Pan American Silver Corp. (PAAS) Financials
A multiple compares the market's price with a filed figure; it says what the market pays, not how the business is doing. The market capitalization is the vendor's as of Oct 6, 2026; every other figure is from the SEC filings on this page. Not financial advice.
Newest figures come from the 10-K for FY2025, filed Feb 18, 2026. Each column of the statement tables below links to the filing it was taken from, and every filing is listed on the PAAS SEC filings page.
Pan American Silver Corp. (PAAS) reported $3.6B in revenue for fiscal year 2025, up 28.4% from the prior fiscal year. This page shows its income statement, balance sheet, cash flow statement, and key financial ratios. View 10 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).
Profit and cash generation accelerated sharply in FY2025, while low long-term debt and strong liquidity supported growth without heavy borrowing.
FY2025 net income of$980M became$1.33B of operating cash flow, showing cash generation exceeded reported earnings. The same year produced$1.02B of free cash flow, whereas FY2022 had negative free cash flow, indicating the recovery reached beyond accounting profit after reinvestment.
With a current ratio of 2.7x and long-term debt of
FY2025 capital spending of
Financial Health Signals
Scored against operating companies for FY2025. Each of the six dimensions is a percentile rank within that peer group; the overall is their average, with missing dimensions counted as zero out of six. A high score means strong standing among peers, not absolute cross-industry strength. How this score is calculated →
Health score ≠ stock price. This rates the quality of Pan American Silver Corp.'s business: profitability, growth, balance sheet strength. It doesn't tell you whether the stock is a good buy at today's price. Not financial advice. Use it alongside valuation analysis and your own research.
Not available for Pan American Silver Corp., and counted as zero in the overall score.
Pan American Silver Corp.'s revenue surged 28.4% year-over-year to $3.6B, reflecting rapid business expansion. This strong growth earns a score of 86/100.
Pan American Silver Corp. carries a low D/E ratio of 0.01, meaning only $0.01 of long-term debt for every $1 of shareholders' equity. This conservative leverage earns a score of 87/100, indicating a strong balance sheet with room for future borrowing.
With a current ratio of 2.69, Pan American Silver Corp. holds $2.69 in current assets for every $1 of short-term obligations. This comfortable liquidity earns a score of 74/100.
Pan American Silver Corp. converts 28.2% of revenue into free cash flow ($1.0B). This strong cash generation earns a score of 85/100.
Not available for Pan American Silver Corp., and counted as zero in the overall score.
Pan American Silver Corp. passes 5 of 8 computable financial strength tests (1 of the nine could not be computed from available data). All 4 profitability signals pass (positive income, cash flow, and earnings quality), 1 of 3 leverage/liquidity signals pass, neither operating efficiency signal passes.
For every $1 of reported earnings, Pan American Silver Corp. generates $1.36 in operating cash flow ($1.3B OCF vs $980.0M net income). This indicates profits are well-supported by actual cash generation, not accounting adjustments.
Key Financial Metrics
Earnings & Revenue
None of these metrics is reported for Q4 2025.
Cash & Balance Sheet
Pan American Silver Corp. held $1.2B in cash against $85.0M in long-term debt as of Q4 2025.
Not reported for Q4 2025.
Not reported for Q4 2025.
Margins & Returns
None of these metrics is reported for Q4 2025.
Capital Allocation
None of these metrics is reported for Q4 2025.
PAAS Income Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
Not reported in any period shown, so not listed: Revenue, Cost of Revenue, Gross Profit, R&D Expenses, SG&A Expenses, Operating Income, EBITDA, Interest Expense, Income Tax, Net Income, EPS (Basic), EPS (Diluted), Diluted Shares (Avg).
