Latest Ratios: P/E Ratio 16.9x · EV/EBITDA 10.7x · ROE 17.0%. (1996–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $18.6B | $19.8B | $7.3B | $5.3B | $3.4B | $5.3B | $7.3B | $4.8B | $2.2B | $2.4B | $2.3B |
| Enterprise Value | $18.3B | $19.5B | $7.3B | $5.7B | $3.6B | $5.0B | $7.1B | $5.0B | $2.1B | $2.2B | $2.2B |
| P/E Ratio → | 16.92 | 19.85 | 65.23 | — | — | 54.28 | 40.60 | 43.07 | 217.59 | 19.70 | 22.83 |
| P/S Ratio | 5.05 | 5.37 | 2.61 | 2.30 | 2.30 | 3.22 | 5.42 | 3.54 | 2.86 | 2.92 | 2.97 |
| P/B Ratio | 2.41 | 2.83 | 1.56 | 1.12 | 1.56 | 1.99 | 2.79 | 1.93 | 1.48 | 1.57 | 1.64 |
| P/FCF | 17.20 | 18.28 | 18.33 | 74.89 | — | 35.35 | 25.58 | 63.95 | 716.11 | 38.42 | 189.26 |
| P/OCF | 13.28 | 14.11 | 10.15 | 11.84 | 108.17 | 13.40 | 15.70 | 16.93 | 14.46 | 10.63 | 10.70 |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 5.29 | 2.59 | 2.48 | 2.38 | 3.07 | 5.32 | 3.68 | 2.69 | 2.72 | 2.79 |
| EV / EBITDA | 10.65 | 11.33 | 6.61 | 10.98 | 66.29 | 8.04 | 14.77 | 13.06 | 11.10 | 7.14 | 7.19 |
| EV / EBIT | 15.42 | 16.40 | 15.21 | — | — | 20.16 | 27.27 | 24.93 | 37.06 | 19.12 | 12.11 |
| EV / FCF | — | 18.02 | 18.18 | 80.54 | — | 33.73 | 25.10 | 66.57 | 673.99 | 35.76 | 177.93 |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 37.7% | 37.7% | 19.5% | 12.8% | 3.2% | 22.5% | 19.3% | 15.2% | 12.9% | 20.7% | 25.7% |
| Operating Margin | 32.3% | 32.3% | 18.8% | 1.6% | -17.5% | 19.7% | 15.7% | 9.4% | 5.4% | 23.1% | 23.8% |
| Net Profit Margin | 27.0% | 27.0% | 4.0% | -4.5% | -22.8% | 6.0% | 13.3% | 8.2% | 1.3% | 14.8% | 12.9% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 17.0% | 17.0% | 2.4% | -3.0% | -14.1% | 3.7% | 7.0% | 5.6% | 0.7% | 8.3% | 7.4% |
| ROA | 11.8% | 11.8% | 1.5% | -2.0% | -10.1% | 2.8% | 5.2% | 4.1% | 0.5% | 6.2% | 5.5% |
| ROIC | 15.7% | 15.7% | 8.1% | 0.8% | -8.3% | 9.9% | 6.1% | 4.7% | 2.3% | 10.8% | 11.1% |
| ROCE | 15.4% | 15.4% | 8.1% | 0.8% | -8.7% | 10.3% | 6.7% | 5.1% | 2.4% | 10.7% | 11.3% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 0.13 | 0.13 | 0.17 | 0.17 | 0.10 | 0.02 | 0.01 | 0.13 | 0.00 | 0.01 | 0.03 |
| Debt / EBITDA | 0.54 | 0.54 | 0.73 | 1.53 | 4.22 | 0.07 | 0.07 | 0.83 | 0.04 | 0.03 | 0.14 |
| Net Debt / Equity | — | -0.04 | -0.01 | 0.08 | 0.05 | -0.09 | -0.05 | 0.08 | -0.09 | -0.11 | -0.10 |
| Net Debt / EBITDA | -0.16 | -0.16 | -0.05 | 0.77 | 2.23 | -0.39 | -0.28 | 0.51 | -0.69 | -0.53 | -0.46 |
| Debt / FCF | — | -0.26 | -0.15 | 5.65 | — | -1.62 | -0.47 | 2.62 | -42.12 | -2.66 | -11.33 |
| Interest Coverage | 20.14 | 20.14 | 9.43 | -0.13 | -40.40 | 28.74 | 20.95 | 10.06 | 26.16 | 46.88 | 34.80 |
Net cash position: cash ($1.2B) exceeds total debt ($935M)
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 2.69 | 2.69 | 2.50 | 2.23 | 2.11 | 2.58 | 2.37 | 2.90 | 3.64 | 3.22 | 3.33 |
| Quick Ratio | 1.97 | 1.97 | 1.62 | 1.09 | 0.87 | 1.29 | 1.25 | 1.63 | 2.22 | 2.04 | 2.04 |
| Cash Ratio | 1.61 | 1.61 | 1.29 | 0.71 | 0.37 | 0.86 | 0.77 | 0.88 | 1.41 | 1.23 | 1.18 |
| Asset Turnover | — | 0.38 | 0.39 | 0.32 | 0.46 | 0.46 | 0.39 | 0.39 | 0.40 | 0.41 | 0.41 |
| Inventory Turnover | 3.91 | 3.91 | 3.75 | 2.84 | 3.07 | 2.53 | 2.66 | 3.30 | 3.19 | 2.96 | 2.43 |
| Days Sales Outstanding | — | 25.33 | 25.35 | 31.66 | 43.13 | 33.18 | 40.84 | 50.25 | 50.81 | 56.63 | 55.97 |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | 1.1% | 0.9% | 2.0% | 2.4% | 2.8% | 1.4% | 0.6% | 0.6% | 0.9% | 0.6% | 0.3% |
| Payout Ratio | 17.9% | 17.9% | 130.4% | — | — | 73.4% | 26.0% | 26.5% | 206.8% | 12.7% | 7.6% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 5.9% | 5.0% | 1.5% | — | — | 1.8% | 2.5% | 2.3% | 0.5% | 5.1% | 4.4% |
| FCF Yield | 5.8% | 5.5% | 5.5% | 1.3% | — | 2.8% | 3.9% | 1.6% | 0.1% | 2.6% | 0.5% |
| Buyback Yield | 0.3% | 0.2% | 0.3% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| Total Shareholder Yield | 1.3% | 1.1% | 2.3% | 2.4% | 2.8% | 1.4% | 0.6% | 0.6% | 0.9% | 0.6% | 0.3% |
| Shares Outstanding | — | $382M | $363M | $327M | $211M | $210M | $210M | $202M | $154M | $153M | $153M |
Jurisdictional and commodity volatility
