Pan American Silver (PAAS) Stock Analysis

November 11, 2026

This is a peer-relative look at Pan American Silver (PAAS): its performance, risk, profitability, growth, financial strength, dividend, and valuation are each measured against its Materials peers, so every number reads in context rather than in isolation.

Company Profile

Company profile fields for Pan American Silver (PAAS)
Profile Item	PAAS
Name	Pan American Silver Corp.
Country/Region	Canada
GICS Sector	Materials
GICS Industry Group	Materials
GICS Industry	Metals & Mining
GICS Sub-Industry	Silver
Market Capitalization	16.98 billion USD
Currency	USD
Exchange	NYSE
Listing Date	June 12, 1995
Security Type	Common Stock

Price Performance

Cumulative Growth

PAAS

GSPC

Pan American Silver (PAAS) vs. S&P 500 (GSPC): Growth of a $10,000 investment over the past five years. Adjusted for dividends and splits.

Trailing Returns

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Trailing total returns for Pan American Silver (PAAS) and S&P 500 (GSPC). Returns over one year are annualized.

Calendar-Year Returns

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Calendar-year total returns for Pan American Silver (PAAS) and S&P 500 (GSPC). Each bar is that year's total return, measured year-end to year-end.

Performance Metrics

Pan American Silver (PAAS) metric values compared with Materials industry-group medians
Metric	Current stock: PAAS	Industry group median
Total Return (1Y)	22.43%	19.59%
Total Return (3Y, Annualized)	47.84%	18.91%
Total Return (5Y, Annualized)	11.59%	5.70%

Risk Profile

Drawdown History

PAAS

GSPC

Pan American Silver (PAAS) vs. S&P 500 (GSPC): Drawdown from the running peak over the past five years. Each line shows the decline from its prior peak; 0% marks a new high.

Return Distribution

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Distribution of monthly total returns for Pan American Silver (PAAS) and S&P 500 (GSPC). Each bar is the share of months whose return fell in that 5% bucket.

Risk Metrics

Pan American Silver (PAAS) metric values compared with Materials industry-group medians
Metric	Current stock: PAAS	Industry group median
Volatility (1Y, Annualized)	58.13%	52.82%
Beta (5Y)	0.72	0.97
Max Drawdown (5Y)	-57.39%	-58.44%

Risk-Adjusted Performance

Risk-Return Positioning

Each dot is a stock plotted by 1-year volatility (risk) and 1-year return. PAAS is highlighted; the dashed line is the Capital Allocation Line from the risk-free rate through the industry median — dots above it are stronger on a risk-adjusted basis.

Risk-Adjusted Metrics

Pan American Silver (PAAS) metric values compared with Materials industry-group medians
Metric	Current stock: PAAS	Industry group median
Sharpe Ratio (1Y)	0.31	0.32
Sortino Ratio (1Y)	0.45	0.47

Profitability

ROE (TTM)

Pan American Silver (PAAS) posts ROE of 22.39%, in the upper peer quartile. That suggests the company earns more from each dollar of shareholders’ equity than most industry peers, a useful capital-efficiency signal.

PAAS

Materials industry group

22.39%

Group distribution

Max: 52.88%
PAAS: 22.39%
Q3: 19.49%
Median: 8.76%
Q1: -3.41%
Min: -32.81%

Largest peers

SCCO: 52.88%
NEM: 27.26%
BHP: 24.00%
AEM: 23.24%
PAAS: 22.39%
RIO: 19.31%
LIN: 17.72%

Where Pan American Silver (PAAS) stands on ROE within its Materials peer group — the box is the group’s distribution and the dots its largest members.

Net Margin (TTM)

Pan American Silver (PAAS) keeps 35.16% of revenue as net profit, putting net margin in the upper peer quartile. After operating costs, interest, and taxes, more of each sales dollar reaches shareholders than it does at most industry peers.

PAAS

Materials industry group

35.16%

Group distribution

Max: 38.66%
PAAS: 35.16%
Q3: 15.98%
Median: 5.28%
Q1: 0.00%
Min: -20.40%

Largest peers

AEM: 41.01%
SCCO: 37.16%
PAAS: 35.16%
NEM: 34.73%
RIO: 19.59%
LIN: 19.34%
BHP: 16.73%

Where Pan American Silver (PAAS) stands on net margin within its Materials peer group — the box is the group’s distribution and the dots its largest members.

