Overview Dividends

(PAAS) Pan American Silver - Ratings and Ratios

Exchange: NYSE • Country: Canada • Currency: USD • Type: Common Stock • ISIN: CA6979001089

Silver, Gold, Zinc, Lead, Copper

Silver
Market Cap in USD: 22,516m

IPO / Inception: 1995-06-12
Return 12m vs S&P 500: 113%

EPS (Earnings per Share)

EPS CAGR: -31.76%
EPS Trend: 61.0%

Last SUE: -4.00
Qual. Beats: 0

Revenue

Rev. CAGR: 20.69%
Rev. Trend: 89.5%

Last SUE: 0.05
Qual. Beats: 0

Dividends

Dividend Yield	0.87%
Yield on Cost 5y	1.48%
Yield CAGR 5y	7.85%
Payout Consistency	90.6%
Payout Ratio	27.4%

Risk via 5d forecast
Volatility	48.5%
Value at Risk 5%th	72.3%
Relative Tail Risk	-9.38%

Reward TTM
Sharpe Ratio	2.03
Alpha	145.15
CAGR/Max DD	1.25

Character TTM
Hurst Exponent	0.432
Beta	0.726
Beta Downside	1.124

Drawdowns 3y
Max DD	36.50%
Mean DD	12.39%
Median DD	11.89%

Description: PAAS Pan American Silver January 03, 2026

Pan American Silver Corp. (NYSE: PAAS) is a vertically integrated miner that explores, develops, extracts, processes, refines, and reclaims metal assets across North and South America-including Canada, Mexico, Peru, Bolivia, Argentina, Chile, and Brazil. Its commodity focus spans silver, gold, zinc, lead, and copper, reflecting a diversified metal portfolio that can mitigate single-commodity price risk.

Key operational metrics (as of FY 2023) show the company produced roughly **31.5 million ounces of silver** and **0.5 million ounces of gold**, with an all-in sustaining cash cost of **≈ $9.5 per ounce of silver** and a net debt-to-EBITDA ratio of **~ 2.1×**. These figures suggest a relatively low-cost position in the sector, but the debt leverage remains a material consideration if commodity prices weaken.

Macro-level drivers that materially affect PAAS include: (1) **global silver demand** from industrial applications (photovoltaics, electronics) and investment demand as an inflation hedge; (2) **exchange-rate exposure**, since a significant portion of revenue is denominated in USD while many operating costs are in local currencies; and (3) **political risk** in Latin American jurisdictions, which can impact permitting timelines and tax regimes. An adverse swing in any of these variables could materially alter cash-flow forecasts.

Assumption: the FY 2023 production and cost data disclosed by PAAS are accurate and comparable year-over-year. Uncertainty: future silver price trajectories are volatile, and policy shifts in host countries could affect operating margins.

For a deeper dive into PAAS’s valuation metrics and scenario analysis, see the ValueRay platform.

Piotroski VR‑10 (Strict, 0-10) 7.5

Net Income (634.1m TTM) > 0 and > 6% of Revenue (6% = 195.3m TTM)

FCFTA 0.08 (>2.0%) and ΔFCFTA 4.51pp (YES ≥ +1.0pp, WARN ≥ +0.5pp)

NWC/Revenue 30.92% (prev 29.18%; Δ 1.74pp) (YES ≤20% & Δ≤-1pp; WARN ≤25% & Δ≤0 oder ≤40% & Δ≤-3pp)

CFO/TA 0.11 (>3.0%) and CFO 1.05b > Net Income 634.1m (YES >=105%, WARN >=100%)

Net Debt (-13.2m) to EBITDA (1.52b) ratio: -0.01 <= 3.0 (WARN <= 3.5)

Current Ratio 2.31 (target 1.5–3.0; WARN 1.2–<1.5 or >3.0–5.0; CFO/TA gate active)

Outstanding Shares last Quarter (378.9m) change vs 12m ago 4.36% (target <= -2.0% for YES)

Gross Margin 31.40% (prev 16.86%; Δ 14.54pp) >=18% & Δ>=+0.5pp (WARN >=15% & Δ>=0)

Asset Turnover 39.94% (prev 37.38%; Δ 2.56pp) >=50% & Δ>=+2pp (WARN >=35% & Δ>=0)

Interest Coverage Ratio 17.18 (EBITDA TTM 1.52b / Interest Expense TTM 56.7m) >= 6 (WARN >= 3)

Altman Z'' 3.92

(A) 0.11 = (Total Current Assets 1.77b - Total Current Liabilities 766.4m) / Total Assets 9.15b

(B) -0.10 = Retained Earnings (Balance) -898.7m / Total Assets 9.15b

(D) 2.58 = Book Value of Equity 6.52b / Total Liabilities 2.52b

Total Rating: 3.92 = (6.56 * A) + (3.26 * B) + (6.72 * C) + (1.05 * D)

ValueRay F-Score (Strict, 0-100) 78.94

1. Piotroski 7.50pt

2. FCF Yield 3.32%

3. FCF Margin 22.92%

4. Debt/Equity 0.13

5. Debt/Ebitda -0.01

6. ROIC - WACC (= 2.64)%

7. RoE 12.02%

8. Rev. Trend 89.50%

9. EPS Trend 61.02%

What is the price of PAAS shares?

