NYSE · Basic Materials

Pan American Silver Corp.

PAAS · Gold

$51.02

▼ -0.79 (-1.52%)

Data cached · refreshes every 10 min

Mr. Market is currently offering Pan American Silver Corp. at $51.02.

The business passes 4 of 7 of Graham's defensive criteria — adequate but not exceptional.

Overall Grade

Defensive

Enterprising

Profitability A

Gross Profit Margin 38.8%

Operating Margin 31.4%

Net Income Margin 27.0%

Fin. Health A

Years to Pay Off Debt 0.9 yrs

Working Capital vs Long-Term Debt $670M

Working Capital $1.4B

Valuation F

Margin of Safety 0.0%

Price-to-Book 3.07x

Cash Flow B

Free Cash Flow $1.0B

CapEx % of Net Income 32.1%

Owner Earnings $1.8B

4/7

Graham Score

Enterprising

Defensive — Graham's strict criteria (P/B, P/E, dividends, stability) · Enterprising — Profitability & cash flow focused, accepts higher valuations for quality

Market Data

Market Cap $21.5B

Enterprise Value $21.4B

P/E (TTM) 19.93

Dividend Yield 0.89%

Exchange NYSE

Key Margins

Gross Profit 38.8%

Operating Margin 31.4%

Net Margin 27.0%

Company Info

Sector Basic Materials

Industry Gold

Employees 9348

Country Canada

Visit website

📖

Full Graham Analysis

Mr. Market is currently offering Pan American Silver Corp. at $51.02.

The business passes 4 of 7 of Graham's defensive criteria — adequate but not exceptional.

At $51.02, the stock trades at a 65% premium to its Graham Number of $30.92. Graham would consider this price speculative.

There is no margin of safety at the current price. Graham would advise patience and waiting for a better entry point.

Negative NCAV — liabilities exceed current assets. Common in capital-return businesses (buybacks, debt-funded dividends) and capital-intensive industries. Not automatically a warning sign..

Conclusion: This stock is better suited for Graham's Enterprising investor — one willing to devote time and skill to security selection.

About Pan American Silver Corp.

Pan American Silver Corp. engages in the exploration, mine development, extraction, processing, refining, and reclamation of mines in Chile, Peru, Brazil, Mexico, Canada, Argentina, Bolivia, and Guatemala. The Silver segment includes the La Colorada, Juanicipio, Cerro Moro, Huaron, and San Vicente mines. The Gold segment comprises the Jacobina, El Peñon, Timmins, Shahuindo, Minera Florida, and Dolores mines. It explores silver, gold, zinc, lead, and copper deposits. The company was formerly known as Pan American Minerals Corp. and changed its name to Pan American Silver Corp. in April 1995. Pan American Silver Corp. was incorporated in 1979 and is headquartered in Vancouver, Canada.

Showing Key Metrics

Income Highlights

Metric	2025	2024	2023	2022	2021
Gross Profit %	38.8% ▲	19.5%	12.8%	3.2%	N/A
Operating Margin %	31.4% ▲	12.4%	3.6%	-4.4%	N/A
Net Income %	27.0% ▲	4.0%	-4.5%	-22.9%	N/A
Diluted EPS	2.56 ▲	0.31	-0.32	-1.62	N/A

Balance Sheet Highlights

Metric	2025	2024	2023	2022	2021
Total Assets	$9.7B	$7.2B	$7.2B	$3.2B	N/A
Total Debt	$852M ↑	$804M	$802M	$227M	N/A
Working Capital	$1.4B ▲	$1.0B	$766M	$424M	N/A
Years to Pay Debt	0.87	7.18	-7.73	-0.66	N/A

Cash Flow Highlights

Metric	2025	2024	2023	2022	2021
Free Cash Flow	$1.0B ▲	$401M	$71M	-$243M	N/A
Owner Earnings	$1.8B	$1.0B	$760M	$249M	N/A
CapEx % of Net Income	32.1%	288.4%	N/A	N/A	N/A