Operating Margin (TTM)

Pan American Silver (PAAS) turns 34.29% of revenue into operating profit, putting operating margin in the upper peer quartile. Before financing and taxes enter the picture, the day-to-day business keeps more of each sales dollar than most industry peers.

PAAS

Materials industry group

34.29%

Group distribution

Max: 66.70%
PAAS: 34.29%
Q3: 28.92%
Median: 12.56%
Q1: 3.28%
Min: -14.07%

Largest peers

SCCO: 59.94%
AEM: 55.49%
NEM: 49.99%
BHP: 43.34%
PAAS: 34.29%
RIO: 28.05%
LIN: 27.97%

Where Pan American Silver (PAAS) stands on operating margin within its Materials peer group — the box is the group’s distribution and the dots its largest members.

Profitability Metrics

Pan American Silver (PAAS) metric values compared with Materials industry-group medians
Metric	Current stock: PAAS	Industry group median
ROE (TTM)	22.39%	8.76%
ROA (TTM)	11.27%	4.42%
Net Margin (TTM)	35.16%	5.28%
Operating Margin (TTM)	34.29%	12.56%
Gross Margin (TTM)	55.17%	27.57%

Growth

Revenue Growth

Pan American Silver (PAAS) grew revenue 28.38%, roughly around the peer group's normal range. Top-line momentum looks broadly typical for the industry.

Pan American Silver (PAAS): Revenue Growth across different time periods, set against Materials industry-group medians.

EPS Growth

Pan American Silver (PAAS) grew earnings per share 725.81%, above the industry benchmark range. Profits are compounding faster than at any typical peer, though a depressed base year can inflate the percentage, so the level of earnings matters alongside the rate.

Pan American Silver (PAAS): EPS Growth across different time periods, set against Materials industry-group medians.

Growth Metrics

Pan American Silver (PAAS) metric values compared with Materials industry-group medians
Metric	Current stock: PAAS	Industry group median
Revenue Growth (YoY)	28.38%	8.36%
Revenue Growth (3Y CAGR)	34.28%	0.59%
EPS Growth (YoY)	725.81%	-1.73%
EPS Growth (3Y CAGR)	--	2.12%

Financial Strength

Current Ratio (MRQ)

Pan American Silver (PAAS) has current ratio of 2.72, in the healthier middle range for its industry. The short-term asset cushion looks balanced relative to peers rather than stretched thin.

PAAS

Materials industry group

2.72

Group distribution

Max: 5.96
Q3: 3.30
PAAS: 2.72
Median: 2.24
Q1: 1.45
Min: 0.16

Largest peers

SCCO: 4.31
AEM: 2.75
PAAS: 2.72
NEM: 2.45
BHP: 1.89
RIO: 1.42
LIN: 0.86

Where Pan American Silver (PAAS) stands on current ratio within its Materials peer group — the box is the group’s distribution and the dots its largest members.

Debt / Equity (MRQ)

Pan American Silver (PAAS) has debt-to-equity ratio of 0.11, in the lower-leverage quartile for its industry. Borrowing is modest relative to equity compared with most peers, which can leave more flexibility through a cycle.

PAAS

Materials industry group

0.11

Group distribution

Max: 1.98
Q3: 0.89
Median: 0.47
Q1: 0.13
PAAS: 0.11
Min: 0.00

Largest peers

LIN: 0.65
SCCO: 0.63
BHP: 0.50
RIO: 0.32
NEM: 0.16
PAAS: 0.11
AEM: 0.01

Where Pan American Silver (PAAS) stands on debt-to-equity ratio within its Materials peer group — the box is the group’s distribution and the dots its largest members.

Financial Strength Metrics

Pan American Silver (PAAS) metric values compared with Materials industry-group medians
Metric	Current stock: PAAS	Industry group median
Current Ratio (MRQ)	2.72	2.24
Debt / Equity (MRQ)	0.11	0.47
Net Debt / EBITDA	-0.39	1.37

Dividends

Dividend Yield (TTM)

Pan American Silver (PAAS) has dividend yield of 1.69%, in the industry’s normal income range. It provides a meaningful dividend without the red flag of an unusually high headline yield.

