Pan American Silver Corp. (PAAS) Key Metrics
PAAS valuation today
Trailing 12 months · as of October 18, 2026- Market cap
- $18.33B
- Enterprise value
- $20.28B
- P/E (TTM)
- 13.1 10-yr median 42.0
- Forward P/E
- 12.4
- PEG ratio
- 7.02
- Price / sales
- 4.3 10-yr median 2.9
- Price / book
- 2.9 10-yr median 1.6
- EV / EBITDA
- 8.2 10-yr median 10.2
- Dividend yield
- 1.67% $0.74 a year
- Beta
- 1.58
PAAS key metrics, 2016–2025
Fiscal year ended December 31, 2025 · U.S. dollarsPAAS valuation Price multiples at each fiscal year-end price.
PAAS returns How much profit the business earns on the capital it uses.
PAAS per-share figures Results divided by the shares outstanding at year-end.
PAAS financial health Debt, liquidity and how easily interest is covered.
PAAS efficiency & capital use Working capital cycle and where the cash goes.
PAAS valuation history
PAAS returns on capital
Net income (ROE, ROA) or after-tax operating income (ROIC) divided by the average of the opening and closing balance.
PAAS debt vs cash
Debt includes short- and long-term borrowings and, where reported, lease liabilities.
PAAS cash returned to shareholders
PAAS price vs earnings per share
PAAS key metrics
2016–2025| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Valuation | ||||||||||
| Market capitalization | $19.77B | $7.35B | $5.33B | $3.44B | $5.25B | $7.26B | $4.78B | $2.24B | $2.39B | $2.30B |
| Enterprise value | $19.39B | $7.26B | $5.69B | $3.52B | $4.96B | $7.01B | $4.85B | $2.04B | $2.17B | $2.12B |
| P/E ratio | 19.9 | 65.9 | — | — | 53.9 | 40.8 | 43.1 | 217.7 | 19.7 | 23.0 |
| Price / sales | 5.4 | 2.6 | 2.3 | 2.3 | 3.2 | 5.4 | 3.5 | 2.9 | 2.9 | 3.0 |
| Price / book | 2.8 | 1.6 | 1.1 | 1.6 | 2.0 | 2.8 | 1.9 | 1.5 | 1.6 | 1.6 |
| Price / free cash flow | 18.3 | 18.3 | 74.9 | — | 35.4 | 25.6 | 63.9 | 716.1 | 38.4 | 189.3 |
| Price / operating cash flow | 14.1 | 10.1 | 11.8 | 108.2 | 13.4 | 15.7 | 16.9 | 14.5 | 10.6 | 10.7 |
| EV / sales | 5.3 | 2.6 | 2.5 | 2.4 | 3.0 | 5.2 | 3.6 | 2.6 | 2.7 | 2.7 |
| EV / EBITDA | 10.5 | 6.9 | 11.9 | 173.6 | 9.0 | 13.1 | 10.7 | 10.0 | 9.1 | 7.2 |
| EV / free cash flow | 17.9 | 18.1 | 80.0 | — | 33.4 | 24.7 | 65.0 | 650.3 | 34.9 | 174.9 |
| Earnings yield | 5.0% | 1.5% | −1.9% | −9.9% | 1.9% | 2.5% | 2.3% | 0.5% | 5.1% | 4.4% |
| Free cash flow yield | 5.5% | 5.5% | 1.3% | −7.1% | 2.8% | 3.9% | 1.6% | 0.1% | 2.6% | 0.5% |
| Dividend yield | 0.9% | 2.0% | 2.4% | 2.8% | 1.4% | 0.6% | 0.6% | 0.9% | 0.6% | 0.3% |
| Shareholder yield (dividends + buybacks) | 1.1% | 2.3% | 2.4% | 2.8% | 1.4% | 0.6% | 0.6% | 1.1% | 0.6% | 0.3% |
| Share price at fiscal year-end | $51.81 | $20.22 | $16.33 | $16.34 | $24.97 | $34.51 | $23.69 | $14.60 | $15.56 | $15.07 |
| Per share | ||||||||||
| Revenue per share | $9.65 | $7.76 | $7.09 | $7.10 | $7.76 | $6.37 | $6.70 | $5.11 | $5.33 | $5.08 |
