Pan American Silver
Operates and develops silver and gold mines across the Americas.
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Profile
Produces silver and gold from mines across the Americas, with zinc, lead, and copper by-products. Growth and portfolio reshaping come through acquisitions, exploration, development, expansions, and divestitures, while suspended Escobal and undeveloped Navidad depend on consultation and legal conditions beyond normal mine execution.
Operates silver and gold mines across the Americas, with investor-facing silver and gold portfolios spanning Mexico, Peru, Brazil, Canada, Chile, Argentina, Bolivia, and Guatemala. Zinc, lead, and copper are produced as by-products.
Builds and reshapes the portfolio through acquisitions, mine development, exploration, expansions, and divestitures. The Tahoe, Yamana, and MAG Silver transactions increased scale, broadened gold exposure, and later restored more silver weight, including an interest in the producing Juanicipio mine.
Results depend on commodity prices, safe mine execution, permitting, community relationships, and integration of acquired assets. Escobal remains suspended while a government-led consultation with the Xinka Indigenous Peoples continues, Navidad cannot advance under Chubut's current mining law, and Dolores has shifted from production toward residual leaching and closure.
Company facts
Key statistics
Year to date +3.6% · Average volume (30d) 4.7M
Analysts
Ratings
Target range
Latest analyst notes
| Date | Firm | Action | Prior rating | Rating | Prior target | Target |
|---|---|---|---|---|---|---|
| Jul 6, 2026 | Jefferies | Reiterate | Hold | $54 | $53 | |
| May 12, 2026 | TD Cowen | Upgrade | Hold | Buy | ||
| May 11, 2026 | TD Securities | Target | $72 | |||
| Mar 26, 2026 | UBS | Target | $94 | |||
| Feb 4, 2026 | CIBC | Target | $62 | $88 |
Earnings
EPS
Revenue
History
| Report date | EPS est | EPS | Surprise | Revenue est | Revenue | Surprise | Next session |
|---|---|---|---|---|---|---|---|
| Aug 12, 2026Q2 FY26 | $0.84 | $0.73 | −13.1% | $1.13B | $1.10B | −2.5% | −9.70% |
| May 5, 2026Q1 FY26 | $1.06 | $1.09 | +2.8% | $1.20B | $1.13B | −5.9% | +12.02% |
| Feb 18, 2026Q4 FY25 | $0.90 | $1.11 | +23.3% | $1.11B | $1.17B | +5.5% | +5.52% |
| Nov 12, 2025Q3 FY25 | $0.49 | $0.48 | −2.0% | $1.16B | $854.6M | −26.3% | +1.77% |
Financial highlights
| 12 quarters | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | |
|---|---|---|---|---|---|---|---|
| Revenue | $773.2M | $811.9M | $854.6M | $1.20B | $1.15B | $1.10B | |
| Gross profit | $250.8M | $273.3M | $313.0M | $565.3M | $608.0M | $430.8M | |
| Operating income | $228.2M | $243.9M | $249.7M | $469.0M | $560.0M | $406.4M | |
| Net income | $168.7M | $189.2M | $168.6M | $458.4M | $457.0M | $296.3M | |
| Diluted EPS | $0.46 | $0.52 | $0.44 | $1.09 | $1.08 | $0.70 | |
| Gross margin | 32.4% | 33.7% | 36.6% | 47.2% | 52.7% | 39.3% | |
| Operating margin | 29.5% | 30.0% | 29.2% | 39.2% | 48.5% | 37.1% |
Fiscal years (4-quarter sums)FY21 $1.63B · FY22 $1.49B · FY23 $2.32B · FY24 $2.82B · FY25 $3.64B
Revenue by product · FY25
Balance sheet, Jun 30, 2026Cash & short-term investments $1.70B · Total debt $840.0M · Total assets $10.14B · Shareholders' equity $7.35B
Dividends
Raised for 2 straight years — most recently to $0.184 from $0.18 in Aug 2026. To collect a payout, hold shares through the close before the ex-date.
History
| Ex-date | Record | Paid | Amount | Note |
|---|---|---|---|---|
| Aug 24, 2026 | Aug 24 | Sep 4 | $0.184 | raised from $0.18 |
| May 19, 2026 | May 19 | Jun 1 | $0.18 | |
| Mar 2, 2026 | Mar 2 | Mar 13 | $0.18 | raised from $0.14 |
| Nov 24, 2025 | Nov 24 | Dec 5 | $0.14 | raised from $0.12 |
| Aug 18, 2025 | Aug 18 | Aug 29 | $0.12 | raised from $0.10 |
| May 20, 2025 | May 20 | Jun 2 | $0.10 | |
| Mar 3, 2025 | Mar 3 | Mar 14 | $0.10 | |
| Nov 18, 2024 | Nov 18 | Nov 29 | $0.10 |
Ownership
Shares outstanding 421.35M · Float 420.97M · 99.9% free float
Top shareholders13F · 13D/G · Form 4
| Holder | Shares | % outstanding | Form | Filed |
|---|---|---|---|---|
| Van Eck Associates Corp | 19.07M | 4.53% | 13F | Aug 14, 2026 |
| Mirae Asset Global Etfs Holdings Ltd. | 15.59M | 3.70% | 13F | Aug 14, 2026 |
| Vanguard Capital Management LLC | 11.52M | 2.73% | 13F | Aug 13, 2026 |
| BlackRock, Inc. | 8.39M | 1.99% | 13F | Aug 7, 2026 |
| Capital International Investors | 6.24M | 1.48% | 13F | Aug 12, 2026 |
Insider tradesForm 4
Nothing filed in the last 12 months.
View detailsPeers
- Coeur Mining
Broad peer across North American silver and gold mining
- First Majestic Silver
Mexico-focused rival in underground silver and gold mining
- Hecla Mining
North American primary-silver peer with long-life reserves
- Endeavour Silver
Growing silver-gold peer across Mexico and Peru
CompareAfter-hours close
| Company | Price | Change | |||||
|---|---|---|---|---|---|---|---|
| Pan American Silver | $52.65 | −0.41% | $22.28B | 16.0 | 12.4 | 5.2 | +35.9% |
| Coeur Mining | $21.13 | −0.02% | $21.78B | 17.0 | 15.6 | 6.9 | +125.9% |
| First Majestic Silver | $20.66 | −0.44% | $10.24B | 29.9 | 23.2 | 6.2 | +57.0% |
| Hecla Mining | $20.31 | −0.25% | $13.67B | 41.6 | 24.7 | 8.5 | +9.8% |
| Endeavour Silver | $10.67 | −0.84% | $3.19B | 57.2 | 12.9 | 4.3 | +139.4% |
| Median | 35.8 | 19.4 | 6.5 | +91.4% |