Rank #8 · NYSE:PAAS

Pan American Silver Corp.

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Senior Producer · Primary: Silver · Also: Gold

Canada · Jurisdictions: Mexico, Peru, Bolivia, Argentina, Canada

TechnicalAvailable
JurisdictionAvailable
Filing-backedAvailable
Historical valuationAvailable
Change intelligencePro

Canonical listing price

$46.27

+2.12%(+0.96 USD)

Updated 10/9/2026, 1:30:00 PM

Price data: Twelve Data

Market Context

Silver · Senior Producer

1D: +2.1%
1M: -8.6%
3M: +8.4%
YTD: -9.3%
1Y: +16.3%
Dist 52W high: -32.6%

vs Silver

1M -0.5 pp·3M +16.1 pp

vs SIL

1M +1.1 pp·3M -8.6 pp

1M vs Silver Miners group: +4.4 pp

Jurisdiction: Mexico, Peru, Bolivia, Argentina, Canada · Market cap rank-only (licensing)

Close-based returns and relative performance in percentage points vs mapped metal/ETF. Not a buy/sell signal or price target.

Next report

Reporting calendar →

FY2026 · Expected window 2028-02-12 → 2028-03-05

Expected window 2028-02-12 → 2028-03-05 (FY2026).

Price Chart

Fundamentals Snapshot

Run Valuation →

Valuation

Market Cap· derived: $16.89BderivedQ4 2025

Financials

Cash: $700.00Mreported-actualQ4 2025
Total Debt: $900.00Mreported-actualQ4 2025
Net Debt· derived: $200.00MderivedQ4 2025

P&L / Cash Flow (TTM)

Revenue· derived: $3.62BREPORTED TTM2025-12-31Filing source · 2026-02-18
Net Income

Valuation

Filing-backed valuation ratios

Current market multiples relative to reported TTM financials. Peer context uses the Mining 50 Silver · Senior Producer group. Not fair value, price targets, or investment advice.

Pro: full peer compare

Enterprise Value: $17.09B
P/S: 4.7x
EV/Sales: 4.7x
FCF Yield: 6.0%
EV/FCF: 16.8x

Data provenance (MINING50-VALUATION-1.0)

Market cap: MINING50-MARKETCAP-1.0
Balance sheet: Latest reported
Revenue: TTM
FCF: TTM
Currency: USD
Enterprise Value uses current market cap plus latest reported cash and debt; components may differ in observation date.

Historical Valuation

Current vs own filing-date history

Point-in-time multiples at annual filing dates using prices and financials publicly available as of each date. Percentiles and medians use available history only — descriptive context, not fair value or investment advice.

P/FCF

Current (latest filing date): 24.0x
Historical median: —
Percentile: —

EV/FCF

Current (latest filing date): 23.5x
Historical median: —
Percentile: —

Historical chart

P/FCF (FY at filing) EV/FCF (FY at filing)

Each point is a filing-date snapshot — not a continuous daily valuation series.

Filing-date periodic snapshots · 5 observations · price source: Twelve Data

MINING50-HISTORICAL-VALUATION-1.0 · filing-date periodic

Balance Sheet & Capital Allocation

Filing-backed financial position & change

Annual FY trends from certified filing data. Descriptive direction and magnitude only — not a quality score or investment recommendation.

Financial Position

Cash

$1.22B

+$352.00M YoY (+40.8%)

Debt

$714.00M

+$5.00M YoY (+0.7%)

Net Debt

Net Cash: $501.00M

$-347.00M YoY (-225.3%)

Share Count

421.8M

+58.8M shares YoY (+16.2%)

3-year share count change: +100.2% over 3 years

Capital Intensity

Capex / Revenue

8.7%

Prior year: 11.5%

FCF Conversion

76.4%

Prior year: 55.4%

FCF (FY)

$1.02B

+$618.00M YoY (+154.1%)

Recent Changes

Cash Build
Cash increased $352.00M (+40.8%) versus the prior year.
2024-12-31 → 2025-12-31
Share Count Change
Shares outstanding increased 16.2% year over year.
2024-12-31 → 2025-12-31

Methodology (MINING50-CAPITAL-ALLOCATION-1.0)

EntityCommonStockSharesOutstanding — period-end shares from SEC DEI taxonomy (annual FY).
Net debt: MINING50-NETDEBT-1.0 (debt − cash, both required per period)
FCF: MINING50-FCF-1.0 (annual FY derived OCF − |CapEx|)
Annual FY filing-backed series from certified Grey Rabbit stores and cached SEC companyfacts. Descriptive only — not investment advice.

