Pan American Silver Corp. (PAAS) 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%

$14.64

vs $39.44 price

Levered DCF

$19.94

After debt service

Piotroski score

6 / 9

Average

Altman Z-score

4.62

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×	65.23×	-51.03×	-10.09×	54.28×	40.6×	43.07×	217.59×
P/B	2.83×	1.56×	1.12×	1.57×	2×	2.79×	1.94×	1.48×
P/S	5.37×	2.61×	2.3×	2.3×	3.22×	5.42×	3.53×	2.85×
EV / EBITDA	10.53×	6.93×	12.03×	175.36×	9.08×	13.34×	10.97×	10.32×
Gross margin	37.7%	19.5%	12.8%	3.2%	22.5%	19.3%	15.2%	12.9%
Operating margin	32.3%	18.8%	1.6%	-17.5%	19.7%	15.7%	9.4%	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	0.13×	0.17×	0.17×	0.1×	0.02×	0.01×	0.13×	0×
Interest coverage	20.14×	10.44×	0.65×	-35.83×	37.09×	16.84×	6.41×	19.62×
Dividend yield	0.9%	2.0%	2.4%	2.8%	1.4%	0.6%	0.6%	1.0%
Payout ratio	17.9%	130.4%	-125.7%	-27.8%	73.4%	26.0%	26.5%	206.8%

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%	-9.1%	4.1%	4.8%	2.4%	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	$19.5B	$7.3B	$5.7B	$3.6B	$5B	$7.1B	$5B	$2.1B
Net debt / EBITDA	-0.15×	-0.06×	0.84×	5.9×	-0.44×	-0.25×	0.43×	-0.65×
Cash conversion cycle (days)	69	91	124	140	155	151	139	137