PAAS Stock Analysis: Pan American Silver | NYSE

Silver, Gold, Zinc, Copper

Total Rating 48

Safety 33

Buy Signal -1.44

Gold
Industry Rotation: -15.1

Market Cap: 21.3B
Avg Turnover: 254M

Risk 3d forecast

Volatility55.9%

VaR 5^th Pctl9.25%

VaR vs Median0.43%

Reward TTM

Sharpe Ratio0.78

Rel. Str. IBD50.9

Rel. Str. Peer Group31.8

Character TTM

Beta0.984

Beta Downside0.744

Hurst Exponent0.434

Drawdowns 3y

Max DD38.84%

CAGR/Max DD1.23

CAGR/Mean DD4.09

EPS (Earnings per Share)

EPS CAGR: 421.56%
EPS Trend: 88.8%

Last SUE: -0.96
Qual. Beats: -1

Revenue

Rev. CAGR: 27.74%
Rev. Trend: 98.7%

Last SUE: -0.28
Qual. Beats: 0

Warnings

Strong Share Dilution

Beneish M-Score Likely Earnings Manipulation

Choppy

Below Avwap Earnings

Below Sma 200d

Tailwinds

No distinct edge detected

Seasonality 11.6 years of data

Jan +2.5% 5

Feb -5.0% 20

Mar +2.7% 10

Apr -1.0% 19

May -1.8% 10

Jun -4.4% 21

Jul +5.3% 30

Aug -3.2% 26

Sep -5.8% 39

Oct +0.8% 5

Nov +1.3% 16

Dec +3.3% 12

How good or bad each month usually is (without trend). The score below shows how much you can trust it: 0 = pure chance, >40 gets interesting and >55 is strong.

Description: PAAS Pan American Silver

Pan American Silver Corp. (NYSE: PAAS) is a Canadian-headquartered precious metals mining company that operates across the full mining lifecycle-from exploration and mine development through extraction, processing, refining, and reclamation. The company reports two operating segments: a Silver segment (La Colorada, Juanicipio, Cerro Moro, Huaron, and San Vicente mines) and a Gold segment (Jacobina, El Peñon, Timmins, Shahuindo, Minera Florida, and Dolores mines), and it also explores for zinc, lead, and copper. Originally incorporated in 1979 as Pan American Minerals Corp., it adopted its current name in April 1995 and is headquartered in Vancouver, with operations spanning eight countries in the Americas.

The company sits within the GICS Materials sector, classified specifically under the Silver sub-industry. Silver miners typically generate revenue by selling bullion and concentrate to refiners, industrial users, and precious metals markets, and silver is frequently recovered as a byproduct of lead, zinc, and copper mining-relevant given PAASs exposure to these base metals in addition to precious metals. The Americas, and Latin America in particular, host a large share of global silver mine production, making the companys geographic footprint strategically aligned with the worlds primary silver-producing regions.

Headlines to Watch Out For

Silver and gold prices drive segment revenue and margins
LATAM political and regulatory risks threaten Peruvian and Mexican operations
Yamana and MAG Silver acquisitions expand production capacity

Piotroski VR-10 (Strict) 7.5

Net Income: 1.38b TTM > 0 and > 6% of Revenue
FCF/TA: 0.15 > 0.02 and ΔFCF/TA 5.90 > 1.0
NWC/Revenue: 40.75% < 20% (prev 42.05%; Δ -1.30% < -1%)
CFO/TA 0.19 > 3% & CFO 1.92b > Net Income 1.38b
Net Debt (-739.0m) to EBITDA (2.40b): -0.31 < 3
Current Ratio: 2.94 > 1.5 & < 3
Outstanding Shares: last quarter (420.3m) vs 12m ago 16.08% < -2%
Gross Margin: 44.57% > 18% (prev 28.39%; Δ 16.18% > 0.5%)
Asset Turnover: 49.15% > 50% (prev 42.34%; Δ 6.81% > 0%)
Interest Coverage Ratio: 28.35 > 6 (EBIT TTM 1.90b / Interest Expense TTM 67.0m)

Altman Z'' 5.33

A: 0.17 (Total Current Assets 2.66b - Total Current Liabilities 904.9m) / Total Assets 10.1b
B: -0.01 (Retained Earnings -67.9m / Total Assets 10.1b)
C: 0.22 (EBIT TTM 1.90b / Avg Total Assets 8.75b)
D: 2.63 (Book Value of Equity 7.35b / Total Liabilities 2.79b)
Altman-Z'' = 5.33 = AAA

Beneish M 1.00

DSRI: 1.04 (Receivables 266.7m/185.2m, Revenue 4.30b/3.12b)
GMI: 0.64 (GM 28.39% / 44.57%)
AQI: 10.20 (AQ_t 0.22 / AQ_t-1 0.02)
SGI: 1.38 (Revenue 4.30b / 3.12b)
TATA: -0.05 (NI 1.38b - CFO 1.92b) / TA 10.1b)
Beneish M = 2.40 (Cap -4..+1) = D

What is the price of PAAS shares?