PAAS

Materials industry group

1.69%

Group distribution

Max: 4.52%
Q3: 1.85%
PAAS: 1.69%
Median: 0.38%
Q1: 0.00%
Min: 0.00%

Largest peers

RIO: 5.59%
SCCO: 2.30%
BHP: 2.19%
PAAS: 1.69%
LIN: 1.21%
AEM: 0.93%
NEM: 0.87%

Where Pan American Silver (PAAS) stands on dividend yield within its Materials peer group — the box is the group’s distribution and the dots its largest members.

Dividend Payout Ratio (TTM)

Pan American Silver (PAAS) has payout ratio of 18.00%, within the industry’s typical payout band. The dividend shares profits with investors while leaving earnings coverage that looks normal for the peer group.

PAAS

Materials industry group

18.00%

Group distribution

Max: 83.62%
Q3: 41.37%
PAAS: 18.00%
Median: 9.54%
Q1: 0.00%
Min: 0.00%

Largest peers

BHP: 68.84%
RIO: 54.46%
SCCO: 52.43%
LIN: 41.83%
PAAS: 18.00%
AEM: 14.26%
NEM: 11.95%

Where Pan American Silver (PAAS) stands on payout ratio within its Materials peer group — the box is the group’s distribution and the dots its largest members.

Dividend Metrics

Pan American Silver (PAAS) metric values compared with Materials industry-group medians
Metric	Current stock: PAAS	Industry group median
Dividend Yield (TTM)	1.69%	0.38%
Dividend Payout Ratio (TTM)	18.00%	9.54%

Valuation

P/E Ratio (TTM)

Pan American Silver (PAAS) trades at P/E ratio of 10.83, in the cheaper earnings-multiple quartile for its industry. Investors are paying less for each dollar of TTM earnings than they usually pay for comparable businesses.

PAAS

Materials industry group

10.83

Group distribution

Max: 59.00
Q3: 32.93
Median: 18.82
Q1: 11.96
PAAS: 10.83
Min: 3.93

Largest peers

LIN: 34.21
SCCO: 22.27
BHP: 20.70
AEM: 15.61
NEM: 14.03
RIO: 11.35
PAAS: 10.83

Where Pan American Silver (PAAS) stands on P/E ratio within its Materials peer group — the box is the group’s distribution and the dots its largest members.

P/S Ratio (TTM)

Pan American Silver (PAAS) trades at 3.80 on P/S ratio, roughly in the peer group’s normal range. The market is not making a strong cheap-or-rich statement about its revenue base.

PAAS

Materials industry group

3.80

Group distribution

Max: 9.62
Q3: 4.34
PAAS: 3.80
Median: 1.87
Q1: 0.73
Min: 0.00

Largest peers

SCCO: 8.34
LIN: 6.53
AEM: 6.44
NEM: 4.72
PAAS: 3.80
BHP: 3.46
RIO: 2.20

Where Pan American Silver (PAAS) stands on P/S ratio within its Materials peer group — the box is the group’s distribution and the dots its largest members.

P/B Ratio (MRQ)

Pan American Silver (PAAS) trades at 2.29 on P/B ratio, roughly in line with the industry’s normal price-to-book range. Its balance sheet is not being priced at a clear discount or premium versus peers.

PAAS

Materials industry group

2.29

Group distribution

Max: 6.59
Q3: 3.55
PAAS: 2.29
Median: 2.08
Q1: 1.26
Min: -0.17

Largest peers

SCCO: 10.89
LIN: 6.00
BHP: 3.98
NEM: 3.53
AEM: 3.27
PAAS: 2.29
RIO: 2.08

Where Pan American Silver (PAAS) stands on P/B ratio within its Materials peer group — the box is the group’s distribution and the dots its largest members.

Valuation Metrics

Pan American Silver (PAAS) metric values compared with Materials industry-group medians
Metric	Current stock: PAAS	Industry group median
P/E Ratio (TTM)	10.83	18.82
P/S Ratio (TTM)	3.80	1.87
P/B Ratio (MRQ)	2.29	2.08
Free Cash Flow Yield (TTM)	8.01%	3.08%