PAAS Balance Sheet
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q4'2510-K | Q4'2410-K | Q4'2310-K | Q4'2210-K | Q4'2110-K | Q4'2010-K | Q4'1910-K | Q4'1810-K |
|---|---|---|---|---|---|---|---|---|
| Total Assets | $9.7B+35.2% | $7.2B-0.1% | $7.2B+122.0% | $3.2B-7.7% | $3.5B+2.5% | $3.4B-0.8% | $3.5B+78.7% | $1.9B-2.8% |
| Current Assets | $2.2B+27.7% | $1.7B+23.7% | $1.4B+72.8% | $804.4M-19.7% | $1.0B+16.8% | $856.9M+8.6% | $788.9M+43.9% | $548.4M-7.9% |
| Cash & Equivalents | $1.2B+40.8% | $863.0M+115.8% | $400.0M+273.8% | $107.0M-62.3% | $283.6M+69.7% | $167.1M+38.6% | $120.6M-13.0% | $138.5M-21.3% |
| Inventory | $588.0M-3.0% | $606.0M-14.8% | $711.6M+50.9% | $471.6M-5.8% | $500.5M+23.2% | $406.2M+17.2% | $346.5M+61.6% | $214.5M-1.9% |
| Accounts Receivable | $232.0M+40.6% | $165.0M+19.6% | $138.0M+1.0% | $136.6M+6.6% | $128.2M+0.3% | $127.8M-24.3% | $168.8M+75.6% | $96.1M-12.4% |
| Goodwill | N/A | N/A | N/A | $5.9M+14.8% | $5.1M+23.4% | $4.2M-16.4% | $5.0M-4.5% | $5.2M+70.8% |
| Total Liabilities | $2.7B+10.3% | $2.5B+1.9% | $2.4B+133.1% | $1.0B+18.6% | $882.6M+6.6% | $828.0M-16.7% | $993.8M+134.3% | $424.1M-10.2% |
| Current Liabilities | $817.0M+18.9% | $687.0M+10.1% | $624.2M+63.9% | $380.8M-1.8% | $387.7M+7.2% | $361.8M+33.2% | $271.7M+80.5% | $150.5M-18.5% |
| Non-Current Liabilities | $1.9B+6.9% | $1.8B-1.0% | $1.8B+172.7% | $666.1M+34.6% | $494.9M+6.1% | $466.3M-35.4% | $722.2M+164.0% | $273.6M-4.9% |
| Long-Term Debt | $85.0M+57.4% | $54.0M+3.4% | $52.2M+167.7% | $19.5M-2.0% | $19.9M-4.0% | $20.7M-23.2% | $27.0M+1946.2% | $1.3M |
| Total Equity | $7.0B+48.4% | $4.7B-1.2% | $4.8B+116.8% | $2.2B-16.5% | $2.6B+1.2% | $2.6B+5.6% | $2.5B+63.1% | $1.5B-0.5% |
| Retained Earnings | -$513.0M+60.5% | -$1.3B-2.3% | -$1.3B-22.7% | -$1.0B-73.0% | -$598.0M+4.0% | -$623.0M+17.4% | -$754.7M+9.7% | -$836.1M-1.3% |
Not reported in any period shown, so not listed: Short-Term Investments, Long-Term Investments.
PAAS Cash Flow Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
Not reported in any period shown, so not listed: Operating Cash Flow, Depreciation & Amortization, Stock-Based Compensation, Capital Expenditures, Free Cash Flow, Investing Cash Flow, Financing Cash Flow, Dividends Paid, Share Buybacks.
PAAS Financial Ratios
Margins and returns are percentages; the remaining ratios are unitless multiples. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
Not reported in any period shown, so not listed: Gross Margin, Operating Margin, Net Margin, Return on Equity, Return on Assets, Asset Turnover, FCF Margin.
Similar Companies
Newest fiscal year on record for each company. The health score is the peer-relative Financial Health Score for that year; a dash means no score is published for it.
| Company | Fiscal year | Revenue | Net income | Net margin | Market cap | Health score |
|---|---|---|---|---|---|---|
| Pan American Silver Corp. PAAS | FY2025 | $3.6B | $980.0M | 27.1% | $19.0B | 55/100 |
| Alamos Gold Inc. AGI | FY2025 | $1.8B | $885.8M | 49.0% | $13.5B | 53/100 |
| Royal Gold Inc RGLD | FY2025 | $1.0B | $466.3M | 45.3% | $19.8B | 64/100 |
| Kinross Gold Corporation KGC | FY2025 | $7.1B | $2.5B | 35.0% | $28.0B | 55/100 |
| AngloGold Ashanti plc AU | FY2025 | $9.9B | $3.2B | 32.1% | $47.8B | 43/100 |
| Agnico Eagle Mines Ltd. AEM | FY2013 | N/A | -$406.5M | N/A | $92.8B | — |
Where Pan American Silver Corp. Ranks
Frequently Asked Questions
What is Pan American Silver Corp.'s annual revenue?