Income Statement

	2025	2024	2023	2022	2021
Tax Effect Of Unusual Items	33,180	20,400	-36,400	-71,291
Tax Rate For Calcs	0	0	0	0
Normalized EBITDA	1,632,000	915,000	567,800	292,300
Total Unusual Items	158,000	136,000	-91,000	-272,000
Total Unusual Items Excluding Goodwill	158,000	136,000	-91,000	-272,000
Net Income From Continuing Operation Net Minority Interest	978,000	112,000	-103,700	-341,700
Reconciled Depreciation	497,000	571,000	484,200	316,000
Reconciled Cost Of Revenue	2,214,000	2,270,000	2,019,300	1,446,300
EBITDA	1,790,000	1,051,000	476,800	20,300
EBIT	1,293,000	480,000	-7,400	-295,700
Net Interest Income	-58,000	-54,000	-57,200	-7,700
Interest Expense	55,000	48,000	51,400	5,300
Normalized Income	853,180	-3,600	-49,100	-140,991
Net Income From Continuing And Discontinued Operation	978,000	112,000	-103,700	-341,700
Total Expenses	2,481,000	2,469,000	2,233,400	1,561,000
Total Operating Income As Reported	1,233,000	531,000	38,100	-262,300
Diluted Average Shares	381,577	363,401	326,540	210,521
Basic Average Shares	381,479	363,361	326,540	210,521
Diluted EPS	0	0	0	0
Basic EPS	0	0	0	0
Diluted NI Availto Com Stockholders	978,000	112,000	-103,700	-341,700
Net Income Common Stockholders	978,000	112,000	-103,700	-341,700
Net Income	978,000	112,000	-103,700	-341,700
Minority Interests	-2,000	-1,000	1,200	-1,600
Net Income Including Noncontrolling Interests	980,000	113,000	-104,900	-340,100
Net Income Continuous Operations	980,000	113,000	-104,900	-340,100
Tax Provision	258,000	319,000	46,100	39,100
Pretax Income	1,238,000	432,000	-58,800	-301,000
Other Income Expense	158,000	136,000	-84,300	-227,000
Special Income Charges	-29,000	137,000	-102,700	-258,900
Gain On Sale Of Ppe		-1,400	1,200	-2,400	32,167
Gain On Sale Of Business	-29,000	137,000
Write Off			78,600	99,100	0
Impairment Of Capital Assets		0	78,600	99,100	0
Restructuring And Mergern Acquisition		0	25,300	157,400	0
Earnings From Equity Interest		137,400	6,700	45,000	4,347
Gain On Sale Of Security	187,000	-1,000	11,700	-13,100
Net Non Operating Interest Income Expense	-58,000	-54,000	-57,200	-7,700
Total Other Finance Cost	3,000	6,000	5,800	2,400
Interest Expense Non Operating	55,000	48,000	51,400	5,300
Operating Income	1,138,000	350,000	82,700	-66,300
Operating Expense	267,000	199,000	214,100	114,700
Other Operating Expenses	121,000	97,000	71,700	40,600
Selling General And Administration	116,000	70,000	61,400	29,000
General And Administrative Expense	116,000	70,000	61,400	29,000
Other Gand A	116,000	70,000	61,400	29,000
Gross Profit	1,405,000	549,000	296,800	48,400
Cost Of Revenue	2,214,000	2,270,000	2,019,300	1,446,300
Total Revenue	3,619,000	2,819,000	2,316,100	1,494,700
Operating Revenue	3,619,000	2,819,000	2,316,100	1,494,700

