +97.7% | |
| Net Margin | 27.0% | 39.6% | 38.3% | 19.7% | 23.3% | 21.8% | 13.2% | 8.0% | -3.2% | -5.1% | -7.7% | -3.2% | -5.1% |
| — | +81.5% | +190.0% | +147.2% | +830.4% | +524.6% | +271.6% | +349.7% | +37.0% | -222.3% | +83.2% | +84.8% | +90.1% |
| Metric | TTM | Q1 '26 | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 | Q3 '23 | Q2 '23 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 17.0% | 6.4% | 6.7% | 2.9% | 3.9% | 3.5% | 2.3% | 1.2% | -0.5% | -0.7% | -1.1% | -0.4% | -0.6% |
| — | +80.3% | +193.0% | +135.7% | +920.1% | +640.6% | +316.0% | +423.0% | +20.8% | -253.3% | +85.9% | +87.0% | +91.2% | |
| ROA | 11.8% | 4.6% | 4.9% | 2.0% | 2.6% | 2.3% | 1.5% | 0.8% | -0.3% | -0.4% | -0.7% | -0.2% | -0.4% |
| — | +96.6% | +224.1% | +153.7% | +938.0% | +641.6% | +314.7% | +437.2% | +13.5% | -263.0% | +86.9% | +89.1% | +92.9% | |
| ROIC | 15.7% | 6.3% | 5.3% | 3.3% | 3.9% | 3.6% | 3.9% | 2.3% | 1.3% | 0.5% | -0.1% | 0.6% | -0.1% |
| — | +71.8% | +33.8% | +46.9% | +196.9% | +623.4% | +6133.6% | +293.3% | +1716.1% | +4.9% | +98.6% | +134.5% | +98.3% |
Quarterly solvency trend — watch for debt spikes or covenant pressure.
Pan American Silver Corp.'s Debt/EBITDA ratio is 1.3x, down from 1.5x last quarter — comfortably within a safe range.
| Metric | TTM | Q1 '26 | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 | Q3 '23 | Q2 '23 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 0.13 | 0.11 | 0.13 | 0.13 | 0.17 | 0.17 | 0.17 | 0.18 | 0.18 | 0.17 | 0.17 | 0.16 | 0.21 |
| — | -31.0% | -21.4% | -26.3% | -5.8% | -3.4% | +1.4% | +6.4% | -16.6% | -20.3% | +63.0% | +469.1% | +831.1% | |
| Debt / EBITDA | 0.54 | 1.26 | 1.53 | 2.31 | 2.24 | 2.31 | 1.81 | 2.89 | 3.72 | 5.07 | 6.87 | 4.46 | 9.16 |
| — | -45.7% | -15.7% | -19.9% | -39.7% | -54.3% | -73.6% | -35.2% | -59.4% | -57.1% | — | +74.6% | — | |
| Current Ratio | 2.69 | 2.84 | 2.69 | 2.31 | 3.05 | 2.93 | 2.50 | 2.06 | 2.06 | 2.11 | 2.23 | 2.29 | 2.13 |
| — | -3.2% | +7.3% | +12.1% | +48.3% | +39.2% | +12.5% | -9.9% | -3.3% | -8.5% | +5.4% | +7.9% | -12.5% | |
| Quick Ratio | 1.97 | 2.11 | 1.97 | 1.55 | 2.11 | 1.94 | 1.62 | 0.96 | 0.92 | 0.92 | 1.09 | 1.20 | 1.09 |
| — | +8.8% | +21.3% | +61.3% | +128.9% | +111.8% | +49.3% | -20.3% | -15.8% | -25.9% | +24.4% | +25.7% | -10.3% | |
| Interest Coverage | 20.14 | 27.71 | 29.05 | 18.54 | 16.71 | 17.41 | 16.13 | 10.94 | 6.52 | 1.22 | -0.75 | 1.43 | -1.29 |
| — | — | — | — | — | — | — | — | — | — | — | — | — |
Includes 30+ ratios · 48 years · Updated daily
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Quick answers to the most common questions about buying PAAS stock.
Pan American Silver Corp.'s current P/E is 18.8x. The average P/E over the last 4 quarters is 15.0x. Quarterly P/E ratios can vary due to seasonal revenue patterns and one-time charges.
Pan American Silver Corp.'s current operating margin is 32.3%. Margins have been expanding over recent quarters. Quarterly margins are particularly useful for identifying trend inflections that annual data smooths over.
Quarterly financial ratios reveal short-term trend shifts — margin compression, debt spikes, or valuation re-ratings — that annual figures smooth over. They're essential for active investors tracking Pan American Silver Corp.'s business trajectory between earnings reports.