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AngloGold Ashanti vs Pan American Silver: revenue, profit, margins and growth compared

AngloGold Ashanti brought in $9.9B of revenue in fiscal 2025, Pan American Silver $3.6B in fiscal 2025. Revenue changed by +70.8% at AngloGold Ashanti and +28.4% at Pan American Silver on the year before, so AngloGold Ashanti grew faster. AngloGold Ashanti kept 32.1% of its revenue as net profit, Pan American Silver 27.1%.

Side by side, latest fiscal year

AUPAAS
Fiscal year endedFY2025 (December 31, 2025)FY2025 (December 31, 2025)
Revenue$9.9B$3.6B
Revenue growth+70.8%+28.4%
Net income$3.2B$980M
Net margin32.1%27.1%
Free cash flown/a$1B
Free cash flow marginn/a28.2%
Earnings per share (diluted)$5.18$2.56
Cash$2.9B$1.2B
Debt$2B$714M
Price to earningsn/an/a
Market value$46.9B$19B
Dividend yieldn/an/a
Rank by revenue in sector#12 of 99 · Basic materials#18 of 99 · Basic materials

Over the years

Revenue
AU FY2021: $4BAU FY2023: $4.5BAU FY2023: $4.6BAU FY2024: $5.8BAU FY2025: $9.9BPAAS FY2018: $784.5MPAAS FY2019: $1.4BPAAS FY2020: $1.3BPAAS FY2021: $1.6BPAAS FY2022: $1.5BPAAS FY2023: $2.3BPAAS FY2024: $2.8BPAAS FY2025: $3.6BFY18FY19FY20FY21FY22FY23FY24FY25
AU $9.9BPAAS $3.6B
Net income
AU FY2021: $638MAU FY2023: $251MAU FY2023: -$222MAU FY2024: $1BAU FY2025: $3.2BPAAS FY2018: $12MPAAS FY2019: $111.2MPAAS FY2020: $176.5MPAAS FY2021: $98.6MPAAS FY2022: -$340.1MPAAS FY2023: -$104.9MPAAS FY2024: $113MPAAS FY2025: $980MFY18FY19FY20FY21FY22FY23FY24FY25
AU $3.2BPAAS $980M
Net margin
AU FY2021: 15.8%AU FY2023: 5.6%AU FY2023: -4.8%AU FY2024: 18.1%AU FY2025: 32.1%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
AU 32.1%PAAS 27.1%
Revenue growth
AU FY2023: +11.7%AU FY2023: +1.8%AU FY2024: +26.4%AU FY2025: +70.8%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
AU +70.8%PAAS +28.4%
Free cash flow
PAAS FY2018: $10.6MPAAS FY2019: $76.2MPAAS FY2020: $283.8MPAAS FY2021: $148.6MPAAS FY2022: -$242.9MPAAS FY2023: $71.2MPAAS FY2024: $401MPAAS FY2025: $1BFY18FY19FY20FY21FY22FY23FY24FY25
AUPAAS $1B

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

Questions about AngloGold Ashanti and Pan American Silver

Which is bigger by revenue, AngloGold Ashanti or Pan American Silver?

AngloGold Ashanti is bigger by revenue: $9.9B in fiscal 2025, against $3.6B for Pan American Silver in fiscal 2025.

Which keeps more of its revenue as profit, AngloGold Ashanti or Pan American Silver?

AngloGold Ashanti had a net margin of 32.1% in fiscal 2025; Pan American Silver had 27.1% in fiscal 2025.

Which grew revenue faster, AngloGold Ashanti or Pan American Silver?

In their latest fiscal years revenue changed by +70.8% at AngloGold Ashanti 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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