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Barrick Mining vs Pan American Silver: revenue, profit, margins and growth compared

Barrick Mining brought in $17B of revenue in fiscal 2025, Pan American Silver $3.6B in fiscal 2025. Revenue changed by +31.2% at Barrick Mining and +28.4% at Pan American Silver on the year before, so Barrick Mining grew faster. Barrick Mining kept 29.4% of its revenue as net profit, Pan American Silver 27.1%. Free cash flow was $3.9B at Barrick Mining and $1B at Pan American Silver.

Side by side, latest fiscal year

BPAAS
Fiscal year endedFY2025 (December 31, 2025)FY2025 (December 31, 2025)
Revenue$17B$3.6B
Revenue growth+31.2%+28.4%
Net income$5B$980M
Net margin29.4%27.1%
Free cash flow$3.9B$1B
Free cash flow margin22.8%28.2%
Earnings per share (diluted)$2.93$2.56
Cash$6.7B$1.2B
Debtn/a$714M
Price to earningsn/an/a
Market value$67.6B$19B
Dividend yieldn/an/a
Rank by revenue in sector#8 of 99 · Basic materials#18 of 99 · Basic materials

Over the years

Revenue
B FY2018: $7.2BB FY2019: $9.7BB FY2020: $12.6BB FY2021: $12BB FY2022: $11BB FY2023: $11.4BB FY2024: $12.9BB FY2025: $17BPAAS FY2018: $784.5MPAAS FY2019: $1.4BPAAS FY2020: $1.3BPAAS FY2021: $1.6BPAAS FY2022: $1.5BPAAS FY2023: $2.3BPAAS FY2024: $2.8BPAAS FY2025: $3.6BFY18FY19FY20FY21FY22FY23FY24FY25
B $17BPAAS $3.6B
Net income
B FY2018: -$1.5BB FY2019: $4BB FY2020: $2.3BB FY2021: $2BB FY2022: $432MB FY2023: $1.3BB FY2024: $2.1BB FY2025: $5BPAAS FY2018: $12MPAAS FY2019: $111.2MPAAS FY2020: $176.5MPAAS FY2021: $98.6MPAAS FY2022: -$340.1MPAAS FY2023: -$104.9MPAAS FY2024: $113MPAAS FY2025: $980MFY18FY19FY20FY21FY22FY23FY24FY25
B $5BPAAS $980M
Net margin
B FY2018: -21.3%B FY2019: 40.8%B FY2020: 18.5%B FY2021: 16.9%B FY2022: 3.9%B FY2023: 11.2%B FY2024: 16.6%B FY2025: 29.4%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
B 29.4%PAAS 27.1%
Revenue growth
B FY2019: +34.2%B FY2020: +29.6%B FY2021: -4.8%B FY2022: -8.1%B FY2023: +3.5%B FY2024: +13.4%B FY2025: +31.2%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
B +31.2%PAAS +28.4%
Free cash flow
B FY2018: $365MB FY2019: $1.1BB FY2020: $3.4BB FY2021: $1.9BB FY2022: $432MB FY2023: $646MB FY2024: $1.3BB FY2025: $3.9BPAAS FY2018: $10.6MPAAS FY2019: $76.2MPAAS FY2020: $283.8MPAAS FY2021: $148.6MPAAS FY2022: -$242.9MPAAS FY2023: $71.2MPAAS FY2024: $401MPAAS FY2025: $1BFY18FY19FY20FY21FY22FY23FY24FY25
B $3.9BPAAS $1B

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

Questions about Barrick Mining and Pan American Silver

Which is bigger by revenue, Barrick Mining or Pan American Silver?

Barrick Mining is bigger by revenue: $17B in fiscal 2025, against $3.6B for Pan American Silver in fiscal 2025.

Which keeps more of its revenue as profit, Barrick Mining or Pan American Silver?

Barrick Mining had a net margin of 29.4% in fiscal 2025; Pan American Silver had 27.1% in fiscal 2025.

Which grew revenue faster, Barrick Mining or Pan American Silver?

In their latest fiscal years revenue changed by +31.2% at Barrick Mining 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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