As of January 09, 2026, the stock is trading at USD 53.09 with a total of 5,142,762 shares traded.
Over the past week, the price has changed by +4.02%, over one month by +21.91%, over three months by +33.94% and over the past year by +151.65%.

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.

Strong Buy: 3
Buy: 3
Hold: 3
Sell: 0
Strong Sell: 0

What are the forecasts/targets for the PAAS price?

Issuer	Target	Up/Down from current
Wallstreet Target Price	51.3	-3.5%
Analysts Target Price	51.3	-3.5%
ValueRay Target Price	60	13%

PAAS Fundamental Data Overview January 09, 2026

P/E Trailing = 30.8381
P/E Forward = 15.7729
P/S = 6.9178
P/B = 3.4028
P/EG = 7.59
Beta = 1.238
Revenue TTM = 3.25b USD
EBIT TTM = 973.5m USD
EBITDA TTM = 1.52b USD
Long Term Debt = 707.0m USD (from longTermDebt, last quarter)
Short Term Debt = 59.6m USD (from shortTermDebt, last quarter)
Debt = 857.0m USD (from shortLongTermDebtTotal, last quarter)
Net Debt = -13.2m USD (from netDebt column, last quarter)
Enterprise Value = 22.46b USD (22.52b + Debt 857.0m - CCE 910.8m)
Interest Coverage Ratio = 17.18 (Ebit TTM 973.5m / Interest Expense TTM 56.7m)
FCF Yield = 3.32% (FCF TTM 746.1m / Enterprise Value 22.46b)
FCF Margin = 22.92% (FCF TTM 746.1m / Revenue TTM 3.25b)
Net Margin = 19.48% (Net Income TTM 634.1m / Revenue TTM 3.25b)
Gross Margin = 31.40% ((Revenue TTM 3.25b - Cost of Revenue TTM 2.23b) / Revenue TTM)
Gross Margin QoQ = 36.63% (prev 33.66%)
Tobins Q-Ratio = 2.46 (Enterprise Value 22.46b / Total Assets 9.15b)
Interest Expense / Debt = 1.66% (Interest Expense 14.2m / Debt 857.0m)
Taxrate = 32.08% (79.9m / 249.1m)
NOPAT = 661.2m (EBIT 973.5m * (1 - 32.08%))
Current Ratio = 2.31 (Total Current Assets 1.77b / Total Current Liabilities 766.4m)
Debt / Equity = 0.13 (Debt 857.0m / totalStockholderEquity, last quarter 6.62b)
Debt / EBITDA = -0.01 (Net Debt -13.2m / EBITDA 1.52b)
Debt / FCF = -0.02 (Net Debt -13.2m / FCF TTM 746.1m)
Total Stockholder Equity = 5.27b (last 4 quarters mean from totalStockholderEquity)
RoA = 7.78% (Net Income 634.1m / Total Assets 9.15b)
RoE = 12.02% (Net Income TTM 634.1m / Total Stockholder Equity 5.27b)
RoCE = 16.28% (EBIT 973.5m / Capital Employed (Equity 5.27b + L.T.Debt 707.0m))
RoIC = 11.05% (NOPAT 661.2m / Invested Capital 5.98b)
WACC = 8.41% (E(22.52b)/V(23.37b) * Re(8.69%) + D(857.0m)/V(23.37b) * Rd(1.66%) * (1-Tc(0.32)))
Discount Rate = 8.69% (= CAPM, Blume Beta Adj.)
Shares Correlation 3-Years: 100.0 | Cagr: 4.72%
[DCF Debug] Terminal Value 68.81% ; FCFF base≈551.9m ; Y1≈362.3m ; Y5≈165.7m
Fair Price DCF = 7.28 (EV 3.06b - Net Debt -13.2m = Equity 3.07b / Shares 422.0m; r=8.41% [WACC]; 5y FCF grow -40.0% → 3.0% )
[DCF Warning] FCF declining rapidly (-40.0%), DCF may be unreliable
EPS Correlation: 61.02 | EPS CAGR: -31.76% | SUE: -4.0 | # QB: 0
Revenue Correlation: 89.50 | Revenue CAGR: 20.69% | SUE: 0.05 | # QB: 0
EPS next Quarter (2026-03-31): EPS=1.02 | Chg30d=+0.045 | Revisions Net=+1 | Analysts=2
EPS next Year (2026-12-31): EPS=3.67 | Chg30d=+0.209 | Revisions Net=+5 | Growth EPS=+66.4% | Growth Revenue=+29.6%

Additional Sources for PAAS Stock

News: Wall Street Journal | Benzinga | Yahoo Finance
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Fund Manager Positions: Dataroma | Stockcircle