Balance Sheet

	2025	2024	2023	2022	2021
Ordinary Shares Number	421,847	363,040	364,660	210,681
Share Issued	421,847	363,040	364,660	210,681
Net Debt			304,100	86,700
Total Debt	852,000	804,000	801,600	226,800
Tangible Book Value	6,997,000	4,704,000	4,760,700	2,195,500
Invested Capital	7,711,000	5,413,000	5,464,400	2,389,200
Working Capital	1,379,000	1,033,000	765,800	423,600
Net Tangible Assets	6,997,000	4,704,000	4,760,700	2,195,500
Capital Lease Obligations	138,000	95,000	97,900	33,100
Common Stock Equity	6,997,000	4,704,000	4,760,700	2,195,500
Total Capitalization	7,706,000	5,406,000	5,457,700	2,375,500
Total Equity Gross Minority Interest	7,001,000	4,717,000	4,772,500	2,201,600
Minority Interest	4,000	13,000	11,800	6,100
Stockholders Equity	6,997,000	4,704,000	4,760,700	2,195,500
Other Equity Interest	94,000	94,000	94,000	93,300
Gains Losses Not Affecting Retained Earnings	-32,000	-31,000	-30,300	-3,000
Other Equity Adjustments	-32,000	-31,000	-30,300	-3,000
Unrealized Gain Loss				-3,008	0
Retained Earnings	-513,000	-1,299,000	-1,269,500	-1,034,800
Capital Stock	7,448,000	5,940,000	5,966,500	3,140,000
Common Stock	7,448,000	5,940,000	5,966,500	3,140,000
Total Liabilities Net Minority Interest	2,741,000	2,486,000	2,440,600	1,046,900
Total Non Current Liabilities Net Minority Interest	1,924,000	1,799,000	1,816,400	666,100
Other Non Current Liabilities	4,000	3,000
Employee Benefits	68,000	57,000	58,500	6,300
Non Current Pension And Other Postretirement Benefit Plans	68,000	57,000	58,500	6,300
Tradeand Other Payables Non Current				0	16
Non Current Deferred Liabilities	469,000	556,000	576,300	175,000
Non Current Deferred Revenue	13,000	13,000	13,100	13,900
Non Current Deferred Taxes Liabilities	435,000	522,000	541,600	140,300
Long Term Debt And Capital Lease Obligation	794,000	756,000	749,200	199,500
Long Term Capital Lease Obligation	85,000	54,000	52,200	19,500
Long Term Debt	709,000	702,000	697,000	180,000
Long Term Provisions	589,000	427,000	432,400	285,300
Current Liabilities	817,000	687,000	624,200	380,800
Other Current Liabilities		13,000	100	1,800	351
Current Debt And Capital Lease Obligation	58,000	48,000	52,400	27,300
Current Capital Lease Obligation	53,000	41,000	45,700	13,600
Current Debt	5,000	7,000	6,700	13,700
Other Current Borrowings	5,000	7,000	6,700	13,700
Current Provisions	46,000	35,000	41,600	17,900
Payables And Accrued Expenses	713,000	591,000	530,100	333,800
Current Accrued Expenses	157,000	108,000	85,000	66,600
Payables	556,000	483,000	445,100	267,200
Other Payable	183,000	156,000	174,300	132,100
Total Tax Payable	186,000	133,000	72,600	46,300
Income Tax Payable	164,000	102,000	32,100	25,800
Accounts Payable	187,000	194,000	198,200	88,800
Total Assets	9,742,000	7,203,000	7,213,100	3,248,500
Total Non Current Assets	7,546,000	5,483,000	5,823,100	2,444,100
Other Non Current Assets	113,000	79,000	43,900	32,100
Non Current Prepaid Assets	23,000	23,000	9,000	0
Non Current Deferred Assets	83,000	45,000	80,400	55,900
Non Current Deferred Taxes Assets	83,000	45,000	80,400	55,900
Non Current Note Receivables	8,000	0
Non Current Accounts Receivable	33,000	11,000	14,700	8,500
Investments And Advances	1,948,000	0	0	121,200
Investmentin Financial Assets			0	121,200	78,657
Available For Sale Securities				121,200	78,657
Long Term Equity Investment	1,948,000	0	0	0
Investmentsin Associatesat Cost	1,948,000	0	0	0
Goodwill And Other Intangible Assets				2,775	2,775
Goodwill				2,775	2,775
Net PPE	5,338,000	5,325,000	5,675,100	2,226,400
Accumulated Depreciation	-4,523,000	-4,172,000	-3,944,500	-3,637,300
Gross PPE	9,861,000	9,497,000	9,619,600	5,863,700
Machinery Furniture Equipment	2,260,000	2,192,000	2,052,600	1,281,400
Current Assets	2,196,000	1,720,000	1,390,000	804,400
Other Current Assets				10,891	13,007
Hedging Assets Current	4,000	0	6,900	2,900
Prepaid Assets	29,000	32,000	29,700	11,000
Inventory	588,000	606,000	711,600	471,600
Receivables	256,000	195,000	200,900	176,600
Taxes Receivable	24,000	30,000	62,900	40,000
Accounts Receivable	232,000	165,000	138,000	136,600
Cash Cash Equivalents And Short Term Investments	1,319,000	887,000	440,900	142,300
Other Short Term Investments	104,000	24,000	41,300	35,300
Cash And Cash Equivalents	1,215,000	863,000	399,600	107,000
Cash Equivalents	72,000	0
Cash Financial	1,143,000	863,000	399,600	107,005