As of September 12, 2026, the stock is trading at USD 50.34 with a total of 2,475,394 shares traded. Over the past week, the price has changed by -4.30%, over one month by -2.46%, over three months by +8.56% and over the past year by +38.53%.

Current recommended Stop Loss: 47.60 (which is 5.4% or 1.3 ATR below the current price).

Is PAAS a buy, sell or hold?

Pan American Silver has received a consensus analysts rating of 4.00. Therefore, it is recommended to buy PAAS.

StrongBuy: 3
Buy: 3
Hold: 3
Sell: 0
StrongSell: 0

What are the forecasts/targets for the PAAS price?

Analysts Target Price	65.9	30.9%

Pan American Silver (PAAS) - Fundamental Data Overview as of 07 September 2026

Market Cap USD = 21.3b (21.3b USD * 1.0 USD.USD)
P/E Trailing = 15.1893
P/E Forward = 12.6904
P/S = 4.9366
P/B = 2.964
P/EG = 7.0214
Revenue TTM = 4.30b USD
EBIT TTM = 1.90b USD
EBITDA TTM = 2.40b USD
Long Term Debt = 714.0m USD (from longTermDebt, last quarter)
Short Term Debt = 52.9m USD (from shortTermDebt, last quarter)
Debt = 964.0m USD (from shortLongTermDebtTotal, last quarter) + Leases 124.0m
Net Debt = -739.0m USD (calculated: Debt 964.0m - CCE 1.70b)
Enterprise Value = 20.5b USD (21.3b + Debt 964.0m - CCE 1.70b)
Interest Coverage Ratio = 28.35 (Ebit TTM 1.90b / Interest Expense TTM 67.0m)
EV/FCF = 13.39x (Enterprise Value 20.5b / FCF TTM 1.54b)
FCF Yield = 7.47% (FCF TTM 1.54b / Enterprise Value 20.5b)
FCF Margin = 35.69% (FCF TTM 1.54b / Revenue TTM 4.30b)
Net Margin = 32.09% (Net Income TTM 1.38b / Revenue TTM 4.30b)
Gross Margin = 44.57% ((Revenue TTM 4.30b - Cost of Revenue TTM 2.38b) / Revenue TTM)
Gross Margin QoQ = 39.32% (prev 52.69%)
Tobins Q-Ratio = 2.03 (Enterprise Value 20.5b / Total Assets 10.1b)
Interest Expense / Debt = 6.95% (Interest Expense 67.0m / Debt 964.0m)
Taxrate = 27.71% (529.4m / 1.91b)
NOPAT = 1.37b (EBIT 1.90b * (1 - 27.71%))
Current Ratio = 2.94 (Total Current Assets 2.66b / Total Current Liabilities 904.9m)
Debt / Equity = 0.13 (Debt 964.0m / totalStockholderEquity, last quarter 7.35b)
Debt / EBITDA = -0.31 (Net Debt -739.0m / EBITDA 2.40b)
Debt / FCF = -0.48 (Net Debt -739.0m / FCF TTM 1.54b)
Total Stockholder Equity = 7.08b (last 4 quarters mean from totalStockholderEquity)
RoA = 15.77% (Net Income 1.38b / Total Assets 10.1b)
RoE = 19.51% (Net Income TTM 1.38b / Total Stockholder Equity 7.08b)
RoCE = 24.39% (EBIT 1.90b / Capital Employed (Equity 7.08b + L.T.Debt 714.0m))
RoIC = 15.13% (NOPAT 1.37b / Invested Capital 9.08b)
WACC = 9.25% (E(21.3b)/V(22.3b) * Re(9.44%) + D(964.0m)/V(22.3b) * Rd(6.95%) * (1-Tc(0.28)))
Discount Rate = 9.44% (= CAPM, Blume Beta Adj.)
Shares (quarterly) Correlation: 83.70 | Cagr: 6.54%
[DCF] Terminal Value 75.11% ; FCFF base≈1.19b ; Y1≈1.37b ; Y5≈2.01b
[DCF] Fair Price = 64.84 (EV 26.1b - Net Debt -739.0m = Equity 26.9b / Shares 414.6m; r=9.25% [WACC]; 5y FCF grow 15.0% → 2.50% )
EPS Correlation: 88.78 | EPS CAGR: 421.6% | SUE: -0.96 | # QB: -1
Revenue Correlation: 98.69 | Revenue CAGR: 27.74% | SUE: -0.28 | # QB: 0
EPS current Quarter (2026-09-30): EPS=0.93 | Chg30d=-10.25% | Revisions=-57% | Analysts=5
EPS current Year (2026-12-31): EPS=3.69 | Chg30d=-1.90% | Revisions=-75% | GrowthEPS=+45.3% | GrowthRev=+26.2%
EPS next Year (2027-12-31): EPS=4.71 | Chg30d=+3.07% | Revisions=-50% | GrowthEPS=+27.6% | GrowthRev=+6.4%
[Analyst] Revisions Ratio: -78% (up=1, down=19)