| Earnings per share | $2.61 | $0.31 | −$0.32 | −$1.62 | $0.46 | $0.85 | $0.55 | $0.07 | $0.79 | $0.66 |
| Operating cash flow per share | $3.67 | $1.99 | $1.38 | $0.15 | $1.86 | $2.20 | $1.40 | $1.01 | $1.46 | $1.41 |
| Free cash flow per share | $2.83 | $1.10 | $0.22 | −$1.15 | $0.71 | $1.35 | $0.37 | $0.02 | $0.41 | $0.08 |
| Cash per share | $3.45 | $2.44 | $1.35 | $0.68 | $1.59 | $1.33 | $1.18 | $1.38 | $1.48 | $1.43 |
| Book value per share | $18.30 | $12.94 | $14.58 | $10.43 | $12.51 | $12.38 | $12.22 | $9.82 | $9.89 | $9.16 |
| Tangible book value per share | $18.30 | $12.94 | $14.58 | $10.42 | $12.49 | $12.36 | $12.19 | $9.80 | $9.85 | $9.12 |
| Dividends per share | $0.47 | $0.40 | $0.40 | $0.45 | $0.34 | $0.22 | $0.15 | $0.14 | $0.10 | $0.05 |
| Capex per share | $0.84 | $0.89 | $1.16 | $1.30 | $1.16 | $0.85 | $1.03 | $0.99 | $1.06 | $1.33 |
| Debt per share | $2.45 | $2.21 | $2.45 | $1.08 | $0.20 | $0.16 | $1.57 | $0.04 | $0.07 | $0.28 |
| Shares outstanding | 381.6M | 363.4M | 326.5M | 210.5M | 210.4M | 210.3M | 201.6M | 153.5M | 153.4M | 152.5M |
| Change in shares outstanding | +5.0% | +11.3% | +55.1% | +0.0% | +0.1% | +4.3% | +31.3% | +0.1% | +0.6% | +0.6% |
| Returns & profitability | ||||||||||
| Return on equity (ROE) | 17.0% | 2.4% | −3.0% | −14.1% | 3.7% | 7.0% | 5.6% | 0.7% | 8.3% | 7.4% |
| Return on invested capital (ROIC) | 16.8% | 5.4% | 0.8% | −9.0% | 6.8% | 6.0% | 4.0% | 1.6% | 10.1% | 9.1% |
| Return on assets (ROA) | 11.8% | 1.5% | −2.0% | −10.1% | 2.8% | 5.2% | 4.1% | 0.5% | 6.2% | 5.5% |
| Return on tangible assets | 10.2% | 1.5% | −1.4% | −10.5% | 2.8% | 5.2% | 3.2% | 0.5% | 6.1% | 5.3% |
| Free cash flow margin | 29.4% | 14.2% | 3.1% | −16.3% | 9.1% | 21.2% | 5.5% | 0.4% | 7.6% | 1.6% |
| Income quality (OCF / net income) | 1.41 | 6.49 | — | — | 4.02 | 2.60 | 2.55 | 15.06 | 1.86 | 2.15 |
| Financial health | ||||||||||
| Total debt | $935.3M | $803.3M | $801.6M | $226.8M | $42.5M | $33.6M | $316.2M | $6.7M | $10.6M | $43.3M |
| Cash & short-term investments | $1.32B | $887.3M | $440.9M | $142.3M | $335.3M | $279.1M | $238.3M | $212.5M | $227.5M | $217.6M |
| Net debt | −$381.3M | −$84.0M | $360.7M | $84.5M | −$292.8M | −$245.5M | $77.9M | −$205.8M | −$217.0M | −$174.3M |
| Debt / equity | 0.13 | 0.17 | 0.17 | 0.10 | 0.02 | 0.01 | 0.13 | 0.00 | 0.01 | 0.03 |
| Debt / assets | 0.10 | 0.11 | 0.11 | 0.07 | 0.01 | 0.01 | 0.09 | 0.00 | 0.01 | 0.02 |
| Net debt / EBITDA | −0.21 | −0.08 | 0.76 | 4.16 | −0.53 | −0.46 | 0.17 | −1.01 | −0.91 | −0.59 |
| Current ratio | 2.69 | 2.50 | 2.23 | 2.11 | 2.58 | 2.37 | 2.90 | 3.64 | 3.22 | 3.33 |
| Quick ratio | 1.97 | 1.62 | 1.09 | 0.87 | 1.29 | 1.25 | 1.63 | 2.22 | 2.04 | 2.04 |
| Interest coverage | 20.1 | 10.4 | 0.7 | -35.8 | 37.1 | 16.8 | 6.4 | 19.6 | 76.0 | 36.0 |
| Working capital | $1.38B | $1.03B | $765.8M | $423.6M | $613.5M | $495.2M | $517.2M | $397.8M | $410.8M | $428.6M |
