Pan American Silver Corp. (PAAS.TO) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

-62.9%

CA$20.23

vs CA$54.47 price

Levered DCF

CA$28.04

After debt service

Piotroski score

6 / 9

Average

Altman Z-score

4.66

Safe zone

Rating

Overall 4 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
P/E	19.85×	65.19×	-50.96×	-10.06×	54.24×	40.53×	43.03×	217.66×
P/B	2.83×	1.56×	1.12×	1.56×	1.99×	2.78×	1.94×	1.48×
P/S	5.37×	2.6×	2.3×	2.3×	3.21×	5.41×	3.53×	2.85×
EV / EBITDA	11.28×	6.93×	11×	174.97×	9.11×	13.31×	10.83×	10.32×
Gross margin	37.7%	19.5%	9.3%	3.2%	22.5%	26.9%	17.0%	12.9%
Operating margin	32.3%	18.8%	1.6%	-1.4%	19.7%	15.6%	12.8%	5.4%
Net margin	27.0%	4.0%	-4.5%	-22.8%	6.0%	13.3%	8.2%	1.3%
Current ratio	2.69×	2.5×	2.23×	2.11×	2.58×	2.37×	2.9×	3.64×
Debt / equity	0.12×	0.17×	0.17×	0.1×	0.02×	0.01×	0.13×	0×
Interest coverage	20.14×	10.44×	0.65×	-2.8×	87.68×	22.68×	5.89×	5.24×
Dividend yield	0.9%	2.0%	2.5%	2.7%	1.4%	0.7%	0.6%	0.9%
Payout ratio	17.9%	130.4%	-128.1%	-26.8%	72.7%	27.4%	27.1%	196.2%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	14.2%	2.4%	-2.2%	-15.5%	3.7%	6.8%	4.5%	0.7%
Return on invested capital	10.5%	2.1%	0.6%	-0.7%	4.1%	4.7%	3.3%	0.9%
Return on assets	10.2%	1.5%	-1.4%	-10.5%	2.8%	5.2%	3.2%	0.5%
Free cash flow yield	5.5%	5.5%	1.3%	-7.1%	2.8%	3.9%	1.6%	0.1%
Earnings yield	5.0%	1.5%	-1.9%	-9.9%	1.9%	2.5%	2.3%	0.5%
Enterprise value	CA$19.4B	CA$7.3B	CA$5.7B	CA$3.6B	CA$5B	CA$7.1B	CA$5B	CA$2.1B
Net debt / EBITDA	-0.21×	-0.06×	0.77×	5.9×	-0.43×	-0.25×	0.43×	-0.65×
Cash conversion cycle (days)	69	91	121	140	155	162	141	137