Cash Flow

	2025	2024	2023	2022	2021
Free Cash Flow	1,019,000	401,000	71,200	-242,900
Repurchase Of Capital Stock	-46,000	-24,000	0
Repayment Of Debt	-59,000	-57,000	-747,500	-20,000
Issuance Of Debt		0	315,000	167,100	0
Issuance Of Capital Stock	3,000	1,000	0	900
Capital Expenditure	-314,000	-323,000	-379,000	-274,700
End Cash Position	1,215,000	863,000	399,600	107,000
Beginning Cash Position	863,000	400,000	107,000	283,600
Effect Of Exchange Rate Changes	3,000	-3,000	-3,700	-6,000
Changes In Cash	349,000	466,000	296,300	-170,600
Financing Cash Flow	-278,000	-225,000	-551,800	53,000
Cash Flow From Continuing Financing Activities	-278,000	-225,000	-551,800	53,000
Net Other Financing Charges	-1,000	100	11,100	-300
Cash Dividends Paid	-175,000	-145,000	-130,400	-94,700
Common Stock Dividend Paid	-175,000	-145,000	-130,400	-94,700
Net Common Stock Issuance	-43,000	-23,000	0	900
Common Stock Payments	-46,000	-24,000	0
Common Stock Issuance	3,000	1,000	0	900
Net Issuance Payments Of Debt	-59,000	-57,000	-432,500	147,100
Net Long Term Debt Issuance	-59,000	-57,000	-432,500	147,100
Long Term Debt Payments	-59,000	-57,000	-747,500	-20,000
Long Term Debt Issuance		0	315,000	167,100	0
Investing Cash Flow	-706,000	-33,000	397,900	-255,400
Cash Flow From Continuing Investing Activities	-706,000	-33,000	397,900	-255,400
Net Other Investing Changes	-22,000
Dividends Received Cfi	44,000	0
Net Investment Purchase And Sale	-19,000	-4,000	158,600	10,600
Sale Of Investment	12,000	2,000	158,600	10,600
Purchase Of Investment	-31,000	-6,000			0
Net Business Purchase And Sale	-400,000	291,000	614,500	0
Sale Of Business	143,000	307,000	808,600	0
Purchase Of Business	-543,000	-16,000	-194,100	0
Net PPE Purchase And Sale	-309,000	-320,000	-375,200	-266,000
Sale Of PPE	5,000	3,000	3,800	8,700
Purchase Of PPE	-314,000	-323,000	-379,000	-274,700
Operating Cash Flow	1,333,000	724,000	450,200	31,800
Cash Flow From Continuing Operating Activities	1,333,000	724,000	450,200	31,800
Taxes Refund Paid	-318,000	-164,000	-149,400	-137,800
Interest Received Cfo	29,000	14,000	17,200	3,200
Interest Paid Cfo	-38,000	-37,000	-45,100	-6,600
Change In Working Capital	-29,000	-103,000	53,200	-42,000
Change In Other Working Capital	10,000	-3,000	-14,900	-2,700
Change In Payables And Accrued Expense	49,000	48,000	-25,700	20,700
Change In Prepaid Assets	4,000	-19,000	9,400	2,500
Change In Inventory	-10,000	-68,000	38,500	-49,900
Change In Receivables	-82,000	-61,000	45,900	-12,600
Other Non Cash Items	46,000	75,000	53,800	117,800
Stock Based Compensation	2,000	0	5,500	3,900
Unrealized Gain Loss On Investment Securities		14,300	6,500	16,600	60,355
Provisionand Write Offof Assets	49,000	54,000	15,700
Asset Impairment Charge		0	78,600	99,100	0
Deferred Tax	258,000	319,000	46,100	39,100
Deferred Income Tax	258,000	319,000	46,100	39,100
Depreciation Amortization Depletion	497,000	571,000	484,200	316,000
Depreciation And Amortization	497,000	571,000	484,200	316,000
Depreciation				316,036	302,958
Operating Gains Losses	-143,000	-118,000	-11,200	-37,400
Earnings Losses From Equity Investments		0	400	-45,000	-4,347
Gain Loss On Investment Securities	-195,000	39,000	-9,300	-7,700
Net Foreign Currency Exchange Gain Loss	23,000	-21,000	5,600	12,900
Gain Loss On Sale Of PPE	0	1,000	-1,200	2,400
Gain Loss On Sale Of Business	29,000	-137,000	-6,700
Net Income From Continuing Operations	980,000	113,000	-104,900	-340,100

