PAN AMERICAN SILVER CORP financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data PAN AMERICAN SILVER CORP files with the SEC in its annual reports.

In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

	FY2017	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	775	817	784	1,351	1,339	1,633	1,495	2,316	2,819	3,619
Cost of revenue	576	648	684	1,121	979	1,265	1,446	2,019	2,270	2,214
Gross profit	199	169	101	229	360	368	48.4	297	549	1,405
Operating income	184	188	42.7	127	210	321	-262	38.1	531	1,233
Interest expense	3.07	2.39	2.29	2.5	2.63	5.07	2.4	5.8	6	3
Pre-tax income	176	182	33.2	183	252	245	-301	-58.8	432	1,238
Income tax	74.4	59	21.1	71.3	75.6	146	39.1	46.1	319	258
Net income to minority interests	1.74	2.46	1.75	0.51	-1.43	1.13	1.6	-1.2	1	2
Net income	102	123	12	111	176	98.6	-340	-105	113	980
EBITDA	300	311	190	381	464	624	53.7	522	1,102	1,730
EPS, basic	0.66	0.79	0.07	0.55	0.85	0.46	-1.62	-0.32	0.31	2.56
EPS, diluted	0.66	0.79	0.07	0.55	0.85	0.46	-1.62	-0.32	0.31	2.56

Balance sheet

	FY2017	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	181	176	139	121	167	284	107	400	863	1,215
Short-term investments							35.3	41.3	24	104
Receivables	130	110	96.1	169	128	128	137	138	165	232
Inventory	237	219	214	347	406	500	472	712	606	588
Total current assets	613	595	548	789	857	1,001	804	1,390	1,720	2,196
Property, plant and equipment	1,223	1,337	1,301	2,505	2,415	2,345	2,226	5,675	5,325	5,338
Lease right-of-use assets			30.2	43.4	33.5	29.5	30.3	105	106	146
Goodwill	3.06	3.06	5.22	4.99	4.17	5.15	5.91
Total assets	1,898	1,993	1,937	3,462	3,434	3,519	3,249	7,213	7,203	9,742
Accounts payable	144	140	132	225	282	306	308	498	489	549
Short-term debt	0	3	0
Total current liabilities	184	185	151	272	362	388	381	624	687	817
Lease liabilities			1.32	27	20.7	19.9	19.5	52.2	54	85
Total liabilities	499	472	424	994	828	883	1,047	2,441	2,486	2,741
Total debt	36.2	0						704	709	714
Retained earnings	-931	-825	-836	-755	-623	-598	-1,035	-1,270	-1,299	-513
Shareholders' equity	1,396	1,517	1,508	2,463	2,603	2,632	2,196	4,761	4,704	6,997
Minority interests	2.71	4.2	5.14	4.75	3.32	4.45	6.1	11.8	13	4
Total equity	1,399	1,521	1,513	2,468	2,606	2,636	2,202	4,773	4,717	7,001
Total liabilities and equity	1,898	1,993	1,937	3,462	3,434	3,519	3,249	7,213	7,203	9,742

Cash flow statement

	FY2017	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	102	123	12	111	176	98.6	-340	-105	113	980
Depreciation and amortization	116	123	147	253	254	303	316	484	571	497
Cash from operations	215	225	155	282	462	392	31.8	450	724	1,333
Capital expenditures	-203	-142	-144	-206	-179	-243	-275	-379	-323	-314
Cash from investing	-140	-178	-159	-402	-83.9	-187	-255	398	-33	-706
Debt issued						0	167	315	0
Stock issued	2.4	2.61	1.08	2.78	4.74	0.62	0.9	0	1	3
Share buybacks								0	-24	-46
Dividends paid	-7.61	-15.3	-21.3	-29.3	-46.2	-71.5	-94.7	-130	-145	-175
Cash from financing	-28.2	-51.5	-33.1	103	-330	-85.9	53	-552	-225	-278
Exchange rate effect	0.23	-0.16	-0.12	-1.06	-2.26	-3.1	-6	-3.7	-3	3
Net change in cash	46.9	-4.93	-37.4	-17.9	46.5	116	-177	293	463	352
Free cash flow	12.1	82.3	10.6	76.2	284	149	-243	71.2	401	1,019
Interest paid	2.55	2.37	1.68	16.9	10.2	5.23	6.6	45.1	37	38
Income taxes paid	15.9	48.8	75.2	82.6	81.6	129	138	149	164	318

Key metrics

Worked out from the statements above. Latest values use fiscal 2025. Valuation uses the share price of $45.77 on September 28, 2026.

