| Factor | Score | Distribution | Value | Avg | Rank |
|---|---|---|---|---|---|
Valuation | 76 | 15.0x | 17.8x | Top tier | |
Growth | 95 | 38.0% | 7.1% | Top tier | |
Quality | 82 | 16.8% | 4.5% | Top tier | |
Safety | 92 | — | 2.6x | Top tier | |
Capital Return | 26 | 0.28% | 2.12% | Bottom tier | |
Momentum | 47 | 46.3% | 2.9% | Around median | |
Sentiment | 90 | 8 | 3 | Top tier |
Estimates — analyst targets and a simplified DCF, not investment advice.
Ten ratios that matter, each compared against its sector median and average — so you can see whether a number is rich or cheap relative to peers in the same sector.
Pan American Silver produces silver and gold through a portfolio of mines and projects across the Americas, generating revenue from the sale of the two metals extracted from assets including La Colorada, Juanicipio, Jacobina, El Peñón, Timmins, and Shahuindo. In Q2 FY2026, attributable silver production reached 6.5 million ounces, driven by strong performance at La Colorada and Juanicipio, while gold production totaled approximately 166 thousand ounces.
In Q2 FY2026, the company generated revenue of $1.1 billion, or $1.3 billion on an attributable revenue basis including its 44% interest in Juanicipio. Net income was $305 million and earnings per share were $0.72, while adjusted earnings were $0.73 per share, attributable operating cash flow was $418 million, and attributable free cash flow was $344 million. The silver segment recorded all-in sustaining costs of $17.80 per ounce, compared with $1,984 per ounce in the gold segment.
The annual financial statements show a sharp improvement in FY2025, with revenue rising to $3.6 billion from $2.8 billion in FY2024 and gross profit increasing to $1.4 billion from $549 million, representing a gross margin of approximately 38.9% compared with about 19.6%. Net income also surged to $980 million and earnings per share to $2.56, compared with net income of $113 million and earnings per share of $0.31 in FY2024.
The average analyst price target is $73, within a wide range of $53 to $94, and the stock carries a consensus “Buy” rating. The average target exceeds the recorded high within the 52-week range of $69.99, but the breadth of the target range relative to the stock’s annual range of $32.95 to $69.99 reflects meaningful divergence in assessments of strong cash flow versus reduced gold expectations and operational risks at Jacobina and El Peñón.
Figures in the text are as of 2026-08-28; the live price is shown at the top of the page.
Pan American Silver generated approximately $1.1 billion in revenue, rising to $1.3 billion on an attributable basis including its 44% interest in Juanicipio. The company recorded net income of $305 million and earnings per share of $0.72, while adjusted earnings were $0.73 per share. Attributable operating cash flow was $418 million and attributable free cash flow was $344 million, after paying $205 million in income taxes.
The company reaffirmed silver production guidance of 25 to 27 million ounces in FY2026 after producing 6.5 million attributable ounces in Q2 FY2026. It also maintained its annual gold production range of 700 thousand to 750 thousand ounces, but expects to reach the lower end of that range. The Q3 FY2026 gold forecast is now 3 thousand to 6 thousand ounces below the lower end of the quarterly range of 178.5 thousand to 192 thousand ounces.
At Jacobina, a reassessment of seismic activity risks prompted the company to leave larger pillars, reduce production in certain higher-grade areas, and increase development to open additional mining areas. Management therefore expects production to be approximately 10 thousand ounces below the lower end of the original annual guidance of 181 thousand to 191 thousand ounces, while confirming that there were no injuries or infrastructure damage. At El Peñón, weaker continuity in certain secondary structures and a shift toward ore richer in silver and poorer in gold led to an expected shortfall of approximately 10 thousand ounces relative to the lower end of the original gold guidance of 104 thousand to 111 thousand ounces.
Automated analysis for informational purposes only — not investment advice.
The company returned $300 million to shareholders in Q2 FY2026 through share repurchases and dividends, a quarterly record for the company. More than 7 million shares have been repurchased since the beginning of FY2026, and it declared a quarterly dividend of $0.184 per share. At the same time, the company maintains approximately $3.2 billion in available liquidity to fund La Colorada Skarn, the Jacobina optimization, and the Timmins project while balancing investment with shareholder returns.
The project reached an important execution milestone in early August 2026 with the first cut for ramp 588 to access the Skarn deposit. Engineering for the materials-handling system and ventilation shaft is also progressing, and the company aims to deliver the design, cost, schedule, and recommendation before the end of FY2026. The project is among its capital-allocation priorities alongside the Jacobina optimization and Timmins development, supported by approximately $3.2 billion in available liquidity.
The Escobal consultation process under International Labour Organization Convention No. 169 continued during Q2 FY2026. Government representatives visited the mine in May 2026, the company met with representatives of the Ministry of Energy and Mines and the Vice Minister of Sustainable Development in June 2026, and a bilateral meeting between the government and Xinka representatives was held in July 2026. The company did not announce a timeline for completing the consultation or a date for restarting the mine.