Pan American Silver Corp. (PAAS) reported $3.6B in total revenue for fiscal year 2025. This represents a 28.4% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.
How fast is Pan American Silver Corp.'s revenue growing?
Pan American Silver Corp. (PAAS) revenue grew by 28.4% year-over-year, from $2.8B to $3.6B in fiscal year 2025.
Is Pan American Silver Corp. profitable?
Yes, Pan American Silver Corp. (PAAS) reported a net income of $980.0M in fiscal year 2025, with a net profit margin of 27.1%.
How much debt does Pan American Silver Corp. have?
As of fiscal year 2025, Pan American Silver Corp. (PAAS) had $1.2B in cash and equivalents against $85.0M in long-term debt.
What is Pan American Silver Corp.'s net profit margin?
Pan American Silver Corp. (PAAS) had a net profit margin of 27.1% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.
What is Pan American Silver Corp.'s return on equity (ROE)?
Pan American Silver Corp. (PAAS) has a return on equity of 14.0% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.
What is Pan American Silver Corp.'s free cash flow?
Pan American Silver Corp. (PAAS) generated $1.0B in free cash flow during fiscal year 2025. This represents a 154.1% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.
What is Pan American Silver Corp.'s operating cash flow?
Pan American Silver Corp. (PAAS) generated $1.3B in operating cash flow during fiscal year 2025, representing cash generated from core business activities.
What are Pan American Silver Corp.'s total assets?
Pan American Silver Corp. (PAAS) had $9.7B in total assets as of fiscal year 2025, including both current and long-term assets.
What are Pan American Silver Corp.'s capital expenditures?
Pan American Silver Corp. (PAAS) invested $314.0M in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.
What is Pan American Silver Corp.'s current ratio?
Pan American Silver Corp. (PAAS) had a current ratio of 2.69 as of fiscal year 2025, which is generally considered healthy.
What is Pan American Silver Corp.'s debt-to-equity ratio?
Pan American Silver Corp. (PAAS) had a debt-to-equity ratio of 0.01 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.
What is Pan American Silver Corp.'s return on assets (ROA)?
Pan American Silver Corp. (PAAS) had a return on assets of 10.1% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.
What is Pan American Silver Corp.'s P/E ratio?
Pan American Silver Corp. (PAAS) trades at 19.4x earnings, its market capitalization divided by net income of $980.0M net income, FY2025. The market capitalization is $19.0B as of Oct 6, 2026; a multiple compares that price with a filed figure and says nothing about the quality of the business.
What is Pan American Silver Corp.'s price-to-sales ratio?
Pan American Silver Corp. (PAAS) trades at 5.3x sales, its market capitalization divided by revenue of $3.6B revenue, FY2025. The market capitalization is $19.0B as of Oct 6, 2026; a multiple compares that price with a filed figure and says nothing about the quality of the business.
What is Pan American Silver Corp.'s Piotroski F-Score?
Pan American Silver Corp. (PAAS) has a Piotroski F-Score of 5 out of 8 computable signals; 1 of the nine could not be computed from available data, so the full-scale strength rating is not shown. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7 to 9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.
Are Pan American Silver Corp.'s earnings high quality?
Pan American Silver Corp. (PAAS) has an earnings quality ratio of 1.36x, considered cash-backed (high quality). This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.
How financially healthy is Pan American Silver Corp.?
Pan American Silver Corp. (PAAS) scores 55 out of 100 on our Financial Health Score, indicating moderate standing within its operating companies peer group. The score is a 0-100 composite of six dimensions (Profitability, Growth, Leverage, Liquidity, Cash Flow, Returns), each ranked as a percentile relative to companies in the same scoring family (banks against banks, REITs against REITs, and so on) rather than across all industries. It rates the quality of the business, not whether the stock is fairly priced, and is not financial advice. Learn more in our complete guide to financial health indicators.