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

Iamgold brought in $2.9B of revenue in fiscal 2025, Pan American Silver $3.6B in fiscal 2025. Revenue changed by +74.7% at Iamgold and +28.4% at Pan American Silver on the year before, so Iamgold grew faster. Iamgold kept 25.7% of its revenue as net profit, Pan American Silver 27.1%. Free cash flow was $849.1M at Iamgold and $1B at Pan American Silver.

Side by side, latest fiscal year

IAGPAAS
Fiscal year endedFY2025 (December 31, 2025)FY2025 (December 31, 2025)
Revenue$2.9B$3.6B
Revenue growth+74.7%+28.4%
Net income$732.3M$980M
Net margin25.7%27.1%
Free cash flow$849.1M$1B
Free cash flow margin29.8%28.2%
Earnings per share (diluted)$1.14$2.56
Cash$421.9M$1.2B
Debtn/a$714M
Price to earningsn/an/a
Market value$9.4B$17B
Dividend yieldn/an/a
Rank by revenue in sector#25 of 101 · Basic materials#18 of 101 · Basic materials

Over the years

Revenue
IAG FY2018: $1.1BIAG FY2019: $1.1BIAG FY2020: $1.2BIAG FY2021: $875.5MIAG FY2022: $958.8MIAG FY2023: $987.1MIAG FY2024: $1.6BIAG FY2025: $2.9BPAAS FY2018: $784.5MPAAS FY2019: $1.4BPAAS FY2020: $1.3BPAAS FY2021: $1.6BPAAS FY2022: $1.5BPAAS FY2023: $2.3BPAAS FY2024: $2.8BPAAS FY2025: $3.6BFY18FY19FY20FY21FY22FY23FY24FY25
IAG $2.9BPAAS $3.6B
Net income
IAG FY2018: -$28.2MIAG FY2019: -$412.6MIAG FY2020: $42.6MIAG FY2021: -$254.4MIAG FY2022: -$70.1MIAG FY2023: $94.3MIAG FY2024: $819.6MIAG FY2025: $732.3MPAAS FY2018: $12MPAAS FY2019: $111.2MPAAS FY2020: $176.5MPAAS FY2021: $98.6MPAAS FY2022: -$340.1MPAAS FY2023: -$104.9MPAAS FY2024: $113MPAAS FY2025: $980MFY18FY19FY20FY21FY22FY23FY24FY25
IAG $732.3MPAAS $980M
Net margin
IAG FY2018: -2.5%IAG FY2019: -38.7%IAG FY2020: 3.4%IAG FY2021: -29.1%IAG FY2022: -7.3%IAG FY2023: 9.6%IAG FY2024: 50.2%IAG FY2025: 25.7%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
IAG 25.7%PAAS 27.1%
Revenue growth
IAG FY2019: -4.1%IAG FY2020: +16.6%IAG FY2021: -29.5%IAG FY2022: +9.5%IAG FY2023: +3.0%IAG FY2024: +65.4%IAG FY2025: +74.7%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
IAG +74.7%PAAS +28.4%
Free cash flow
IAG FY2018: -$66.1MIAG FY2019: $114.9MIAG FY2020: $55.5MIAG FY2021: -$240.2MIAG FY2022: -$334MIAG FY2023: -$747.9MIAG FY2024: -$72.6MIAG FY2025: $849.1MPAAS FY2018: $10.6MPAAS FY2019: $76.2MPAAS FY2020: $283.8MPAAS FY2021: $148.6MPAAS FY2022: -$242.9MPAAS FY2023: $71.2MPAAS FY2024: $401MPAAS FY2025: $1BFY18FY19FY20FY21FY22FY23FY24FY25
IAG $849.1MPAAS $1B

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

Questions about Iamgold and Pan American Silver

Which is bigger by revenue, Iamgold or Pan American Silver?

Pan American Silver is bigger by revenue: $3.6B in fiscal 2025, against $2.9B for Iamgold in fiscal 2025.

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

Iamgold had a net margin of 25.7% in fiscal 2025; Pan American Silver had 27.1% in fiscal 2025.

Which grew revenue faster, Iamgold or Pan American Silver?

In their latest fiscal years revenue changed by +74.7% at Iamgold 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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