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Agnico Eagle Mines vs Pan American Silver: revenue, profit, margins and growth compared

Agnico Eagle Mines brought in $11.9B of revenue in fiscal 2025, Pan American Silver $3.6B in fiscal 2025. Revenue changed by +43.7% at Agnico Eagle Mines and +28.4% at Pan American Silver on the year before, so Agnico Eagle Mines grew faster. Agnico Eagle Mines kept 37.5% of its revenue as net profit, Pan American Silver 27.1%. Free cash flow was $4.4B at Agnico Eagle Mines and $1B at Pan American Silver.

Side by side, latest fiscal year

AEMPAAS
Fiscal year endedFY2025 (December 31, 2025)FY2025 (December 31, 2025)
Revenue$11.9B$3.6B
Revenue growth+43.7%+28.4%
Net income$4.5B$980M
Net margin37.5%27.1%
Free cash flow$4.4B$1B
Free cash flow margin36.9%28.2%
Earnings per share (diluted)$8.86$2.56
Cash$2.9B$1.2B
Debtn/a$714M
Price to earningsn/an/a
Market value$93.6B$19B
Dividend yieldn/an/a
Rank by revenue in sector#11 of 99 · Basic materials#18 of 99 · Basic materials

Over the years

Revenue
AEM FY2018: $2.2BAEM FY2019: $2.5BAEM FY2020: $3.1BAEM FY2021: $3.9BAEM FY2022: $5.7BAEM FY2023: $6.6BAEM FY2024: $8.3BAEM FY2025: $11.9BPAAS FY2018: $784.5MPAAS FY2019: $1.4BPAAS FY2020: $1.3BPAAS FY2021: $1.6BPAAS FY2022: $1.5BPAAS FY2023: $2.3BPAAS FY2024: $2.8BPAAS FY2025: $3.6BFY18FY19FY20FY21FY22FY23FY24FY25
AEM $11.9BPAAS $3.6B
Net income
AEM FY2018: -$326.7MAEM FY2019: $473.2MAEM FY2020: $511.6MAEM FY2021: $561.9MAEM FY2022: $670.2MAEM FY2023: $1.9BAEM FY2024: $1.9BAEM FY2025: $4.5BPAAS FY2018: $12MPAAS FY2019: $111.2MPAAS FY2020: $176.5MPAAS FY2021: $98.6MPAAS FY2022: -$340.1MPAAS FY2023: -$104.9MPAAS FY2024: $113MPAAS FY2025: $980MFY18FY19FY20FY21FY22FY23FY24FY25
AEM $4.5BPAAS $980M
Net margin
AEM FY2018: -14.9%AEM FY2019: 19.0%AEM FY2020: 16.3%AEM FY2021: 14.5%AEM FY2022: 11.7%AEM FY2023: 29.3%AEM FY2024: 22.9%AEM FY2025: 37.5%PAAS FY2018: 1.5%PAAS FY2019: 8.2%PAAS FY2020: 13.2%PAAS FY2021: 6.0%PAAS FY2022: -22.8%PAAS FY2023: -4.5%PAAS FY2024: 4.0%PAAS FY2025: 27.1%FY18FY19FY20FY21FY22FY23FY24FY25
AEM 37.5%PAAS 27.1%
Revenue growth
AEM FY2019: +13.9%AEM FY2020: +25.7%AEM FY2021: +23.3%AEM FY2022: +48.4%AEM FY2023: +15.4%AEM FY2024: +25.0%AEM FY2025: +43.7%PAAS FY2019: +72.2%PAAS FY2020: -0.9%PAAS FY2021: +22.0%PAAS FY2022: -8.5%PAAS FY2023: +55.0%PAAS FY2024: +21.7%PAAS FY2025: +28.4%FY19FY20FY21FY22FY23FY24FY25
AEM +43.7%PAAS +28.4%
Free cash flow
AEM FY2018: -$483.5MAEM FY2019: -$972KAEM FY2020: $432.7MAEM FY2021: $448.3MAEM FY2022: $558.4MAEM FY2023: $947.4MAEM FY2024: $2.1BAEM FY2025: $4.4BPAAS FY2018: $10.6MPAAS FY2019: $76.2MPAAS FY2020: $283.8MPAAS FY2021: $148.6MPAAS FY2022: -$242.9MPAAS FY2023: $71.2MPAAS FY2024: $401MPAAS FY2025: $1BFY18FY19FY20FY21FY22FY23FY24FY25
AEM $4.4BPAAS $1B

Fiscal years as each company reports them; the two may end in different months.

Questions about Agnico Eagle Mines and Pan American Silver

Which is bigger by revenue, Agnico Eagle Mines or Pan American Silver?

Agnico Eagle Mines is bigger by revenue: $11.9B in fiscal 2025, against $3.6B for Pan American Silver in fiscal 2025.

Which keeps more of its revenue as profit, Agnico Eagle Mines or Pan American Silver?

Agnico Eagle Mines had a net margin of 37.5% in fiscal 2025; Pan American Silver had 27.1% in fiscal 2025.

Which grew revenue faster, Agnico Eagle Mines or Pan American Silver?

In their latest fiscal years revenue changed by +43.7% at Agnico Eagle Mines and +28.4% at Pan American Silver.

Where do these numbers come from?

From the annual reports each company files with the SEC (10-K, or 20-F and 40-F for foreign companies), read from their XBRL data. Margins and growth are simple arithmetic on those figures. Nothing here is a recommendation.

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