Based on current market data, PAAS trades at a forward P/E of 10.01, which appears to undervalue the company's transition into a diversified gold-silver producer compared to the higher multiples commanded by pure-play silver peers like Hecla Mining at 31.71 times earnings.
The current valuation suggests the market continues to apply a silver-centric lens to a business that has fundamentally shifted its revenue composition toward gold. This creates a potential arbitrage opportunity for investors who recognize that the company's earnings power is now anchored by more stable gold production rather than the high-beta volatility of pure silver mining.
As reported in financial statements, the company's ROIC has improved from a low of -0.1% in 2023Q4 to 6.3% in 2026Q1, reflecting the successful integration of the Yamana Gold assets and a more efficient deployment of capital across the expanded polymetallic portfolio.
The upward trend in ROIC indicates that management is effectively generating higher returns on its invested capital following the transformative acquisition. Investors should monitor whether this trajectory continues as the company moves into the capital-intensive development phase of the La Colorada Skarn project.
According to recent quarterly filings, the cash conversion cycle has improved from 123 days in 2024Q1 to 78 days in 2026Q1, suggesting that the company is managing its inventory and receivables more effectively as it scales its operations across the Americas.
The reduction in the cash conversion cycle is a positive indicator of operational discipline, particularly given the complexities of managing multiple mining sites. This efficiency gain appears to be a direct result of better inventory management and faster processing times at the newly integrated Canadian and South American facilities.
Based on reported figures, PAAS maintains a disciplined debt-to-equity ratio of 0.11 as of 2026Q1, which is significantly lower than many peers and provides the company with substantial financial flexibility to navigate commodity price cycles without the burden of excessive interest obligations.
The company's ability to maintain such low leverage while executing a multi-billion dollar acquisition is a testament to its conservative capital allocation strategy. This balance sheet strength serves as a critical buffer, allowing the firm to prioritize development projects even during periods of sector-wide price weakness.
Investors frequently rely on 'Silver Equivalent Ounces' to evaluate PAAS, a metric that obscures the underlying reality that gold now serves as the primary revenue driver, potentially leading to flawed conclusions regarding the company's true sensitivity to silver price fluctuations.
Using silver equivalent metrics can be misleading because it applies arbitrary price ratios that do not reflect the actual cost structure or margin contribution of the gold and base metal segments. Analysts should instead decompose production by metal type to accurately assess the company's exposure to different commodity cycles and operational risks.
Includes 30+ ratios · 30 years · Updated daily
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Quick answers to the most common questions about buying PAAS stock.
Pan American Silver Corp.'s current P/E ratio is 16.9x. The historical average is 35.7x. This places it at the 7th percentile of its historical range.
Pan American Silver Corp.'s current EV/EBITDA is 10.7x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 18.1x.
Pan American Silver Corp.'s return on equity (ROE) is 17.0%. The historical average is -3.8%.
Based on historical data, Pan American Silver Corp. is trading at a P/E of 16.9x. This is at the 7th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
Pan American Silver Corp.'s current dividend yield is 1.06% with a payout ratio of 17.9%.
Pan American Silver Corp. has 37.7% gross margin and 32.3% operating margin. Operating margin above 20% indicates strong pricing power and cost efficiency.
Pan American Silver Corp.'s Debt/EBITDA ratio is 0.5x, indicating low leverage. A ratio below 2x is generally considered financially healthy.