Pan American Silver

PAAS

Silver · Basic Materials

Price

$41.77

-0.21 (-0.50%)

Market Cap

$17.60B

Exchange

New York Stock Exchange

Winston Score

Winston is happy

A high-quality business with solid fundamentals.

Share count rising — dilution

+81.3% over 4y

The company has issued more shares over this period, which dilutes each existing shareholder’s stake.

Diluted shares outstanding: 210.4M (2021) → 381.6M (2025)

Pan American Silver Corp. is one of the largest silver mining companies in the world. It digs silver, gold, zinc, lead, and copper out of the ground at mines across North and South America. The company sells these metals to refiners, smelters, and industrial buyers who use them in electronics, solar panels, jewelry, and other products.

Pan American makes money by selling the metals it mines, so its revenue rises and falls with commodity prices. It operates mines in Mexico, Peru, Bolivia, Argentina, Guatemala, Canada, and Chile, making it one of the most geographically diversified silver producers globally. The company's large reserve base and multi-country footprint give it some protection against shutdowns at any single mine. The biggest risk it faces is a sustained drop in silver or gold prices, which would directly squeeze profits since the company has limited control over what its metals sell for.

Winston Score History

Politician Trades

1 trades / 12mo

0 Congressional buys and 1 sell on PAAS in the last 12 months.

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Growth Profile

For growth stock investors

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

+49.2% YoY

YoY Growth Rate

Revenue accelerating

EPS Growth

+134.8% YoY

YoY Growth Rate

Strong earnings growth

R&D Spend

$0/ year

0.0% of revenue

Below sector average (3%)

Research and development spending

Insider Activity

0.1%ownership

Relatively low insider ownership

Cash Position

Cash flow positive

$3.6B cash & investments

Quarterly Free Cash Flow

↑ Burn rate improving

Company generates more cash than it spends — no dilution risk from fundraising

Revenue accelerating

Pan American Silver grew revenue 49% year-over-year and the growth rate is speeding up. That's the kind of momentum growth investors look for — the question is whether margins can follow.

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Score breakdown

Every number that matters to educated investors.

Each metric is explained in plain language so you know exactly what you're looking at. Start your free trial now.

Quality

Gross Margin

52.7%

Healthy — 52.7% gross margin

Operating Margin

48.5%

Excellent — 48.5% operating margin

ROCE

6.9%

Weak — 6.9% return on capital

ROIC between 5% and 15%. They earn 5 to 15 cents back per year on every dollar invested.

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Growth

Sales YoY

+34.3%

Fast-growing sales (34.3% YoY)

EPS YoY

+268.4%

Earnings growing fast (268.4% YoY)

Earnings growing 25%+ a year. The compounder zone.

EPS Consistency

8/8 quarters

Every recent quarter grew earnings vs last year

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Cash Flow

Cash Conversion

135%

Turns 135% of profit into real cash

FCF Margin

34.0%

Converts sales into free cash efficiently (34.0%)

Free cash flow margin above 20%. Out of every $100 in sales, more than $20 is real cash they keep.

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Stability

Debt / Equity

0.10

Conservative — low debt load (0.10)

Interest Cover

22.04x

Comfortably covers interest (22.0x)

Interest coverage above 8. Profits cover interest many times over.

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Valuation

P/E Ratio (TTM)

13.3x

Attractive valuation — P/E 13.3

P/E in the normal range. Price is roughly $15 for every $1 of yearly profit.

P/E vs Forward

+3.7

GROWING

Earnings expected to grow meaningfully — cheaper on forward P/E (13.3 → 9.6)

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Dividends

Dividend Yield

1.39%

Small dividend — 1.39% yield

Modest yield. The bulk of any return needs to come from price appreciation.

Dividend Growth

+55.0%

Dividend growing fast (55.0% YoY)

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