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Stocks · Materials · Gold and Silver Ores

PAN AMERICAN SILVER CORP

PAAS Clue Score85
British Columbia, Canada Fiscal year ends December CIK 0000771992
$46.27 +2.12% Close, 9 Oct 2026
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Price $46.27 +95.15% Close, 9 Oct 2026

Closing prices at the end of each trading day, from 12 Oct 2016. Not a live quote. Adjusted for share splits, so the line has no step at a split; dividends are not added back. P/E and P/FCF are the market value over the last full fiscal year's net income or free cash flow, as public on each day, so they step once a year when the annual report comes out. A hatched band marks a stretch with none: a year of net loss, or of cash burnt.

Revenue and profit

What the business sells, and what is left of it. Point at a year for the detail.
RevenueOperating incomeNet income
Fiscal year 2016Revenue774.8Operating income184.5Net income101.8EPS, diluted0.66Fiscal year 2017Revenue816.8 +5.4%Operating income188.3Net income123.5 +21.2%EPS, diluted0.79Fiscal year 2018Revenue784.5 −4.0%Operating income42.7Net income12.0 −90.2%EPS, diluted0.07Fiscal year 2019Revenue1,350.8 +72.2%Operating income127.1Net income111.2 +823.9%EPS, diluted0.55Fiscal year 2020Revenue1,338.8 −0.9%Operating income210.0Net income176.5 +58.6%EPS, diluted0.85Fiscal year 2021Revenue1,632.8 +22.0%Operating income320.9Net income98.6 −44.1%EPS, diluted0.46Fiscal year 2022Revenue1,494.7 −8.5%Operating income−262.3Net income−340.1 −445.1%EPS, diluted−1.62Fiscal year 2023Revenue2,316.1 +55.0%Operating income38.1Net income−104.9EPS, diluted−0.32Fiscal year 2024Revenue2,819.0 +21.7%Operating income531.0Net income113.0EPS, diluted0.31Fiscal year 2025Revenue3,619.0 +28.4%Operating income1,233.0Net income980.0 +767.3%EPS, diluted2.56
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Revenue 774.8 816.8 784.5 1,350.8 1,338.8 1,632.8 1,494.7 2,316.1 2,819.0 3,619.0
Growth +5.4% −4.0% +72.2% −0.9% +22.0% −8.5% +55.0% +21.7% +28.4%
Operating income 184.5 188.3 42.7 127.1 210.0 320.9 −262.3 38.1 531.0 1,233.0
Net income 101.8 123.5 12.0 111.2 176.5 98.6 −340.1 −104.9 113.0 980.0
Growth +21.2% −90.2% +823.9% +58.6% −44.1% −445.1% +767.3%
EPS, diluted 0.66 0.79 0.07 0.55 0.85 0.46 −1.62 −0.32 0.31 2.56

Margins

How much of each dollar of revenue it keeps. Point at a year for the detail.
Gross marginOperating marginNet margin
Fiscal year 2016Gross margin25.7%Operating margin23.8%Net margin13.1%Free cash flow margin1.6%Fiscal year 2017Gross margin20.7%Operating margin23.1%Net margin15.1%Free cash flow margin10.1%Fiscal year 2018Gross margin12.9%Operating margin5.4%Net margin1.5%Free cash flow margin1.4%Fiscal year 2019Gross margin17.0%Operating margin9.4%Net margin8.2%Free cash flow margin5.6%Fiscal year 2020Gross margin26.9%Operating margin15.7%Net margin13.2%Free cash flow margin21.2%Fiscal year 2021Gross margin22.5%Operating margin19.7%Net margin6.0%Free cash flow margin9.1%Fiscal year 2022Gross margin3.2%Operating margin−17.5%Net margin−22.8%Free cash flow margin−16.3%Fiscal year 2023Gross margin12.8%Operating margin1.6%Net margin−4.5%Free cash flow margin3.1%Fiscal year 2024Gross margin19.5%Operating margin18.8%Net margin4.0%Free cash flow margin14.2%Fiscal year 2025Gross margin38.8%Operating margin34.1%Net margin27.1%Free cash flow margin28.2%
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Gross margin 25.7% 20.7% 12.9% 17.0% 26.9% 22.5% 3.2% 12.8% 19.5% 38.8%
Operating margin 23.8% 23.1% 5.4% 9.4% 15.7% 19.7% −17.5% 1.6% 18.8% 34.1%
Net margin 13.1% 15.1% 1.5% 8.2% 13.2% 6.0% −22.8% −4.5% 4.0% 27.1%
Free cash flow margin 1.6% 10.1% 1.4% 5.6% 21.2% 9.1% −16.3% 3.1% 14.2% 28.2%