These metrics estimate what Pan American Silver Corp. is worth based on its fundamentals — independent of what the market currently prices it at. Graham's Fair Value and NCAV are conservative floors rooted in 1930s–60s principles. EPV assumes zero growth. None are price targets — they are reference points for judging whether the current price offers a margin of safety.

Graham's Fair Value

$30.92

Margin of Safety

Market Cap ÷ Company Value

1.10

P/B Ratio

3.07

Warren's Owner Earnings

$1.8B

Latest fiscal year

Graham's 7 Criteria

Defensive Investor Checklist

4/7 — Enterprising Investor

✅ Adequate Size

$3.6B

vs > $1.5B revenue

✅ Strong Financial Condition

2.69x

vs Current Ratio > 2.0x

❌ Earnings Stability

2 loss years (4 yrs data)

vs No negative EPS years

✅ Dividend Record

0.89%

vs Uninterrupted dividends

✅ Earnings Growth

+725.8% EPS growth

vs > 33% EPS growth

❌ Moderate P/E Ratio

19.9x

vs P/E ≤ 15.0x

❌ Moderate Price-to-Book

3.07x P/B (P/E×P/B: 61.2)

vs P/B ≤ 1.5x | P/E × P/B ≤ 22.5

Net Current Asset Value

$-1.29

Negative NCAV — liabilities exceed current assets. Common in capital-return businesses (buybacks, debt-funded dividends) and capital-intensive industries. Not automatically a warning sign.

"Buy at two-thirds of net current assets." — Graham

Earnings Power Value

$30.00

Per share, no-growth floor. Compare to current price.

Cash Flow Analysis

Metric	2025	2024	2023	2022	2021
Capital Expenditure % of Net Income	32.1%	288.4%	N/A	N/A	N/A
Repurchase of Capital Stock	-$46M	-$24M	$0M	N/A	N/A
Free Cash Flow	$1.0B ▲	$401M ▲	$71M ▲	-$243M •	N/A •
Warren's Owner Earnings	$1.8B	$1.0B	$760M	$249M	N/A

Peers & Industry

No auto-detected peers for Gold. You can manually compare PAAS against any stock using the Compare tool.

"The management of a business is its most important single factor — more important than market position, patents, or financial structure."

— Benjamin Graham

Capital Allocation & Alignment

Insider Ownership

0.07%

Low — management has little skin in the game

Return on Equity (ROE)

14.0%

Adequate — returns are moderate

Return on Assets (ROA)

10.0%

Strong — management uses assets efficiently

Share Buybacks (Latest Year)

$46M

Management is returning capital to shareholders via buybacks

Debt Trend YoY

+6.0% YoY

Debt is roughly stable

Leadership Team

Michael Steinmann Geo., Ph.

President, CEO & Director

Age 59

Pay: $3,248,808

0.332% of net income

Ignacio Couturier

Chief Financial Officer

Pay: $1,035,937

0.106% of net income

Scott Campbell

Chief Operating Officer

Pay: $1,111,707

0.114% of net income

Martin Wafforn Eng.

Senior Vice President of Technical Services & Process Optimization

Age 65

Siren Fisekci

Vice President of Investor Relations & Corporate Communications

Top Institutional Holders

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FMR, LLC	1.63%	6,858,204
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Risk Analysis

Beta (Market Risk)

1.49

Moderate volatility — moves slightly more than market

Debt-to-Equity

0.12x

Conservative balance sheet — low financial risk

Current Ratio