Pan American Silver Corp

Pan American Silver Corp

PAAS

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Market Cap$20.28B
Close$

Compare to Similar Companies

P/E RatioDividendsReturn on EquityPrice-to-SalesDebt-to-Equity
Pan American Silver CorpPan American Silver Corp15.91.29%17%5.30.1

Earnings Call Q1 2026

May 6, 2026 - AI Summary

Strong Q1 operating performance + costs (in-line production; very good silver costs): - Attributable production: 6.4 Moz silver and 169k oz gold (both in line with outlook). - Costs: Silver AISC $6.63/oz (materially below guidance); Gold AISC $1,851/oz (consistent with expectations). - Management attributed the silver cost outperformance to low-cost ounces from June CPO and supportive byproduct dynamics (including stronger byproduct credits at Cerro Moro).
Cash flow & balance sheet strength enables shareholder returns (surprising step-up): - Attributable free cash flow: $488M in Q1. - Cash & short-term investments: record $1.8B+ at quarter end (including cash attributable to QuaneCpO). - This cash strength directly led to a new enhanced shareholder return framework targeting 35%–40% of annual attributable free cash flow returned to shareholders via dividends + share repurchases. - 2026 return target: up to ~$1B total (dividends + buybacks). Dividends expected ~$305M total in 2026 (≈ $0.18/share quarterly, based on current share count) and ~$700M for share repurchases.
2026 outlook maintained; metal price support + timing effects + a few cost/ramp watch items: - Full-year outlook maintained for production, AISC, and sustaining capital. - Expected production timing shift: some gold production moves into Q4 2026. - Inventory build reduced revenue timing: revenue was impacted by ~644k oz silver built in inventory (primarily La Colorada) due to concentrate shipment timing—not necessarily underlying demand weakness. - Key near-term cost risk: potential fuel price inflation. Because many mines are underground, direct fuel exposure is relatively limited (~5% of total operating costs), but management flagged broader inflation spillover risk (labor/consumables).

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$83.00

Target Price by Analysts

72.4% upsidePan American Silver Target Price DetailsTarget Price
$21.62

Current Fair Value

55.1% downside

Overvalued by 55.1% based on the discounted cash flow analysis.

Share Statistics

Market cap$20.28 Billion
Enterprise Value$19.88 Billion
Dividend Yield$0.62 (1.29%)
Earnings per Share$2.61
Beta1.5
Outstanding Shares421,849,000

Return

Return on Equity17.36%ROE
Return on Assets12.60%
Return on Invested Capital17.87%

Valuation & Multiples

P/E Ratio15.95P/E Ratio
PEG9.33PEG
Price to Sales5.35Price to Sales
Price to Book Ratio2.83Price to Book Ratio
Enterprise Value to Revenue4.93
Enterprise Value to EBIT12.05
Enterprise Value to Net Income15
Total Debt to Enterprise0.05
Debt to Equity0.15Debt to Equity

Revenue Sources

No data

Insider Trades

Last Earnings Call

Report Date
May 13, 2026
EPS Estimate
$1.06
Average shareholder expectation
Revenue Estimate
$1.12 B
Average shareholder expectation

Next Earnings Call

Expected Date
August 5, 2026
EPS Estimate
$1.06
Average shareholder expectation
Revenue Estimate
$1.15 B
Average shareholder expectation

Institutional Put/Call Ratio

Market sentiment based on institutional option activity.

Put/Call Ratio0.7083 6.04%
Total Calls10,161,952 4.25%
Total Puts7,197,600 3.94%

Institutional Ownership

Holdings and activity of institutional investors.

Ownership %51.16% 10.76%
Total Invested$11.79B 3.00%
Investors Holding658 48.00%

ESG Score

No data

About Pan American Silver Corp

CEO: Michael Steinmann

Relevant Senate Committees

Joint Committee on Taxation

Provides technical analysis and revenue estimates for all tax legislation. Its work directly underpins the tax policies developed by the Finance Committee, influencing corporate tax structures and the overall tax burden on companies like Pan American Silver.

Finance

The most powerful economic committee, controlling taxation and trade. Tax policy (corporate tax rates, deductions, international tax rules) directly impacts Pan American Silver's profitability. Trade policy can affect international operations, equipment costs, or export markets.

Agriculture, Nutrition, and Forestry

Oversees the CFTC, which regulates commodity derivatives/futures markets. Silver is a major commodity traded on these markets. Decisions by the CFTC and this committee can directly impact price discovery, hedging strategies, and market liquidity for silver.

Indian Affairs

Handles legislation regarding Native American peoples and tribal lands. Mining projects often occur on or near tribal lands, requiring specific agreements, permits, and regulatory compliance that can be critical to project development and operations for a silver mining company.

Energy and Natural Resources

Oversees national energy policy, public lands, and the Department of Energy, explicitly impacting the mining sector for critical minerals. This committee directly regulates land use, leasing, and resource extraction, which are fundamental to a silver mining company's operations.

Environment and Public Works

Regulates the EPA and environmental laws. Mining operations are heavily dependent on environmental permitting, reclamation requirements, and water/air quality standards, which directly impact operational costs and feasibility for a silver mining company.

Foreign Relations

Guides US foreign policy, sanctions, and treaties. International mining companies like Pan American Silver are highly exposed to geopolitical risks, trade policies, and stability of host nations, all of which directly affect operations, resource access, and global commodity prices.