Profitability

Metric	Value	How it is calculated
Gross margin	38.8%	Gross profit / revenue.
Operating margin	34.1%	Operating income / revenue.
EBITDA margin	47.8%	EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin	34.2%	Pre-tax income / revenue.
Net margin	27.1%	Net income / revenue.
FCF margin	28.2%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	36.8%	Cash from operations / revenue.
Effective tax rate	20.8%	Income tax / pre-tax income, when pre-tax income is positive.
Return on equity (ROE)	16.8%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	11.6%	Net income / average total assets.
Return on invested capital (ROIC)	17.7%	Approximation: operating income x (1 - tax rate) / average (total debt + equity - cash). Tax rate is the effective rate when between 0% and 50%, else 21%.
Capex / revenue	8.7%	Capital expenditures / revenue.
D&A / revenue	13.7%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	28.4%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	34.3%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	22.0%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Gross profit growth, 1y	155.9%	Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 3y	207.3%	Compound annual growth of gross profit over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Gross profit CAGR, 5y	31.3%	Compound annual growth of gross profit over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating income growth, 1y	132.2%	Operating income vs the same period a year earlier. Only from a positive base.
Operating income CAGR, 5y	42.5%	Compound annual growth of operating income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EBITDA growth, 1y	57.0%	EBITDA vs the same period a year earlier. Only from a positive base.
EBITDA CAGR, 3y	218.2%	Compound annual growth of ebitda over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EBITDA CAGR, 5y	30.1%	Compound annual growth of ebitda over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Net income growth, 1y	767.3%	Net income vs the same period a year earlier. Only from a positive base.
Net income CAGR, 5y	40.9%	Compound annual growth of net income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EPS growth, 1y	725.8%	EPS vs the same period a year earlier. Only from a positive base.
EPS CAGR, 5y	24.7%	Compound annual growth of eps over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating cash flow growth, 1y	84.1%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	247.4%	Compound annual growth of operating cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating cash flow CAGR, 5y	23.6%	Compound annual growth of operating cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Free cash flow growth, 1y	154.1%	Free cash flow vs the same period a year earlier. Only from a positive base.
Free cash flow CAGR, 5y	29.1%	Compound annual growth of free cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Book value growth, 1y	48.7%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	47.2%	Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value CAGR, 5y	21.9%	Compound annual growth of book value over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y	35.2%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	44.2%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y	23.2%	Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.

Balance sheet health

Metric	Value	How it is calculated
Current ratio	2.69x	Current assets / current liabilities.
Quick ratio	1.90x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	1.61x	(Cash + short-term investments) / current liabilities.
Debt / equity	0.10x	Total debt / shareholders' equity. Not shown when equity is negative.
Debt / assets	7.3%	Total debt / total assets.
Liabilities / assets	28.1%	Total liabilities / total assets.
Net debt	-$605.0M	Total debt - cash - short-term investments. Negative means more cash than debt.
Net debt / EBITDA	-0.35x	Net debt / EBITDA (twelve months), when EBITDA is positive.
Interest coverage	411x	Operating income / interest expense.
Working capital	$1.38B	Current assets - current liabilities.
Tangible book value	$7.00B	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	0.43x	Revenue / average total assets.
Fixed asset turnover	0.68x	Revenue / average property, plant and equipment.
Inventory turnover	3.71x	Cost of revenue / average inventory.
Days inventory	98 days	365 x average inventory / cost of revenue.
Receivables turnover	18.2x	Revenue / average receivables.
Days sales outstanding	20 days	365 x average receivables / revenue.
Days payables	86 days	365 x average accounts payable / cost of revenue.
Cash conversion cycle	33 days	Days inventory + days sales outstanding - days payables.
FCF conversion	104.0%	Free cash flow / net income, when net income is positive.
Capex / operating cash flow	23.6%	Capital expenditures / cash from operations, when that is positive.

Per share

Metric	Value	How it is calculated
EPS, diluted	$2.56	Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
EPS, basic	$2.56	Net income per basic share, as reported (split-adjusted).
Payout ratio	17.9%	Dividends paid / net income, when net income is positive.
Dividends / FCF	17.2%	Dividends paid / free cash flow, when free cash flow is positive.
Buybacks / FCF	4.5%	Share buybacks / free cash flow, when free cash flow is positive.

Valuation

Metric	Value	How it is calculated
Market cap	$18.98B	Share price x shares outstanding.
Enterprise value	$18.37B	Market cap + total debt - cash - short-term investments.
P/E	19.4x	Market cap / net income. Only when net income is positive.
P/S	5.24x	Market cap / revenue.
P/B	2.71x	Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book	2.71x	Market cap / tangible book value, when positive.
P/FCF	18.6x	Market cap / free cash flow. Only when free cash flow is positive.
P/OCF	14.2x	Market cap / cash from operations, when positive.
EV/Sales	5.08x	Enterprise value / revenue.
EV/EBIT	14.9x	Enterprise value / operating income, when both are positive.
EV/EBITDA	10.6x	Enterprise value / EBITDA, when both are positive.
EV/FCF	18.0x	Enterprise value / free cash flow, when both are positive.
FCF yield	5.4%	Free cash flow / market cap.
Earnings yield	5.2%	Net income / market cap (the inverse of P/E).
Dividend yield	0.9%	Dividends paid over the period / market cap.
Shareholder yield	1.2%	(Dividends paid + share buybacks) / market cap.

What was PAN AMERICAN SILVER CORP's revenue in fiscal 2025?

PAN AMERICAN SILVER CORP reported revenue of $3.62B for fiscal 2025, 28.4% higher than the year before.

Was PAN AMERICAN SILVER CORP profitable in fiscal 2025?

Yes. Net income was $980.0M, a net margin of 27.1%.

How much free cash flow did PAN AMERICAN SILVER CORP generate in fiscal 2025?

Cash from operations of $1.33B minus capital expenditures of $314.0M left free cash flow of $1.02B.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

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