Cash flow

The cash the business makes, what it reinvests, and what it hands back. Point at a year for the detail.
Operating cash flowCapital expenditureFree cash flow
Fiscal year 2016Operating cash flow214.8Capital expenditure−202.7Free cash flow12.1Dividends paid−7.6Fiscal year 2017Operating cash flow224.6Capital expenditure−142.2Free cash flow82.3 +578.0%Dividends paid−15.3Fiscal year 2018Operating cash flow155.0Capital expenditure−144.3Free cash flow10.6 −87.1%Dividends paid−21.3Fiscal year 2019Operating cash flow282.0Capital expenditure−205.8Free cash flow76.2 +617.0%Dividends paid−29.3Fiscal year 2020Operating cash flow462.3Capital expenditure−178.6Free cash flow283.8 +272.3%Dividends paid−46.2Fiscal year 2021Operating cash flow392.1Capital expenditure−243.5Free cash flow148.6 −47.6%Dividends paid−71.5Fiscal year 2022Operating cash flow31.8Capital expenditure−274.7Free cash flow−242.9 −263.4%Dividends paid−94.7Fiscal year 2023Operating cash flow450.2Capital expenditure−379.0Free cash flow71.2Buybacks0.0Dividends paid−130.4Fiscal year 2024Operating cash flow724.0Capital expenditure−323.0Free cash flow401.0 +463.2%Buybacks−24.0Dividends paid−145.0Fiscal year 2025Operating cash flow1,333.0Capital expenditure−314.0Free cash flow1,019.0 +154.1%Buybacks−46.0Dividends paid−175.0
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Operating cash flow 214.8 224.6 155.0 282.0 462.3 392.1 31.8 450.2 724.0 1,333.0
Capital expenditure −202.7 −142.2 −144.3 −205.8 −178.6 −243.5 −274.7 −379.0 −323.0 −314.0
Free cash flow 12.1 82.3 10.6 76.2 283.8 148.6 −242.9 71.2 401.0 1,019.0
Growth +578.0% −87.1% +617.0% +272.3% −47.6% −263.4% +463.2% +154.1%
Buybacks n/a n/a n/a n/a n/a n/a n/a 0.0 −24.0 −46.0
Dividends paid −7.6 −15.3 −21.3 −29.3 −46.2 −71.5 −94.7 −130.4 −145.0 −175.0