| Invested capital | $6.60B | $4.62B | $5.12B | $2.28B | $2.34B | $2.36B | $2.54B | $1.30B | $1.30B | $1.22B |
| Tangible asset value | $6.99B | $4.72B | $4.77B | $2.20B | $2.63B | $2.60B | $2.46B | $1.51B | $1.51B | $1.39B |
| Net current asset value | −$544.0M | −$765.7M | −$1.05B | −$242.5M | $118.6M | $28.9M | −$204.9M | $124.2M | $123.2M | $113.7M |
| Graham number | $32.77 | $9.45 | — | — | $11.41 | $15.35 | $12.29 | $3.85 | $13.25 | $11.63 |
| Graham net-net per share | −$2.45 | −$3.16 | −$4.57 | −$2.55 | −$0.88 | −$1.11 | −$2.20 | −$0.15 | −$0.26 | −$0.48 |
| Capital allocation | ||||||||||
| Dividends paid | $178.1M | $145.4M | $130.4M | $94.7M | $71.5M | $46.2M | $29.3M | $21.3M | $15.3M | $7.6M |
| Share buybacks (net) | $46.8M | $23.1M | $0 | — | — | — | $0 | $3.0M | $0 | $0 |
| Dividend payout ratio | 17.9% | 130.4% | — | — | 73.4% | 26.0% | 26.5% | 206.8% | 12.7% | 7.6% |
| Dividends + buybacks / free cash flow | 20.8% | 42.0% | 183.1% | — | 48.1% | 16.3% | 39.3% | 775.8% | 24.7% | 62.6% |
| Capex / revenue | 8.7% | 11.5% | 16.4% | 18.4% | 14.9% | 13.3% | 15.4% | 19.4% | 19.9% | 26.2% |
| Capex / operating cash flow | 22.8% | 44.6% | 84.2% | 863.8% | 62.1% | 38.6% | 73.5% | 98.0% | 72.3% | 94.3% |
| Capex / depreciation | 0.60 | 0.57 | 0.78 | 0.87 | 0.80 | 0.66 | 0.82 | 1.03 | 1.32 | 1.75 |
| Stock-based compensation / revenue | 0.1% | 0.0% | 0.2% | 0.3% | 0.3% | 0.2% | 0.3% | 0.4% | 0.4% | 0.5% |
| SG&A / revenue | 3.2% | 2.5% | 2.7% | 1.9% | 2.1% | 2.7% | 2.4% | 2.9% | 2.6% | 3.1% |
| Efficiency | ||||||||||
| Days sales outstanding | 22.4 | 25.7 | 29.7 | 39.7 | 33.3 | 45.8 | 39.9 | 54.9 | 54.9 | 54.9 |
| Days of inventory on hand | 94.8 | 105.9 | 106.9 | 122.7 | 130.8 | 127.1 | 89.4 | 115.6 | 128.4 | 140.0 |
| Days payables outstanding | 40.5 | 31.6 | 25.9 | 21.0 | 22.8 | 24.9 | 19.0 | 26.5 | 26.0 | 31.3 |
| Cash conversion cycle (days) | 76.7 | 100.0 | 110.7 | 141.4 | 141.4 | 148.0 | 110.3 | 144.0 | 157.2 | 163.6 |
| Receivables turnover | 16.32 | 14.21 | 12.27 | 9.20 | 10.95 | 7.97 | 9.15 | 6.65 | 6.65 | 6.64 |
| Payables turnover | 9.02 | 11.57 | 14.07 | 17.40 | 16.04 | 14.68 | 19.23 | 13.76 | 14.02 | 11.64 |
| Inventory turnover | 3.85 | 3.45 | 3.41 | 2.98 | 2.79 | 2.87 | 4.08 | 3.16 | 2.84 | 2.61 |
| Asset turnover | 0.44 | 0.39 | 0.44 | 0.44 | 0.47 | 0.39 | 0.50 | 0.40 | 0.42 | 0.43 |
| Average receivables | $225.7M | $198.3M | $188.8M | $162.5M | $149.1M | $167.9M | $147.6M | $118.0M | $122.8M | $116.6M |
| Average payables | $254.4M | $196.3M | $143.5M | $83.1M | $78.9M | $73.6M | $59.6M | $49.7M | $46.2M | $49.5M |
| Average inventory | $596.3M | $658.6M | $591.6M | $486.0M | $453.3M | $376.3M | $280.5M | $216.6M | $228.0M | $220.8M |
| Intangibles / total assets | 0.0% | 0.0% | 0.0% | 0.1% | 0.1% | 0.1% | 0.1% | 0.2% | 0.3% | 0.3% |