Operating Performance

Filing-backed operating & cash-flow trends

Annual FY revenue, cash flow, capex, and margins from certified filing data. Descriptive trends only — not a quality score or investment recommendation.

Operating Snapshot

Revenue

$3.62B

+$800.00M YoY (+28.4%)

Operating Cash Flow

$1.33B

+$609.00M YoY (+84.1%)

Free Cash Flow

$1.02B

+$618.00M YoY (+154.1%)

Capex

$314.00M

$-9.00M YoY (-2.8%)

3-year revenue change: +142.1% over 3 years

Cash Flow Margins

OCF Margin

36.8%

Prior year: 25.7%

Change: +11.2 pp

FCF Margin

28.2%

Prior year: 14.2%

Change: +13.9 pp

Capital Intensity

Capex / Revenue

8.7%

Prior year: 11.5%

Recent Operating Changes

Revenue Increase
Revenue increased 28.4% versus the prior comparable period.
2024-12-31 → 2025-12-31
Operating Cash Flow Increase
Operating cash flow increased $609.00M (+84.1%) versus the prior comparable period.
2024-12-31 → 2025-12-31
Free Cash Flow Increase
Free cash flow increased $618.00M (+154.1%) versus the prior comparable period.
2024-12-31 → 2025-12-31
OCF Margin Increase
Operating cash flow margin moved from 25.7% to 36.8% (+11.2 pp).
2024-12-31 → 2025-12-31
FCF Margin Increase
Free cash flow margin moved from 14.2% to 28.2% (+13.9 pp).
2024-12-31 → 2025-12-31

Methodology (MINING50-OPERATING-PERFORMANCE-1.0)

Annual FY filing-backed operating series. FCF uses certified MINING50-FCF-1.0. Descriptive only — not investment advice.
Comparable annual FY periods only — no TTM mixing in trend series.
Margin changes expressed in percentage points (pp), not relative percent change.
Production, AISC, and realized metal prices deferred until multi-period history exists.

Fundamental Changes

Material filing-backed changes

Deterministic changes from certified financial metrics. Descriptive only — not a quality score or investment recommendation.

Latest filing period: 8 material changes · 24 operating · 12 balance-sheet · 4 capital-allocation

FY2025 · Filed Feb 18, 2026

Cash Build
Cash increased $352.00M (+40.8%) versus the prior year.
Official filing source
Share Count Change
Shares outstanding increased 16.2% year over year.
Official filing source
Revenue Increase
Revenue increased 28.4% versus the prior comparable period.
Official filing source
Operating Cash Flow Increase
Operating cash flow increased $609.00M (+84.1%) versus the prior comparable period.
Official filing source
Free Cash Flow Increase
Free cash flow increased $618.00M (+154.1%) versus the prior comparable period.
Official filing source
OCF Margin Increase
Operating cash flow margin moved from 25.7% to 36.8% (+11.2 pp).
Official filing source
FCF Margin Increase
Free cash flow margin moved from 14.2% to 28.2% (+13.9 pp).
Official filing source
Net Debt Reduction
Net debt declined from $154.00M to $501.00M (-225.3%).
Official filing source

Methodology (MINING50-FUNDAMENTAL-CHANGES-1.0)

Deterministic changes from certified Phase 31–35 filing-backed metrics. Filing date used for chronology where available. Not investment advice.
Reuses certified Phase 32/33 event thresholds unchanged.
Filing date preferred for chronology; period-end fallback when filing date unavailable.

Mining Technical Intelligence Beta

Grey Rabbit Score: 39
Bias: Neutral
MTF Confidence: 39%
Trend Phase: Transition
Momentum: Unavailable
Freshness: live

Modules: mtf-trend, momentum, relative-strength · Last calculated: 10/12/2026, 10:41:10 AM

Secondary Listings

TSX: PAAS

Price data provided by Twelve Data. Charts provided by TradingView. Grey Rabbit Scores and analysis are proprietary to Grey Rabbit Markets.

Pan American Silver Corp.

Market Context

Price Chart

Fundamentals Snapshot

Valuation

Financials

P&L / Cash Flow (TTM)

Filing-backed valuation ratios

Current vs own filing-date history

Filing-backed financial position & change

Financial Position

Capital Intensity

Recent Changes

Filing-backed operating & cash-flow trends

Operating Snapshot

Cash Flow Margins

Capital Intensity

Recent Operating Changes

Material filing-backed changes

Mining Technical Intelligence Beta

Secondary Listings

Operations

Reserves