Balance sheet

What it holds against what it owes, at each year end. Point at a year for the detail.
CashTotal debt
Fiscal year 2016Cash180.9Total debt36.2Net cash (debt)144.7Shareholders’ equity1,396.3Debt to equity0.03Fiscal year 2017Cash176.0Total debt0.0Net cash (debt)176.0Shareholders’ equity1,516.9Debt to equity0.00Fiscal year 2018Cash138.5Total debt0.0Net cash (debt)138.5Shareholders’ equity1,508.2Debt to equity0.00Fiscal year 2019Cash120.6Total debt275.0Net cash (debt)−154.4Shareholders’ equity2,463.1Debt to equity0.11Fiscal year 2020Cash167.1Total debt0.0Net cash (debt)167.1Shareholders’ equity2,602.5Debt to equity0.00Fiscal year 2021Cash283.6Total debt15.3Net cash (debt)268.3Shareholders’ equity2,631.6Debt to equity0.01Fiscal year 2022Cash107.0Total debt193.7Net cash (debt)−86.7Shareholders’ equity2,195.5Debt to equity0.09Fiscal year 2023Cash400.0Total debt703.7Net cash (debt)−303.7Shareholders’ equity4,760.7Debt to equity0.15Fiscal year 2024Cash863.0Total debt709.0Net cash (debt)154.0Shareholders’ equity4,704.0Debt to equity0.15Fiscal year 2025Cash1,215.0Total debt714.0Net cash (debt)501.0Shareholders’ equity6,997.0Debt to equity0.10
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Cash 180.9 176.0 138.5 120.6 167.1 283.6 107.0 400.0 863.0 1,215.0
Total debt 36.2 0.0 0.0 275.0 0.0 15.3 193.7 703.7 709.0 714.0
Net cash (debt) 144.7 176.0 138.5 −154.4 167.1 268.3 −86.7 −303.7 154.0 501.0
Shareholders’ equity 1,396.3 1,516.9 1,508.2 2,463.1 2,602.5 2,631.6 2,195.5 4,760.7 4,704.0 6,997.0
Debt to equity 0.03 0.00 0.00 0.11 0.00 0.01 0.09 0.15 0.15 0.10

In millions of USD, except per-share figures and ratios. Fiscal years, as last filed with the SEC.

Financial statements FY2025 · 10-K

Balance sheet

In millions of USD, except per-share figures; shares in millions. Fiscal years ending December, each column as last filed with the SEC.
Click a line to chart it
Fiscal year FY2016 31 Dec 2016 FY2017 31 Dec 2017 FY2018 31 Dec 2018 FY2019 31 Dec 2019 FY2020 31 Dec 2020 FY2021 31 Dec 2021 FY2022 31 Dec 2022 FY2023† 31 Dec 2023 FY2024 31 Dec 2024 FY2025 31 Dec 2025
Assets
180.9 176.0 138.5 120.6 167.1 283.6 107.0 400.0 863.0 1,215.0
130.1 109.7 96.1 168.8 127.8 128.2 136.6 138.0 165.0 232.0
237.3 218.7 214.5 346.5 406.2 500.5 471.6 711.6 606.0 588.0
1,222.7 1,336.7 1,301.0 2,504.9 2,415.0 2,344.5 2,226.4 5,675.0 5,325.0 5,338.0
3.1 3.1 5.2 5.0 4.2 5.1 5.9 n/a n/a n/a
1,898.1 1,993.3 1,937.5 3,461.7 3,433.9 3,518.6 3,248.5 7,213.1 7,203.0 9,742.0
Growth +5.0% −2.8% +78.7% −0.8% +2.5% −7.7% +122.0% −0.1% +35.2%
Liabilities
n/a n/a n/a n/a n/a 3.4 13.7 6.7 7.0 5.0
36.2 0.0 0.0 275.0 0.0 11.9 180.0 697.0 702.0 709.0
calc 36.2 0.0 0.0 275.0 0.0 15.3 193.7 703.7 709.0 714.0
499.1 472.3 424.1 993.8 828.0 882.6 1,046.9 2,440.6 2,486.0 2,741.0
Equity
−931.1 −825.5 −836.1 −754.7 −623.0 −598.0 −1,034.8 −1,269.5 −1,299.0 −513.0
1,396.3 1,516.9 1,508.2 2,463.1 2,602.5 2,631.6 2,195.5 4,760.7 4,704.0 6,997.0
Growth +8.6% −0.6% +63.3% +5.7% +1.1% −16.6% +116.8% −1.2% +48.7%
Per share and net cash
calc 144.7 176.0 138.5 −154.4 167.1 268.3 −86.7 −303.7 154.0 501.0
n/a 153.3 153.4 209.8 210.3 210.5 210.7 364.7 363.0 421.8
calc n/a 9.89 9.83 11.74 12.38 12.50 10.42 13.06 12.96 16.59

† The diluted share count jumps at 2023, so per-share figures either side of that column are not comparable. Usually a split, but the break lands on the restatement boundary rather than on the split date, because every column is that period’s latest filing.

Lines marked calc are worked out here from filed figures; point at one for how.