Computed from PAAS's annual financial statements (latest annual report filed February 18, 2026) and the closing share price on each fiscal year-end, adjusted for stock splits. Figures in U.S. dollars; data from EODHD. Averages use the opening and closing balance of each year.
PAAS valuation and financial ratios
At the end of fiscal 2025 (December 31, 2025), Pan American Silver traded at 19.9 times earnings, against a 10-year median of 42.0. Based on the latest twelve months, the trailing P/E is 13.1 and the forward P/E is 12.4. Pan American Silver earned a return on equity of 17.0% and a return on invested capital of 16.8% in fiscal 2025. It ended the year with $935.3 million of debt and $1.3 billion in cash and short-term investments, a net cash position of $381.3 million. It returned $224.9 million to shareholders: $178.1 million in dividends and $46.8 million in share buybacks, 21% of free cash flow. The share count rose 150.2% from 152.5M to 381.6M over 9 years.
See the PAAS income statement, the PAAS chart for price history, or the PAAS stock overview for the latest quote and news.
PAAS key metrics FAQ
What is Pan American Silver's P/E ratio?
Pan American Silver's trailing P/E ratio is 13.1 based on the last twelve months of earnings (as of October 18, 2026), and its forward P/E is 12.4. At the end of fiscal 2025 it was 19.9, compared with a 10-year median of 42.0.
What is Pan American Silver's EV/EBITDA?
Pan American Silver's enterprise value was 10.5 times EBITDA at the end of fiscal 2025 (enterprise value $19.4 billion, EBITDA $1.9 billion); the current EV/EBITDA is 8.2.
What is Pan American Silver's return on equity?
Pan American Silver's return on equity (ROE) was 17.0% in fiscal 2025: net income of $995.1 million on average shareholders' equity of $5.8 billion.
What is Pan American Silver's ROIC?
Pan American Silver's return on invested capital was 16.8% in fiscal 2025, using after-tax operating income divided by average debt plus equity minus cash.
How much debt does Pan American Silver have?
Pan American Silver had total debt of $935.3 million at the end of fiscal 2025, a debt-to-equity ratio of 0.13 and more cash than debt.
What is Pan American Silver's dividend yield?
Pan American Silver's forward dividend yield is 1.67%. Pan American Silver paid $178.1 million in dividends in fiscal 2025 ($0.47 per share), a payout ratio of 17.9%.
Does Pan American Silver buy back its shares?
Yes. Pan American Silver spent $46.8 million on net share repurchases in fiscal 2025 Shares outstanding changed +5.0% over the year, to 381.6M..
What is Pan American Silver's free cash flow yield?
Pan American Silver generated $1.1 billion of free cash flow in fiscal 2025, a free cash flow yield of 5.5% on its market value at year-end ($19.8 billion).
What is Pan American Silver's current ratio?
Pan American Silver's current ratio was 2.69 at the end of fiscal 2025: current assets were 2.69 times current liabilities.